Investor Relations

Financial Reporting

Financial Reporting

ice group AS is registered at the N-OTC list in Oslo under the ticker “ICE”. The company publishes financial updates on a quarterly basis.

ice group AS owns 100% of the shares in AINMT Holdings AB, which in turns owns 100% of the shares in ice group Scandinavia Holdings AS. For further details, please select the ice group Scandinavia Holdings AS tab.


Quarterly Updates

First Quarter 2015

On 29 April 2015, AINMT AS successfully completed a share issue of USD 82.5 million towards selected institutional and professional investors. The proceeds from the share issue, less approximately NOK 5 million retained by AINMT AS to cover on-going expenses, were immediately invested in newly issued shares in AINMT Holdings AB. AINMT AS is registered on the OTC list in Oslo under the ticker “AINMT”.

The operation outside Scandinavia is to date fairly limited. The total operating expenditures in AINMT Holdings AB, excluding Scandinavia, during Q1 2015 amounted to just about SEK 1 million.

Second Quarter 2015

On 29 April 2015, AINMT AS successfully completed a share issue of USD 82.5 million. The majority of the proceeds were invested in newly issued shares in AINMT Holdings AB.

On April 1 2015 the initial phase to acquire Tele2’s mobile network infrastructure in Norway came into effect. In June, AINMT’s Norwegian operation launched its consumer smartphone proposition under the brand ice.net and rebranded Network Norway to ice.net. AINMT’s network upgrade throughout Scandinavia is planned to be finalised during October 2015.

The operation outside Scandinavia is to date fairly limited. The total operating expenditures in AINMT Holdings AB, excluding Scandinavia, during Q2 2015 amounted to SEK 1.6 million

Third Quarter 2015

On 30 September, AINMT Holdings AB announced that it had secured USD 120 million in loan funding to finance ambitious growth plans in Scandinavia and internationally – including its expansion into Indonesia and the Philippines. The loan came into effect in October.

Of the above-mentioned USD 120 million, USD 40 million was provided as a perpetual callable subordinated convertible loan from AINMT AS to AINMT Holdings AB with a conversion price of SEK 79.84/share, to be funded by a corresponding loan from RASMUSSENGRUPPEN AS to AINMT AS.

Throughout the quarter, AINMT’s work to secure a presence in the Indonesian and Philippine wireless broadband markets has progressed well.

Fourth Quarter 2015

AINMT Holdings AB owns 100% of the shares in AINMT Scandinavia Holdings AS and AINMT International Holdings BV. In all material aspects the current operations of AINMT comprises of the Scandinavian operation.

The operation outside Scandinavia is to date fairly limited except for the shareholdings of 34.1% in STI in Indonesia and 33.3% in BE in The Philippines.

Annual Report 2015

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First Quarter 2016

The strong sales momentum for ice.net in Norway has continued throughout the first quarter and into the second quarter. In April and May alone, ice.net's gross subscriber sales totalled more than 50 000. The growth rate is better than anticipated and AINMT will consider a share issue to further capitalise on the positive momentum.

The operation outside Scandinavia is to date fairly limited except for the shareholdings of 34.1% in STI in Indonesia and 33.3% in BE in The Philippines. BE launched 4G sites on the 450 MHz frequency in the first quarter. AINMT Holdings AB held USD 102 million in cash by the end of Q1 2016. The total operating expenditures in AINMT Holdings AB, excluding Scandinavia, during Q1 2016 amounted to about SEK 7.5 million

Second Quarter 2016

AINMT completed a NOK 429 million private placement in June and subsequently subscribed shares in AINMT Holdings AB, which in turn has granted a subordinated shareholder loan to AINMT Scandinavia Holdings AS. The loan has a cap of NOK 450 million with an initial disbursement of NOK 200 million. The funds will facilitate additional growth in Norway.

AINMT Holdings AB completed its contractual commitments in the Philippines and invested USD 13 million into Broadband Everywhere in the quarter, increasing its ownership share further. AINMT Holdings AB, excluding Scandinavia, held USD 157 million in cash at the end of Q2 2016. Total recurring costs year-to-date in AINMT Holdings AB, excluding Scandinavia, amounted to SEK 8.8 million (as per 30 June 2016).

