NHST GROUP’S DEVELOPMENT IN THE FOURTH QUARTER OF 2025

• The Group delivered a strong finish to 2025, with continued improvement in financial performance in the fourth quarter, driven by revenue growth, improved profitability, and disciplined cost control.

• Adjusted for the impact of discontinued activities, Group revenues increased by 3.4 per cent in the quarter.

Total revenues for the quarter reached NOK 315.9 million.

• Earnings before depreciation and amortization (EBITDA) increased significantly compared to 2024 and reached NOK 35.9 million (2024 NOK 23.5 million).

• The operating profit (EBIT) for the quarter was NOK 22.6 million (2024 minus NOK 5.2 million).

• The Group repaid bank debt of NOK 40.0 million at year end, reflecting strong cash generation during the quarter. As a result, cash at the end of the quarter was NOK 130.8 million (2024 NOK 111.4 million). The Group’s financial position has strengthened materially through improved profitability, strong cash generation, and reduced interest-bearing debt and the group entered 2026 with improved financial resilience.

• Net interest-bearing debt was reduced significantly reflecting strong underlying cash flow. At year end 2025 the Group was in a net cash position of NOK 20.8 million (2024 net interesting-bearing debt of NOK 38.6 million).

The revenue growth in the quarter was primarily driven by continued momentum in DN Media Group, coming both from subscriptions and sales of advertising and commercial services.

Group operating expenses excluding discontinued activities increased by 1.2 per cent compared to the year before, reflecting continued focus on cost control.

In order to achieve a more accurate and transparent reflection of the Group’s underlying pension costs in the profit and loss statement and to reduce earnings volatility, the Group changed accounting principles for its defined benefit pension plan effective from year end 2025, going from Norwegian standards (NRS 6) to international standards (IAS 19).

Under NRS 6, the Group reported a net pension asset, consisting of pension plan assets offset by the defined benefit obligation and with the addition of capitalized deferred pension costs. Upon transition to IAS 19, these deferred pension costs are no longer recognized as an asset and have therefore been written off against equity. The year end 2024 balance sheet and quarterly results for 2024 and 2025 have been restated accordingly. The impact on year end 2024 equity is minus NOK 89.8 million. Furthermore, all pension assets and liabilities related to the defined benefit pension plan have been transferred to a life insurance company and the Group pension vehicle, DN Media Group Pensjonskasse, is being wound down.

Investments in product and process development were NOK 8.5 million in the quarter (2024 NOK 9.1 million). The investments reflect a continuous focus on improving the quality and relevance of the Group`s product offerings, as well as on improving operational efficiency.