Alma’s CFO, Taru Lehtinen, was talking about her company at the Investor 2025 event. 
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Today marks the biggest trading day of the year. The two largest trades were 23321 units at a price of 12.63€/unit and 98157 units at a price of 12.75€/unit.
These trades occurred near the current lows of a peculiar downward trend…
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Here are Petri’s preview comments as Alma reports its Q4 results on Thursday
We forecast that the company’s revenue grew and profitability improved despite the sluggish market situation. We forecast the company will slightly increase its dividend, supported by earnings growth. Our 2026 forecasts expect revenue growth and clear earnings growth (+11%), so support for these expectations is sought from the current year’s guidance.
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Financial performance October–December 2025:
- Revenue EUR 84.9 (81.2) million, growth 4.6%.
- Digital business share of revenue 85.4% (83.6%).
- Adjusted operating profit EUR 21.1 (19.5) million, 24.8% (24.0%) of revenue.
- Operating profit EUR 18.7 (17.7) million, growth 5.9%.
- Alma Career: Revenue and adjusted operating profit at the level of the comparison period.
- Alma Marketplaces: Revenue grew organically and supported by acquisitions by 17.5%, adjusted operating profit increased.
- Alma News Media: Profitability continued to strengthen, adjusted operating profit margin 18.9%.
- Earnings per share EUR 0.15 (0.15), grew by 4.2%.
Financial performance in 2025:
- Revenue EUR 327.1 (312.7) million, growth 4.6%.
- Digital business share of revenue 85.9% (84.2%).
- Adjusted operating profit EUR 82.1 (76.9) million, 25.1% (24.6%) of revenue.
- Operating profit EUR 77.8 (73.4) million, growth 6.0%.
- Earnings per share EUR 0.67 (0.64), grew by 5.9%.
- The Board’s preliminary dividend proposal EUR 0.48 (0.46).
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Petri interviewed Kai Telanne regarding Alma’s Q4 results.
Topics:
00:00 Introduction
00:08 Summary of Q4 results
00:36 2025: The year of AI development
02:23 Threats created by AI
03:53 Ad market development
05:43 Business environment
07:13 Achieving targets
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Petri has written a new company report on Alma following Q4
Alma Media’s Q4 results were well in line with our expectations, and the guidance for the current year, which points toward earnings growth, also fit well with the earnings growth profile painted by our forecasts. We have made minor fine-tuning to our forecasts, reflecting which we revise our target price to EUR 15.0 (previously EUR 15.50) and reiterate our Accumulate recommendation. In our view, the stock is attractively priced relative to our projected earnings growth outlook.
Quotes from the report:
Cash flow and financial position are at a strong level
Alma Media’s operating cash flow for 2025 climbed to just over EUR 81m (2024: EUR 73.8m) thanks to earnings growth, while its organic investments remained at a moderate level of EUR 3.8m. Consequently, after the payment of lease liabilities, the company generated just over EUR 70m in free cash flow in 2025. Of course, the company used nearly EUR 20m of this for inorganic growth, but all in all, the business generated cash flow quite impressively.
Reflecting the good cash flow development, the company’s net debt at the end of 2025 was a moderate EUR 126m, or 1.3x the previous year’s EBITDA. Thus, in terms of its financial position, the company has significant capacity (EUR 150-200m) to execute inorganic growth and pay growing profit distributions. Consequently, the company’s financial position and balance sheet key figures are at a very strong level.
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A small correction to Petri’s analysis: the previous recommendation was “reduce.”
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Another good year behind for Alma. And when you look at, for instance, the 10-year share price chart, the big picture is a steady uphill climb. Likewise, the dividend is constantly rising. For some reason, the company just doesn’t seem to interest investors. For example, this thread started in 11/19 and only has 227 posts. I once attended an Annual General Meeting (AGM) and somehow got the impression of a boring and old-fashioned company. In reality, the business is very modern, quite different from a dusty old publishing house. Recruitment, online marketplaces, KL (Kauppalehti) and Talouselämä, and many other publications. And in recent years, Alma has been a very active acquirer. I was out of the stock for a while, but I’ve now returned because I realized that, in the end, Alma is exactly the kind of Buffett-style company where “money is transferred from the impatient to the patient.”
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Good point, this has been corrected in the report
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