CEO’s Review
CEO’s review Q1 2026: Digital business as the engine of growth. Data and AI are supporting transformation
Our business developed positively at the beginning of the year. Revenue increased by 4.9% in the first quarter to MEUR 83.1. Development was particularly strong in digital services, where revenue grew by 15.3% to MEUR 18.2. This demonstrates the consistent execution of our strategy towards scalable and data-driven service models. The share of digital business of the Group’s revenue increased to 85.9%. Adjusted operating profit rose to MEUR 20.4, corresponding to 24.6% of revenue. Growth in classified advertising remained stable, while the Finnish advertising market continued to be subdued.
In our operating environment, demand for housing and especially new cars remains below long-term averages. Weak consumer confidence and cautious investment decisions continue to weigh on market sentiment in Finland.
Our financial position strengthened as a result of strong cash flow. Net interest-bearing debt decreased by 25.9% to MEUR 98.6, gearing declined to 37.7%, and the equity ratio increased to 53.0%. Our solid financial position provides an increasingly strong foundation for both organic growth and bolder strategic investments, despite the turbulent operating environment.
All segments improved their results
Revenue in the Alma Career segment increased by 4.6% to MEUR 27.9. In local currencies, revenue grew by 2.3% and invoicing by 2.6%. Adjusted operating profit improved by 14.4% to MEUR 11.2, corresponding to 40.1% of revenue, despite costs related to the cloud migration and the development of a shared recruitment platform. Profitability was supported by new pricing and productisation models as well as efficient cost management.
Labour market development varied across the segment’s operating countries. In Czechia, conditions remained favourable with low unemployment, and demand was broad-based across customer segments. In addition to job advertisements, sales of value-added services developed positively. In Slovakia, the market remained subdued and recruitment decisions continued to be cautious. In Croatia, the unemployment rate continued to decline and demand for employees remained solid, although challenges related to labour shortages persisted, particularly in labour-intensive service sectors, and the role of foreign labour in recruitment remained significant. In the Baltic countries, the market situation was stable and demand for recruitment services increased moderately. In Finland, labour market weakness persisted: despite an ample supply of labour due to higher unemployment, demand remained weak.
Revenue in the Alma Marketplaces segment increased by 11.8% to MEUR 30.1. Organic growth was 6.6%. Adjusted operating profit improved by 29.0% to MEUR 9.5, and the adjusted operating profit margin increased to 31.7%. Investments made in the segment in recent years are reflected not only in profitability but also in growth, to which all business units contributed.
Revenue in the Real Estate business unit increased by 16.1% to MEUR 11.8. Nordic commercial property marketplaces continued to grow, particularly in Sweden. Digital housing transactions continued to strengthen, with an increasing share of transactions permanently shifting to digital channels.
The segment’s other businesses also continued their steady growth and profitability-supporting development. Revenue in the Mobility business unit increased by 5.5% to MEUR 9.2. Revenue in the Insights business increased by 9.6% following the acquisition of Edilex Lakitieto Oy, and licence-based recurring revenue continued to grow. In Comparison Services, revenue increased by 26.2% as a result of the Effortia acquisition.
Revenue for the Alma News Media segment decreased by 1.7% to MEUR 25.4. Organic revenue remained at the level of the comparison period. Segment profitability improved, and adjusted operating profit increased by 21.9% to MEUR 3.7. Profitability was supported by a lighter cost structure and growth in digital business.
The share of digital business of the segment’s revenue increased to 62.2%. The share of digital advertising of total advertising revenue rose to 83.8%. Digital content revenue increased by 10.0%, offsetting the decline in printed content revenue, while the number of digital subscriptions increased to 233,000. Kauppalehti’s AI-based dynamic paywall continued to support growth in digital subscriptions.
AI and data capabilities strengthen competitiveness
Succeeding requires the ability to stay at the forefront of development, strategic flexibility, and continuous renewal. We invest systematically in technology, data and capabilities across all our businesses. We have moved from individual experiments towards the systematic use of AI as an integral part of everyday workflows at both individual and team level. AI supports internal productivity, the development of customer experience and commercial efficiency, while also creating new opportunities to strengthen customer value and renew the business.
Our long-term investment in data provides a strong foundation for leveraging AI and building a sustainable competitive advantage. Growth in the number of logged-in users and smoother interactions across Alma services enable the unified use of audience, behavioural and market data to improve the quality and relevance of customer content. This supports enhanced personalisation, deepens market insight and enables the seamless integration of AI into the business. By combining high-quality data, industry-specific expertise and scalable technology solutions, we create the foundations for 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.“