Q1 miss mainly driven by FK and SDR
North Media’s Q1 was overall weaker than anticipated, seeing a 3% revenue decline y-o-y and weak EBIT of DKK -1m (vs. ABGSCe of DKK 11m) on a combination of a softer top line in FK Distribution and higher costs in SDR. The investment portfolio saw an unrealised loss of DKK -152m, driven particularly by NOVO and NVIDIA.
’25e EBITDA/EBIT cut by 9/15%, small changes to ’26e-’27e
Despite the negative surprise on key headline figures, we are encouraged by 1) solid 10% organic growth in BoligPortal, 2) roll-out of automated packaging in Sweden said to be progressing according to plan, and 3) cost initiatives in BeKey appearing to drive improvements in profitability faster than we had anticipated, somewhat offsetting the continued weak growth.
Based on the Q1 miss, however, we nevertheless cut ’25e EBITDA by 9% and EBIT by 15%, while ’26e-’27e see more limited revisions (<3%). Our new estimates are a tad above the mid-points of the reiterated, but wide, FY’25 EBITDA and EBIT guidance.
Den fulde analyse kan læses her.
