Alma Media Corporation Interim Report 31 October 2025 at 8.00 a.m. (EET)
ALMA MEDIA'S INTERIM REPORT JANUARY-SEPTEMBER 2025:
Steady growth in digital services - revenue increased by 5.4% and adjusted operating profit grew by 3.8% in Q3
Financial performance July-September 2025:
- Revenue MEUR 79.3 (75.2), up 5.4%.
- The share of digital business was 87.8% (86.2%) of revenue.
- Adjusted operating profit MEUR 22.7 (21.9), 28.6% (29.1%) of revenue.
- Operating profit MEUR 22.6 (21.5), up 5.0%.
- Alma Career: Revenue on par with the comparison period, development costs weighing on the adjusted operating profit.
- Alma Marketplaces: Revenue grew by 16.9% organically and supported by acquisitions, while adjusted operating profit continued to improve.
- Alma News Media: Revenue on par with the comparison period. Profitability continued to improve.
- Earnings per share EUR 0.20 (0.18), up 10.8%.
Financial performance January-September 2025:
- Revenue MEUR 242.2 (231.5), up 4.6%.
- The share of digital business was 86.0% (84.5%) of revenue.
- Adjusted operating profit MEUR 61.0 (57.4), 25.2% (24.8%) of revenue.
- Operating profit MEUR 59.1 (55.7), up 6.1%.
- Earnings per share EUR 0.52 (0.49), up 6.4%.
Key figures
| 2025 | 2024 | Change | 2025 | 2024 | Change | 2024 | |
| MEUR | Q3 | Q3 | % | Q1-Q3 | Q1-Q3 | % | Q1-Q4 |
| Revenue | 79.3 | 75.2 | 5.4 | 242.2 | 231.5 | 4.6 | 312.7 |
| Classified | 32.0 | 30.7 | 4.1 | 95.3 | 92.4 | 3.1 | 122.2 |
| Advertising | 12.7 | 12.9 | -1.8 | 42.8 | 43.5 | -1.6 | 60.0 |
| Digital services * | 17.4 | 14.5 | 20.5 | 49.9 | 41.5 | 20.1 | 56.5 |
| Content | 12.4 | 12.2 | 1.3 | 37.8 | 37.4 | 1.1 | 50.6 |
| Other * | 4.8 | 4.9 | -1.8 | 16.4 | 16.7 | -1.4 | 23.3 |
| Digital business revenue | 69.6 | 64.8 | 7.4 | 208.3 | 195.5 | 6.5 | 263.4 |
| Digital business, % of revenue | 87.8 | 86.2 | 86.0 | 84.5 | 84.2 | ||
| Adjusted total expenses | 56.6 | 53.4 | 6.0 | 181.3 | 174.4 | 4.0 | 236.2 |
| Adjusted EBITDA | 27.4 | 26.3 | 4.1 | 74.7 | 70.1 | 6.4 | 94.0 |
| EBITDA | 27.3 | 26.0 | 5.1 | 72.8 | 68.5 | 6.2 | 91.0 |
| Adjusted operating profit | 22.7 | 21.9 | 3.8 | 61.0 | 57.4 | 6.3 | 76.9 |
| % of revenue | 28.6 | 29.1 | 25.2 | 24.8 | 24.6 | ||
| Operating profit/loss | 22.6 | 21.5 | 5.0 | 59.1 | 55.7 | 6.1 | 73.4 |
| % of revenue | 28.5 | 28.6 | 24.4 | 24.1 | 23.5 | ||
| Profit for the period before tax | 20.8 | 18.8 | 10.9 | 53.7 | 50.5 | 6.3 | 67.0 |
| Profit for the period | 16.7 | 15.1 | 10.9 | 43.1 | 40.5 | 6.5 | 52.6 |
* The classification of revenue has been further specified between digital services and other revenue. The corresponding adjustment has been made to the comparison figures.
CEO's review:
Digital business and portfolio development driving profitable growth
Our business developed positively in the third quarter. Revenue increased by 5.4% to EUR 79.3 million, supported by both organic growth and acquisitions. The share of digital business in total revenue reached a record-high 87.8%, up by 7.4%. Adjusted operating profit rose by 3.8% to EUR 22.7 million, representing 28.6% of revenue. Our financial position continued to strengthen, driven by strong cash flow: gearing decreased to 60.3% (69.7%), and the equity ratio improved to 49.1% (46.2%).
Domestic industrial outlooks have slightly improved. The modest recovery in demand for existing homes and consumer durables was visible in the market during the review period. However, consumer confidence in Finland is still awaited, reflected in a rising savings rate.
