Polaris Media (POL) Q2 2026 earnings summary

Executive summary

• EBITDA increased by 23% year-over-year to NOK 96 million, driven by strong digital growth and cost savings in both Norway and Sweden.

• Strong digital growth in both Norwegian and Swedish media houses, with digital subscription and advertising revenues offsetting print declines.

• Cost reductions were achieved through efficiency measures, especially in printing and Swedish operations.

• Sale of the remaining stake in Vend Marketplaces ASA for NOK 759 million, boosting liquidity and financial flexibility.

• CEO announced intention to step down by summer 2027; succession process initiated.

Financial highlights

• Total operating revenues declined by 2% year-over-year to NOK 901.8 million, mainly due to a 17% drop in distribution revenues.

• EBITDA rose 14% to NOK 95.8 million, while EBIT increased to NOK 40.5 million from NOK 25.0 million.

• Net income after tax was NOK 38.4 million, up from NOK 37.1 million.

• Operating cash flow in Q2 2026 improved to NOK 100 million, with cash position at quarter-end of NOK 916 million.

• H1 EBITDA reached NOK 150 million, up NOK 45 million year-over-year.

Outlook and guidance

• Continued growth in user revenues is expected in Norway and further recovery in Sweden.

• Macroeconomic uncertainty persists, but digital subscription growth and high loyalty support continued user revenue growth.

• The advertising market remains challenging with high competition.

• The company maintains a strong financial position and will continue investing in product and technology.