Third Quarter 2016

In August, AINMT Holdings AB granted a shareholder loan to AINMT Scandinavia Holdings to provide the Norwegian operation with added financial flexibility. The loan has a cap of NOK 450 million with an initial disbursement of NOK 200 million.

AINMT Holdings AB, excluding Scandinavia, held USD 81 million in cash at the end of Q3 2016. Expenses year-to-date in AINMT Holdings AB, excluding Scandinavia, amounted to SEK 12.2 million (as per 30 September 2016).

Fourth Quarter 2016

In November, AINMT's subsidiary in the Philippines secured the exclusive right to use 10MHz in the nationwide 450 MHz band. Additionally, Indonesian authorities formally approved the adoption of tech neutrality in the country's 450 MHz frequency band, where AINMT's subsidiary holds 2x7.5 MHz.

AINMT AS successfully completed a private placement in the fourth quarter, through issuance of new shares for a total consideration of appr. NOK 800 million. The main reason is further growth ambitions in Norway - both in terms of customer acquisition and network infrastructure build-out. Subsequent to the private placement, AINMT Holdings AB granted a subordinated shareholder loan to AINMT Scandinavia Holdings AS. The loan has a cap of NOK 400 million with an initial disbursement of NOK 200 million.

AINMT Holdings AB, excluding Scandinavia, held USD 179 million in cash as per 31 December 2016. Total expenses 2016 in AINMT Holdings AB, excluding Scandinavia, amounted to SEK 41 million of which the fourth quarter held 10m related to group cost sharing and 9,7m non-recurring third party expenses related to transactions and to work related to potential international expansions.

Annual Report 2016

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First Quarter 2017

In The Philippines AINMT launched 4G broadband services on the 450 MHz band during the quarter and the feedback has been very positive. In Indonesia the local operator has made significant progress related to the preparation of a 4G broadband launch on the second half of 2017.

As communicated on 8 March 2017, a new share issue was made with 4,277,352 shares. The subscription was paid in kind with shares in AINMT Holdings AB. As a result, AINMT AS now owns 39% of the shares in AINMT Holding AB.

AINMT Holdings AB, excluding Scandinavia, held USD 39 million in cash as per 31 March 2017. Total operating expenditures in AINMT Holdings AB, excluding Scandinavia, during Q1 2017 amounted to approx. USD 1 million.

For further details on the Q1 numbers, please follow this link to the quarterly reporting of AINMT Scandinavia Holdings AS: https://www.ainmt.com/investor-relations/financial-reporting/

Second Quarter 2017

On 6 June 2017, ice group announced that it had entered into an agreement with NII Holdings, Inc. to invest $50 million for a 30% stake in Brazilian telecommunications company Nextel Brazil. The transaction was closed on 24 July 2017.

Later in June, ice group AS successfully completed a private placement of new shares. In addition to the equity contribution from Access Media directly into AINMT Holdings AB*, the total gross proceeds to the ice group amounted to approximately USD 75 million. The net proceeds was, among other, used to fund the group's investment in Nextel Brazil.

AINMT Holdings AB, excluding Scandinavia, held USD 34 million in cash as per 30 June 2017. Total operating expenditures in AINMT Holdings AB, excluding Scandinavia, during Q2 2017 amounted to approx. USD 2 million.

For further details on the Q2 numbers, please follow this link to the quarterly reporting of ice group Scandinavia Holdings AS: 
https://icegroup.com/investor-relations/financial-reporting/

*under name-change to ice group Holdings AB.

Third Quarter 2017

In the third quarter, ice group successfully closed all conditions to complete the $50 million investment for a 30% stake in Brazilian mobile telecommunications company Nextel Brazil. Subsequent to the quarter, on 10 November 2017, ice group announced that it has requested an extension of time to exercise its option to increase its ownership in Nextel Brazil to 60%.

In September, ice group announced that near term Oslo Børs listing plans had been postponed, and that the company is currently evaluating optimal timing and structure of a future listing of its shares, given the company's various projects and commitments and the potential value creation for its stakeholders.

AINMT Holdings AB (under name-change to ice group Holdings AB), excluding Scandinavia, held USD 15 million in cash as per 30 September 2017. Total operating expenditures in AINMT Holdings AB during Q3 2017 amounted to approx. USD 2.3 million.

