Heimildin publisher reports negative equity after 2025 loss

The publisher of Icelandic media outlet Heimildin ended 2025 with negative equity after a sharp reversal in its financial performance. Sameinaða útgáfufélagið reported a pre-tax loss of 18.9 million Icelandic krónur, compared with a pre-tax operating profit of 7.3 million krónur in 2024.

The figures come from the company’s unaudited annual accounts submitted to Iceland’s tax authorities on Aug. 31. Without public support for the publication, the loss would have approached 97 million krónur, according to the accounts.

Sales revenue fell substantially, from 450 million krónur in 2024 to 363.5 million in 2025. Other income remained broadly stable at 98 million krónur, compared with 97 million the previous year. State media support accounted for 77.7 million krónur in 2025, up from 67 million in 2024.

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Decisive cost-cutting measures were taken in operations during 2025, and they will take full effect in 2026.

The company cut publication costs by 11 million krónur to 148 million and reduced wages and related expenses from 337 million to 279 million. Other operating costs rose from 35.5 million to 45.2 million. Total operating expenses fell to almost 478 million krónur from 537.5 million.

After using a tax credit because of the loss, the company recorded a net loss of 15.1 million krónur, compared with an after-tax profit of 5.8 million in 2024. Equity stood at negative 13.8 million krónur at the end of 2025, against positive equity of 1.3 million a year earlier. Trade and short-term liabilities totaled 22 million krónur, while debt to owners rose to 84 million from 47 million. The board said decisive cost-cutting measures would take full effect in 2026 and that the company remained viable and solvent, with most of its debt owed to its owners and a repayment plan in place.

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The board and management therefore consider the company operational and solvent despite the loss in 2025 and negative equity at the end of 2025.