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.

Total revenues for the Group in the first quarter were NOK 295.3 million, an increase from NOK 276.1 million in the first quarter 2024.

Group operating expenses excluding depreciation and amortization were NOK 273.4 million in the quarter, versus

NOK 288.8 million in the corresponding quarter 2024. Excluding non-recurring items in the first quarter 2024, the operating expenses were reduced by NOK 6.7 million or 2.4 per cent. Group EBITDA for the quarter was NOK 21.8 million versus minus NOK 12.7 million in the first quarter 2024.

Investments in product and process development were NOK 9.0 million in the quarter, compared to NOK 14.9 million in the corresponding quarter last year. The investment level in the media business has been reduced, and capitalization of development expenses in Mention has been discontinued.