Slides
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Interim report 2025 4/11/2025
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Interim Report Q3 2025 Investor presentation 4 November 2025 2 Agenda 1. Group financial highlights 2. Business highlights 3. Group full-year 2025 outlook Disclaimer This presentation contains statements about the future, including expectations for 2025, which are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expected.
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Interim Report Q3 2025 Investor presentation 4 November 2025 3 Group financial highlights Q3 2025 EBITDA margin, % 4.2 (2024: 6.5) Free cash flow, DKKm -8 (2024: 15) EBITDA, DKKm 12 (2024: 19) Revenue, DKKm 286 (2024: 299)
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Interim Report Q3 2025 Investor presentation 4 November 2025 4 Group financial highlights Q3 YTD 2025 EBITDA margin, % 7.6 (2024: 12.6) Free cash flow, DKKm -11 (2024: 18) Capital resources, DKKm 890 (2024: 932) EBITDA, DKKm 71 (2024: 121) Revenue, DKKm 939 (2024: 961)
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Business highlights Q3 2025 Last mile Digital services Interim Report Q3 2025 Investor presentation 4 November 2025 5 27 11 -3 3 -5 -2 -5 5 15 25 35 Q3 2024 Q3 2025* Last Mile Digital Servces Unallocated income/cost EBITDA DKKm 258 247 41 40 0 100 200 300 Q3 2024 Q3 2025* Last Mile Digital Servces Revenue DKKm * MineTilbud/Dayli included in Digital Services per January 2025. -4% -38%
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Interim Report Q3 2025 Investor presentation 4 November 2025 6 EBITDA Revenue • Implementation of technologies to sort, pack and distribute leaflets in Sweden completed in October 2025. • Revenue decreased as expected in both FK Distribution and SDR due to lower leaflet volumes • EBITDA mainly impacted by revenue development and implementation of technologies to sort, pack and distribute leaflets in Sweden. • SDR costs expected to be reduced when more uniform processes are being implemented across all 28 distribution locations. Roll-out of automated packing for SDR completed Last mile 0 5 10 15 20 -10 0 10 20 30 40 50 60 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 FK Distribution SDR Margin, total 0 50 100 150 200 250 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 FK Distribution SDR DKKm % DKKm
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Interim Report Q3 2025 Investor presentation 4 November 2025 7 • 4% revenue decline attributable to BoligPortal and Dayli and with minor progress in Bekey. • BoligPortal revenue impacted by fewer housing adds combined with lower vacancy rates and BostadsPortal.se. • BoligPortal launched concept for new-build housing projects. • Significantly reduced earnings loss in Dayli and Bekey due to completion of platform development, process efficiencies, as well as lower salary and marketing expenses. EBITDA improvement in Dayli and Bekey Digital services EBITDA Revenue -25 -20 -15 -10 -5 0 5 10 -10 -5 0 5 10 15 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 BoligPortal MineTilbud/Dayli Bekey Margin, total 0 5 10 15 20 25 30 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 BoligPortal MineTilbud/Dayli Bekey DKKm % DKKm
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Interim Report Q3 2025 Investor presentation 4 November 2025 8 Group full-year outlook 2025 Main assumptions • FK Distribution: Expected leaflet volume decline of ~4%, ~14% for local newspapers. SDR: Expected volume decline of ~16% for leaflets and local newspapers • Roll-out of automated packing to Sweden continues as planned and is completed in Q4 2025. • Increased revenue driven by changed business model in SDR with phase-out of franchise concept, and price increases. • A stabilization of economic development from 2024 and with growing consumer confidence in terms of buying consumables and renting homes. • Continued flexible labour market to attract young distributors and for continued business development Revenue, DKKm (previously) 1,270-1,305 (1,270-1,315) EBITDA, DKKm (previously) 105-126 (105-130) EBIT, DKKm (previously) 50-70 (50-75) Updated outlook 2025 4 November 2025 Previous outlook 2025 14 August 2025 Business area, DKKm Revenue EBITDA EBIT Revenue EBITDA EBIT Last Mile 1,110 – 1,135 106 – 121 67 – 82 1,105 – 1,140 106 – 123 67 - 84 Digital Services 160 – 170 5 – 11 0 – 5 165 – 175 5 – 13 0 – 8 Unallocated - -6 -17 - -6 -17 Total, Group 1,270 – 1,305 105 - 126 50 – 70 1,270 – 1,315 105 - 130 50 – 75
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Appendix Interim Report Q3 2025 Investor presentation 4 November 2025 9
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Interim Report Q3 2025 Investor presentation 4 November 2025 10 Financial results (DKKm) Q3 2025 Q3 2024 Q3 2025 YTD Q3 2024 YTD Revenue 286,4 299,4 939,2 961,4 Gross profit 122,5 134,3 428,5 462,8 EBITDA 12.1 19,4 71,1 120,9 Amortisations and depreciations, etc. 13,8 16,4 41,8 61,7 EBIT -1,7 3,0 29,3 59,2 Return on securities 74,5 -86,5 15,5 210,4 Financials, net -1,0 -1,5 -4,7 -4,5 Profit/loss before tax 72.0 -84,7 40,4 264,7 Tax -19,1 18,6 -16,4 -58,3 Net profit for period, continuing activities 52,9 -66,1 24,0 206,4 Net profit, discontinuing activities 1,6 -3,5 12,1 -7,1 Net profit for the period 54,5 -69,6 36,1 199,3 Comprehensive income 54,8 -69,6 36,4 198,4 Net profit for the period excl. return on securities -3,6 -2,1 24,0 35,2 P&L North Media
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Interim Report Q3 2025 Investor presentation 4 November 2025 11 Group quarterly revenue
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Interim Report Q3 2025 Investor presentation 4 November 2025 12 Group quarterly EBITDA
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Interim Report Q3 2025 Investor presentation 4 November 2025 13 Group quarterly EBIT