Alma Media > Releases > Stock exchange release > Alma Media Interim Report January—March 2024: Revenue on a par with the comparison period, supported by acquisitions. Adjusted operating profit decreased by 5.2% in an uncertain operating environment

Alma Media Interim Report January—March 2024: Revenue on a par with the comparison period, supported by acquisitions. Adjusted operating profit decreased by 5.2% in an uncertain operating environment

Alma Media Corporation   Interim Report             19 April 2024 at 8.00 a.m.

Revenue on a par with the comparison period, supported by acquisitions. Adjusted operating profit decreased by 5.2% in an uncertain operating environment.

Financial performance January—March 2024:

  • Revenue MEUR 76.2 (75.3), +1.2%.
  • The share of digital business was 82.9% (81.8%) of revenue.
  • Adjusted operating profit MEUR 16.1 (17.0), down 5.2%, 21.2% (22.6%) of revenue.
  • Operating profit MEUR 15.0 (16.5), down 9.1%.
  • Alma Career: In local currencies, revenue on a par with the comparison period.
  • Alma Marketplaces: Acquisitions supported revenue growth. Profitability decreased in housing-related services due to product development investments and the subdued housing market.
  • Alma News Media: Adjusted operating profit increased due to cost control measures.
  • Earnings per share were EUR 0.13 (0.14).
Key figures
MEUR 2024
Revenue 76.2 75.3 1.2 304.9
  Classified 30.2 30.7 -1.6 122.4
  Advertising 14.7 15.7 -6.4 64.9
  Digital services 13.0 10.5 24.5 43.9
  Content 12.6 12.5 0.8 50.5
  Other 5.6 5.9 -4.6 23.2
Digital business revenue 63.1 61.6 2.5 251.2
  Digital business, % of         revenue 82.9 81.8 82.4
Adjusted total expenses 60.1 58.3 3.1 231.8
Adjusted EBITDA 20.2 21.3 -4.9 91.0
EBITDA 19.1 20.7 -8.0 90.6
Adjusted operating profit 16.1 17.0 -5.2 73.6
  % of revenue 21.2 22.6 24.1
Operating profit/loss 15.0 16.5 -9.1 73.0
  % of revenue 19.7 21.9 23.9
Profit for the period before tax 13.6 14.6 -6.9 68.5
Profit for the period 10.8 11.7 -7.3 56.4

New segment structure

Alma Media’s revised segment structure took effect on 1 March 2024. Alma Media also revised its revenue reporting. Going forward, revenue will be divided into the following categories: classified advertising, advertising, digital services, content and other sales.

Alma Media’s business segments are Alma Career, Alma Marketplaces and Alma News Media.

On 4 April 2024, Alma Media published comparison data under the new segment structure, and the revised distribution of revenue for each quarter and for the full financial year January—December 2023. The reporting in this interim report reflects the new segment structure and revised distribution of revenue.

CEO’s review:

Continued investments in a subdued operating environment

Alma Media’s business developed well in the first quarter in spite of the subdued operating environment. Revenue was on a par with the comparison period at MEUR 76.2. Revenue was supported by acquisitions, but the weakened exchange rate of the Czech koruna dampened revenue performance. Revenue from classified advertising increased year-on-year (+1.0%) in local currencies.

Revenue from advertising decreased by 6.4% to MEUR 14.7. Adjusted operating profit decreased by 5.2% to MEUR 16.1 and was 21.2% of revenue. Profitability was weighed down by investments in service development, particularly in housing-related services in the Marketplaces segment, as well as increased ICT expenses.

This is the first report to use the segment structure and revised revenue distribution that took effect on 1 March 2024.

Our business segments are now Alma Career, Alma Marketplaces and Alma News Media

In the Alma Career segment, revenue decreased by 2.7% and amounted to MEUR 26.9. Adjusted operating profit decreased by 5.8% to MEUR 10.4 and was 38.7% of revenue. Due to the Czech koruna having been exceptionally strong in the comparison period, approximately MEUR 1 of the decrease in revenue was attributable to exchange rates.

There were significant differences in the labour market cycle between Alma Career's operating countries. Among the significant operating countries, the situation was fairly good in the Czech Republic, and the dynamic recruitment markets in Slovakia and Croatia continued to be driven by the high level of activity among workers, intense competition for skilled labour and low unemployment. At the same time, the cyclical conditions remained very challenging in the Baltic countries and Finland.

The Alma Marketplaces segment's revenue increased by 10.5% in the first quarter and amounted to MEUR 22.9. Adjusted operating profit decreased by 11.1% to MEUR 5.8 and was 25.5% of revenue. In the Insights business, growth of 22% was achieved in continuously invoiced services. The negative impacts of the housing market have begun to have a delayed effect on the revenue of housing-related services.

The segment's expenses increased by almost 20% due to acquisitions. In spite of the challenging market conditions, we continued to purposefully implement our development projects, particularly in digital services related to the automotive and housing verticals, as well as other key projects related to transactional commerce.

In the Alma News Media segment, revenue decreased by 2.9% to MEUR 26.4, but adjusted operating profit increased by 11.2% to MEUR 2.6 in the first quarter. Active cost control measures led to expenses decreasing by 4.3% and adjusted operating profit increasing to 9.7% (8.5%) of revenue.

