Polaris Media (POL) Q4 2025 earnings summary

Executive summary

• Adjusted EBITDA rose 54% year-over-year to MNOK 101 in Q4 2025, driven by strong digital growth and cost reductions, especially in Sweden.

• EBIT improved to MNOK 20 from -3 in Q4 2024, reflecting profit growth in both Norwegian and Swedish media houses.

• Digital user revenues grew 24% year-over-year in Q4, with digital subscriptions up 12% to 494,600, now 75% of total subscriptions.

• Board proposes a dividend of NOK 3.30 per share for 2025, reflecting a solid financial position.

• New data platform launched to support investigative journalism and AI-based product development.

Financial highlights

• Q4 2025 adjusted EBITDA: MNOK 101 (up 54% from Q4 2024); full-year adjusted EBITDA: MNOK 310, up 6%.

• Q4 EBIT: MNOK 20 (-3), driven by profit growth in both Norwegian and Swedish media houses and Swedish distribution.

• Q4 digital user revenues up 24%; total user revenues up 7%; ad revenues down 8%, but digital ad revenues up 2%.

• Underlying operating costs reduced by 4% year-over-year in Q4.

• Q4 revenues: MNOK 961 (963), flat year-over-year; full-year revenues: MNOK 3,651 (3,650).

Outlook and guidance

• Positioned for further growth in 2026, with a significantly lower cost base after 2025 restructuring.

• 2026 outlook marked by geopolitical uncertainty, but expected interest rate cuts in Norway and stable rates in Sweden may support real wage growth.

• Continued strong user revenue growth expected in Norway; targeted initiatives in Sweden.

• Ongoing investments in product development, technology, and AI to drive digital growth.

• Paper-based ad and user revenues expected to continue structural decline; digital share of revenues rising.