Alma Media Corporation Interim Report 29 April 2026 at 8.00 a.m.
ALMA MEDIA'S INTERIM REPORT JANUARY-MARCH 2026: Profitability continued to strengthen, with all segments improving their results
Financial performance January-March 2026:
- Revenue MEUR 83.1 (79.2), up 4.9%.
- The share of digital business was 85.9% (83.9%) of revenue.
- Adjusted operating profit MEUR 20.4 (17.2), 24.6% (21.7%) of revenue.
- Operating profit MEUR 20.3 (16.6), up 22.5%.
- Adjusted EBITDA MEUR 24.5 (21.6), up 13.2%.
- Earnings per share EUR 0.19 (0.14), up 41.2%.
- Alma Career: Revenue increased, driven by the Czech market, and adjusted operating profit grew by 14.4%.
- Alma Marketplaces: Revenue increased by 11.8%, and adjusted operating profit grew by 29.0%.
- Alma News Media: Profitability development remained strong. Adjusted operating profit increased by 21.9%.
Key figures
| MEUR | 2026 Q1 | 2025 Q1 | Change % | 2025 Q1-Q4 |
| Revenue | 83.1 | 79.2 | 4.9 | 327.1 |
| Classified | 33.3 | 31.1 | 7.3 | 126.5 |
| Digital services | 18.2 | 15.8 | 15.3 | 68.0 |
| Advertising | 13.6 | 13.8 | -1.1 | 58.6 |
| Content | 12.8 | 12.7 | 0.9 | 50.8 |
| Other | 5.1 | 5.8 | -13.0 | 23.2 |
| Digital business revenue | 71.3 | 66.4 | 7.3 | 280.8 |
| Digital business, % of revenue | 85.9 | 83.9 | 85.9 | |
| Adjusted total expenses | 62.7 | 62.0 | 1.1 | 245.3 |
| Adjusted EBITDA | 24.5 | 21.6 | 13.2 | 100.4 |
| EBITDA | 24.4 | 21.0 | 16.1 | 96.7 |
| Adjusted operating profit | 20.4 | 17.2 | 18.6 | 82.1 |
| % of revenue | 24.6 | 21.7 | 25.1 | |
| Operating profit (loss) | 20.3 | 16.6 | 22.5 | 77.8 |
| % of revenue | 24.5 | 21.0 | 23.8 | |
| Profit for the period before tax | 19.7 | 14.4 | 37.3 | 70.7 |
| Profit for the period | 15.8 | 11.2 | 41.9 | 55.7 |
* The classification of revenue has been further specified between advertising and digital services. The corresponding adjustment has been made to the comparison figures.
CEO's review: Digital business as the engine of growth. Data and AI are supporting transformation
Our business developed positively at the beginning of the year. Revenue increased by 4.9% in the first quarter to MEUR 83.1. Development was particularly strong in digital services, where revenue grew by 15.3% to MEUR 18.2. This demonstrates the consistent execution of our strategy towards scalable and data-driven service models. The share of digital business of the Group's revenue increased to 85.9%. Adjusted operating profit rose to MEUR 20.4, corresponding to 24.6% of revenue. Growth in classified advertising remained stable, while the Finnish advertising market continued to be subdued.
In our operating environment, demand for housing and especially new cars remains below long-term averages. Weak consumer confidence and cautious investment decisions continue to weigh on market sentiment in Finland.
Our financial position strengthened as a result of strong cash flow. Net interest-bearing debt decreased by 25.9% to MEUR 98.6, gearing declined to 37.7%, and the equity ratio increased to 53.0%. Our solid financial position provides an increasingly strong foundation for both organic growth and bolder strategic investments, despite the turbulent operating environment.
All segments improved their results
Revenue in the Alma Career segment increased by 4.6% to MEUR 27.9. In local currencies, revenue grew by 2.3% and invoicing by 2.6%. Adjusted operating profit improved by 14.4% to MEUR 11.2, corresponding to 40.1% of revenue, despite costs related to the cloud migration and the development of a shared recruitment platform. Profitability was supported by new pricing and productisation models as well as efficient cost management.
Labour market development varied across the segment's operating countries. In Czechia, conditions remained favourable with low unemployment, and demand was broad-based across customer segments. In addition to job advertisements, sales of value-added services developed positively. In Slovakia, the market remained subdued and recruitment decisions continued to be cautious. In Croatia, the unemployment rate continued to decline and demand for employees remained solid, although challenges related to labour shortages persisted, particularly in labour-intensive service sectors, and the role of foreign labour in recruitment remained significant. In the Baltic countries, the market situation was stable and demand for recruitment services increased moderately. In Finland, labour market weakness persisted: despite an ample supply of labour due to higher unemployment, demand remained weak.
Revenue in the Alma Marketplaces segment increased by 11.8% to MEUR 30.1. Organic growth was 6.6%. Adjusted operating profit improved by 29.0% to MEUR 9.5, and the adjusted operating profit margin increased to 31.7%. Investments made in the segment in recent years are reflected not only in profitability but also in growth, to which all business units contributed.
Revenue in the Real Estate business unit increased by 16.1% to MEUR 11.8. Nordic commercial property marketplaces continued to grow, particularly in Sweden. Digital housing transactions continued to strengthen, with an increasing share of transactions permanently shifting to digital channels.
The segment's other businesses also continued their steady growth and profitability-supporting development. Revenue in the Mobility business unit increased by 5.5% to MEUR 9.2. Revenue in the Insights business increased by 9.6% following the acquisition of Edilex Lakitieto Oy, and licence-based recurring revenue continued to grow. In Comparison Services, revenue increased by 26.2% as a result of the Effortia acquisition.
