Q1 2025: Performance in line with financial guidance
Announcement no. 8-2025
21 May 2025
North Media Group CEO Lasse Ingemann Brodt on the Group’s performance in Q1 2025:
“Our businesses performed in line with expectations in the first quarter of 2025. FK Distribution saw a decline in volumes of printed matter, and the roll-out of automated packing of printed matter for Sweden continued. As planned, SDR repatriated the distribution to some 460,000 households and the invoicing of local sales from several former franchisees. The continued integration of SDR impacted Last Mile’s earnings. We are pleased that BoligPortal in Digital Services continued on a positive trend, delivering 10% revenue growth. The upward trend was driven by additional income streams, while EBITDA remained stable.”
Financial highlights:
| DKKm | Q1 | |
| 2025 | 2024 | |
| Revenue | 310.5 | 318.9 |
| EBITDA | 10.6 | 40.9 |
| EBIT | -1.4 | 12.1 |
| EBIT margin | -0.5% | 3.8% |
| Return on securities | -151.7 | 155.7 |
| Cash flows from operating activities | -23.0 | -3.5 |
| Free cash flows | -35.4 | -3.3 |
Performance by business area – Q1 2025
Revenue in the Last Mile business area (FK Distribution and SDR) was DKK 267m, down by 3%. SDR saw a positive effect of the repatriation of invoicing of local sales from former franchisees. This did not fully offset an expected volume decline in FK Distribution, however, which was mainly due to a customer having decided not to use printed matter in 2025 and Easter falling late this year. In Sweden, where the difficult market conditions persist, profitability in the retail grocery industry was particularly challenged. As expected, this had an adverse effect on the volume of printed matter in Q1, which is expected to continue into the coming quarters. EBITDA for Last Mile declined by 70% to DKK 12m, impacted by lower revenue, the continued roll-out of automated packing for Sweden and increased payroll costs for deliverers in Denmark following pay adjustments in 2024. EBIT fell correspondingly to DKK 3m for an EBIT margin of 1%.
In January 2025, MineTilbud/Dayli was hived off into an independent company in the Digital Services business area, which also includes BoligPortal and Bekey. Total revenue grew by 3% to DKK 44m, driven by a 10% growth rate in BoligPortal where partnerships, in particular, and tenants and DataInsights contributed to increased earnings. MineTilbud experienced a slight setback, and the performance in Bekey was flat. The DKK 1m improvement in EBITDA to DKK 2m was mainly attributable to a reduced loss in Bekey as a result of a reduction in sales and marketing costs and staff reductions implemented as part of the efforts to reverse the performance trend in the business. EBIT grew by DKK 2m to DKK 1m for an EBIT margin of 1%.
Financial guidance for 2025 maintained
The full-year financial guidance for 2025 remains unchanged with revenue expected to be in the DKK 1,280-1,337m range for an EBITDA of DKK 80-115m and an EBIT of DKK 25-60m.
A brief investor presentation of the Group’s performance can be downloaded at .
For further information, please contact:
Group CEO Lasse Ingemann Brodt, tel.
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, 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. 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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