North Media: Preliminary financial results for Q3 2024 and adjustment of guidance for 2024

Announcement no. 12/2024
5 November 2024

Based on the preliminary financial results for Q3 2024 and developments during the first nine months of the year, which were impacted by the execution of strategic initiatives, primarily the accelerated implementation of automated packing in Sweden, increased payroll costs for deliverers of printed matter in Denmark and a slight revenue decline in Ofir and Bekey, North Media revises its full-year financial guidance for 2024. Revenue is now expected to be in the DKK 1,315-1,340m range (previous guidance: DKK 1,320-1,365m) with an expected EBITDA of DKK 140-160m (previous guidance: DKK 150-175m). EBIT is now expected to be in the DKK 65-85m range (previous guidance: DKK 75-100m)

Based on North Media’s preliminary financial results for Q3 2024, revenue was DKK 307m, up from DKK 222m in the year-earlier period. Revenue growth was driven by SDR, the acquired Swedish distribution business, and by BoligPortal. EBITDA was DKK 15m, down from DKK 37m in Q3 2023, impacted by the execution of strategic initiatives, increased payroll costs in FK Distribution and lower revenue in Ofir and Bekey. EBIT was a loss of DKK 2m, compared with DKK 30m in Q3 2023, attributable to the development in EBITDA and write-downs in SDR. The financial results for 2024 include SDR, which was acquired at the end of 2023.

Outlook for 2024

	Current guidance	Revised guidance
Revenue	DKK 1,320–1,365m	DKK 1,315–1,340m.
EBITDA	DKK 150–175m	DKK 140–160m
EBIT	DKK 75–100m	DKK 65–85m

The Group’s guidance for 2024 is described in more detail in the interim report for the third quarter of 2024, which is expected to be published later today, 5 November 2024.

Additional information

Lasse Brodt, Group CEO, +45 20 24 32 92
Kåre Wigh, Group CFO, +45 25 65 21 45

North Media develops and operates platforms for transactions that bring businesses and consumers together. These platforms help consumers find the right products, whether they are looking for groceries, rental housing, jobs or digital access management solutions. North Media has two core business areas: Last Mile: FK Distribution and SDR Svensk Direktreklam are among the leading distributors of leaflets and local newspapers in Denmark and Sweden, respectively. Minetilbud is a leading digital offer platform. Digital Services: Three businesses with the potential for strong growth, rising earnings and scalability: BoligPortal is Denmark’s leading home rentals platform, offering services to both landlords and tenants. Ofir is Denmark’s most comprehensive jobs universe. Bekey provides digital access solutions for secured stairwells and private homes for the use of homecare services and companies delivering parcels, groceries, meal services, etc.