Revenue for the Alma News Media segment decreased by 1.7% to MEUR 25.4. Organic revenue remained at the level of the comparison period. Segment profitability improved, and adjusted operating profit increased by 21.9% to MEUR 3.7. Profitability was supported by a lighter cost structure and growth in digital business.
The share of digital business of the segment's revenue increased to 62.2%. The share of digital advertising of total advertising revenue rose to 83.8%. Digital content revenue increased by 10.0%, offsetting the decline in printed content revenue, while the number of digital subscriptions increased to 233,000. Kauppalehti's AI-based dynamic paywall continued to support growth in digital subscriptions.
AI and data capabilities strengthen competitiveness
Succeeding requires the ability to stay at the forefront of development, strategic flexibility, and continuous renewal. We invest systematically in technology, data and capabilities across all our businesses. We have moved from individual experiments towards the systematic use of AI as an integral part of everyday workflows at both individual and team level. AI supports internal productivity, the development of customer experience and commercial efficiency, while also creating new opportunities to strengthen customer value and renew the business.
Our long-term investment in data provides a strong foundation for leveraging AI and building a sustainable competitive advantage. Growth in the number of logged-in users and smoother interactions across Alma services enable the unified use of audience, behavioural and market data to improve the quality and relevance of customer content. This supports enhanced personalisation, deepens market insight and enables the seamless integration of AI into the business. By combining high-quality data, industry-specific expertise and scalable technology solutions, we create the foundations for long-term, profitable growth.
Kai Telanne
President and CEO
Operating environment
The Group's main operating countries are dependent on foreign trade, which means that uncertainty related to global trade and the geopolitical situation may be reflected in Alma Media's operating environment.
According to the European Commission's latest forecast published in November 2025, EU economic growth is expected to be 1.4%, inflation 2.1% and the unemployment rate 5.9% in 2026 (11/2025). The forecast estimates that economic growth in Finland will strengthen from 0.1% to 0.9% in 2026. Inflation is expected to slow from 1.9% to 1.6%, and the unemployment rate to decline from 9.5% to 9.3%. In addition to Finland, Alma Media's main markets are Czechia and Slovakia in Central Europe, as well as 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 at 3.0% in Czechia, 5.6% in Slovakia and 4.5% in Croatia.
The labour market situation in Finland remains weak, and consumer confidence continues to be subdued. Signs of recovery can be seen in industrial orders and exports, but uncertainty surrounding the economic outlook persists. Although moderate inflation and interest rates support a gradual strengthening of purchasing power, weak labour market conditions and prevailing uncertainty continue to constrain the recovery in consumer demand.
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 according to which economic conditions in the Company's main market areas are expected to remain broadly unchanged, and uncertainty in the markets continues. Fluctuations in the global economy may affect market development.
In Finland, subdued market growth and weak consumer confidence are expected to persist, and advertising continues to be subject to uncertainty. The Group's business diversification across multiple geographical markets and different business areas, together with systematic cost management, stabilises the Company's operations even in challenging market conditions.
Market situation in the main markets in Finland
Market development in the automotive industry
According to the Finnish Information Centre of the Automobile Sector, first registrations of new passenger cars increased by 3.0% to approximately 17,200 vehicles, of which rechargeable vehicles accounted for 61.3%. Total sales of used passenger cars remained at the level of the comparison period, at just under 146,000 vehicles, while sales through car dealerships increased by 1.1%. In particular, trading in used fully electric vehicles increased.
Market development in housing
According to the Confederation of Real Estate Agencies in Finland, the volume of transactions in old dwellings totalled 11,654 during January-March, representing a decrease of 9.1% compared with the previous year and 14.9% compared with the five-year average. Sales of new residential properties, totalling 281 units, were 35.7% lower than in the previous year and 78.6% below the five-year average. Oversupply in the owner-occupied housing market, particularly in smaller apartments, continues, and the recovery of residential construction remains slow. In the rental market, abundant supply continues to restrain rent increases.
Market development in the media business
According to Fifty5Blue (formerly Kantar TNS), the volume of media advertising declined by 4.2% in January-March compared with the corresponding period last year. Among media groups, online media (+3.8%), out-of-home advertising (+3.5%) and radio (+0.9%) recorded growth, while newspapers, magazines, television and cinema advertising saw a clear decline.
By sector, media advertising increased the most among oil and energy companies (+16.8%), cosmetics (+2.3%) and the construction sector (+0.4%). The steepest declines were seen in pharmaceuticals (-14.8%), clothing (-14.5%), telecommunications (-12.9%) and food products (-10.3%).
Alma Media's reach in Finland
Alma Media reaches a broad audience through its digital services in Finland, its primary market. During the first quarter, the Group's services attracted on average 3.0 million weekly visitors (+1.9% vs. prior year). Session frequency, meaning how often users return to our services, averaged 17.6 sessions per user per week, reflecting our services' ability to engage users and deliver sustained value to both advertisers and end users. ¹
¹ Finnish Internet Audience Measurement (FIAM)
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-31 March 2026 on Wednesday, 29 April 2026 approximately at 8.00 EEST. 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/q1-2026/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 https://www.almamedia.fi/en/investors/reports-and-presentations/presentations/.
Alma Media's financial calendar 2026
- 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
ALMA MEDIA CORPORATION
Board of Directors
Distribution: NASDAQ OMX 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 1,650 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 OMX Helsinki. Read more at www.almamedia.fi/en/
