Alma Media Q2’26 flash comment: Compelling performance across all segments
Summary
- Alma Media's Q2 revenue was 87.9 MEUR, slightly exceeding estimates, with all segments showing robust growth, particularly in Career and Marketplaces.
- Adjusted EBIT for Q2 was 24.4 MEUR, surpassing both analyst and consensus estimates, driven by strong profitability across all segments and effective cost control.
- The company's guidance for stable revenue and increased adjusted EBIT for 2026 appears easily achievable, with H1 performance showing a 5% revenue growth and a 17% increase in adjusted EBIT.
- The strong Q2 results suggest potential upward revisions to earnings guidance for the remainder of the year, according to the analyst's perspective.
This content is generated by AI. You can give feedback on it in the Inderes forum.
Translation: Original published in Finnish on 08/11/2026 at 08:55 am EEST
| Estimates | Q2'25 | Q2'26 | Q2'26e | Q2'26e | Consensus | Difference (%) | 2026e | |||
| MEUR / EUR | Comparison | Actualized | Inderes | Consensus | Low | High | Act. vs. Inderes | Inderes | ||
| Revenue | 83.7 | 87.9 | 87.0 | 86.4 | 86.2 | - | 87.0 | 1 % | 341 | |
| EBIT (adj.) | 21.1 | 24.4 | 22.6 | 23.2 | 22.6 | - | 24.3 | 8 % | 90.7 | |
| EBIT | 19.9 | 24.2 | 22.4 | 23.2 | 22.4 | - | 24.3 | 8 % | 90.0 | |
| EPS (rep.) | 0.18 | 0.22 | 0.20 | 0.21 | 0.20 | - | 0.22 | 12 % | 0.80 | |
| Revenue growth-% | 4.7 % | 5.0 % | 3.9 % | 3.2 % | 2.9% | - | 3.9% | 1 pp | 4.3 % | |
| EBIT-% (adj.) | 25.2 % | 27.8 % | 26.0 % | 26.9 % | 26.2% | - | 27.9% | 1.8 pp | 26.6 % | |
Source: Inderes & Modular Finance (consensus, 5 estimates)
In Q2, Alma Media's revenue development was slightly better than estimated, but due to very strong profitability development, earnings clearly exceeded estimates. Alma Media has guided for stable revenue and growth in adjusted EBIT for the current year compared to the previous year. After the first half of the year, the company is progressing very well from a guidance perspective.
Revenue slightly exceeded our estimates in all segments
Alma Media's revenue development in Q2 was slightly more robust than we anticipated, growing by 5% year-on-year to 87.9 MEUR. At the segment level, development was slightly more robust than expected in all segments. Career's revenue growth accelerated slightly quarter-on-quarter and grew by a good 5% as expected. At the same time, Marketplaces' revenue also slightly exceeded our estimate, growing by 9% (estimate +8%). Both Career's and Marketplaces' classified advertising revenues and digital services developed slightly better than we anticipated. News Media's revenue grew by 1%, slightly exceeding our estimate (-1%), as both its advertising and content revenues increased.
Profitability was very good in all segments
Alma Media’s adjusted EBIT was 24.4 MEUR in Q2, which exceeded both our estimate and the slightly higher consensus estimate. Career's profitability was at the expected good level, while Marketplaces, which achieved a clear improvement, significantly exceeded our estimates. Part of its EBIT margin improvement is explained by a larger-than-expected contraction in depreciation, but it already exceeded our estimates at the EBITDA level due to strict cost control. News Media's profitability also exceeded our estimates due to top-line development and a continued impressive decrease in cost levels. On the bottom line, net financial expenses were also lower than we anticipated, which, together with the operating result exceeding our estimate, pushed the earnings per share to EUR 0.22 and significantly above our estimate.
The guidance is easily achievable
Alma Media has issued a guidance for 2026 according to which it expects revenue (2025: 327.1 MEUR) to be at the level of the previous year and adjusted EBIT (2025: 82.1 MEUR) to increase from the previous year. Before the Q2 report, our 2026 revenue estimate was 341 MEUR (+4%), and we estimated adjusted EBIT to reach 90.3 MEUR (+10%). The corresponding consensus estimates were 339 MEUR in revenue and 91.7 MEUR in adjusted EBIT. After the first half of the year, the company's revenue has grown by 5%, while adjusted EBIT has increased by as much as 17%. Thus, the company is progressing very nicely from a guidance perspective, and the strong Q2 report creates some upward pressure on estimates. We do not know the underlying limits of the company's verbal guidance, but in our opinion, after a good H1 performance and considering the short-term market outlook, an upgrade to the earnings guidance in the remainder of the year is quite possible.