Announcement no. 04-2026 25 February 2026 North Media Group CEO Lasse Brodt on the development in 2025:”2025 was a year focused on stabilising multiple of our businesses and strengthening the foundation for increased profitability and future growth. On this basis, we delivered financial results in line with expectations under continuously challenging market conditions in both Denmark and Sweden. I am satisfied with the fact, that we finalised the implementation of automated packing of printed matter in Swe ...

Core Insights - North Media's Board of Directors has nominated Lasse Ingemann Brodt for election as a new member of the Board at the annual general meeting scheduled for 10 April 2026, with expectations for him to become the new chairman immediately after the meeting [1] - Lasse Ingemann Brodt has been part of North Media's Group Executive Board since 2018 and will join the Board as a non-independent member, which deviates from the Danish Recommendations on Corporate Governance [2] - Martin Frandsen Tobberup has been appointed as Group Executive Director effective 10 April 2026, contingent upon Brodt's election to the Board and his resignation as Group CEO [4] Leadership Changes - The leadership structure will include Lasse Ingemann Brodt as Chairman and Martin Frandsen Tobberup as Group Executive Director, enhancing the Group's commercial expertise and commitment to business development [6][7] - The Group Executive Board will consist of Martin Frandsen Tobberup, Lisbeth Britt Larsen (Group CHRO), and Ask Illum Jessen (Group CICO), with Christian Deichmann joining as Group CFO by 1 August 2026 [5] Company Overview - North Media operates platforms that connect businesses and consumers, focusing on transactions related to groceries, rental housing, and digital access management solutions [9] - The company has two core business areas: Last Mile, which includes FK Distribution and SDR Svensk Direktreklam, and Digital Services, which encompasses BoligPortal, Dayli (MineTilbud), and Bekey [10]

Core Insights - North Media announced preliminary, unaudited financial results for 2025 and provided financial guidance for 2026 [1] Financial Performance for 2025 - Revenue for 2025 was DKK 1,296 million, aligning with the latest guidance of DKK 1,270 – 1,305 million [2] - EBITDA for 2025 was DKK 125 million, down 19% from the previous year, primarily due to integration costs of SDR and lower revenue in FK Distribution [2] - EBIT for 2025 was DKK 66 million, an improvement from DKK -75 million in 2024, with an EBIT margin of 5.2% [2] Segment Performance - In the Last Mile segment, revenue decreased by 1% to DKK 1,132 million, attributed to a decline in FK Distribution's volume, while SDR's revenue increased by 2% [2] - In the Digital Services segment, revenue grew by 1% to DKK 164 million, driven by a 4% increase in BoligPortal, despite a 13% decline in Dayli [3] - EBITDA in Digital Services improved to DKK 9 million from DKK -11 million in 2024, with EBIT rising to DKK 4 million from DKK -17 million in 2024 [3] Cost and Dividend Proposal - Unallocated costs for the Group were DKK 23 million, consistent with 2024 [4] - The Board proposed a dividend of DKK 1.25 per share, reflecting earnings from ordinary operations [4] Financial Guidance for 2026 - Revenue for 2026 is expected to be in line with 2025, with flat development in Last Mile and growth anticipated in Digital Services [5] - An increase in EBITDA and EBIT is expected across all companies, driven by strategic initiatives implemented in 2025 [5] - The annual report for 2025 is scheduled for publication on 25 February 2026 [5] Company Overview - North Media operates platforms that connect businesses and consumers, focusing on two core business areas: Last Mile and Digital Services [8] - Last Mile includes FK Distribution and SDR, leading distributors of leaflets and local newspapers in Denmark and Sweden [8] - Digital Services encompasses BoligPortal, Dayli, and Bekey, with potential for strong growth and scalability [8]

Group 1 - North Media has appointed Christian Deichmann as Group CFO effective from 1 August 2026, and he will also join the Group Executive Board [1] - Christian Deichmann has over 25 years of financial experience, previously serving as CFO of Saint-Gobain Distribution Denmark A/S, with expertise in management, corporate strategy, M&A, and IT [2] - The Chairman of the Board, Ole Borch, expressed confidence in Deichmann's ability to contribute to the growth and value creation of North Media [3] Group 2 - North Media operates platforms that connect businesses and consumers, facilitating transactions for products such as groceries, rental housing, and digital access management solutions [5] - The company has two core business areas: Last Mile, which includes leading distributors of leaflets and local newspapers in Denmark and Sweden, and Digital Services, which encompasses growth-oriented businesses like BoligPortal, Dayli, and Bekey [5]

