Reykjavík Energy | Q3 Results 2024 – Solid Results Foundation for Sustainable Growth

Reykjavík Energy's (Orkuveita Reykjavíkur; Orkuveitan) operations yielded a profit of ISK 5.1 billion in the first nine months of the year. This marks a 44% increase from the same period last year and provides a strong foundation for the company's planned growth in the coming years, according to CEO Sævar Freyr Þráinsson. The consolidated interim financial statement for the first three quarters of 2024 was approved by the board today. The group includes Veitur Utilities, ON Power, Reykjavík Fibre Network, and Carbfix, alongside the parent company.

Operating cash flow for the first nine months amounted to ISK 20.7 billion, an increase of 5.2% year-on-year. Investments in fixed assets totalled ISK 21.4 billion during the period, a 20% increase compared to the same period in 2023.

Positive Indicators
Sævar Freyr Þráinsson, CEO of Reykjavík Energy, sees several positive signs for the company's necessary growth, as outlined in the group's financial forecast last month. "The services provided by Reykjavík Energy and its subsidiaries are reliable," says Sævar, "and numerous projects are underway to ensure they remain so for the foreseeable future. Among these are enhanced digital services, continued development for the energy transition, and, just recently, we had some good news regarding the increased water supply for Veitur's district heating system in the capital area," he adds. "All of this affirms Reykjavík Energy's role as an eneabler for a sustainable future, which is the motto we have collectively embraced."

Contact:
Snorri Hafsteinn Þorkelsson
CFO
tel: +354 516 6100, email: [email protected]

Attachment

• Orkuveitan Condensed Consolidated Interim Financial Statements 1.1.-30.9. 2024