Interim report
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Interim Report We connect businesses and customers Q3 2025
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2 Group developments Q3 3 Group developments year to date (Q3 YTD) 2025 6 Group guidance 2025 7 Consolidated financial highlights 8 Results for 2025 and selected balance sheet items 9 Group quarterly hoghlights 11 Management’s Statement 14 Consolidated statement of comprehensive income 15 Consolidated balance sheet 16 Consolidated statement of changes in equity 17 Consolidated cash flow statement 18 Notes 19 Content Management commentary Interim Report The Interim Report Q3-2025 has been prepared in Danish and English. The Danish text shall be the governing text for all purposes and in case of any discrepancy the Danish wording shall be applicable.
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3 North Media A/S Interim Report Q3 2025 3 Financial performance Revenue Consolidated revenue for the third quarter of the year was slightly weaker than expected. In Last Mile, revenue was impacted by the expected reduction in the volume of printed matter in FK Distribution and SDR, while Digi- tal Services delivered an overall stable performance on a par with last year. EBITDA The EBITDA reflected a slightly lower level in business ac- tivity in Last Mile, while Digital Services showed progress with performance improvements in both Dayli and Bekey. In SDR, the roll-out of automated packing was fully completed at the end of October – a significant mile- stone, which is expected to lead to more efficient and uniform processes across the 28 distribution locations in Sweden. EBIT The revenue and EBITDA performance resulted in a slight decline in EBIT. In line with the financial guidance for the year, the EBIT margin was negative at 0.6% against a pos- itive margin of 1.0% in the year-earlier period. Group developments Q3 2025 Financial performance slightly weaker than expected. Roll- out of automated packing in Sweden fully completed Revenue, DKKm (Q3 2024) 286 (299) EBITDA, DKKm (Q3 2024) 12 (19) EBIT, DKKm (Q3 2024) -2 (3)
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4 North Media A/S Interim Report Q3 2025 4 Last Mile (Q3 2024) (DKKm) • Revenue in FK Distribution was down by 4% on the same period last year. • In the small Selected Mail Items product segment, revenue was up by 19% on last year, driven by an inflow of magazines and new customers. • EBITDA fell compared to the year-earlier level as a result of the decline in revenue and, to a lesser extent, higher capacity costs. EBIT was in line with developments. Revenue 166 (173) EBITDA 20 (24) EBIT 16 (21) Revenue 247 (258) EBITDA 11 (27) EBIT 1 (16) EBIT-margin 1% (6%) • Revenue in SDR was down by 5% on the same period last year. The positive effect of SDR taking over lo- cal sales from the former franchise partners in Q1 2025, combined with price adjustments, was out- weighed by the expected lower volume of printed matter. • The transition to automated packing that began in Q2 2024 was fully implemented at the end of Octo- ber 2025. While the implementation had a temporary impact on operating performance, it also marks the completion of an important upgrade of the production model. Cost reductions are expected in step with the roll-out of more uniform processes across the 28 distribution locations in Sweden. The local dis- tribution of machine-packed printed matter in Sweden is still handled by six business partners. Revenue 81 (85) EBITDA -9 (3) EBIT -15 (6) Group developments Q3 2025
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5 North Media A/S Interim Report Q3 2025 5 Group developments Q3 2025, continued Digital Services (Q3 2024) (DKKm ) • In BoligPortal, revenue was down by 3% on the year-earlier period due to continued low vacancy rates on the Danish rental housing market. The high occupancy rates led to fewer rental listings from landlords , while the development in Sweden remain unsatisfactory. • Partnerships and Data Insights delivered stable revenue performances. In Q3 2025, BoligPortal launched a concept for off-plan letting units that allows property developers and real estate agents to advertise newly built residential units on the platform. The new concept is intended to support growth and to strengthen the platform’s position in the market. • EBITDA was down by 10% on the year-earlier level, driven by reduced revenue, which also affected the EBIT performance. Revenue 29 (30) EBITDA 9 (10) EBIT 8 (9) Revenue 40 (41) EBITDA 3 (-3) EBIT 2 (-5) EBIT-margin 5% (-11%) • In January 2025, Dayli (MineTilbud) was set up as an independent business area and an independent company. • Revenue was down by 19% on the same period last year, mainly impacted by a change in product mix. • Operating performance improved, driven by the completion of the new platform, which was launched in Denmark in June 2025. The new platform has reduced the number of manual processes and facilitates new product launches. At the same time, annual operating expenses are expected to be cut by about DKK 4m relative to the level in the first half of the year. Revenue 5 (6) EBITDA -3 (-7) EBIT -4 (-7) • In Bekey, revenue was on a par with the year-earlier period, still driven mainly by the ‘Homecare DK’ seg- ment. • Income from licences and services accounted for 80% of revenue (Q3 2024: 84%) following slightly in- creased hardware sales in the quarter. • Performance improved as a result of a sharper business focus, optimisation of business process effi- ciency and a strengthened business structure. This resulted in reduced payroll and marketing costs and, in turn, a reduced operating loss. Revenue 6 (6) EBITDA -2 (-6) EBIT -2 (-7)
