Ice Group claims 'record high' adjusted EBITDA as it publishes second quarter results

17 Aug 2021

Norway-based Ice Group has published its financial results for the three months ended 30 June 2021, posting operating revenue of NOK562 million (USD63.7 million), up from NOK497 million in Q2 2020. Smartphone service revenue accounted for the lion’s share of the total – NOK434 million, up from NOK382 million – with mobile broadband service revenue and ‘other’ revenues standing at NOK80 million (2Q20: NOK77 million) and NOK48 million (NOK37 million), respectively. Meanwhile, the company claimed to have achieved a ‘record high’ adjusted EBITDA result in 2Q21, at NOK97 million, although the company saw a net loss of NOK194 million in the three-month period under review, compared to a net loss of NOK181 million in the corresponding quarter of 2020.

With regards to operational highlights, Ice Group reported an active mobile subscriber base of 736,000 as of 30 June 2021, up from 683,000 a year earlier, with smartphone users representing the biggest proportion of the base – 663,000, up from 598,000 at mid-2020. Mobile broadband accesses continued to decline, falling to 73,000 at the end of Q2 2021, from 84,000 at end-June 2020. Meanwhile, the number of base stations Ice had in operation rose to 3,071 by the end of Q2 2021, compared to 2,470 a year earlier. On the back of the expansion of its own infrastructure, the company reported that the share of its voice subscribers classified as on-net had risen to 71% in 2Q21, up from 43% a year earlier.

Commenting on the company’s performance, Eivind Helgaker, Ice Group CEO, said: ‘The second quarter as a whole – including macro effects outside our control – demonstrates our strong platform, the scale effects in our business and our competitive advantages … We have now delivered 25 consecutive quarters of smartphone subscription growth and remain confident that we will continue to win market share and improve margins strongly going forward.’

Norway, ice, Ice Group (formerly AINMT)