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Polaris Media (POL) investor relations material
Polaris Media Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 adjusted EBITDA rose 22% to NOK 126m, with the highest adjusted EBITDA margin since Q3 2021; digital growth and Swedish cost savings drove the improvement.
Revenue was broadly flat at NOK 876.0m; net income was NOK 47.6m versus a NOK 7.0m loss in Q3 2025.
YTD adjusted EBITDA increased 32% to NOK 276m, with a 10.3% margin, the highest since 2021.
Financial highlights
Q3 operating costs were NOK 751.8m versus NOK 803.1m; adjusted operating costs fell 3% to NOK 752m, excluding one-off effects.
Reported EBITDA was NOK 119.9m versus NOK 75.9m; adjusted EBITDA was NOK 126m versus NOK 103m. Q3 EBIT was NOK 58m versus NOK 9m.
Profit before tax was NOK 60.4m versus a NOK 2.7m loss; basic and diluted EPS was NOK 0.89 versus a loss of NOK 0.26.
Adjusted digital revenue rose 10% to NOK 413m in Q3 and 13% to NOK 1,240m YTD.
Outlook and guidance
Norwegian user revenue is expected to keep growing, supported by full-price digital subscribers and higher ARPU; Swedish user revenue is also expected to grow as digital momentum continues and print declines moderate.
2027 advertising forecasts indicate marginal growth in Norway and a slight decline in Swedish total newspaper advertising; advertising conditions remain challenging.
Cost discipline will continue, with printing and distribution capacity aligned to lower print volumes; investments prioritize profitable digital growth.
Cash and fixed-income fund holdings support investment in technology, expertise, cross-border teams and AI-enabled editorial workflows.
- EBITDA up 23% on digital growth and cost cuts; Vend sale boosts liquidity and flexibility.POL
Q2 2026 - EBITDA surged 112% year-over-year, led by digital growth and cost reductions.POL
Q1 2026 - Q4 2025 adjusted EBITDA up 54% year-over-year, led by digital growth and cost savings.POL
Q4 2025 - Digital user revenues surpassed print, with strong digital growth and cost savings from Q4 2025.POL
Q3 2025 - Digital growth and cost control offset earnings decline, with record dividends and Swedish restructuring.POL
Q2 2025 - Earnings and digital revenues surged, with a NOK 1.0 billion dividend proposed.POL
Q3 2024 - EBITDA up 12% as digital growth and cost cuts offset ad and print declines.POL
Q2 2024 - Digital user revenues up 16% and strong liquidity offset weaker earnings in Q1 2025.POL
Q1 2025 - Earnings and cash flow surged on digital growth and asset sales, enabling major dividends.POL
Q4 2024
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