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6 North Media A/S Interim Report Q3 2025 6 Financial performance Revenue Consolidated revenue was down by 2% on the year -ear- lier period, primarily due to the performance in Last Mile, where the performance improvement in SDR – mostly driven by the takeover of local sales from former fran- chise partners – did not outweigh the expected setback in FK Distribution. Digital Services recorded a steady overall performance, with an underlying growth rate of 4% in BoligPortal. EBITDA EBITDA fell compared to the same period last year, pri- marily as a result of the planned investments in Last Mile, including increased costs for automated packing at SDR and the continued transition of the Swedish business, in- cluding the planned takeover of franchisees. Digital Ser- vices reported EBITDA growth that was driven by Bekey and continued efficiency improvements. EBIT The EBIT performance was driven by the factors de- scribed above. The EBIT margin was 3.1% relative to 6.2% in the year-earlier period. . Group developments year to date (Q3 YTD) 2025 SDR transition impacted operating performance. Loss reduction in Digital Services Revenue, DKKm (Q3 YTD 2024) 939 (961) EBITDA, DKKm (Q3 YTD 2024) 71 (121) EBIT, DKKm (Q3 YTD 2024) 29 (59)
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7 North Media A/S Interim Report Q3 2025 7 As announced in Company Announcement no. 10 of 14 August 2025, the Group has upgraded and narrowed its EBITDA and EBIT guidance for 2025 while lowering its revenue guidance. On the Swedish market, despite reduced volumes, the third quarter exceeded expectations slightly. This was at- tributable to the initial positive signs of the effect of transforming SDR’s production model, although it will still take some time before the full effect is reflected in the financial figures. Key assumptions The full-year guidance for 2025 is based on assumptions that, combined, support the planned developments in the Group: • An unchanged decline in volumes in FK Distribution of about 4% for printed matter and about 14% for lo- cal newspapers. • Roll-out of automated packing for Sweden continu- ing according to plan. The implementation was fully completed at the end of October 2025. • Revenue growth driven by a change in SDR’s busi- ness model involving repatriation of all franchise cus- tomers. Volume decline being offset by correspond- ing price adjustments. • A stabilization of economic development from 2024 and with growing consumer confidence in terms of buying consumables and renting homes. • The labour market remaining flexible, both in terms of attracting young deliverers and in terms of contin- ued business development. The specific assumptions for the individual business ar- eas are described in more detail on page 12 of the 2024 Annual Report. The Group’s operating and earnings guidance for 2025 narrowed Revenue, DKKm (previous guidance) 1,270 – 1,305 (1,270 – 1,315) EBITDA, DKKm (previous guidance) 105 – 126 (105 - 130) EBIT, DKKm (previous guidance) 50 – 70 (50 - 75) Revised guidance 2025 4 November 2025 Latest guidance 2025 14 August 2025 Selskab mio. kr. Revenue EBITDA EBIT Revenue EBITDA EBIT Last Mile FK Distribution 730 - 745 115 – 122 102 – 109 725 - 745 120 - 127 107 - 114 SDR 380 – 390 -9 to -1 -35 to -27 380 - 395 -14 to -4 -40 to -30 Last Mile, total 1,110 - 1,135 106 – 121 67 - 82 1,105 - 1,140 106 - 123 67 - 84 Digital Service BoligPortal 115 – 120 34 – 36 31 – 33 120 - 125 36 - 40 33 - 37 Dayli 25 – 27 -15 to -12 -17 to -15 25 - 28 -15 to -12 -17 to -14 Bekey 20 - 23 -14 to -13 -14 to -13 20 - 22 -16 to -15 -16 to -15 Digital Services, total 160 – 170 5 – 11 0 – 5 165 - 175 5 - 13 0 – 8 Ikke-fordelte - -6 -17 - -6 -17 Total, koncern 1,270 - 1,305 105 - 126 50 - 70 1,270 - 1,315 105 - 130 50 - 75
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8 North Media A/S Interim Report Q3 2025 8 Consolidated financial highlights Q3 Q3 YTD full year DKKm 2025 2024 2025 2024 2024 Income statement Revenue 286.4 299.4 939.2 961.4 1,301.4 Gross profit 122.5 134.3 428.5 462.8 624.7 EBITDA 12.1 19.4 71.1 120.9 153.5 Amortisation, depreciation and impairments 13.8 16.4 41.8 61.7 228.4 EBIT -1.7 3.0 29.3 59.2 -74.9 Return on securities 74.5 -86.5 15.5 210.4 217.4 Financials, net -1.0 -1.5 -4.7 -4.5 -6.2 Profit/loss before tax 72.0 -84.7 40.4 264.7 135.8 Tax for the period -19.1 18.6 -16.4 -58.3 -63.3 Net profit, continuing operations 52.9 -66.1 24.0 206.4 72.5 Net profit, discontinued operations 1.6 -3.5 12.1 -7.1 -10.8 Net profit/loss for the period 54.5 -69.6 36.1 199.3 61.7 Comprehensive income 54.8 -69.6 36.4 198.4 60.3 Net profit for the period excluding return on securities -3.6 -2.1 24.0 35.2 -107.9 Balance sheet, end period Total assets - - 1,512.9 1,732.4 1,539.5 Shareholders' equity - - 1,182.7 1,284.5 1,146.3 Net interest-bearing cash position - - 733.6 712.2 723.9 Properties - - 232.1 256.7 256.7 Mortgage Debt - - -99.9 -104.9 -103.6 Capital resources - - 890.3 931.5 893.3 Net working capital (NWC) - - -22.7 -36.1 -45.3 Invested capital - - 449.1 572.3 422.4 Investments in property, plant and equip- ment - - 31.0 31.4 72.0 Free cash flow - - -11.2 18.0 -30.9 1) For ratio definitions, see note 3 to the 2024 Annual Report. 