Core Insights - The financial performance of Íslandshótela hf. remained stable year-on-year for the first half of 2025, despite a slight decrease in tourist arrivals and increased operational costs [1][3][7] Financial Performance - Revenue for the first six months of 2025 was 6,477.8 million ISK, down from 6,691 million ISK in 2024, representing a decrease of approximately 3.2% [9] - EBITDA for the same period was 688.7 million ISK, compared to 735 million ISK in 2024, indicating a decline of about 6.3% [9] - The net loss after tax was 1,146.8 million ISK, slightly improved from a loss of 1,201.2 million ISK in 2024 [9] - Book equity at the end of June 2025 was 24,599.2 million ISK, down from 25,746 million ISK at the end of 2024 [9] - The equity ratio at the end of the period was 37.8%, an increase from 36.3% at the end of 2024 [9] Market Trends - The number of tourists visiting Iceland in the first half of 2025 was 955,000, a decrease of nearly 1% from 963,000 in the same period of 2024, with a significant drop of over 9% in the first three months of 2025 [3][4] - A positive trend was observed in July 2025, with a 9% increase in tourist arrivals compared to the previous year, leading to an 11.6% increase in company revenues [4][7] Strategic Developments - The company sold Fosshótel Hekla, which had been closed for some time, as part of efforts to improve operations and increase profitability [4] - A merger between Íslandshótela hf. and Fosshótels Reykjavík ehf. was approved, effective retroactively from January 1, 2025, aimed at simplifying operations and enhancing competitiveness [5] - The expansion of Hotel Reykjavík Grand is underway, representing the largest project in the company's history, focusing on increasing room capacity and improving conference facilities [6][7]