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 Marketplaces and News Media driving improvement.

• Digital transformation continued, with AI initiatives and product innovation across all segments.

• Balance sheet strengthened, leverage at 1.5 and equity ratio near 50%, supporting future investments.

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

Financial highlights

• Q3 2025 revenue was €79.3m (+5.4% y/y), with digital business revenue at €69.6m (+7.4% y/y).

• Adjusted operating profit reached €22.7m (28.6% margin), and EPS increased to €0.20 (+10.8% y/y).

• Net debt decreased to €144.8m, with leverage at 1.5 and equity ratio at 49.1%.

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

• CapEx stable at around €1m per quarter, with Q3 investments totaling €6.4m, mainly for acquisitions and digital development.

Outlook and guidance

• Revenue and adjusted operating profit for 2025 expected to remain at or above 2024 levels, with no major cost increases except for AI and salary adjustments.

• Committed to achieving an adjusted EBIT margin above 30% by 2027; main risks are external (regulatory, geopolitical, market conditions).

• Market recovery anticipated in key regions, but uncertainty persists, especially in Finland's advertising market.