2) 1) Profit for the period annualised Q3 Q3 YTD full year DKKm 2025 2024 2025 2024 2024 Cash flow statement Cash flows from operating activities 5.7 19.0 33.3 55.5 26.3 Cash flows from investing activities -1.7 -3.0 16.2 -37.4 -46.5 Cash flows from financing activities -4.3 -4.9 -25.2 -87.7 -90.5 Total cash flows -0.3 11.1 24.3 -69.6 -110.7 Other information Average number of employees - - 611 606 612 Number of shares of DKK 5 nominal value each, end of period (thousands) - - 20,055 20,055 20,055 Treasury shares (thousands) - - 2,030 2,030 2,030 Share price end of period, DKK - - 48.4 55.0 48.2 Ratios Gross margin (%) 42.8% 44.9% 45.6% 48.1% 48.0% EBIT margin (%) -0.6% 1.0% 3.1% 6.2% -5.8% Equity ratio (%) - - 78.2% 74.1% 74.5% Return on equity (ROE) (%) 1) - - 4.1% 21.8% 5.4% Return on capital employed (ROIC) 1) - - 9.0% 13.6% -14.8% Earnings per share (EPS) 3.0 -3.8 2.0 11.0 3.4 Diluted earnings per share (EPS-D) 3.0 -3.8 2.0 11.0 3.4 Earnings per share excluding return on secu- rities (EPS-adj) -0.2 -0.1 1.3 1.9 -6.0 Price/Earnings (P/E) 1) - - 18.2 3.8 14.2 Price/Book Value (P/BV) - - 0.8 0.9 0.8 Cash flow per share (CFPS) 0.3 1.0 1.8 3.1 1.5
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9 North Media A/S Interim Report Q3 2025 9 Results in associates – Karman Connect In the 50%-owned fintech business Karman Connect A/S revenue grew by 50% to 46.4 DKKm in Q3 YTD 2025, while earnings (EBIT) rose by 2.0 DKKm to 0.8 DKKm. Performance in Q3 YTD 2025 was significantly better than the same period last year, and with high demand across markets and partners. Return on securities The securities portfolio forming part of the Group’s capi- tal resources yielded a net return of DKK 15.5m (Q3 YTD 2024: a positive return of DKK 210.4m). This equalled a re- turn of 2.3% compared with a return of 32.5% last year. By comparison, the MSCI World index produced a positive return of 16.2% in Q3 YTD 2025 and a positive return of 17.5% in 2024. Net result for the period The Group reported a profit after tax for the Q2 YTD 2025 period of DKK 36m (Q3 YTD 2024: a profit of DKK 199m). The setback was attributable to a decline in EBIT from DKK 59m to DKK 29m. Return on securities decreased by DKK 195m. Earnings per share (exclusive of the return on securities) for Q3 YTD 2025 were DKK 1.3 (Q3 YTD 2024: DKK 1.9). Earnings per share (diluted) for Q3 YTD 2025 were at DKK 2.0 (Q3 YTD 2024: at DKK 11.0). Cash flows from operating activities Cash flows from operating activities were a net inflow of DKK 45m (Q3 YTD 2024: a net inflow of DKK 48m). In line with last year, working capital negatively impacted cash flows by DKK 23m (Q3 YTD 2024: a negative impact of DKK 43m), while EBITDA was down by DKK 50m year on year. Investments in intangible assets and property, plant and equipment included DKK 59m for the takeover of five franchisees in Sweden, including vehicles, leases, etc., and plant related to the packing activities for Sweden. The free cash flow amounted to a net cash outflow of DKK 11m (Q3 YTD 2024: a net cash inflow of DKK 18m). Securities portfolio At 30 September 2025, the securities portfolio consisted of shares in eleven liquid listed companies with a com- bined market capitalisation of DKK 815.0m (31 December 2024: DKK 854.4m). Since 31 December 2015, the value of the securities port- folio has appreciated from DKK 196m to DKK 815.0m. Of this value accretion, DKK 641m was driven by capital value appreciation, while the remaining DKK 22m de- rived from net sales. Hence, all gains on the securities portfolio since 31 December 2015 are attributable to ap- preciating prices. The portfolio risk at 30 September 2025 was calculated at 16.2% (31 December 2024: 22.2%). Risk is calculated as the annualised standard deviation measured over the past 90 days of trading. Value at risk, reflecting the maximum negative return over a three-month period at a 95% probability, amounted to DKK 110.5m. The value of the securities portfolio at 31 October 2025 was DKK 859.7m, and a return of DKK 44,7m was recorded for the month of July. Capital resources The Group had capital resources of DKK 890m at 30 Sep- tember 2025, of which DKK 75m was in cash and DKK 815m in liquid securities (31 December 2024: DKK 893m). Capital resources have decreased by DKK 3m since the opening of the year following a profit of DKK 36, an in- crease value adjustments of securities of DKK 16m, pay- ment of income tax for 2024 of DKK 13m and payment of a sum due of DKK 20m relating to the acquisition of SDR. Core business activities, results and balance sheet items for 2025 Quarterly returns on securities, DKKm 103.8 61.1 -8.6 33.0 155.7 141.2 -86.5 7.0 -151.7 92.7 74.6 Q1 Q2 Q3 Q4 2023 2024 2025
