Landsnet's Financial Statements for 2025

Core Insights - Landsnet experienced one of its largest investment years in 2025, focusing on the development and strengthening of the transmission system despite various challenges [3][2] - The company successfully completed the connection of Vestmannaeyjar to the grid with two new submarine cables, enhancing security of supply and delivery capacity in Northeast Iceland [3][4] - The financial performance for 2025 showed a profit of USD 44.9 million, an increase from USD 43.1 million in 2024, with total assets reaching USD 1,371.6 million [7][17] Investment and Development - The total investment for the year amounted to approximately USD 118 million, marking a significant commitment to the transmission system's development [10] - The company emphasized the importance of a robust and flexible grid to meet long-term electricity demand and support the energy transition [3][4] Financial Performance - Operating revenues increased to USD 208.3 million in 2025 from USD 189.0 million in the previous year [9] - Operating expenses rose to USD 131.4 million in 2025 compared to USD 118.5 million in 2024, while EBIT improved to USD 76.9 million from USD 70.5 million [17] - The equity ratio at year-end was 48.5%, up from 46.5% the previous year, indicating a stronger financial position [17] Security and Resilience - The company focused on enhancing critical infrastructure and systematic maintenance to ensure robust security of supply under various circumstances [4][6] - Landsnet's operations are crucial for Iceland's competitiveness, requiring a transmission system capable of withstanding shocks without external support [6]