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Accounting principles used in the consolidated financial statements
Basic information on the Group Alma Media Corporation (1944757-4) is an innovative group focusing on digital services and journalistic media content. The company\u2019s best-known brands are Kauppalehti, Talousel\u00e4m\u00e4, Iltalehti, Etuovi.com, Nettiauto and Jobly. Alma Media generates sustainable growth from media to services, providing content and services that benefit users in their everyday lives, work and leisure time. Alma Media operates in 10 European countries. The Group\u2019s parent company Alma Media Corporation is a Finnish public company established under Finnish law, domiciled in Helsinki at Alvar Aallon katu 3 C, PL 140, FI-00100 Helsinki, Finland. A copy of the consolidated financial statements is available online at www.almamedia.fi or from the parent company head office. The Board of Directors approved the financial statements for disclosure on 24 February 2026. According to the Finnish Limited Liability Companies Act, shareholders have the oppor- tunity to approve or reject the financial statements at the General Meeting of Shareholders held after publication. The figures in the financial statements are independently rounded. Accounting principles The consolidated financial statements have been prepared in accordance with the Interna- tional Financial Reporting Standards (IFRS). The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2025 have been applied. International Financial Reporting Standards refer to the standards and their interpretations approved for application in the EU in accordance with the procedure stipulated in EU regulation (EU) no 1606/2002 and embodied in Finnish accounting legislation and the statutes enacted under it. The notes to the consolidated financial statements also comply with Finnish accounting and company legislation. Alma Media publishes the Annual Report as an XHTML file in accordance with the European Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF require- ments, the primary financial statements and notes have been labelled with XBRL tags. The consolidated financial statements are based on the purchase method of accounting unless otherwise specified in the accounting principles below. The figures in the tables in the financial statements are presented in millions of euros except where presenting the figures at a greater level of accuracy is deemed to be appropriate. Changes in accounting principles The changes in IFRS standards that entered into effect in the financial year 2025 mainly con- sisted of amendments to existing standards, and they had no material effect on Alma Media\u2019s consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, applicable for financial years beginning on or after 1 January 2027, will replace IAS 1 Presentation of Financial Statements. The standard will have an effect on the presentation of Alma Media Corporation's primary financial statements and notes. Alma Media Corporation has not identified any other new standards, amendments to stan- dards or interpretations published by the IASB that will be applied for the first time in report- ing periods beginning on or after 1 January 2026 and that are expected to have a significant impact on Alma Media Corporation\u2019s result, financial position or presentation of the financial statements. Translation of items denominated in foreign currencies Figures in the consolidated financial statements are shown in euro, the euro being the func- tional and presentation currency of the parent company. Foreign currency items are entered in EUR at the rates prevailing at the transaction date. Monetary foreign currency items are translated into EUR using the rates prevailing at the balance sheet date. Non-monetary for- eign currency items are measured at their fair value and translated into EUR using the rates prevailing at the balance sheet date. In other respects non-monetary items are measured at the rates prevailing at the transaction date. Exchange rate differences arising from sales and purchases are treated as additions or subtractions respectively in the statement of compre- hensive income. Exchange rate differences related to loans and loan receivables are taken to other finance income and expenses in the profit or loss for the period. The income statements of foreign Group subsidiaries are translated into EUR using the weighted average rates during the period, and their balance sheets at the rates prevailing on the balance sheet date. Goodwill arising from the acquisition of foreign companies is treated as assets and liabilities of the foreign units in question and translated into EUR at the rates prevailing on the balance sheet date. Translation differences arising from the consolidation of foreign subsidiaries and associated companies are entered under shareholders\u2019 equity. Exchange differences arising on a monetary item that forms part of the reporting entity\u2019s net investment in the foreign operation shall be recognised in the balance sheet and reclassified from equity to profit or loss on disposal of the net investment. Operating profit and EBITDA IAS 1 Presentation of Financial Statements does not include a definition of operating profit or gross margin. Gross margin is the net amount formed when other operating profit is added to net sales, and material and service procurement costs adjusted for the change in invento- ries of finished and unfinished products, the costs arising from employee benefits and other operating expenses are subtracted from the total. Operating profit is the net amount formed when other operating profit is added to net sales, and the following items are then subtracted from the total: material and service procurement costs adjusted for the change in inventories of finished and unfinished products; the costs arising from employee benefits; depreciation, amortisation and impairment costs; and other operating expenses. All other items in the profit or loss not mentioned above are shown under operating profit. Exchange rate differences and changes in the fair value of derivative contracts are included in operating profit if they arise on items related to the company\u2019s normal business operations. Otherwise they are recognised in financial items. Adjusted items Adjusted items are income or expense arising from non-recurring or rare events. Gains or losses from the sale or discontinuation of business operations or assets, acquisition-related transaction costs and other items recognised through profit or loss, and gains or losses from restructuring business operations as well as impairment losses of goodwill and other assets are recognised by the Group as adjusted items. Adjusted items are recognised in the profit and loss statement within the corresponding income or expense group. Adjusted items are described in the Report by the Board of Directors . Accounting principles requiring management\u2019s judgement and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS standards requires the management to make estimates and assumptions which may differ from actual results in the future. The management is also required to use its discretion as to the applica- tion of the accounting principles used to prepare the statements. The management of the Group makes judgement-based decisions pertaining to the selection and application of the accounting principles used in the financial statements. This particularly applies in cases where the existing IFRS regulations allow for alternative methods of recogni- tion, measurement and presentation. Alma Media has identified subscription products and customer loyalty products in accor- dance with the provisions of IFRS 15. As the item prices of these products are not material, they are not treated as separate performance obligations based on the management\u2019s assessment of materiality. The revenue derived from such products is recognised as part of the main products. According to IFRS 15 Revenue from Contracts with Customers, an entity shall recognise reve- nue when it satisfies a performance obligation by transferring a promised good or service to a customer. Alma Media\u2019s exception to the revenue recognition practices required by IFRS 15 is the recognition of revenue from credit packages associated with the recruitment business. In credit package transactions, the customer buys credits against which Alma Media provides advertising sales services during the validity of the credits, subject to an agreed-upon price list. According to the management\u2019s assessment, recognising revenue evenly over the con- tract period instead of a revenue recognition model based on actual use leads to essentially the same outcome as recognising revenue based on the use of the credits. The estimates made in conjunction with preparing the financial statements are based on the management\u2019s best assessments on the reporting period end date. The estimates are based on prior experience, as well as future assumptions that are considered to be the most likely on the balance sheet date with regard to issues such as the expected development of the Group\u2019s economic operating environment in terms of sales and cost levels. The Group monitors the realisation of estimates and assumptions, as well as changes in the underlying factors, on a regular basis in cooperation with the business units, using both internal and external sources of information. Any changes to these estimates and assumptions are entered in the accounts for the period in which the estimate or assumption is adjusted and for all periods thereafter. Future assumptions and key sources of uncertainty related to estimates made on the balance sheet date that involve a significant risk of changes to the book values of the Group\u2019s assets and liabilities during the following financial year are presented below. The management has considered these components of the financial statements to be the most relevant in this re- gard, as they involve the most complicated accounting policies from the Group\u2019s perspective and their application requires the most extensive application of significant estimates and as- sumptions: for example, in the valuation of assets. In addition, the effects of potential changes to the assumptions and estimates used in these components of the financial statements are estimated to be the largest. The company\u2019s management has assessed the potential impacts of the climate on accounting estimates and judgements. The management has assessed that climate-related issues do not currently have a significant impact on the items presented in the financial statements. The management monitors changes in legislation and will update the assessment and judge- ment-based decisions as necessary. The determination of the fair value of intangible assets in conjunction with business com- binations is based on the management\u2019s estimate of the cash flows related to the assets in question. The determination of the fair value of liabilities related to contingent considerations arising from business combinations are based on the management\u2019s estimate. The key vari- able in the change in fair value of contingent considerations is the estimate of future operating profit. Impairment tests: The Group tests goodwill and intangible assets with an indefinite useful life for impairment annually and reviews any indications of impairment in the manner described above. The amounts recoverable from cash-generating units are recognised based on calcu- lations of their fair value. The preparation of these calculations requires the use of estimates. The estimates and assumptions used to test major goodwill items for impairment, and the sensitivity of changes in these factors with respect to goodwill testing is described in more detail in the note which specifies goodwill. Useful lives: Estimating useful lives used to calculate depreciation and amortisation also requires management to estimate the useful lives of these assets. The useful lives applied for each type of asset are listed in the notes under 2.2 Property, Plant and Equipment and 2.1 Intangible Assets. Other estimates: Other management estimates relate mainly to other assets, such as the current nature of receivables and capitalised R&D costs, to tax risks, to determining pension obligations and to the utilisation of tax assets against future taxable income. For leases that are valid with a reasonable level of certainty but have a short period of no- tice, the financial statements also include an assumption of the period of time the premises in question will be used in business operations. This estimate affects the balance sheet amount of lease liability for the leases for the premises in question.All subsidiaries are consolidated in the consolidated financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional pur- chase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit or loss at fair value on the last day of each reporting period ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "Accounting principles used in the consolidated financial statements Basic information on the Group Alma Media Corporation (1944757-4) is an innovative group focusing on digital services and journalistic media content. The company\u2019s best-known brands are Kauppalehti, Talousel\u00e4m\u00e4, Iltalehti, Etuovi.com, Nettiauto and Jobly. Alma Media generates sustainable growth from media to services, providing content and services that benefit users in their everyday lives, work and leisure time. Alma Media operates in 10 European countries. The Group\u2019s parent company Alma Media Corporation is a Finnish public company established under Finnish law, domiciled in Helsinki at Alvar Aallon katu 3 C, PL 140, FI-00100 Helsinki, Finland. A copy of the consolidated financial statements is available online at www.almamedia.fi or from the parent company head office. The Board of Directors approved the financial statements for disclosure on 24 February 2026. According to the Finnish Limited Liability Companies Act, shareholders have the oppor- tunity to approve or reject the financial statements at the General Meeting of Shareholders held after publication. The figures in the financial statements are independently rounded. Accounting principles The consolidated financial statements have been prepared in accordance with the Interna- tional Financial Reporting Standards (IFRS). The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2025 have been applied. International Financial Reporting Standards refer to the standards and their interpretations approved for application in the EU in accordance with the procedure stipulated in EU regulation (EU) no 1606/2002 and embodied in Finnish accounting legislation and the statutes enacted under it. The notes to the consolidated financial statements also comply with Finnish accounting and company legislation. Alma Media publishes the Annual Report as an XHTML file in accordance with the European Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF require- ments, the primary financial statements and notes have been labelled with XBRL tags. The consolidated financial statements are based on the purchase method of accounting unless otherwise specified in the accounting principles below. The figures in the tables in the financial statements are presented in millions of euros except where presenting the figures at a greater level of accuracy is deemed to be appropriate. Changes in accounting principles The changes in IFRS standards that entered into effect in the financial year 2025 mainly con- sisted of amendments to existing standards, and they had no material effect on Alma Media\u2019s consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, applicable for financial years beginning on or after 1 January 2027, will replace IAS 1 Presentation of Financial Statements. The standard will have an effect on the presentation of Alma Media Corporation's primary financial statements and notes. Alma Media Corporation has not identified any other new standards, amendments to stan- dards or interpretations published by the IASB that will be applied for the first time in report- ing periods beginning on or after 1 January 2026 and that are expected to have a significant impact on Alma Media Corporation\u2019s result, financial position or presentation of the financial statements. Translation of items denominated in foreign currencies Figures in the consolidated financial statements are shown in euro, the euro being the func- tional and presentation currency of the parent company. Foreign currency items are entered in EUR at the rates prevailing at the transaction date. Monetary foreign currency items are translated into EUR using the rates prevailing at the balance sheet date. Non-monetary for- eign currency items are measured at their fair value and translated into EUR using the rates prevailing at the balance sheet date. In other respects non-monetary items are measured at the rates prevailing at the transaction date. Exchange rate differences arising from sales and purchases are treated as additions or subtractions respectively in the statement of compre- hensive income. Exchange rate differences related to loans and loan receivables are taken to other finance income and expenses in the profit or loss for the period. The income statements of foreign Group subsidiaries are translated into EUR using the weighted average rates during the period, and their balance sheets at the rates prevailing on the balance sheet date. Goodwill arising from the acquisition of foreign companies is treated as assets and liabilities of the foreign units in question and translated into EUR at the rates prevailing on the balance sheet date. Translation differences arising from the consolidation of foreign subsidiaries and associated companies are entered under shareholders\u2019 equity. Exchange differences arising on a monetary item that forms part of the reporting entity\u2019s net investment in the foreign operation shall be recognised in the balance sheet and reclassified from equity to profit or loss on disposal of the net investment. Operating profit and EBITDA IAS 1 Presentation of Financial Statements does not include a definition of operating profit or gross margin. Gross margin is the net amount formed when other operating profit is added to net sales, and material and service procurement costs adjusted for the change in invento- ries of finished and unfinished products, the costs arising from employee benefits and other operating expenses are subtracted from the total. Operating profit is the net amount formed when other operating profit is added to net sales, and the following items are then subtracted from the total: material and service procurement costs adjusted for the change in inventories of finished and unfinished products; the costs arising from employee benefits; depreciation, amortisation and impairment costs; and other operating expenses. All other items in the profit or loss not mentioned above are shown under operating profit. Exchange rate differences and changes in the fair value of derivative contracts are included in operating profit if they arise on items related to the company\u2019s normal business operations. Otherwise they are recognised in financial items. Adjusted items Adjusted items are income or expense arising from non-recurring or rare events. Gains or losses from the sale or discontinuation of business operations or assets, acquisition-related transaction costs and other items recognised through profit or loss, and gains or losses from restructuring business operations as well as impairment losses of goodwill and other assets are recognised by the Group as adjusted items. Adjusted items are recognised in the profit and loss statement within the corresponding income or expense group. Adjusted items are described in the Report by the Board of Directors . Accounting principles requiring management\u2019s judgement and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS standards requires the management to make estimates and assumptions which may differ from actual results in the future. The management is also required to use its discretion as to the applica- tion of the accounting principles used to prepare the statements. The management of the Group makes judgement-based decisions pertaining to the selection and application of the accounting principles used in the financial statements. This particularly applies in cases where the existing IFRS regulations allow for alternative methods of recogni- tion, measurement and presentation. Alma Media has identified subscription products and customer loyalty products in accor- dance with the provisions of IFRS 15. As the item prices of these products are not material, they are not treated as separate performance obligations based on the management\u2019s assessment of materiality. The revenue derived from such products is recognised as part of the main products. According to IFRS 15 Revenue from Contracts with Customers, an entity shall recognise reve- nue when it satisfies a performance obligation by transferring a promised good or service to a customer. Alma Media\u2019s exception to the revenue recognition practices required by IFRS 15 is the recognition of revenue from credit packages associated with the recruitment business. In credit package transactions, the customer buys credits against which Alma Media provides advertising sales services during the validity of the credits, subject to an agreed-upon price list. According to the management\u2019s assessment, recognising revenue evenly over the con- tract period instead of a revenue recognition model based on actual use leads to essentially the same outcome as recognising revenue based on the use of the credits. The estimates made in conjunction with preparing the financial statements are based on the management\u2019s best assessments on the reporting period end date. The estimates are based on prior experience, as well as future assumptions that are considered to be the most likely on the balance sheet date with regard to issues such as the expected development of the Group\u2019s economic operating environment in terms of sales and cost levels. The Group monitors the realisation of estimates and assumptions, as well as changes in the underlying factors, on a regular basis in cooperation with the business units, using both internal and external sources of information. Any changes to these estimates and assumptions are entered in the accounts for the period in which the estimate or assumption is adjusted and for all periods thereafter. Future assumptions and key sources of uncertainty related to estimates made on the balance sheet date that involve a significant risk of changes to the book values of the Group\u2019s assets and liabilities during the following financial year are presented below. The management has considered these components of the financial statements to be the most relevant in this re- gard, as they involve the most complicated accounting policies from the Group\u2019s perspective and their application requires the most extensive application of significant estimates and as- sumptions: for example, in the valuation of assets. In addition, the effects of potential changes to the assumptions and estimates used in these components of the financial statements are estimated to be the largest. The company\u2019s management has assessed the potential impacts of the climate on accounting estimates and judgements. The management has assessed that climate-related issues do not currently have a significant impact on the items presented in the financial statements. The management monitors changes in legislation and will update the assessment and judge- ment-based decisions as necessary. The determination of the fair value of intangible assets in conjunction with business com- binations is based on the management\u2019s estimate of the cash flows related to the assets in question. The determination of the fair value of liabilities related to contingent considerations arising from business combinations are based on the management\u2019s estimate. The key vari- able in the change in fair value of contingent considerations is the estimate of future operating profit. Impairment tests: The Group tests goodwill and intangible assets with an indefinite useful life for impairment annually and reviews any indications of impairment in the manner described above. The amounts recoverable from cash-generating units are recognised based on calcu- lations of their fair value. The preparation of these calculations requires the use of estimates. The estimates and assumptions used to test major goodwill items for impairment, and the sensitivity of changes in these factors with respect to goodwill testing is described in more detail in the note which specifies goodwill. Useful lives: Estimating useful lives used to calculate depreciation and amortisation also requires management to estimate the useful lives of these assets. The useful lives applied for each type of asset are listed in the notes under 2.2 Property, Plant and Equipment and 2.1 Intangible Assets. Other estimates: Other management estimates relate mainly to other assets, such as the current nature of receivables and capitalised R&D costs, to tax risks, to determining pension obligations and to the utilisation of tax assets against future taxable income. For leases that are valid with a reasonable level of certainty but have a short period of no- tice, the financial statements also include an assumption of the period of time the premises in question will be used in business operations. This estimate affects the balance sheet amount of lease liability for the leases for the premises in questio3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner specified in IAS 23 . Lease liabilities The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consideration in the con- tract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards incidental to their ownership are recognised as a right-of-use assets and a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incremental borrow- ing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds nec- essary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on financial expenses would be MEUR 0.3. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liabili- ty for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligation s
3.4 Other leases
Short-term leases with a term of less than 12 months and leases of low value, such as leases for ICT equip-
ment, are treated as off-balance sheet liabilities.
When the Group is the lessor, lease income is entered in the profit or loss on a straight-line basis over the lease
term.
3.5 Pension obligations
The Group has both defined contribution pension plans and defined benefit pension plans.
The defined benefit pension plans comprise the Group\u2019s old supplementary pension plans for personnel, which
have already been discontinued and closed. The benefits associated with them include both supplementary
pension benefits and death benefits. The Group\u2019s defined benefit pension plans include both funded and un-
funded pension plans. The unfunded pension plans are direct supplementary pension obligations, primarily for
old employees who have already retired. The new supplementary pension benefits granted by the Group are
defined contribution based pension plans.
Obligations arising from defined benefit plans are calculated for each arrangement separately using the Pro-
jected Unit Credit Method. Pension costs are recognised as expenses over the beneficiaries\u2019 period of employ-
ment in the Group based on calculations made by authorised actuaries. The discount rate used in calculating
the present value of the pension obligation is based on market yields on high quality corporate bonds issued
by the company and, if this data is not available, on yields of government bonds. The maturity of corporate and
government bonds and corresponds to a reasonable extent with the maturity of the pension obligation. The
pension plan assets measured at fair value on the balance sheet date are deducted from the present value of
the pension obligation to be recognised in the balance sheet. The net liabilities (or assets) associated with the
defined benefit pension plan are recorded on the balance sheet.
Service costs for the period (pension costs) and the net interest on the net liabilities associated with the defined
benefit plan are recognised through profit or loss and presented under employee benefit expenses. Items (such
as actuarial gains and losses and return on funded defined benefit plan assets) arising from the redefinition of
the net liabilities (or assets) associated with the defined benefit plan are recognised in other comprehensive
income in the period in which they arise.
