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Third party research

North Media: SDR once again the bad guy - ABG

North Media

This is a third party research report and does not necessarily reflect our views or values

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Q4: DKK 155m SDR impairment, adj. EBIT slightly better vs. ABG
FY'25 sales guidance better, but EBIT guidance much softer
Market to question SDR logic, significant negative cons. revisions


Q4 sales 7% below, DKK 155m impairment in SDR

North Media pre-announced Q4 headline figures ahead of the full release (which has now been postponed to 14 March). Q4 sales came in at DKK 316m, 7% below ABGSCe, equating to 27% y-o-y growth (note that SDR was consolidated from Q1'24, however). Q4 EBIT of DKK -125m, however, is driven by a significant DKK 155m impairment in SDR (non-cash) amid lower-than-assumed volumes and much higher costs in '25e. Adjusted for this, Q4 EBIT came in above ABGSCe of DKK 19m. The BoD has decided not to propose any dividends for '24e.
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