Polaris Media (POL) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EBITDA rose 22% to NOK 126m, with the highest adjusted EBITDA margin since Q3 2021; digital growth and Swedish cost savings drove the improvement.

• Revenue was broadly flat at NOK 876.0m; net income was NOK 47.6m versus a NOK 7.0m loss in Q3 2025.

• YTD adjusted EBITDA increased 32% to NOK 276m, with a 10.3% margin, the highest since 2021.

Financial highlights

• Q3 operating costs were NOK 751.8m versus NOK 803.1m; adjusted operating costs fell 3% to NOK 752m, excluding one-off effects.

• Reported EBITDA was NOK 119.9m versus NOK 75.9m; adjusted EBITDA was NOK 126m versus NOK 103m. Q3 EBIT was NOK 58m versus NOK 9m.

• Profit before tax was NOK 60.4m versus a NOK 2.7m loss; basic and diluted EPS was NOK 0.89 versus a loss of NOK 0.26.

• Adjusted digital revenue rose 10% to NOK 413m in Q3 and 13% to NOK 1,240m YTD.

Outlook and guidance

• Norwegian user revenue is expected to keep growing, supported by full-price digital subscribers and higher ARPU; Swedish user revenue is also expected to grow as digital momentum continues and print declines moderate.

• 2027 advertising forecasts indicate marginal growth in Norway and a slight decline in Swedish total newspaper advertising; advertising conditions remain challenging.

• Cost discipline will continue, with printing and distribution capacity aligned to lower print volumes; investments prioritize profitable digital growth.

• Cash and fixed-income fund holdings support investment in technology, expertise, cross-border teams and AI-enabled editorial workflows.