3.6 Working capital 3.6.1 Inventories Inventories are materials and supplies, work in progress and finished goods. Fixed overhead costs are capitalised to inventories in manufacturing. Inventories are measured at the lower of their acquisition cost or net realisable value. The net realisable value is the sales price expected to be received on them in the normal course of business less the estimated costs necessary to bring the product to comple- tion and the costs of selling. The acquisition cost is defined by the FIFO (first-in-first-out) method. Within Alma Media, inventories mainly consist of the products sold by the book business ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "Basic information on the Group Alma Media Corporation (1944757-4) is an innovative group focusing on digital services and journalistic media content. The company\u2019s best-known brands are Kauppalehti, Talousel\u00e4m\u00e4, Iltalehti, Etuovi.com, Nettiauto and Jobly. Alma Media generates sustainable growth from media to services, providing content and services that benefit users in their everyday lives, work and leisure time. Alma Media operates in 10 European countries. The Group\u2019s parent company Alma Media Corporation is a Finnish public company established under Finnish law, domiciled in Helsinki at Alvar Aallon katu 3 C, PL 140, FI-00100 Helsinki, Finland. A copy of the consolidated financial statements is available online at www.almamedia.fi or from the parent company head office. The Board of Directors approved the financial statements for disclosure on 24 February 2026. According to the Finnish Limited Liability Companies Act, shareholders have the oppor- tunity to approve or reject the financial statements at the General Meeting of Shareholders held after publication. The figures in the financial statements are independently rounded. Accounting principles The consolidated financial statements have been prepared in accordance with the Interna- tional Financial Reporting Standards (IFRS). The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2025 have been applied. International Financial Reporting Standards refer to the standards and their interpretations approved for application in the EU in accordance with the procedure stipulated in EU regulation (EU) no 1606/2002 and embodied in Finnish accounting legislation and the statutes enacted under it. The notes to the consolidated financial statements also comply with Finnish accounting and company legislation.
Alma Media publishes the Annual Report as an XHTML file in accordance with the European
Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF require-
ments, the primary financial statements and notes have been labelled with XBRL tags.
The consolidated financial statements are based on the purchase method of accounting unless
otherwise specified in the accounting principles below. The figures in the tables in the financial
statements are presented in millions of euros except where presenting the figures at a greater
level of accuracy is deemed to be appropriate.
Changes in accounting principles
The changes in IFRS standards that entered into effect in the financial year 2025 mainly con-
sisted of amendments to existing standards, and they had no material effect on Alma Media\u2019s
consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements, applicable for financial years
beginning on or after 1 January 2027, will replace IAS 1 Presentation of Financial Statements.
The standard will have an effect on the presentation of Alma Media Corporation's primary
financial statements and notes.
Alma Media Corporation has not identified any other new standards, amendments to stan-
dards or interpretations published by the IASB that will be applied for the first time in report-
ing periods beginning on or after 1 January 2026 and that are expected to have a significant
impact on Alma Media Corporation\u2019s result, financial position or presentation of the financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "Alma Media Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "Alma Media Corporation", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "is an innovative group focusing on digital services and journalistic media content.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "Alma Media Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "Alvar Aallon katu 3 C, PL 140, FI-00100 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": " Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
The Board of Directors approved the financial statements for disclosure on 24 February
2026. According to the Finnish Limited Liability Companies Act, shareholders have the oppor-
tunity to approve or reject the financial statements at the General Meeting of Shareholders
held after publication.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
Accounting principles
The consolidated financial statements have been prepared in accordance with the Interna-
tional Financial Reporting Standards (IFRS). The IAS and IFRS standards and SIC and IFRIC
interpretations in effect on 31 December 2025 have been applied. International Financial
Reporting Standards refer to the standards and their interpretations approved for application
in the EU in accordance with the procedure stipulated in EU regulation (EU) no 1606/2002
and embodied in Finnish accounting legislation and the statutes enacted under it. The notes
to the consolidated financial statements also comply with Finnish accounting and company
legislation.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "Accounting principles The consolidated financial statements have been prepared in accordance with the Interna- tional Financial Reporting Standards (IFRS). The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2025 have been applied. International Financial Reporting Standards refer to the standards and their interpretations approved for application in the EU in accordance with the procedure stipulated in EU regulation (EU) no 1606/2002 and embodied in Finnish accounting legislation and the statutes enacted under it. The notes to the consolidated financial statements also comply with Finnish accounting and company legislation. Alma Media publishes the Annual Report as an XHTML file in accordance with the European Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF require- ments, the primary financial statements and notes have been labelled with XBRL tags. The consolidated financial statements are based on the purchase method of accounting unless otherwise specified in the accounting principles below. The figures in the tables in the financial statements are presented in millions of euros except where presenting the figures at a greater level of accuracy is deemed to be appropriate. Changes in accounting principles The changes in IFRS standards that entered into effect in the financial year 2025 mainly con- sisted of amendments to existing standards, and they had no material effect on Alma Media\u2019s consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, applicable for financial years beginning on or after 1 January 2027, will replace IAS 1 Presentation of Financial Statements. The standard will have an effect on the presentation of Alma Media Corporation's primary financial statements and notes. Alma Media Corporation has not identified any other new standards, amendments to stan- dards or interpretations published by the IASB that will be applied for the first time in report- ing periods beginning on or after 1 January 2026 and that are expected to have a significant impact on Alma Media Corporation\u2019s result, financial position or presentation of the financial statements. Translation of items denominated in foreign currencies Figures in the consolidated financial statements are shown in euro, the euro being the func- tional and presentation currency of the parent company. Foreign currency items are entered in EUR at the rates prevailing at the transaction date. Monetary foreign currency items are translated into EUR using the rates prevailing at the balance sheet date. Non-monetary for- eign currency items are measured at their fair value and translated into EUR using the rates prevailing at the balance sheet date. In other respects non-monetary items are measured at the rates prevailing at the transaction date. Exchange rate differences arising from sales and purchases are treated as additions or subtractions respectively in the statement of compre- hensive income. Exchange rate differences related to loans and loan receivables are taken to other finance income and expenses in the profit or loss for the period. The income statements of foreign Group subsidiaries are translated into EUR using the weighted average rates during the period, and their balance sheets at the rates prevailing on the balance sheet date. Goodwill arising from the acquisition of foreign companies is treated as assets and liabilities of the foreign units in question and translated into EUR at the rates prevailing on the balance sheet date. Translation differences arising from the consolidation of foreign subsidiaries and associated companies are entered under shareholders\u2019 equity. Exchange differences arising on a monetary item that forms part of the reporting entity\u2019s net investment in the foreign operation shall be recognised in the balance sheet and reclassified from equity to profit or loss on disposal of the net investment. Operating profit and EBITDA IAS 1 Presentation of Financial Statements does not include a definition of operating profit or gross margin. Gross margin is the net amount formed when other operating profit is added to net sales, and material and service procurement costs adjusted for the change in invento- ries of finished and unfinished products, the costs arising from employee benefits and other operating expenses are subtracted from the total. Operating profit is the net amount formed when other operating profit is added to net sales, and the following items are then subtracted from the total: material and service procurement costs adjusted for the change in inventories of finished and unfinished products; the costs arising from employee benefits; depreciation, amortisation and impairment costs; and other operating expenses. All other items in the profit or loss not mentioned above are shown under operating profit. Exchange rate differences and changes in the fair value of derivative contracts are included in operating profit if they arise on items related to the company\u2019s normal business operations. Otherwise they are recognised in financial items. Adjusted items Adjusted items are income or expense arising from non-recurring or rare events. Gains or losses from the sale or discontinuation of business operations or assets, acquisition-related transaction costs and other items recognised through profit or loss, and gains or losses from restructuring business operations as well as impairment losses of goodwill and other assets are recognised by the Group as adjusted items. Adjusted items are recognised in the profit and loss statement within the corresponding income or expense group. Adjusted items are described in the Report by the Board of Directors 1.2.1 Revenue IFRS 15 includes a five-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue can be recognised over time or at a point in time, with the central criterion being the transfer of control. The revenue of marketplaces consists of display advertising and classified advertising revenue, as well as sales of digital services. Advertising revenue is recognised over time during the term of the advertisement. Revenue from the sales of advertisements with a long contract period (1\u201312 months) is recognised over the contract period. Advertising revenue consists of selling advertising space in the Group\u2019s media and services, both online and in print. The performance obligations in marketplaces and media advertising are advertising online and in print publications, such as display advertising and classified advertising, and content marketing. Digital revenue from marketplaces and media is recognised over time, primarily based on the timing of the advertisement\u2019s publication, while revenue from print advertising sales is recognised at a point in time, based on publication dates. Revenue from digital services is recognised over the contract period. Content revenue covers fees for content sold by the Group\u2019s media. Content revenue is generated from the sale of content for both print and digital publications. Under content revenue, digital services and print prod- ucts are separate performance obligations, with print revenue recognised at a point in time, on the publication dates, and digital revenue recognised over time, during the term of the agreement, relative to calendar days. Other sales include the Alma Marketplaces segment\u2019s book, event and training business and the sale of infor- mation services. Other revenue is recognised over time during the period in which the service is delivered. Alma Media also engages in business operations where Alma Media acts as an agent for services provided by external partners. In these cases, Alma Media does not have primary responsibility for the fulfilment of the contract. The net amount of consideration is recognised as revenue when the sales transaction occurs. Agency sales represent a small proportion of total revenue. Transaction prices are list prices or contractual customer-specific prices, less other items that reduce the amount of expected consideration, such as discounts granted. Alma Media\u2019s contracts typically do not include variable amounts of consideration where the related uncertainty would only be resolved after the performance obligation has been fulfilled. Due to the nature of Alma Media\u2019s products and services, returning them is not possible as a rule. Accordingly, no refund liabilities arise from their sale. When the period between the transfer of the product or service to the customer and the customer paying for it is one year or less, Alma Media applies the practical expedient by which it does not need to recognise a significant financing component nor adjust the transaction price for the effects of the time value of money. As a rule, the subscriptions associated with content revenue are paid at the start of the subscription period. As a rule, sales generated in other revenue categories are paid at the beginning of the contract period. Payments received from customers are treated as prepayments on the balance sheet, from where the prepayments are recognised as revenue as the performance obligations are transferred to customers; for example, based on the publication dates of the print products included in subscriptions Alma Media has incremental costs of obtaining contracts, such as commissions on the sale of publications. Alma Media applies the practical expedient and does not recognise an asset from the costs incurred to obtain a contract. The costs would be recognised as expenses in one year or less. The balance sheet items related to contracts with customers are included in trade receivables, which are de- scribed in more detail in note 3.7, and in advances received, which totalled MEUR 46.9 (42.6) on 31 December 2025. 1.3.3 Employee benefits expense Employee benefits cover short-term employee benefits, other long-term benefits, benefits paid in connec- tion with dismissal and post-employment benefits. Short-term employee benefits include salaries and benefits in kind, annual holidays and bonuses. Other long- term benefits include, for example, a celebration, holiday or remuneration based on a long period of service. Benefits paid in connection with dismissal are benefits that are paid due to the termination of an employee\u2019s contract and not for service in the company. Post-employment benefits comprise pension and benefits to be paid after termination of the employee\u2019s contract, such as life insurance and healthcare. These benefits are classified as either defined contribution or defined benefit plans. The Group has both forms of benefit plans. The accounting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through profit or loss at the earlier of the following: when the plan is rearranged or downsized, or a when the entity recognises the related rearrangement expenses or bene- fits related to the termination of employment Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined. the product is technically feasible and economically viable. the product is expected to produce an economic benefit and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material. labour and testing as well as capitalised borrowing costs. if any. that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . The useful lives of intangible assets are 3\u201310 years Impairment testing of goodwill and intangibles with indefinite lives On each balance sheet date. the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists. the recoverable amount of the asset is estimated. In addition. the recoverable amounts are assessed annually of goodwill. capitalised development costs for projects in progress and intangible assets with an indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell. or the value in use. The value in use refers to the estimated future net cash flows obtainable from the asset or cash-generating unit. discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed 2.2 Property, plant and equipment Property, plant and equipment are measured at cost less depreciation, amortisation and impairment losses. The acquisition cost includes the costs arising directly from the acquisition of a tangible asset. In the event that a tangible asset comprises several components with different useful lives, each component will be recognised as a separate asset. Straight line depreciation is entered on the assets over their estimated useful lives. The estimated useful lives are: Buildings 30\u201340 years Structures 5 years Machinery and equipment 3\u201315 years The residual value and useful life of an asset are reviewed, at a minimum, at the end of each financial period and adjusted, where necessary, to reflect the changes in their expected useful lives. Gains and losses arising from the decommissioning and sale of tangible assets are recognised through profit and loss under other operating income and expenses. The gains or losses on sale are defined as the difference between the selling price and the remaining acquisition cost. 4.1 General principles of consolidation All subsidiaries are consolidated in the consolidated financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional pur- chase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit or loss at fair value on the last day of each reporting period 4.3 Business combinations Subsidiaries acquired are consolidated from the time when the Group gains the right of control, and divest- ed subsidiaries until the Group ceases to exercise the right of control. All intra-Group transactions, receivables, liabilities and profits are eliminated in the consolidated financial statements. The distribution of the profit for the year between the parent company owners and non-controlling interest shareholders is shown in the state- ment of comprehensive income. The eventual non-controlling interest in the acquired companies is measured at fair value or to the amount corresponding to the share of the non-controlling interest based on the propor- tionate share of the specified net assets. The measurement method is defined for each acquisition separately. The comprehensive income is attributed to parent company shareholders and non-controlling shareholders, even if this were to lead to a negative portion being attributed to non-controlling shareholders. The amount of shareholders\u2019 equity attributable to non-controlling shareholders is shown as a separate item in the balance sheet under shareholders\u2019 equity. Changes in the parent company\u2019s holding in a subsidiary that do not lead to a loss of control are treated as equity transactions. In conjunction with acquisitions achieved in stages, the previous holding is measured at fair value through profit or loss. When the Group loses control in a subsidiary, the remaining investment is measured at fair value through profit or loss on the date control in the subsidiary is lost, and the difference is recognised through profit or loss. Acquisitions that took place before 1 January 2010 are recognised according to the provisions valid at the time 4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a significant controlling interest. A significant controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the Group otherwise is able to exercise significant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement. which exists only when decisions about the relevant activities require the unanimous consent of the parties shar- ing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrange- ment whereby the Group has rights to the net assets of the arrangement. whereas in a joint operation. the Group has rights to the assets. and obligations for the liabilities. relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any good- will arising from their acquisition. If the Group\u2019s share of the associated company\u2019s losses exceeds the book value of the investment. this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obligations with respect to the associated companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consoli- dated comprehensive income statement under other comprehensive income . 4.5 Related party transactions Alma Media Group\u2019s related parties are its associated companies (see Note 4.4), the companies that they own and affiliated companies. The related parties also include the Group\u2019s most significant shareholders. The largest shareholders are listed in the Report by the Board of Directors. Related parties also include the company\u2019s management (the Board of Directors, the Presidents and the Group Executive Team). The employee benefits of management and other related party transactions between manage- ment and the company are detailed in Note 1.4. Sales of goods and services with related party members are based on the Group\u2019s prices in force at the time of transaction5.1 Income tax The tax expense in the profit or loss comprises the tax based on the company\u2019s taxable income for the period together with deferred taxes. The tax based on taxable income for the period is the taxable income calculated on the applicable tax rate in each country of operation. The tax is adjusted for any tax related to previous periods. 5.2 Deferred tax assets and liabilities Deferred tax assets and liabilities are recognised on all temporary differences between their book and actual tax values. Deferred taxes are calculated using the tax rates enacted by the balance sheet date. How- ever, the deferred tax liability is not recognised on the initial recognition of goodwill or if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. A deferred tax liability is recognised on non-dis- tributed retained earnings of subsidiaries when it is likely that the tax will be paid in the foreseeable future. Deferred tax assets and liabilities are netted by the company when they relate to income tax levied by the same tax authority and when the tax authority permits the company to pay or receive a single net tax payment. Deferred taxes are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. For this purpose, the conditions for the recognition of deferred taxes are assessed on the final day of each reporting period ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "Changes in accounting principles The changes in IFRS standards that entered into effect in the financial year 2025 mainly con- sisted of amendments to existing standards, and they had no material effect on Alma Media\u2019s consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, applicable for financial years beginning on or after 1 January 2027, will replace IAS 1 Presentation of Financial Statements. The standard will have an effect on the presentation of Alma Media Corporation's primary financial statements and notes. Alma Media Corporation has not identified any other new standards, amendments to stan- dards or interpretations published by the IASB that will be applied for the first time in report- ing periods beginning on or after 1 January 2026 and that are expected to have a significant impact on Alma Media Corporation\u2019s result, financial position or presentation of the financial statements", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
Translation of items denominated in foreign currencies
Figures in the consolidated financial statements are shown in euro, the euro being the func-
tional and presentation currency of the parent company. Foreign currency items are entered
in EUR at the rates prevailing at the transaction date. Monetary foreign currency items are
translated into EUR using the rates prevailing at the balance sheet date. Non-monetary for-
eign currency items are measured at their fair value and translated into EUR using the rates
prevailing at the balance sheet date. In other respects non-monetary items are measured at
the rates prevailing at the transaction date. Exchange rate differences arising from sales and
purchases are treated as additions or subtractions respectively in the statement of compre-
hensive income. Exchange rate differences related to loans and loan receivables are taken to
other finance income and expenses in the profit or loss for the period.
The income statements of foreign Group subsidiaries are translated into EUR using the
weighted average rates during the period, and their balance sheets at the rates prevailing on
the balance sheet date. Goodwill arising from the acquisition of foreign companies is treated
as assets and liabilities of the foreign units in question and translated into EUR at the rates
prevailing on the balance sheet date. Translation differences arising from the consolidation
of foreign subsidiaries and associated companies are entered under shareholders\u2019 equity.
Exchange differences arising on a monetary item that forms part of the reporting entity\u2019s net
investment in the foreign operation shall be recognised in the balance sheet and reclassified
from equity to profit or loss on disposal of the net investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "
Accounting principles requiring management\u2019s judgement and key
sources of estimation uncertainty
The preparation of the consolidated financial statements in conformity with IFRS standards
requires the management to make estimates and assumptions which may differ from actual
results in the future. The management is also required to use its discretion as to the applica-
tion of the accounting principles used to prepare the statements.
The management of the Group makes judgement-based decisions pertaining to the selection
and application of the accounting principles used in the financial statements. This particularly
applies in cases where the existing IFRS regulations allow for alternative methods of recogni-
tion, measurement and presentation.
Alma Media has identified subscription products and customer loyalty products in accor-
dance with the provisions of IFRS 15. As the item prices of these products are not material,
they are not treated as separate performance obligations based on the management\u2019s
assessment of materiality. The revenue derived from such products is recognised as part of
the main products.
According to IFRS 15 Revenue from Contracts with Customers, an entity shall recognise reve-
nue when it satisfies a performance obligation by transferring a promised good or service to
a customer. Alma Media\u2019s exception to the revenue recognition practices required by IFRS 15
is the recognition of revenue from credit packages associated with the recruitment business.
