Schibsted ASA

Latest Results (24.02.2026):

Schibsted ASA — Q4 2024 (summary based on Schibsted Media AS annual report covering the full year 2024 after the business separation on 7 June 2024). Schibsted Media reported stable top-line revenues of NOK 7,544m for 2024 (2023: NOK 7,586m), EBITDA of NOK 399m (2023: NOK 517m) and an operating loss (EBIT) of NOK -40m (2023: NOK 19m). The Group recorded profit before tax of NOK 123m (2023: loss NOK 9m) and net profit NOK 127m (2023: loss NOK 14m), helped by NOK 198m in share of profit from joint ventures (mainly dividends from Polaris). The year was marked by the June separation from Schibsted ASA, structural revenue pressure in print and advertising, one-off separation effects and continued cost-reduction efforts; year-end net cash was NOK 337m (2023: NOK 52m).

Revenues and sales mix

Total operating revenues were NOK 7,544m. Subscription revenues remain the largest pillar at NOK 3,309m (digital subscriptions NOK 1,982m). Advertising generated NOK 2,601m (digital advertising NOK 2,167m). Print/casual sales continued to decline (casual sales NOK 763m).

Profitability (EBITDA/EBIT) and drivers

EBITDA was NOK 399m (down from NOK 517m) and EBIT turned negative at NOK -40m (compared with +NOK 19m in 2023). The decline reflects structural print revenue weakness, volatile ad markets, and transition and separation-related costs—partly offset by digital subscription momentum and cost measures.

Net result and non-operating items

Profit before tax was NOK 123m and net profit NOK 127m. A key non-operating driver was NOK 198m in share of profit from joint ventures and associates (primarily Polaris Media ASA dividends), which materially supported the net result.

Cash flow and balance sheet

Net cash flow from operating activities was NOK 84m (2023: NOK 242m). Investing cash flow was NOK +1,104m driven largely by intercompany flows and repayments; financing cash flow was NOK -903m. Net cash at year-end was NOK 337m (2023: NOK 52m). Equity totaled NOK 1,483m and the Group holds significant lease liabilities (non‑current lease liabilities ~NOK 1,391m).

Separation and one-off effects

The Group was separated from Schibsted ASA on 7 June 2024 and became owned by the Tinius Trust; the annual figures presented cover the full year but include split effects and one-offs (capital increases, group contributions, settlement of share-based plans, and other accounting adjustments) that influenced 2024 results and equity.

Cost actions and outlook

The business implemented wide cost-reduction and efficiency programmes in 2024 (print optimisation, procurement renegotiations, streamlining). Further workforce reductions were announced in early 2025 to adapt the cost base to structural shifts. Management is prioritising digital growth (subscriptions and premium digital ad formats) and operational efficiency.

Market trends

The advertising market remained soft and print revenues continued to decline; digital advertising and subscriptions showed more resilience. The company emphasised digital-first product development and investments in AI and data-driven advertising solutions.

Strategic items and risks

Management highlighted a planned acquisition (TV4 and MTV) targeted for Q3 2025 to strengthen video and entertainment offerings in the Nordics. Key risks remain macro/advertising volatility, print decline, and regulatory/cybersecurity issues; the Group retains a committed undrawn credit facility for liquidity flexibility.