NHST GROUP’S DEVELOPMENT IN THE THIRD QUARTER OF 2024

NHST GROUP’S DEVELOPMENT IN THE THIRD QUARTER OF 2024

• The Group`s earnings before depreciation and amortization (EBITDA) improved significantly in the third quarter and reached NOK 46.7 million, compared to minus NOK 1,7 million in the third quarter 2023. The improvement was driven by higher revenues from sales of advertising and commercial services in DN Media Group, and by cost reductions in most business units in the Group.

• Total revenues for the NHST Group were 6.4 per cent higher in the third quarter 2024 compared to the third quarter 2023.

• DN Media Group`s revenues were 8.2 per cent higher than in the third quarter 2023. User revenues grew by 4.7 per cent. The growth in digital subscription revenues was 17.7 per cent in the quarter, while the reduction in print-based revenues continued.

• Revenues from advertising and sales of commercial services recovered from the low levels seen in 2023 and early 2024 and showed an increase of 18.4 per cent compared to the third quarter 2023.

• 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 3.4 per cent while Mention`s recognized revenues decreased by 11.0 per cent.

• Development of products and support systems continues in both segments.

• Due to weak financial results for Mention Solutions and the uncertain business outlook, the net assets related to Mention Solutions in the Group balance sheet were written off in the third quarter, with a one-time effect of NOK 39.9 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.