CEO’s Review
CEO’s review Q3 2025: Digital business and portfolio development driving profitable growth
Our business developed positively in the third quarter. Revenue increased by 5.4% to EUR 79.3 million, supported by both organic growth and acquisitions. The share of digital business in total revenue reached a record-high 87.8%, up by 7.4%. Adjusted operating profit rose by 3.8% to EUR 22.7 million, representing 28.6% of revenue. Our financial position continued to strengthen, driven by strong cash flow: gearing decreased to 60.3% (69.7%), and the equity ratio improved to 49.1% (46.2%).
Domestic industrial outlooks have slightly improved. The modest recovery in demand for existing homes and consumer durables was visible in the market during the review period. However, consumer confidence in Finland is still awaited, reflected in a rising savings rate.
Service and technology investments as drivers of future growth
In the Alma Career segment, revenue remained at the comparison period level at EUR 26.2 million. Adjusted operating profit declined by 2.4% to EUR 11.1 million, representing 42.3% (43.2%) of revenue. In local currencies, revenue decreased by 2.0%, while invoicing increased by 0.9% (Q2/2025: 0.2%). Profitability declined slightly due to increased development costs. Despite wage inflation, personnel expenses decreased as headcount was reduced.
Labour market developments varied across operating countries. In Czechia, employment remained stable with strong demand for labour, especially among large clients. In Slovakia, market conditions weakened due to political uncertainty, leading to increased caution among major international clients. In Croatia, positive employment trends continued with a further decline in unemployment, although an increasing share of jobs were filled by foreign labour through staffing services. In the Baltics, conditions remained stable with a slight increase in the use of recruitment services. In Finland, despite a modest increase in open positions, the market remained challenging as the number of job postings continued to decline.
In the Alma Marketplaces segment, revenue grew by 16.9% to EUR 28.6 million, fueled by acquisitions. Organic growth was 9.3%. The 18.2% increase in costs reflects the effect of acquisitions. Adjusted operating profit improved by 13.6% to EUR 9.8 million, representing 34.4% (35.3%) of revenue.
Revenue in the Real Estate business unit increased by 14.1% to EUR 11.0 million. The 20.8% growth in Nordic commercial property revenue was supported by strong demand in the Swedish market and product and pricing reforms. Increased customers’ regulatory requirements in Property Insight, gradual recovery in the housing market, and growth in transactional revenue supported overall growth. In Finland, the housing market showed signs of recovery, with a rise in transactions for used apartments. Over half of these transactions were completed digitally in the DIAS platform, and in September a record of 2,844 digital housing transactions were conducted.
The Mobility business unit’s revenue grew by 9.4% to EUR 9.6 million. Following the Edilex acquisition, the Insights business unit’s revenue increased by 40.7% to EUR 5.8 million.
Development projects continued, particularly in digital services for mobility and housing, focusing on professional systems, transactional business, and AI-assisted services.
The Alma News Media’s revenue was EUR 24.6 million, and adjusted operating profit strengthened by 6.3% to EUR 4.3 million, representing 17.3% (16.3%) of revenue. Including discontinued brands, revenue grew by 1.8%. Advertising sales remained at the comparison period level at EUR 10.0 million. Active portfolio development led to a 10.6% increase in digital content revenue. Strong interest in news persisted, and new IPOs along with positive performance on the Helsinki Stock Exchange further boosted interest in investment content. Iltalehti’s position as Finland’s largest news media outlet was reinforced, and new content concepts such as Kauppalehti’s technology section and the daily Talousaamu broadcasts were launched. The share of digital business in segment revenue rose to 62.8%, and the total number of digital subscriptions exceeded 223,000.
Towards comprehensive solutions
A rapidly evolving operating environment demands agility and continuous renewal. We are rising to the challenge by investing decisively in the development of skills, technology, and services. Our response to changing needs is rooted in genuine customer insight and a shared ambition to succeed – driving the creation of services that truly resonate with our clients.
The adoption of artificial intelligence is accelerating across our business operations. AI enables us to enhance efficiency, enrich our service offering, introduce new market concepts, and build solutions that integrate seamlessly into our business partners’ value chains. These solutions support their daily operations, growth, and transformation. Data-driven, AI-powered end-to-end solutions unlock deeper collaboration and deliver greater customer value.
Kai Telanne
President and CEO
“A rapidly evolving operating environment demands agility and continuous renewal.“