CEO Kai Telanne’s review from this spring’s AGM! 
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Here are Petri’s comments for Alma’s Q2 results, to be published on Thursday. 
Alma Media will publish its Q2 report on Thursday, exceptionally around 12:00 PM. We forecast a slightly better operating profit for Q2 compared to the reference period, thanks to the company’s revenue growth and excellent cost efficiency. The company has guided for stable revenue and operating profit development for the current year, and we expect the company to reiterate this guidance in the Q2 report.
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Alma’s results will be out in just under three quarters of an hour, and the webinar is also exceptionally not until 1 PM.
Here is the link to the broadcast Alma Media, Webcast, Q2'25 - Inderes
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Here are the main lines of the result - a rather exemplary performance continued. I will delve into the numbers in more detail during the day and more detailed estimates will follow later in the form of a report 
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Strong performance, and
guidance, i.e., 2024 level, meaning revenue 313 / operating profit (adj.) 77 MEUR
-the risk of exceeding this seems to be present as 1H2015 revenue grew by 6.7 MEUR and operating profit (adj.) by 2.8 MEUR
-comment without checking if 2H2024 was somehow particularly good
Financial development April–June 2025:
- Revenue EUR 83.7 (80.1) million, growth 4.5%.
- Share of digital business in revenue 86.2% (84.4%).
- Adjusted operating profit EUR 21.1 (19.4) million, 25.2% (24.2%) of revenue.
- Operating profit EUR 19.9 (19.2) million, growth 3.7%.
- Alma Career: Adjusted operating profit turned to growth due to efficiency measures.
- Alma Marketplaces: Revenue grew organically and supported by an acquisition by 16.5%, profitability strengthened further.
- Alma News Media: Revenue at the level of the comparison period, adjusted operating profit grew by 20.1%.
- Earnings per share EUR 0.18 (0.18) grew by 4.0%.
Financial development January–June 2025:
- Revenue EUR 162.9 (156.2) million, growth 4.3%.
- Share of digital business in revenue 85.1% (83.7%).
- Adjusted operating profit EUR 38.3 (35.5) million, 23.5% (22.7%) of revenue.
- Operating profit EUR 36.5 (34.2) million, growth 6.7%.
- Earnings per share EUR 0.32 (0.31), grew by 3.8%.
Outlook for 2025
Alma Media estimates that the revenue and adjusted operating profit for 2025 will be at the 2024 level. In 2024, revenue was EUR 312.7 million and adjusted operating profit was EUR 76.9 million.
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Kaisa interviewed Kai Telanne after Q2.
Topics:
00:00 Introduction
00:13 Improvements across the board
04:15 Outlook for the Career segment
05:53 Domestic advertising market outlook
07:07 AI projects
08:39 Ensuring quality in the age of AI
10:07 Outlook for the rest of the year
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Alma Media’s earnings update, target also updated 13.0 → 13.9€ & More
\u003e ## Earnings Growth and Dividend as Drivers of Return Expectation
\u003e
\u003e Based on the earnings of the previous 12 months, the stock’s adjusted P/E and EV/EBIT multiples are approximately 18x and 15x. In our view, considering Alma Media’s high return on capital, good cash flow generation capability, and growth outlook, these valuation multiples, which are higher than the general market level, are justified. The return expectation for the coming years is built upon our forecasted approximately 9% EPS growth and a dividend yield of approximately 4% according to our estimates. This double-digit return expectation clearly exceeds our applied required rate of return, and thus we consider the stock’s risk-reward ratio attractive. Also supporting the upside potential in valuation is our cash flow model, which values the stock at 13.9 €/share.
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A couple of other updates as line-item information in the KL feed after the earnings release,
SEB: €14.50 → €14.80 & Buy
Nordea: €14.50 → €15.0 & Buy
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Smaller acquisition.
Alma Media has indeed reinvented itself over the decade, transforming into a major player in digital commerce in Finland.
One would occasionally expect some international firm to acquire this expertise and spread it globally to its advantage.
