CEO’s Review
Strong profitability and broad-based growth support future value creation
Alma Media delivered continued growth and a strong improvement in profitability during Q3. Revenue increased by 6.3% to MEUR 84.2, and digital business accounted for 88.4% of revenue.
Adjusted operating profit increased by 15.8% to MEUR 26.3, corresponding to an adjusted operating margin of 31.2%. All business segments improved their results. The strong performance was supported by disciplined cost management, a favourable business mix and continued growth in higher-value digital services. The development demonstrates that the execution of our strategy is progressing in line with our long-term financial targets.
Our financial position remained strong. The quality of earnings remained high, with strong profitability translating into solid cash flow. Net debt decreased by 27.4% to MEUR 105.1, gearing declined to 40.0% and the equity ratio strengthened to 54.9%. The strong balance sheet and cash flow provide a solid foundation for future growth, business development and strategic investments.
Our geographical diversification and broad portfolio of digital businesses continued to support the Group’s performance in this environment. While Finland’s economic outlook continued to show signs of recovery, cautious consumer spending particularly in durables continued to weigh on domestic demand. At the same time, our international operations e.g. in Czechia and Sweden, remained an important driver of growth.
All segments improved their results
Revenue in Alma Career rose by 5.7% to MEUR 27.7. In local currencies, revenue grew by 4.2%. Adjusted operating profit strengthened to MEUR 11.7 (11.1), representing a stable margin of 42.2%, despite continued investments in cloud migration and the development of a shared recruitment platform. Invoicing in local currencies went up by 4.1%.
Growth was driven by strong performance and growing ad volumes in Czechia. Invoicing declined slightly in Slovakia and in Croatia. Invoicing in Baltics increased slightly, but Finland continued to face cautious employer demand and high unemployment.
Alma Marketplaces continued its strong performance across businesses. Revenue rose by 12.9% to MEUR 32.3 and adjusted operating profit by 30.4% to MEUR 12.8, lifting the margin to 39.7%. Adjusted EBITDA was up 16.6%. Realised acquisition synergies, restructuring measures and a growing focus on higher-value digital services strengthened profitability and will support long-term growth ambitions.
Real Estate revenue grew by 15.9%, including 14.4% organic growth, supported by an expanding service offering, growing demand for services and continued growth in digital housing transactions.
Classified revenue rose by 11.0%. Increased regulatory requirements boosted demand for Real Estate Insights services.
Mobility revenue grew by 4.3%, supported by higher classified revenue and advertising. Insights services advanced by 11.1% driven by licence-based revenue, while one-off and print sales remained at the prior-year level. Comparison Services revenue rose by 39.0%, reflecting the acquisition of Effortia’s electricity comparison services.
Revenue in Alma News Media was stable at MEUR 24.5. Excluding divested businesses, revenue increased by 0.7%. Digital business accounted for 65.2% (62.8%) of the segment’s revenue. Advertising revenue increased by 1.3% to MEUR 10.2 (10.0), supported by growth in B2B and digital advertising, while B2C advertising remained subdued. Content revenue increased by 2.5%, as 10% growth in digital content revenue offset the decline in print. Adjusted operating profit improved Q-on-Q for the 11th consecutive quarter, up 6.3% to MEUR 4.5, corresponding to a margin of 18.5% (17.3%).
AI and data capabilities strengthen competitiveness
AI is increasingly embedded in everyday work, product development and customer-facing services, and the progress is visible across our businesses. In recruitment services, AI is used to improve job matching, personalise job searches and support customer service and sales. In media, AI supports research, analysis, transcription and content production, while
editorial responsibility remains with journalists. AI is also used to develop more relevant content recommendations and customer journeys. In marketplaces and professional information services, applications include engagement-increasing features for housing, property valuation and a comprehensive legal information suite.
These developments build on Alma’s investments in high-quality data, trusted brands, deep customer relationships and common technology platforms. As AI technologies become more widely available, competitive advantage increasingly depends on the ability to combine technology with proprietary data, domain expertise and a strong customer insight.
Scaling AI requires changes to how we work, supported by our new AI Governance Framework to ensure responsible use.
The next step is to move beyond individual tasks and redesign entire workflows and operating models around AI, automation and human expertise. Continuous learning enables this shift. By combining our people’s capabilities with data, technology and AI, we aim to drive productivity, create better customer experiences, accelerate innovation and strengthen long-term competitiveness.
Kai Telanne
President and CEO
“Our long-term investment in data provides a strong foundation for leveraging AI and building a sustainable competitive advantage.“