For further details on the Q3 numbers, please follow this link to the quarterly reporting of ice group Scandinavia Holdings AS: https://icegroup.com/investor-relations/financial-reporting/

Fourth Quarter 2017

Important milestones were met in Indonesia and the Philippines in the fourth quarter.

In Indonesia, ice group company PT Sampoerna Telekomunikasi Indonesia (“STI”) agreed to sell its tower assets to PT Inti Bangun Sejahtera, Tbk (“IBS”). In parallel, STI and IBS entered into a long-term master tower lease agreement whereby IBS will support STI with its tower infrastructure needs. As a result of the transaction, STI will receive IDR 414 billion, equivalent to US$31 million, which it intends to use to repay its existing debt. 

In the Philippines, ice group company Brodband Everywhere (“BE”), secured the exclusive right to use 20 MHz of nationwide spectrum in the 3,500 MHz frequency band and an additional 5MHz in the 450MHz band. With this additional award, BE now holds the exclusive right to use 15MHz in the 450 MHz frequency band in the Philippines.

AINMT Holdings AB (under name-change to ice group Holdings AB), excluding Scandinavia, held USD 12.4 million in cash as per 31 December 2017. Total operating expenditures in AINMT Holdings AB during Q4 2017 amounted to approx. USD 3.4 million.

For further details on the Q4 numbers, please follow this link to the quarterly reporting of ice group Scandinavia Holdings AS: https://icegroup.com/investor-relations/financial-reporting/

Annual Report 2017

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First Quarter 2018

ice group continue to build up its operations in Indonesia and the Philippines.

Subsequent to the quarter, on 31 May 2018, ice group announced a proposed sale of Nextel Brazil stake, de-merger of ice group international assets and improved company structure. For further information, see the full announcement.

AINMT Holdings AB, excluding Scandinavia, held USD 10 million in cash as per 31 March 2018. Total operating expenditures in AINMT Holdings AB during Q1 2018 amounted to approx. USD 2.2 million.

For further details on the Q1 2018 numbers, please follow this link to the quarterly reporting of ice group Scandinavia Holdings AS:
https://icegroup.com/investor-relations/financial-reporting/

Second Quarter 2018

On 15 June 2018, ice group AS announced that it had approved a legal restructuring and a demerger, separating its international businesses in Indonesia and the Philippines from its Scandinavian businesses. The de-merger will enable the executive management to focus all its efforts on its operations in Norway, Sweden and Denmark. As a further result from the legal restructuring, ice group AS will become the top parent company in the ice group, and sole shareholder of AINMT Holdings AB, which in turn owns 100% of ice group Scandinavia Holdings AS.  On 23 August 2018, all conditions for the de-merger had been successfully met. Please see full announcement: https://icegroup.com/blog/ice-group-simplified-ownership-structure-and-de-merger-approved-new-ceo-appointed/

AINMT Holdings AB, excluding Scandinavia, held USD 3.2 million in cash as per 31 June 2018. Total operating expenditures in AINMT Holdings AB during Q2 2018 amounted to approx. USD 3.6 million.

Eivind Helgaker was appointed CEO of ice group AS effective from 23 August 2018.

For further details on the Q2 2018 numbers, please follow this link to the quarterly reporting of ice group Scandinavia Holdings AS: https://icegroup.com/investor-relations/financial-reporting/

Third Quarter 2018

Service revenues in the third quarter 2018 increased by 21% for the Ice Scandinavia and 30% for Norway compared with the third quarter last year. EBITDA in the third quarter improved by 35% for Ice Scandinavia and 35% for Norway, reflecting higher on-net traffic and thereby lower NRA-costs and temporarily lower SAC in the third quarter this year.

As an effect of the smartphone network build-out in Norway reaching 83% population coverage in the third quarter, the average smartphone data on-net traffic share increased to 59% in the third quarter 2018, up from 24% in the same quarter last year and up from 55% in the second quarter 2018. The average data on-net share for September 2018 alone reached 63%.

Both the smartphone ARPU and the blended ARPU (smartphone and mobile broadband) increased in the third quarter 2018 versus both the corresponding quarter last year and the second quarter 2018.

Churn showed a significant reduction in the third quarter 2018 versus the corresponding quarter last year, but increased somewhat from the second quarter 2018, primarily due to a strategic decision to reduce investments in the retail sales channel during the third quarter in order to strengthen sales through the company’s own channels.

