Slides
Page 1
Annual Report 2025 Investor presentation 26 February 2026 1 Annual report 2025 26/02/2026
Page 2
Annual Report 2025 Investor presentation 26 February 2026 2 Welcome Martin Tobberup Group CDO Lasse Brodt Group CEO Disclaimer This presentation and related comments contains statements about the future, including expectations for 2026, which are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expected.
Page 3
Annual Report 2025 Investor presentation 26 February 2026 3 Agenda 1. Changes to Board of Directors and Group Executive Board 2. Status on business strategies - highlights 3. Group financial highlights 2025 4. Business highlights 2025 5. Group outlook 2026
Page 4
Annual Report 2025 Investor presentation 26 February 2026 4 Nomination of Chairman of the Board Lasse Ingemann Brodt Nominated Chairman of the Board Lasse Ingemann Brodt • Nominated as member and Chairman of the Board on ordinary AGM 10 April 2026 by majority shareholder • Will become non-independent member of the Board. Competencies and knowledge are deemed essential for continuous development of the Group • Steps down as Group CEO 10 April but remains interim CEO of FK Distribution until successor is found and will take up the position.
Page 5
Annual Report 2025 Investor presentation 26 February 2026 5 Appointment of new Group Executive Director Martin Frandsen Tobberup New Group Executive Director, CDO Martin Frandsen Tobberup • Takes up position as Group Executive Director 10 April 2026 and continues as Group CDO • Member of North Media Group Executive Board since October 2023. Joined North Media (BoligPortal) in 2020 • ~20 years of experience from large and medium companies, including Deloitte Management Consulting, LEGO, and eBay Classifieds Scandinavia
Page 6
Annual Report 2025 Investor presentation 26 February 2026 6 Appointment of Group CFO Christian Deichmann Group CFO Christian Deichmann • Currently CFO of Saint-Gobain Distribution Denmark • 25+ years of financial experience from Danish and international private sector companies • Extensive experience with management, corporate strategy, M&A and IT • Member of North Media Group Executive Board • Takes up position no later than 1 August 2026
Page 7
Status on business strategies - highlights Annual Report 2025 Investor presentation 26 February 2026 7 FK Distribution adapted and future-proofed business model to expected changes in product mix 2 Bekey’s first part of turnaround was successfully completed with sharpened core business focus 4 SDR successful completion of roll- out of automated sorting, packing and distribution of leaflets in Sweden 1 BoligPortal continued developing its single digital universe, incl. launch of Pro concept for developers 3
Page 8
Annual Report 2025 Investor presentation 26 February 2026 8 Group financial highlights 2025 EBITDA margin, % 9.6 (2024: 11.8) EBIT, DKKm 66 (2024: -75) Capital resources, DKKm 927 (2024: 893) EBITDA, DKKm 125 (2024: 154) Revenue, DKKm 1,296 (2024: 1,301) Digital Services 13% (13%) Last Mile 87% (87%) 2025 2024 Digital Services 7% (0%) Last Mile 93% (100%) 2025* 2024* * Graphics are excl. unallocated costs
Page 9
Annual Report 2025 Investor presentation 26 February 2026 9 EBITDA Revenue • Roll-out of technologies to sort, pack and distribute leaflets in Sweden completed. Continued adjustment and optimisation of business model. • 2% SDR revenue increase due to insourcing of franchise invoices and prices increases, which outweighed significant volume decline • FK Distribution 2% revenue decrease, where solid progress in Selekteret Post could not offset effects of a 4% leaflet volume decline • Earnings mainly impacted by higher production and integration costs in SDR and lower revenue in FK Distribution SDR integration ongoing. FK development as expected Last mile DKKm % DKKm 757 744 381 388 0 100 200 300 400 500 600 700 800 2024 2025 157 126 19 2 0 2 4 6 8 10 12 14 16 18 0 20 40 60 80 100 120 140 160 2024 2025 FK Distribution SDR Margin, total -1% -27%
Page 10
Annual Report 2025 Investor presentation 26 February 2026 10 • BoligPortal realised 4% revenue increase driven by more revenue streams. Earnings impacted by higher fixed costs, mainly for continued business development and staff • Dayli topline impacted by establishment of own sales organisation and changed product mix. Earnings loss reduced due to lower IT, sales and marketing costs • Stable revenue in Bekey delivered by adjusted organisation. Earnings loss reduced due to turnaround effects, mainly lower staff and marketing costs Topline growth in BoligPortal. Reduced loss in Dayli and Bekey Digital services EBITDA Revenue DKKm % DKKm 111 116 30 2623 23 0 20 40 60 80 100 120 2024 2025 36 34 -19 -13 -27 -12 -7 -5 -3 -1 1 3 5 7 -30 -20 -10 0 10 20 30 40 2024 2025 BoligPortal Dayli Bekey Margin, total +1% +186%
Page 11
Annual Report 2025 Investor presentation 26 February 2026 11 Group outlook 2026 Main assumptions • Continuation of the stabilised economic development from 2025 and with improved consumer confidence for purchase of goods and rental housing. • An expected leaflet volume decline of ~5% and of ~15% for local newspapers in FK Distribution, as well as a decline of ~6% (combined) in SDR. • Fully automised and standardised packing in SDR. • Increased revenue from new products and changes customer mix in FK Distribution and SDR. • Continuous EBIT improvements in Dayli and Bekey through strengthened market position, nye value propositions and optimisation of operations. Revenue, DKKm 1,267-1,333 EBITDA, DKKm 133-175 EBIT, DKKm 75-117 Business area, DKKm Revenue EBITDA EBIT Last Mile 1,085-1,135 121-151 80-110 Digital Services 182-198 17-29 12-24 Non-allocated - -5 -17 Total, Group 1,267-1,333 133-175 75-117
Page 12
Annual Report 2025 Investor presentation 26 February 2026 12 Q&A
Page 13
Thank you for joining 13 Coming events AGM 10 April 2026 Q1 Interim Report 12 May 2026 Q2 Interim Report 20 August 2026 Q3 Interim Report 4 November 2026 Annual Report 2025 Investor presentation 26 February 2026
Page 14
Appendix Annual Report 2025 Investor presentation 26 February 2026 14
Page 15
Annual Report 2025 Investor presentation 26 February 2026 15 Financial results (DKKm) 2025 2024 Revenue 1.296,0 1,301.4 Gross profit 604,1 624.7 EBITDA 124,6 153.5 Amortisations and depreciations, etc. 58,4 228.4 EBIT 66,2 -74.9 Return on securities 15,6 217.4 Financials, net -7,1 -6.2 Profit/loss before tax 75,1 135.8 Tax -21,0 -63.3 Net profit for period, continuing activities 54,1 72.5 Net profit, discontinuing activities 12,1 -10.8 Net profit for the period 66,2 61.7 Comprehensive income 67,2 60.3 Net profit for the period excl. return on securities 54,0 -107.9 P&L North Media
Page 16
Annual Report 2025 Investor presentation 26 February 2026 16 Group quarterly revenue
Page 17
Annual Report 2025 Investor presentation 26 February 2026 17 Group quarterly EBITDA
Page 18
Annual Report 2025 Investor presentation 26 February 2026 18 Group quarterly EBIT