Summary of business conducted at the annual general meeting of North Media A/S on Friday, 12 April 2024

Announcement no. 8/2024
12 April 2024

The annual general meeting was conducted in accordance with the announced agenda.

The management commentary was presented and the annual report for 2023 was adopted.

The management commentary highlighted, among other things, the following:

• The financial results for 2023 were satisfactory. The Group achieved its full-year guidance, reporting consolidated revenue of DKK 949m and EBIT of DKK 150m.
• Revenue in the Last Mile business area (FK Distribution) was down by 6%, while the EBIT margin was 19.6%.
• Revenue in the Digital Services business area was up by 4%, while the EBIT margin fell to 6.3%. BoligPortal supported the revenue increase for the year, whereas total earnings for the business area declined due to setbacks in Ofir and Bekey. 
• The net profit for the year was DKK 264m compared with DKK 2m in 2022. Excluding the return on securities, the profit for the year was DKK 117m against DKK 154m in 2022.
• The Group expects consolidated revenue for 2024 in the DKK 1,310-1,375m range, EBITDA in the DKK 170-210m range and EBIT in the DKK 110-150m range.
• Last Mile (FK Distribution and SDR) expects revenue in the DKK 1,145-1,195m range, EBITDA in the DKK 175-205m range and EBIT in the DKK 127-157m range. The revenue improvement is expected to be driven by SDR, while EBIT is expected to be affected by amortisation related to the acquisition price for the company.
• Digital Services (BoligPortal, Ofir, Bekey) expects to generate revenue in the DKK 165-180m range, EBITDA in the DKK 0-10m range and EBIT in the range of a DKK 5m loss to a DKK 5m profit. BoligPortal is expected to drive the revenue increase, while strategic investments are expected to affect both profitability and EBIT.

The shareholders voted to adopt the Board’s recommendation to pay a dividend of DKK 4 per share in respect of the 2023 financial year.

The shareholders adopted the remuneration report presented at the general meeting.

The incumbent members of the Board of Directors were all re-elected: Ole Elverdam Borch, Richard Bunck, Ulrik Holsted-Sandgreen, Ulrik Falkner Thagesen and Ann-Sofie Østberg Bjergby.

PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PwC) was re-appointed as the company’s auditors as proposed by the Board of Directors, and appointed to provide a statutory report on the Company’s consolidated sustainability report.

Following the general meeting, Ole Elverdam Borch was elected Chairman and Richard Bunck was elected Vice-Chairman of the Board of Directors.

Additional information is available from the Chairman of the Board, Ole Elverdam Borch, who can be reached on tel. +45 2518 3555.

On behalf of
North Media A/S

Ole Borch
Chairman of the Board of Directors

This document is an unofficial translation of the Danish original. In the event of any inconsistencies, the Danish version shall apply.