Alma Media Corporation Financial Statements Bulletin 5 February 2026 at 8.00 a.m.
ALMA MEDIA'S FINANCIAL STATEMENTS BULLETIN JANUARY-DECEMBER 2025: The adjusted operating profit grew by 8.1% in Q4 and 6.8% in FY 2025
Financial performance October-December 2025:
- Revenue MEUR 84.9 (81.2), up 4.6%.
- The share of digital business was 85.4% (83.6%) of revenue.
- Adjusted operating profit MEUR 21.1 (19.5), 24.8% (24.0%) of revenue.
- Operating profit MEUR 18.7 (17.7), up 5.9%.
- Alma Career: Revenue and the adjusted operating profit on par with the comparison period.
- Alma Marketplaces: Revenue grew by 17.5% organically and supported by acquisitions, while adjusted operating profit continued to improve.
- Alma News Media: Profitability continued to improve, the adjusted operating profit margin at 18.9%.
- Earnings per share EUR 0.15 (0.15), up 4.2%.
Financial performance January-December 2025:
- Revenue MEUR 327.1 (321.7), up 4.6%.
- The share of digital business was 85.9% (84.2%) of revenue.
- Adjusted operating profit MEUR 82.1 (76.9), 25.1% (24.6%) of revenue.
- Operating profit MEUR 77.8 (73.4), up 6.0%.
- Earnings per share EUR 0.67 (0.64), up 5.9%.
- The Board's preliminary dividend proposal: EUR 0.48 (0.46) per share.
| |||||||||||||||||||||
| Revenue | 84.9 | 81.2 | 4.6 | 327.1 | 312.7 4.6 | |
| Classified | 31.2 | 29.8 | 4.5 | 126.5 | 122.2 3.5 | |
| Advertising | 16.1 | 16.5 | -2.6 | 58.9 | 60.0 | -1.9 |
| Digital services * | 17.8 | 15.0 | 19.2 | 67.7 | 56.5 | 19.9 |
| Content | 13.0 | 13.2 | -1.6 | 50.8 | 50.6 | 0.4 |
| Other * | 6.7 | 6.6 | 2.1 | 23.2 | 23.3 | -0.4 |
| Digital business revenue | 72.5 | 67.9 | 6.9 | 280.8 | 263.4 6.6 | |
| Digital business, % of revenue | 85.4 | 83.6 | 85.9 | 84.2 | ||
| Adjusted total expenses | 64.0 | 61.8 | 3.5 | 245.3 | 236.2 3.9 | |
| Adjusted EBITDA | 25.7 | 23.9 | 7.8 | 100.4 | 94.0 | 6.8 |
| EBITDA | 23.9 | 22.5 | 6.4 | 96.7 | 91.0 | 6.3 |
| Adjusted operating profit | 21.1 | 19.5 | 8.1 | 82.1 | 76.9 | 6.8 |
| % of revenue | 24.8 | 24.0 | 25.1 | 24.6 | ||
| Operating profit/loss | 18.7 | 17.7 | 5.9 | 77.8 | 73.4 | 6.0 |
| % of revenue | 22.0 | 21.8 | 23.8 | 23.5 | ||
| Profit for the period before tax | 17.0 | 16.5 | 3.2 | 70.7 | 67.0 | 5.6 |
| Profit for the period | 12.6 | 12.1 | 3.9 | 55.7 | 52.6 | 5.9 |
* The classification of revenue has been further specified between digital services and other revenue. The corresponding adjustment has been made to the comparison figures.
Preliminary dividend proposal to the Annual General Meeting
On 31 December 2025, the Group's parent company had distributable funds totalling EUR 182,390,270 (155,670,182). Alma Media's Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.48 per share be paid for the financial year 2025 (2024: EUR 0.46 per share). The dividend will be paid to shareholders who are registered in Alma Media Corporation's shareholder register maintained by Euroclear Finland Ltd on the record date of the payment, 13 April 2026. The Board of Directors proposes that the dividend be paid on 20 April 2026. Based on the number of outstanding shares on the closing date, 31 December 2025, the dividend payment totals EUR 39,443,384 (37,786,811). Alma Media publishes notice to the Annual General Meeting of 25 February 2026, Financial Statements and Dividend Proposal will be published on 19 March 2026.
