Alma Media > Releases > Stock exchange release > Alma Media’s Interim Report January–March 2023: Revenue decreased slightly year-on-year, digital revenue continued to grow. Operating profit decreased from the comparative period.

Alma Media’s Interim Report January–March 2023: Revenue decreased slightly year-on-year, digital revenue continued to grow. Operating profit decreased from the comparative period.

Alma Media Corporation Interim Report                  21 April 2023 at 8.00 a.m.

ALMA MEDIA’S INTERIM REPORT JANUARY–MARCH 2023: Revenue decreased slightly year-on-year, digital revenue continued to grow. Operating profit decreased from the comparative period.

Financial performance January–March 2023:

  • Revenue MEUR 75.2 (76.2), down 1.3%.
  • The share of digital business was 81.8% (79.9%) of total revenue.
  • Adjusted operating profit MEUR 17.0 (19.6), down 13.3%.
  • Operating profit MEUR 16.5 (19.8), down 16.7%.
  • Alma Career: Revenue grew, but increased operating expenses weakened profitability.
  • Alma Consumer: Profitability was reduced by lower advertising revenue, as well as increased product development, printing and delivery costs.
  • Alma Talent: Comparable revenue was on a par with the previous year. Profitability decreased due to the weaker performance of the media business. The adjusted operating profit of Talent Services grew by 19%.
  • Earnings per share EUR 0.14 (0.19).

Key figures









Revenue 75.2 76.2 -1.3 308.8
Marketplaces 36.6 35.0 4.5 144.6
Media 25.5 26.2 -2.7 107.8
– of which digital 58.8% 60.1% 60.6%
Service revenue 13.1 15.0 -12.3 56.3
– of which digital 75.9% 67.3% 71.8%
Digital business revenue 61.6 60.9 1.2 249.7
Digital business, % of revenue 81.8 79.9 80.9
Adjusted total expenses 58.3 56.7 2.8 235.7
Adjusted EBITDA 21.3 24.0 -11.2 90.6
EBITDA 20.7 24.1 -14.0 97.2
Adjusted operating profit 17.0 19.6 -13.3 73.4
% of revenue 22.6 25.8 23.8
Operating profit/loss 16.5 19.8 -16.7 80.0
% of revenue 21.9 26.0 25.9
Profit for the period before tax 14.6 20.1 -27.2 86.4
Profit for the period 11.7 16.0 -27.1 71.9

Operating environment in 2023

The effects of Russia’s war of aggression and dwindling economic growth were reflected in the operating environment in early 2023. The European economy continued to be adversely affected by sanctions, supply chain disruptions and problems associated with the availability of raw materials, among other things. High inflation continued, while market interest rates increased sharply year-on-year. Combined, these factors have put consumer confidence to the test and reduced the real purchasing power of households relative to the comparison period.

The growth rates of the national economies of Finland and Alma Media’s other operating countries are expected to decrease in 2023.

In its February economic forecast, the European Commission estimated that economic growth in the eurozone was 3.5% on average in 2022, but projected slower growth of 0.8% in 2023 and 1.6% in 2024. The Commission estimated that, in spite of the disruptions caused by the war, a recession was avoided in the first quarter of 2023, and economic activity will begin to recover in the second half of 2023 if the situation in the energy markets continues to stabilise, supply disruptions abate and export demand is strengthened.

The Commission estimated that the EU’s average annual inflation rate last year was 9.2%. This year, it is expected to slow down to 6.4% and further to 2.8% in 2024.

Market situation in the main markets

According to Kantar TNS, advertising volume in January–February 2023 decreased by 3.2% compared to the corresponding period in 2022.

Among the media categories, growth was seen in February in movie and outdoor advertising, radio advertising, and advertising in city newspapers and free distributed newspapers. The industries with the largest year-on-year increases in media advertising compared to February 2022 were tourism and transport, finance, oil and energy, and cosmetics. Advertising declined the most in the pharmaceutical, telecommunications services, food and retail sectors. Job advertising decreased by 25.7% in February. Brand advertising increased by 0.5% year-on-year. Retail advertising declined by 5.3% and classified advertising by 2.7%.

In terms of volume, the market for tabloids declined by 6.2% in the first quarter of 2023.

According to the Finnish Information Centre of Automobile Sector, a total of 20,969 new passenger cars were registered in January–March 2023, which is 3.5% less than in the comparison period. According to the same source, a total of 130,669 passenger cars were sold in the used car market, which is 1.2% higher than in the previous year.

The Central Federation of Finnish Real Estate Agencies estimates that the housing transaction volume bottomed out around the turn of the year 2022–2023, but the rate of recovery is slow and the market is characterised by uncertainty. Real estate agencies and construction companies reported a total of 3,048 housing transactions to the price monitoring service maintained by the Central Federation of Finnish Real Estate Agencies in January 2023 (-43.6% year-on-year) and 3,869 transactions in February (-39.5% year-on-year) and in March 4,393 (-34.1% year-on-year)

In addition to Finland, Alma Media’s main markets are the Czech Republic and Slovakia in Eastern Central Europe. According to the latest forecast by the European Commission, Finnish GDP growth in 2022 was 2.0% and it is projected to slow down to 0.2% this year, while the Czech Republic’s growth rate of 2.5% will fall to 0.1% and Slovakia’s growth rate of 1.7% will fall to 1.5%.

The Commission estimates that, in 2023, the unemployment rate will be 7.2% in Finland, 3.3% in the Czech Republic and 6.4% in Slovakia.

Outlook for 2023 (unchanged, updated on 16 February 2023)

Alma Media expects its full-year revenue and adjusted operating profit of 2023 to remain at the 2022 level or to decrease from the 2022 level. The full-year revenue for 2022 was MEUR 308.8 and the adjusted operating profit was MEUR 73.4.

