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
“Our long-term investment in data provides a strong foundation for leveraging AI and building a sustainable competitive advantage.“