North Media Q4 2025: BoligPortal Lifts Digital Services Performance

North Media has reported full-year 2025 results in line with guidance, with its Digital Services division delivering improved profitability driven primarily by BoligPortal, Denmark’s largest rental marketplace.

• Group revenue DKK 1,296m, down 1% year-on-year
• Group EBITDA DKK 124.6m, down from DKK 153.5m
• BoligPortal revenue up 4% year-on-year at DKK28.3m

BoligPortal, owned by North Media and headquartered in Aarhus, connects tenants and landlords through a paid subscription model for renters and listing and data services for professional landlords. It sits alongside FK Distribution and SDR in Last Mile, as well as Dayli and smart access specialist Bekey within the Group.

While Last Mile revenues declined slightly, “the decrease of 1% in Last Mile driven by FK Distribution was largely offset by growth in Digital Services, driven by BoligPortal.”

Management highlighted that “Digital Services delivered notable growth, driven by the development in EBITDA.”

Strategically, BoligPortal’s Pro concept, launched in Q3 2025 and targeting professional landlords of project housing, “generated higher revenue than expected.” The company also continued building its “singular unified universe for tenants and landlords.”

That matters in a Danish rental market characterised by structural supply-demand imbalances. In 2025, North Media noted revenue growth in BoligPortal despite market headwinds, while its Swedish sister site, BostadsPortal, faced weaker macro conditions.

For 2026, BoligPortal is expected to generate up to DKK 135m in revenue with EBIT of up to DKK 40m, implying margins north of 25%. In a Group still dominated by physical distribution via FK Distribution and SDR, BoligPortal remains the digital growth engine.