Q3 2025: Financial guidance for 2025 narrowed

Announcement no. 13-2025

4 November 2025

Lasse Ingemann Brodt, Group CEO of North Media, on the Group’s performance in Q3 2025:
“Our Q3 2025 performance reflected a slightly lower activity level. We saw slight revenue declines in both Last Mile and Digital Services. We generated operating profit growth in Digital Services, where we reduced the losses in Dayli and Bekey by completing development projects and enhancing the efficiency of key processes. In October, we reached an important milestone in the integration of SDR into North Media as the roll-out of automated packing of printed matter for the Swedish market has now been fully completed. This creates more uniform processes across the distribution areas in Sweden and is expected to lead to costs reductions in the long term.

Financial highlights:

DKKm	Q3		Q3 YTD
	2025	2024	2025	2024
Revenue	286.4	299.4	939.2	961.4
EBITDA	12.1	19.4	71.1	120.9
EBIT	-1.7	3.0	29.3	59.2
EBIT margin (%)	-0.6	1.0	3.1	6.2
Return on securities	74.5	-86.5	15.5	210.4
Cash flows from operating activities	5.7	19.0	33.3	55.5
Free cash flows	-8.2	15.0	-11.2	18.0

Business area performance in Q3 2025

Last Mile (FK Distribution and SDR) reported revenue of DKK 247m, down by 4% on Q3 2024. The business area also saw the first positive effects of repatriating invoicing of local sales from former franchisees in SDR which, however, could not offset the expected volume decline.

EBITDA was DKK 11m relative to DKK 27m in the year-earlier period, impacted by the expected lower revenue, the roll-out of automated packing in Sweden, which was fully completed in October 2025, and to a lesser extent by increased capacity costs in FK Distribution. EBIT was DKK 1m as compared with DKK 16m in Q3 2024 for an EBIT margin of 1%.

In Digital Services (BoligPortal, Dayli and Bekey), revenue fell by 4% to DKK 40m. The revenue decline was attributable to lower advertising revenue from landlords in BoligPortal as a result of fewer listings and the continued historically low vacancy rates in the rental housing market, combined with a slight setback in Dayli. EBITDA was a profit of DKK 3m against a loss of DKK 3m in the same period last year. EBITDA was positively impacted by performance improvements in Dayli and Bekey. EBIT was a profit of DKK 2m against a loss of DKK 5m in the year-earlier period. The EBIT margin was 5%.

YTD performance
Consolidated revenue for the first nine months of the year was down by 2% to DKK 939m. The decline was primarily attributable to Last Mile.

In Digital Services, revenue was largely flat, with an underlying growth rate of 4% in BoligPortal.

EBITDA was DKK 71m relative to DKK 121m in the year-earlier period, impacted by the costs of automated packing for Sweden and transition costs in SDR. Digital Services reported EBITDA growth, driven by continued performance improvements in Bekey.

EBIT was DKK 29m against DKK 59m in the same period last year. The EBIT margin was 3.1%.

Guidance for 2025
Based on our Q3 and 9M results, our full-year financial guidance for 2025 is narrowed to:

• Revenue: DKK 1,270–1.305m (previously DKK 1,270–1,315m)
• EBITDA: DKK 105–126m (previously DKK 105–130m)
• EBIT: DKK 50–70m (previously DKK 50–75m)
  
  

A brief investor presentation of the Group’s performance can be downloaded at www.northmedia.dk.

For further information, please contact:
Lasse Ingemann Brodt, Group CEO, tel. +45 2024 3292

This document is an unofficial translation of the Danish original. In the event of any inconsistencies, the Danish version shall apply. 

North Media develops and operates platforms for transactions that bring businesses and consumers together. These platforms help consumers find the right products, whether they are looking for groceries, rental housing or digital access management solutions. North Media has two core business areas: Last Mile: FK Distribution and SDR Svensk Direktreklam are among the leading distributors of leaflets and local newspapers in Denmark and Sweden, respectively. Digital Services: Three businesses with the potential for growth, rising earnings and scalability: BoligPortal is Denmark’s leading home rentals platform, offering services to both landlords and tenants. Dayli (MineTilbud) is a leading digital offer platform. Bekey provides digital access solutions for secured stairwells and private homes for the use of homecare services and companies delivering parcels, groceries, meal services, etc.

Attachment

• Interim Report Q3 2025