North Media (NORTHM) Q4 2025 earnings summary

Executive summary

• Significant management changes include a new CEO, CFO, Chairman, and Group Executive Director, with appointments effective in 2026 and a board reshuffling planned.

• Strategic focus in 2025 included automation in Swedish distribution, franchise model changes, and digital service expansion, with further digital platform enhancements.

• Transformation efforts in Last Mile and Digital Services aimed at stabilizing and growing earnings.

Financial highlights

• Revenue for 2025 was DKK 1,296m, slightly down from DKK 1,301m in 2024, with a 1% decline in Last Mile offset by growth in Digital Services.

• EBITDA decreased to DKK 124.6m from DKK 153.5m, with margin falling to 9.6% from 11.8%, mainly due to higher costs in Last Mile.

• EBIT improved to DKK 66.2m from a loss of DKK -74.9m in 2024, mainly due to a DKK 155m impairment in SDR not recurring; EBIT margin rose to 5.1% from -5.8%.

• Net profit increased to DKK 66.2m from DKK 61.7m.

• Capital reserves/resources stood at DKK 927m at year-end, up from DKK 893m.

Outlook and guidance

• 2026 revenue guidance is DKK 1,267–1,333m, with Last Mile stable and growth anticipated in all Digital Services units.

• EBITDA expected at DKK 133–175m; EBIT at DKK 75–117m, with improvements targeted through 2025 strategic initiatives.

• SDR guides for an EBIT loss of DKK -35 to -20m in 2026, with break-even delayed due to slower transformation and higher-than-expected volume declines.

• FK Distribution guides for EBIT of DKK 115–130m in 2026, supported by product mix changes and efficiency gains.

• BoligPortal expects robust EBIT of DKK 35–40m, with diversified revenue streams mitigating market risks.

• Dayli and Bekey are expected to remain loss-making in 2026 but are on a path toward break-even.