In credit package transactions, the customer buys credits against which Alma Media provides advertising sales services during the validity of the credits, subject to an agreed-upon price list. According to the management\u2019s assessment, recognising revenue evenly over the con- tract period instead of a revenue recognition model based on actual use leads to essentially the same outcome as recognising revenue based on the use of the credits. The estimates made in conjunction with preparing the financial statements are based on the management\u2019s best assessments on the reporting period end date. The estimates are based on prior experience, as well as future assumptions that are considered to be the most likely on the balance sheet date with regard to issues such as the expected development of the Group\u2019s economic operating environment in terms of sales and cost levels. The Group monitors the realisation of estimates and assumptions, as well as changes in the underlying factors, on a regular basis in cooperation with the business units, using both internal and external sources of information. Any changes to these estimates and assumptions are entered in the accounts for the period in which the estimate or assumption is adjusted and for all periods thereafter. Future assumptions and key sources of uncertainty related to estimates made on the balance sheet date that involve a significant risk of changes to the book values of the Group\u2019s assets and liabilities during the following financial year are presented below. The management has considered these components of the financial statements to be the most relevant in this re- gard, as they involve the most complicated accounting policies from the Group\u2019s perspective and their application requires the most extensive application of significant estimates and as- sumptions: for example, in the valuation of assets. In addition, the effects of potential changes to the assumptions and estimates used in these components of the financial statements are estimated to be the largest. The company\u2019s management has assessed the potential impacts of the climate on accounting estimates and judgements. The management has assessed that climate-related issues do not currently have a significant impact on the items presented in the financial statements. The management monitors changes in legislation and will update the assessment and judge- ment-based decisions as necessary. The determination of the fair value of intangible assets in conjunction with business com- binations is based on the management\u2019s estimate of the cash flows related to the assets in question. The determination of the fair value of liabilities related to contingent considerations arising from business combinations are based on the management\u2019s estimate. The key vari- able in the change in fair value of contingent considerations is the estimate of future operating profit. Impairment tests: The Group tests goodwill and intangible assets with an indefinite useful life for impairment annually and reviews any indications of impairment in the manner described above. The amounts recoverable from cash-generating units are recognised based on calcu- lations of their fair value. The preparation of these calculations requires the use of estimates. The estimates and assumptions used to test major goodwill items for impairment, and the sensitivity of changes in these factors with respect to goodwill testing is described in more detail in the note which specifies goodwill. Useful lives: Estimating useful lives used to calculate depreciation and amortisation also requires management to estimate the useful lives of these assets. The useful lives applied for each type of asset are listed in the notes under 2.2 Property, Plant and Equipment and 2.1 Intangible Assets. Other estimates: Other management estimates relate mainly to other assets, such as the current nature of receivables and capitalised R&D costs, to tax risks, to determining pension obligations and to the utilisation of tax assets against future taxable income. For leases that are valid with a reasonable level of certainty but have a short period of no- tice, the financial statements also include an assumption of the period of time the premises in question will be used in business operations. This estimate affects the balance sheet amount of lease liability for the leases for the premises in question", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "
1.1 Information by segment
Alma Media\u2019s reportable segments consist of Alma Career, Alma Marketplaces and Alma
News Media. Centralised services produced by the Group\u2019s parent company, as well as cen-
tralised support services for advertising and digital sales for the entire Group, are reported
as non-allocated items in segment reporting.
The Group\u2019s reportable segments correspond to the Group\u2019s operating segments. Segment
information is based on internal management reporting, which has been prepared in accor-
dance with IFRS.
Recruitment-related services, such as Jobs.cz, Prace.cz, CV-Online, Profesia.sk, MojPosao.
net, MojPosao.ba, Jobly, the Seduo online training service and Prace za rohem, are report-
ed under the Alma Career segment. In addition to enhancing job advertising, Alma Career\u2019s
objective is to expand the business into new services to support the needs of job-seekers and
employers, such as job advertising-related technology, digital staffing services and training.
Alma Career operates in nine countries.
The Alma Marketplaces segment consists of a broad product portfolio of dozens of consumer
and corporate brands. The Alma Marketplaces segment includes marketplaces and systems
in the housing, business premises and mobility verticals, comparison services, as well as
services targeted at companies and professionals. Alma Marketplaces operates in Finland
and Sweden.
The business of the Alma Marketplaces segment includes Finland\u2019s leading housing market-
place Etuovi.com, the housing rental marketplace Vuokraovi.com and Objektvision, which is a
marketplace for business premises rental that operates in Sweden. The segment also includes
the automotive marketplaces Nettiauto, Autotalli.com and Nettimoto, as well as sales sys-
tems that serve companies in the housing and automotive verticals. In addition, the segment
includes comparison services, such as Autojerry, Urakkamaailma and Etua. The segment also
offers professionals a comprehensive range of services related to company information, real
estate information and law.
Alma Marketplaces' competitiveness is based on the excellent reach of media and services as
a digital network, the unique user data pool, and developing industry verticals.
Alma News Media is a digital news media in the Finnish market and a pioneer in paid digital
content. Alma News Media has Finland's leading digital advertising network. The Alma News
Media business segment includes Iltalehti, which is Finland's largest digital news media, the
leading financial news media Kauppalehti, and Alma Media's other journalistic news media,
including Talousel\u00e4m\u00e4, Tekniikka&Talous and Arvopaperi. Alma News Media operates in
Finland.
The segments\u2019 assets and liabilities are items used by the respective segments in their business
operations
The Group\u2019s business is mainly divided between two geographical areas: Finland and the rest of
Europe. Alma Career operates in Finland and in eight other European countries, principally the
Czech Republic and Slovakia. The Alma Marketplaces segment's business operations are located in
Finland and Sweden. The Alma News Media segment operates in Finland.
The revenue and assets for different geographical regions are based on where the services are lo-
cated. The following tables show the geographical breakdown of the Group\u2019s revenue and assets
in 2025 and 2024:
Revenue
Share of total, Share of total,
MEUR
2025
%
2024
%
Segments, Finland
213.5
65.3
200.3
64.2
Segments, Czech
61.8
18.9
59.5
19.0
Segments, other countries
51.8
15.8
52.5
16.8
Total
327.1
100.0
312.7
100.0
Operating profit
Share of total,
MEUR
2025
Share of total, %
2024
%
Segments, Finland
34.6
44.6
34.5
46.8
Segments, Czech
32.3
41.5
27.9
38.0
Segments, other countries
23.8
30.6
22.3
30.4
Segments total
90.8
116.7
84.6
115.2
Non-allocated *
-13.0
-16.7
-11.2
-15.2
Total
77.8
100.0
73.4
100.0
* The non-allocated operations comprise the common services produced by the parent company.
213.5
Assets
Share of total, Share of total,
MEUR
2025
%
2024
%
Finland
422.0
80.9
417.2
79.3
Other countries
99.6
19.1
108.8
20.7
Eliminations
0.0
0.0
0.0
0.0
Total
521.6
100.0
526.1
100.0
Change in revenue, 2024-2025
Revenue
Alma Non-allocated
Alma Alma Mar- News items and elimi-
MEUR Career ketplaces
Media
Segments, total
nations
Group
Financial year 2025
Revenue
External revenue
106.8
115.1
105.1
326.9
0.2
327.1
Inter-segment revenue
-0.5
0.1
1.2
0.8
-0.8
0.0
Segments total
106.3
115.1
106.3
327.7
-0.6
327.1
Financial year 2024
Revenue
External revenue
107.5
98.2
106.6
312.3
0.4
312.7
Inter-segment revenue
-0.3
0.0
1.1
0.8
-0.8
0.0
Segments total
107.2
98.2
107.7
313.1
-0.4
312.7
Profit for the period
Alma Alma Non-allocated
Alma Market- News items and elimi-
MEUR Career places
Media
Segments, total
nations
Group
Financial year 2025
EBITDA excluding adjusted
items
45.5
44.0
18.8
108.3
-7.9
100.4
Depreciation, amortisation
and impairment
-2.6
-9.6
-1.6
-13.8
-4.5
-18.3
Adjusted operating profit/
loss
42.9
34.4
17.2
94.5
-12.4
82.1
Adjusted items
-0.5
-2.3
-1.0
-3.7
-0.5
-4.3
Operating profit/loss
42.4
32.1
16.3
90.8
-13.0
77.8
Share of profit of associated
companies
0.9
0.0
0.0
0.9
0.0
0.9
Net financial expenses
0.1
-0.4
-0.2
-0.5
-7.5
-8.0
Profit before tax and appro-
priations
43.4
31.7
16.1
91.2
-20.5
70.7
Income tax
0.0
-15.0
-15.0
Profit for the period
43.4
31.7
16.1
91.2
-35.5
55.7
5.9
Profit for the period
Alma Alma Non-allocated
Alma Market- News Reportable seg- items and elimi-
MEUR Career places Media ments total
nations
Group
Financial year 2024
EBITDA excluding adjusted
items
46.1
36.9
17.1
100.2
-6.2
94.0
Depreciation, amortisation
and impairment
-2.6
-8.4
-1.6
-12.7
-4.5
-17.1
Operating profit excluding
adjusted items
43.5
28.5
15.5
87.5
-10.6
76.9
Adjusted items
-0.4
-0.7
-1.8
-2.9
-0.6
-3.5
Operating profit/loss
43.1
27.8
13.7
84.6
-11.2
73.4
Share of profit of associated
companies
1.3
0.0
0.0
1.3
0.0
1.3
Net financial expenses
2.4
0.2
-0.1
2.4
-10.1
-7.7
Profit before tax and
appropriations
46.8
28.0
13.5
88.3
-21.3
67.0
Income tax
0.0
-14.4
-14.4
Profit for the period
46.8
28.0
13.5
88.3
-35.7
52.6
Assets and liabilities
Alma Alma Non-allocated
Alma Market- News items and elimi-
MEUR Career places
Media
Segments, total
nations
Group
Financial year 2025
Assets
85.9
283.4
72.0
441.3
77.0
518.2
Investments in associated
companies and joint ventures
3.3
0.0
0.0
3.3
0.1
3.4
Assets, total
89.2
283.4
72.0
444.6
77.0
521.6
Liabilities, total
45.3
28.9
16.8
91.0
181.1
272.1
Capital expenditure
0.5
21.4
0.6
22.5
0.4
22.9
Financial year 2023
Assets
85.3
267.0
78.9
431.3
89.1
520.4
Investments in associated
companies and joint ventures
5.7
0.0
0.0
5.7
0.1
5.7
Assets, total
91.0
267.0
78.9
436.9
89.2
526.1
Liabilities, total
44.5
25.0
17.8
87.4
203.9
291.2
Capital expenditure
2.6
18.6
0.4
21.6
0.9
22.6
The assets not allocated to segments comprise financial assets and tax receivables. Liabilities not allocated to segments are financial and tax liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "1.1 Information by segment Alma Media\u2019s reportable segments consist of Alma Career, Alma Marketplaces and Alma News Media. Centralised services produced by the Group\u2019s parent company, as well as cen- tralised support services for advertising and digital sales for the entire Group, are reported as non-allocated items in segment reporting. The Group\u2019s reportable segments correspond to the Group\u2019s operating segments. Segment information is based on internal management reporting, which has been prepared in accor- dance with IFRS. Recruitment-related services, such as Jobs.cz, Prace.cz, CV-Online, Profesia.sk, MojPosao. net, MojPosao.ba, Jobly, the Seduo online training service and Prace za rohem, are report- ed under the Alma Career segment. In addition to enhancing job advertising, Alma Career\u2019s objective is to expand the business into new services to support the needs of job-seekers and employers, such as job advertising-related technology, digital staffing services and training. Alma Career operates in nine countries. The Alma Marketplaces segment consists of a broad product portfolio of dozens of consumer and corporate brands. The Alma Marketplaces segment includes marketplaces and systems in the housing, business premises and mobility verticals, comparison services, as well as services targeted at companies and professionals. Alma Marketplaces operates in Finland and Sweden. The business of the Alma Marketplaces segment includes Finland\u2019s leading housing market- place Etuovi.com, the housing rental marketplace Vuokraovi.com and Objektvision, which is a marketplace for business premises rental that operates in Sweden. The segment also includes the automotive marketplaces Nettiauto, Autotalli.com and Nettimoto, as well as sales sys- tems that serve companies in the housing and automotive verticals. In addition, the segment includes comparison services, such as Autojerry, Urakkamaailma and Etua. The segment also offers professionals a comprehensive range of services related to company information, real estate information and law. Alma Marketplaces' competitiveness is based on the excellent reach of media and services as a digital network, the unique user data pool, and developing industry verticals. Alma News Media is a digital news media in the Finnish market and a pioneer in paid digital content. Alma News Media has Finland's leading digital advertising network. The Alma News Media business segment includes Iltalehti, which is Finland's largest digital news media, the leading financial news media Kauppalehti, and Alma Media's other journalistic news media, including Talousel\u00e4m\u00e4, Tekniikka&Talous and Arvopaperi. Alma News Media operates in Finland. The segments\u2019 assets and liabilities are items used by the respective segments in their business operations The Group\u2019s business is mainly divided between two geographical areas: Finland and the rest of Europe. Alma Career operates in Finland and in eight other European countries, principally the Czech Republic and Slovakia. The Alma Marketplaces segment's business operations are located in Finland and Sweden. The Alma News Media segment operates in Finland. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "1.2 Operating income 1.2.1 Revenue IFRS 15 includes a five-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue can be recognised over time or at a point in time, with the central criterion being the transfer of control. The revenue of marketplaces consists of display advertising and classified advertising revenue, as well as sales of digital services. Advertising revenue is recognised over time during the term of the advertisement. Revenue from the sales of advertisements with a long contract period (1\u201312 months) is recognised over the contract period. Advertising revenue consists of selling advertising space in the Group\u2019s media and services, both online and in print. The performance obligations in marketplaces and media advertising are advertising online and in print publications, such as display advertising and classified advertising, and content marketing. Digital revenue from marketplaces and media is recognised over time, primarily based on the timing of the advertisement\u2019s publication, while revenue from print advertising sales is recognised at a point in time, based on publication dates. Revenue from digital services is recognised over the contract period. Content revenue covers fees for content sold by the Group\u2019s media. Content revenue is generated from the sale of content for both print and digital publications. Under content revenue, digital services and print prod- ucts are separate performance obligations, with print revenue recognised at a point in time, on the publication dates, and digital revenue recognised over time, during the term of the agreement, relative to calendar days. Other sales include the Alma Marketplaces segment\u2019s book, event and training business and the sale of infor- mation services. Other revenue is recognised over time during the period in which the service is delivered. Alma Media also engages in business operations where Alma Media acts as an agent for services provided by external partners. In these cases, Alma Media does not have primary responsibility for the fulfilment of the contract. The net amount of consideration is recognised as revenue when the sales transaction occurs. Agency sales represent a small proportion of total revenue. Transaction prices are list prices or contractual customer-specific prices, less other items that reduce the amount of expected consideration, such as discounts granted. Alma Media\u2019s contracts typically do not include variable amounts of consideration where the related uncertainty would only be resolved after the performance obligation has been fulfilled. Due to the nature of Alma Media\u2019s products and services, returning them is not possible as a rule. Accordingly, no refund liabilities arise from their sale. When the period between the transfer of the product or service to the customer and the customer paying for it is one year or less, Alma Media applies the practical expedient by which it does not need to recognise a significant financing component nor adjust the transaction price for the effects of the time value of money. As a rule, the subscriptions associated with content revenue are paid at the start of the subscription period. As a rule, sales generated in other revenue categories are paid at the beginning of the contract period. Payments received from customers are treated as prepayments on the balance sheet, from where the prepayments are recognised as revenue as the performance obligations are transferred to customers; for example, based on the publication dates of the print products included in subscriptions . Alma Media has incremental costs of obtaining contracts, such as commissions on the sale of publications. Alma Media applies the practical expedient and does not recognise an asset from the costs incurred to obtain a contract. The costs would be recognised as expenses in one year or less. The balance sheet items related to contracts with customers are included in trade receivables, which are de- scribed in more detail in note 3.7, and in advances received, which totalled MEUR 46.9 (42.6) on 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "Operating income 1.2.1 Revenue IFRS 15 includes a five-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue can be recognised over time or at a point in time, with the central criterion being the transfer of control. The revenue of marketplaces consists of display advertising and classified advertising revenue, as well as sales of digital services. Advertising revenue is recognised over time during the term of the advertisement. Revenue from the sales of advertisements with a long contract period (1\u201312 months) is recognised over the contract period. Advertising revenue consists of selling advertising space in the Group\u2019s media and services, both online and in print. The performance obligations in marketplaces and media advertising are advertising online and in print publications, such as display advertising and classified advertising, and content marketing. Digital revenue from marketplaces and media is recognised over time, primarily based on the timing of the advertisement\u2019s publication, while revenue from print advertising sales is recognised at a point in time, based on publication dates. Revenue from digital services is recognised over the contract period. Content revenue covers fees for content sold by the Group\u2019s media. Content revenue is generated from the sale of content for both print and digital publications. Under content revenue, digital services and print prod- ucts are separate performance obligations, with print revenue recognised at a point in time, on the publication dates, and digital revenue recognised over time, during the term of the agreement, relative to calendar days. Other sales include the Alma Marketplaces segment\u2019s book, event and training business and the sale of infor- mation services. Other revenue is recognised over time during the period in which the service is delivered. Alma Media also engages in business operations where Alma Media acts as an agent for services provided by external partners. In these cases, Alma Media does not have primary responsibility for the fulfilment of the contract. The net amount of consideration is recognised as revenue when the sales transaction occurs. Agency sales represent a small proportion of total revenue. Transaction prices are list prices or contractual customer-specific prices, less other items that reduce the amount of expected consideration, such as discounts granted. Alma Media\u2019s contracts typically do not include variable amounts of consideration where the related uncertainty would only be resolved after the performance obligation has been fulfilled. Due to the nature of Alma Media\u2019s products and services, returning them is not possible as a rule. Accordingly, no refund liabilities arise from their sale. When the period between the transfer of the product or service to the customer and the customer paying for it is one year or less, Alma Media applies the practical expedient by which it does not need to recognise a significant financing component nor adjust the transaction price for the effects of the time value of money. As a rule, the subscriptions associated with content revenue are paid at the start of the subscription period. As a rule, sales generated in other revenue categories are paid at the beginning of the contract period. Payments received from customers are treated as prepayments on the balance sheet, from where the prepayments are recognised as revenue as the performance obligations are transferred to customers; for example, based on the publication dates of the print products included in subscriptions . Alma Media has incremental costs of obtaining contracts, such as commissions on the sale of publications. Alma Media applies the practical expedient and does not recognise an asset from the costs incurred to obtain a contract. The costs would be recognised as expenses in one year or less. The balance sheet items related to contracts with customers are included in trade receivables, which are de- scribed in more detail in note 3.7, and in advances received, which totalled MEUR 46.9 (42.6) on 31 December 2025.
Non-allocated
2025 Alma Alma items
Alma Market- News and elimina-
MEUR Career places
Media
Segments, total
tions*
Group
Classified
86.9
39.1
0.0
126.0
0.5
126.5
Advertising
3.1
10.1
46.3
59.5
-0.6
58.9
Digital services
11.4
56.5
0.0
67.9
-0.1
67.7
Content
0.0
0.0
50.8
50.8
50.8
Other
5.0
9.4
9.2
23.6
-0.4
23.2
Total
106.3
115.1
106.3
327.7
-0.6
327.1
* Other revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with respect to the consolidated financial statements.
