Ice Group reports record fourth quarter revenues, ‘best ever’ EBITDA

16 Feb 2021

Norway-based Ice Group has published its latest financial results, reporting ‘all time high operational revenues’ in the fourth quarter of 2020, as well as the company’s ‘best ever’ adjusted EBITDA.

For the closing three months of 2020 Ice Group reported operating revenues of NOK572 million (USD68 million), up from NOK498 million in the corresponding period a year earlier. Of that figure, NOK421 million were revenues from ‘smartphone service[s]’, up from NOK389 million in Q4 2019, while turnover from mobile broadband services rose NOK1 million to NOK80 million and ‘Other’ revenues more than doubled to NOK71 million from NOK30 million. Adjusted EBITDA for the last trimester stood at NOK30 million, a notable improvement from the negative NOK34 million it reported for 4Q19. The group’s bottom line also improved, with the company reporting a net loss of NOK151 million for 4Q20, compared to a net loss of NOK240 million a year earlier.

For FY20, Ice Group recorded total operating revenues of NOK2.09 billion, up from NOK1.86 billion in 2019, with total service revenue standing at NOK1.91 billion (FY19: NOK1.69 billion). Adjusted EBITDA was NOK41 million, representing a significant improvement from the negative NOK165 million reported in 2019, while the company’s net loss narrowed from NOK1.13 billion to NOK975 million.

In operational terms, Ice Group reported a total of 718,000 active subscriptions at 31 December 2020, up from 659,000 a year earlier. Of these, 639,000 were ‘smartphone’ subscribers, up from 573,000 at end-2019, with the lion’s share – 598,000, up from 535,000 – being residential consumers; the remainder were business users. Smartphone ARPU, meanwhile, stood at NOK231 in 4Q20, compared to NOK234 in the corresponding period a year earlier.

Ice Group also reported adding 191 new smartphone base stations in the fourth quarter, a development it said meant it was ‘delivering on its mission of building the third mobile network in Norway’. As a result of its expanded network coverage, it noted that its on-net subscriber share had continued to increase, with average data on-net share for Q4 2020 being 89% (4Q19: 80%), while the average voice on-net share was 63% (4Q19: 30%).

Norway, ice, Ice Group (formerly AINMT)