According to Nkom statistics, ice in Norway had 7.4% share of the mobile telephony market (based on number of subscriptions) as of 30 June 2018. Subscriber growth has continued in the third quarter.

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Fourth Quarter 2018


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Financial Reporting

ice group Scandinavia Holdings AS publishes quarterly reports and the financial reporting is prepared in accordance with the international financial reporting standards (IFRS). The governance of the corporation shall be in line with applicable recommendations from Oslo Stock Exchange regarding corporate governance. These recommendations are supplements to the Norwegian Government’s focus on corporate governance in the management of the State’s ownership.

The ice group has through it’s subsidiary, ice group Scandinavia Holdings AS, issued two bonds that are listed at the Oslo Stock Exchange. The governance of the corporation shall be in line with applicable recommendations from Oslo Stock Exchange regarding corporate governance. These recommendations are supplements to the Norwegian Government’s focus on corporate governance in the management of the State’s ownership.

ice group Scandinavia Holdings AS’s financial reporting is prepared in accordance with the international financial reporting standards (IFRS). All financial reporting including comparative numbers for earlier accounting periods are based on consistent application of IFRS.


Quarterly Reports

First Quarter 2014

The activities of the first quarter of 2014 have been highly affected by the spectrum win in Norway in December 2013. The combination of the frequencies 450 MHz with 800, 900 and 1,800 MHz will give ice.net the best coverage on dedicated broadband in Norway, and the Group now has more flexibility to invest in infrastructure to support more capacity when needed.

In terms of subscriber intake and top-up of user driven data packages, the first quarter of the year is traditionally seasonally slow and Q1 2014 was no exception. Easter which normally drives subscriber growth and usage also occurred in April this year (vs March in 2013). The continued positive EBITDA development of the group is very encouraging even when accounting for the higher license fees in Norway.

Following of the purchase of the additional frequencies in Norway in December 2013, the Group was able to successfully raise a SEK 1.5 billion high yield bond in Q1 this year and preparations for selection of vendor(s) for the network rollout is well underway.

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Second Quarter 2014

The second quarter is generally characterised by higher demand for subscriptions as most people prepare for summer holidays, which implies higher subscriber acquisition costs and reduced EBITDA for the period. This year we chose to be less expansive with respect to new customer intake due to the planned 4G roll-out and our associated CDMA to 4G swap, which tempered the customer acquisition costs. In addition we incur higher license fees due to the increased spectrum that we have secured. Nevertheless, I’m pleased to add that the Swedish operation delivered its first ever EBITDA positive quarter.

In Norway we have now moved to our new premises and our recruiting efforts continue. The vendor selection process is very promising in terms of number of bidders and equipment availability and this process is expected to be finalized in September. We are pleased with the progress to date in preparing our 4G launch.

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Third Quarter 2014

The third quarter demonstrated continuing stable revenue growth, our Swedish operations have continued to improve its EBITDA and have now passed another milestone by delivering double-digit EBITDA margin for a full quarter.

Furthermore, this quarter was characterised by significant activity related to continued preparation for the 4G upgrade, including strengthening the organisation in Norway, finalising negotiations with equipment and system vendors – the final agreement was signed with Alcatel-Lucent in November – and settling a frequency lease and network equipment purchase agreement with Tele2 Norway.

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Fourth Quarter 2014

The final quarter of 2014 marks the end of an important transitional year for AINMT, particularly for our Norwegian operation. Although the group delivers a strong EBITDA improvement, our primary focus throughout the year has been to build a platform for tomorrow’s AINMT group – a fully-fledged, data-focused operator of 4G mobile broadband and, in Norway, smartphone services.

In the fourth quarter alone we have announced plans to acquire existing mobile network infrastructure in Norway, leased out 5 MHz in the 900 MHz band, and signed a deal to deploy new 4G LTE and IP networking solutions throughout Scandinavia. In beginning of 2015, we have acquired a significantly sized Norwegian business and entered into a national roaming agreement.

While 2014 was a transitional and foundation-creating year, 2015 will be a year of further developing the infrastructure, tools and businesses that we have secured throughout the past 15 months. We aim to fully capitalize on the highly interesting challenger position we have in the Norwegian market.

