Analyst Comment

Ad investments remained soft in January

By Petri GostowskiCo. Head of Research

Summary

Finnish media advertising volume decreased by 6% year-on-year in January, continuing the weak market trend from the end of last year.
Online advertising was the only media type to achieve positive growth, increasing by 4% year-on-year, while print newspapers and television advertising saw significant declines of 10% and 16%, respectively.
Media advertising accounted for significant portions of revenue for companies like Sanoma (15%), Alma Media (17%), and Keskisuomalainen (33%) in 2025, making market developments crucial for these firms.
The negative growth in January was expected due to previous trends, but company-specific media business developments may differ from overall market trends, prompting a review of forecasts with upcoming reports.

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Translation: Original published in Finnish on 3/5/2026 at 7:39 am EET.

According to statistics published by Kantar, the volume of Finnish media advertising decreased by 6% year-on-year in January, meaning the weak market development from the end of last year has continued into the beginning of this year.

Only online advertising achieved positive growth

Examined by media type, the contraction was strong in print newspapers, in line with market trends, where advertising decreased by 10% from the comparison period. Television advertising also contracted exceptionally sharply (-16%), while radio advertising developed relatively stably compared to the previous year (-1%). In January, only online media, which benefits from the digital transition, achieved positive development, rising by 4% year-on-year. At the same time, outdoor advertising reversed its trend from previous months, decreasing by 7% year-on-year. Among advertiser groups, brand advertising decreased by 10%, retail advertising decreased by 7%, while classified advertising grew by as much as 11%.

According to our calculations, based on the latest published annual figures (2025), Finnish media advertising accounted for around 15% of Sanoma's and around 17% of Alma Media's revenue. For Keskisuomalainen, the figure is significantly higher, as media advertising accounted for 33% of the company's revenue (2025). Thus, the development of media advertising is a relevant driver for the companies. As a result of Ilkka's acquisition of Kaleva, the development of the media market does not directly affect its operating figures, but through its associate company, Kaleva's development affects Ilkka's EPS.

Given the weakness in media advertising at the end of last year, the negative growth figure for January was not a surprise, but the January figure was still disappointing. However, we would like to remind you that the company-specific development of media businesses may differ from the overall market development, as the relative shares of different media categories vary significantly between companies, and the growth of media categories is very unevenly distributed. We will review the need to change company-specific forecasts in connection with the upcoming company reports.

Development of Finnish media advertising

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