Today, we publish our updated North Media A/S investment case following the FY 2025 annual report and earnings call. North Media delivered operational stabilization in 2025, with EBIT recovering to DKK 66 mio. and free cash flow turning strongly positive at DKK 69 mio., while guiding for further improvement in 2026. The stock continues to trade at a significant discount to peers, driven to a significant extent by the large securities portfolio.
In connection with the annual report, we have updated our Investment Case One-pager for Curasight.
2025 marked a defining transition for the company — from building and validating its uPAR platform to actively advancing its therapeutic program uTREAT into the clinic. The highlight of the year was the dosing of the first patient in the Phase 1 glioblastoma trial in December, marking the initiation of Curasight's first-ever clinical trial under its therapeutic platform. Combined with a strengthened capital base and continued progress on the diagnostic platform uTRACE, the company enters 2026 as an active clinical-stage radioligand therapy developer with two significant data readouts on the horizon.
