North Media (One-pager): Guidance maintained despite volume weakness in Q1 2025
Read the latest North Media one-pager following its Q1 2025 interim report, which includes a brief description of North Media, valuation perspectives relative to a peer group, and several key investment risks and investment reasons.
Q1 2025 results reflected continued pressure on earnings with revenue down 3% and EBIT turning slightly negative (DKK -1.4m). The weaker performance in Last Mile, especially at SDR, was partially due to lower volumes from Easter promotions falling into Q2 in 2025 rather than in Q1 in 2024. Last Mile results were partially offset by strong momentum in BoligPortal, which grew 10% and delivered a 26% EBIT margin. A negative return on the securities portfolio (DKK -152m) drove a net loss of DKK 115m for the quarter.
Despite the weak start to the year, management maintained full-year guidance, highlighting confidence in the transformation of SDR and the continued digital scaling of BoligPortal and Dayli (formerly MineTilbud). The investment case remains underpinned by balance sheet strength, low valuation, and potential operating leverage from ongoing restructuring.
To learn more about North Media watch the FY2024 results presentation with CEO Lasse Ingemann Brodt and Group CDO Martin Frandsen Tobberup here: https://www.inderes.dk/videos/north-media-praesentation-af-arsregnskabet-2024
Disclaimer: HC Andersen Capital receives payment from North Media for a DigitalIR/Corporate visibility agreement. / Philip Coombes 15:44 27 May 2025.
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North Media A/S develops and operates platforms and channels for business-to-consumer communications. The platforms connect customers with the right retail offers, rental houses, jobs and digital access systems. North Media is a market leader and has been listed on OMX Nasdaq Copenhagen since 1996. North Media’s focus is long-term value creation and stable return on capital and has a policy to pay out dividend based on the financial performance. North Media is organised into two business areas: 1) Last Mile comprises FK Distribution and SDR Svensk Direktreklam and both companies are among the leading distributors of leaflets and local newspapers in Denmark and Sweden, respectively. FK Distribution also operates the digital offer platform ‘minetilbud’. Last Mile is a mature business area with solid earnings and cash flows. 2) Digital Services consists of BoligPortal, Ofir and Bekey, all being companies with potential for significant growth, increased profitability, scale and expansion. BoligPortal is Denmark’s main platform for home rentals and services for landlords and tenants. Ofir connects employers and candidates on Denmark’s second-largest private jobs portal. Bekey offers secure digital access to locked stairwells and private homes for home care services, distributors of packages, groceries etc. North Media has a strong focus on sustainability and ESG reporting, including the group’s impact, risks and opportunities within climate, environment, social matters and governance. North Media is committed to the Science Based Target initiative with the aim to reduce total CO2 emissions by 50% nominally by 2030 compared to 2018, and to achieve net-zero emissions by 2050.
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