North Media (NORTHM) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was DKK 342m, nearly flat year-over-year, with EBITDA at DKK 48m and a margin of 14.1%; operating profit exceeded expectations due to late Easter and positive developments in SDR and Digital Services.

• Year-to-date revenue reached DKK 653m, with EBITDA of DKK 59m and a margin of 9.0%.

• Net profit for Q2 was DKK 96.4m, but year-to-date net profit was negative at DKK -18.5m, mainly due to negative return on securities.

• EBITDA declined from DKK 61m to DKK 48m, mainly due to higher costs in Last Mile and transition expenses in Sweden.

Financial highlights

• Q2 2025 free cash flow was DKK 32m, up from DKK 6m in Q2 2024.

• Year-to-date free cash flow was negative at DKK -3m, compared to DKK 3m in the prior year.

• Capital resources at 30 June 2025 were DKK 825m, down from DKK 1,012m year-over-year.

• Q2 gross profit was DKK 169.2m, down from DKK 177.9m in Q2 2024.

• Q2 EBIT was DKK 32.4m (Q2 2024: DKK 44.1m); Q2 YTD EBIT was DKK 31.0m (Q2 YTD 2024: DKK 56.2m).

Outlook and guidance

• Full-year 2025 revenue guidance narrowed to DKK 1,270–1,315m (previously DKK 1,280–1,337m).

• EBITDA guidance raised to DKK 105–130m (previously DKK 80–115m); EBIT guidance to DKK 50–75m (previously DKK 25–60m).

• Assumptions include continued volume declines in leaflet and newspaper distribution, ongoing automation, and improved consumer confidence.