Q2 2025: Operating profit better than expected
Announcement no. 11-2025
21 August 2025
North Media Group CEO Lasse Ingemann Brodt on the Group’s performance in Q2 2025:
“Our operating profit for Q2 2025 exceeded expectations. The better-than-expected performance was primarily driven by the initial positive effects of the change in business model for the Swedish distribution business SDR, focusing on automated packing of printed matter, and the takeover of local sales from former franchisees. The EBITDA loss in Bekey was also reduced. These positive effects formed the basis of the upgrade of our full-year EBITDA and EBIT guidance announced last week.”
Financial highlights:
| DKKm | Q2 | Q2 YTD | |||
| 2025 | 2024 | 2025 | 2024 | ||
| Revenue | 342.3 | 343.1 | 652.8 | 662.0 | |
| EBITDA | 48.4 | 60.6 | 59.0 | 101.5 | |
| EBIT | 32.4 | 44.1 | 31.0 | 56.2 | |
| EBIT margin (%) | 9.5 | 12.9 | 4.7 | 8.5 | |
| Return on securities | 92.7 | 141.2 | -59.0 | 296.9 | |
| Cash flows from operating activities | 48.8 | 39.6 | 25.8 | 36.5 | |
| Free cash flows | 32.4 | 6.3 | -3.0 | 3.0 | |
Performance in the business areas in Q2 2025
Last Mile (FK Distribution and SDR)
Revenue was DKK 300m against DKK 302m in the year-earlier period. The continued positive effect of taking over local sales from former franchise partners in SDR largely outweighed the expected drop in volumes in FK Distribution. In line with expectations, EBITDA fell by 25% to DKK 46m. The decline was primarily due to the roll-out of automated packing for Sweden, the transition of SDR and increased capacity costs in FK Distribution, including the effect of pay adjustments for deliverers in Denmark in 2024. EBIT fell to DKK 34m for an EBIT margin of 11%.
Digital Services (BoligPortal, Dayli and Bekey)
Revenue was up 2% to DKK 42m, driven by a 7% growth rate in BoligPortal attributable to partnerships and tenants. EBITDA was DKK 2m, against a breakeven result in Q2 2024, attributable to improvements in BoligPortal and a loss reduction in Bekey. Operating profit (EBIT) broke even, against a loss of DKK 2m for the same period last year, resulting in a profit margin of 1%.
YTD performance
Consolidated revenue in H1 2025 was down 2% to DKK 653m, impacted by Last Mile where the revenue increase in SDR did not offset the effect of a volume decline in FK Distribution. Digital Services delivered 3% growth. EBITDA fell by 42% to DKK 59m, primarily due to increased costs in Last Mile relating to automated packing for SDR and the business transition, while Digital Services delivered improvements. EBIT was down 45% to DKK 31m, driven by the revenue and EBITDA performance. The EBIT margin was 4.7%.
Guidance for 2025
As announced in Company Announcement no. 10 of 14 August 2025, the Group’s full-year EBIT and EBITDA guidance for 2025 has been upgraded. North Media now expects consolidated revenue in the DKK 1,270-1,315m range, EBITDA in the DKK 105-130m range and EBIT in the DKK 50-75m range.
Conference call
Group CEO Lasse Ingemann Brodt and Group CICO Ask Illum Jessen will present the interim report at a conference call (in Danish) on HC Andersen Capital’s platform on 22 August 2025 at 14:00 (CET). Please register using this .
For further information, please contact:
Lasse Ingemann Brodt, Group CEO, 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. 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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