NHST GROUP’S DEVELOPMENT IN THE SECOND QUARTER OF 2025

The financial results of the Group continued to show progress in the first quarter. Earnings before depreciation and amortization reached NOK 21.8 million, compared to minus NOK 12.7 million in the first quarter 2024. The improvement was driven by higher user market and advertising revenues in DN Media Group and by cost reductions in the Saas business area.

The financial results for the Group continued to improve in the second quarter. Earnings before
depreciation and amortization (EBITDA) reached NOK 53.8 million, compared to NOK 34.8 million in the second quarter of 2024. The improvement was mainly driven by higher user market revenues and advertising revenues in DN Media Group, and by good cost control across the Group.

Total revenues for the NHST Group were 1.8 per cent higher in the second quarter of 2025 compared to the second quarter of 2024. Adjusted for the impact of discontinued activities, the increase was 6.0 per cent.

DN Media Group`s total revenues were 6.9 per cent higher than in the second quarter 2024. User market revenues grew by 5.4 per cent. The growth in digital subscription revenues was 11.4 per cent in the quarter, while the print-based revenues declined.

Revenues from advertising and sales of commercial services in DN Media Group continued to recover from the low levels seen in 2023 and early 2024 and showed an increase of 9.4 per cent compared to the second quarter 2024.

In the SaaS segment, Mynewsdesk reported a reduction in results with an EBITDA for the quarter at SEK 5.4 million compared to SEK 7.4 million in the second quarter 2024.

Gustav Berghog has been appointed new CEO of Mynewsdesk replacing Louise Barnekow who resigned and left the company in April.

Mention Solutions was de-consolidated from the Group numbers with effect from the second quarter. The estimated final profit and loss impact for the Group is reported as a part-reversal of impairment provisions made in 2024.

Development of products and support systems continued.

Group liquidity was satisfactory throughout the second quarter and cash at the end of the quarter was NOK 111.3 million.

A new loan agreement, replacing the existing revolving credit facility, was signed in late June. The new facility has a frame of NOK 150 million until year-end 2025 and NOK 130 million thereafter. The final maturity for the new facility is in June 2028.

Shareholders Meeting June 2025

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NHST GROUP’S DEVELOPMENT IN THE FIRST QUARTER OF 2025

The financial results of the Group continued to show progress in the first quarter. Earnings before depreciation and amortization reached NOK 21.8 million, compared to minus NOK 12.7 million in the first quarter 2024. The improvement was driven by higher user market and advertising revenues in DN Media Group and by cost reductions in the Saas business area.

Total revenues for the NHST Group were 7.0 per cent higher in the first quarter 2025 compared to the first quarter 2024.

DN Media Group`s total revenues were 9.6 per cent higher than in the first quarter 2024. User market revenues grew by 8.1 per cent. The growth in digital subscription revenues was 14.0 per cent in the quarter, while print-based revenues were on the same level as in the first quarter 2024.

Revenues from advertising and sales of commercial services in DN Media Group continued to recover from the low levels seen in 2023 and early 2024 and showed an increase of 12.5 per cent compared to the first quarter 2024.

In the SaaS segment, Mynewsdesk shows a positive development in the quarter with a growth in subscription sales of 2.0 per cent compared to the first quarter 2024 and an EBITDA for the quarter at SEK 2.7 million compared to minus SEK 5.2 million in the first quarter 2024.

The process of winding down Mention Solutions continued through the quarter. Mention is nevertheless reported as a going concern in the first quarter. In April, the commercial court in Paris approved a plan to liquidate the company and sell the business, including the technology in an agreement where the purchaser will also take over some of the employees. Mention Solutions will be de-consolidated from the NHST Group with effect from the second quarter 2025.

Development of products and support systems continued in both segments. The group repaid a total of NOK 20.0 million of bank debt at 31 March 2025. Following the repayment,
Group liquidity was satisfactory with cash holdings amounting to NOK 137.5 million.

NHST GROUP’S DEVELOPMENT IN THE FOURTH QUARTER OF 2024

The financial results of the Group showed significant progress in the fourth quarter. Earnings before depreciation and amortization reached NOK 24.8 million, compared to NOK 9.5 million in the fourth quarter 2023. The improvement was mainly driven by higher user market revenues in DN Media Group, and by good cost control across the Group.

Total revenues for the NHST Group were 4.6 per cent higher in the fourth quarter 2024 compared to the fourth quarter 2023. DN Media Group`s total revenues were 7.1 per cent higher than in the fourth quarter 2023. User market revenues grew by 7.8 per cent. The growth in digital subscription revenues was 21.1 per cent in the quarter, while the reduction in print-based revenues continued.

Revenues from advertising and sales of commercial services in DN Media Group continued to recover from the low levels seen in 2023 and showed an increase of 2.4 per cent compared to the fourth quarter 2023. In the SaaS segment, Mynewsdesk showed a positive development in the quarter with a growth in new sales of 5.4 per cent compared to the fourth quarter 2023 and an EBITDA for the quarter at SEK 4.8 million compared to SEK 0.8 million in the fourth quarter 2023.

