North Media: A slow start, but the ball is rolling - ABG

Q1 miss mainly driven by FK and SDR
Cutting '25e EBITDA/EBIT by 9/15%, small changes to '26e-'27e
FVR to DKK 32-68 (34-63), net cash position of DKK 40/share


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.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/north-media/Equity-research/2025/5/north-media---a-slow-start-but-the-ball-is-rolling/