Alma Media Corporation Interim Report 29 October 2026 at 8.00 a.m.
ALMA MEDIA’S INTERIM REPORT JANUARY–SEPTEMBER 2026: Revenue increased by 6.3% and adjusted operating profit improved by 15.8% in Q3
Financial performance July-September 2026:
- Revenue MEUR 84.2 (79.3), up 6.3%.
- The share of digital business was 88.4% (87.8%) of revenue.
- Adjusted operating profit MEUR 26.3 (22.7), up 15.8%, 31.2% (28.6%) of revenue.
- Operating profit MEUR 26.3 (22.6), up 16.1%.
- Adjusted EBITDA MEUR 29.8 (27.4), up 8.8%.
- Earnings per share EUR 0.25 (0.20), up 23.3%.
- Alma Career: Revenue up 5.7% and adjusted operating profit up by 5.5%, driven by strong performance in the Czech market.
- Alma Marketplaces: Revenue up 12.9% and adjusted operating profit up by 30.4%, with growth across all business units.
- Alma News Media: Revenue on par with the comparison period, adjusted operating profit up 6.3% and margin improved.
Financial performance January-September 2026:
- Revenue MEUR 255.2 (242.2), up 5.4%.
- The share of digital business was 87.1% (86.0%) of revenue.
- Adjusted operating profit MEUR 71.1 (61.0), up 16.5%, 27.9% (25.2%) of revenue.
- Operating profit MEUR 70.8 (59.1), up 19.8%.
- Adjusted EBITDA MEUR 82.1 (74.7), up 9.9%.
- Earnings per share EUR 0.66 (0.52), up 27.3%.
Key figures
| 2026 | 2025 | Change | 2026 | 2025 | Change | 2025 | |
| MEUR | Q3 | Q3 | % | Q1–Q3 | Q1–Q3 | % | Q1–Q4 |
| Revenue | 84.2 | 79.3 | 6.3 | 255.2 | 242.2 | 5.4 | 327.1 |
| Classified | 34.2 | 32.0 | 6.9 | 102.1 | 95.3 | 7.1 | 126.5 |
| Digital services* | 20.2 | 17.5 | 15.4 | 57.5 | 50.1 | 14.8 | 68.0 |
| Advertising* | 12.9 | 12.6 | 1.9 | 43.0 | 42.5 | 1.2 | 58.6 |
| Content | 12.7 | 12.4 | 2.5 | 38.6 | 37.8 | 2.1 | 50.8 |
| Other | 4.3 | 4.8 | −10.5 | 14.0 | 16.4 | −15.0 | 23.2 |
| Digital business revenue | 74.5 | 69.6 | 6.9 | 222.3 | 208.3 | 6.7 | 280.8 |
| Digital business, % of revenue | 88.4% | 87.8% | 87.1% | 86.0% | 85.9% | ||
| Adjusted total expenses | 58.0 | 56.6 | 2.4 | 184.3 | 181.3 | 1.7 | 245.3 |
| Adjusted EBITDA | 29.8 | 27.4 | 8.8 | 82.1 | 74.7 | 9.9 | 100.4 |
| EBITDA | 29.7 | 27.3 | 9.0 | 81.8 | 72.8 | 12.4 | 96.7 |
| Adjusted operating profit | 26.3 | 22.7 | 15.8 | 71.1 | 61.0 | 16.5 | 82.1 |
| % of revenue | 31.2% | 28.6% | 27.9% | 25.2% | 25.1% | ||
| Operating profit (loss) | 26.3 | 22.6 | 16.1 | 70.8 | 59.1 | 19.8 | 77.8 |
| % of revenue | 31.2% | 28.5 % | 27.7% | 24.4% | 23.8% | ||
| Profit for the period before tax | 25.8 | 20.8 | 23.9 | 68.8 | 53.7 | 28.1 | 70.7 |
| Profit for the period | 20.7 | 16.7 | 23.5 | 55.1 | 43.1 | 27.6 | 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: Strong profitability and broad-based growth support future value creation
Alma Media delivered continued growth and a strong improvement in profitability during Q3. Revenue increased by 6.3% to MEUR 84.2, and digital business accounted for 88.4% of revenue.
