Automatic translation: Originally published in Danish 04/11/2026, 20:05 GMT. Give feedback here.

North Media released its Q3 2026 earnings report late this afternoon, showing revenue growth and a significantly improved bottom line driven by Last Mile. At the same time, the 2026 guidance is narrowed by lowering the top end of the ranges, with Digital Services particularly weighing on the figures, while guidance for FK Distribution is raised.

Thus, Q3 2026 revenue landed at DKK 307.5 million, corresponding to 7.4% growth from DKK 286.4 million in the same quarter last year. EBITDA was realized at DKK 31.6 million vs. DKK 12.1 million a year earlier, while EBIT came in at DKK 16.4 million compared to DKK -1.7 million, resulting in an operating margin of 5.3% vs. -0.6%. The profit excl. return on securities was DKK 9.8 million vs. DKK -3.6 million in Q3 2025.

The progress was driven by Last Mile, where revenue rose by 9% to DKK 268 million and EBIT to DKK 18 million from DKK 1 million. FK Distribution increased revenue by 11% to DKK 184 million supported by an extra distribution week and 131% growth in 'Selekteret post', while SDR grew by 4% driven by the general election in Sweden and higher prices, reducing its EBITDA loss to DKK -5 million from DKK -9 million. However, the company points out that low profitability in Swedish retail has caused some grocery chains to cut back on printed advertising distribution in Q3 and Q4.

In Digital Services, revenue was flat at DKK 39 million and EBITDA unchanged at DKK 3 million. BoligPortal saw flat revenue in a rental housing market continuing to be characterized by low vacancy rates, while Dayli continues to struggle with slow new sales, even though the number of active dealers has more than doubled since the turn of the year.

North Media now expects revenue in the range of DKK 1,248–1,268 million (previously DKK 1,248–1,285 million), EBITDA of DKK 122–132 million (from DKK 122–142 million), and EBIT of DKK 64–74 million (from DKK 64–84 million). Year-to-date, the company has realized revenue of DKK 915.5 million (-2.5% y/y), EBITDA of DKK 77.7 million (+9% y/y), and EBIT of DKK 33.5 million (+14% y/y). This indicates Q4 2026 EBITDA of DKK 44–54 million and EBIT of DKK 31–41 million vs. DKK 53.5 million and DKK 36.9 million, respectively, in Q4 2025.

At the segment level, EBITDA guidance for FK Distribution is raised to DKK 142–146 million (from DKK 135–145 million), while guidance for Digital Services is decreased to an EBITDA of DKK 6–10 million (from DKK 15–19 million). This is primarily driven by BoligPortal, where EBITDA is now expected at DKK 28–30 million (from DKK 34–36 million), as well as Dayli, where the EBITDA loss is now expected to be DKK 11–12 million (from DKK 8–9 million).

At the end of September 2026, North Media's securities portfolio had a market value of DKK 989.8 million vs. DKK 814.7 million at the end of 2025. In Q3, the portfolio generated a return of DKK 47.6 million, bringing the year-to-date return to DKK 174.4 million, corresponding to 21.4% vs. +16.2% for the MSCI World Index. The portfolio continues to consist of 12 listed companies, with the three largest positions at the end of September being NVIDIA (DKK 300.7 million), Teradyne (DKK 158.4 million), and Microsoft (DKK 118.2 million), which together accounted for a good 58% of the portfolio's value. Since the turn of the year, NKT and Space Exploration Technologies have been added, while Hexagon has been sold.

However, October brought a setback of DKK -36.6 million, particularly driven by Teradyne and NVIDIA, and the value at the end of October stood at DKK 952.7 million, with Apple returning to the top 3 at the expense of Teradyne. In total, North Media had a capital preparedness consisting of cash and liquid securities of DKK 1,066 million at the end of the quarter vs. DKK 927 million at the end of 2025. The return on securities is also what drives the year-to-date profit after tax of DKK 153.0 million (DKK 36.1 million a year earlier), while the profit excl. return on securities was DKK 17.0 million vs. DKK 24.0 million.

You can find North Media's full financial report here, which also includes a short investor presentation: https://www.northmedia.dk/investorer/selskabsmeddelelser/

Disclaimer: HC Andersen Capital receives payment from North Media for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 9:05 PM on Nov 4, 2026.