Alma Media Oyj · OMXHEX:ALMA
Alma Media Oyj — Q4 2025 Earnings Presentation
43 slides from Alma Media Oyj's earnings presentation, February 2026
Slide 1: IR presentation
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Slide 2: Alma in figures (FY 2025)
Alma in figures (FY 2025) Revenue Digital business Adj. operating Adj. Operating profit profit % 327 86% 82 25% 40/60 MEUR MEUR abroad / in Finland % of employees ROE Dividend proposal Alma’s media ROI Equity ratio of reach about 23% 15% 53% 0.48 89% euros per share of Finns weekly TSR 594% 1 650 c.
Slide 3: FY2025 Digital business and portfolio development driving profitable growth
FY2025 Digital business and portfolio development Highlights driving profitable growth ADJUSTED OPERATING PROFIT REVENUE (MEUR) (MEUR) (% OF REVENUE) +4.6% 120 +6.8% 30 327.1 24.1% 24.6% 25.1% 304.9 312.7 100 25 82.1 76.9 80 73.6 20 60 15 40 10 20 5 0 0 2023 2024 2025 2023 2024 2025 • Solid performa
Slide 4: The adjusted operating profit grew by 8.1% in Q4
Q4 2025 The adjusted operating profit grew by 8.1% in Q4 Highlights ADJUSTED OPERATING PROFIT REVENUE (MEUR) (MEUR) (% OF REVENUE) +4.6% 35 30 +8.1% 24.8% 78.0 81.2 84.9 30 24.0% 25 21.5% 25 20 21.1 19.5 20 16.7 15 15 10 10 5 5 0 0 Q4 2023 Q4 2024 Q4 2025 Q4 2023 Q4 2024 Q4 2025 • Solid performance
Slide 5: Strong market positions and leading brands in key areas
Strong market positions and leading brands in key areas RECRUITING #1 Czech Republic jobs.cz, prace.cz #1 Slovakia profesia.sk #1 Croatia mojposao.net #2 Finland jobly.fi 1 #1-3 Estonia, Latvia, cvonline.com Lithuania 1 #1 Bosnia and Herzegovina, mojposao.ba, 1 Macedonia, Serbia vrabotuvanje.com.mk,
Slide 6: Continuing the renewal of portfolio – net investments over MEUR 200
Continuing the renewal of portfolio – net investments over MEUR 200 to digital transformation and growth INVESTMENTS OF WITH A STRONG FOCUS ON DIGITAL BUSINESS AutoJerry Suomen Tukkuautot Alma Mediapartners (35%) Techloop Netello (40%) Toimitilat.fi Netwheels Edilex Katsastushinnat.fi Etua.fi (40%)
Slide 7: Digital transformation 2005 - 2025
Digital transformation 2005 - 2025 2025 86% 400 90% 350 80% 11 70% 300 34 23 60% 250 Others 50% 200 Print 40% 150 247 281 Digital 30% 100 Digital rate 20% 50 10% 17 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7
Slide 8: Digital transformation and change in business mix driving operational gearing
Digital transformation and change in business mix driving operational gearing REVENUE ADJUSTED OPERATING PROFIT MEUR MEUR 2025 350 85.9% 90% 90 2025 30.0 % 11 80% 25.1% 300 80 22 25.0 % 70% 70 250 95 60% 60 20.0 % 200 50% 50 281 15.0 % 150 2014 40% 40 32.0% 30% 30 2014 10.0 % 100 7.2% 20% 20 179 5.0