Mention Solutions experienced a reduction in recognized revenues of 15.0 per cent versus the year before. The efforts to sell the business of Mention Solutions continued. In December 2024, conciliation proceedings were initiated. This procedure aims to negotiate with creditors and to identify potential investors who can acquire the business. Within this procedure, bids were received in mid-January 2025 for selected assets and contracts of the company and to take over a part of the employees. Final decisions on the bids will be made by the commercial court in Paris.

In the third quarter of 2024, the Group made a provision equal to the net assets of Mention Solutions. Due to the level of bids received, the remaining assets related to Mention Solutions in the Group balance sheet were written off in the fourth quarter, with an effect of NOK 13.2 million which was reported under depreciation.

Development of products and support systems continues in both segments.

The Group repaid a total of NOK 45 million of bank debt at 31. December 2024. Following the repayment, Group liquidity was satisfactory with cash holdings amounting to NOK 111.4 million.

Total revenues for the Group in the fourth quarter were NOK 316.4 million, an increase from NOK 302.5 million in the fourth quarter 2023.

Group operating expenses were NOK 291.7 million in the quarter, versus NOK 293.0 million in the corresponding quarter 2023. Excluding non-recurring items, the operating expenses were reduced by NOK 3.5 million or 1.2 per cent.

Group EBITDA for the quarter, before no-recurring items, was NOK 34.4 million versus NOK 16.9 million in the fourth quarter 2023 while EBITDA including non-recurring items was NOK 24.8 million (2023 NOK 9.5 million).

Total revenues for the Group were NOK 298.5 million, an increase from NOK 280.5 million in the third quarter 2023.

Group operating expenses were NOK 251.8 million in the quarter, versus NOK 282.2 million in the corresponding quarter last year.

Group EBITDA for the quarter was NOK 46.7 million versus NOK 11.0 million (before non-recurring items) in the third quarter 2023. Investments in product and process development were NOK 13.3 million in the quarter, compared to NOK 17.5 million in the corresponding quarter last year.

Group liquidity was reduced during the quarter due to normal seasonal fluctuations but was still satisfactory with bank balances at the end of the quarter amounting to NOK 87.5 million.

Total revenues for the NHST Group were 2.5 per cent higher in the second quarter 2024 compared to the second quarter 2023.

DN Media Group`s revenues were 5.3 per cent higher than in the second quarter 2023. The growth was partly driven by currency impact on sales in foreign currencies. The growth in digital subscription revenues was 20.5 per cent in the quarter. While digital revenues continued to grow, the reduction in print-based revenues also continued. Total user market revenues in DN Media Group increased by 7.1 per cent, while revenues from advertising and commercial services showed an increase of 2.4 per cent.

In the SaaS segment, both Mynewsdesk and Mention Solutions experienced a reduction in recognized revenues versus the year before. In their respective functional currencies, Mynewsdesk`s revenues decreased by 2.2 per cent while Mention`s recognized revenues decreased by 8.4 per cent.

Development of products and support systems continues in both segments. 

At the Annual General Meeting on June 24, Richard Aa, James Lamont and Andrew Mullins were elected to the Board, while Anne Britt Berentsen resigned from the Board. In a separate process, Ida Grieg Riisnæs, Anne-Kari Herrebrøden and Fredrik Rahnasto were elected as employee Board members.

In April, Baard Haugen was appointed to a new position as CEO of NHST Holding and Amund Djuve was appointed to the position as CEO of DN Media Group.

Total revenues for the Group were NOK 291.1 million, an increase from NOK 284.0 million in the second quarter 2023.  Group operating expenses excluding non-recurring items were NOK 256.2 million in the quarter, versus NOK 271.5 million in the corresponding quarter last year. Non-recurring expenses related to restructuring of management functions and other staffing reductions were NOK 10.2 million in the quarter. Group EBITDA for the quarter, before non-recurring items, was NOK 45.0 million versus NOK 12.6 million in the second quarter 2023.  Investments in product and process development were NOK 16.5 million in the quarter, compared to NOK 20.6 million in the corresponding quarter last year. Group liquidity was reduced during the quarter due to normal seasonal fluctuations but was still satisfactory with bank balances at the end of the quarter amounting to NOK 101.0 million.

Total revenues for the Group were 3.6 per cent higher in the first quarter 2024 compared to the first quarter 2023. 