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10 North Media A/S Interim Report Q3 2025 10 Other securities and investments North Media has committed to investing a total of EUR 4m in the infrastructure funds of Copenhagen Infrastruc- ture Partners, which intends to invest in offshore and on- shore wind, solar energy, storage technology, etc. over the coming years. Payments made to date amount to EUR 2.0m (ap-proximately DKK 15.0m). The net value af- ter recognition of profit/loss and offsetting of payments is recognised under Other investments. The Group’s properties The Group owns a number of properties, mainly includ- ing the head offices in Søborg, Taastrup and Tilst. The properties were recognised at a total carrying amount of DKK 232m (31 December 2024: DKK 257m) and were mortgaged against long-term, fixed-rate loans at a total of DKK 100m (31 December 2024: DKK 104m). The Group’s business segments pay rent on market terms for the use of the properties. The property in Helsingør, which for several years has been classified as an investment property, was sold for DKK 19m at 31 March 2025. Equity and the portfolio of treasury shares North Media- share At 30 September 2025, the North Media share was priced at DKK 48.4 (31 December 2024: DKK 48.2), which equals an increase of 0%. By comparison, the OMX Copenhagen Mid Cap index gained 3.0% during the same period. North Media- share At 30 September 2025, the North Media share was priced at DKK 48.4 (31 December 2024: DKK 48.2), which equals an increase of 0%. By comparison, the OMX Copenhagen Mid Cap index gained 3.0% during the same period. Purpose of capital resources • To maintain sufficient financial strength to exploit market opportunities, meet strategic objectives and to fend off changes in com- petition • To have the financial strength to acquire businesses that hold a potential for positive synergies and scalability • To be financially robust enough to with- stand society lockdowns and other signifi- cant changes • To remain independent of bank debt and of capital contributions from shareholders. North Media will only raise debt in the form of long-term mortgage loans secured against the Group’s real property Quarterly returns on securities • Liquid listed shares and investment associa- tions • Industries offering growth potential, also on a 5Y-10Y horizon • Focused portfolio of 8-25 securities • Long-term and value-preserving monetary placement Securities portfolio market value (DKKm) 31.10.2025 30.09.2025 31.12.2024 NVIDIA Corp 261.7 237.3 287.8 Microsoft 117.1 115.3 105.4 Novo Nordisk 94.8 103.4 187.3 Apple 87.4 80.9 89.4 Amazon 63.1 55.8 0.0 Teradyne 70.5 52.5 54.0 Maj Invest UCITS ETF Defence 44.9 45.0 0.0 MercadoLibre 45.1 44.6 36.4 Genmab 36.8 38.5 52.1 Sea 30.3 34.1 22.7 Hexagon 8.0 7.6 0.0 Fundamental Invest ABC 0.0 0.0 11.8 Fundamental Invest ABD 0.0 0.0 7.5 Total 859.7 815.0 854.4
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11 North Media A/S Interim Report Q3 2025 11 Revenue Q3 YTD Q3 Q2 Q1 Q4 Q3 Q2 Q1 DKKm 2025 2024 2025 2024 Revenue Last Mile FK Distribution, packing and distribution 524.3 551.6 166.2 188.7 169.4 205.7 172.9 196.6 182.1 Index cp. same period last year 95.1 - 96.1 96.0 93.0 - - - - SDR, Svensk Direktreklam 289.6 285.0 80.7 111.8 97.1 95.6 85.3 105.6 94.1 Index cp. same period last year 101.6 - 94.6 105.9 103.2 - - - - Last Mile, total 813.9 836.6 246.9 300.5 266.5 301.3 258.2 302.2 276.2 Index cp. same period last year* 97.3 145.2 95.6 99.4 96.5 144.6 142.6 153.4 139.4 Digital Services BoligPortal 87.7 84.0 29.1 29.4 29.2 27.1 29.9 27.5 26.6 Index cp. same period last year 104.4 103.2 97.3 106.9 109.8 105.9 108.7 100.4 100.4 Dayli (MineTilbud) 20.7 23.9 4.6 7.0 9.1 5.6 5.7 7.8 10.4 Index cp. same period last year 86.6 - 80.7 89.7 87.5 - - - - Bekey 16.9 16.9 5.8 5.4 5.7 6.0 5.6 5.6 5.7 Index cp. same period last year 100.0 95.5 103.6 96.4 100.0 103.4 96.6 93.3 96.6 Digital Services, total 125.3 124.8 39.5 41.8 44.0 38.7 41.2 40.9 42.7 Index cp. same period last year* 100.4 125.9 95.9 102.2 103.0 123.2 123.7 122.5 131.8 Revenue, total 939.2 961.4 286.4 342.3 310.5 340.0 299.4 343.1 318.9 Index cp. same period last year 97.7 142.3 95.7 99.8 97.4 141.8 139.6 148.9 138.3 * Dayli (MineTilbud) was hived off from FK Distribution effective 1 January 2025. Following the hiving -off of Dayli (MineTilbud), comparative figures have been adjusted for 2024 only, which is why no index figures for FK Distribution or MineTilbud are provided for the individual quarters of 2024. The index figures for Last Mile and Digital Services for 2024 we re calculated on the basis of the revenue for 2023 in which Dayli (MineTilbud’s) revenue was lower than that of Last Mile, while in 2024 it was lower than that of Digital Services. Group quarterly financial highlights - revenue
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12 North Media A/S Interim Report Q3 2025 12 EBITDA Q3 YTD Q3 Q2 Q1 Q4 Q3 Q2 Q1 DKKm 2025 2024 2025 2024 EBITDA Last Mile FK Distribution 72.8 106.0 19.6 35.2 18.0 51.1 24.5 46.6 34.9 EBITDA % 13.9% 19.2% 11.8% 18.7% 10.6% 24.8% 14.2% 23.7% 19.2% SDR, Svensk Direktreklam -3.6 23.4 -8.7 10.7 -5.6 -4.0 2.8 14.7 5.9 Last Mile -1.2% 8.2% -10.8% 9.6% -5.8% -4.2% 3.3% 13.9% 6.3% Last Mile, total 69.2 129.4 10.9 45.9 12.4 47.1 27.3 61.3 40.8 EBITDA % 8.5% 15.5% 4.4% 15.3% 4.7% 15.6% 10.6% 20.3% 14.8% Digital Services BoligPortal 26.4 26.7 9.1 8.9 8.4 9.4 10.1 8.4 8.2 EBITDA % 30.1% 31.8% 31.3% 30.3% 28.8% 34.7% 33.8% 30.5% 30.8% Dayli (MineTilbud) -10.0 -9.4 -3.4 -3.7 -2.9 -9.9 -6.7 -1.9 -0.8 EBITDA % -48.3% -39.3% -73.9% -52.9% -31.9% -176.8% -117.5% -24.4% -7.7% Bekey -9.4 -19.7 -2.4 -3.5 -3.5 -7.7 -6.4 -6.7 -6.6 EBITDA % -55.6% -116.6% -41.4% -64.8% -61.4% -128.3% -114.3% -119.6% -115.8% Digital Services, total 7.0 -2.4 3.3 1.7 2.0 -8.2 -3.0 -0.2 0.8 EBITDA % 5.6% -1.9% 8.4% 4.1% 4.5% -21.2% -7.3% -0.5% 1.9% Unallocated income/cost -5.1 -6.1 -2.1 0.8 -3.8 -6.3 -4.9 -0.5 -0.7 EBITDA 71.1 120.9 12.1 48.4 10.6 32.6 19.4 60.6 40.9 EBITDA % 7.6% 12.6% 4.2% 14.1% 3.4% 9.6% 6.5% 17.7% 12.8% Group quarterly financial highlights - EBITDA
