Polaris Media (POL) Q3 2025 earnings summary

Executive summary

• Strong digital user revenue growth in Norwegian and Swedish media houses, with cost discipline and efficiency measures across all business areas.

• Major restructuring in Stampen Media, including a reduction of 68 FTEs, expected to yield annual savings of MSEK 88; restructuring costs impacted Q3 results.

• Acquisition of the remaining 20% stake in PNV Media AB for MSEK 195 completed, making Stampen Media a wholly owned subsidiary.

• Digital user revenues surpassed print for the first time, with 20% growth in digital user income and 12% increase in digital subscriptions.

• Group adjusted EBITDA reached MNOK 103, up 1% year-over-year, while EBIT dropped to MNOK 9 due to restructuring and impairments.

Financial highlights

• Adjusted EBITDA of MNOK 103 in Q3, up 1% year-over-year; reported EBITDA impacted by MNOK 27 in restructuring costs.

• Q3 operating revenues: MNOK 877, down 1% year-over-year; YTD revenues stable at MNOK 2,689.

• Net result after tax at -7.0 MNOK, down from 85.2 MNOK last year, mainly due to restructuring and asset impairments.

• Total comprehensive income at -22.4 MNOK, compared to 241.4 MNOK last year.

• Net cash position: MNOK 230 at quarter end, with cash holdings of MNOK 274 and interest-bearing debt of MNOK 45.

Outlook and guidance

• Continued strong performance expected in Norwegian media houses, driven by digital user revenue growth and higher ARPU.

• Significant cost savings in Stampen Media to take effect from Q4 2025.

• Positive trends in advertising markets in both Norway and Sweden, with digital ad revenues up 13% year-over-year.

• Ongoing sales process for the 34% stake in Helthjem Netthandel, targeted for H1 2026.

• Continued investments in product development, technology, and AI to drive digital growth and operational efficiency.