Alma Media Oyj (OHEL:ALMA)

Q2 2026 Alma Media Oyj Earnings Call Transcript

Aug 12, 2026 / 08:00 AM GMT

Release Date Price: €13.8 (+1.85%)

Transcript

Key Points

Positve

Alma Media Oyj (STU:A4M) delivered a strong Q2 with revenue growth of 5% to EUR87 million and adjusted profit up 15.6% to EUR24.4 million, meeting its long-term targets.
All three business segments (Alma Career, Alma Marketplaces, and Alma News Media) achieved both revenue growth and profitability improvement, demonstrating broad-based strength.
Digital transformation is nearly complete, with digital business now accounting for 87% of total revenue, driving margin expansion and growth.
The company's balance sheet is strong and improving, with net debt down EUR33 million year-on-year, equity ratio up to 52%, and leverage at 1.2x, providing ample room for future investments.
Alma Media Oyj (STU:A4M) is making good progress in AI adoption, with initiatives to improve internal productivity and customer-facing services, positioning it for future growth.
The news media segment achieved its 10th consecutive quarter of profitability improvement, successfully mitigating print decline with digital growth.
Marketplaces segment showed strong performance with 9.2% revenue growth and a 6 percentage point jump in profitability, driven by synergies and organic growth.
The company is gaining market share in the Finnish digital advertising market, which is showing signs of recovery.
Free cash flow for the first half of the year almost doubled, supported by strong operating results and lower investments.
Management expressed confidence in reaching the 30% margin target through its own initiatives, without relying on market recovery.

Negative

The Finnish labor market remains weak, with low demand for labor, which is a drag on the Alma Career segment's performance in Finland.
Consumer confidence in Finland is still very low, leading to a housing market that is 17.4% below year-ago levels, impacting the marketplaces segment.
The new car market in Finland has not picked up, and used car volumes are constrained due to a lack of fleet renewal, limiting growth in mobility services.
The company remains cautious about the sustainability of the market recovery, particularly in advertising, and has not raised its full-year guidance.
Alma Media Oyj (STU:A4M) is incurring overlapping ICT costs from cloud migration and platform development, which are expected to pressure margins until the end of the year.
The advertising market is volatile, with fluctuations on a daily, weekly, and monthly basis, making it difficult to predict future performance.
The company's revenue growth target of 5% was only achieved in Q2, with organic growth at 2% in the quarter and 3.6% in H1, indicating reliance on acquisitions.
The marketplaces segment faces challenges in the Finnish housing and car markets, which are expected to take time to recover due to the nature of large consumer investments.
There is a slight decline in print business, which continues to offset digital gains in the news media segment.
The company's non-allocated costs increased year-on-year in Q2, and management indicated that the EUR4 million quarterly level is not representative of future quarters.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ALMAC.HE - Alma Media Oyj
Q2 2026 Alma Media Oyj Earnings Call
Aug 12, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, ladies and gentlemen, and welcome to this interview report session of Alma Media's second quarter and the first half of 2026.

My name is Elina Kukkonen and I'm responsible of the communications and brand here in Alma.

We will proceed as usual and first to go on stage will be our CEO, Mr. Kaite Lannen. He will present the overall result of Alma Media and highlight the performance of each of our business segments. Alma Career, Alma Marketplaces and Alma News Media.

After Kai's presentation, our CFO, Mrs. Baru Lettinen, will present the financial position of Alma Media today.

And then Mr. Kai Telane returns about the operating environment and our strategy going forward in the era of AI.

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