Core Insights - North Media's Q3 2025 performance showed a slight decline in activity levels, with revenue decreases in both Last Mile and Digital Services, but operating profit growth in Digital Services due to reduced losses in Dayli and Bekey [1][2] Financial Performance - Q3 2025 revenue was DKK 286.4 million, down from DKK 299.4 million in Q3 2024, while year-to-date revenue decreased by 2% to DKK 939.2 million [2][6] - EBITDA for Q3 2025 was DKK 12.1 million compared to DKK 19.4 million in the previous year, with year-to-date EBITDA at DKK 71.1 million, down from DKK 120.9 million [2][6] - EBIT for Q3 2025 was -DKK 1.7 million, a decline from DKK 3.0 million in Q3 2024, with a year-to-date EBIT of DKK 29.3 million compared to DKK 59.2 million [2][7] - The EBIT margin for Q3 2025 was -0.6%, down from 1.0% in the previous year, while the year-to-date EBIT margin was 3.1%, down from 6.2% [2][7] Business Area Performance - Last Mile reported Q3 2025 revenue of DKK 247 million, a 4% decrease from Q3 2024, with some positive effects from repatriating invoicing from former franchisees [3] - Digital Services saw a 4% revenue decline to DKK 40 million, primarily due to lower advertising revenue in BoligPortal and a slight setback in Dayli, but EBITDA improved to a profit of DKK 3 million from a loss of DKK 3 million in the previous year [5][6] Operational Developments - The integration of SDR into North Media reached a significant milestone with the completion of automated packing for the Swedish market, expected to lead to long-term cost reductions [1] - The transition costs associated with the automated packing in Sweden impacted EBITDA, but Digital Services reported growth driven by performance improvements in Bekey [6] Guidance for 2025 - The company narrowed its full-year financial guidance for 2025, with expected revenue between DKK 1,270 million and DKK 1,305 million, EBITDA between DKK 105 million and DKK 126 million, and EBIT between DKK 50 million and DKK 70 million [8][13]

Group 1 - Kåre Stausø Wigh has resigned as Group CFO of North Media effective immediately, having been on sick leave since spring 2025, and the search for a new CFO has begun [1] - Ole Borch, Chairman of the Board, expressed gratitude for Kåre's 20 years of dedicated service and will remain in his position until the annual general meeting in spring 2026, despite earlier plans to step down [2] - The transition of Ole Borch's role as Chairman has been postponed by approximately six months due to an agreement with the major shareholder, Baunegård ApS [2] Group 2 - North Media operates platforms that connect businesses and consumers, focusing on helping consumers find products such as groceries and rental housing [4] - The company has two main business areas: Last Mile, which includes leading distributors of leaflets and local newspapers in Denmark and Sweden, and Digital Services, which encompasses growth-oriented businesses like BoligPortal, Dayli, and Bekey [4] - BoligPortal is the leading home rentals platform in Denmark, while Dayli is a prominent digital offer platform, and Bekey provides digital access solutions for various services [4]

Core Insights - North Media Group's Q2 2025 operating profit exceeded expectations, driven by a positive shift in the business model for the Swedish distribution business SDR and the takeover of local sales from former franchisees [1] - The company has upgraded its full-year EBITDA and EBIT guidance following the better-than-expected performance [1] Financial Performance - Q2 2025 revenue was DKK 342.3 million, slightly down from DKK 343.1 million in Q2 2024, while year-to-date revenue decreased by 1.1% to DKK 652.8 million from DKK 662.0 million [1][4] - EBITDA for Q2 2025 was DKK 48.4 million, down 20% from DKK 60.6 million in Q2 2024, and year-to-date EBITDA fell by 42% to DKK 59 million from DKK 101.5 million [1][4] - EBIT for Q2 2025 was DKK 32.4 million, a decline from DKK 44.1 million in Q2 2024, with a year-to-date EBIT of DKK 31 million, down from DKK 56.2 million [1][4] - The EBIT margin for Q2 2025 was 9.5%, compared to 12.9% in Q2 2024, and the year-to-date EBIT margin was 4.7%, up from 8.5% [1][4] Business Segment Performance - In the Last Mile segment, revenue was DKK 300 million, slightly down from DKK 302 million in the previous year, with EBITDA falling by 25% to DKK 46 million due to increased costs and the transition to automated packing [2] - Digital Services saw a 2% revenue increase to DKK 42 million, with BoligPortal achieving a 7% growth rate, and EBITDA improved to DKK 2 million from breakeven in Q2 2024 [3] Guidance and Outlook - The company has upgraded its full-year guidance for 2025, expecting consolidated revenue in the range of DKK 1,270-1,315 million, EBITDA between DKK 105-130 million, and EBIT in the range of DKK 50-75 million [5]

