Alma Media's Half-Year Report January-June 2026: Strong profitability with all segments improving results
Alma Media Corporation Half-Year Report 12 August 2026 at 8.00 a.m.
ALMA MEDIA’S HALF-YEAR REPORT JANUARY–JUNE 2026: Strong profitability with all segments improving results
Financial performance April–June 2026:
- Revenue MEUR 87.9 (83.7), up 5.0%.
- The share of digital business was 87.1% (86.2%) of revenue.
- Adjusted operating profit MEUR 24.4 (21.1), up 15.6%, 27.7% (25.2%) of revenue.
- Operating profit MEUR 24.2 (19.9), up 21.6%.
- Adjusted EBITDA MEUR 27.9 (25.7), up 8.5%.
- Earnings per share EUR 0.22 (0.18), up 21.5%.
- Alma Career: Revenue up 5.5% and adjusted operating profit up by 4.9%, driven by strong performance in the Czech market.
- Alma Marketplaces: Revenue up 9.2% and adjusted operating profit up by 31.1%, with growth across all business units.
- Alma News Media: Revenue up 1.2%, adjusted operating profit up 20.6%, with a record 20.0% margin.
Financial performance January–June 2026:
- Revenue MEUR 171.0 (162.9), up 4.9%.
- The share of digital business was 86.5% (85.1%) of revenue.
- Adjusted operating profit MEUR 44.8 (38.3), up 16.9%, 26.2% (23.5%) of revenue.
- Operating profit MEUR 44.5 (36.5), up 22.0%.
- Adjusted EBITDA MEUR 52.3 (47.3), up 10.6%.
- Earnings per share EUR 0.41 (0.32), up 29.9%.
Key figures
| 2026 | 2025 | Change | 2026 | 2025 | Change | 2025 | |
| MEUR | Q2 | Q2 | % | Q1—Q2 | Q1—Q2 | % | Q1—Q4 |
| Revenue | 87.9 | 83.7 | 5.0 | 171.0 | 162.9 | 4.9 | 327.1 |
| Classified | 34.5 | 32.2 | 7.1 | 67.8 | 63.3 | 7.2 | 126.5 |
| Digital services* | 19.1 | 16.8 | 13.6 | 37.4 | 32.7 | 14.4 | 68.0 |
| Advertising* | 16.6 | 16.1 | 2.6 | 30.2 | 29.9 | 0.9 | 58.6 |
| Content | 13.1 | 12.7 | 3.0 | 25.9 | 25.4 | 1.9 | 50.8 |
| Other | 4.6 | 5.8 | −20.6 | 9.7 | 11.6 | −16.8 | 23.2 |
| Digital business revenue | 76.5 | 72.2 | 6.0 | 147.9 | 138.6 | 6.6 | 280.8 |
| Digital business, % of revenue | 87.1% | 86.2% | 86.5% | 85.1% | 85.9% | ||
| Adjusted total expenses | 63.6 | 62.6 | 1.5 | 126.3 | 124.7 | 1.3 | 245.3 |
| Adjusted EBITDA | 27.9 | 25.7 | 8.5 | 52.3 | 47.3 | 10.6 | 100.4 |
| EBITDA | 27.7 | 24.5 | 13.0 | 52.0 | 45.5 | 14.4 | 96.7 |
| Adjusted operating profit | 24.4 | 21.1 | 15.6 | 44.8 | 38.3 | 16.9 | 82.1 |
| % of revenue | 27.7% | 25.2% | 26.2% | 23.5% | 25.1% | ||
| Operating profit (loss) | 24.2 | 19.9 | 21.6 | 44.5 | 36.5 | 22.0 | 77.8 |
| % of revenue | 27.5% | 23.8 % | 26.0% | 22.4% | 23.8% | ||
| Profit for the period before tax | 23.3 | 18.5 | 25.8 | 43.0 | 32.9 | 30.8 | 70.7 |
| Profit for the period | 18.6 | 15.3 | 21.7 | 34.4 | 26.4 | 30.2 | 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 driven by digital businesses and operational excellence
Alma Media delivered continued growth and improved profitability during the second quarter. Revenue increased by 5.0% to MEUR 87.9 and the share of digital business reached 87.1% of the revenue.
Adjusted operating profit improved by 15.6% to MEUR 24.4, corresponding to an adjusted operating margin of 27.7%.
The improvement in profitability demonstrates that the execution of our strategy is progressing in line with our long-term financial targets. Profitability improved across all business segments, supported by disciplined cost management, a favourable portfolio mix and the continued shift towards higher-value digital businesses.
Our financial position remained strong. Net debt decreased by 21.1% to MEUR 125.1, gearing was 51.8% and the equity ratio stood at 52.4%, providing a solid foundation for future growth and strategic investments.
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. At the same time, our international operations, particularly in Czechia and Sweden, remained an important driver of growth.
All segments improved their results
Revenue in Alma Career increased by 5.5% to MEUR 28.5. In local currencies, revenue improved by 4.1%. Adjusted operating profit rose to MEUR 12.0 (11.4), representing a stable margin of 42.0% (42.2%), despite continued investments in cloud migration and the development of a shared recruitment platform. Invoicing in local currencies went up by 3.5% (Q1/2026: 2.6%). Growth was driven by sound development from all customer segments in Czechia.
Demand for recruitment services was strong in Czechia, supported by the EU’s lowest unemployment rate. The recruitment demand remained relatively resilient in Croatia despite persistent labour shortages in several sectors, and demand increased modestly in the Baltics. The conditions in Slovakia continued to be muted, and Finland faced high unemployment, declining job vacancies and cautious employer demand.