Non-allocated
2024 Alma Alma items
Alma Market- News and elimina-
MEUR Career places
Media
Segments, total
tions*
Group
Classified
87.2
34.7
0.0
121.9
0.4
122.2
Advertising
3.4
10.0
47.2
60.6
-0.6
60.0
Digital services
10.7
45.9
0.0
56.6
-0.1
56.5
Content
50.6
50.6
50.6
Other
5.8
7.8
9.9
23.5
-0.2
23.3
Total
107.2
98.3
107.7
313.2
-0.6
312.7
* Other revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with respect to the consolidated financial statement", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "1.2.1 Revenue IFRS 15 includes a five-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue can be recognised over time or at a point in time, with the central criterion being the transfer of control. The revenue of marketplaces consists of display advertising and classified advertising revenue, as well as sales of digital services. Advertising revenue is recognised over time during the term of the advertisement. Revenue from the sales of advertisements with a long contract period (1\u201312 months) is recognised over the contract period. Advertising revenue consists of selling advertising space in the Group\u2019s media and services, both online and in print. The performance obligations in marketplaces and media advertising are advertising online and in print publications, such as display advertising and classified advertising, and content marketing. Digital revenue from marketplaces and media is recognised over time, primarily based on the timing of the advertisement\u2019s publication, while revenue from print advertising sales is recognised at a point in time, based on publication dates. Revenue from digital services is recognised over the contract period. Content revenue covers fees for content sold by the Group\u2019s media. Content revenue is generated from the sale of content for both print and digital publications. Under content revenue, digital services and print prod- ucts are separate performance obligations, with print revenue recognised at a point in time, on the publication dates, and digital revenue recognised over time, during the term of the agreement, relative to calendar days. Other sales include the Alma Marketplaces segment\u2019s book, event and training business and the sale of infor- mation services. Other revenue is recognised over time during the period in which the service is delivered. Alma Media also engages in business operations where Alma Media acts as an agent for services provided by external partners. In these cases, Alma Media does not have primary responsibility for the fulfilment of the contract. The net amount of consideration is recognised as revenue when the sales transaction occurs. Agency sales represent a small proportion of total revenue. Transaction prices are list prices or contractual customer-specific prices, less other items that reduce the amount of expected consideration, such as discounts granted. Alma Media\u2019s contracts typically do not include variable amounts of consideration where the related uncertainty would only be resolved after the performance obligation has been fulfilled. Due to the nature of Alma Media\u2019s products and services, returning them is not possible as a rule. Accordingly, no refund liabilities arise from their sale. When the period between the transfer of the product or service to the customer and the customer paying for it is one year or less, Alma Media applies the practical expedient by which it does not need to recognise a significant financing component nor adjust the transaction price for the effects of the time value of money. As a rule, the subscriptions associated with content revenue are paid at the start of the subscription period. As a rule, sales generated in other revenue categories are paid at the beginning of the contract period. Payments received from customers are treated as prepayments on the balance sheet, from where the prepayments are recognised as revenue as the performance obligations are transferred to customers; for example, based on the publication dates of the print products included in subscriptions
Alma Media has incremental costs of obtaining contracts, such as commissions on the sale of publications.
Alma Media applies the practical expedient and does not recognise an asset from the costs incurred to obtain a
contract. The costs would be recognised as expenses in one year or less.
The balance sheet items related to contracts with customers are included in trade receivables, which are de-
scribed in more detail in note 3.7, and in advances received, which totalled MEUR 46.9 (42.6) on 31 December
2025.
Non-allocated
2025 Alma Alma items
Alma Market- News and elimina-
MEUR Career places
Media
Segments, total
tions*
Group
Classified
86.9
39.1
0.0
126.0
0.5
126.5
Advertising
3.1
10.1
46.3
59.5
-0.6
58.9
Digital services
11.4
56.5
0.0
67.9
-0.1
67.7
Content
0.0
0.0
50.8
50.8
50.8
Other
5.0
9.4
9.2
23.6
-0.4
23.2
Total
106.3
115.1
106.3
327.7
-0.6
327.1
* Other revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with
respect to the consolidated financial statements.
Non-allocated
2024 Alma Alma items
Alma Market- News and elimina-
MEUR Career places
Media
Segments, total
tions*
Group
Classified
87.2
34.7
0.0
121.9
0.4
122.2
Advertising
3.4
10.0
47.2
60.6
-0.6
60.0
Digital services
10.7
45.9
0.0
56.6
-0.1
56.5
Content
50.6
50.6
50.6
Other
5.8
7.8
9.9
23.5
-0.2
23.3
Total
107.2
98.3
107.7
313.2
-0.6
312.7
* Other revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with
respect to the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "1.2.1 Revenue IFRS 15 includes a five-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue can be recognised over time or at a point in time, with the central criterion being the transfer of control. The revenue of marketplaces consists of display advertising and classified advertising revenue, as well as sales of digital services. Advertising revenue is recognised over time during the term of the advertisement. Revenue from the sales of advertisements with a long contract period (1\u201312 months) is recognised over the contract period. Advertising revenue consists of selling advertising space in the Group\u2019s media and services, both online and in print. The performance obligations in marketplaces and media advertising are advertising online and in print publications, such as display advertising and classified advertising, and content marketing. Digital revenue from marketplaces and media is recognised over time, primarily based on the timing of the advertisement\u2019s publication, while revenue from print advertising sales is recognised at a point in time, based on publication dates. Revenue from digital services is recognised over the contract period. Content revenue covers fees for content sold by the Group\u2019s media. Content revenue is generated from the sale of content for both print and digital publications. Under content revenue, digital services and print prod- ucts are separate performance obligations, with print revenue recognised at a point in time, on the publication dates, and digital revenue recognised over time, during the term of the agreement, relative to calendar days. Other sales include the Alma Marketplaces segment\u2019s book, event and training business and the sale of infor- mation services. Other revenue is recognised over time during the period in which the service is delivered. Alma Media also engages in business operations where Alma Media acts as an agent for services provided by external partners. In these cases, Alma Media does not have primary responsibility for the fulfilment of the contract. The net amount of consideration is recognised as revenue when the sales transaction occurs. Agency sales represent a small proportion of total revenue. Transaction prices are list prices or contractual customer-specific prices, less other items that reduce the amount of expected consideration, such as discounts granted. Alma Media\u2019s contracts typically do not include variable amounts of consideration where the related uncertainty would only be resolved after the performance obligation has been fulfilled. Due to the nature of Alma Media\u2019s products and services, returning them is not possible as a rule. Accordingly, no refund liabilities arise from their sale. When the period between the transfer of the product or service to the customer and the customer paying for it is one year or less, Alma Media applies the practical expedient by which it does not need to recognise a significant financing component nor adjust the transaction price for the effects of the time value of money. As a rule, the subscriptions associated with content revenue are paid at the start of the subscription period. As a rule, sales generated in other revenue categories are paid at the beginning of the contract period. Payments received from customers are treated as prepayments on the balance sheet, from where the prepayments are recognised as revenue as the performance obligations are transferred to customers; for example, based on the publication dates of the print products included in subscriptions . Alma Media has incremental costs of obtaining contracts, such as commissions on the sale of publications. Alma Media applies the practical expedient and does not recognise an asset from the costs incurred to obtain a contract. The costs would be recognised as expenses in one year or less. The balance sheet items related to contracts with customers are included in trade receivables, which are de- scribed in more detail in note 3.7, and in advances received, which totalled MEUR 46.9 (42.6) on 31 December 2025.
Non-allocated
2025 Alma Alma items
Alma Market- News and elimina-
MEUR Career places
Media
Segments, total
tions*
Group
Classified
86.9
39.1
0.0
126.0
0.5
126.5
Advertising
3.1
10.1
46.3
59.5
-0.6
58.9
Digital services
11.4
56.5
0.0
67.9
-0.1
67.7
Content
0.0
0.0
50.8
50.8
50.8
Other
5.0
9.4
9.2
23.6
-0.4
23.2
Total
106.3
115.1
106.3
327.7
-0.6
327.1
* Other revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with respect to the consolidated financial statements.
Non-allocated
2024 Alma Alma items
Alma Market- News and elimina-
MEUR Career places
Media
Segments, total
tions*
Group
Classified
87.2
34.7
0.0
121.9
0.4
122.2
Advertising
3.4
10.0
47.2
60.6
-0.6
60.0
Digital services
10.7
45.9
0.0
56.6
-0.1
56.5
Content
50.6
50.6
50.6
Other
5.8
7.8
9.9
23.5
-0.2
23.3
Total
107.2
98.3
107.7
313.2
-0.6
312.7
* Other revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with respect to the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "As a rule, the subscriptions associated with content revenue are paid at the start of the subscription period. As a rule, sales generated in other revenue categories are paid at the beginning of the contract period. Payments received from customers are treated as prepayments on the balance sheet, from where the prepayments are recognised as revenue as the performance obligations are transferred to customers; for example, based on the publication dates of the print products included in subscriptions ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "
1.2.2 Other operating income
MEUR
2025
2024
Gains on sale of non-current assets
0.1
0.2
Other operating income
0.3
0.2
Total
0.4
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "1.2.2 Other operating income
MEUR
2025
2024
Gains on sale of non-current assets
0.1
0.2
Other operating income
0.3
0.2
Total
0.4
0.4
1.3.4 Other operating expenses Specification of other operating expenses by category:
MEUR
2025
2024
Information technology and telecommunication
36.0
34.1
Business premises
2.4
2.8
Sales and marketing expenses
13.7
12.1
Administration and experts
6.9
6.5
Other employee costs
7.6
7.4
Other expenses
3.1
2.2
Total
69.8
65.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "1.3.3 Employee benefits expense Employee benefits cover short-term employee benefits, other long-term benefits, benefits paid in connec- tion with dismissal and post-employment benefits. Short-term employee benefits include salaries and benefits in kind, annual holidays and bonuses. Other long- term benefits include, for example, a celebration, holiday or remuneration based on a long period of service. Benefits paid in connection with dismissal are benefits that are paid due to the termination of an employee\u2019s contract and not for service in the company. Post-employment benefits comprise pension and benefits to be paid after termination of the employee\u2019s contract, such as life insurance and healthcare. These benefits are classified as either defined contribution or defined benefit plans. The Group has both forms of benefit plans. The accounting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through profit or loss at the earlier of the following: when the plan is rearranged or downsized, or a when the entity recognises the related rearrangement expenses or bene- fits related to the termination of employment . 3.5 Pension obligations The Group has both defined contribution pension plans and defined benefit pension plans. The defined benefit pension plans comprise the Group\u2019s old supplementary pension plans for personnel, which have already been discontinued and closed. The benefits associated with them include both supplementary pension benefits and death benefits. The Group\u2019s defined benefit pension plans include both funded and un- funded pension plans. The unfunded pension plans are direct supplementary pension obligations, primarily for old employees who have already retired. The new supplementary pension benefits granted by the Group are defined contribution based pension plans. Obligations arising from defined benefit plans are calculated for each arrangement separately using the Pro- jected Unit Credit Method. Pension costs are recognised as expenses over the beneficiaries\u2019 period of employ- ment in the Group based on calculations made by authorised actuaries. The discount rate used in calculating the present value of the pension obligation is based on market yields on high quality corporate bonds issued by the company and, if this data is not available, on yields of government bonds. The maturity of corporate and government bonds and corresponds to a reasonable extent with the maturity of the pension obligation. The pension plan assets measured at fair value on the balance sheet date are deducted from the present value of the pension obligation to be recognised in the balance sheet. The net liabilities (or assets) associated with the defined benefit pension plan are recorded on the balance sheet. Service costs for the period (pension costs) and the net interest on the net liabilities associated with the defined benefit plan are recognised through profit or loss and presented under employee benefit expenses. Items (such as actuarial gains and losses and return on funded defined benefit plan assets) arising from the redefinition of the net liabilities (or assets) associated with the defined benefit plan are recognised in other comprehensive income in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "1.3 Operating expenses 1.3.1 Materials and services
MEUR
2025
2024
Use of materials and supplies
External services
33.8
34.9
Total
33.8
34.9
Materials and services
33.8
34.9
1.3.2 Research and development expenses The Group\u2019s research and development costs in 2025 totalled MEUR 6.0 (15.4). MEUR 5.3 (5.5) was recognised in the income statement and development expenses of MEUR 0.7 (9.9) were capitalised on the balance sheet in 2025 (including transfers from purchases in progress). There were capitalised research and development expenses totalling MEUR 9.4 (13.1) on the balance sheet on 31 December 2025 1.3.3 Employee benefits expense Employee benefits cover short-term employee benefits, other long-term benefits, benefits paid in connec- tion with dismissal and post-employment benefits. Short-term employee benefits include salaries and benefits in kind, annual holidays and bonuses. Other long- term benefits include, for example, a celebration, holiday or remuneration based on a long period of service. Benefits paid in connection with dismissal are benefits that are paid due to the termination of an employee\u2019s contract and not for service in the company. Post-employment benefits comprise pension and benefits to be paid after termination of the employee\u2019s contract, such as life insurance and healthcare. These benefits are classified as either defined contribution or defined benefit plans. The Group has both forms of benefit plans. The accounting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through profit or loss at the earlier of the following: when the plan is rearranged or downsized, or a when the entity recognises the related rearrangement expenses or bene- fits related to the termination of employment . MEUR 2025 2024 Wages, salaries and fees 98.6 96.0 Pension costs \u2013 defined contribution plans 14.4 14.0 Share-based payment transaction expense 4.7 3.4 Other payroll-related expenses 9.5 8.8 Total 127.1 122.3 1.3.4 Other operating expenses Specification of other operating expenses by category:
MEUR
2025
2024
Information technology and telecommunication
36.0
34.1
Business premises
2.4
2.8
Sales and marketing expenses
13.7
12.1
Administration and experts
6.9
6.5
Other employee costs
7.6
7.4
Other expenses
3.1
2.2
Total
69.8
65.0
1.3.5 Audit expenses
EUR 1,000
2025
2024
Companies belonging to the Ernst & Young chain
Audit
287.5
291.1
Tax consultation
25.8
25.0
Statutory reporting and opinions
57.3
68.1
Total
370.6
385.0
The non-audit services provided by Ernst & Young Oy for Alma Media Group companies in the
financial period 2025 totalled EUR 83.1 thousand ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "1.3 Operating expenses 1.3.1 Materials and services
MEUR
2025
2024
Use of materials and supplies
External services
33.8
34.9
Total
33.8
34.9
Materials and services
33.8
34.9
1.3.2 Research and development expenses The Group\u2019s research and development costs in 2025 totalled MEUR 6.0 (15.4). MEUR 5.3 (5.5) was recognised in the income statement and development expenses of MEUR 0.7 (9.9) were capitalised on the balance sheet in 2025 (including transfers from purchases in progress). There were capitalised research and development expenses totalling MEUR 9.4 (13.1) on the balance sheet on 31 December 2025 . 1.3.3 Employee benefits expense Employee benefits cover short-term employee benefits, other long-term benefits, benefits paid in connec- tion with dismissal and post-employment benefits. Short-term employee benefits include salaries and benefits in kind, annual holidays and bonuses. Other long- term benefits include, for example, a celebration, holiday or remuneration based on a long period of service. Benefits paid in connection with dismissal are benefits that are paid due to the termination of an employee\u2019s contract and not for service in the company. Post-employment benefits comprise pension and benefits to be paid after termination of the employee\u2019s contract, such as life insurance and healthcare. These benefits are classified as either defined contribution or defined benefit plans. The Group has both forms of benefit plans. The accounting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through profit or loss at the earlier of the following: when the plan is rearranged or downsized, or a when the entity recognises the related rearrangement expenses or bene- fits related to the termination of employment . MEUR 2025 2024 Wages, salaries and fees 98.6 96.0 Pension costs \u2013 defined contribution plans 14.4 14.0 Share-based payment transaction expense 4.7 3.4 Other payroll-related expenses 9.5 8.8 Total 127.1 122.3
1.3.4 Other operating expenses
Specification of other operating expenses by category:
MEUR
2025
2024
Information technology and telecommunication
36.0
34.1
Business premises
2.4
2.8
Sales and marketing expenses
13.7
12.1
Administration and experts
6.9
6.5
Other employee costs
7.6
7.4
Other expenses
3.1
2.2
Total
69.8
65.0
1.3.5 Audit expenses
EUR 1,000
2025
2024
Companies belonging to the Ernst & Young chain
Audit
287.5
291.1
Tax consultation
25.8
25.0
Statutory reporting and opinions
57.3
68.1
Total
370.6
385.0
The non-audit services provided by Ernst & Young Oy for Alma Media Group companies in the
financial period 2025 totalled EUR 83.1 thousand .
1.4 Salaries, bonuses and share-based payments paid to
management
The reward scheme of the President and CEO of Alma Media Corporation and other senior
management consists of a fixed monetary salary (monthly salary), fringe benefits (company
car, bicycle and mobile telephone benefit), an incentive bonus related to the achievement of
financial and operational targets (short-term reward scheme) and a share-based incentive
scheme for key employees of the Group (long-term reward scheme) as well as a pension
benefit for management.
1.4.1 Salaries and bonuses paid to management
Parent company President and CEO (Kai Telanne)
EUR 1,000
2025
2024
Salaries and other short-term employee benefits
1,174.9
942.4
Post-employment benefits
552.0
499.9
Incentive schemes implemented and paid in the form of shares
1,329.3
1,045.8
Total
3,056.3
2,488.0
The figures in the table are presented on an accrual basis. In 2025, the salary and benefits paid
to the President and CEO of the Group totalled EUR 2,963,310 (2024: EUR 2,692,415).
Pension benefits of the President and CEO:
In addition to statutory employment pension security, the President and CEO has a defined
contribution group pension benefit. The supplementary pension contribution of the President
and CEO\u2019s fixed annual salary is 37% of the annual salary, which is calculated by adding a
computational share of 50% of the maximum incentive to the fixed annual salary. The Presi-
dent and CEO\u2019s retirement age is 60 years at the earliest. The pension is determined on the
basis of the insurance savings accrued by the time of retirement. Retirement can be post-
poned up to 70 years of age. In this case, the pension is determined on the basis of insurance
savings adjusted according to the value development of the investment objects.
Notice period of the President and CEO:
The notice period of the President and CEO is six months. An additional contractual com-
pensation equal to 12 months\u2019 salary is paid if the employer terminates his contract without
the President and CEO being in breach of contract. This compensation corresponding to
the 12-month salary is not paid if the President and CEO resigns on his own initiative. Alma
Media\u2019s Board of Directors decides on the appointment and, as necessary, dismissal of the
President and CEO.
Other members of the Group Executive Team
EUR 1,000
2025
2024
Salaries and other short-term employee benefits
2,673.9
2,593.1
Post-employment benefits
889.2
861.1
Incentive schemes implemented and paid in the form of shares
2,112.7
1,572.3
Total
5,675.8
5,026.5
The figures in the table are presented on an accrual basis. In 2025, the salary and benefits
paid to the other members of the Group Executive Team totalled EUR 5,642,388 (2024: EUR
5,085,416).
Board of Directors of Alma Media Corporation and benefits paid to its members
EUR 1,000
2025
2024
Catharina Stackelberg-Hammar\u00e9n, Chair of the Board
95.2
86.8
Eero Broman, Deputy Chair
56.4
54.2
Heikki Herlin, member
45.9
41.8
Ari Kaperi, member
51.9
41.8
Marika Auramo, member since 10 April 2025
45.9
Hanna Kivel\u00e4, member since 10 April 2025
44.9
Alexander Lindholm, member
47.9
42.8
Peter Immonen, member until 10 April 2025
3.5
43.8
Esa Lager, member until 10 April 2025
4.5
48.8
Kaisa Salakka member until 10 April 2025
1.5
41.8
Total
397.6
401.8
The remuneration of the Board of Directors presented in the table is shown on an accrual
basis. According to the resolution of the General Meeting, the benefits to the Board members
are paid as shares of Alma Media Corporation.
Salaries and benefits to the Board of Directors, the President and CEO, and other
members of the Group Executive Team, total
EUR 1,000
2025
2024
Salaries and other short-term employee benefits
4,246.5
3,937.3
Post-employment benefits
1,441.2
1,361.0
Incentive schemes implemented and paid in the form of shares
3,441.9
2,618.1
Total
9,129.6
7,916.4
1.4.2 Share-based retention and incentive schemes
Share-Based incentive scheme (LTI 2019)
In December 2018, the Board of Directors of Alma Media Corporation decided on changes to
the share-based, long-term incentive scheme of the company\u2019s top management. At the same
time, the Board of Directors decided to establish a new share-based long-term incentive
scheme for the other key employees of Alma Media Corporation. The new incentive scheme
entered into effect from the beginning of 2019.
