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Third party research

North Media: A slow start, but the ball is rolling - ABG

North Media

This is a third party research report and does not necessarily reflect our views or values

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Q1 miss mainly driven by FK and SDR
Cutting '25e EBITDA/EBIT by 9/15%, small changes to '26e-'27e
FVR to DKK 32-68 (34-63), net cash position of DKK 40/share


Q1 miss mainly driven by FK and SDR

North Media's Q1 was overall weaker than anticipated, seeing a 3% revenue decline y-o-y and weak EBIT of DKK -1m (vs. ABGSCe of DKK 11m) on a combination of a softer top line in FK Distribution and higher costs in SDR. The investment portfolio saw an unrealised loss of DKK -152m, driven particularly by NOVO and NVIDIA.
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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.