Service and technology investments as drivers of future growth
In the Alma Career segment, revenue remained at the comparison period level at EUR 26.2 million. Adjusted operating profit declined by 2.4% to EUR 11.1 million, representing 42.3% (43.2%) of revenue. In local currencies, revenue decreased by 2.0%, while invoicing increased by 0.9% (Q2/2025: 0.2%). Profitability declined slightly due to increased development costs. Despite wage inflation, personnel expenses decreased as headcount was reduced.
Labour market developments varied across operating countries. In Czechia, employment remained stable with strong demand for labour, especially among large clients. In Slovakia, market conditions weakened due to political uncertainty, leading to increased caution among major international clients. In Croatia, positive employment trends continued with a further decline in unemployment, although an increasing share of jobs were filled by foreign labour through staffing services. In the Baltics, conditions remained stable with a slight increase in the use of recruitment services. In Finland, despite a modest increase in open positions, the market remained challenging as the number of job postings continued to decline.
In the Alma Marketplaces segment, revenue grew by 16.9% to EUR 28.6 million, fueled by acquisitions. Organic growth was 9.3%. The 18.2% increase in costs reflects the effect of acquisitions. Adjusted operating profit improved by 13.6% to EUR 9.8 million, representing 34.4% (35.3%) of revenue.
Revenue in the Real Estate business unit increased by 14.1% to EUR 11.0 million. The 20.8% growth in Nordic commercial property revenue was supported by strong demand in the Swedish market and product and pricing reforms. Increased customers' regulatory requirements in Property Insight, gradual recovery in the housing market, and growth in transactional revenue supported overall growth. In Finland, the housing market showed signs of recovery, with a rise in transactions for used apartments. Over half of these transactions were completed digitally in the DIAS platform, and in September a record of 2,844 digital housing transactions were conducted.
The Mobility business unit's revenue grew by 9.4% to EUR 9.6 million. Following the Edilex acquisition, the Insights business unit's revenue increased by 40.7% to EUR 5.8 million.
Development projects continued, particularly in digital services for mobility and housing, focusing on professional systems, transactional business, and AI-assisted services.
The Alma News Media's revenue was EUR 24.6 million, and adjusted operating profit strengthened by 6.3% to EUR 4.3 million, representing 17.3% (16.3%) of revenue. Including discontinued brands, revenue grew by 1.8%. Advertising sales remained at the comparison period level at EUR 10.0 million. Active portfolio development led to a 10.6% increase in digital content revenue. Strong interest in news persisted, and new IPOs along with positive performance on the Helsinki Stock Exchange further boosted interest in investment content. Iltalehti's position as Finland's largest news media outlet was reinforced, and new content concepts such as Kauppalehti's technology section and the daily Talousaamu broadcasts were launched. The share of digital business in segment revenue rose to 62.8%, and the total number of digital subscriptions exceeded 223,000.
Towards comprehensive solutions
A rapidly evolving operating environment demands agility and continuous renewal. We are rising to the challenge by investing decisively in the development of skills, technology, and services. Our response to changing needs is rooted in genuine customer insight and a shared ambition to succeed - driving the creation of services that truly resonate with our clients.
The adoption of artificial intelligence is accelerating across our business operations. AI enables us to enhance efficiency, enrich our service offering, introduce new market concepts, and build solutions that integrate seamlessly into our business partners' value chains. These solutions support their daily operations, growth, and transformation. Data-driven, AI-powered end-to-end solutions unlock deeper collaboration and deliver greater customer value.
Kai Telanne
President and CEO
Operating environment
In its most recent economic forecast (5/2025), the European Commission projects economic growth of 1.1% and inflation of 2.3% in the EU for 2025. The Commission estimates that the unemployment rate for the EU as a whole will remain at the previous year's level (5.9%).
The Commission projects that economic growth in Finland will accelerate from the previous year and amount to 1.0% this year. Inflation is expected to be 1.7% and the forecast for the unemployment rate is 8.6%. In addition to Finland, Alma Media's main markets are Czechia and Slovakia in Eastern Central Europe, and Croatia in Southern Europe. The Commission projects that the GDP growth rate will be 1.9% in the Czechia, 1.5% in Slovakia and 3.2% in Croatia this year. The Commission's unemployment rate projections for this year are 2.6% for the Czechia, 5.3% for Slovakia and 4.6% for Croatia.
Alma's main operating countries are dependent on foreign trade. Risks related to global trade policy and geopolitics are elevated, and uncertainty in expectations has grown, which may be reflected in economic development.
In Finland, the outlook is cautiously positive. Consumer confidence remains below average, although the stabilisation of inflation and trajectory of interest rates is anticipated to support household purchases of durable consumer goods and the willingness of companies to invest. Housing construction in Finland is expected to recover slowly.
