Dividend Payment Increased to ISK 30 Billion

Landsvirkjun‘s Annual General Meeting (AGM) today ratified the Board of Directors‘ proposal for an ISK 30 billion dividend payment to the Company‘s owner, the Icelandic State. This amounts to an ISK 10 billion increase from the amount proposed by the Board of Directors last February.

The Board‘s decision is made following the Minister of Finance and Economic Affairs‘ suggestion, in light of the fact that 2023 was the strongest operational year in Landsvirkjun‘s history. The Company‘s financial position is therefore better than ever and the dividend increase is in accordance with Landsvirkjun‘s Dividend Policy.

At Landsvirkjun’s Annual General Meeting (AGM) held today, 30 April 2024, the Minister of Finance and Economic Affairs appointed Members of the Board of Directors in accordance with the governing legislation.

Appointed Board Members are Jón Björn Hákonarson, Jens Garðar Helgason, Álfheiður Ingadóttir, Soffía Björk Guðmundsdóttir and Gunnar Tryggvason.

Alternate Board Members are Guðveig Eyglóardóttir, Halldór Karl Högnason, Ragnar Óskarsson, Sigurjón Þórðarson and Albertína Friðbjörg Elíasdóttir.

The AGM ratified the outgoing Board of Directors‘ Annual Report and Consolidated Financial Statements for the last fiscal year. Furthermore, the AGM approved the Board of Directors’ proposal for a dividend payment of ISK 30 billion.

Landsvirkjun‘s Dividend payments are in accordance with the Company‘s Dividend Policy.

Deloitte Iceland was reappointed as the Auditor for the next fiscal year. Heimir Haraldsson, auditor, was elected as an external member of the Company‘s Audit Board.

Jón Björn Hákonarson was elected as Chairman of the Board at the first Board Meeting following the AGM, and Jens Garðar Helgason was elected as Vice-Chairman.

The outgoing Chairman of the Board, Jónas Þór Guðmundsson, has served as Chairman for the past decade, the second longest serving Chairman in the Company‘s history. He was appointed to the Board at the 2014 AGM and was subsequently elected as Chairman of the Board. The Company‘s operations have drastically improved during the period. Landsvirkjun‘s financial position is currently better than ever, the debt level is at an all-time-low and the equity ratio has never been higher. Three new Power Stations have come on-line during the period. Landsvirkjun‘s Credit Rating is currently the second-highest among Nordic energy companies (A-). Landsvirkjun would like to thank Jónas for his valuable service to the Company.

Jón Björn Hákonarson, Jónas‘s successor who previously served as Vice-Chairman of the Board, was first appointed to the Board in 2014. He has served as Vice-Chairman for a total of five years during the period.