North Media (NORTHM) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was DKK 286m, down 4% from DKK 299m in Q3 2024, with EBITDA at DKK 12m versus DKK 19m last year and EBIT at DKK -2m compared to DKK 3m.

• Year-to-date (YTD) 2025 revenue reached DKK 939m, down from DKK 961m YTD 2024, with EBITDA at DKK 71m versus DKK 121m and EBIT at DKK 29m compared to DKK 59m.

• Net profit for Q3 2025 was DKK 54.5m, a turnaround from a loss of DKK 69.6m in Q3 2024, mainly due to a positive return on securities.

• Q3 YTD net profit was DKK 36.1m, down from DKK 199.3m last year.

Financial highlights

• Q3 2025 EBITDA margin was 4.2%, down from 6.5% in Q3 2024; YTD margin was 7.6% versus 12.6% last year.

• Gross margin for Q3 was 42.8% (Q3 2024: 44.9%), and EBIT margin was -0.6% (Q3 2024: 1.0%).

• Gross profit for Q3 2025 was DKK 122.5m, down from DKK 134.3m in Q3 2024.

• Earnings per share (EPS) for Q3 YTD was DKK 2.0 (Q3 YTD 2024: DKK 11.0); EPS excluding return on securities was DKK 1.3 (Q3 YTD 2024: DKK 1.9).

• Cash flows from operating activities Q3 YTD were DKK 45m, with free cash flow at DKK -11m.

Outlook and guidance

• Full-year 2025 revenue guidance is DKK 1,270–1,305m, slightly narrowed from previous DKK 1,270–1,315m.

• EBITDA guidance for 2025 is DKK 105–126m, down from prior DKK 105–130m; EBIT guidance is DKK 50–70m, down from DKK 50–75m.

• Guidance reflects continued volume decline in FK Distribution, full implementation of automated packing in Sweden, and stabilization in economic conditions.

• Assumes continued volume declines in leaflet and newspaper distribution, offset by price increases and business model changes.