Announcement no. 9-2026
12 May 2026
Martin Frandsen Tobberup, Group Executive Director and CDO, on the Group's performance in Q1 2026: " We delivered an improved operating result, which was positively impacted by both business areas, especially in Last Mile, where FK Distribution in particular managed to reduce the costs related to distribution and administration. In Digital Services, the progress was due to Dayli and Bekey, while BoligPortal had a challenging Q1 2026."
Financial highlights:
| DKKm | Q1 | |
| 2026 | 2025 | |
| Revenue | 293.7 | 310.5 |
| EBITDA | 19.0 | 10.6 |
| EBIT | 4.3 | -1.4 |
| EBIT margin (%) | 1.5% | -0.5% |
| Return on securities | -39.7 | -151.7 |
| Cash flows from operating activities | -8.6 | -23.0 |
| Free cash flows | 17.0 | -35.4 |
Business area performance in Q1 2026
Last Mile (FK Distribution and SDR) delivered revenue of DKK 251 million, a decrease of 6% compared to the same period last year. In FK Distribution the decline was 2%, where a significant increase in the smaller product area 'Selected Mail' could not offset an expected decline in volume. In SDR revenue was down 12% due to a decline in volume of printed matter. EBITDA increased 42% to DKK 17 million, with progress in FK Distribution, driven by lower distribution costs, offsetting a decline in SDR. Operating profit (EBIT) increased to DKK 7 million compared to DKK 3 million in Q1 2025. The profit margin was 2.7%.
In Digital Services (BoligPortal, Dayli og Bekey) revenue amounted to DKK 43 million, a decrease of 2% compared to Q1 2025. The development was driven by a challenging start to the year in BoligPortal, which negatively affected several revenue streams. BoligPortal continued to experience low supply and low vacancy in the Danish rental housing market, combined with revenue from new concepts not delivering as expected. The Pro universe for project housing delivered solid progress with an increased number of customers. BoligPortal's EBITDA was negatively impacted by lower revenue and higher IT and personnel costs. In Dayli and Bekey, the development in revenue was largely flat. The EBITDA improvement in Dayli and Bekey was primarily due to optimized operating and IT costs in Dayli and the effects of Bekey's turnaround process. The operating profit (EBIT) for Digital Services increased by DKK 1 million to a total of DKK 2 million. The profit margin was 4.9%.
Group guidance for 2026 narrowed
The upper end of the revenue range is narrowing due to a weaker than expected start to the year in several of the businesses. The primary reason for the narrowing in results is due to a weak start to the year for both BoligPortal and SDR, including increased conversion costs.
Full-year financial guidance for 2026 are:
- Revenue: DKKm 1,267-1,320 (previously: DKKm 1,267-1,333)
- EBITDA: DKKm 133-161 (previously DKKm 133-175)
- Driftsresultat (EBIT): 75-103 mio. kr. (previously DKKm 75-117)
A brief investor presentation of the Group's performance can be downloaded at www.northmedia.dk
For further information, please contact:
Martin Frandsen Tobberup, Group Executive Director and CDO, telephone +45 5215 9146
This document is an unofficial translation of the Danish original. In the event of any inconsistencies, the Danish version shall apply.
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 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 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.
