North Media's Q1 revenues of DKK 311m came in 3% below ABGSCe of DKK 320m, with the former equating to a 3% decline y-o-y. Q1 EBIT of DKK -1m compares to ABGSCe of DKK 11m, and corresponds to a margin of -0.5%. Segment wise, the EBIT miss was mainly driven by FK Distribution (on a lower top-line), while SDR also weighed down somewhat (purely driven by higher costs as revenues were better). BeKey was better than expected on lower costs (staff reductions and lower sales and marketing). Looking at the investment portfolio, Q1 saw an unrealised loss of DKK -152m, which compares with ABGSCe of DKK -134m.