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13 North Media A/S Interim Report Q3 2025 13 EBIT Q3 YTD Q3 Q2 Q1 Q4 Q3 Q2 Q1 DKKm 2025 2024 2025 2024 EBIT Last Mile FK Distribution 63.0 97.2 16.5 31.8 14.7 48.1 21.4 43.7 32.1 EBIT margin 17.6% 25.7% 9.9% 16.9% 8.7% 23.4% 12.4% 22.2% 17.6% SDR, Svensk Direktreklam -24.8 -16.4 -15.1 2.4 -12.1 -162.9 -5.8 5.2 -15.8 EBIT margin -8.6% -5.8% -18.7% 2.1% -12.5% -170.4% -6.8% 4.9% -16.8% Last Mile, total 38.2 80.8 1.4 34.2 2.6 -114.8 15.6 48.9 16.3 EBIT margin 4.7% 9.7% 0.6% 11.4% 1.0% -38.1% 6.0% 16.2% 5.9% Digital Services BoligPortal 24.0 23.5 8.3 8.2 7.5 8.3 9.0 7.4 7.1 EBIT margin 27.4% 28.0% 28.5% 27.9% 25.7% 30.6% 30.1% 26.9% 26.7% Dayli (MineTilbud) -11.6 -10.9 -3.9 -4.3 -3.4 -10.4 -7.2 -2.4 -1.3 EBIT margin -56.0% -45.6% -84.8% -61.4% -37.4% -185.7% -126.3% -30.8% -12.5% Bekey -9.5 -20.1 -2.4 -3.5 -3.6 -7.7 -6.5 -6.9 -6.7 EBIT margin -56.2% -118.9% -41.4% -64.8% -63.2% -128.3% -116.1% -123.2% -117.5% Digital Services, total 2.9 -7.5 2.0 0.4 0.5 -9.8 -4.7 -1.9 -0.9 EBIT margin 2.3% -6.0% 5.1% 1.0% 1.1% -25.3% -11.4% -4.6% -2.1% Unallocated income/cost -11.8 -14.1 -5.1 -2.2 -4.5 -9.5 -7.9 -2.9 -3.3 EBIT 29.3 59.2 -1.7 32.4 -1.4 -134.1 3.0 44.1 12.1 EBIT margin 3.1% 6.2% -0.6% 9.5% -0.5% -39.4% 1.0% 12.9% 3.8% Group quarterly financial highlights - EBIT
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14 North Media A/S Interim Report Q3 2025 14 The Board of Directors and the Executive Board have to- day considered and approved the Consolidated Interim Report of North Media A/S for the period 1 January to 30 September 2025. The Consolidated Interim Report, which has not been au- dited or reviewed by the auditors of the company, has been prepared in accordance with IAS 34 ‘Interim Finan- cial Re-porting’ as adopted by the EU and Danish disclo- sure requirements for interim reports of listed compa- nies. In our opinion, the interim consolidated financial state- ments give a true and fair view of the Group’s assets, lia- bilities and financial position at 30 September 2025 and of the results of the group’s operations and cash flows for the three months ended 30 September 2025. In our opinion, the management commentary includes a true and fair account of developments in the operations and financial circumstances of the Group, of the results for the period and of the financial position. Other than as described in the management commentary of this In- terim Report, there have been no significant changes to the Group’s risks and elements of uncertainty compared to the description provided in the 2024 Annual Report. Management’s statement Søborg 4 November 2025 Executive Board Lasse Ingemann Brodt Group CEO Lisbeth Britt Larsen Group CHRO Martin Frandsen Tobberup Group CDO Ask Illum Jessen Group CICO Board of Directors Ole Elverdam Borch Chairman Richard Gustav Bunck Vice Chairman Ulrik Holsted-Sandgreen Ulrik Falkner Thagesen Ann-Sofie Østberg Bjergby
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15 North Media A/S Interim Report Q3 2025 15 Consolidated statement of comprehensive income Q3 Q3 YTD full year DKKm 2025 2024 2025 2024 2024 Revenue 286.4 299.4 939.2 961.4 1,301.4 Direct costs 87.7 93.1 277.6 285.0 385.7 Direct staff costs 76.2 72.0 233.1 213.6 291.0 Gross profit 122.5 134.3 428.5 462.8 624.7 Staff costs 77.9 78.1 249.1 239.3 324.0 Other external costs 33.9 39.7 113.2 110.1 157.1 Amortisation, depreciation and impair- ments 13.8 16.4 41.8 61.7 228.4 Other operating income 1.4 2.9 4.9 7.5 9.9 Operating profit (EBIT) -1.7 3.0 29.3 59.2 -74.9 Share of profit/loss in associates 0.2 0.3 0.3 -0.4 -0.5 Return on securities 74.5 -86.5 15.5 210.4 217.4 Financial income 0.4 0.2 0.5 1.8 1.4 Financial costs -1.4 -1.7 -5.2 -6.3 -7.6 Profit/loss before tax 72.0 -84.7 40.4 264.7 135.8 Tax on profit/loss for the period -19.1 18.6 -16.4 -58.3 -63.3 Net profit, continuing operations 52.9 -66.1 24.0 206.4 72.5 Net profit, discontinued operations 1.6 -3.5 12.1 -7.1 -10.8 Net profit for the period 54.5 -69.6 36.1 199.3 61.7 Attributable, net profit/loss Shareholders in North Media A/S 54.5 -69.6 36.1 199.3 61.7 54.5 -69.6 36.1 199.3 61.7 Earnings per share, in DKK Earnings per share (EPS) - total 3.0 -3.8 2.0 11.0 3.4 Diluted earnings per share (EPS-D) 3.0 -3.8 2.0 11.0 3.4 Earnings per share excluding return on securities (EPS-adj) -0.2 -0.1 1.3 1.9 -6.0 Q3 Q3 YTD full year DKKm 2025 2024 2025 2024 2024 Net profit for the period 54.5 -69.6 36.1 199.3 61.7 Financial statement items that may later be reclassified to the income statement: Translation adjustments net profit, for- eign companies 0.3 0.0 0.3 -0.9 -1.4 Other comprehensive income 0.3 0.0 0.3 -0.9 -1.4 Comprehensive income 54.8 -69.6 36.4 198.4 60.3 Attributable, comprehensive income Shareholders in North Media A/S 54.8 -69.6 36.4 198.4 60.3 Comprehensive income 54.8 -69.6 36.4 198.4 60.3
