Net debt is interest-bearing debt excluding interest-bearing assets.
The heaviest debt load was at the end of 2009. At that time, net debt amounted to ISK 226.4 billion. By year end 2021, net debt had been reduced by ISK 86 billion. Increased investments in recent years have primarily been financed by issuance of ISK denominated bonds. That decreases currency risk, but indexation affects the principle amount of these financial obligations.