The economic cycle is challenging for Finnish media, and there has been no recovery in spite of the temporary boost caused by the presidential elections.

Nevertheless, there was high general interest in the news. The development of targeted and personalised content saw the paid Iltalehti Plus service increase its number of subscribers to roughly 52,000. The strong digital transformation continued, with the share of digital business rising to over 56% of revenue. In direct marketing, strong growth was achieved in terms of both revenue and operating profit.

Alma Media is in a good position

We have a strong financial position. Our gearing at the end of the year stood at 59.8% and our equity ratio was 46.3%.

Our digital business models are cost-efficient and scalable, and they have enabled us to expand our role in our customers’ value chains in our key business areas.

The acquisition of Netwheels during the reporting period complements Alma Media’s automotive and mobility services for business customers. The acquisition will contribute to the development of the marketplace and systems business by streamlining the purchase and sales processes of vehicles and by offering digital solutions to car retailers, importers, financing companies, application developers and other operators in the automotive sector.

With cooperation and unique competitive advantage we have created an entity which encompasses a culture of growth and strong expertise and at the same time serve as the foundation for future growth.

Kai Telanne

President and CEO

Operating environment

In its most recent economic forecast, the European Commission projected economic growth of 0.9% in the EU for 2024. The Commission further expects inflation to slow from 6.3% to 3.0% in 2024. The Commission’s forecast for the inflation rate in Finland in 2024 is 1.4%.

Economic growth is hindered by a number of factors, such as the weakening of household purchasing power and increased interest rates. If the European Central Bank cuts its key interest rates in the latter part of the year as expected, this could improve the overall economic picture, support consumer confidence and have a positive impact on the market for durable consumer goods in the automotive and housing sectors, for example.

The employment rate in the EU reached a record-high level in the second quarter of 2023, and the Commission expects the employment rate to remain stable in 2024. In spite of the strong employment situation, the number of job vacancies has stayed fairly high, and there have been labour shortages in the service sector and manufacturing in particular.

Economic growth in Finland is falling substantially behind the rest of the EU. The Commission's economic growth projection for Finland in 2024 is 0.6%. In addition to Finland, Alma Media’s main markets are the Czech Republic and Slovakia in Eastern Central Europe, and Croatia in Southern Europe. The Commission projects that, in 2024, the GDP growth rate will be 1.1% in the Czech Republic, 2.3% in Slovakia and 2.6% in Croatia. The Commission’s forecasts of the unemployment rate in 2024 are 2.5% for the Czech Republic, 5.4% for Slovakia, 6.2% for Croatia and 7.3% for Finland.

Outlook for 2024

Alma Media expects its full-year revenue and adjusted operating profit of 2024 to remain at the 2023 level. The full-year revenue for 2023 was MEUR 304.9 and the adjusted operating profit was MEUR 73.6.

Background for the outlook

The outlook is based on an estimate that there will be no material changes to the prevailing situation in the company’s main market areas. In the countries where the company operates, forecasts for national economies have been updated downwards due to weak development in the early part of the year, which is also reflected in the development of the recruitment market. In Finland, demand and employment are expected to weaken, and there is continued uncertainty around advertising.

Acquisitions will increase the company’s revenue and operating profit. The diversification of the Group’s business activities between multiple geographical markets and business areas, and purposeful cost control, stabilise the company’s outlook 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 Automobile Sector, first registrations of new passenger cars in Finland decreased by 12% year-on-year in January—March. Battery electric vehicles accounted for 26% of first registrations. Used car sales recovered in Q1 as was the case in the preceding quarter. The sales volume for used cars increased by 3.5% year-on-year.

Market development in housing

According to the Central Federation of Finnish Real Estate Agencies, the housing market remained weak in the first quarter: the total volume of housing transactions fell by 14.2% year-on-year. The transaction volume for old dwellings was 34% below the average for the past five years, and the transaction volume for new dwellings was 83% lower than the five-year average.

Market development in the media business

According to Kantar TNS, the total media advertising volume in January—February 2024 was on a par with the comparison period. In February, the sectors with the highest increases in media advertising were cosmetics, telecommunication services, pharmaceuticals, and tourism and transport. The sectors with the steepest decreases in advertising were construction, clothing and apparel, oil and energy, and financial services. Job advertising decreased by 38.1% in February and classified advertising by 18.1% year-on-year.

In terms of volume, the market for afternoon papers declined by 7% in the first quarter.

News conference and live webcast

An analyst and investor webcast will be held in English by President & CEO Kai Telanne and CFO Taru Lehtinen 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 2024

  • Interim Report for January–June 2024 on Thursday, 18 July 2024, at approximately 8:00 EET
  • Interim Report for January–September 2024 on Friday, 18 October 2024 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, Jobly,, 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 12 countries in Europe and employs approximately 1,700 professionals. Alma Media’s revenue from continuing operations was EUR 305 million in 2023 of which the share of digital business was 82%. Alma Media’s share is listed on NASDAQ Helsinki. Read more at

  • Published: 19.4.2024, 08:00
  • Category: Stock exchange release

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