North Media (NORTHM) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue declined 8% year-over-year to DKK 314m, mainly due to lower printed matter and newspaper volumes in Last Mile; Digital Services revenue was flat.

• EBITDA dropped to DKK 27.1m from DKK 48.4m, impacted by lower Last Mile revenue and one-off costs related to management changes.

• Net profit for Q2 2026 was DKK 137.1m, significantly boosted by a DKK 166.5m return on securities.

• Strategic focus continued on future-proofing business models in FK Distribution and SDR, with BoligPortal and Bekey rolling out new solutions.

• EBIT margin fell to 4.1% from 9.5% in Q2 2025.

Financial highlights

• Q2 2026 revenue: DKK 314.3m (Q2 2025: DKK 342.3m); Q2 YTD 2026: DKK 608.0m (Q2 YTD 2025: DKK 652.8m).

• Q2 2026 EBITDA: DKK 27.1m (Q2 2025: DKK 48.4m); Q2 YTD 2026: DKK 46.1m (Q2 YTD 2025: DKK 59.0m).

• Q2 2026 EBIT: DKK 12.9m (Q2 2025: DKK 32.4m); Q2 YTD 2026: DKK 17.1m (Q2 YTD 2025: DKK 31.0m).

• Gross margin Q2 2026: 48.0% (Q2 2025: 49.4%).

• Earnings per share (EPS) Q2 YTD 2026: DKK 5.9 (Q2 YTD 2025: DKK -1.0).

Outlook and guidance

• 2026 revenue guidance revised to DKK 1,248–1,285m (previously DKK 1,267–1,320m).

• EBITDA guidance lowered to DKK 122–142m (previously DKK 133–161m); EBIT to DKK 64–84m (previously DKK 75–103m).

• Guidance reflects slower new product implementation, reduced digital market trends, and one-off impacts including an IT incident.