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Landsnet’s Half-Year Financial Report for the period January- June 2026
Stable Operations and Ongoing Development of the Transmission System
Landsnet’s operations were in line with expectations during the first half of the year, according to the company’s half-year financial results published today. Landsnet reported a profit of USD 20.1 million, equivalent to just under ISK 2.5 billion. Revenue amounted to USD 99.8 million, or just over ISK 12.3 billion.
Development of the transmission system is a matter of national importance
Ragna Árnadóttir, CEO of Landsnet, emphasises that stable operations are essential to enable the company to continue investing in the development of the transmission system:
“Landsnet continues to invest in developing Iceland’s electricity transmission system to connect power generation with demand across the country, with value creation and competitiveness as guiding principles. At the same time, efforts are underway to strengthen the core transmission network, thereby enhancing security of supply and system stability. This is a challenging task, which makes it all the more important that we work together to move forward.”
She notes that positive steps have been taken in recent months. Construction on Suðurnesjalína 2 has resumed, and the line is expected to be commissioned before the end of the year. It will improve the security of electricity supply in the Suðurnes region and increase the transmission capacity of the electricity system, both within the region and to and from the capital area.
“It is also encouraging to see the government placing a strong emphasis on the transmission system. A new parliamentary resolution on the development of the transmission system is currently being prepared, while Iceland’s industrial policy clearly emphasises that access to competitive, renewable electricity is a fundamental pillar of the Icelandic economy and a prerequisite for the energy transition. In addition, municipalities across the country are calling for greater energy security and increased opportunities for economic and industrial development.”
Limited impact from the Norðurál outage
An incident at Norðurál’s aluminium smelter at Grundartangi in October 2025 had a limited impact on Landsnet’s financial performance during the first half of this year. The incident resulted in a significant reduction in the smelter’s production and, consequently, in the volume of electricity transmitted to the facility.
Uncertainty remained about the incident’s impact on Landsnet’s operations, as it was initially unclear when the smelter would return to full production. Under the transmission agreement between Landsnet and Norðurál, the smelter pays for 85% of the contracted capacity and energy, regardless of actual consumption.