Core Insights - North Media reported Q2 2025 revenue of DKK 342 million, slightly down from DKK 343 million in Q2 2024, with a stable trend in Last Mile services and a 2% increase in Digital Services driven by BoligPortal [1] - The company has revised its full-year revenue guidance for 2025 to DKK 1,270–1,315 million, down from the previous range of DKK 1,280–1,337 million, while EBITDA and EBIT guidance has been upgraded [2][5] - The improvement in EBITDA and EBIT is primarily due to enhanced operations at SDR, leading to more stable planning and lower unit costs, with Bekey also contributing positively [3] Financial Performance - Q2 2025 EBITDA was DKK 48 million, down from DKK 61 million in Q2 2024, and EBIT was DKK 32 million compared to DKK 44 million in the previous year [1] - The revised guidance for 2025 includes EBITDA expectations of DKK 105–130 million, up from DKK 80–115 million, and EBIT expectations of DKK 50–75 million, up from DKK 25–60 million [2][5] Business Segments - North Media operates in two main business areas: Last Mile, which includes FK Distribution and SDR Svensk Direktreklam, and Digital Services, which encompasses BoligPortal, Dayli (MineTilbud), and Bekey [7] - The Last Mile segment is experiencing a slight loss in volumes, while growth in Digital Services, particularly BoligPortal and Dayli, has been lower than expected [4]

Group 1 - Ole Borch will step down as Chairman of North Media in the second half of 2025, transitioning to a new role as Chairman of a foundation expected to take over majority shareholding in North Media from Baunegård ApS [1] - The Board of Directors of North Media will consider and announce a new Chairman to succeed Ole Borch [2] - Ole Borch will remain in his position until the transition to the new Chairman takes effect [2] Group 2 - North Media operates platforms that connect businesses and consumers, helping consumers find products such as groceries and rental housing [4] - The company has two core business areas: Last Mile, which includes leading distributors of leaflets and local newspapers in Denmark and Sweden, and Digital Services, which encompasses growth-oriented businesses like BoligPortal, Dayli, and Bekey [4] - BoligPortal is Denmark's leading home rentals platform, while Dayli is a prominent digital offer platform, and Bekey provides digital access solutions for secured areas [4]

Core Insights - North Media Group's Q1 2025 performance met expectations, with FK Distribution experiencing a decline in printed matter volumes and ongoing automation in packing for Sweden [1] - BoligPortal in Digital Services showed a positive trend with a 10% revenue growth, while overall EBITDA remained stable [1] Financial Performance - Q1 2025 revenue was DKK 310.5 million, down from DKK 318.9 million in Q1 2024 [1] - EBITDA decreased to DKK 10.6 million from DKK 40.9 million year-over-year [1] - EBIT fell to -DKK 1.4 million, resulting in an EBIT margin of -0.5%, compared to 3.8% in Q1 2024 [1] - Cash flows from operating activities were -DKK 23.0 million, a decline from -DKK 3.5 million in the previous year [1] - Free cash flows also worsened to -DKK 35.4 million from -DKK 3.3 million [1] Business Area Performance - Last Mile revenue was DKK 267 million, a 3% decrease, impacted by a customer discontinuing printed matter and late Easter [2] - EBITDA for Last Mile dropped by 70% to DKK 12 million, influenced by lower revenue and increased payroll costs [2] - EBIT for Last Mile fell to DKK 3 million, with an EBIT margin of 1% [2] Digital Services Performance - Digital Services revenue grew by 3% to DKK 44 million, driven by BoligPortal's 10% growth [3] - BoligPortal's growth was supported by partnerships and DataInsights [3] - EBITDA improved by DKK 1 million to DKK 2 million, mainly due to reduced losses in Bekey [3] Financial Guidance - The full-year financial guidance for 2025 remains unchanged, with revenue expected between DKK 1,280 million and DKK 1,337 million, EBITDA between DKK 80 million and DKK 115 million, and EBIT between DKK 25 million and DKK 60 million [4]