NHST GROUP’S DEVELOPMENT IN THE THIRD QUARTER OF 2025

NHST GROUP’S DEVELOPMENT IN THE THIRD QUARTER OF 2025

• The financial results for the Group continued to be healthy in the third quarter of 2025. Adjusted for the impact of discontinued activities, the Group revenues increased by 2.4 per cent.

• Earnings before depreciation and amortization (EBITDA) were somewhat down compared to 2024 and reached NOK 39.8 million (2024 NOK 46.7 million).

• The operating profit (EBIT) improved, however, primarily due to lower depreciation and the impairment provision made in 2024. Adjusted for impairment, EBIT for the third quarter was NOK 27.5 million (2024 NOK 26.5 million).

• DN Media Group`s total revenues were 3.0 per cent higher than in the third quarter 2024. User market revenues grew by 5.2 per cent. The growth in digital subscription revenues was 9.7 per cent in the quarter. This more than compensated for the decline in print-based revenues, which was 1.0 per cent.

• Revenues from advertising and sales of commercial services in DN Media Group, at NOK 62.6 million, were down 5.2 per cent compared to the third quarter of 2024.

• In the SaaS segment, Mynewsdesk reported a reduction in results with an EBITDA for the quarter at SEK 8.2 million compared to SEK 12.6 million in the third quarter 2024.

• Gustav Berghog started as CEO of Mynewsdesk in August.

• Group liquidity was satisfactory throughout the third quarter and cash at the end of the quarter was NOK 106.8 million.

• James Lamont has been appointed as CEO of NHST Holding and DN Media Group from May 1st, 2026 The Group`s net interest bearing debt at the end of the quarter was NOK 43.2 million versus NOK 107.5 million at the corresponding time last year.

Total revenues for the Group in the third quarter were NOK 294.1 million versus NOK 298.5 million in the corresponding quarter last year. The 2024 revenues included NOK 11.2 million related to Mention Solutions.

Group operating expenses were NOK 254.3 million in the quarter (2024 NOK 251.8 million).

Reflecting a continuous attention to costs, group staffing levels continued to decline compared to 2024.

Group EBITDA for the quarter was NOK 39.8 million (2024 NOK 46.7 million) while group EBIT ended at NOK 27.5 million (2024 NOK minus 13.4 million).

Investments in product and process development were NOK 6.1 million in the quarter (2024 NOK 13.3 million). The reduction reflects that the Group capitalized development expenses in Mention Solutions until the third quarter of 2024, and that capitalization of internal development expenses in DN Media Group has been reduced.