Festi hf: Forecast updated based on preliminary accounts for Q1 2021

According to preliminary management accounts for Q1 2021, EBITDA will be ISK 1,505 million compared to ISK 1,021 for the same period last year which is an increase of ISK 484 million. The effects of COVID-19 pandemic started in Q1 2020 and had a significant negative effect on that quarter.

The results of Q1 2021 is higher than expected for ELKO, Krónan and N1 despite government restrictions on gatherings. The Icelandic government has now published a new vaccination plan and expects herd immunity to be reached in the middle of the summer this year which should bring life back to normal again.

In light of Q1 2021 better results and the government plans of vaccination, EBITDA forecast for the year 2021 is increased by ISK 400 million to ISK 7.900 – ISK 8.300 million. It is however highlighted that Festi‘s operation is seasonal and the largest part of EBITDA result is obtained in Q2 and Q3 of the year.

The Financial Statement for Q1 2021 will be published on 28 April and on 29 April, Festi will host a conference call for investors and shareholders at 8:30 in the morning.

Further information will be given by Eggert Kristófersson, CEO, (eggert@festi.is) and Magnús Kr. Ingason, CFO, (mki@festi.is)