Annual report 2025: Result as expected in a year focused on strengthening profitability and the foundation for growth
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 Sweden, which was a significant milestone in the transformation of SDR towards the business model which FK Distribution utilises. We simultaneously adapted the business model in the Danish distribution business to be capable of addressing the changes we expect in the product mix over the coming years. In Digital Services, BoligPortal delivered continued revenue growth in a housing market characterised by a historically imbalanced relation between supply and demand, and both Dayli and Bekey delivered significantly reduced operating losses through a number of targeted initiatives which will continue their effect in 2026."
Financial highlights
| DKKm | Q4 | Full year | |||
| 2025 | 2024 | 2025 | 2024 | ||
| Revenue | 356.8 | 340.0 | 1,296.0 | 1,301.4 | |
| EBITDA | 53.5 | 32.6 | 124.6 | 153.5 | |
| EBIT | 36.9 | -134.1* | 66.2 | -74.9* | |
| EBIT margin | 10.3% | -39.4%* | 5.1% | -5.8%* | |
| Return on securities | - | - | 15.6 | 217.4 | |
| Profit/loss for the year excluding return on securities | 54.0 | -107.9 | |||
| Cash flow from operating activities | - | - | 84.0 | 26.3 | |
| Free cash flow | - | - | 84.2 | -109.2 | |
* Affected by the impairment of DKK 155m on the carrying amount of assets in SDR
As reported in Announcement no. 13-2025 of 4 November 2025, North Medias results were in line with the most recent guidance. This resulted in a revenue of DKK 1,270-1,305m, EBITDA of DKK 105-126m and EBIT of DKK 50-70m.
Development in business areas in 2025
In Last Mile (FK Distribution and SDR) revenue decreased by 1%, driven by a decline of volume in FK Distribution. The decrease was not outweighed by an increase of revenue in SDR from the insourcing of former franchises and price increases on printed matter and local weekly newspapers. EBITDA decreased by 27% and was impacted by the continuous costs of integrating SDR and the lower revenue in FK Distribution. EBIT grew by DKK 119m from 2024, the year in which the carrying amount of assets in SDR were impaired by DKK 155m.
In Digital Services (BoligPortal, Dayli and Bekey) revenue grew by 1%, driven by an underlying growth of 4% in BoligPortal from multiple revenue streams in a market affected by a historically imbalanced relation between supply and demand of housing. EBITDA grew DKK 20m due to the lowering of operating-, sales- and marketing costs in Dayli and the effects of the first part of Bekeys turnaround. The reduction of loss from operating activity in Dayli and Bekey affected a corresponding improvement of EBIT.
Dividend
Based on the Group’s operating profit, the Board will propose a dividend of DKK 1.25 per share on the annual general meeting, 10 April 2026. This corresponds to 46% of profit for the year excluding return on securities.
Guidance for 2026
North Medias announced guidance for 2026 for the Group is outlined below with the underlying development in the different business areas:
| Mio. kr. | Revenue | EBITDA | EBIT |
| Group | 1,267-1,333 | 133-175 | 75-117 |
| Last Mile (FK Distribution, SDR) | 1,085-1,135 | 121-151 | 80-110 |
| Digital Services (BoligPortal, Dayli, Bekey) | 182-198 | 17-29 | 12-24 |
| Unallocated income/cost | - | -5 | -17 |
Tele conference
Group CEO Lasse Ingemann Brodt and Group CDO Martin Frandsen Tobberup, are presenting the annual report at a telephone conference in Danish on the HC Andersen Capitals platform, Thursday 26 February 2026 at 14:00 (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 or digital access management solutions. North Media has two core business areas: Last Mile: FK Distribution and SDR Svensk Direktreklam 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 strong 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.
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