DN Media Group / NHST Holding
DN Media Group is the journalism core of NHST Holding, a Norwegian media and information group built around business, shipping, energy, seafood and coastal-industry journalism. Its flagship is Dagens Næringsliv, Norway’s leading business newspaper, supported by a portfolio of specialist titles including TradeWinds, Upstream, Recharge, Europower, Hydrogen Insight, Fiskeribladet, Intrafish and Kystens Næringsliv. In 2025, the group showed that a specialist, reader-funded news business can still grow profitably, even in a difficult media market.
NHST Holding’s total revenue rose 1.7% to NOK 1.20 billion (€102.5 million) in 2025, while the group moved from a loss to a profit: operating profit was NOK 122.9 million (€10.5 million), compared with an operating loss of NOK 43.9 million (€3.8 million) in 2024, and profit for the year reached NOK 90.4 million (€7.7 million). The improvement was partly helped by accounting effects, including the NOK 23.4 million reversal of earlier impairment provisions linked to the winding down of Mention Solutions, but the underlying media business also performed strongly. DN Media Group revenue rose 5.8% to NOK 992.8 million (€84.7 million), and EBITDA increased from NOK 98.7 million (€8.5 million) to NOK 138.9 million (€11.9 million), lifting its EBITDA margin to 14.0%.
DN Media Group / NHST Holding: key financial indicators 2024–2025
| Indicator | 2024 | 2025 | Change |
|---|---|---|---|
| NHST group operating revenue | NOK 1.18bn (€101.7m) | NOK 1.20bn (€102.5m) | +1.7% |
| NHST group EBITDA | NOK 88.7m (€7.6m) | NOK 148.0m (€12.6m) | +66.9% |
| NHST group operating profit / loss | -NOK 43.9m (€-3.8m) | NOK 122.9m (€10.5m) | swing to profit |
| NHST group profit / loss for year | -NOK 68.3m (€-5.9m) | NOK 90.4m (€7.7m) | swing to profit |
| DN Media Group revenue | NOK 938.7m (€80.7m) | NOK 992.8m (€84.7m) | +5.8% |
| DN Media Group EBITDA | NOK 98.7m (€8.5m) | NOK 138.9m (€11.9m) | +40.7% |
| DN user-market revenue | c. NOK 663.8m (€57.1m) | NOK 699.0m (€59.6m) | +5.3% |
| DN advertising and service revenue | NOK 260.6m (€22.4m) | NOK 277.3m (€23.7m) | +6.4% |
| DN digital share of user revenue | 62.4% | 65.1% | +2.7pp |
| Group average FTEs | 515 | 453 | -12.0% |
| Group book equity | -NOK 303.1m (€-26.1m) | -NOK 232.9m (€-19.9m) | improved but negative |
Source: NHST Holding, Annual Report 2025. Figures reported in Norwegian kroner. EUR conversions use Norges Bank annual average rates: €1 = NOK 11.7188 for 2025 and €1 = NOK 11.6276 for 2024.
NHST Holding is headquartered in Oslo and controlled by Bonheur ASA, which held 55.13% of the shares at year-end 2025. The second-largest shareholder was Must Invest AS, with 20.71%. The group has two main business areas: Media, centred on DN Media Group, and SaaS, centred on Mynewsdesk after the deconsolidation of Mention Solutions in 2025.
DN Media Group: media asset map
| Asset | Type | Notes |
| Dagens Næringsliv | Business newspaper / digital news | Norway’s leading business newspaper |
| TradeWinds | Specialist publication | International shipping |
| Upstream | Specialist publication | Oil and gas / energy |
| Recharge | Specialist publication | Renewable energy |
| Europower | Specialist publication | Power and energy; fully acquired in 2025 |
| Hydrogen Insight | Specialist publication | Hydrogen economy |
| Fiskeribladet | Specialist publication | Fisheries and aquaculture |
| Intrafish.no / Intrafish.com | Specialist publication | Seafood and aquaculture |
| Kystens Næringsliv | Specialist publication | Coastal industries; discontinued in early 2026 |
Signals
Reader revenue is the core strength. DN Media Group generated NOK 699.0 million (€59.6 million) in user-market revenue in 2025, equal to 70.4% of total revenue. That makes it a clear example of a journalism business whose economics are anchored in paying readers rather than advertising alone.
Digital subscriptions are now the centre of the model. Fully digital user revenue rose to 65.1% of user-market revenue, up from 62.4% in 2024. This matters because it shows that DN’s specialist journalism is not merely preserving a print legacy; it is moving the paid relationship with readers onto digital platforms.
Advertising is still useful, but secondary. Advertising and service revenues rose 6.4% to NOK 277.3 million (€23.7 million), helped by growth in both advertising and live services. The signal is not that advertising has disappeared, but that it works best here as a complement to a strong subscription base.
Specialist journalism travels. NHST’s media portfolio is not only Norwegian. Its shipping, energy and seafood titles serve international professional audiences, with operations and presence in London, Singapore and the United States. This gives the group a more diversified information business than a purely domestic newspaper publisher.
Profitability improved, but with accounting help. NHST’s swing back to profit was real, but the group result was affected by the NOK 23.4 million reversal of impairment provisions linked to Mention Solutions. The stronger signal is therefore DN Media Group’s own EBITDA growth, which shows operating improvement in the core media business.
A leaner group with better cash, but still negative book equity. NHST reduced average FTEs from 515 to 453, repaid NOK 20 million of bank debt and NOK 20 million of shareholder debt, and entered 2026 with a net cash position of NOK 20.8 million (€1.8 million). At the same time, group book equity remained negative at NOK 232.9 million (€19.9 million), so the balance sheet is stronger on liquidity and debt, but not yet fully repaired on an accounting-equity basis.
The strategic shift is now from repair to growth. After several years of restructuring, impairments and cost discipline, NHST says its priority is to accelerate sustainable revenue growth through digital subscriptions, new commercial products and technology, including AI-driven tools. For GMFM, this makes DN Media Group a useful counterpoint to distressed media companies: a specialist journalism group that has stabilised financially, but still needs growth to complete the turnaround.