Annual Report 2024: Financial performance impacted by strategy execution
Announcement no.4-2025
14 March 2025
North Media’s Group CEO Lasse Brodt commented on the performance in 2024:
“In 2024, we were fully focused on executing our business strategies, and this affected our financial performance. Our efforts were primarily centred on integrating SDR, Sweden’s largest private distributor of printed matter and local newspapers, the continued transformation of BoligPortal, the establishment of MineTilbud as an independent company and the divestment of the commercial activities of Ofir. The integration of SDR proved more complex and costly than originally assumed. Coupled with a significantly lower print volume in the annual agreements signed for 2025, this has resulted in a write-down of the value of SDR by DKK 155m. This is obviously unsatisfactory, however, we remain confident that our long-term plan for SDR, including the implementation of automated packing, is the right one.”
Financial highlights:
| DKKm | Q4 | FY | |||
| 2024 | 2023* | 2024 | 2023 | ||
| Revenue | 340.0 | 239.7 | 1,301.4 | 915.1* | |
| EBITDA | 32.6 | 47.7 | 153.5 | 181.9* | |
| Ordinary depreciation | -11.7 | -73.4 | -26.9* | ||
| EBIT, ordinary operation | 20.9 | 41.1 | 80.1 | 155.0* | |
| Impairment, SDR | -155.0 | - | -155.0 | - | |
| EBIT after write-down | -134.1 | 41.1 | -74.9 | 155.0* | |
As reported in Announcement no. 3 of 7 March 2025, North Media’s revenue and EBIT fell short of the most recent guidance for 2024, which included Ofir, and resulted in a revenue of DKK 1,315-1,340m, EBITDA of DKK 140-160m and EBIT of DKK 65-85m. Based on the results for the year, the Board of Directors proposes to the shareholders at the Annual General Meeting that no dividend be paid for 2024.
Performance by business area in 2024
The Last Mile business area (FK Distribution and SDR) reported revenue growth, positively impacted by SDR, while the performance in FK Distribution was flat, driven by a smaller-than-expected decline in the volume of printed matter. Earnings were affected by integration costs, increased payroll costs for deliverers, the development of MineTilbud’s new technical platform as well as the write-down of the value of SDR. By the end of the year, approx. 20% of all Swedish households receiving printed matter were included in the automated packing in Denmark. The roll-out of automated packing is still expected to be fully implemented in the second half of 2025.
Within the Digital Services business area, BoligPortal delivered revenue growth of 4%, driven by additional income streams in the Danish market. Earnings declined, however, as a result of increased costs relating to the continued development of a single universe for tenants and landlords. The performance in Bekey was unsatisfactory, and the company’s structure, business foundation and market approach are being reviewed.
Guidance for 2025
North Media presented its guidance for 2025 for the Group in Announcement no. 3-2025. The below outline includes the business areas:
| DKKm | Revenue | EBITDA | EBIT |
| Group | 1,280 – 1,337 | 80 – 115 | 25 – 60 |
| Last Mile (FK Distribution, SDR Svensk Direktreklam) | 1,110 – 1,155 | 89 – 116 | 49 – 76 |
| Digital Services (BoligPortal, MineTilbud, Bekey) | 170 – 182 | -3 to 5 | -6 to 2 |
| Unallocated costs | - | -6 to -6 | -18 to -18 |
Conference call
Group CEO Lasse Ingemann and Group CDO Martin Tobberup will present the Annual Report at a conference call (in Danish) on HC Andersen Capital’s platform today at 13:00 (CET). Please use this to register for the conference call.
For further information, please contact:
Group CEO Lasse Brodt, tel.
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, jobs 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. 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.
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