Slides
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Interim Report Q2 2026 Investor presentation 21 August 2026 1 Interim report Q2 2026 21/08/2026
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Interim Report Q2 2026 Investor presentation 21 August 2026 2 Welcome Christian Deichmann Group CFO Martin Tobberup Group Executive Director 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.
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Interim Report Q2 2026 Investor presentation 21 August 2026 3 Agenda 1. Status on business strategies - highlights 2. Group financial highlights 3. Business highlights 4. Group full-year 2026 outlook
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Status on business strategies - highlights Interim Report Q2 2026 Investor presentation 21 August 2026 4 SDR roll-out of new business model was ongoing 2 Bekey roll-out of optimised solution to the Property segment in line with core business focus 4 FK Distribution continued implementing future-proof business model 1 BoligPortal grew Pro concept for developers as planned 3
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Interim Report Q2 2026 Investor presentation 21 August 2026 5 Group financial highlights Q2 2026 EBITDA margin, % 8.6 (2025: 14.1) EBIT, DKKm 13 (2025: 32) EBITDA, DKKm 27 (2025: 48) Revenue, DKKm 314 (2025: 342) Digital Services 13% (12%) Last Mile 87% (88%) 2026 2025 Digital Services 5% (4%) Last Mile 95% (96%) 2026* 2025* * Graphics are excl. unallocated costs
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Interim Report Q2 2026 Investor presentation 21 August 2026 6 Group financial highlights Q2 YTD 2026 EBITDA margin, % 7.6 (2025: 9.0) EBIT, DKKm 17 (2025: 31) Capital resources, DKKm 1,030 (2025: 825) EBITDA, DKKm 46 (2025: 59) Revenue, DKKm 608 (2025: 653) Digital Services 14% (13%) Last Mile 86% (87%) 2026 2025 Digital Services 10% (6%) Last Mile 90% (94%) 2026* 2025* * Graphics are excl. unallocated costs
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Interim Report Q2 2026 Investor presentation 21 August 2026 7 EBITDA Revenue • As expected, revenue declined 9% to DKK 272m. Lower leaflet and newspaper volumes could not outweigh the effect of previously implemented price adjustments in SDR and 86% growth in the smaller Danish segment ‘Selected mail’. • EBITDA came to DKK 29m compared to DKK 46m in Q2 2025, impacted by lower revenue. Positive effects from lower capacity cost in FK Distribution and changed business model in SDR. EBIT impacted accordingly. • 2 July 2026, SDR experienced an IT security incident with unauthorised access to the internal IT infrastructure, incl. certain personally identifiable information. SDR has maintained daily operations and all stakeholders has been informed. Q2 2026 results impacted by expected lower volumes Last mile 0 5 10 15 20 -10 0 10 20 30 40 50 60 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 FK Distribution SDR Margin, total 0 50 100 150 200 250 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 FK Distribution SDR DKKm % DKKm
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Interim Report Q2 2026 Investor presentation 21 August 2026 8 • Revenue of DKK 42m on a par with Q2 2025. BoligPortal remained impacted by low vacancy rates in Danish rental housing market, while the Pro concept generated growth. Lower revenue in Dayli and minor growth in Bekey from increased hardware sales. • Introduction and roll-out of new platforms and features in Dayli and Bekey in line with strategies. • EBITDA amounted to DKK 1m from DKK 2m in Q2 2025. Effects of cost focus in Dayli and turnaround process in Bekey were offset by legal cost and continued investments in BoligPortal. EBIT came to DKK 0m, on a par with same period last year. Improved operations in Dayli and Bekey Digital services EBITDA Revenue -5 0 5 10 15 20 -5 0 5 10 15 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 BoligPortal Dayli Bekey Margin, total 0 5 10 15 20 25 30 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 BoligPortal Dayli Bekey DKKm % DKKm
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Interim Report Q2 2026 Investor presentation 21 August 2026 9 Group outlook 2026 revised Revised guidance • Guidance adjusted after review of new products implementation speed in Last Mile, reduced market trends in Digital Services, the IT security incident in SDR in July, and several one-offs. • EBIT impacted by minor acquisition of BEAM software platform (-5 DKKm) as well as SDR IT incident (-2 DKKm based on preliminary overview). Main assumptions • An expected leaflet volume decline of ~5% and of ~15% for local newspapers in FK Distribution, as well as a decline of ~10% (combined) in SDR. • Limited revenue from new products and changed customer mix in Last Mile. • Continuation of the stabilised economic development from 2025 and with improved consumer confidence for purchase of goods and rental housing. • Continuous EBIT improvements in Dayli and Bekey through strengthened market position, new value propositions, and optimisation of operations. Revenue, DKKm (previously) 1,248-1,285 (1,267-1,320) EBITDA, DKKm (previously) 122-142 (133-161) EBIT, DKKm (previously) 64-84 (75-103) Updated outlook 2026 18 August 2026 Previous outlook 2026 12 May 2026 Business area, DKKm Revenue EBITDA EBIT Revenue EBITDA EBIT Last Mile 1,080 – 1,110 117– 133 76 –92 1,090 – 1,130 119 – 140 78 – 99 Digital Services 168 – 175 15 –19 10 –14 177 - 190 17 – 24 12 – 19 Unallocated - -10 -22 - -3 -15 Total, Group 1,248 – 1,285 122 – 142 64 – 84 1,267 – 1,320 133 – 161 75 – 103
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Interim Report Q2 2026 Investor presentation 21 August 2026 10 Q&A
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Thank you for joining 11 Coming events Q3 Interim Report 4 November 2026 Interim Report Q2 2026 Investor presentation 21 August 2026
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Appendix Interim Report Q2 2026 Investor presentation 21 August 2026 12
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Interim Report Q2 2026 Investor presentation 21 August 2026 13 Financial results (DKKm) Q2 2026 Q2 2025 Q2 YTD 2026 Q2 YTD 2025 Revenue 314.3 342.3 608.0 652.8 Gross profit 150.8 169.2 288.6 306.0 EBITDA 27.1 48.4 46.1 59.0 Amortisations and depreciations, etc. 14.3 16.0 29.0 28.0 EBIT 12.9 32.4 17.1 31.0 Return on securities 166.5 92.7 126.8 -59.0 Financials, net -1.6 -2.8 -2.3 -3.9 Profit/loss before tax 177.3 122.2 141.2 -31.8 Tax -40.2 -26.0 -35.4 2.7 Net profit for period, continuing activities 137.1 96.2 105.8 -29.1 Net profit, discontinuing activities 0.0 0.2 0.2 10.6 Net profit for the period 137.1 96.4 106.0 -18.5 Comprehensive income 136.6 95.7 105.6 -18.5 Net profit for the period excl. return on securities 7.2 24.1 7.1 27.5 P&L North Media
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Interim Report Q2 2026 Investor presentation 21 August 2026 14 Group quarterly revenue
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Interim Report Q2 2026 Investor presentation 21 August 2026 15 Group quarterly EBITDA
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Interim Report Q2 2026 Investor presentation 21 August 2026 16 Group quarterly EBIT