Automatic translation: Originally published in undefined 21/08/2026, 06:46 GMT. Give feedback here.

North Media yesterday afternoon published its final financial report for Q2 2026, after the company on Monday this week published preliminary figures for the quarter, and on that occasion downgraded its guidance for the full year 2026.

Thus, sales in Q2 2026 amounted to DKK 314.3 million vs. DKK 342.3 million in the same period last year, corresponding to a decrease of 8%. The contraction was driven by lower print and newspaper volumes in Last Mile, where FK Distribution fell 7% to DKK 176.3 million and SDR fell 14% to DKK 96.3 million, while sales in Digital Services were flat overall at DKK 41.7 million. The company itself describes the sales development as unsatisfactory.

EBITDA was realized at DKK 27.1 million vs. DKK 48.4 million the year before – a decrease of 44% – while EBIT landed at DKK 12.9 million compared to DKK 32.4 million in the same quarter last year. The profit margin was thus 4.1% vs. 9.5% in the same quarter last year. The decline was primarily due to Last Mile, where the lower sales in SDR could not be offset by falling capacity costs in FK Distribution and the positive effect of the changed distribution model in SDR. In Digital Services, continued improvements in Dayli and Bekey could not offset a decline in BoligPortal, which was affected by one-off costs for the lawsuit concerning a competitor's illegal use of the company's data. In addition, there were DKK 4 million in one-off payments under unallocated costs in connection with the change of group management and board of directors in April 2026.

North Media's new guidance for 2026, following Monday's downward revision, now projects sales in the range of DKK 1,248-1,285 million (from a previous DKK 1,267-1,320 million) due to a revised implementation speed for new products in Last Mile and a reduced market development in Digital Services. Sales for the first half of the year amounted to DKK 608.0 million, meaning approximately 47-49% of the expected annual sales have been realized.

The guidance for EBITDA and EBIT was similarly downgraded and narrowed to DKK 122-142 million (from DKK 133-161 million) and DKK 64-84 million (from DKK 75-103 million), respectively. In addition to lower sales, two new items are pulling down the figures: the acquisition of the BEAM software platform for grid balancing for DKK 9 million, which is expected to be taken over on September 1 and will impact EBIT for 2026 by DKK -5 million, as well as several one-off costs, including DKK 2 million related to the IT incident in SDR in early July. For the first half of the year, EBITDA of DKK 46.1 million and EBIT of DKK 17.1 million have been realized, meaning that 33-38% (EBITDA) and 20-27% (EBIT) of the year's expected earnings are in the books after the half-year report. In comparison, about 47% of both EBITDA and EBIT were in the books after H1 2025, and therefore a strong second half – and particularly a strong Q4 – is needed to reach the guided ranges.

North Media's securities portfolio had a market value of DKK 927.2 million at the end of July 2026, vs. a market value of DKK 814.7 million at the end of 2025. In the first half of the year, the portfolio generated a return of DKK 126.8 million, corresponding to 15.4% vs. the MSCI World index's +8.9%, while July saw a minor setback of DKK -16.4 million. Following a minor rebalancing during the quarter, the portfolio consists of 12 listed companies, with the 3 largest positions now being NVIDIA, Teradyne, and Microsoft, which together account for just over 55% of the portfolio's value. In total, North Media had a capital reserve consisting of cash and liquid securities of DKK 1,030 million at the end of the quarter, vs. DKK 927 million at the end of 2025. The return on securities also drove the quarter's net income of DKK 137.1 million (DKK 96.4 million in Q2 2025), while the result excluding securities returns was DKK 7.2 million vs. DKK 24.1 million the year before.

You can find the full financial report from North Media here: https://www.northmedia.dk/investorer/selskabsmeddelelser/

Remember that today - Friday, August 21 at 2:00 PM - you can participate in North Media's webcast with management. Register here: https://www.inderes.dk/videos/north-media-praesentation-af-regnskabet-for-2-kvartal-2026

Disclaimer: HC Andersen Capital receives payment from North Media for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 08:45 on 21/08-2026.