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16 North Media A/S Interim Report Q3 2025 16 Consolidated balance sheet Aktiver 30 Sep 30 Sep 31 Dec DKKm 2025 2024 2024 Goodwill 41.0 147.3 41.0 Customer relations 88.1 132.1 96.2 Other intangible assets 18.2 20.6 5.3 Software 9.8 9.8 12.7 Intangible assets 157.1 309.8 155.2 Land and buildings 255.3 275.8 280.2 Investment property 0.0 16.0 16.6 Plant and machinery 47.2 26.7 25.8 Operating equipment, fixtures and fittings 20.0 17.1 19.4 Property, plant and equipment 322.5 335.6 342.0 Investments in associates 9.9 11.7 11.6 Other securities and investments 11.2 5.1 8.9 Other receivables 0.5 0.7 0.6 Other non-current assets 21.6 17.5 21.1 Total non-current assets 501.2 662.9 518.3 Inventories 6.1 6.0 8.5 Trade receivables 73.0 95.8 87.8 Income tax receivables 0.0 1.7 0.9 Other receivables 10.5 4.1 1.4 Prepayments 31.8 30.4 29.3 Securities 815.0 847.8 854.4 Cash at bank and in hand 75.3 83.7 38.9 Total current assets 1,011.7 1,069.5 1,021.2 Total assets 1,512.9 1,732.4 1,539.5 Passiver 30 Sep 30 Sep 31 Dec DKKm 2025 2024 2024 Share capital 100.3 100.3 100.3 Reserve, translation adjustments -1.4 -1.2 -1.7 Retained earnings 1,083.8 1,185.4 1,047.7 Total equity 1,182.7 1,284.5 1,146.3 Deferred tax 28.9 35.2 30.6 Financial institutions 95.0 100.0 98.7 Lease debt 19.8 30.4 33.2 Total non-current liabilities 143.7 165.6 162.5 Financial institutions 4.9 4.9 4.9 Lease debt 16.2 14.0 19.4 Purchase price payable 0.0 20.3 20.3 Trade payables 42.6 61.8 76.4 Income tax payable 20.8 70.0 13.2 Contract liabilities 3.7 6.6 9.2 Other payables 98.3 104.7 87.3 Total current liabilities 186.5 282.3 230.7 Total liabilities 330.2 447.9 393.2 Total equity and liabilities 1,512.9 1,732.4 1,539.5
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17 North Media A/S Interim Report Q3 2025 17 Consolidated statement of changes in equity DKKm Share capital Reserve, translation adjustments Retained earnings Total equity Equity 1 January 2024 100.3 -0.3 1,056.4 1,156.4 Changes in equity for the period Net profit for the period 0.0 0.0 199.3 199.3 Translation adjustments, foreign companies 0.0 -0.9 0.0 -0.9 Other comprehensive income after tax 0.0 -0.9 0.0 -0.9 Total comprehensive income 0.0 -0.9 199.3 198.4 Tax on options 0.0 0.0 -0.2 -0.2 Sale of treasury shares 0.0 0.0 2.0 2.0 Dividend paid 0.0 0.0 -80.2 -80.2 Dividend on treasury shares 0.0 0.0 8.1 8.1 Changes in equity for the period 0.0 -0.9 129.0 128.1 Equity at 30 Sep 2024 100.3 -1.2 1,185.4 1,284.5 Equity 1 January 2025 100.3 -1.7 1,047.7 1,146.3 Changes in equity for the period Net profit for the period 0.0 0.0 36.1 36.1 Translation adjustments, foreign companies 0.0 0.3 0.0 0.3 Other comprehensive income after tax 0.0 0.3 0.0 0.3 Total comprehensive income 0.0 0.3 36.1 36.4 Changes in equity for the period 0.0 0.3 36.1 36.4 Equity at 30 Sep 2025 100.3 -1.4 1,083.8 1,182.7
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18 North Media A/S Interim Report Q3 2025 18 Consolidated cash flow statement Q3 Q3 YTD full year DKKm 2025 2024 2025 2024 2024 Net profit for the period, continued activities 52.9 -66.1 24.0 206.4 72.5 Adjustments for non-cash items etc. -40.9 85.5 50.0 -85.4 81.0 Changes in working capital -5.3 1.9 -22.7 -43.0 -36.3 Cash flow from operating activities before net financials 6.7 21.3 51.3 78.0 117.2 Interest received 0.7 0.2 0.8 1.8 1.4 Interest paid -1.4 -1.7 -5.5 -7.2 -9.0 Cash flow from ordinary activities before tax 6.0 19.8 46.6 72.6 109.6 Income tax paid -0.3 -0.8 -13.3 -17.1 -83.3 Cash flow from operating activities, continuing operations 5.7 19.0 33.3 55.5 26.3 Cash flow from operating activities, discontinued operations 1.6 -3.5 12.1 -7.1 -10.8 Cash flow from operating activities, total 7.3 15.5 45.4 48.4 15.5 Investments in intangible. and tangible assets -13.4 -6.4 -59.1 -55.4 -49.2 Sale of property, plant and equipment 1.1 2.0 20.5 2.3 0.1 Dividend from associates 0.0 0.0 2.0 0.0 0.0 Investment in securities 9.0 0.0 -107.3 0.0 0.0 Divestment of securities 0.0 0.0 157.7 10.1 10.1 Dividend from securities 1.6 1.4 4.5 5.0 5.4 Purchase of subsidiary 0.0 0.0 -20.0 0.0 -9.6 Investments in other non-current assets -1.1 0.0 -2.2 0.6 -3.3 Sale of other non-current assets 1.1 0.0 0.1 0.0 0.0 Cash flow from investing activities, total -1.7 -3.0 -3.8 -37.4 -46.5 Q3 Q3 YTD full year DKKm 2025 2024 2025 2024 2024 Repayment of non-current liabilities -4.3 -4.9 -5.2 -17.6 -20.4 Sale of treasury shares 0.0 0.0 0.0 2.0 2.0 Dividend paid 0.0 0.0 0.0 -72.1 -72.1 Cash flow from financing activities, total -4.3 -4.9 -5.2 -87.7 -90.5 Total cash flow for the period 1.3 7.6 36.4 -76.7 -121.5 Cash and cash equivalents beginning of period 74.0 76.1 38.9 160.4 160.4 Cash and cash equivalents, end of period 75.3 83.7 75.3 83.7 38.9
