Alma Media (ALMA) Q4 2025 earnings summary

Executive summary

• Revenue grew 4.6% year-over-year to €327.1 million, with digital business comprising 85.9% of total revenue and adjusted operating profit up 6.8% to €82.1 million.

• EBITDA surpassed €100 million, with profitability up 8% in Q4 and 7% for the full year, and balance sheet strengthened with leverage at 1.3x and equity ratio at 53%.

• Strong cash flow and improved financial position, with net debt reduced to €126 million and gearing at 50.5%.

• Board proposes a dividend of €0.48 per share for 2025, with a payout ratio of 71%.

• Digital revenue share reached 86%, supporting future M&A and investments.

Financial highlights

• Q4 revenue reached €84.9 million, up 4.6% year-over-year; adjusted operating profit was €21.1 million with a 24.8% margin.

• Full-year net income increased 5.9% to €55.7 million; EPS up 5.9% to €0.67.

• Operating cash flow for 2025 was €81.3 million, up from €73.8 million, supported by strong operational results and working capital improvements.

• Digital services revenue grew 19.9% year-over-year.

• Net debt reduced to €126 million, with €20 million invested in M&A and €38 million paid in dividends.

Outlook and guidance

• 2026 revenue expected to remain at 2025 levels, with increasing adjusted operating profit anticipated.

• Profitability improvements expected across all business segments in 2026, driven by AI-enabled productivity gains and digital transformation.

• Cautious revenue outlook due to continued market softness, especially in Finland.

• Diversified portfolio and cost discipline support stability amid market uncertainty.