Alma Marketplaces continued to perform strongly across its businesses. Revenue increased by 9.2% to MEUR 31.9, while adjusted operating profit grew by 31.1% to MEUR 11.0, lifting the margin to 34.6% (28.8%). Adjusted EBITDA increased by 16.3%.
Realised acquisition synergies, restructuring measures and the increasing focus on higher-value digital services have strengthened profitability and support the long-term growth ambitions.
Revenue in the Real Estate business unit increased by 14.8%. The impact of organic revenue growth was 12.8%. Growth was supported by an expanding range of service offerings, growing demand for commercial real estate services and continued growth in digital housing transactions. Classified revenue increased by12.4%, driven by broad-based growth across all business units, particularly in Sweden. Increased regulatory requirements in customers’ operations boosted demand for Real Estate Insights services.
The segment’s other businesses also continued their steady growth and contributed positively to profitability. Revenue in the Mobility business unit increased by 5.0% to MEUR 9.9. Revenue in the Insights business grew by 1.1%, while licence-based recurring revenue continued to increase. In Comparison Services, revenue went up by 25.3%, driven by the Effortia acquisition.
Revenue in Alma News Media increased by 1.2% to MEUR 27.8. Excluding divested businesses, revenue increase was 2.6%. Digital business accounted for 65.3% (63.9%) of the segment’s revenue. Advertising revenue increased by 3.8% to MEUR 13.0 (12.6).
Adjusted operating profit increased by 20.6% to MEUR 5.6, corresponding to the segment’s record-high margin of 20.0% (16.8%). Growth in digital content and digital advertising revenue more than offset the continued decline in print-related business.
The number of digital subscriptions developed to 239,000, demonstrating the continued strength of our content brands and our ability to attract and retain digital subscribers.
AI and data capabilities strengthen competitiveness
Succeeding requires strategic flexibility, continuous renewal and the ability to stay at the forefront of development. We invest systematically in technology, data and capabilities across our businesses. AI is increasingly integrated into everyday workflows, supporting productivity, customer experience and commercial efficiency while creating new opportunities to enhance customer value.
AI and data are becoming increasingly important sources of competitive advantage. As AI reshapes how customers discover information, products and services, success depends on access to high-quality data, trusted brands and deep domain expertise. Alma’s strong market positions, data assets and technology capabilities provide a solid foundation for creating customer value in an increasingly AI-driven environment.
Our long-term investments in data support the effective use of AI across the Group. Growth in logged-in users and deeper customer engagement strengthen personalisation, customer insights and the relevance of our services, supporting long-term profitable growth.
Kai Telanne
President and CEO
Operating environment
As the Group’s main 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, EU economic growth 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 pick up to 0.8% in 2026. Inflation is expected to increase to 2.4%, while the unemployment rate is forecast to rise to 10.1%.
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 1.8% in Czechia, 0.8% in Slovakia and 2.7% in Croatia. The unemployment rates are estimated at 3.1% in Czechia, 5.7% in Slovakia and 4.8% in Croatia.
The most recent indicators suggest that Finland’s economic recovery is gaining momentum. Preliminary national accounts data indicate that a turning point has been reached, supported by improving export prospects and strengthening business confidence. While these developments provide a more positive outlook for economic activity, their impact on customer demand has so far remained limited. Elevated unemployment and lingering uncertainty continue to weigh on household confidence and spending.
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, despite positive signals have been seen in the market. Uncertainty in the markets is expected to continue. 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
According to the Finnish Information Centre of the Automobile Sector, first registrations of new passenger cars increased by 0.7% from 19,955 to 20,053 vehicles in April–June 2026. Rechargeable vehicles continued to account for more than 60% of new passenger car registrations. The registrations of fully electric vehicles remained on a strong growth trajectory.
Used passenger car sales declined 1.5% in H1, with dealer sales down 0.8% and private transactions down 2.1%.
Market development in housing
According to the Confederation of Real Estate Agencies in Finland, housing transaction volumes remained weak during April–June 2026. The volume of transactions in old dwellings totalled 11,990, representing a decrease of 17.1% compared with the previous year. Sales of new residential properties remained exceptionally subdued, totalling 339 units and 25.7% lower than in the previous year.
Oversupply in the owner-occupied housing market, particularly in smaller apartments, continues, while the recovery of the housing market remains gradual. In the rental market, abundant supply continues to restrain rent increases.
Market development in the media business
According to Fifty5Blue, the volume of media advertising decreased by 4.5% in January–June 2026 compared with the corresponding period last year. Online media (+3.5%), out-of-home advertising (+3.6%) and radio (+1.4%) grew, while print media, television and cinema advertising declined.
By sector, advertising expenditure increased most in finance and cosmetics, whereas telecommunications, pharmaceuticals, clothing, and oil and energy recorded the largest declines.
Alma Media’s reach in Finland
Alma Media reaches a broad audience through its digital ser-vices in Finland, its primary market. During the second quarter, the Group’s services attracted on average 3.1 million weekly visitors (+2.6% vs. prior year). Session frequency, meaning how often users return to our services, averaged 17.1 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 Half-Year Report for 1 January–30 June 2026 on Wednesday, 12 August 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/q2-2026/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–September 2026 on Thursday, 29 October 2026 at approximately 8:00 a.m. EET
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 1,650 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/