Slide 9: Acquisitions underpinned revenue growth in subdued market conditions
Acquisitions underpinned revenue growth in subdued market conditions REVENUE Q4 2025 (MEUR) ADJUSTED OPERATING PROFIT Q4 2025 (MEUR) -0.9 84.9 +0.3 -0.6 -0.1 21.1 +4.5 +1.9 81.2 19.5 +0.1 +0.1 Q4 2024 Alma Alma Alma News Non- Q4 2025 Q4 2024 Alma Alma Alma News Non- Q4 2025 Career Marketplaces Media
Slide 10: Digital services and proactive portfolio management drove digital business to all time high
Digital services and proactive portfolio management drove digital business to all time high REVENUE BY REVENUE CLASSES Q4 2025 (MEUR) SHARE OF DIGITAL BUSINESS OF GROUP REVENUE* (REVENUE CHANGE IN BRACKETS) 90 84% 86% 81% 82% 300 80 77% 281 Classified 31.2 1.4 (4.5%) 263 69% 250 251 70 63% 66% 250 6
Slide 11: Business segments
Business segments Q4 2025 ALMA CAREER ALMA MARKETPLACES ALMA NEWS MEDIA Vesa-Pekka Kirsi Santtu Elsinen Juha-Petri Loimovuori Leading job boards in nine CEE Leading marketplaces in real Leading digital news media in countries. Recruitment estate, mobility and business the Finnish market. Pioneer in
Slide 12: Alma Career: Revenue and the adjusted operating profit on par
Alma Career: Revenue and the adjusted operating profit on par with the comparison period SEGMENT REVENUE BY REVENUE CLASSES REVENUE AND ADJUSTED OPERATING PROFIT SEGMENT REVENUE CHANGE BY BUSINESS UNIT (MEUR) (REVENUE CHANGE IN BRACKETS) 50 42.2% 42.3% 45 40.4% 40.4% 45 36.6% 40 40 26.3 +0.8 -0.6 26
Slide 13: Invoicing & revenue recognition in Alma Career, rolling 12 months
Invoicing & revenue recognition in Alma Career, rolling 12 months Rolling 12 months, EURk Revenue Invoicing 10 000 9 500 9,065 9 000 8,860 8 500 8 000 7 876 7 500 7 000 6 847 6 500 6 000 09/21 11/21 01/22 03/22 05/22 07/22 09/22 11/22 01/23 03/23 05/23 07/23 09/23 11/23 01/24 03/24 05/24 07/24 09/24
Slide 14: Alma Marketplaces: Revenue grew by 17.5%, adjusted operating profit up 26.9%
Alma Marketplaces: Revenue grew by 17.5%, while adjusted operating profit surged by 26.9% SEGMENT REVENUE BY REVENUE CLASSES REVENUE AND ADJUSTED OPERATING PROFIT SEGMENT REVENUE CHANGE BY BUSINESS UNIT (MEUR) (REVENUE CHANGE IN BRACKETS) 34.4% 50 35 45 30.4 27.5% 28.8% 28.8% 30 40 26.6% +1.9 Digita
Slide 15: Alma News Media: adjusted operating profit margin at 18.9%
Alma News Media: The strengthening of profitability continued, adjusted operating profit margin at 18.9% SEGMENT REVENUE BY DIGITAL/PRINT REVENUE AND ADJUSTED OPERATING PROFIT SEGMENT REVENUE CHANGE BY BUSINESS UNIT (MEUR) (REVENUE CHANGE IN BRACKETS) 50 45 45 29.2 40 40 -0.6 35 28.3 Digital 17.9 0.
