Alma Media (ALMA) Q3 2025 earnings summary

Executive summary

• Revenue grew 5.4% year-over-year in Q3 2025 to €79.3m, with digital business reaching a record 88% of revenue, driven by organic growth and acquisitions, mainly in Marketplaces.

• Adjusted operating profit increased 3.8% to €22.7m, representing 28.6% of revenue, with all-time high quarterly operating profit.

• Solid performance achieved despite market uncertainties, supported by acquisitions and disciplined cost control.

• Digital transformation advanced, with AI deployment and digital business share at a record high.

• Balance sheet strengthened, with leverage at 1.5–1.6 and equity ratio near 49–50%.

Financial highlights

• Q3 2025 revenue rose to €79.3m (+5.4% y/y), exceeding long-term growth targets; organic growth (excluding M&A and FX) was 2.7%.

• Adjusted operating profit reached €22.7m (28.6% margin); net income €16.7m (+10.9% y/y); EPS €0.20 (+10.8% y/y).

• Net debt decreased to €144.8m–€145m, with lower financial and interest costs year-over-year.

• Q3 cash flow from operating activities was €21.5m, up from €17.5m last year.

• Cash flow after investments was €15.1m, slightly lower due to acquisitions.

Outlook and guidance

• Revenue and adjusted operating profit for 2025 expected to remain at or above 2024 levels.

• No rapid market recovery anticipated in Finland; soft market conditions expected to persist, though some recovery is anticipated in key regions.

• Main risks are external: regulation, geopolitics, market conditions, and global economic fluctuations.