North Media Q3 2025: Boligportal Revenues Fall After Difficult Quarter

North Media, the Danish media company behind FK Distribution, BoligPortal, Ofir, and Bekey, has released its third-quarter financial results in what the company described as a "slightly weaker than expected" period.

Highlights include:

• Total revenues were DKK 286 million (USD 44 million), down 5% year-on-year
• Of which, Digital services revenues were DKK40 million (USD 6.2 million), down 2.5%
• Of which, Boligportal revenues were DKK29 million (USD 4.5 million), down 3%
• Negative cash flow was DKK 8 million (USD 1.2 million), down from a free cash flow of DKK 15 million (USD 2.3 million)

The Digital Services segment is driven primarily by Denmark's largest real estate marketplace, Boligportal, which generated circa three-quarters of total Digital Services revenues for the quarter. The segment "delivered an overall stable performance on a par with last year."

North Media said:

In BoligPortal, revenue was down by 3% on the year-earlier period due to continued low vacancy rates on the Danish rental housing market. The high occupancy rates led to fewer rental listings from landlords, while the development in Sweden remain unsatisfactory.

In Q3 2025, BoligPortal launched a concept for off-plan letting units that allows property developers and real estate agents to advertise newly built residential units on the platform. The new concept is intended to support growth and to strengthen the platform’s position in the market. EBITDA was down by 10% on the year-earlier level, driven by reduced revenue, which also affected the EBIT performance.

North Media struggled post-pandemic before an excellent 2024, which delivered more than €50 million in extra revenue compared to the previous year.

The company has generated USD 144.5 million in the first three quarters of the year, and a meaningful fourth-quarter recovery would see North Media oversee back-to-back years of revenue growth, albeit by a smaller margin than last year's turnaround.