North Media (NORTHM) Q4 2024 earnings summary

Executive summary

• Strategic focus in 2024 included SDR integration, Boligportal/BoligPortal platform development, MineTilbud spin-off as Dayli, and sale of U4/Ofir commercial activities to Jobindex.

• SDR integration was more complex and costly than anticipated, with full automation now expected in H2 2025.

• MineTilbud was launched as a standalone entity in Sweden under the brand Dayli.

• U4/Ofir commercial activities were sold to Jobindex to streamline operations and enable greater scale.

Financial highlights

• Revenue rose 42% year-over-year to DKK 1,301m, mainly from SDR; excluding SDR, revenue rose 1%.

• EBITDA declined 16% to DKK 154m, with margin down to 11.8% from 19.9%.

• EBIT from ordinary operations was DKK 80m, but a DKK 155m impairment on SDR led to a reported EBIT of -DKK 75m.

• Net profit for the period was DKK 61.7m, down from DKK 264.4m in 2023.

• Capital reserves stood at DKK 893m at year-end 2024.

Outlook and guidance

• 2025 revenue expected at DKK 1,280–1,337m, flat versus 2024; EBITDA forecasted at DKK 80–115m; EBIT at DKK 25–60m.

• Last Mile segment to see stable revenue, with a decline in FK Distribution offset by SDR growth.

• Digital Services growth to be driven by Boligportal.

• EBITDA for 2025 projected to be significantly lower due to ongoing SDR integration and lower volumes in FK Distribution.

• Anticipated operating loss for SDR in 2025 is DKK 45m, including DKK 14m in continued amortization.