Alma Media (ALMA) Q2 2025 earnings summary

Executive summary

• Adjusted operating profit increased by 8.9% in Q2, with all segments improving profitability and performance.

• Revenue grew 4.5% year-over-year in Q2 to €83.7m, with digital business accounting for 86.2% of revenue.

• Marketplaces segment led growth, with strong contributions from real estate, mobility, and legal insights.

• Financial position strengthened: gearing at 71.4%, equity ratio at 46.1%, and leverage at 1.7x.

• Strategic focus on digital transformation, AI-driven services, and international expansion.

Financial highlights

• Q2 adjusted operating profit: €21.1m (25.2% margin), EPS at €0.18, and strong operating cash flow.

• Interest-bearing net debt at €158.5m at end of June, down year-over-year; commercial paper program at €24m.

• Dividend of €0.46/share paid in April, partly funded by short-term commercial papers.

• Return on equity (annualized) at 24.5% for H1, with cash flow from operations at €37.8m in H1.

• Capital expenditure in Q2 at €1.6m, focused on acquisitions and digital development.

Outlook and guidance

• Full-year 2025 revenue and adjusted operating profit expected to remain at 2024 levels due to ongoing market uncertainty.

• No upgrade to guidance despite H1 growth, citing risks in labor markets and advertising.

• Long-term target to reach 30% EBIT margin within three years, driven by digital and AI-enabled efficiency.