Analyst Comment
The rate of decline in ad investments eased in May
Summary
- In May, Finnish media advertising volume decreased by 2% year-on-year, showing a moderate decline compared to April's significant drop of 15%.
- Media group performance varied: print newspaper advertising fell by 15%, television by 7%, while online and radio advertising grew by nearly 3%, and outdoor advertising increased by 13%.
- Media advertising is a significant revenue driver for companies like Sanoma, Alma Media, and Keskisuomalainen, with varying impacts due to their different media group proportions.
- The overall market development in May aligned with expectations, but April's performance was weaker than anticipated, prompting potential company-specific forecast adjustments closer to the Q2 earnings season.
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Translation: Original published in Finnish on 06/22/2026 at 07:34 am EEST
According to statistics published by Fifty5Blue (formerly Kantar), the volume of Finnish media advertising decreased by a moderate 2% in May year-on-year. Thus, the rate of decline in media advertising returned to a somewhat typical level after April's knockout (-15%). Cumulatively, the market has decreased by 6% this year compared to the corresponding period last year.
The development in May was divided as usual
Examined by media group, market development was divided in May. Advertising in print newspapers, which suffer from structural decline, decreased by 15%, and television advertising also decreased by 7% from the corresponding period last year. Online media, which benefits from the digital transition, grew at a good rate of 3%, and radio advertising also achieved growth of almost 3%. At the same time, outdoor advertising, which has been growing for a longer period, rose by as much as 13% year-on-year. Among advertiser groups, brand advertising decreased by 3% and classified advertising by 2%, while retail advertising turned to a modest 1% growth.
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 the development of the associate company Kaleva affects Ilkka's EPS.
After a sharp decline in April, the overall market development corrected to a level broadly in line with our expectations. However, considering the performance in April, the short-term development has been weaker than we expected. We would, however, like to point out that the company-specific development of media businesses may differ from the overall market development, as the relative proportions of different media groups vary considerably between companies. We will review any potential company-specific adjustments to our forecasts closer to the Q2 earnings season.
Development of Finnish media advertising
Source: Fifty5Blue, Inderes, NB! Q2’26 figures include only April-May data
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