ALMA MEDIA ACQUIRES EFFORTIA OY – STRENGTHENS ITS POSITION IN DIGITAL COMPARISON SERVICES
Alma Media Corporation has acquired the entire share capital of Effortia Oy, a provider of comparison services, from Boston Information Group Ltd. The parties are not disclosing the purchase price.
Effortia offers digital comparison services aimed at consumers, the most well-known of which are Sähkövertailu.fi, VertaaEnsin.fi, and Asuntojenmyynti.fi, which focuses on comparing real estate agents. The company has grown through acquisitions in recent years, and its turnover in 2024 was 1.7 million euros.
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Here are Petri’s comments on that new Effortia purchase.
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CEO Kai Telanne was talking about his company as an investment target at the Stock Investor’s Week.
Topics:
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Positive profit warning from Alma Media!
Alma Media’s positive profit warning | Kauppalehti
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Here is the original announcement: Inside information, positive profit warning: Alma Media Plc raises its 2025 earnings guidance | Kauppalehti
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Yeah, things are going well!
Here are our first comments on the topic Alma Media nosti kuluvan vuoden ohjeistustaan - Inderes
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Inderes raised its target with the positive profit warning, but the share price increase removed the upside potential…
Target: 13.9 (Add) → 15.5 eur & Reduce
In our opinion, the stock is fully valued
Alma Media’s adjusted P/E ratio for the past 12 months is 22x, while the corresponding EV/EBIT multiple is just over 17x. These valuation multiples are significantly above the company’s longer-term historical valuation. We consider the increase in valuation level relative to history to be justified, but in absolute terms, the aforementioned valuation multiples are demanding. Thus, our forecasted earnings growth for the coming years is partly overshadowed by a slight downside in valuation, and in our opinion, the stock’s risk-reward ratio is balanced at the current price. This overall valuation picture is also supported by our target price level cash flow model (15.5e), in which we have raised long-term profitability expectations higher than recent historical performance.
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Here are Petri’s preliminary comments as Alma publishes its Q3 results on Friday.
We forecast a slightly better operating profit for Q3 compared to the reference period, thanks to the company’s revenue growth and impressive cost efficiency. The company updated its guidance for the current year quite recently (our comments can be read here), and in connection with the results, we are particularly interested in the drivers of the guidance change.
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Good result! But are market expectations still a bit too high, causing a small dip in the share price?
“The adoption of artificial intelligence is accelerating”. So when this is noticed, the share price goes up?
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Yep, the valuation is tight, and the analyst also states that the high bar was not met…
However, it’s easy to hold onto Alma’s shares when they were acquired via the so-called ‘kaniini’ (rabbit), i.e., through Ilkka. Alma has about €5.25 worth in Ilkka’s shares (yesterday’s price for II-series shares was about €4.0).
On the other hand, if one considers that the Finnish economy, where Alma has many businesses, has developed quite weakly. One COULD imagine that Alma’s businesses – even though they have developed and performed well – will get new momentum to the next level if/when this struggle leads to a growth path.
On the other hand, there would be areas in this company to scale if some company were interested in buying, for example, the whole company or a piece of it.
Thumbs up to Telanne & team, a truly great case for industrial engineering and business school courses on transformation – before it was forced, when markets began to be built.
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Kai Telanne was interviewed by Petri after the Q3 earnings release.
Topics:
00:00 Introduction
00:10 Development in Q3
01:05 Guidance raise
05:14 OviPro
07:49 Financial targets
09:11 Acquisitions
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Petri has made a new company report on Alma after Q3.
Alma Media’s Q3 figures slightly missed our elevated forecasts, which had risen due to the recent guidance upgrade. There were no surprises behind this, and the slightly softer earnings growth than we expected was a result of several factors. Consequently, our forecasted earnings growth outlook, based on a more favorable market situation in the coming years, has largely remained unchanged, and the forecast changes we made were marginal. We therefore reiterate our ‘reduce’ recommendation for Alma Media’s stock, which we consider fairly priced, and our target price of 15.5 euros. Alma Media’s CEO’s Q3 interview can be viewed from this link.
https://www.inderes.fi/research/alma-media-q325-odotamme-tuloskasvun-kiihtyvan-lahivuosina
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