Outlook for 2025 (Updated on 14 October 2025)
Alma Media expects its full-year revenue and adjusted operating profit of 2025 to remain at the 2024 level or to grow. The full-year revenue for 2024 was MEUR 312.7 and the adjusted operating profit was MEUR 76.9.
Background for the outlook
The outlook is based on the estimate that the national economies in the company's main market areas will pick up, but uncertainty in the markets will continue. Fluctuations in the global economy may affect the development of the markets.
The period of slow growth in Finland is expected to continue, and advertising is still subject to uncertainty. Acquisitions support the development of the Group's revenue and operating profit. The diversification of the Group's business activities between multiple geographical markets and business areas, and purposeful cost control, stabilise the company's outlook even in challenging market conditions.
Market situation in the main markets in Finland
Market development in the automotive industry
According to statistics provided by the Finnish Information Centre of the Automobile Sector, the first registrations of new passenger cars grew by 2.1%, but the VAT increase had a negative impact on first registrations during the comparison period. The overall market for used passenger cars grew by 4.6% (including sales by dealerships, C-2-C transactions, and B-2-B sales).
Market development in housing
According to the Central Federation of Finnish Real Estate Agencies, in July-September, the number of transactions was higher than in previous quarters. The number of used apartments (14,881 units) rose by 7.2% year-on-year, but remained 6.6% below the five-year average. The number of new homes sold (391 units) was 12.5% lower (y-o-y) and 73.4% below the five-year average.
Market development in the media business
According to Kantar TNS, the media advertising volume in January-September decreased by 2.4% from the comparison period. The industries with the largest increases in media advertising were oil and energy, telecommunications services, travel and transport, while the construction sector, the clothing industry and cosmetics had the largest decreases in media advertising.
More information:
Kai Telanne, President and CEO, tel. +358 (0)10 665 3500
Taru Lehtinen, CFO, tel. +358 (0)10 665 3609
News conference and live webcast
Alma Media will publish its Interim Report for 1 January-30 September 2025 on Friday, 31 October 2025 approximately at 8.00 EEST. An analyst and investor webcast will be held in English by President & CEO Kai Telanne and CFO Taru Lehtinen starting at 11.00 am.
The conference will be held in the Alma House (address: Alvar Aallon katu 3 C, Helsinki). To participate in the conference in Alma House, we kindly ask you to register beforehand by e-mail to: kutsut@almamedia.fi.
The live webcast can be followed via https://almamedia.events.inderes.com/q3-2025/register. Questions can be asked through the webcast chat function.
An on-demand version of the webcast and the presentation material will be available on the company's website on the same day www.almamedia.fi/en/investors/reports-and-presentations/presentations.
Alma Media's financial calendar 2026
- Financial Statements Bulletin for the financial year 2025 on Thursday, 5 February 2026 at approximately 8:00 EET
- Interim Report for January-March 2026 on Wednesday, 29 April 2026, at approximately 8:00 a.m EET
- Interim Report for January-June 2026 on Wednesday, 12 August 2026, at approximately 8:00 a.m EET
- Interim Report for January-September 2026 on Thursday, 29 October 2026 at approximately 8:00 a.m EET
- The Financial Statements, Report by the Board of Directors, Auditor's Report and Corporate Governance Statement for the financial year 2025 will be published by Thursday, 19 March 2026.
- The Annual General Meeting is planned to be held on Thursday, 9 April 2026. The materials related to the Annual General Meeting will be available on the Alma Media website.
ALMA MEDIA CORPORATION
Board of Directors
Distribution: NASDAQ Helsinki, main media, www.almamedia.fi/en
Alma Media in brief
Alma Media is an international company of digital media, marketplaces and services with a strong capacity for renewal. We inspire human curiosity and choice by creating services that combine technology and content with a local heart. In Finland, our best-known brands include Kauppalehti, Talouselämä, Iltalehti, Jobly, Etuovi.com, Nettiauto and Nettimoto. Our recruitment services include prace.cz and jobs.cz in the Czech Republic, Profesia.sk in Slovakia and mojposao.net in Croatia.
In Finland, our business operations include leading housing and automotive marketplaces, financial and professional media, national consumer media and content and data services for businesses and professionals. Alma Media's international business in Eastern Central Europe, Sweden and the Baltic countries consists of recruitment services and an online marketplace for commercial properties.
Alma Media operates in 10 countries in Europe and employs approximately 1,700 professionals. Alma Media's revenue from continuing operations was EUR 313 million in 2024 of which the share of digital business was 84%. Alma Media's share is listed on NASDAQ Helsinki. Read more at www.almamedia.fi/en/.