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Annual Report 2014

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First Quarter 2015

The first quarter of 2015 represents a major milestone in AINMT’s history. On 5 February 2015, the Norwegian Competition Authority approved TeliaSonera’s acquisition of Tele2’s Norwegian operation. Consequently, the acquisition of Network Norway and a national roaming agreement with TeliaSonera came into effect to help strengthen AINMT’s Norwegian operation’s competitive position in Norway. In a relatively short space of time, Ice has developed from being a pure-play provider of mobile broadband services to becoming Norway’s third largest mobile network operator.

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Second Quarter 2015

The second quarter of 2015 presented several key developments for AINMT.
On April 1, the initial phase of the agreement to acquire Tele2’s mobile network infrastructure in Norway came into effect. In June, AINMT’s Norwegian operation launched its consumer smartphone proposition under the brand ice.net. Simultaneously, Network Norway was rebranded to ice.net.

Throughout the second quarter and the summer, a key focus in Norway, Sweden and Denmark was the preparation for the mobile network upgrade. First in Sweden and Denmark, upgrading from 3G to 4G. Then In Norway, upgrading from 3G to a multi-frequency 4G network characterized by superior speed, capacity and coverage.

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Third Quarter 2015

AINMT has significantly strengthened its operational toolbox and financial capacity in the third quarter. On the operational side, the network has been upgraded from 3G to 4G across Scandinavia and AINMT is now a 4G-only network provider in Scandinavia, which positions the business well for the future.

The parent company AINMT Holdings AB announced on 30 September that it had secured USD 120 million to finance its ambitious growth plans in Scandinavia and internationally – including expansion into Indonesia and the Philippines. The funds raised will enable AINMT to continue to pursue its aggressive growth strategy.

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Fourth Quarter 2015

The fourth quarter marked the end of an eventful year for AINMT. Sales for both our B2B and consumer smartphone proposition continued its positive development in the quarter. The upgraded 4G wireless broadband network was optimized further, allowing us to focus on growth in that segment again.

To capitalise on these growth opportunities, the group significantly strengthened its financial capacity in the quarter. A new subordinated PIK loan with par value of USD 120 million was secured and disbursed to AINMT Holdings AB early October, of which USD 50 million was subsequently injected as new equity in AINMT Scandinavia Holdings AS.

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Annual Report 2015

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First Quarter 2016

The strong sales momentum for ice.nets consumer smartphone  proposition has continued throughout the first quarter and into the second quarter of 2016. In April and May alone, ice.net's gross subscriber sales totaled more than 50,000. 

We experienced churn within the Network Norway B2B portfolio in 2015 and this continues to affect year-on-year revenues growth negatively for the group. We are now experiencing more normalised churn levels. Later this year, the Network Norway year-on-year benchmarks will become more benign as the strongest churn was experienced in Q2 and Q3 2015. 

The management is very satisfied with the improvement of results in Sweden, with profitability at a level that has not been seen before.

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Second Quarter 2016

The main highlights from the second quarter 2016 were a continued strong sales momentum in Norway, strengthening of the balance sheet through a successful private placement, the start of the migration to ice.net's own mobile phone network, and sustained improved results in our Swedish operation.

AINMT AS completed a private placement in the end of the quarter. A shareholder loan, with a cap of NOK 450 million and an initial disbursement of NOK 200 million, was subsequently granted to AINMT Scandinavia Holdings AS.

In late June, ice.net started the process of migrating its smartphone customers to its own 4G-only network. All consumer customers were migrated by end of August.

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Third Quarter 2016

The main highlights for the third quarter 2016 was continued solid sales figures for our Norwegian operation, migration of Norwegian smartphone customers across to our own 4G network, and strengthening of AINMT Scandinavia Holdings AS' balance sheet.

ice.net's sales rate for mobile phone subscriptions continued to be high throughout the third quarter. Migration of consumer and B2B customers from Telia's network across to ice.net's own 4G-only network was concluded in the quarter. As a result we plan on starting to generate smartphone on-net traffic from Q1 2017. Temporary increased churn from the migration has been offset by strong sales. 

In August, AINMT Holdings AB granted a shareholder loan to AINMT Scandinavia Holdings to provide the Norwegian operation with added financial flexibility.

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Fourth Quarter 2016

Ice.net’s sales of consumer mobile phone subscriptions in the fourth quarter has been retained at the solid level we saw throughout both the second and third quarter. Churn is down again to industry leading standard following the migration process in the second and third quarter. In the B2B segment, churn in the fourth quarter was above industry average following the migration process from Telia’s to ice.net’s network. Churn has improved but is still not satisfactory.