Adjusted operating profit increased by 15.8% to MEUR 26.3, corresponding to an adjusted operating margin of 31.2%. All business segments improved their results. The strong performance was supported by disciplined cost management, a favourable business mix and continued growth in higher-value digital services. The development demonstrates that the execution of our strategy is progressing in line with our long-term financial targets.
Our financial position remained strong. The quality of earnings remained high, with strong profitability translating into solid cash flow. Net debt decreased by 27.4% to MEUR 105.1, gearing declined to 40.0% and the equity ratio strengthened to 54.9%. The strong balance sheet and cash flow provide a solid foundation for future growth, business development and strategic investments.
Our geographical diversification and broad portfolio of digital businesses continued to support the Group’s performance in this environment. While Finland’s economic outlook continued to show signs of recovery, cautious consumer spending particularly in durables continued to weigh on domestic demand. At the same time, our international operations e.g. in Czechia and Sweden, remained an important driver of growth.
All segments improved their results
Revenue in Alma Career rose by 5.7% to MEUR 27.7. In local currencies, revenue grew by 4.2%. Adjusted operating profit strengthened to MEUR 11.7 (11.1), representing a stable margin of 42.2%, despite continued investments in cloud migration and the development of a shared recruitment platform. Invoicing in local currencies went up by 4.1%.
Growth was driven by strong performance and growing ad volumes in Czechia. Invoicing declined slightly in Slovakia and in Croatia. Invoicing in Baltics increased slightly, but Finland continued to face cautious employer demand and high unemployment.
Alma Marketplaces continued its strong performance across businesses. Revenue rose by 12.9% to MEUR 32.3 and adjusted operating profit by 30.4% to MEUR 12.8, lifting the margin to 39.7%. Adjusted EBITDA was up 16.6%. Realised acquisition synergies, restructuring measures and a growing focus on higher-value digital services strengthened profitability and will support long-term growth ambitions.
Real Estate revenue grew by 15.9%, including 14.4% organic growth, supported by an expanding service offering, growing demand for services and continued growth in digital housing transactions. Classified revenue rose by 11.0%. Increased regulatory requirements boosted demand for Real Estate Insights services.
Mobility revenue grew by 4.3%, supported by higher classified revenue and advertising. Insights services advanced by 11.1% driven by licence-based revenue, while one-off and print sales remained at the prior-year level. Comparison Services revenue rose by 39.0%, reflecting the acquisition of Effortia’s electricity comparison services.
Revenue in Alma News Media was stable at MEUR 24.5. Excluding divested businesses, revenue increased by 0.7%. Digital business accounted for 65.2% (62.8%) of the segment’s revenue. Advertising revenue increased by 1.3% to MEUR 10.2 (10.0), supported by growth in B2B and digital advertising, while B2C advertising remained subdued. Content revenue increased by 2.5%, as 10% growth in digital content revenue offset the decline in print. Adjusted operating profit improved Q-on-Q for the 11th consecutive quarter, up 6.3% to MEUR 4.5, corresponding to a margin of 18.5% (17.3%).
AI and data capabilities strengthen competitiveness
AI is increasingly embedded in everyday work, product development and customer-facing services, and the progress is visible across our businesses. In recruitment services, AI is used to improve job matching, personalise job searches and support customer service and sales. In media, AI supports research, analysis, transcription and content production, while
editorial responsibility remains with journalists. AI is also used to develop more relevant content recommendations and customer journeys. In marketplaces and professional information services, applications include engagement-increasing features for housing, property valuation and a comprehensive legal information suite.
These developments build on Alma’s investments in high-quality data, trusted brands, deep customer relationships and common technology platforms. As AI technologies become more widely available, competitive advantage increasingly depends on the ability to combine technology with proprietary data, domain expertise and a strong customer insight.
Scaling AI requires changes to how we work, supported by our new AI Governance Framework to ensure responsible use.
The next step is to move beyond individual tasks and redesign entire workflows and operating models around AI, automation and human expertise. Continuous learning enables this shift. By combining our people’s capabilities with data, technology and AI, we aim to drive productivity, create better customer experiences, accelerate innovation and strengthen long-term competitiveness.
Kai Telanne
President and CEO
Operating environment
All of the Group’s operating countries are dependent on foreign trade, uncertainty related to global trade and geopolitical developments may affect Alma Media’s operating environment.
