Presentation interim report Q1 2026

EBIT, DKKm

4

(2025: -1)

EBITDA margin, %

6.5

(2025: 3.4)

Capital resources, DKKm

870

(2025: 720)

EBITDA, DKKm

19

(2025: 11)

Digital Services

17%

(14%)

2026*

2025*

Last Mile 83%

(86%)

* Graphics are excl. unallocated costs

Revenue, DKKm

294

(2025: 311)

Digital Services

15%

(14%)

2026

2025

Last Mile 85%

(86%)

Interim Report Q1 2026 Investor presentation 12 May 2026 3

Revenue

DKKm

250

200

150

100

• Revenue declined 6%. SDRs positive effect of insourced franchise invoices could not outweigh the declining volume. FK Distribution impacted one fewer distribution period in Q1 2026. Revenue per distribution week increased 6%.

  50

  0

  Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

  FK Distribution SDR

  EBITDA

  DKKm %

• EBITDA up by 42%, attributable to FK Distribution effects of

  lower distribution costs because of one fewer distribution period, as well as a decrease in administrative costs. In SDR, lower revenue offset positive impact from changed distribution setup completed in 2025.

  60

  50

  40

  30

  20

  10

  0

  -10

  20

  15

  10

  5

  0

  Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

  FK Distribution SDR Margin, total

  
  
  

  Interim Report Q1 2026 Investor presentation 12 May 2026 4

  
  
  Digital services Positive earnings development in Dayli and Bekey

  Revenue

  DKKm

  30

  25

  20

  15

  10

• Revenue decreased 3%, impacted by multiple revenue streams in BoligPortal against last year. Continued low supply and low vacancies in the Danish rental housing market, combined combined with revenue from new concepts not delivering as expected. Flat developments in Dayli and Bekey.

• EBITDA doubled driven by lower costs in Dayli and Bekey primarily IT and operation costs and effects of turnaround process, respectively. BoligPortal impacted by lower revenue and impacted by extraordinary costs related to the adaptation of the organization.

5

0

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

BoligPortal Dayli (MineTilbud) Bekey

EBITDA

DKKm %

15 20

10 15

10

5

5

0 0

-5 -5

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

BoligPortal Dayli (MineTilbud) Bekey Margin, total

Interim Report Q1 2026 Investor presentation 12 May 2026 5

Revenue, DKKm (previously)

1,267-1,320 (1.267-1.333)

EBITDA, DKKm (previously)

133-161 (133-175)

EBIT, DKKm (previously)

75-103 (75-117)

Narrowed guidance

• The upper end of the revenue range is narrowed due to a softer than expected start of 2026 in in several for the businesses. The narrowing of earnings primarily relates to the development in both SDR and BoligPortal.

Main assumptions

• Continuation of the stabilised economic development from 2025 and with improved consumer confidence for purchase of goods and rental housing.

• An expected printed matter volume decline of ~5% and of ~15% for local

  newspapers in FK Distribution, as well as a decline of ~6% (combined) in SDR.

• Increased revenue from new products and changes customer mix in FK Distribution and SDR. Continuous EBIT improvements in Dayli and Bekey through strengthened market position, nye value propositions and optimisation of operations.

• See all assumptions in the Interim Report Q1 2026, pages 6.

Updated outlook 2026

12 May 2026

Initial outlook 2026

23 February 2026

Business area, DKKm

Last Mile Digital Services Unallocated

Revenue EBITDA

EBIT Revenue EBITDA

1,085 - 1,135 121 - 151

182 - 198 17 - 29

- -5

EBIT

80 - 110

12 - 24

-17

Total, Group

1,267 - 1,333 133 - 175

75 - 117

78 - 99

12 - 19

-15

75 - 103

119 - 140

17 - 24

-3

133 - 161

1,090 - 1,130

177 - 190

-

1,267 - 1,320

Interim Report Q1 2026 Investor presentation 12 May 2026 6

Interim Report Q1 2026 Investor presentation 12 May 2026 7

Interim Report Q1 2026 Investor presentation 12 May 2026 8

Interim Report Q1 2026 Investor presentation 12 May 2026 9

Interim Report Q1 2026 Investor presentation 12 May 2026 10

Interim Report Q1 2026 Investor presentation 12 May 2026 11

Interim Report Q1 2026 Investor presentation 12 May 2026