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19 North Media A/S Interim Report Q3 2025 19 The consolidated interim financial statements include a summary of the consolidated financial statements of North Media A/S for the period 1 January to 30 Septem- ber 2025. The consolidated interim financial statements are presented in accordance with IAS 34, Interim Finan- cial Reporting, as adopted by the EU and additional Dan- ish disclosure requirements for interim reports of listed companies. At the date of publication of this interim report, a num- ber of new or amended standards and interpretations have been approved by the IASB, but none of these are expected to have a material influence on North Media A/S. All securities are stated at market value at 30 September 2025 (level 1). In the consolidated interim financial statements, income tax on profit or loss before tax is calculated at a rate of 22.0% / 20.6% (Danish/Swedish tax percentage), adjusted for major permanent differences. The accounting policies applied in the consolidated in- terim financial statements are consistent with those ap- plied in the Annual Report for 2024. Note 1 – Accounting policies Note 2 – Return on securities Note 3 – Adjustment for non-cash operating items Q3 Q3 YTD full year DKKm 2025 2024 2025 2024 2024 Dividend 1.4 1.4 4.5 5.0 5.4 Return on securities, net 73.1 -87.9 11.0 205.4 212.0 Total return on securities 74.5 -86.5 15.5 210.4 217.4 Q3 Q3 YTD helår DKKm 2025 2024 2025 2024 2024 Share of profit/loss in associates -0.2 -0.3 -0.3 0.4 0.5 Tax on profit/loss for the year 19.1 -18.6 19.3 58.3 63.3 Amortisation and depreciation of assets 14.0 16.5 44.5 47.8 214.4 Gain/loss on disposals of assets -0.1 -0.1 -2.7 14.0 14.0 Net financials 0.9 1.5 4.7 4.5 6.2 Value adjustments, securities -74.6 86.5 -15.5 -210.4 -217.4 Total adjustments for non-cash items etc. -40.9 85.5 50.0 -85.4 81.0
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20 North Media A/S Interim Report Q3 2025 20 Other information FK Distribution and SDR’s revenue is based on packing and distribution services, amounting to DKKm 166.2 (Q3 2024: DKKm 172.9) and DKKm 80.7 (Q3 2024: DKKm 85.3). BoligPortal’s revenue consists of subscription-based in- come from the platform’s marketplace and income from various subscription-based Saas solutions, amounting to DKKm 29.1 (Q3 2024: DKKm 29.9). MineTilbud’s revenue consists of online services amounting to DKKm 4.6 (Q3 2024: DKKm 5.7). Bekey’s revenue consists of sales of software access systems, including the sale of physical products closely associated with user access, amounting to DKKm 5.8 (Q3 2024: DKKm 5.6). Note 4 – Segment information Q3 Last Mile FK Distribution SDR Digital Services BoligPortal MineTilbud Bekey I Unallocated costs/ elimi.*) Total DKKm 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Segment revenue 246,9 258,2 173,1 173,3 80,7 85,3 40,4 41,9 29,1 29,9 4,6 5,7 6,7 6,3 -0,9 -0,7 286,4 299,4 Internal revenue 0,0 0,0 -6,9 -0,4 0,0 0,0 -0,9 -0,7 0,0 0,0 0,0 0,0 -0,9 -0,7 0,9 0,7 0,0 0,0 External revenue 246,9 258,2 166,2 172,9 80,7 85,3 39,5 41,2 29,1 29,9 4,6 5,7 5,8 5,6 0,0 0,0 286,4 299,4 Revenue recognition Immediately 246,9 258,2 166,2 172,9 80,7 85,3 7,3 8,3 0,0 0,0 4,6 5,7 2,7 2,6 - - 254,2 266,5 over time 0,0 0,0 0,0 0,0 0,0 0,0 32,2 32,9 29,1 29,9 0,0 0,0 3,1 3,0 - - 32,2 32,9 External revenue 246,9 258,2 166,2 172,9 80,7 85,3 39,5 41,2 29,1 29,9 4,6 5,7 5,8 5,6 0,0 0,0 286,4 299,4 Direct costs 87,6 90,6 59,3 61,6 35,1 29,0 1,0 3,1 0,1 0,2 0,0 1,5 0,9 1,4 -0,9 -0,6 87,7 93,1 Direct staff costs 76,1 71,7 46,7 41,5 29,5 30,2 0,0 0,3 0,0 0,0 0,0 0,3 0,0 0,0 0,1 0,0 76,2 72,0 Gross profit 83,3 95,9 67,2 70,2 16,2 26,0 39,3 38,5 28,9 29,7 4,7 3,9 5,7 4,9 -0,1 -0,1 122,5 134,3 Staff costs 44,6 44,8 30,0 29,9 14,5 14,8 20,6 22,4 11,7 10,8 4,9 3,6 4,0 8,0 12,7 10,9 77,9 78,1 Other external costs 31,8 28,8 22,5 21,1 10,9 9,2 15,4 19,4 8,1 9,1 3,2 7,0 4,1 3,3 -13,3 -8,5 33,9 39,7 EBITDA 10,9 27,2 19,7 24,4 -8,8 2,8 3,3 -3,0 9,1 10,1 -3,4 -6,7 -2,4 -6,4 -2,1 -4,8 12,1 19,4 Amortisation, depreciation and impairments 9,5 11,6 3,2 3,0 6,3 8,6 1,3 1,7 0,8 1,1 0,5 0,5 0,0 0,1 3,0 3,1 13,8 16,4 EBIT 1,4 15,6 16,5 21,4 -15,1 -5,8 2,0 -4,7 8,3 9,0 -3,9 -7,2 -2,4 -6,5 -5,1 -7,9 -1,7 3,0 Share of profit/loss in associates - - - - - - - - - - - - - - 0,2 0,3 0,2 0,3 Return on securities - - - - - - - - - - - - - - - - 74,5 -86,5 Net financials - - - - - - - - - - - - - - - - -1,0 -1,5 Profit/loss before tax - - - - - - - - - - - - - - - - 72,0 -84,7 Gross margin 33,7% 37,1% 40,4% 40,6% 20,1% - 99,5% 93,4% 99,3% 99,3% 102,2% 68,4% 98,3% 87,5% - - 42,8% 44,9% EBITDA margin 4,4% 10,5% 11,9% 14,1% -10,9% - 8,4% -7,3% 31,3% 33,8% -73,9% -117,5% -41,4% -114,3% - - 4,2% 6,5% EBIT margin 0,6% 6,0% 9,9% 12,4% -18,7% - 5,1% -11,4% 28,5% 30,1% -84,8% -126,3% -41,4% -116,1% - - -0,6% 1,0%
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21 North Media A/S Interim Report Q3 2025 21 Other information FK Distribution and SDR’s revenue is based on packing and distribution services, amounting to DKKm 524.3 (Q3 2024 YTD: DKKm 551.6) and DKKm 289.6 (Q3 2024 YTD: DKKm 285). BoligPortal’s revenue consists of subscription-based in- come from the platform’s marketplace and income from various subscription-based Saas solutions, amounting to DKKm 87.7 (Q3 YTD 2024: DKKm 84). MineTilbud’s reve- nue consists of online services amounting to DKKm 20,7 (Q3 2024: DKKm 23.9). Bekey’s revenue consists of sales of software access systems, including the sale of physical products closely associated with user access, amounting to DKKm 16.9 (Q3 2024: DKKm 16.9). Note 4 – Segment information Q3 YTD Last Mile FK Distribution SDR Digital Services BoligPortal MineTilbud Bekey Unallocated costs/ elimi.