North Media Q2 2026: Financial results affected by expected volume decline

Selskabsmeddelelse nr. 13-2026

20 August 2026  

Martin Frandsen Tobberup, Group CEO of North Media, on the Group’s performance in Q2 2026: “Our financial results were affected by an expected volume decline in our distribution businesses. In the underlying business, we further reduced capacity costs in FK Distribution, which generated satisfactory growth in the relatively small business area of selected mail. At the same time, we reduced losses in Dayli and Bekey. BoligPortal operates in a Danish rental housing market that remains characterised by low vacancy rates, but we saw the strength of a business model with multiple income streams, including the Swedish platform for rentals, which delivered growth in both supply and demand.”

Financial highlights:

DKKm	Q2		Q2 YTD
	2026	2025	2026	2025
Revenue	314.3	342.3	608.0	652.8
EBITDA	27.1	48.4	46.1	59.0
EBIT	12.9	32.4	17.1	31.0
EBIT margin (%)	4.1	9.5	2.8	4.7
Return on securities	166.5	92.7	126.8	-59.0
Cash flows from operating activities	23.1	48.8	14.4	25.8
Free cash flows	21.9	32.4	38.9	-3

Business area performance in Q2 2026

Revenue in Last Mile (FK Distribution and SDR) was DKK 272m, against DKK 300m in Q2 2025. The performance was driven by an expected volume decline that was not offset by the effects of previously implemented price increases in SDR and solid growth in the relatively small Danish business area of ‘Selected mail’, where the improvement was driven by an inflow of new customers as PostNord no longer distributes magazines and direct mail. The lower revenue affected EBITDA, which came to DKK 29m, down from DKK 46m in the year-earlier period. EBIT fell correspondingly to DKK 20m from DKK 34m, for an EBIT margin of 7.2%.

Digital Services (BoligPortal, Dayli and Bekey) generated revenue of DKK 42m, in line with Q2 2025. BoligPortal, which is the largest business, remained affected by low vacancy rates in the Danish housing market, while other income streams from letting of project units, delivered growth. Continued operational improvements in Dayli and Bekey were outweighed by one-off costs for the ReData case and business development in BoligPortal. EBITDA was consequently DKK 1m, down from DKK 2m in the year-earlier period. EBIT was DKK 0m, unchanged compared with Q2 2025, for an EBIT margin of 0%.

YTD performance
For the first six months of 2026, North Media generated revenue of DKK 608m, a drop of 7% that was primarily driven by the expected volume decline in Last Mile. In Digital Services, the decline was 1%. EBITDA came to DKK 46m, a year-on-year decline of 22%. The decline was attributable to Last Mile, where an improved performance by FK Distribution could not offset the effect of lower revenue in SDR. Digital Services delivered an improved EBITDA result thanks to reduced losses in Dayli and Bekey. EBIT was DKK 17m, a 45% decline that reflected the EBITDA performance. The EBIT margin was 2.8%.

Group guidance for 2026
As announced in Company Announcement no. 10 of 18 August 2026 the Group’s full-year guidance has been changed. North Media now expects consolidated revenue in the DKK 1,258-1,294m range, EBITDA in the DKK 122-142m range and EBIT in the DKK 64-84m range, including based on the preliminary overview of the IT security incident in SDR, North Media has recognised one-off costs of DKK 2m for the second half of 2026..

Conference call
Group CEO and CDO Martin Frandsen Tobberup og CFO, Christian Deichmann, will present the interim report at a conference call (in Danish) on HC Andersen Capital’s platform on 21 August 2026 at 14.00 (CET). Please register at this link.

For further information, please contact:
Martin Frandsen Tobberup, Group Executive Director and CDO, telephone +45 5215 9146

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 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 Q2 2026