Landsvirkjun's interim financial statements for Q2 2026 have been published.
Landsvirkjun's profit from core operations in the second quarter amounted to USD 69 million, and cash flow from operations to USD 54 million.
The Company's financial position remains strong, with an equity ratio of 61% and a net debt to EBITDA ratio of 1.6×.
Revenue from energy sales increased by 19% year-on-year, primarily due to higher electricity prices for large industrial customers, following an increase in aluminium prices.
“Landsvirkjun performed well in the second quarter and delivered solid results. Revenue from electricity sales increased by 19% year-on-year and amounted to USD 155 million. Profit from core operations amounted to USD 69 million, an increase of 9% year-on-year. Higher aluminium prices supported revenue growth, while lower electricity purchases, partly due to temporary operational difficulties at Norðurál, had an offsetting effect. The ramp-up of Norðurál’s plant is now progressing well. Conditions in the silicon industry were also challenging, as reflected in the closure of PCC’s operations and the temporary shutdown of one of Elkem’s furnaces.
Landsvirkjun's extensive construction programme continues. Investments amounted to USD 136 million in the first half of the year, of which nearly USD 98 million related to the construction of the Vaðalda wind farm. Construction has now commenced on the Hvammur Hydropower Plant and the expansion of the Sigalda Hydropower Station, while preparations are under way for the expansion of the Þeistareykir Geothermal Power Station.
The Company's financial position remains strong. Net debt amounted to USD 649 million at the end of June, the equity ratio was 60.9%, and the net debt to EBITDA ratio was 1.6×. The Company's final state-guaranteed loan was repaid in July.”