In February 2022, the Board of Directors of Alma Media Corporation decided on the com-
mencement of a new period under the long-term share-based incentive scheme for senior
management (MSP 2022). The Board of Directors further decided on the commencement of
a new period under the performance-based share-based incentive scheme aimed at middle
management and selected key employees (PSP 2022). The rewards earned under the pro-
gramme were paid in spring 2025.
In February 2023, the Board of Directors of Alma Media Corporation decided on the com-
mencement of a new period under the long-term share-based incentive scheme for senior
management (MSP 2023). The Board of Directors further decided on the commencement of
a new period under the performance-based share-based incentive scheme aimed at middle
management and selected key employees (PSP 2023).
In February 2024, the Board of Directors of Alma Media Corporation decided on the com-
mencement of a new period under the long-term share-based incentive scheme for senior
management (MSP 2024). The Board of Directors further decided on the commencement of
a new period under the performance-based share-based incentive scheme aimed at middle
management and selected key employees (PSP 2024).
In February 2025, the Board of Directors of Alma Media Oyj decided on the commencement
of a new period in the long-term share-based incentive plan for the Group Executive Team
(MSP 2025). In addition, the Board decided on the commencement of a new period in the per-
formance share plan targeted at middle management and selected key employees (PSP 2025).
The Annual General Meeting of Alma Media Corporation held on 10 April 2025 authorised the
Board of Directors to decide on the repurchase of a maximum of 824,000 shares in one or
more lots, and further authorised the Board of Directors to decide on a share issue by trans-
ferring shares in possession of the company to implement incentive programmes.
Recognition of share-based incentives
Share-based incentives are recognised in their entirety as equity-settled share-based pay-
ment transactions. Share-based incentives payable on the basis of incentive schemes are
paid in shares in net amounts after deducting taxes from the amount payable in shares. The
incentives are based on the market price of Alma Media\u2019s share on the grant date and rec-
ognised as an employee benefit expense over the vesting period with corresponding entries
in equity.
Principal terms and conditions of the performance share plan:
Performance Matching
Plan Performance Matching
Instrument MSP 2025 Share Plan PSP 2025
AGM date/Date of issuing
10 Apr 2025
10 Apr 2025
Maximum number of shares
965,600
306,000
Dividend adjustment
No
No
Initial allocation date
26 Apr 2025
19 Feb 2025
Performance period begins
1 Jan 2025
1 Jan 2025
Performance period ends
31 Dec 2027
31 Dec 2027
Vesting date
28 Feb 2028
29 Feb 2028
Maximum contractual life, years
3.1
3.0
Remaining contractual life, years
2.2
2.2
Maximum number of people entitled to
participate
10
90
Payment method
Cash & share
Cash & share
Performance Matching Performance Matching Performance Matching
Plan Share Plan Plan
Instrument MSP 2023 PSP 2022 MSP 2022
AGM date/Date of issuing
4 Apr 2023
29 Mar 2022
29 Mar 2022
Maximum number of shares
630,000
290,000
528,000
Dividend adjustment
No
No
No
Initial allocation date
27 Apr 2023
16 Feb 2022
16 Feb 2022
Performance period begins
1 Jan 2023
1 Jan 2022
1 Jan 2022
Performance period ends
31 Dec 2025
31 Dec 2024
31 Dec 2024
Vesting date
28 Feb 2026
28 Feb 2025
28 Feb 2025
Maximum contractual life, years
2.8
3.0
3.0
Remaining contractual life, years
0.2
0.0
0.0
Maximum number of people entitled to
participate
9
71
9
Payment method
Cash & share
Cash & share
Cash & share
Performance Matching
Plan Performance Matching Performance Matching
Instrument MSP 2024 Share Plan PSP 2024 Share Plan PSP 2023
AGM date/Date of issuing
4 Apr 2023
29 Mar 2022
4 Apr 2023
Maximum number of shares
840,000
284,000
290,000
Dividend adjustment
No
No
No
Initial allocation date
30 Apr 2024
5 Mar 2024
2 Mar 2023
Performance period begins
1 Jan 2024
1 Jan 2024
1 Jan 2023
Performance period ends
31 Dec 2026
31 Dec 2026
31 Dec 2025
Vesting date
28 Feb 2027
28 Feb 2027
28 Feb 2026
Maximum contractual life, years
2.8
3.0
3.0
Remaining contractual life, years
1.2
1.2
0.2
Maximum number of people entitled to
participate
9
85
75
Payment method
Cash & share
Cash & share
Cash & share
Measurement inputs for the incentives granted during the reporting period
Share price at time of granting, EUR
11.95
Share price at end of period, EUR
14.35
Dividend yield assumption, EUR
3.9
Valuation method
Monte Carlo simulation
Fair value on 31 December 2025, MEUR
6.9
Effect of the share-based incentive programme on the financial year\u2019s result and financial
position
MEUR
2025
2024
Costs for the financial year, share-based payments
4.7
3.4
Estimate of the total future share payable to the tax authorities of all current
LTI incentive schemes after the financial period
11.8
7.0
1 Jan 2025 Performance Performance
Performance Performance Performance Performance Matching Performance Matching Matching
Matching Plan Matching Share Matching Plan Matching Share Share Plan Matching Plan Share Plan Share Plan
MSP 2025 Plan PSP 2025 MSP 2024 Plan PSP 2024 PSP 2023 MSP 2023 MSP 2022
PSP 2022
Total
Outstanding at the beginning of the reporting period, pcs
717,200
266,000
238,000
455,134
439,115
216,000
2,331,449
Changes during the period
Granted during the period
886,960
288,000
1,174,960
Forfeited during the period
12,000
12,000
10,000
34,000
Earned during the period
346,155
108,814
454,969
Expired during the period
92,960
107,186
200,146
31 Dec 2025
Outstanding at the end of the period, pcs
886,960
276,000
717,200
254,000
228,000
455,134
0
0
2,817,294
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": " Operating expenses 1.3.3 Employee benefits expense Employee benefits cover short-term employee benefits, other long-term benefits, benefits paid in connec- tion with dismissal and post-employment benefits. Short-term employee benefits include salaries and benefits in kind, annual holidays and bonuses. Other long- term benefits include, for example, a celebration, holiday or remuneration based on a long period of service. Benefits paid in connection with dismissal are benefits that are paid due to the termination of an employee\u2019s contract and not for service in the company. Post-employment benefits comprise pension and benefits to be paid after termination of the employee\u2019s contract, such as life insurance and healthcare. These benefits are classified as either defined contribution or defined benefit plans. The Group has both forms of benefit plans. The accounting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through profit or loss at the earlier of the following: when the plan is rearranged or downsized, or a when the entity recognises the related rearrangement expenses or bene- fits related to the termination of employment . MEUR 2025 2024 Wages, salaries and fees 98.6 96.0 Pension costs \u2013 defined contribution plans 14.4 14.0 Share-based payment transaction expense 4.7 3.4 Other payroll-related expenses 9.5 8.8 Total 127.1 122.3 3.5 Pension obligations The Group has both defined contribution pension plans and defined benefit pension plans. The defined benefit pension plans comprise the Group\u2019s old supplementary pension plans for personnel, which have already been discontinued and closed. The benefits associated with them include both supplementary pension benefits and death benefits. The Group\u2019s defined benefit pension plans include both funded and un- funded pension plans. The unfunded pension plans are direct supplementary pension obligations, primarily for old employees who have already retired. The new supplementary pension benefits granted by the Group are defined contribution based pension plans. Obligations arising from defined benefit plans are calculated for each arrangement separately using the Pro- jected Unit Credit Method. Pension costs are recognised as expenses over the beneficiaries\u2019 period of employ- ment in the Group based on calculations made by authorised actuaries. The discount rate used in calculating the present value of the pension obligation is based on market yields on high quality corporate bonds issued by the company and, if this data is not available, on yields of government bonds. The maturity of corporate and government bonds and corresponds to a reasonable extent with the maturity of the pension obligation. The pension plan assets measured at fair value on the balance sheet date are deducted from the present value of the pension obligation to be recognised in the balance sheet. The net liabilities (or assets) associated with the defined benefit pension plan are recorded on the balance sheet. Service costs for the period (pension costs) and the net interest on the net liabilities associated with the defined benefit plan are recognised through profit or loss and presented under employee benefit expenses. Items (such as actuarial gains and losses and return on funded defined benefit plan assets) arising from the redefinition of the net liabilities (or assets) associated with the defined benefit plan are recognised in other comprehensive income in the period in which they arise. Present value of obligations and fair value of assets
MEUR
2025
2024
Present value of unfunded obligations
0.2
0.2
Present value of funded obligations
0.1
0.2
Fair value of assets
-0.2
-0.2
Pension liability
0.2
0.2
The defined benefit pension obligation on the balance sheet is determined as follows:
MEUR
31 Dec 2025
31 Dec 2024
Present value of obligations at start of period
0.4
0.7
Service cost during period
0.0
0.0
Interest cost
0.0
0.0
Actuarial gains and losses
-0.0
-0.3
Restructuring of contracts
-0.0
Payments of defined benefit obligations
-0.1
-0.0
Present value of funded obligations at end of period
0.3
0.4
Fair value of plan assets at start of period
0.2
0.2
Interest income
0.0
0.0
Actuarial gains and losses
-0.0
0.0
Restructuring of contracts
0.0
0.0
Payments of defined benefit obligations
-0.0
-0.0
Fair value of plan assets at end of period
0.2
0.2
Defined benefit pension liabilities
0.2
0.2
Net pension liability
Pension liability
0.2
0.2
Pension asset
0.0
0.0
Net pension liability
0.2
0.2
The plan assets are invested primarily in fixed income or share-based instruments, and they have an aggregate expected annual return of 3.0%. A more detailed specification of the plan assets is not available. The plan assets are considered to be included in the payment made to the insurance company. The assets are the insurance company\u2019s responsibility and part of the insurance company\u2019s investment assets. Accordingly, no specification of the assets can be presented The defined benefit pension expense in the income statement is determined as follows
MEUR
2025
2024
Service cost during period
0.0
0.0
Interest cost
0.0
0.0
Interest income
0.0
Restructuring of contracts
-0.0
Actuarial gains and losses and adjustments
-0.0
-0.3
Total
-0.0
-0.3
Changes in liabilities shown on balance sheet
MEUR
2025
2024
At beginning of period
0.2
0.5
Payments of defined benefit obligations
-0.0
-0.0
Pension expense in income statement
0.0
0.0
Comprehensive income for the period
-0.0
-0.3
Defined benefit pension liabilities on the balance sheet
0.2
0.2
A similar investment is expected to be made in the plan in 2026 as in 2025. Sensitivity analysis of the pension plan
Change in present
Present value of value of
MEUR pension obligation pension obligation, %
Change of +0.5%-p in the discount rate
0.3
-8.4
Change of +0.5%-p in the salary increase assumption
0.1
0.1
Change of +0.5%-p in the pension increase rate
0.4
7.2
The sensitivity analysis uses the same methods as the calculation of the pension obligation. Sensitivity is calculated for changes in the discount rate, the salary increase assumption, pension increases and the insurance company\u2019s bonus index. Sensitivity has been calculated by changing one parameter at a time. Actuarial assumptions used
%
2025
2024
Discount rate
3.5
3.1
Future salary increase assumption
3.0
3.0
Inflation assumption
2.0
2.0
Future increase in pension benefit
2.3
2.3
The duration of the pension plan is 8\u201312 years. The duration was calculated based on a dis- count rate of 3.5% (3.1%). Defined benefit plans expose the Group to several different risks, the most significant of which are the following: Asset volatility The calculation of the liabilities arising from the plans uses a discount rate based on the yield of bonds issued by the company. If the yield on the assets used for the plan is lower than this level, there will be a deficit. Inflation risk Some of the benefit obligations under the plans are tied to inflation, and higher inflation will lead to higher liabilities (although a ceiling for inflation adjustments has been set in most cases to protect the plan from unusually high inflation). Life expectancy As the majority of the obligations under the plans are related to providing lifelong benefits to the members, the expected increase in life expectancy will result in higher obligations under the plans", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "
1.3.1 Materials and services
MEUR
2025
2024
Use of materials and supplies
External services
33.8
34.9
Total
33.8
34.9
Materials and services
33.8
34.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "1.3.2 Research and development expenses The Group\u2019s research and development costs in 2025 totalled MEUR 6.0 (15.4). MEUR 5.3 (5.5) was recognised in the income statement and development expenses of MEUR 0.7 (9.9) were capitalised on the balance sheet in 2025 (including transfers from purchases in progress). There were capitalised research and development expenses totalling MEUR 9.4 (13.1) on the balance sheet on 31 December 2025 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Average number of employees, calculated as full-time employees (excl. telemarketers) 2025 2024 Alma Career 591 678 Alma Marketplaces 389 345 Alma News Media 419 458 Shared operations 250 178 Total 1,649 1,660 Telemarketers on average 136 148 Finland International", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "1.3.4 Other operating expenses Specification of other operating expenses by category:
MEUR
2025
2024
Information technology and telecommunication
36.0
34.1
Business premises
2.4
2.8
Sales and marketing expenses
13.7
12.1
Administration and experts
6.9
6.5
Other employee costs
7.6
7.4
Other expenses
3.1
2.2
Total
69.8
65.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "1.3.5 Audit expenses
EUR 1,000
2025
2024
Companies belonging to the Ernst & Young chain
Audit
287.5
291.1
Tax consultation
25.8
25.0
Statutory reporting and opinions
57.3
68.1
Total
370.6
385.0
The non-audit services provided by Ernst & Young Oy for Alma Media Group companies in the
financial period 2025 totalled EUR 83.1 thousand . ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "1.4 Salaries, bonuses and share-based payments paid to management The reward scheme of the President and CEO of Alma Media Corporation and other senior management consists of a fixed monetary salary (monthly salary), fringe benefits (company car, bicycle and mobile telephone benefit), an incentive bonus related to the achievement of financial and operational targets (short-term reward scheme) and a share-based incentive scheme for key employees of the Group (long-term reward scheme) as well as a pension benefit for management. 1.4.1 Salaries and bonuses paid to management Parent company President and CEO (Kai Telanne)
EUR 1,000
2025
2024
Salaries and other short-term employee benefits
1,174.9
942.4
Post-employment benefits
552.0
499.9
Incentive schemes implemented and paid in the form of shares
1,329.3
1,045.8
Total
3,056.3
2,488.0
The figures in the table are presented on an accrual basis. In 2025, the salary and benefits paid to the President and CEO of the Group totalled EUR 2,963,310 (2024: EUR 2,692,415). Pension benefits of the President and CEO: In addition to statutory employment pension security, the President and CEO has a defined contribution group pension benefit. The supplementary pension contribution of the President and CEO\u2019s fixed annual salary is 37% of the annual salary, which is calculated by adding a computational share of 50% of the maximum incentive to the fixed annual salary. The Presi- dent and CEO\u2019s retirement age is 60 years at the earliest. The pension is determined on the basis of the insurance savings accrued by the time of retirement. Retirement can be post- poned up to 70 years of age. In this case, the pension is determined on the basis of insurance savings adjusted according to the value development of the investment objects. Notice period of the President and CEO: The notice period of the President and CEO is six months. An additional contractual com- pensation equal to 12 months\u2019 salary is paid if the employer terminates his contract without the President and CEO being in breach of contract. This compensation corresponding to the 12-month salary is not paid if the President and CEO resigns on his own initiative. Alma Media\u2019s Board of Directors decides on the appointment and, as necessary, dismissal of the President and CEO. Other members of the Group Executive Team
EUR 1,000
2025
2024
Salaries and other short-term employee benefits
2,673.9
2,593.1
Post-employment benefits
889.2
861.1
Incentive schemes implemented and paid in the form of shares
2,112.7
1,572.3
Total
5,675.8
5,026.5
The figures in the table are presented on an accrual basis. In 2025, the salary and benefits paid to the other members of the Group Executive Team totalled EUR 5,642,388 (2024: EUR 5,085,416). Board of Directors of Alma Media Corporation and benefits paid to its members
EUR 1,000
2025
2024
Catharina Stackelberg-Hammar\u00e9n, Chair of the Board
95.2
86.8
Eero Broman, Deputy Chair
56.4
54.2
Heikki Herlin, member
45.9
41.8
Ari Kaperi, member
51.9
41.8
Marika Auramo, member since 10 April 2025
45.9
Hanna Kivel\u00e4, member since 10 April 2025
44.9
Alexander Lindholm, member
47.9
42.8
Peter Immonen, member until 10 April 2025
3.5
43.8
Esa Lager, member until 10 April 2025
4.5
48.8
Kaisa Salakka member until 10 April 2025
1.5
41.8
Total
397.6
401.8
The remuneration of the Board of Directors presented in the table is shown on an accrual basis. According to the resolution of the General Meeting, the benefits to the Board members are paid as shares of Alma Media Corporation. Salaries and benefits to the Board of Directors, the President and CEO, and other members of the Group Executive Team, total
EUR 1,000
2025
2024
Salaries and other short-term employee benefits
4,246.5
3,937.3
Post-employment benefits
1,441.2
1,361.0
Incentive schemes implemented and paid in the form of shares
3,441.9
2,618.1
Total
9,129.6
7,916.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "Parent company President and CEO (Kai Telanne)
EUR 1,000
2025
2024
Salaries and other short-term employee benefits
1,174.9
942.4
Post-employment benefits
552.0
499.9
Incentive schemes implemented and paid in the form of shares
1,329.3
1,045.8
Total
3,056.3
2,488.0
Other members of the Group Executive Team
EUR 1,000
2025
2024
Salaries and other short-term employee benefits
2,673.9
2,593.1
Post-employment benefits
889.2
861.1
Incentive schemes implemented and paid in the form of shares
2,112.7
1,572.3
Total
5,675.8
5,026.5
Board of Directors of Alma Media Corporation and benefits paid to its members
EUR 1,000
2025
2024
Catharina Stackelberg-Hammar\u00e9n, Chair of the Board
95.2
86.8
Eero Broman, Deputy Chair
56.4
54.2
Heikki Herlin, member
45.9
41.8
Ari Kaperi, member
51.9
41.8
Marika Auramo, member since 10 April 2025
45.9
Hanna Kivel\u00e4, member since 10 April 2025
44.9
Alexander Lindholm, member
47.9
42.8
Peter Immonen, member until 10 April 2025
3.5
43.8
Esa Lager, member until 10 April 2025
4.5
48.8
Kaisa Salakka member until 10 April 2025
1.5
41.8
Total
397.6