Ahead of schedule, ice.net started to generate smartphone on-net data traffic in the fourth quarter, including in Drammen, Larvik, Oslo and Fredrikstad. Going forward, customers will gradually be transferred from Telia’s to ice.net’s 4G-only network.

In December, AINMT Holdings AB granted a subordinated shareholder loan to AINMT Scandinavia Holdings AS.

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Annual Report 2016

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First Quarter 2017

The main highlight of the first quarter 2017 was the increased revenue growth driven by strong B2C smartphone momentum in Norway. Over the last three quarters the y-o-y service revenue growth for AINMT Scandinavia Holdings AS has steadily increased to 55% in Q1 2017 vs 20% for FY2016. We continue to make progress regarding our network build-out, Q1 saw an average smartphone on-net traffic of 13%.

Another major event was the refinancing completed in March. The new financing solution strengthens the company’s financial position and significantly reduces annual financial costs. The NOK 1.4 billion secured bank facilities and NOK 800 million senior unsecured bond, combined with the full redemption of our SEK 1.5 billion bond, will yield significant increased flexibility going forward.

In Norway, ice.net was the first company to launch data roll-over to all its mobile phone consumer customers – a move that was extremely well received amongst its current customer base. In March, ice.net introduced EU roaming to all its mobile phone subscriptions and customers. Prices were adjusted accordingly, but this has not generated significant churn.

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Second Quarter 2017

Ice group’s Scandinavian operation continues on its growth path. Service revenues grew 54% in the second quarter, compared with the corresponding quarter last year. For the first half of 2017, service revenues increased 54.5% compared to the first half of 2016. Average smartphone on-net traffic reached 21% in the second quarter, compared to 13% in the first quarter.

The mobile ARPU for ice.net decreased slightly in Q2 2017, related to NOK 7 million in deferred revenues as a consequence of the introduction of data rollover from March 2017 onwards. As a result of ice.net’s customer centric approach, we do not expect to see an uplift in ARPU until next year. 

The EU roaming packages, with adjusted prices for the large majority of ice.net customers, were implemented throughout the second quarter. Churn was satisfactory throughout this period. However, sales of new subscriptions decreased from the previous period. Sales have since risen after all operators included EU roaming in their subscriptions.

Subsequent to the quarter, ice entered into an agreement to acquire a B2C customer base from Norwegian mobile phone operator Hello. The AINMT group has also changed its name and brand to ice group. Subsequently, legal entity AINMT Scandinavia Holdings AS has been re-named ice group Scandinavia Holdings AS.

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Third Quarter 2017

The third quarter 2017 was another growth quarter for ice group’s Scandinavian operation. Service revenues grew 45% in the third quarter compared to the same quarter last year, reflecting our significantly increased Norwegian customer base.

Average smartphone on-net data traffic grew from 21% in the second quarter to 24% in the third quarter. Both the blended ARPU and smartphone services ARPU saw a small increase in the third quarter, while churn decreased slightly, reflecting an overall solid quarterly performance from our Norwegian operation. 

The B2C customer base from Hello was acquired in the quarter. By the end of October more than 40 thousand customers had been migrated across to ice.net, in line with our ambitions for the acquisition.

ice group Scandinavia further increased its financial flexibility when it successfully placed a new four-year NOK 1,4 billion senior secured bond issue in the quarter. The new bond is a refinancing of the outstanding committed secured facilities of NOK 1,4 billion, where NOK 800 million was outstanding and NOK 600 million undrawn.

Subsequent to the quarter, on 16 November 2017, ice.net was elected “mobile phone operator of the year” at Inside Telecom’s annual conference as a recognition of the company’s progress in 2016 and 2017.

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Fourth Quarter 2017

ice group’s Scandinavian operation continues on the growth trajectory seen in previous quarters. Service revenues in the fourth quarter increased 33% compared with the same quarter last year.

The overall performance of our Norwegian operation continues to be solid. On 7 December, ice in Norway was the first operator to introduce data rollover sharing – allowing customers to share excess data with any Norwegian ice customer of their choice.

Average smartphone on-net data traffic grew from 24% in the third quarter to 31% in the fourth quarter.