No essential changes have taken place after the end of the financial year with respect to the company's financial standing. The proposed distribution of profit does not, in the view of the Board of Directors, compromise the company's liquidity.
CEO's review: Digital business fueled growth - development investments laid the foundation for the future
Our business developed positively in Q4. Revenue grew by 4.6% to EUR 84.9 million, supported both organically and by acquisitions. Adjusted operating profit increased by 8.1% to MEUR 21.1, representing 24.8% of revenue. Digital business grew by 6.9%, with its share of total revenue rising to 85.4%. Revenue from digital services grew by 19.2% to MEUR 17.8.
Our financial position continued to strengthen through strong cash flow: gearing decreased to 50.5% (59.6%), and the equity ratio improved to 52.6% (48.6%).
Demand for used homes and cars continued to recover moderately. Consumer confidence did not yet return, which was still reflected in cautious household investment decisions and increased savings rates. In Finland, the economic outlook remained uncertain.
Investments in technology and development accelerate the growth path
Revenue for the Alma Career segment remained at the comparison period's level at MEUR 26.4 (26.3). In local currencies, revenue was down by 1.9%, but invoicing picked up by 2.3%. Profitability was on par with the comparison period. Development costs grew due to cloud migration and the development of the shared job platform, but personnel expenses decreased as headcount declined.
Labour market performance varied across the segment's operating countries. In Czechia, market conditions remained strong and unemployment stayed among the lowest in the EU. All customer groups showed positive development, with growth both in job posting sales and in value-added services. In Slovakia, development remained subdued, with recruitment caution visible across customer segments. In Croatia, unemployment remained low and demand for labour strong. Labour shortages in labour-intensive industries were increasingly addressed through international workforce brought in by staffing agencies rather than traditional job portals. In the Baltic countries, development remained stable and demand for recruitment services increased. Despite a moderate increase in the number of open positions in Finland, job postings continued to decline and the market situation remained challenging.
In the Alma Marketplaces segment's revenue grew by 17.5% to MEUR 30.4, both organically and through acquisitions. Organic growth totaled 6.6%. Acquisitions drove cost levels up by 16.0%. Adjusted operating profit surged by 26.9% to MEUR 8.7, representing 28.8% (26.6%) of revenue. Investments made in the segment over the past two years are now visible in both growth and profitability.
Revenue of the Real Estate business unit rose by 20.4% to MEUR 11.3. Growth of 23.6% in Nordic commercial real estate services was driven by strong demand in the Swedish market and by productisation and pricing reforms. Increasing regulatory requirements in Real Estate Insights, the gradual recovery of the housing market, and growth in transactional revenue supported overall performance. The gradual recovery of the domestic housing market was reflected in moderate growth in used home transactions. More than half of real estate agents' used apartment sales were completed digitally. In October, a record 2,945 digital home transactions were completed, including Finland's all-time 100,000th digital property transaction.
Revenue in the Mobility business unit grew by 2.7% to MEUR 9.2. Following the acquisition of Edilex Lakitieto Oy and the growth of annual recurring revenue, the Insights business unit's revenue climbed by 33.7% to MEUR 7.5. Comparison Services revenue grew by 25.1% driven by the acquisition of Effortia Oy's electricity comparison services.
Revenue for the Alma News Media segment amounted to MEUR 28.3, on par with comparison period, when discontinued brands are taken into account. Adjusted operating profit strengthened by 5.0% to MEUR 5.3, reaching a record 18.9% (17.4%) of revenue, even though the segment's advertising sales declined organically by 1.1% to MEUR 13.0. The segment has actively developed its product portfolio, and digital content revenue grew by 4.9%.
In a busy news environment, new IPOs, strong performance of the Helsinki stock market and the popularity of saving and investing increased demand for investment content. Iltalehti maintained its strong position as Finland's largest digital news medium. Kauppalehti renewed its stock market service, and the daily Talousaamu broadcast increased its viewership. The share of digital business within the segment's revenue grew to 63%, and the total number of digital subscriptions rose by 10.9% to nearly 230,000 in total. At Kauppalehti, digital subscription growth was supported especially by the introduction of an AI-based dynamic paywall during the summer.
