Debt market
Alma Media has a long-term financing arrangement and a commercial paper programme at its disposal. Information about them is summarised below.
The long-term financing arrangement
In December 2023, Alma Media entered into a new MEUR 160 term loan facility. The new facility replaced the MEUR 200 financing arrangement agreed in 2021, of which MEUR 140 remained outstanding at the time of repayment. The maturity of the new financing arrangement is 36 months and includes extension options of 12 and 24 months. During 2024–2025, the loan was amortised by a total of MEUR 35, and a further MEUR 15 was repaid in June 2026.
The financing arrangement includes customary financial covenants related to the equity ratio and net debt to EBITDA. The Group complied with all covenant requirements on 30 June 2026.
At the end of June 2026, MEUR 110 of non-current debt remained outstanding. Alma Media exercised the first 12-month extension option in December 2024 and the second extension option in December 2025. After the reporting period, the remaining maturity of the financing arrangement is 30 months.
MEUR 100 Finnish Commercial Paper Programme
The commercial paper programme will enable the company to ensure, in line with its treasury policy, that it has sufficient financial instruments at its disposal for its various capital needs. The programme permits the company to issue notes totalling 0–100 MEUR. Of the commercial paper programme, MEUR 10 was in use on 30 June 2026.
- Issuer: Alma Media Corporation
- Dealers: Nordea Bank Finland Plc, Danske Bank Plc and Pohjola Bank Plc
- Currency: euro
- Denomination: The minimum denomination is EUR 100,000.
- Maturity of the Notes: Not less than one day and not more than 364 days.
- Status: The Notes are bearer bonds issued by Alma Media Corporation. There is no collateral for the Notes.
- Rating: Neither the Issuer nor the Notes are rated.
- Listing: The notes will not be listed.
- Applicable law: Finnish legislation.
The interest rate derivative agreement
In May 2026, Alma Media renewed the interest rate hedging related to its Term Loan facility. The new interest rate swap replaced two previous interest rate derivatives with nominal values of MEUR 50 (maturing in December 2027) and MEUR 30 (maturing in August 2027).
The nominal value of the new interest rate derivative is MEUR 60, and it matures in December 2028. The instrument is fixed-rate in nature. The new interest rate derivative incorporates the fair value of the previous interest rate derivatives at the time they were terminated.
During the second quarter, the change in the fair value of interest rate swaps was MEUR -0.3 (MEUR -0.2), which was recognised in financial income and expenses. At the end of the reporting period, the fair value of interest rate derivatives amounted to MEUR 1.9.
The interest rate on the Term Loan is linked to a floating market rate. If the reference rate of the loan were to increase by one percentage point in 2026, the impact on annual financing costs would be approximately MEUR 1.1. The interest rate derivatives associated with the term loan would reduce the cash flow impact of a one percentage point increase in the reference rate on interest expenses by approximately MEUR 0.6.
The Group’s average effective cash interest rate on interest-bearing debt was 2.9% (2.8%) during Q2.
On 30 June 2026, Alma Media had liabilities of MEUR 5.0 related to contingent consideration arrangements and the redemption of non-controlling interests arising from business combinations. These items are measured either at fair value through profit or loss or recognised directly in equity.