401.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "1.4.2 Share-based retention and incentive schemes Share-Based incentive scheme (LTI 2019) In December 2018, the Board of Directors of Alma Media Corporation decided on changes to the share-based, long-term incentive scheme of the company\u2019s top management. At the same time, the Board of Directors decided to establish a new share-based long-term incentive scheme for the other key employees of Alma Media Corporation. The new incentive scheme entered into effect from the beginning of 2019. In February 2022, the Board of Directors of Alma Media Corporation decided on the com- mencement of a new period under the long-term share-based incentive scheme for senior management (MSP 2022). The Board of Directors further decided on the commencement of a new period under the performance-based share-based incentive scheme aimed at middle management and selected key employees (PSP 2022). The rewards earned under the pro- gramme were paid in spring 2025. In February 2023, the Board of Directors of Alma Media Corporation decided on the com- mencement of a new period under the long-term share-based incentive scheme for senior management (MSP 2023). The Board of Directors further decided on the commencement of a new period under the performance-based share-based incentive scheme aimed at middle management and selected key employees (PSP 2023). In February 2024, the Board of Directors of Alma Media Corporation decided on the com- mencement of a new period under the long-term share-based incentive scheme for senior management (MSP 2024). The Board of Directors further decided on the commencement of a new period under the performance-based share-based incentive scheme aimed at middle management and selected key employees (PSP 2024). In February 2025, the Board of Directors of Alma Media Oyj decided on the commencement of a new period in the long-term share-based incentive plan for the Group Executive Team (MSP 2025). In addition, the Board decided on the commencement of a new period in the per- formance share plan targeted at middle management and selected key employees (PSP 2025). The Annual General Meeting of Alma Media Corporation held on 10 April 2025 authorised the Board of Directors to decide on the repurchase of a maximum of 824,000 shares in one or more lots, and further authorised the Board of Directors to decide on a share issue by trans- ferring shares in possession of the company to implement incentive programmes. Recognition of share-based incentives Share-based incentives are recognised in their entirety as equity-settled share-based pay- ment transactions. Share-based incentives payable on the basis of incentive schemes are paid in shares in net amounts after deducting taxes from the amount payable in shares. The incentives are based on the market price of Alma Media\u2019s share on the grant date and rec- ognised as an employee benefit expense over the vesting period with corresponding entries in equity. Principal terms and conditions of the performance share plan:
Performance Matching
Plan Performance Matching
Instrument MSP 2025 Share Plan PSP 2025
AGM date/Date of issuing
10 Apr 2025
10 Apr 2025
Maximum number of shares
965,600
306,000
Dividend adjustment
No
No
Initial allocation date
26 Apr 2025
19 Feb 2025
Performance period begins
1 Jan 2025
1 Jan 2025
Performance period ends
31 Dec 2027
31 Dec 2027
Vesting date
28 Feb 2028
29 Feb 2028
Maximum contractual life, years
3.1
3.0
Remaining contractual life, years
2.2
2.2
Maximum number of people entitled to
participate
10
90
Payment method
Cash & share
Cash & share
Performance Matching Performance Matching Performance Matching
Plan Share Plan Plan
Instrument MSP 2023 PSP 2022 MSP 2022
AGM date/Date of issuing
4 Apr 2023
29 Mar 2022
29 Mar 2022
Maximum number of shares
630,000
290,000
528,000
Dividend adjustment
No
No
No
Initial allocation date
27 Apr 2023
16 Feb 2022
16 Feb 2022
Performance period begins
1 Jan 2023
1 Jan 2022
1 Jan 2022
Performance period ends
31 Dec 2025
31 Dec 2024
31 Dec 2024
Vesting date
28 Feb 2026
28 Feb 2025
28 Feb 2025
Maximum contractual life, years
2.8
3.0
3.0
Remaining contractual life, years
0.2
0.0
0.0
Maximum number of people entitled to
participate
9
71
9
Payment method
Cash & share
Cash & share
Cash & share
Performance Matching
Plan Performance Matching Performance Matching
Instrument MSP 2024 Share Plan PSP 2024 Share Plan PSP 2023
AGM date/Date of issuing
4 Apr 2023
29 Mar 2022
4 Apr 2023
Maximum number of shares
840,000
284,000
290,000
Dividend adjustment
No
No
No
Initial allocation date
30 Apr 2024
5 Mar 2024
2 Mar 2023
Performance period begins
1 Jan 2024
1 Jan 2024
1 Jan 2023
Performance period ends
31 Dec 2026
31 Dec 2026
31 Dec 2025
Vesting date
28 Feb 2027
28 Feb 2027
28 Feb 2026
Maximum contractual life, years
2.8
3.0
3.0
Remaining contractual life, years
1.2
1.2
0.2
Maximum number of people entitled to
participate
9
85
75
Payment method
Cash & share
Cash & share
Cash & share
Measurement inputs for the incentives granted during the reporting period
Share price at time of granting, EUR
11.95
Share price at end of period, EUR
14.35
Dividend yield assumption, EUR
3.9
Valuation method
Monte Carlo simulation
Fair value on 31 December 2025, MEUR
6.9
Effect of the share-based incentive programme on the financial year\u2019s result and financial position
MEUR
2025
2024
Costs for the financial year, share-based payments
4.7
3.4
Estimate of the total future share payable to the tax authorities of all current
LTI incentive schemes after the financial period
11.8
7.0
Changes during share plan period
1 Jan 2025 Performance Performance
Performance Performance Performance Performance Matching Performance Matching Matching
Matching Plan Matching Share Matching Plan Matching Share Share Plan Matching Plan Share Plan Share Plan
MSP 2025 Plan PSP 2025 MSP 2024 Plan PSP 2024 PSP 2023 MSP 2023 MSP 2022
PSP 2022
Total
Outstanding at the beginning of the reporting period, pcs
717,200
266,000
238,000
455,134
439,115
216,000
2,331,449
Changes during the period
Granted during the period
886,960
288,000
1,174,960
Forfeited during the period
12,000
12,000
10,000
34,000
Earned during the period
346,155
108,814
454,969
Expired during the period
92,960
107,186
200,146
31 Dec 2025
Outstanding at the end of the period, pcs
886,960
276,000
717,200
254,000
228,000
455,134
0
0
2,817,294
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "Recognition of share-based incentives Share-based incentives are recognised in their entirety as equity-settled share-based pay- ment transactions. Share-based incentives payable on the basis of incentive schemes are paid in shares in net amounts after deducting taxes from the amount payable in shares. The incentives are based on the market price of Alma Media\u2019s share on the grant date and rec- ognised as an employee benefit expense over the vesting period with corresponding entries in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price. the share of the non-controlling interest in the acquired entity and the purchaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses . Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined. the product is technically feasible and economically viable. the product is expected to produce an economic benefit and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material. labour and testing as well as capitalised borrowing costs. if any. that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . Patents. customer agreements. copyright and software licences with a finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead. these are tested annually for impairment. In Alma Media. intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. Intangible Other intan- Advances. MEUR rights gible assets intangible Goodwill Total Financial year 2025 Acquisition cost 1 Jan 180.9 1.3 2.3 311.3 495.9 Increases 2.7 0.0 0.0 2.7 Acquisitions of business oper- ations 4.5 12.3 16.8 Decreases -2.8 0.0 -2.8 Exchange rate differences 1.4 0.8 2.2 Transfers between items 1.5 -1.5 0.0 0.0 Acquisition cost 31 Dec 188.2 1.3 0.8 324.4 514.9 Accumulated depreciation. amor- tisation and impairment 1 Jan 95.8 1.3 2.1 99.1 Accumulated depreciation in decreases and transfers -2.0 -2.0 Depreciation for the financial The useful lives of intangible assets are 3\u201310 years . year 11.2 0.1 11.3 Impairment 0.4 0.4 Exchange rate differences 0.9 0.0 0.9 Accumulated depreciation. amortisation and impairments 31 Dec 106.3 1.4 2.1 109.8 Book value 1 Jan 85.4 0.0 2.3 309.1 396.8 Book value 31 Dec 84.9 0.0 1.0 322.5 408.3 Financial year 2024 Acquisition cost 1 Jan 169.4 1.6 6.9 300.1 478.1 Increases 1.4 1.9 3.3 Intangible Other intan- Advances. MEUR rights gible assets intangible Goodwill Total Acquisitions of business oper- ations 7.1 11.5 18.5 Decreases -2.8 -0.3 -3.1 Exchange rate differences -0.7 0.0 -0.3 -1.0 Transfers between items 6.5 -6.5 Acquisition cost 31 Dec 180.9 1.3 2.3 311.3 495.9 Accumulated depreciation. amor- tisation and impairment 1 Jan 88.1 1.5 2.1 91.7 Accumulated depreciation in decreases and transfers -2.6 -0.3 -2.9 Depreciation for the financial year 10.2 0.0 10.2 Impairment 0.5 0.5 Exchange rate differences -0.4 -0.4 Accumulated depreciation. amortisation and impairments 31 Dec 95.8 1.3 2.1 99.1 Book value 1 Jan 81.3 0.1 6.9 298.0 386.3 Book value 31 Dec 85.4 0.0 2.3 309.1 396.8 Allocation of intangibles with indefinite lives to cash-generating units The book value of intangible assets includes intangible rights totalling MEUR 62.8 which are not depreciated; instead. these rights are tested annually for impairment. In Alma Media. in- tangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. These non-depreciated intangible rights are allocated to the cash-generating units as follows: MEUR 2025 2024 Alma Career 16.7 16.3 Alma Marketplaces 35.7 34.2 Alma News Media 10.4 11.8 Assets with indefinite lives. total 62.8 62. 2 Allocation of goodwill to business operations: MEUR 2025 2024 A significant amount of goodwill has been allocated to the following cash-generating units Alma Career 50.9 50.0 Alma Marketplaces 215.1 202.7 Alma News Media 56.3 56.3 Non-allocated goodwill 0.1 0.1 Total goodwill 322.5 309.0 Goodwill. intangible rights with indefinite useful lives and other long-term assets are tested at the level of cash generating units. In testing for impairment. the recoverable amount is the value in use. Impairment testing of goodwill and intangibles with indefinite lives On each balance sheet date. the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists. the recoverable amount of the asset is estimated. In addition. the recoverable amounts are assessed annually of goodwill. capitalised development costs for projects in progress and intangible assets with an indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell. or the value in use. The value in use refers to the estimated future net cash flows obtainable from the asset or cash-generating unit. discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed . Following the model used before, estimated cash flows determined in the test are based on the Group\u2019s strategic forecasts for the following three years confirmed by the Board of Directors and business units\u2019 management. The years following this period are estimated by the management taking the business cycle into account. The calculations of value in use are based on a period of 5 years. The cash flow for the terminal year is determined on the basis of the cash flow of the most recent year of the forecast period and with 1% growth assump- tion. In addition to general economic factors, the main assumptions and variables used when determining cash flows for the media business are the growth assumptions for advertising and content sales in different market segments, the unit-specific average cost of capital (discount rate), and the estimated development of revenue from marketplaces. The growth rate assumptions vary in different market segments and in different product categories. When evaluating growth, past events in the Group and the impact of business cycles are taken into account. The discount rate has been determined on a segment-specific basis using the weighted aver- age cost of capital (WACC). The discount rate has been determined on a pre-tax basis. The determination of the discount rate is based on the weighted average of the required returns on equity and interest-bearing debt. During the review period, the discount rate was updated based on market-specific data by an external, independent party. The calculations reflect a risk-adjusted WACC. where the asset beta is based on the median of a peer group and the capital structure (D/EV) on the industry-average level of leverage as of the valuation date. In addition. a small company risk premium of approximately 1.0% has been applied. based on Alma Media\u2019s market capitalisation as of the valuation date and the statistical analysis of small company risk premia conducted by Duff & Phelps.. Changes from 2024: No changes have been made to the cash-generating units tested for the segments. New busi- nesses acquired within the Alma Marketplaces segment have been included in the cash-gen- erating units subject to impairment testing . The most significant growth assumptions used in impairment testing Revenue growth Expense growth WACC before Financial year 2024 assumption. % * assumption. % * taxes. % Finland, Czechia, the Baltic coun- Alma Career tries, Slovakia 3.7 0.5 10.8 Alma Marketplaces Finland, Sweden 4.8 4.3 9.2 Alma News Media Finland 2.0 2.2 9.3 Financial year 2024 Revenue growth Expense growth WACC before assumption. % * assumption. % * taxes. % Finland, Czechia, the Baltic coun- Alma Career tries, Slovakia 4.8 0.7 11.15 Alma Marketplaces Finland, Sweden 4.1 2.7 9.6 Alma News Media Finland 0.9 0.1 9.7 * The growth assumptions are based on the annual averages for the period. Impairment losses and their allocation During the past financial year. the Group recognised MEUR 0.4 in impairment losses. which were allocated to trademarks. In the management\u2019s view. there are no indications of impair- ment with regard to the other assets of Alma Media Group. During the previous financial year. the Group recognised MEUR 0.5 in impairment losses. which were allocated to other investments. Sensitivity analyses of impairment testing Goodwill allocated to new business areas, as well as goodwill arising from recent acqui- sitions, is more sensitive to impairment testing and, therefore, more likely to be subject to impairment loss when the above main assumptions change. In connection with the sensitivity analysis, the impact of an increase in the discount rate (at most 4%). a decrease in sales (at most 10%) and a decrease in the terminal year (at most 1%) on cash flows has been estimated. For the cash-generating units. no somewhat probable change in the key assumptions would lead to the book value of a cash-generating unit exceeding its value in use. The first imma- terial write-downs of goodwill would take place in one CGU if the cash flow estimates for the CGU in question were to decrease by 54% or the discount rate were to increase by eight percentage points. The balance sheet value of associated companies is assessed in relation to the cash flow obtained from the companies (dividend income) in comparison to their net asset value or through other assessment of the company\u2019s profit performance with respect to future cash flow estimates. Based on the analysis performed. the shares in associated companies do not include a risk of impairment", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price. the share of the non-controlling interest in the acquired entity and the purchaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses . Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined. the product is technically feasible and economically viable. the product is expected to produce an economic benefit and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material. labour and testing as well as capitalised borrowing costs. if any. that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . Patents. customer agreements. copyright and software licences with a finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead. these are tested annually for impairment. In Alma Media. intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition.
Intangible Other intan- Advances.
MEUR rights gible assets
intangible
Goodwill
Total
Financial year 2025
Acquisition cost 1 Jan
180.9
1.3
2.3
311.3
495.9
Increases
2.7
0.0
0.0
2.7
Acquisitions of business oper-
ations
4.5
12.3
16.8
Decreases
-2.8
0.0
-2.8
Exchange rate differences
1.4
0.8
2.2
Transfers between items
1.5
-1.5
0.0
0.0
Acquisition cost 31 Dec
188.2
1.3
0.8
324.4
514.9
Accumulated depreciation. amor-
tisation and impairment 1 Jan
95.8
1.3
2.1
99.1
Accumulated depreciation in
decreases and transfers
-2.0
-2.0
Depreciation for the financial
The useful lives of intangible assets are 3\u201310 years .
year
11.2
0.1
11.3
Impairment
0.4
0.4
Exchange rate differences
0.9
0.0
0.9
Accumulated depreciation.
amortisation and impairments
31 Dec
106.3
1.4
2.1
109.8
Book value 1 Jan
85.4
0.0
2.3
309.1
396.8
Book value 31 Dec
84.9
0.0
1.0
322.5
408.3
Financial year 2024
Acquisition cost 1 Jan
169.4
1.6
6.9
300.1
478.1
Increases
1.4
1.9
3.3
Intangible Other intan- Advances.
MEUR rights gible assets
intangible
Goodwill
Total
Acquisitions of business oper-
ations
7.1
11.5
18.5
Decreases
-2.8
-0.3
-3.1
Exchange rate differences
-0.7
0.0
-0.3
-1.0
Transfers between items
6.5
-6.5
Acquisition cost 31 Dec
180.9
1.3
2.3
311.3
495.9
Accumulated depreciation. amor-
tisation and impairment 1 Jan
88.1
1.5
2.1
91.7
Accumulated depreciation in
decreases and transfers
-2.6
-0.3
-2.9
Depreciation for the financial
year
10.2
0.0
10.2
Impairment
0.5
0.5
Exchange rate differences
-0.4
-0.4
Accumulated depreciation.
amortisation and impairments
31 Dec
95.8
1.3
2.1
99.1
Book value 1 Jan
81.3
0.1
6.9
298.0
386.3
Book value 31 Dec
85.4
0.0
2.3
309.1
396.8
2.2 Property, plant and equipment Property, plant and equipment are measured at cost less depreciation, amortisation and impairment losses. The acquisition cost includes the costs arising directly from the acquisition of a tangible asset. In the event that a tangible asset comprises several components with different useful lives, each component will be recognised as a separate asset. Straight line depreciation is entered on the assets over their estimated useful lives. The estimated useful lives are: Buildings 30\u201340 years Structures 5 years Machinery and equipment 3\u201315 years The residual value and useful life of an asset are reviewed, at a minimum, at the end of each financial period and adjusted, where necessary, to reflect the changes in their expected useful lives. Gains and losses arising from the decommissioning and sale of tangible assets are recognised through profit and loss under other operating income and expenses. The gains or losses on sale are defined as the difference between the selling price and the remaining acquisition cost.
ANNUAL REPORT 2025
Advance payments and
MEUR
Buildings and structures
Machinery and equipment
Other tangible assets
purchases in progress
Total
Financial year 2025
Acquisition cost 1 Jan
78.4
6.5
2.2
0.2
87.3
Increases
1.0
1.0
0.4
0.0
2.2
Decreases
-0.1
-0.4
-0.2
0.0
-0.7
Exchange rate differences
0.2
0.1
0.0
0.0
0.3
Transfers between items
0.0
0.2
0.0
-0.2
0.0
Acquisition cost 31 Dec
79.6
7.3
2.4
0.0
89.1
Accumulated depreciation, amortisation and impairment 1 Jan
43.5
5.0
0.3
48.9
Accumulated depreciation in decreases
0.0
-0.4
0.0
0.0
-0.4
Depreciation for the financial year
5.9
0.9
0.4
0.0
7.2
Exchange rate differences
0.0
0.1
0.0
0.0
0.1
Accumulated depreciation, amortisation and impairments 31 Dec
49.4
5.6
0.7
55.7
Book value 1 Jan
34.9
1.5
1.9
0.2
38.4
Book value 31 Dec
30.2
1.6
1.7
33.5
Advance payments and
MEUR
Buildings and structures
Machinery and equipment
Other tangible assets
purchases in progress
Total
Financial year 2024
Acquisition cost 1 Jan
75.1
6.3
2.0
0.0
83.4
Increases
3.4
0.8
0.2
0.2
4.7
Decreases
-0.1
-0.6
-0.7
Exchange rate differences
0.0
0.0
0.0
Transfers between items
0.1
-0.1
Acquisition cost 31 Dec
78.4
6.5
2.2
0.2
87.3
Accumulated depreciation, amortisation and impairment 1 Jan
38.2
4.3
0.2
0.0
42.7
Accumulated depreciation in decreases
-0.6
-0.6
Depreciation for the financial year
5.3
1.4
0.1
6.9
Exchange rate differences
0.0
0.0
0.0
Accumulated depreciation, amortisation and impairments 31 Dec
43.5
5.0
0.3
48.9
Book value 1 Jan
36.9
2.0
1.8
0.0
40.7
Book value 31 Dec
34.9
1.5
1.9
0.2
38.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price. the share of the non-controlling interest in the acquired entity and the purchaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses . Intangible Other intan- Advances. MEUR rights gible assets intangible Goodwill Total Financial year 2025 Acquisition cost 1 Jan 180.9 1.3 2.3 311.3 495.9 Increases 2.7 0.0 0.0 2.7 Acquisitions of business oper- ations 4.5 12.3 16.8 Decreases -2.8 0.0 -2.8 Exchange rate differences 1.4 0.8 2.2 Transfers between items 1.5 -1.5 0.0 0.0 Acquisition cost 31 Dec 188.2 1.3 0.8 324.4 514.9 Accumulated depreciation. amor- tisation and impairment 1 Jan 95.8 1.3 2.1 99.1 Accumulated depreciation in decreases and transfers -2.0 -2.0 Depreciation for the financial year 11.2 0.1 11.3 Impairment 0.4 0.4 Exchange rate differences 0.9 0.0 0.9 Accumulated depreciation. amortisation and impairments 31 Dec 106.3 1.4 2.1 109.8 Book value 1 Jan 85.4 0.0 2.3 309.1 396.8 Book value 31 Dec 84.9 0.0 1.0 322.5 408.3 Financial year 2024 Acquisition cost 1 Jan 169.4 1.6 6.9 300.1 478.1 Increases 1.4 1.9 3.3
Intangible Other intan- Advances.