AI and data accelerate our innovation efforts
To succeed in a variable operating environment, we continued to invest in talent, technology and service development. Data-driven and AI-enabled solutions deepen customer collaboration, support long-term value creation and open new growth opportunities.
We have moved from experimentation to the systematic, permanent use of AI across all areas of our business. In the AI era, we have succeeded in harnessing data consistently to create tangible value for our customers. Our AI-powered, data-driven solutions have been very well received in the market, and customers have incorporated our commercial AI services into their own operations. Our objective is to build sustainable competitive advantage for our customers and for our own business in the era of artificial intelligence.
Kai Telanne
President and CEO
Operating environment
In its most recent economic forecast (11/2025), the European Commission projects economic growth of 1.4%, inflation of 2.1%, and the unemployment rate of 5.9% in the EU for 2026.
The Commission forecasts that Finland's economic growth will accelerate from 0.1% in 2025 to 0.9% in 2026, inflation will decline from 1.9% to 1.6%, and the unemployment rate will fall from 9.5% to 9.3%. The weakening of employment has halted due to labour force growth and strengthened incentives. In the industrial sector, employment and order intake indicate a gradual recovery in exports, and the economy is moving from recession toward slow growth. Inflation and interest rates are expected to remain moderate, and real wages to increase, but consumer confidence remains weak. As a result, households are postponing major purchases for precautionary reasons, which is reflected in a higher savings rate in Finland.
In addition to Finland, Alma Media's main markets are Czechia and Slovakia in Central Europe and Croatia in Southern Europe. According to the Commission's forecast, GDP growth in 2026 is expected to be 1.9% in Czechia, 1.0% in Slovakia, and 2.9% in Croatia. The unemployment rates are estimated to be 3.0% in Czechia, 5.6% in Slovakia, and 4.5% in Croatia.
Alma Media'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.
Outlook for 2026
Alma Media expects its full-year revenue of 2026 to remain at the 2025 level and the adjusted operating profit to grow. The full-year revenue for 2025 was MEUR 327.1 and the adjusted operating profit was MEUR 82.1.
Background for the outlook
The outlook is based on an assessment that the economies in the company's main markets are expected to remain broadly unchanged, while market uncertainty persists. Fluctuations in the global economy may affect market developments.
The subdued growth of the Finnish market and weak consumer confidence are expected to continue, and advertising is still characterised by uncertainty. The Group's diversified business portfolio, both geographically across several markets and across multiple business areas, together with disciplined cost management, helps to stabilise the company's business performance 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 decreased by 3.0% in 2025 to 71,888 units, while the trade in used passenger cars increased by 4.1% to 643,000 vehicles. In Q4, sales of used cars remained stable, but registrations of new cars declined by 3.4%.
Market development in housing
According to the Central Federation of Finnish Real Estate Agencies, housing transaction volumes rose by a total of 10.7% in 2025. In October-December, sales of used homes (14,329 units) grew by 3.6%, while sales of new homes (364 units) dipped by 41.4%.
In the rental market, supply remains abundant, which is limiting rent increases. In the owner-occupied housing market, oversupply has grown as both projects under construction and newly completed units have increased available inventory. Housing construction is still expected to recover only gradually.
Market development in the media business
According to Kantar TNS, a total of 1,261 million euros was spent on media advertising in 2025, which is 0.7% less than in 2024. When social media and search advertising are excluded from the total, media advertising decreased by 3.0%. Among industries, the largest increases in media advertising came from oil and energy companies, telecommunications services, and advertisers in the travel and transport sectors. Advertising in cosmetics, construction, and clothing declined the most. In December 2025, media advertising decreased by 8.8% year-on-year.
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 Corporation will publish the Financial Statement Bulletin for January 1-December 31, 2025, accounting period on Thursday, 5 February 2026 approximately at 8.00 EET.
A combined analyst, investor and media conference and webcast will be held in English by President & CEO Kai Telanne and CFO Taru Lehtinen at 11.00-12.00.
The conference will be arranged 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 in advance by e-mail to: kutsut@almamedia.fi.
The live webcast can be followed via https://almamedia.events.inderes.com/q4-2025/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
- 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 Czechia, 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 327 million in 2025 of which the share of digital business was 86%. Alma Media's share is listed on NASDAQ Helsinki. Read more at www.almamedia.fi/en/.