• DN Media Group`s revenues were 2.2 per cent higher than in 2023. The growth was partly driven by currency impact on sales in foreign currencies. The growth in digital subscription revenues was 19.2 per cent in the quarter. While digital revenues continued to grow, the reduction in print-based revenues also continued. User market revenues in DN Media Group increased by 4.5 per cent while revenues from advertising and commercial services showed a reduction of 4.3 per cent. 
• In the SaaS segment, Mynewsdesk showed growth in recognized revenues versus the year before, while Mention Solutions reported lower revenues. In their respective functional currencies, Mynewsdesk`s revenues increased by 3.2 per cent while Mention`s recognized revenues decreased by 5.0 per cent. 
• Development of products and support systems continues in both segments. 
• In the course of the first quarter, the Group reached an agreement with its bank on new terms and conditions for the revolving credit facility which is the main source of external financing for the Group. The solution included a loan from major shareholder amounting to NOK 20 million. The new terms for the bank loan include a repayment profile that will reduce the loan in steps towards the final maturity in 2025, as well as a new covenant structure adapted to the Group`s financial situation and performance. The loan has been classified as long term at the end of the quarter. 
• The CEO of DN Media Group, Trond 

Total revenues for the Group were NOK 276.1 million, an increase from NOK 266.5 million in the first quarter 2023. 

Group operating expenses were NOK 288.8 million in the quarter, versus NOK 281.2 million in the corresponding quarter last year. The operating expenses included an accrual of NOK 8.8 million for restructuring expenses in the SaaS companies. 

Group EBITDA for the quarter, before non-recurring items, was minus NOK 4.0 million vs minus NOK 14.7 million in the first quarter 2023. Investments in product and process development were NOK 14.9 million in the quarter, compared to NOK 16.4 million in the corresponding quarter last year. Group liquidity was satisfactory with bank balances at the end of the quarter amounting to NOK 154.3 million. 

Total revenues for the Group were 5.1 per cent higher in the fourth quarter 2023 compared to the fourth quarter 2022. 

• DN Media Group revenues for the media segment were 4.0 per cent higher than in 2022. The growth in digital subscription revenues was 18.2 per cent in the quarter, while print based revenues declined by 7.1 %. Total user revenues in DN Media Group increased by 5.4 per cent while revenues from advertising and commercial services showed an increase of 2.5 per cent. The growth was partly driven by the currency impact on sales in foreign currencies. 
• DN Media Group successfully completed its cost program aiming at reducing the cost base with up to NOK 60 million with effect for 2024. NOK 7.4 million were accrued as one-off expenses related to the cost reduction program in the fourth quarter. 
• The SaaS segment showed a growth in recognized revenues of 8.5 per cent versus the year before, mainly reflecting currency impact on translation of the accounts to NOK. In their respective functional currencies, Mynewsdesk`s revenues increased by 3.6 per cent while Mention`s recognized revenues decreased by 5.9 per cent. 
• Development of products and support systems continues in both segments. 
• At the end of the third quarter, the Group did not comply with a gearing covenant in the revolving credit facility agreement with its bank, due to slower than expected financial progress in both business areas. Discussions with the bank on corrective actions have taken place during the fourth quarter, and a temporary waiver has been granted by the bank. As a result of the non-compliance, the loan will be classified as short term debt in the balance sheet until the situation is resolved. 

Total revenues for the group were NOK 280.5 million in the third quarter 2023 vs NOK 271.4 million in the third quarter 2022.

Revenues for the media segment were 7.5 per cent higher than in 2022. The growth was partly driven by the currency impact on sales in foreign currencies. The growth in digital subscription revenues was 19 per cent in the quarter. 

DN Media Group launched a cost program aiming at reducing the cost base with up to NOK 60 million with effect for 2024. At the end of the quarter, the program was progressing well. The program was completed as planned mid- October. NOK 12.7 million were accrued as one-off expenses related to the cost reduction program.

The SaaS segment showed a growth in recognized revenues of 7.7 per cent versus the year before, mainly reflecting currency impact on translation of the accounts to NOK. In their respective functional currencies, Mynewsdesk`s revenues increased by 3.8 per cent while Mention`s recognized revenues decreased by 3.8 per cent. 

Development of products and support systems continues. 

At the end of the quarter, the Group did not comply with a gearing covenant in the revolving credit facility agreement with its bank, due to slower than expected financial progress in both business areas. Discussions with the bank on corrective actions are progressing well. The intention is to obtain a temporary waiver from the relevant covenant. As a result of the non-compliance, the loan will be classified as short term debt in the balance sheet until the situation is resolved. 

 

Total revenues for the Group were NOK 284.0 million, an increase from NOK 269.9 million in the second quarter 2022. Digital revenues continued to growth, while the reduction in print-based revenues also continued. 

Revenues from advertising and commercial services in the media business showed a small reduction. 

For the SaaS companies, the growth in recognized revenues reflects the effect of the positive development in business booked during 2022 as well as currency impact on the revenues. 

Group operating expenses were NOK 271.5 million in the quarter, versus NOK 256.4 million in the corresponding quarter last year. 

Group EBITDA for the quarter was NOK 12.6 million vs NOK 13.6 million in the second quarter 2022. 

Investments in product and process development were NOK 20.6 million in the quarter, compared to NOK 12.4 million in the corresponding quarter last year. 

Group liquidity was good with bank balances at the end of the quarter amounting to NOK 144.8 million in addition to the undrawn part of the bank credit line amounting to NOK 55.0 million.