North Media Q3 2026: BoligPortal Cuts Profit Guidance for the Third Time

North Media has lowered its profit guidance for BoligPortal for the third time this year. The Danish rental portal now expects 2026 EBIT of DKK 25m to 27m, against up to DKK 40m in February, although its third-quarter revenue and EBITDA were in line with a year ago. Highlights include:

• Group revenue of DKK 307.5m, up 7%
• Group EBITDA of DKK 31.6m, up from DKK 12.1m
• Group EBIT of DKK 16.4m, against a loss of DKK 1.7m
• BoligPortal revenue of DKK 29.3m, up 0.7%
• BoligPortal EBITDA of DKK 9.2m, a margin of 31.4% (31.3% in Q3 2025)
• BoligPortal 2026 guidance lowered to revenue of DKK 113m to 115m (was DKK 117m to 121m), EBITDA of DKK 28m to 30m (was DKK 34m to 36m) and EBIT of DKK 25m to 27m (was DKK 31m to 33m)
• Group 2026 EBIT guidance narrowed to DKK 64m to 74m (was DKK 64m to 84m)

Martin Frandsen Tobberup, Group CEO of North Media, said: "Our 7% revenue growth and improved earnings were driven by our distribution businesses, which were positively affected by, among other things, an additional distribution week in Denmark and by the parliamentary elections in Sweden." Of the digital side, he said: "In Digital Services, earnings were on a par with the same period last year, reflecting the flat trend in revenue."

North Media is mostly a leaflet distributor. Its Last Mile arm, FK Distribution in Denmark and SDR in Sweden, delivers leaflets and local newspapers, and brought in DKK 268m of the quarter's DKK 307.5m. The rest sits in Digital Services: BoligPortal, the offers platform Dayli and the access control business Bekey. BoligPortal is the group's only property business and makes up just under a tenth of its revenue.

It is paid from both sides of the Danish rental market. Renters pay a subscription to use the marketplace, while landlords pay to list and buy subscription software, including the Pro package for professional landlords, launched in Q3 2025, which adds property management and rent collection.

In February, North Media expected BoligPortal to make revenue of DKK 124m to 135m and EBIT of DKK 35m to 40m in 2026, growth on the DKK 116m and DKK 30.6m it made in 2025. It cut the EBIT range to DKK 33m to 36m in May and to DKK 31m to 33m in August. At DKK 25m to 27m, the new range is below what BoligPortal made last year.

After nine months BoligPortal has revenue of DKK 86.5m, against DKK 87.7m a year earlier, and EBIT of DKK 19.0m, against DKK 24.0m. The new guidance leaves DKK 26.5m to 28.5m of revenue and DKK 6m to 8m of EBIT for the fourth quarter. Last year's fourth quarter produced DKK 28.3m and DKK 6.6m.

North Media again blamed the Danish rental market, which it said "was still characterised by low vacancy rates and high demand, particularly in the major cities". With few homes standing empty, BoligPortal had fewer rental listings in the quarter and less revenue from landlords, offset by small gains in several other revenue streams.

North Media also says the nine-month figures were held back by "ongoing investments in the single digital universe for tenants and landlords", its project to bring the portal's renter and landlord services together. Nine-month EBITDA fell 19% to DKK 21.4m.

Project letting, launched in Q3 2025 so that developers and agents can advertise newly built rental homes before completion, recorded continued growth, according to the company.

Of the DKK 10m taken off the top of North Media's group EBIT range, DKK 6m came from BoligPortal, more than from any other business. North Media put the lower group guidance down to "slower implementation of new value propositions in Last Mile and weaker market trends in Digital Services".

Anders Dahl took over as BoligPortal's chief executive on 1 October from Tobberup, who had run the portal on an interim basis since Anders Hyldborg resigned in the summer. Dahl has around 20 years of experience building SaaS products, most recently as CEO of the Scandinavian automotive software company CarBuddi, and before that in senior roles at KMD and iPaper. His background suits a portal whose newer products, Pro among them, are software sold to landlords.