Ice Group ASA: first quarter 2019 financial results

Ice Group ASA’s smartphone service revenues ended at NOK 288 million in the first quarter of 2019, up 12 percent from the same quarter last year. The EBITDA margin improved by 9 percentage points in the same period. Both smartphone customer base, on-net data and VoLTE traffic grew in the quarter. Ice Group’s financial position was also strengthened in the quarter.

“The first quarter showed significant progress both operationally and financially. The capital raised in the quarter brings us another step closer to realising a third nationwide smartphone network in Norway, which is key to further improving our customer proposition and financial results,” says Eivind Helgaker, CEO of Ice Group.

The company’s average on-net data share ended at 71% in the quarter (Q1 2018: 41%) and a VoLTE share of 16% (0%), reflecting the larger number of own base stations. The majority of the proceeds from the oversubscribed NOK 1.5 billion private placement in the quarter will be invested in further network build-out, customer growth and to cover costs under the national roaming agreement with Telia in Norway.

Ice Group increased its smartphone customer base by approximately 14,200 subscriptions during the first quarter, making it the 16th consecutive quarter with smartphone subscription growth. The migration of Komplett Mobil’s customer base was initiated late April and will be finalised by the end of June.

Total operating revenue in the first quarter of 2019 was NOK 457 million, up from NOK 381 million in the corresponding quarter last year. Smartphone revenues in the quarter increased by 12 percent to NOK 288 million (258). EBITDA ended at NOK -65 million (-88), an improvement of 9 percentage points from -23% to -14%. The net result for the period was NOK -276 million (-319), a 13% improvement on last year.

“We are pleased to see that the key financial figures point in the right direction versus the same period last year, that we continue to attract more smartphone customers, and that our customers respond very positively to our customer-centric approach. All these factors are line with our growth plan and ambitions,” adds Helgaker.

During the first quarter, Ice Group also conducted structural initiatives aimed at reinforcing its strategic position and focus on growing the Norwegian business. The company’s Swedish operation was divested for SEK 180 million, while the acquisition of Komplett Mobil’s customer base was announced in the first quarter and closed in the second quarter.

Subsequent to the first quarter, Ice Group was awarded the sole national 450 MHz license in Norway and listed its shares on Oslo Axess.

A presentation of the results will be held today at 08:00 (CET) at Hotel Continental, Stortingsgaten 24/26, Oslo, Norway. The presentation can also be followed through a live webcast from this link:

See attachments for interim Q1 report and presentation

For further information, please contact:

Investors: Henning Karlsrud, CFO of Ice Group, tel: +47 930 45 389

Media: Endre Aaberg Johansen, Corporate Communications AS, tel: +47 416 10 605,

About Ice Group ASA

Ice Group is a telecommunications company with nationwide networks in Norway and Denmark. In Norway, the company operates a pure 4G mobile network, providing smartphone, m2m, IoT and mobile broadband services to B2C and B2B customers. Ice Group also offers mobile broadband, m2m and IoT services in Denmark through its own network. For more information, see