Following the migration of Hello’s B2C customers in October, churn increased somewhat. However, the ambition of successfully moving across in excess of 40,000 customers was met. Churn returned to normalised levels after the migration.

Subsequent to the quarter, on 6 February 2018, ice group’s Swedish operation (Net1) won the Swedish Post and Telecom Authority’s frequency auction for the national license of 2 x 5 MHz in the 450 MHz band. The term of license is from 5 March 2020 up to and including 31 December 2044.

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Annual Report 2017

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First Quarter 2018

Service revenues in the first quarter 2018 increased with 28% compared with the corresponding quarter in 2017.

Average smartphone on-net data traffic increased from 31% in the fourth quarter of 2017 to 41% in the first quarter of 2018. Both smartphone ARPU and blended ARPU (smartphone and mobile broadband) showed an increase in Q1 2018 versus Q4 2017, while blended churn decreased in the same period.

Subsequent to the quarter ice group's Norwegian operation entered into a new and improved National Roaming Agreement with Telia in Norway. The new agreement offers favourable conditions and, more importantly, a higher level of flexibility for ice.

On 23 May, ice announced that it had reached a total of 500,000 customers, including mobile voice and data as well as mobile broadband customers, confirming its challenger position in the Norwegian telecom market.

The EBITDA in the quarter was weakened by several one-offs in January and February compared to Q1 2017.

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Second Quarter 2018

Service revenues in the second quarter 2018 increased by 30% for the Group and 38% for Norway compared with the corresponding quarter in 2017.

A key priority for the second quarter was to get in place important building blocks that allow us to continue developing our Norwegian operation. Entering into a new and improved NRA in Norway is one such building block. So is the contract with Nokia that provides the framework to facilitate a further network build-out in Norway at favourable terms for ice.

Average on-net data traffic increased to 55%, up from 41% in the first quarter. The on-net share continued to show an upward trend towards the end of the second quarter. Both smartphone ARPU and blended ARPU (smartphone and mobile broadband) increased in Q2 2018 versus Q1 2018. Blended churn was reduced in the same period.

On 15 June 2018, the parent company structure of ice group Scandinavian Holdings AS announced that it had approved a legal restructuring and a demerger, separating its international businesses in Indonesia and the Philippines from its Scandinavian businesses, marking a new chapter in the development of ice group. Firstly, it enables a business strategy with sole focus on Scandinavia. Secondly, it unlocks a simplified and more transparent ownership structure.

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Third Quarter 2018

Service revenues in the third quarter 2018 increased by 21% for the Ice Scandinavia and 30% for Norway compared with the third quarter last year. EBITDA in the third quarter improved by 35% for Ice Scandinavia and 35% for Norway, reflecting higher on-net traffic and thereby lower NRA-costs and temporarily lower SAC in the third quarter this year.

As an effect of the smartphone network build-out in Norway reaching 83% population coverage in the third quarter, the average smartphone data on-net traffic share increased to 59% in the third quarter 2018, up from 24% in the same quarter last year and up from 55% in the second quarter 2018. The average data on-net share for September 2018 alone reached 63%.

Both the smartphone ARPU and the blended ARPU (smartphone and mobile broadband) increased in the third quarter 2018 versus both the corresponding quarter last year and the second quarter 2018.

Churn showed a significant reduction in the third quarter 2018 versus the corresponding quarter last year, but increased somewhat from the second quarter 2018, primarily due to a strategic decision to reduce investments in the retail sales channel during the third quarter in order to strengthen sales through the company’s own channels.

According to Nkom statistics, ice in Norway had 7.4% share of the mobile telephony market (based on number of subscriptions) as of 30 June 2018. Subscriber growth has continued in the third quarter.

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Fourth Quarter 2018


Not yet available

AINMT Holdings AB is a wholly owned subsidiary of ice group AS. The company publishes financial updates on a yearly basis.


Quarterly Updates

First Quarter 2015

Not available

Second Quarter 2015

Not available

Third Quarter 2015

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Fourth Quarter 2015

Not available

Annual Report 2015

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First Quarter 2016

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Second Quarter 2016

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Third Quarter 2016

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Fourth Quarter 2016

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Annual Report 2016

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First Quarter 2017

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Second Quarter 2017


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Third Quarter 2017


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Fourth Quarter 2017


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Annual Report 2017

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