Polaris Media (POL) Q2 2025 earnings summary

Executive summary

• Digital user and advertising revenues grew in both Norway and Sweden, with digital-only products now over 50% of total media revenue and 72% of subscriptions.

• Strong digital growth and cost control, but overall earnings declined year-over-year, mainly due to weaker Swedish operations.

• Norwegian media houses delivered strong results, offsetting declines in Sweden.

• Cost-saving measures in 2023 and 2024 limited underlying cost growth to 1%.

• Full ownership of Stampen Media achieved after acquiring remaining 20% of PNV Media AB for MSEK 195 in July.

Financial highlights

• Q2 2025 revenues were NOK 918–918.4 million, flat year-over-year; H1 revenues NOK 1,812 million, up 1%.

• Q2 adjusted EBITDA was NOK 78–84.1 million, down 4–11% from Q2 2024; H1 adjusted EBITDA NOK 106 million, down 15% year-over-year.

• Net income after tax was NOK 37.1 million, down from NOK 45.7 million in Q2 2024.

• Extraordinary gain from sale of financial assets (NOK 216.3 million) and property sale (NOK 6.9 million) recognized.

• Dividend payout of NOK 1,095 million in the quarter, including an extraordinary dividend.

Outlook and guidance

• Cost-saving initiatives in Sweden expected to deliver annual savings of ~SEK/MSEK 60, with effects from Q3/Q4 2025 and restructuring costs of SEK/MSEK 35–40 in H2 2025.

• Further digital revenue growth anticipated, with continued focus on operational efficiency and ARPU increases.

• Economic outlook in Norway and Sweden is improving, but uncertainty remains due to geopolitical and trade risks.

• Ongoing investments in digital products, technology, and AI to drive further growth.