North Media Q1 2026: BoligPortal Margin Falls Sharply in Tight Danish Rental Market

North Media, the Danish media group behind FK Distribution, BoligPortal, Dayli, SDR and Bekey, has released its first-quarter 2026 results in what the company described as a quarter of "improved operating profit" and "narrowed financial guidance". Highlights include:

• Total revenue of DKK 294 million (USD 43 million), down 5% year on year
• Group EBITDA of DKK 19 million (USD 2.8 million), up 79% on improved cost discipline in Last Mile
• Operating profit of DKK 4.3 million, against a loss of DKK 1.4 million in Q1 2025
• BoligPortal revenue of DKK 28 million (USD 4.1 million), down 4.5% and the second consecutive quarter of decline
• BoligPortal EBITDA margin of 19%, down from 28.8% in Q1 2025
• Net loss of DKK 31 million, driven by a negative return of DKK 40 million on the group's listed securities portfolio
• Full-year 2026 guidance narrowed at the top end: revenue range DKK 1,267 to 1,320 million (was 1,267 to 1,333 million), EBITDA range DKK 133 to 161 million (was 133 to 175 million)

The headline net loss came from the group's securities portfolio, not the operating business. North Media holds DKK 773 million of listed equities as part of its capital resources, with positions in NVIDIA, Microsoft and Mercado Libre, and Q1's market drawdown wiped DKK 40 million off the portfolio value. Without that drag, the operating business posted an EBITDA gain and a swing to positive operating profit.

BoligPortal, Denmark's largest rental marketplace, was the weakest performer. North Media said:

"Revenue decreased by 3% compared to last year. The development was due to continued low supply and low vacancy in the Danish rental housing market, combined with revenue from new concepts not delivering as expected. The Pro universe for landlords, which was launched in Q3 2025, delivered a better-than-expected development in both customer numbers and leases. The new Project Housing concept has been positively received in the market and delivered on schedule. However, revenue from Data Insights decreased in Q1 2026, but is expected to be offset by the new Data Insights platform to be launched in Q2 2026. EBITDA was 37% lower than the same period last year, driven by lower revenue and impacted by extraordinary costs related to the adaptation of the organization."

This is the second straight quarter of BoligPortal revenue decline. North Media gave the same diagnosis in Q3 2025, when it pointed to "fewer rental listings from landlords" caused by high occupancy in Danish rental housing. Across those two quarters, the EBITDA margin has dropped from 28.8% to 19%.

Last Mile, the larger of the two main segments and home to FK Distribution and SDR, did most of the work on group EBITDA. FK Distribution grew EBITDA by 47% to DKK 27 million on lower distribution costs. SDR, the Swedish direct-mail arm, was the laggard with revenue down 13% and a widening EBITDA loss of DKK 10 million. Within Digital Services, Dayli posted its first profitable quarter, while Bekey's loss continued to narrow.

The narrowed guidance puts the upper end of the EBITDA range DKK 14 million lower than at the full-year results in February. North Media attributed the revision to "a weak start to the year for both BoligPortal and SDR, including increased conversion costs". BoligPortal's near-term recovery depends on the new Data Insights platform launching as planned in Q2.