Slide 16: Solid financial position
SOLID FINANCIAL POSITION
Slide 17: Alma Media's long-term financial targets
Alma Media’s long-term financial targets* REVENUE GROWTH (%) ADJUSTED OPERATING PROFIT (%)* NET DEBT/EBITDA RATIO* >5.0% >30% <2.5x 19.6 >30% 2.3 24.6 25.1 <2.5x 23.8 24.1 12.1 22.2 1.6 1.6 1.5 1.3 >5% 4.6 2.5 -1.2 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Revenue Gr
Slide 18: Balanced financial position
Balanced financial position 500 NET DEBT (MEUR), GEARING (%) & EQUITY RATIO (%) Q4/2022 – Q4/2025 450 150 400 82% 81% 100 350 69% 73% 70% 71% 59% 65% 60% 60% 60% 300 54% 51% 50 250 46% 48% 46% 46% 46% 46% 49% 51% 46% 49% 53% 43% 44% 200 0 150 100 -50 143 160 151 146 169 155 140 159 145 128 138 133 1
Slide 19: Strong cash flow
Strong cash flow OPERATING CASH FLOW Q4/2022 – Q4/2025 (MEUR) OPERATING CASH FLOW BRIDGE Q4/2024 YTD – Q4/2025 YTD 24.2 3.0 22.3 81.3 21.2 21.5 22.0 1.0 20.6 2.5 19.6 20 17.7 17.5 3.5 2.0 -5.0 15.5 6.4 15 1.6 1.5 13.0 73.8 10.9 9.8 1.0 10 0.5 5 0.0 -0.5 0 Q4 2024 Adjusted Taxes paid Net interest Cha
Slide 20: Investments
Investments 4 3 2 CAPEX, LEASES, M&A Q4/2022 – Q4/2025 DEPRECIATIONS Q4/2022 – Q4/2025 1 Leases 18 0 16 CAPEX 16 -1 -1.7 -1.7 -1.6 -1.7 M&A 1 14 14 13 1 -2 -0.8 -1.0 -1.2 12 -1.7 10 -3 -1.8 -1.6 -1.6 8 7 11 -4 -1.5 14 6 1 13 6 5 5 1 4 4 -5 4 3 2 1 3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 1 2 5 22
Slide 21: Earnings per share
Earnings per share ROE & ROI (%) Q3/2022 – Q3/2025* EARNINGS PER SHARE Q4/2022 – Q4/2025 Dividends 2015 - 2025 45 0.23 40 37.1 6.3% 0.20 0.20 5.0% 4.7% 35 0.19 0.18 0.18 0.18 4.2% 4.0% 4.7% 30 0.15 0.15 3.3% 3.4% 3.3% 22.9 0.14 0.14 25 21.3 22.2 0.13 0.13 3.2% 3.2% 19.0 20 15 13.2 14.3 14.1 0.44 0.4
Slide 22: Total Shareholder Return 2016-2025
Total Shareholder Return 2016-2025 Total shareholder return 2016 - 2025, % Alma Media Includes dividends +594% OMXHGI +43% 30/12/2015 1/1/2016 30/12/2017 30/12/2019 30/12/2021 30/12/2023 30/12/2025 ALMA OMXHPI (norm vs ALMA) 22
Slide 23: Operating environment
OPERATING ENVIRONMENT
Slide 24: Challenging operating environment
Challenging operating environment Lagging Changing Increasing Geopolitical economic growth consumer behaviour regulation turbulence Recovery signals on horizon, Expectations for easy, time- Complex regulatory The uncertainty surrounding but long-term structural saving, and safe digital environment a
Slide 25: Update on Finnish business confidence and consumer confidence
Update on Finnish business confidence and consumer confidence Business Confidence of Finnish Industries Consumer Confidence Manufacturing Construction Services Retail trade 30 10 25 20 5 15 10 5 0 0 -5 -10 -5 -15 -20 -10 -25 -30 -35 -15 -40 -45 -50 -20 07/23 10/23 10/21 01/22 01/19 04/19 07/19 10/19
Slide 26: GDP growth development in operating countries
GDP growth development in operating countries Finland Czech Republic Slovakia Croatia Sweden 14% 6% 4% 2% 0% -2% -4% -10% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Key operating countries Smaller operating countries 2019 2020 2021 2022 2023 2024 2025E 2026E 2019 2020 2021
Slide 27: Unemployment rate development in operating countries
Unemployment rate development in operating countries Finland Czech Republic Slovakia Croatia Sweden 18% 14% 10% 8% 6% 4% 2% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Key operating countries Smaller operating countries 2019 2020 2021 2022 2023 2024 2025E 2026E 2019 2020
Slide 28: The Finnish advertising market update
The Finnish advertising market update MONTHLY CHANGE IN MEDIA ADVERTISING 12/2024–12/2025 25% 15% 5% -5% -15% -25% P12 24 P1 25 P2 25 P3 25 P4 25 P5 25 P6 25 P7 25 P8 25 P9 25 P10 25 P11 25 P12 25 Advertising sales total, chg % Newspaper advertising, chg % Online advertising, chg % Source: Kantar TN
Slide 29: Housing market & marketplaces update
Housing market & marketplaces update HOUSING MARKET UPDATE (SOLD APARTMENTS) -1.3% +1.0% 14 650 14 457 14 703 15 131 14 605 14 323 12 988 13 307 10 627 14,051 13,876 13,836 14,258 14,742 14,257 12,479 12,646 10,174 599 453 509 447 621 661 445 389 348 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q