According to the European Commission’s Spring 2026 Economic Forecast, the economic growth in EU is expected to be 1.1%, inflation 3.1% and the unemployment rate 6.0% in 2026. The forecast estimates that economic growth in Finland will reach 0.8% in 2026. Inflation is projected at 2.4%, while unemployment is forecast to rise to 10.1%.
In addition to Finland, Alma Media’s main markets are Czechia, Slovakia, Croatia and Sweden. According to the Commission’s forecast, GDP growth in 2026 is expected to be 1.8% in Czechia, 0.8% in Slovakia, 2.7% in Croatia and 1.8 % in Sweden. The unemployment rates are estimated at 3.1% in Czechia, 5.7% in Slovakia, 4.8% in Croatia, and 8.5% in Sweden.
According to preliminary data, the Finnish economy grew in the beginning of the year, supported by exports and investment, and private consumption also started to recover. However, elevated unemployment, rising interest rates and cautious consumer behaviour continue to weigh on customer demand, particularly for durable goods.
Outlook for 2026 (Updated: 29 October 2026)
Alma Media expects its full-year revenue and the adjusted operating profit of 2026 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 positive business development in the first nine months of the year is expected to continue and support revenue growth for the full year. The outlook does not assume a material improvement in market conditions, and market uncertainty continues. The outlook for adjusted operating profit remains unchanged.
The outlook is based on an assessment that economic conditions in the Company’s main market areas are expected to remain broadly unchanged, although positive signals have been observed. Fluctuations in the global economy may affect market development.
The operating environment in Finland remained mixed, although economic indicators continued to show signs of a gradual recovery. Consumer confidence remained subdued but is expected to strengthen gradually, supporting a broader recovery in demand. 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
In Finland, new passenger car registrations increased by nearly 18% in July–September to about 19,700 vehicles. Registrations of fully electric vehicles increased by 67%, accounting for 55% of all new passenger car registrations. The development was supported by a broader vehicle offering, lower operating costs, fossil fuel prices and the continued expansion of the charging network. A total of 173,320 used passenger cars were sold, down 2.3% year-on-year. The figure includes transactions by car dealerships, between consumers and between businesses.
Market development in housing
According to the Confederation of Real Estate Agencies in Finland, housing transaction volumes remained subdued during July–September 2026. A total of 13,269 residential properties were sold during the quarter, representing a decrease of 13.9% year-on-year and 18.4% compared with the five-year average. However, transaction volumes were higher than in either of the first two quarters of 2026.
Market conditions weakened towards the end of the quarter, with September transaction volumes declining by 17.5% year-on-year. Sales of new residential properties remained particularly subdued, with only 78 new homes sold in September, down 42.7% year-on-year.
Housing supply remained abundant, while prices of existing apartments continued to decline, particularly in the Helsinki metropolitan area. Rental housing supply also remained exceptionally high.
Market development in the media business
According to Fifty5Blue, media advertising remained subdued in January–September 2026, declining by 3.1% year-on-year, with online, out-of-home and radio advertising growing, while other media categories declined. In September, media advertising declined by 1.5%.
In January–September, advertising increased in the financial services (+12.5%) and travel and transport (+1.0%) sectors, while the largest declines were recorded in telecommunications (-15.3%), clothing (-11.6%), pharmaceuticals (-8.5%) and oil and energy (-6.9%).
Alma Media’s reach in Finland
Alma Media reaches a broad audience through its digital ser-vices in Finland, its primary market. During the third quarter, the Group’s services attracted on average 3.1 million weekly visitors (+2.9% vs. prior year). Session frequency, meaning how often users return to our services, averaged 16.3 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–30 September 2026 on Thursday, 29 October 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/q3-2026/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 2027
- Financial Statements Bulletin for the financial year 2026 on Thursday, 4 February 2027 at approximately 8:00 a.m. EET
- Interim Report for January–March 2027 on Thursday, 29 April 2027 at approximately 8:00 a.m. EET
- Half-Year Report for January–June 2027 on Thursday, 12 August 2027 at approximately 8:00 a.m. EET
- Interim Report for January–September 2027 on Thursday, 28 October 2027 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 2026 will be published by Thursday, 18 March 2027.
- The Annual General Meeting is planned to be held on Thursday, 8 April 2027. The materials related to the Annual General Meeting will be available on the Alma Media website.
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/