North Media (NORTHM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue declined to DKK 293.7m from DKK 310.5m year-over-year, mainly due to lower volumes in key segments including Last Mile and Digital Services.

• EBITDA rose to DKK 19.0m from DKK 10.6m, a 72% increase, driven by cost reductions, especially in FK Distribution.

• EBIT improved to DKK 4.3m from DKK -1.4m, reflecting operational improvements.

• Net loss for the period was DKK -31.2m, narrowing from DKK -115m in Q1 2025, mainly due to improved EBIT and better securities returns.

Financial highlights

• Gross profit was stable at DKK 137.8m versus DKK 136.8m in Q1 2025; gross margin increased to 46.9% from 44.1%.

• EBIT margin improved to 1.5% from -0.5% year-over-year.

• Earnings per share (EPS) was DKK -1.7, up from DKK -6.3 last year; EPS excluding securities return was DKK 0.0.

• Free cash flow was DKK 17m, reversing a DKK -35m outflow in Q1 2025.

• Capital resources increased to DKK 870m, with DKK 97m in cash and DKK 773m in liquid securities.

Outlook and guidance

• Full-year 2026 revenue guidance narrowed to DKK 1,267–1,320m (from DKK 1,267–1,333m).

• EBITDA guidance narrowed to DKK 133–161m (from DKK 133–175m); EBIT to DKK 75–103m (from DKK 75–117m).

• Guidance reflects a softer start to 2026, weaker performance in BoligPortal and SDR, and increased conversion costs.

• Assumes stable economic conditions, declining print volumes, and operational improvements in Dayli and Bekey.