Slide 30: Mobility market & marketplaces update
Mobility market & marketplaces update MOBILITY MARKET UPDATE* (SOLD CARS) +8.2% -0.9% 194 900 184 376 177 730 170 299 170 864 169 381 157 987 153 425 161 492 168,398 157,607 178,571 139,333 150,162 152,526 145,048 151,680 135,271 18,654 18,154 20,137 15,978 18,338 16,444 20,123 16,329 17,701 Q4/23 Q
Slide 31: Ukrainian crisis
Ukrainian crisis • Russia’s aggressive invasion to Ukraine brought severe economic and business consequences: • Significantly higher energy prices and inflation • Lower economic growth in Europe • Increased volatility and insecurity • Disruptions in financial markets and supply chains due to sanctio
Slide 32: Sustainability targets and results 2025
Sustainability targets and results 2025 33
Slide 33: Strategy and outlook
STRATEGY AND OUTLOOK
Slide 34: Versatile revenue sources, business cyclicity varies
Versatile revenue sources, business cyclicity varies Revenue source Share of revenue Highest cyclicity 19% Advertising 39% Classifieds 7% Other Digital services 21% Content sales 16% Lowest cyclicity Q2 2024 2025 Figures might not add to a 100% due to rounding 36
Slide 35: Alma Media's transformational journey
Alma Media’s transformational journey Exploiting paradigm changes in technology and consumer behaviour Integrating Platforms 2020 > Media and Services • Expanding our role in value chains • Streamlining customer processes by 2000 - 2020 integrating services to platforms • Enabling integrations also
Slide 36: Strategy Synergies
Strategy Synergies 1 TRANSFORM • Streamline customer processes by integrating services to platforms Advanced • Increase operational agility to speed up time- to-market MARKETPLACES • Advance customer-centric, product-led Intelligent development with AI Shared INSIGHTS AUDIENCES 2 GROW DATA TECHNOLOG
Slide 37: From classified advertising to transactions
From classified advertising to transactions Entering larger potential market and enabling new revenue sources B U Y E R S SEARCH EVALUATE NEGOTIATE OWNERSHIP & & & & PROVIDE MARKET CLOSE CRM SELLERS, B2B PARTNERS ADVERTISING TRANSACTIONS We are strengthening and We support our partners in Leveraging
Slide 38: AI boosts Alma's strategy
AI boosts Alma’s strategy 3 NEW BUSINESS MODELS • Changing existing business models and value chains • Creating completely new ones Stage 3: New business models 2 IMPROVING CUSTOMER EXPERIENCE OPPORTUNITY • Improving products via AI-based features Stage 2: • Enhancing customer-facing processes, e.g.
Slide 39: Steps forward in leveraging AI for product innovation
Steps forward in leveraging AI for product innovation • Atmoskop now offers automatic summaries of employee feedback • Career page content generation in Teamio ALMA • Automated video subtitles in Seduo CAREER • Jobly Vibes, AI assisted recruiting concept • Award-winning Asuntopuntari, AI-powered pla
Slide 40: Outlook for 2026
Outlook for 2026 Announced on 5 February 2026 Background for the outlook The outlook is based on an assessment that the economies in the company’s main markets are expected to remain broadly unchanged, while market Alma Media expects its full-year uncertainty persists. Fluctuations in the revenue of
Slide 41: Thank You! Questions?
Thank You! Questions? Upcoming events in the investor calendar: • Interim report for January–March 2026 on Wednesday, 29 April 2026 • Interim report for January–June 2026 on Wednesday, 12 August 2026 • Interim report for January–September 2026 on Thursday, 29 October 2026 43
Slide 42: Closing remarks
Closing remarks • Digital transformation has led to a well-balanced and synergistic business mix and to market leadership in chosen areas • The digital journey continues towards integrating platforms • Leveraging the best of current Alma Career products by expanding into new markets: building one un
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