The outlook is driven by an estimate that Alma Media’s revenue and operating profit will decline in the first half of the year as a result of declining advertising sales and increased costs in the recruitment business. The outlook for the national economy is expected to improve in the second half of the year. We estimate demand for recruitment services to remain strong and advertising sales to rebound during the year. Operational efficiency measures initiated by the company will improve profitability in the latter half.

CEO’s review: Building success in spite of turbulence

Alma Media’s business performance in the first quarter was in line with expectations in spite of the slowing of economic growth and the disruptions caused by Russia’s war of aggression. Revenue decreased by 1.3% to MEUR 75.2 and adjusted operating profit decreased by 13.3% to MEUR 17.0. Excluding divested businesses, revenue was on a par with the comparison period. Profitability was weakened by the decrease in media advertising sales and increased expenses. Measures to adapt costs and protect profit performance are under way, with good progress being made. The effects of these measures will become apparent particularly in the latter half of the year.

The Alma Career segment had a fairly good quarter, considering that the comparison period was a historically strong period. Demand for recruitment services increased revenue by 3.6% to MEUR 27.7. Adjusted operating profit declined by 10.0% to MEUR 11.0, representing 39.9% of revenue.

Sales of recruitment services remained at a good level in the Czech Republic, Slovakia and Croatia. The continued high level of activity in the recruitment market is driven by intense competition for skilled labour. The low unemployment rate in our key operating countries also boosts demand for our added-value services.

The Career United project, which seeks to deepen internal cooperation, continued to progress according to plan, which will help curb the increase in costs going forward. The increase (15.3%) in costs was attributable to investments in product development and visitor marketing, among other things.

Customer invoicing increased year-on-year, and we expect revenue in Q2 to be at least on a par with the comparison period. Market conditions are expected to remain challenging in the Baltic countries and particularly in Finland.

The Alma Consumer segment’s revenue decreased by 2.3% to MEUR 24.2. Adjusted operating profit declined by 20.0% to MEUR 4.0, representing 16.7% of revenue. Digital business accounted for 82.5% of revenue. Revenue from comparison services and sharing economy services showed strong development, but revenue from media and media-related services decreased by 6.5%. The drop in advertising revenue can be considered significant (-12.3%). We continued our planned investments, particularly focusing on service development in marketplaces and comparison services.

The demand for news and the level of media consumption have remained high due to the prevailing geopolitical tensions and interest in war-related news. The demand for the paid Iltalehti Plus service continued to develop favourably. The service now has 42,500 subscribers.

Among the segment’s business areas, revenue from housing-related services grew by 1.1% in spite of the difficult market conditions, while revenue from automotive and mobility-related services was close to the level seen in the comparison period. We also launched Baana, a digital used car auction service between consumers and car dealers. The growth of the automotive segment was hindered by the global supply chain problems and component shortages in the automotive industry. Furthermore, increased consumer uncertainty caused by high energy prices, inflation and market interest rates was reflected in housing and automotive marketplaces and related advertising more than in the preceeding quarters.

In the Alma Talent segment, comparable revenue – excluding the Baltic telemarketing business divested in the spring – remained on a par with the comparison period. IPO activity was very low and the market situation was also otherwise difficult for financial media. Nevertheless, the segment’s strong digital transformation continued, with the share of digital business rising to exceed 60% of revenue. The adjusted operating profit was 20.3% of revenue. It declined by 11.8% year-on-year to MEUR 4.8.

Strategically significant success stories were the increase of 20% in Alma Talent Services’ recurring revenues, which was driven by growth in revenue from business information and law-related services, as well as the positive development of real estate business in Finland and Sweden.

Alma Media in a good position

Our financial position has been strengthened as planned thanks to our strong profit performance and cash flow. Our gearing at the end of the quarter stood at 58.7% (102.4%) and our equity ratio was 47.6% (33.0%).

Russia’s invasion of Ukraine has slowed down economic growth in Alma Media’s operating countries: inflation has accelerated, market interest rates have risen, consumers’ confidence in their finances has declined substantially, and geopolitical tensions have increased. Alma Media’s financial development and performance have been strong despite these factors. The decisions made in previous years – with regard to focusing on marketplaces, for example – are now producing positive results.

We will continue to build future growth through the continuous development of our operations and the creation of new openings. With regard to the marketplace and service business, our development is heading towards more advanced digital platforms. As the purchase processes are digitalised, we want to help our customers to easily and smoothly interact in digital platforms, and to offer them additional services at different stages of the transaction process.

Kai Telanne
President and CEO

More information:
Kai Telanne, President and CEO, telephone +358 (0)10 665 3500
Juha Nuutinen, CFO, telephone +358 (0)10 665 3873

News conference and live webcast

An analyst and investor webcast will be held in English by President & CEO Kai Telanne and CFO Juha Nuutinen at 11.00–12.00.

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:

The live webcast can be followed via 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

Alma Media’s financial calendar 2023

Interim Report for January–June 2023 on Wednesday, 19 July 2023 at approximately 8:00 EET

Interim Report for January–September 2023 on Thursday, 19 October 2023 at approximately 8:00 EET


Board of Directors

Distribution: NASDAQ Helsinki, main media,

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,, Nettiauto and Nettimoto. Our recruitment services include and in the Czech Republic, in Slovakia and 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 11 countries in Europe and employs approximately 1,700 professionals. Alma Media’s revenue from continuing operations was EUR 309 million in 2022 of which the share of digital business was 81%. Alma Media’s share is listed on NASDAQ Helsinki. Read more at

  • Published: 21.4.2023, 08:00
  • Category: Stock exchange release

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