26-05-2025
Strong First-Quarter Performance
Reykjavík Energy (Orkuveita Reykjavíkur; RE) returned a profit of ISK 4.5 billion for the first three months of the year, according to the consolidated interim financial statements approved by the Board today. During the same period in 2024, profit amounted to ISK 2.9 billion. In addition to the parent company, the group comprises Veitur Utilities, ON Power, Reykjavík Fibre Network, and Carbfix.
RE's revenues increased by 7% compared to the same period last year, while expenses declined by the same proportion. Although salary expenses rose year-on-year, other operating costs decreased, and during the quarter ON Power received a reimbursement of approximately ISK 450 million due to a correction in Landsnet's tariff schedule.
Cash flow from operations amounted to ISK 9.4 billion, up from ISK 8.0 billion during the same period in 2024. Investment in fixed operational assets remained broadly consistent year-on-year, totalling ISK 6.4 billion. The majority of these investments were made by Veitur Utilities, primarily in connection with the short- and long-term reinforcement of district heating systems.
Sævar Freyr Þráinsson, CEO of Reykjavík Energy, expressed his satisfaction with the financial outcome. 'Reykjavík Energy's capacity to undertake essential investments is substantial and growing. The results are strong, and it is encouraging to see interest expenses finally on the decline,' said Sævar
Snorri Hafsteinn Þorkelsson, CFO + 354 516 6100
Orkuveitan Condenced Consolidated Interim Financial Statements 1.1.-31.3.2025
