NHST GROUP’S DEVELOPMENT IN THE THIRD QUARTER OF 2023

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

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

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

The SaaS segment showed a growth in recognized revenues of 7.7 per cent versus the year before, mainlyreflecting 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 percent.

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 facilityagreement with its bank, due to slower than expected financial progress in both business areas. Discussionswith the bank on corrective actions are progressing well. The intention is to obtain a temporary waiver fromthe relevant covenant. As a result of the non-compliance, the loan will be classified as short term debt in thebalance sheet until the situation is resolved.

Total revenues for the Group were NOK 280.5 million, an increase from NOK 271.4 million in the third quarter2022. Digital revenues in the media business continued to grow, while the reduction in print-based revenues alsocontinued. Revenues from advertising and commercial services in the media business showed a reduction of 8.1per cent.

In the SaaS business area, Mynewsdesk continues to show growth in recognized revenues versus last year, whileMention`s recognized revenues were slightly lower than the year before.

Group operating expenses were NOK 282.2 million in the quarter, versus NOK 263.2 million in the correspondingquarter last year.

Group EBITDA for the quarter before non-recurring items was NOK 11.0 million vs NOK 8.2 million in the thirdquarter 2022.

Investments in product and process development were NOK 17.5 million in the quarter, compared to NOK 14.8million in the corresponding quarter last year.

Group liquidity was good with bank balances at the end of the quarter amounting to NOK 93.0 million in additionto the undrawn part of the bank credit line amounting to NOK 55.0 million.