MEUR rights gible assets
intangible
Goodwill
Total
Acquisitions of business oper-
ations
7.1
11.5
18.5
Decreases
-2.8
-0.3
-3.1
Exchange rate differences
-0.7
0.0
-0.3
-1.0
Transfers between items
6.5
-6.5
Acquisition cost 31 Dec
180.9
1.3
2.3
311.3
495.9
Accumulated depreciation. amor-
tisation and impairment 1 Jan
88.1
1.5
2.1
91.7
Accumulated depreciation in
decreases and transfers
-2.6
-0.3
-2.9
Depreciation for the financial
year
10.2
0.0
10.2
Impairment
0.5
0.5
Exchange rate differences
-0.4
-0.4
Accumulated depreciation.
amortisation and impairments
31 Dec
95.8
1.3
2.1
99.1
Book value 1 Jan
81.3
0.1
6.9
298.0
386.3
Book value 31 Dec
85.4
0.0
2.3
309.1
396.8
Allocation of goodwill to business operations:
MEUR
2025
2024
A significant amount of goodwill has been allocated to the following
cash-generating units
Alma Career
50.9
50.0
Alma Marketplaces
215.1
202.7
Alma News Media
56.3
56.3
Non-allocated goodwill
0.1
0.1
Total goodwill
322.5
309.0
Goodwill. intangible rights with indefinite useful lives and other long-term assets are tested at the level of cash generating units. In testing for impairment. the recoverable amount is the value in use. Impairment testing of goodwill and intangibles with indefinite lives On each balance sheet date. the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists. the recoverable amount of the asset is estimated. In addition. the recoverable amounts are assessed annually of goodwill. capitalised development costs for projects in progress and intangible assets with an indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell. or the value in use. The value in use refers to the estimated future net cash flows obtainable from the asset or cash-generating unit. discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed . Following the model used before, estimated cash flows determined in the test are based on the Group\u2019s strategic forecasts for the following three years confirmed by the Board of Directors and business units\u2019 management. The years following this period are estimated by the management taking the business cycle into account. The calculations of value in use are based on a period of 5 years. The cash flow for the terminal year is determined on the basis of the cash flow of the most recent year of the forecast period and with 1% growth assump- tion. In addition to general economic factors, the main assumptions and variables used when determining cash flows for the media business are the growth assumptions for advertising and content sales in different market segments, the unit-specific average cost of capital (discount rate), and the estimated development of revenue from marketplaces. The growth rate assumptions vary in different market segments and in different product categories. When evaluating growth, past events in the Group and the impact of business cycles are taken into account. The discount rate has been determined on a segment-specific basis using the weighted aver- age cost of capital (WACC). The discount rate has been determined on a pre-tax basis. The determination of the discount rate is based on the weighted average of the required returns on equity and interest-bearing debt. During the review period, the discount rate was updated based on market-specific data by an external, independent party. The calculations reflect a risk-adjusted WACC. where the asset beta is based on the median of a peer group and the capital structure (D/EV) on the industry-average level of leverage as of the valuation date. In addition. a small company risk premium of approximately 1.0% has been applied. based on Alma Media\u2019s market capitalisation as of the valuation date and the statistical analysis of small company risk premia conducted by Duff & Phelps.. Changes from 2024: No changes have been made to the cash-generating units tested for the segments. New busi- nesses acquired within the Alma Marketplaces segment have been included in the cash-gen- erating units subject to impairment testing . The most significant growth assumptions used in impairment testing
Revenue growth Expense growth WACC before
Financial year 2024 assumption. % * assumption. % * taxes. %
Finland, Czechia,
the Baltic coun-
Alma Career
tries, Slovakia
3.7
0.5
10.8
Alma Marketplaces
Finland, Sweden
4.8
4.3
9.2
Alma News Media
Finland
2.0
2.2
9.3
Financial year 2024
Revenue growth Expense growth WACC before
assumption. % * assumption. % * taxes. %
Finland, Czechia,
the Baltic coun-
Alma Career
tries, Slovakia
4.8
0.7
11.15
Alma Marketplaces
Finland, Sweden
4.1
2.7
9.6
Alma News Media
Finland
0.9
0.1
9.7
* The growth assumptions are based on the annual averages for the period. Impairment losses and their allocation During the past financial year. the Group recognised MEUR 0.4 in impairment losses. which were allocated to trademarks. In the management\u2019s view. there are no indications of impair- ment with regard to the other assets of Alma Media Group. During the previous financial year. the Group recognised MEUR 0.5 in impairment losses. which were allocated to other investments. Sensitivity analyses of impairment testing Goodwill allocated to new business areas, as well as goodwill arising from recent acqui- sitions, is more sensitive to impairment testing and, therefore, more likely to be subject to impairment loss when the above main assumptions change. In connection with the sensitivity analysis, the impact of an increase in the discount rate (at most 4%). a decrease in sales (at most 10%) and a decrease in the terminal year (at most 1%) on cash flows has been estimated. For the cash-generating units. no somewhat probable change in the key assumptions would lead to the book value of a cash-generating unit exceeding its value in use. The first imma- terial write-downs of goodwill would take place in one CGU if the cash flow estimates for the CGU in question were to decrease by 54% or the discount rate were to increase by eight percentage points. The balance sheet value of associated companies is assessed in relation to the cash flow obtained from the companies (dividend income) in comparison to their net asset value or through other assessment of the company\u2019s profit performance with respect to future cash flow estimates. Based on the analysis performed. the shares in associated companies do not include a risk of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price. the share of the non-controlling interest in the acquired entity and the purchaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses . Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined. the product is technically feasible and economically viable. the product is expected to produce an economic benefit and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material. labour and testing as well as capitalised borrowing costs. if any. that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . Patents. customer agreements. copyright and software licences with a finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead. these are tested annually for impairment. In Alma Media. intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. The useful lives of intangible assets are 3\u201310 years . Impairment testing of goodwill and intangibles with indefinite lives On each balance sheet date. the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists. the recoverable amount of the asset is estimated. In addition. the recoverable amounts are assessed annually of goodwill. capitalised development costs for projects in progress and intangible assets with an indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell. or the value in use. The value in use refers to the estimated future net cash flows obtainable from the asset or cash-generating unit. discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price. the share of the non-controlling interest in the acquired entity and the purchaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses . Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined. the product is technically feasible and economically viable. the product is expected to produce an economic benefit and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material. labour and testing as well as capitalised borrowing costs. if any. that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . Patents. customer agreements. copyright and software licences with a finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead. these are tested annually for impairment. In Alma Media. intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. The useful lives of intangible assets are 3\u201310 years . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price. the share of the non-controlling interest in the acquired entity and the purchaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses . Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined. the product is technically feasible and economically viable. the product is expected to produce an economic benefit and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material. labour and testing as well as capitalised borrowing costs. if any. that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . Patents. customer agreements. copyright and software licences with a finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead. these are tested annually for impairment. In Alma Media. intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. Intangible Other intan- Advances. MEUR rights gible assets intangible Goodwill Total Financial year 2025 Acquisition cost 1 Jan 180.9 1.3 2.3 311.3 495.9 Increases 2.7 0.0 0.0 2.7 Acquisitions of business oper- ations 4.5 12.3 16.8 Decreases -2.8 0.0 -2.8 Exchange rate differences 1.4 0.8 2.2 Transfers between items 1.5 -1.5 0.0 0.0 Acquisition cost 31 Dec 188.2 1.3 0.8 324.4 514.9 Accumulated depreciation. amor- tisation and impairment 1 Jan 95.8 1.3 2.1 99.1 Accumulated depreciation in decreases and transfers -2.0 -2.0 Depreciation for the financial The useful lives of intangible assets are 3\u201310 years . year 11.2 0.1 11.3 Impairment 0.4 0.4 Exchange rate differences 0.9 0.0 0.9 Accumulated depreciation. amortisation and impairments 31 Dec 106.3 1.4 2.1 109.8 Book value 1 Jan 85.4 0.0 2.3 309.1 396.8 Book value 31 Dec 84.9 0.0 1.0 322.5 408.3 Financial year 2024 Acquisition cost 1 Jan 169.4 1.6 6.9 300.1 478.1 Increases 1.4 1.9 3.3 Intangible Other intan- Advances. MEUR rights gible assets intangible Goodwill Total Acquisitions of business oper- ations 7.1 11.5 18.5 Decreases -2.8 -0.3 -3.1 Exchange rate differences -0.7 0.0 -0.3 -1.0 Transfers between items 6.5 -6.5 Acquisition cost 31 Dec 180.9 1.3 2.3 311.3 495.9 Accumulated depreciation. amor- tisation and impairment 1 Jan 88.1 1.5 2.1 91.7 Accumulated depreciation in decreases and transfers -2.6 -0.3 -2.9 Depreciation for the financial year 10.2 0.0 10.2 Impairment 0.5 0.5 Exchange rate differences -0.4 -0.4 Accumulated depreciation. amortisation and impairments 31 Dec 95.8 1.3 2.1 99.1 Book value 1 Jan 81.3 0.1 6.9 298.0 386.3 Book value 31 Dec 85.4 0.0 2.3 309.1 396.8 Allocation of intangibles with indefinite lives to cash-generating units The book value of intangible assets includes intangible rights totalling MEUR 62.8 which are not depreciated; instead. these rights are tested annually for impairment. In Alma Media. in- tangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. These non-depreciated intangible rights are allocated to the cash-generating units as follows: MEUR 2025 2024 Alma Career 16.7 16.3 Alma Marketplaces 35.7 34.2 Alma News Media 10.4 11.8 Assets with indefinite lives. total 62.8 62. Allocation of goodwill to business operations: MEUR 2025 2024 A significant amount of goodwill has been allocated to the following cash-generating units Alma Career 50.9 50.0 Alma Marketplaces 215.1 202.7 Alma News Media 56.3 56.3 Non-allocated goodwill 0.1 0.1 Total goodwill 322.5 309.0 Goodwill. intangible rights with indefinite useful lives and other long-term assets are tested at the level of cash generating units. In testing for impairment. the recoverable amount is the value in use. Impairment testing of goodwill and intangibles with indefinite lives On each balance sheet date. the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists. the recoverable amount of the asset is estimated. In addition. the recoverable amounts are assessed annually of goodwill. capitalised development costs for projects in progress and intangible assets with an indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell. or the value in use. The value in use refers to the estimated future net cash flows obtainable from the asset or cash-generating unit. discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed . Following the model used before, estimated cash flows determined in the test are based on the Group\u2019s strategic forecasts for the following three years confirmed by the Board of Directors and business units\u2019 management. The years following this period are estimated by the management taking the business cycle into account. The calculations of value in use are based on a period of 5 years. The cash flow for the terminal year is determined on the basis of the cash flow of the most recent year of the forecast period and with 1% growth assump- tion. In addition to general economic factors, the main assumptions and variables used when determining cash flows for the media business are the growth assumptions for advertising and content sales in different market segments, the unit-specific average cost of capital (discount rate), and the estimated development of revenue from marketplaces. The growth rate assumptions vary in different market segments and in different product categories. When evaluating growth, past events in the Group and the impact of business cycles are taken into account. The discount rate has been determined on a segment-specific basis using the weighted aver- age cost of capital (WACC). The discount rate has been determined on a pre-tax basis. The determination of the discount rate is based on the weighted average of the required returns on equity and interest-bearing debt. During the review period, the discount rate was updated based on market-specific data by an external, independent party. The calculations reflect a risk-adjusted WACC. where the asset beta is based on the median of a peer group and the capital structure (D/EV) on the industry-average level of leverage as of the valuation date. In addition. a small company risk premium of approximately 1.0% has been applied. based on Alma Media\u2019s market capitalisation as of the valuation date and the statistical analysis of small company risk premia conducted by Duff & Phelps.. Changes from 2024: No changes have been made to the cash-generating units tested for the segments. New busi- nesses acquired within the Alma Marketplaces segment have been included in the cash-gen- erating units subject to impairment testing The most significant growth assumptions used in impairment testing Revenue growth Expense growth WACC before Financial year 2024 assumption. % * assumption. % * taxes. % Finland, Czechia, the Baltic coun- Alma Career tries, Slovakia 3.7 0.5 10.8 Alma Marketplaces Finland, Sweden 4.8 4.3 9.2 Alma News Media Finland 2.0 2.2 9.3 Financial year 2024 Revenue growth Expense growth WACC before assumption. % * assumption. % * taxes. % Finland, Czechia, the Baltic coun- Alma Career tries, Slovakia 4.8 0.7 11.15 Alma Marketplaces Finland, Sweden 4.1 2.7 9.6 Alma News Media Finland 0.9 0.1 9.7 * The growth assumptions are based on the annual averages for the period. Impairment losses and their allocation During the past financial year. the Group recognised MEUR 0.4 in impairment losses. which were allocated to trademarks. In the management\u2019s view. there are no indications of impair- ment with regard to the other assets of Alma Media Group. During the previous financial year. the Group recognised MEUR 0.5 in impairment losses. which were allocated to other investments. Sensitivity analyses of impairment testing Goodwill allocated to new business areas, as well as goodwill arising from recent acqui- sitions, is more sensitive to impairment testing and, therefore, more likely to be subject to impairment loss when the above main assumptions change. In connection with the sensitivity analysis, the impact of an increase in the discount rate (at most 4%). a decrease in sales (at most 10%) and a decrease in the terminal year (at most 1%) on cash flows has been estimated. For the cash-generating units. no somewhat probable change in the key assumptions would lead to the book value of a cash-generating unit exceeding its value in use. The first imma- terial write-downs of goodwill would take place in one CGU if the cash flow estimates for the CGU in question were to decrease by 54% or the discount rate were to increase by eight percentage points. The balance sheet value of associated companies is assessed in relation to the cash flow obtained from the companies (dividend income) in comparison to their net asset value or through other assessment of the company\u2019s profit performance with respect to future cash flow estimates. Based on the analysis performed. the shares in associated companies do not include a risk of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price. the share of the non-controlling interest in the acquired entity and the purchaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price. the share of the non-controlling interest in the acquired entity and the purchaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined. the product is technically feasible and economically viable. the product is expected to produce an economic benefit and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material. labour and testing as well as capitalised borrowing costs. if any. that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date Patents. customer agreements. copyright and software licences with a finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead. these are tested annually for impairment. In Alma Media. intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "The useful lives of intangible assets are 3\u201310 years Straight line depreciation is entered on the assets over their estimated useful lives. The estimated useful lives are: Buildings 30\u201340 years Structures 5 years Machinery and equipment 3\u201315 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Impairment testing of goodwill and intangibles with indefinite lives On each balance sheet date. the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists. the recoverable amount of the asset is estimated. In addition. the recoverable amounts are assessed annually of goodwill. capitalised development costs for projects in progress and intangible assets with an indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell. or the value in use. The value in use refers to the estimated future net cash flows obtainable from the asset or cash-generating unit. discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed . Following the model used before, estimated cash flows determined in the test are based on the Group\u2019s strategic forecasts for the following three years confirmed by the Board of Directors and business units\u2019 management. The years following this period are estimated by the management taking the business cycle into account. The calculations of value in use are based on a period of 5 years. The cash flow for the terminal year is determined on the basis of the cash flow of the most recent year of the forecast period and with 1% growth assump- tion. In addition to general economic factors, the main assumptions and variables used when determining cash flows for the media business are the growth assumptions for advertising and content sales in different market segments, the unit-specific average cost of capital (discount rate), and the estimated development of revenue from marketplaces. The growth rate assumptions vary in different market segments and in different product categories. When evaluating growth, past events in the Group and the impact of business cycles are taken into account. The discount rate has been determined on a segment-specific basis using the weighted aver- age cost of capital (WACC). The discount rate has been determined on a pre-tax basis. The determination of the discount rate is based on the weighted average of the required returns on equity and interest-bearing debt. During the review period, the discount rate was updated based on market-specific data by an external, independent party. The calculations reflect a risk-adjusted WACC. where the asset beta is based on the median of a peer group and the capital structure (D/EV) on the industry-average level of leverage as of the valuation date. In addition. a small company risk premium of approximately 1.0% has been applied. based on Alma Media\u2019s market capitalisation as of the valuation date and the statistical analysis of small company risk premia conducted by Duff & Phelps.. Changes from 2024: No changes have been made to the cash-generating units tested for the segments. New busi- nesses acquired within the Alma Marketplaces segment have been included in the cash-gen- erating units subject to impairment testing The most significant growth assumptions used in impairment testing
Revenue growth Expense growth WACC before
Financial year 2024 assumption. % * assumption. % * taxes. %
Finland, Czechia,
the Baltic coun-
Alma Career
tries, Slovakia
3.7
0.5
10.8
Alma Marketplaces
Finland, Sweden
4.8
4.3
9.2
Alma News Media
Finland
2.0
2.2
9.3
Financial year 2024
Revenue growth Expense growth WACC before
assumption. % * assumption. % * taxes. %
Finland, Czechia,
the Baltic coun-
Alma Career
tries, Slovakia
4.8
0.7
11.15
Alma Marketplaces
Finland, Sweden
4.1
2.7
9.6
Alma News Media
Finland
0.9
0.1
9.7
* The growth assumptions are based on the annual averages for the period. Impairment losses and their allocation During the past financial year. the Group recognised MEUR 0.4 in impairment losses. which were allocated to trademarks. In the management\u2019s view. there are no indications of impair- ment with regard to the other assets of Alma Media Group. During the previous financial year. the Group recognised MEUR 0.5 in impairment losses. which were allocated to other investments. Sensitivity analyses of impairment testing Goodwill allocated to new business areas, as well as goodwill arising from recent acqui- sitions, is more sensitive to impairment testing and, therefore, more likely to be subject to impairment loss when the above main assumptions change. In connection with the sensitivity analysis, the impact of an increase in the discount rate (at most 4%). a decrease in sales (at most 10%) and a decrease in the terminal year (at most 1%) on cash flows has been estimated. For the cash-generating units. no somewhat probable change in the key assumptions would lead to the book value of a cash-generating unit exceeding its value in use. The first imma- terial write-downs of goodwill would take place in one CGU if the cash flow estimates for the CGU in question were to decrease by 54% or the discount rate were to increase by eight percentage points. The balance sheet value of associated companies is assessed in relation to the cash flow obtained from the companies (dividend income) in comparison to their net asset value or through other assessment of the company\u2019s profit performance with respect to future cash flow estimates. Based on the analysis performed. the shares in associated companies do not include a risk of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "Impairment testing of goodwill and intangibles with indefinite lives On each balance sheet date. the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists. the recoverable amount of the asset is estimated. In addition. the recoverable amounts are assessed annually of goodwill. capitalised development costs for projects in progress and intangible assets with an indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell. or the value in use. The value in use refers to the estimated future net cash flows obtainable from the asset or cash-generating unit. discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "Impairment testing of goodwill and intangibles with indefinite lives On each balance sheet date. the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists. the recoverable amount of the asset is estimated. In addition. the recoverable amounts are assessed annually of goodwill. capitalised development costs for projects in progress and intangible assets with an indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell. or the value in use. The value in use refers to the estimated future net cash flows obtainable from the asset or cash-generating unit. discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "2.2 Property, plant and equipment Property, plant and equipment are measured at cost less depreciation, amortisation and impairment losses. The acquisition cost includes the costs arising directly from the acquisition of a tangible asset. In the event that a tangible asset comprises several components with different useful lives, each component will be recognised as a separate asset. Straight line depreciation is entered on the assets over their estimated useful lives. The estimated useful lives are: Buildings 30\u201340 years Structures 5 years Machinery and equipment 3\u201315 years The residual value and useful life of an asset are reviewed, at a minimum, at the end of each financial period and adjusted, where necessary, to reflect the changes in their expected useful lives. Gains and losses arising from the decommissioning and sale of tangible assets are recognised through profit and loss under other operating income and expenses. The gains or losses on sale are defined as the difference between the selling price and the remaining acquisition cost. ANNUAL REPORT 2025 Advance payments and MEUR Buildings and structures Machinery and equipment Other tangible assets purchases in progress Total Financial year 2025 Acquisition cost 1 Jan 78.4 6.5 2.2 0.2 87.3 Increases 1.0 1.0 0.4 0.0 2.2 Decreases -0.1 -0.4 -0.2 0.0 -0.7 Exchange rate differences 0.2 0.1 0.0 0.0 0.3 Transfers between items 0.0 0.2 0.0 -0.2 0.0 Acquisition cost 31 Dec 79.6 7.3 2.4 0.0 89.1 Accumulated depreciation, amortisation and impairment 1 Jan 43.5 5.0 0.3 48.9 Accumulated depreciation in decreases 0.0 -0.4 0.0 0.0 -0.4 Depreciation for the financial year 5.9 0.9 0.4 0.0 7.2 Exchange rate differences 0.0 0.1 0.0 0.0 0.1 Accumulated depreciation, amortisation and impairments 31 Dec 49.4 5.6 0.7 55.7 Book value 1 Jan 34.9 1.5 1.9 0.2 38.4 Book value 31 Dec 30.2 1.6 1.7 33.5 Advance payments and MEUR Buildings and structures Machinery and equipment Other tangible assets purchases in progress Total Financial year 2024 Acquisition cost 1 Jan 75.1 6.3 2.0 0.0 83.4 Increases 3.4 0.8 0.2 0.2 4.7 Decreases -0.1 -0.6 -0.7 Exchange rate differences 0.0 0.0 0.0 Transfers between items 0.1 -0.1 Acquisition cost 31 Dec 78.4 6.5 2.2 0.2 87.3 Accumulated depreciation, amortisation and impairment 1 Jan 38.2 4.3 0.2 0.0 42.7 Accumulated depreciation in decreases -0.6 -0.6 Depreciation for the financial year 5.3 1.4 0.1 6.9 Exchange rate differences 0.0 0.0 0.0 Accumulated depreciation, amortisation and impairments 31 Dec 43.5 5.0 0.3 48.9 Book value 1 Jan 36.9 2.0 1.8 0.0 40.7 Book value 31 Dec 34.9 1.5 1.9 0.2 38.4 Property, plant and equipment include right-of-use assets as follows*: Machinery and MEUR Buildings equipment Total Financial year 2025 Acquisition cost 1 Jan 77.0 4.4 81.4 Increases 1.0 0.7 1.7 Decreases -0.1 -0.1 Acquisition cost 31 Dec 78.0 5.1 83.0 Accumulated depreciation 1 Jan 42.8 3.6 46.4 Accumulated depreciation in decreases Depreciation for the financial year 5.7 0.9 6.6 Accumulated depreciation 31 Dec 48.4 4.3 52.6 Book value 31 Dec 29.6 0.8 30.5 Financial year 2024 Acquisition cost 1 Jan 73.7 3.7 77.4 Increases 3.4 0.7 4.1 Decreases -0.1 -0.1 Acquisition cost 31 Dec 77.0 4.4 81.4 Accumulated depreciation 1 Jan 37.7 2.7 40.4 Accumulated depreciation in decreases Depreciation for the financial year 5.2 0.8 6.0 Accumulated depreciation 31 Dec 42.8 3.6 46.4 Book value 31 Dec 34.3 0.8 35.1 * IFRS16 lease liabilities are discussed in note 3.3", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "2.2 Property, plant and equipment Property, plant and equipment are measured at cost less depreciation, amortisation and impairment losses. The acquisition cost includes the costs arising directly from the acquisition of a tangible asset. In the event that a tangible asset comprises several components with different useful lives, each component will be recognised as a separate asset. Straight line depreciation is entered on the assets over their estimated useful lives. The estimated useful lives are: Buildings 30\u201340 years Structures 5 years Machinery and equipment 3\u201315 years The residual value and useful life of an asset are reviewed, at a minimum, at the end of each financial period and adjusted, where necessary, to reflect the changes in their expected useful lives. Gains and losses arising from the decommissioning and sale of tangible assets are recognised through profit and loss under other operating income and expenses. The gains or losses on sale are defined as the difference between the selling price and the remaining acquisition cost", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
3.1 Financial income and expenses
Financial expenses by category of financial instrument
MEUR
2025
2024
Interest expenses from interest-bearing debts measured at amortised cost
4.8
7.4
Interest expenses from leases recognised on the balance sheet and measured at
amortised cost
1.3
1.4
Foreign exchange gains and losses (loans and receivables)
1.9
Fair value gain on items recognised at fair value through profit or loss
Change in the fair value of interest rate and foreign currency derivative
0.2
Change in the fair value of interest rate and foreign currency derivative
Changes in value of non-current investments
Other financial expenses
0.3
0.3
Total
8.4
9.1
3.6.2 Trade and other receivables In recognising expected credit losses, the Group applies the simplified approach defined in IFRS 9, accord- ing to which a loss allowance based on lifetime expected credit losses is recognised for all trade receivables and contract assets. For the purposes of determining expected credit losses, trade receivables have been grouped on the basis of shared credit risk characteristics and delinquency in payment. Credit losses are rec- ognised in other operating expenses .