*) Total DKKm Q3 YTD 25 Q3 YTD 24 Q3 YTD 25 Q3 YTD 24 Q3 YTD 25 Q3 YTD 24 Q3 YTD 25 Q3 YTD 24 Q3 YTD 25 Q3 YTD 24 Q3 YTD 25 Q3 YTD 24 Q3 YTD 25 Q3 YTD 24 Q3 YTD 25 Q3 YTD 24 Q3 YTD 25 Q3 YTD 24 Segment revenue 813.9 836.6 545.2 552.2 289.6 285.0 127.9 127.0 87.7 84.0 20.7 23.9 19.5 19.1 -2.6 -2.2 939.2 961.4 Internal revenue 0.0 0.0 -20.9 -0.6 0.0 0.0 -2.6 -2.2 0.0 0.0 0.0 0.0 -2.6 -2.2 2.6 2.2 0.0 0.0 External revenue 813.9 836.6 524.3 551.6 289.6 285.0 125.3 124.8 87.7 84.0 20.7 23.9 16.9 16.9 0.0 0.0 939.2 961.4 Revenue recognition Immediately 813.9 836.6 524.3 551.6 289.6 285.0 31.4 34.8 0.0 0.0 20.7 23.9 10.7 10.9 0.0 0.0 845.3 871.4 over time 0.0 0.0 0.0 0.0 0.0 0.0 93.9 90.0 87.7 84.0 0.0 0.0 6.2 6.0 0.0 0.0 93.9 90.0 External revenue 813.9 836.6 524.3 551.6 289.6 285.0 125.3 124.8 87.7 84.0 20.7 23.9 16.9 16.9 0.0 0.0 939.2 961.4 Direct costs 276.2 278.8 180.1 185.5 116.9 94.1 3.8 8.1 0.5 0.5 0.0 4.5 3.3 3.1 -2.4 -1.9 277.6 285.0 Direct staff costs 233.1 212.7 141.8 117.6 91.3 95.1 0.0 0.9 0.0 0.0 0.0 0.9 0.0 0.0 0.0 0.0 233.1 213.6 Gross profit 304.6 345.1 223.3 249.2 81.4 96.1 124.3 117.9 87.3 83.5 20.8 18.4 16.2 16.0 -0.4 -0.2 428.5 462.8 Staff costs 144.5 141.2 92.4 90.2 52.1 51.0 64.4 67.0 34.3 31.6 15.8 11.4 14.3 24.0 40.2 31.1 249.1 239.3 Other external costs 104.0 87.7 73.9 65.5 34.4 23.5 52.9 54.3 26.6 26.1 15.0 16.4 11.3 11.8 -43.7 -31.9 113.2 110.1 EBITDA 69.2 129.4 72.8 106.0 -3.6 23.4 7.0 -2.5 26.4 26.7 -10.0 -9.4 -9.4 -19.8 -5.1 -6.0 71.1 120.9 Amortisation, depreciation and impairments 31.0 48.6 9.8 8.8 21.2 39.8 4.1 5.0 2.4 3.2 1.6 1.5 0.1 0.3 6.7 8.1 41.8 61.7 EBIT 38.2 80.8 63.0 97.2 -24.8 -16.4 2.9 -7.5 24.0 23.5 -11.6 -10.9 -9.5 -20.1 -11.8 -14.1 29.3 59.2 Share of profit/loss in associates - - - - - - - - - - 0.3 -0.4 0.3 -0.4 Return on securities - - - - - - - - - - - - 15.5 210.4 Net financials - - - - - - - - - - - - -4.7 -4.5 Profit/loss before tax - - - - - - - - - - - - 40.4 264.7 Gross margin 37.4% 41.3% 42.6% 45.2% 28.1% 33.7% 99.2% 94.5% 99.5% 99.4% 100.5% 77.0% 95.9% 94.7% - - 45.6% 48.1% EBITDA margin 8.5% 15.5% 13.9% 19.2% -1.2% 8.2% 5.6% -2.0% 30.1% 31.8% -48.3% -39.3% -55.6% -117.2% - - 7.6% 12.6% EBIT margin 4.7% 9.7% 12.0% 17.6% -8.6% -5.8% 2.3% -6.0% 27.4% 28.0% -56.0% -45.6% -56.2% -118.9% - - 3.1% 6.2% Average number of employees in Denmark (FTE) 447 410 282 241 165 169 120 130 61 63 29 25 30 42 39 31 606 571
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22 North Media A/S Interim Report Q3 2025 22 Contingent liabilities In a decision announced on 30 June 2020, the Danish Com-petition Council ruled that Forbruger-Kontakt A/S (FK Distribution) had violated the prohibition against abusing a dominant position by applying tying condi- tions in its con-tracts with customers during the period from 2018 to October 2019. By a judgment of 26 May 2025, the Danish Maritime and Commercial High Court upheld the decision of the Dan- ish Competition Council of 30 June 2020 in which FK Dis- tribution A/S was found to have abused a dominant posi- tion by applying conditions on tying the sale of physically distributed advertising leaflets to the digital distribution of leaflets in its customer contracts in the period from 2018 to October 2019. FK Distribution A/S disagrees with the Maritime and Commercial High Court and has ap- pealed against the judgment to the Danish East-ern High Court. Given the information currently available, a li- ability cannot be reliably estimated. In addition, North Media is involved in lawsuits and dis- putes. Management does not expect the outcome of these lawsuits and disputes to go against North Media. At 30 September 2025, no material changes had oc- curred in respect of the Group’s contingent liabilities and assets. An agreement was concluded at the end of October 2021 for the installation of solar panels and a battery solution at the property in Taastrup. The solar panel plant was in- augurated on 31 May 2022, while connection of the bat- tery still awaits operating permission from the grid oper- ator. The solar panels installed cover an area of 2,100 m 2 on the roof of the building in Taastrup and 3,300 m 2 on the ground, for a total of 5,400 m2 with an installed capacity of 1,100 kWp. The plant includes battery capacity of 1,400 mWh in total. The purpose of the battery is to be able to use an even greater proportion of the self-produced solar power in-house and to utilise the battery capacity for commercial purposes. The Board of Directors and the Executive Board are not aware of any significant events having occurred since 30 September 2025 which would have a material impact on the Group’s financial position. A similar plant in Tilst with a larger battery has been completed. The solar system was connected at the be- ginning of October 2024, while connection of the battery still awaits operating permission from the grid operator. The full investment of about DKK 40m has been capital- ised, with a small amount having been retained awaiting final commissioning. North Media A/S emphasised and set as a condition that both the solar panels and the batteries would be pro- duced and supplied by European suppliers. Therefore, the solar panels are produced by REC Group and Solux- tec, and the batteries are produced by Rolls Royce Solu- tions. Note 5 – Contingent liabilities and assets Note 6 – Solar panels on FK Distribution’s buildings and land areas Note 7 – Subsequent events
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23 North Media A/S Interim Report Q3 2025 23 Group addresses Notes to parent statements Parent Statements Notes Consolidated statement Statemets Financial statements North Media A/S Gladsaxe Møllevej 28 2860 Søborg Telephone: +45 39 57 70 00 E-mail: investor@northmedia.dk www.northmedia.dk CVR: 66 59 01 19