Alma Media (ALMA) Q3 2024 earnings summary

Executive summary

• Revenue grew 2.4% year-over-year in Q3 2024 to €75.2m, with digital business at a record 86.2% of revenue.

• Adjusted operating profit rose 6.7% to €21.9m, reaching a record 29.1% margin, driven by Marketplaces and News Media.

• Achieved solid performance despite challenging market conditions and currency headwinds.

• Marketplaces segment saw strong growth from acquisitions and organic expansion; News Media improved profitability via cost control.

• Alma Career segment faced revenue decline due to weak labor markets and higher development costs.

Financial highlights

• Q3 revenue: €75.2m (+2.4% year-over-year); acquisitions contributed €6.8m; currency headwinds reduced €0.7m.

• Q3 adjusted operating profit: €21.9m (+6.7%), with a record 29.1% margin.

• Q3 EPS: €0.18 (vs. €0.19 last year), mainly due to higher interest costs and fair value adjustments.

• Net debt at €155.0m, down €14m year-over-year; strong cash position and cash flow after investments of €16.4m.

• Equity ratio at 46.2%, gearing at 69.7%, and leverage at 1.7, all showing improvement.

Outlook and guidance

• Full-year 2024 revenue and adjusted operating profit expected to remain at 2023 levels (€304.9m and €73.6m, respectively).

• Acquisitions to support revenue and profit; cost control and diversification to stabilize outlook.

• Strategy refined to accelerate digital and AI-driven transformation for faster growth and efficiency.

• Market recovery signs are emerging, with optimism for 2025 as inflation and interest rates decline.