121\u2013180 More than
5\u201330 days 31\u2013120 days days 180 days
31 Dec 2025 MEUR
Current
past due past due past due
past due
Total
Expected loss rate
0.14%
0.92%
3.43%
32.99%
100%
Gross carrying amount \u2013
trade receivables
22.5
3.1
0.8
0.0
0.9
27.2
Loss allowance
0.0
0.0
0.0
0.0
0.9
0.9
121\u2013180 More than
5\u201330 days 31\u2013120 days days past 180 days
31 Dec 2024 MEUR
Current
past due past due due
past due
Total
Expected loss rate
0.14%
0.92%
3.43%
32.99%
100%
Gross carrying amount \u2013
trade receivables
23.5
3.3
0.9
0.4
0.8
28.9
Loss allowance
0.0
0.0
0.0
0.1
0.8
0.9
MEUR
2025
2024
Trade receivables
26.3
28.1
Receivables from associated companies
Total
26.3
28.1
Receivables from others
Prepaid expenses and accrued income
9.8
7.1
Other receivables
0.8
1.0
Total
10.6
8.1
Receivables, total
36.8
36.2
The book values of trade receivables, other current and non-current receivables and other current investments are estimated to correspond to fair values. The impact of discounting is not significant
3.6.3 Trade payables and other liabilities
The book values of trade payables and other liabilities are estimated to correspond with their
fair values. The impact of discounting is not significant taking the maturity of the liabilities into
account.
The main items in accrued expenses and prepaid income are allocated wages, salaries and
other employee expenses.
MEUR
2025
2024
Trade payables
1.6
3.8
Owed to associated companies
Trade payables
26.7
26.1
Other liabilities
10.2
9.6
Total
38.5
39.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "3.1 Financial income and expenses Financial income presented by category of financial instrument
MEUR
2025
2024
Interest income on held to maturity investments
0.1
0.2
Foreign exchange gains and losses (loans and receivables)
0.5
Fair value gain on items recognised at fair value
Change in the fair value of contingent consideration liabilities
Change in the fair value of interest rate and foreign currency derivative
0.1
0.5
Dividend income from assets measured at fair value through other comprehen-
sive income
0.2
0.2
Total
0.4
1.4
Financial expenses by category of financial instrument
MEUR
2025
2024
Interest expenses from interest-bearing debts measured at amortised cost
4.8
7.4
Interest expenses from leases recognised on the balance sheet and measured at
amortised cost
1.3
1.4
Foreign exchange gains and losses (loans and receivables)
1.9
Fair value gain on items recognised at fair value through profit or loss
Change in the fair value of interest rate and foreign currency derivative
0.2
Change in the fair value of interest rate and foreign currency derivative
Changes in value of non-current investments
Other financial expenses
0.3
0.3
Total
8.4
9.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "3.1 Financial income and expenses Financial income presented by category of financial instrument
MEUR
2025
2024
Interest income on held to maturity investments
0.1
0.2
Foreign exchange gains and losses (loans and receivables)
0.5
Fair value gain on items recognised at fair value
Change in the fair value of contingent consideration liabilities
Change in the fair value of interest rate and foreign currency derivative
0.1
0.5
Dividend income from assets measured at fair value through other comprehen-
sive income
0.2
0.2
Total
0.4
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "3.1 Financial income and expenses Financial income presented by category of financial instrument MEUR 2025 2024 Interest income on held to maturity investments 0.1 0.2 Foreign exchange gains and losses (loans and receivables) 0.5 Fair value gain on items recognised at fair value Change in the fair value of contingent consideration liabilities Change in the fair value of interest rate and foreign currency derivative 0.1 0.5 Dividend income from assets measured at fair value through other comprehen- sive income 0.2 0.2 Total 0.4 1.4 Financial expenses by category of financial instrument MEUR 2025 2024 Interest expenses from interest-bearing debts measured at amortised cost 4.8 7.4 Interest expenses from leases recognised on the balance sheet and measured at amortised cost 1.3 1.4 Foreign exchange gains and losses (loans and receivables) 1.9 Fair value gain on items recognised at fair value through profit or loss Change in the fair value of interest rate and foreign currency derivative 0.2 Change in the fair value of interest rate and foreign currency derivative Changes in value of non-current investments Other financial expenses 0.3 0.3 Total 8.4 9.1 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
Financial income presented by category of financial instrument
MEUR
2025
2024
Interest income on held to maturity investments
0.1
0.2
Foreign exchange gains and losses (loans and receivables)
0.5
Fair value gain on items recognised at fair value
Change in the fair value of contingent consideration liabilities
Change in the fair value of interest rate and foreign currency derivative
0.1
0.5
Dividend income from assets measured at fair value through other comprehen-
sive income
0.2
0.2
Total
0.4
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Financial income presented by category of financial instrument
MEUR
2025
2024
Interest income on held to maturity investments
0.1
0.2
Foreign exchange gains and losses (loans and receivables)
0.5
Fair value gain on items recognised at fair value
Change in the fair value of contingent consideration liabilities
Change in the fair value of interest rate and foreign currency derivative
0.1
0.5
Dividend income from assets measured at fair value through other comprehen-
sive income
0.2
0.2
Total
0.4
1.4
Translation risk
A foreign exchange risk that arises from the translation of foreign investments into the func-
tional currency of the parent company, the euro. The risk associated with translating long-term
net investments in foreign currencies is assessed on a regular basis. Should there be a clear
and permanent risk of a currency devaluating, Group management may decide to hedge the
company\u2019s foreign currency exposure. There was no hedged open currency exposure related
to translation risk on the balance sheet date.
The Group\u2019s open foreign currency derivatives on the balance sheet date are described in Note 3.3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "Financial expenses by category of financial instrument
MEUR
2025
2024
Interest expenses from interest-bearing debts measured at amortised cost
4.8
7.4
Interest expenses from leases recognised on the balance sheet and measured at
amortised cost
1.3
1.4
Foreign exchange gains and losses (loans and receivables)
1.9
Fair value gain on items recognised at fair value through profit or loss
Change in the fair value of interest rate and foreign currency derivative
0.2
Change in the fair value of interest rate and foreign currency derivative
Changes in value of non-current investments
Other financial expenses
0.3
0.3
Total
8.4
9.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "
3.2 Financial assets
The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amortised
cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The
classification is made on initial acquisition and it is based on the objective of the business model and the contractual
cash flow characteristics of the financial assets.
Financial assets measured at fair value through profit or loss are contingent considerations from the sales of
the business operations and derivatives. Contingent considerations arise in sales of business operations. The
company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities.
Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the
balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss.
Changes in the fair value of derivatives are recognised through profit or loss in financial items .
The measurement of contingent considerations and liabilities is based on the discounted values of estimated
future cash flows. The measurement is conducted on each reporting date based on the terms of consideration
agreements. The management estimates whether the terms are met on each reporting date .
Financial assets measured at amortised cost include trade receivables and other receivables. Impairment on
trade receivables is recognised based on expected credit losses using the simplified approach described in
Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expecta-
tions of recovering the contractual cash flows. Indications that recovering the contractual cash flows cannot be
reasonable expected to occur include a debtor experiencing considerable financial difficulties, the probability
of bankruptcy, the failure to make payments or a payment being delayed by more than 180 days. Impairment
losses recognised on trade receivables and contract assets are presented under other operating expenses in
the income statement.
Unquoted shares are measured at acquisition cost in the absence of a reliable fair value. Dividends received
from shares are recognised in financial income when the right to the dividend is established.
Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid
investments. The Group has assessed that there are no material expected credit losses associated with cash
and cash equivalents.
The transaction date is generally used when recognising financial assets. Financial assets are derecognised
from the balance sheet when the Group has lost the contractual right to the cash flows or when the Group has
transferred a substantial portion of the risks and income to an external party.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "3.2 Financial assets The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items
The fair values of forward exchange contracts are determined using the market prices for contracts of
similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using
a method based on the present value of future cash flows, supported by market interest rates and other
market information on the balance sheet date. The fair values correspond to the prices the Group would pay or
receive in an orderly transaction for the derivative contract in the prevailing market conditions on the balance
sheet date.
The maturity distribution of financial liabilities is described in more detail in Note 3.7. Financial risks
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "3.2 Financial assets The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date .
MEUR
2025
2024
Level 2
Interest rate derivative
1.8
2.7
Foreign currency derivatives
-0.0
Level 3
Contingent consideration liabilities arising from the acquisition of business operations
-4.8
-5.9
Shares measured at fair value through comprehensive income
2.7
2.6
Level 2 instruments\u2019 fair values are, to a significant degree, based on inputs other than the quot- ed prices included in Level 1, but nevertheless on data that can be either directly or indirectly verified for the asset or liability in question .
Derivative contracts
MEUR
2025
2024
Interest rate derivative
Fair value
1.8
2.7
Value of underlying instruments
80.0
80.0
Foreign currency derivative
Fair value
-0.0
Value of underlying instruments
7.9
ANNUAL REPORT 2025 The fair values of forward exchange contracts are determined using the market prices for contracts of similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using a method based on the present value of future cash flows, supported by market interest rates and other market information on the balance sheet date. The fair values correspond to the prices the Group would pay or receive in an orderly transaction for the derivative contract in the prevailing market conditions on the balance sheet date. The maturity distribution of financial liabilities is described in more detail in Note 3.7. Financial risks ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "3.2 Financial assets The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date . Financial assets measured at amortised cost include trade receivables and other receivables. Impairment on trade receivables is recognised based on expected credit losses using the simplified approach described in Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expecta- tions of recovering the contractual cash flows. Indications that recovering the contractual cash flows cannot be reasonable expected to occur include a debtor experiencing considerable financial difficulties, the probability of bankruptcy, the failure to make payments or a payment being delayed by more than 180 days. Impairment losses recognised on trade receivables and contract assets are presented under other operating expenses in the income statement. Unquoted shares are measured at acquisition cost in the absence of a reliable fair value. Dividends received from shares are recognised in financial income when the right to the dividend is established. Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid investments. The Group has assessed that there are no material expected credit losses associated with cash and cash equivalents. The transaction date is generally used when recognising financial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash flows or when the Group has transferred a substantial portion of the risks and income to an external party. 3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner specified in IAS 23 . Lease liabilities The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consideration in the con- tract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards incidental to their ownership are recognised as a right-of-use assets and a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incremental borrow- ing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds nec- essary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on financial expenses would be MEUR 0.3. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liabili- ty for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligation s . The fair values of forward exchange contracts are determined using the market prices for contracts of similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using a method based on the present value of future cash flows, supported by market interest rates and other market information on the balance sheet date. The fair values correspond to the prices the Group would pay or receive in an orderly transaction for the derivative contract in the prevailing market conditions on the balance sheet date. The maturity distribution of financial liabilities is described in more detail in Note 3.7. Financial risks ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "3.2 Financial assets The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date . Financial assets measured at amortised cost include trade receivables and other receivables. Impairment on trade receivables is recognised based on expected credit losses using the simplified approach described in Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expecta- tions of recovering the contractual cash flows. Indications that recovering the contractual cash flows cannot be reasonable expected to occur include a debtor experiencing considerable financial difficulties, the probability of bankruptcy, the failure to make payments or a payment being delayed by more than 180 days. Impairment losses recognised on trade receivables and contract assets are presented under other operating expenses in the income statement. Unquoted shares are measured at acquisition cost in the absence of a reliable fair value. Dividends received from shares are recognised in financial income when the right to the dividend is established. Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid investments. The Group has assessed that there are no material expected credit losses associated with cash and cash equivalents. The transaction date is generally used when recognising financial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash flows or when the Group has transferred a substantial portion of the risks and income to an external party", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "3.2 Financial assets The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date . Financial assets measured at amortised cost include trade receivables and other receivables. Impairment on trade receivables is recognised based on expected credit losses using the simplified approach described in Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expecta- tions of recovering the contractual cash flows. Indications that recovering the contractual cash flows cannot be reasonable expected to occur include a debtor experiencing considerable financial difficulties, the probability of bankruptcy, the failure to make payments or a payment being delayed by more than 180 days. Impairment losses recognised on trade receivables and contract assets are presented under other operating expenses in the income statement. Unquoted shares are measured at acquisition cost in the absence of a reliable fair value. Dividends received from shares are recognised in financial income when the right to the dividend is established. Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid investments. The Group has assessed that there are no material expected credit losses associated with cash and cash equivalents. The transaction date is generally used when recognising financial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash flows or when the Group has transferred a substantial portion of the risks and income to an external party3.2.1 Other financial assets Balance sheet Balance sheet values values MEUR 2025 2024 Non-current financial assets Assets measured at fair value through other comprehensive income Unquoted share investments, assets classified as held for sale 2.7 2.6 Assets measured at fair value through profit or loss Interest rate derivative 1.0 1.6 Total 3.7 4.1 Current financial assets Assets measured at fair value through profit or loss Interest rate derivative 0.9 1.1 Financial assets, total 0.9 1.1 Financial assets, total 4.5 5.3 Unquoted share investments are presented in the following table (Level 3): MEUR 2025 2024 At beginning of period 2.6 2.6 Other increases 0.2 0.0 Decreases 0.0 At end of period 2.7 2.6 3.2.2 Cash and cash equivalents MEUR 2025 2024 Cash and bank accounts 32.5 42.5 Total 32.5 42.5 ANNUAL REPORT 2025 3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing . The table describes the Group\u2019s non-current and current financial liabilities. MEUR 2025 2024 FINANCIAL LIABILITIES Non-current financial liabilities Financial liabilities measured at amortised cost Non-current lease liabilities 25.5 30.3 Non-current loans from credit institutions 125.0 145.0 Liabilities recognised at fair value through profit or loss Contingent consideration liabilities arising from the acquisition of business oper- ations 4.8 2.7 Other liabilities 0.1 0.1 Total 155.4 178.1 Current financial liabilities Based on amortised cost Lease liabilities 8.0 7.1 Short-term loans from credit institutions Liabilities recognised at fair value through profit or loss 3.2 Foreign currency derivatives 0.0 Contingent consideration liabilities arising from the acquisition of business oper- ations 3.2 Total 8.0 10.3 Financial liabilities total 163.4 188.4 The Group\u2019s financial liabilities are denominated in euro and carry a variable interest rate. At the end of 2025, the Group\u2019s interest-bearing liabilities consisted of a Term Loan and lease liabilities. The hedging of the interest rate risk is described in more detail in Note 3.7 Financial risks. The average payment-based interest rate of the Group\u2019s financial liabilities in 2025 was 3.1% (3.8% in 2024). Reconciliation of net debt Cash and Loans Loans cash equiv- Lease liabilities Lease liabilities within one after one MEUR alents within one year after one year year year Total Net debt 1 Jan 2025 -42.5 7.1 30.3 145.0 140.0 Cash flows 10.0 -7.2 -20 -17.2 Change in IFRS 16 lease liability 1.0 1.0 Other non-cash changes 8.1 -5.5 2.5 Net debt 31 Dec 2025 -32.5 8.0 25.5 0.0 125.0 126.0 Net debt 1 Jan 2024 -52.4 6.3 31.8 0.0 160.0 145.7 Cash flows 9.9 -7.0 -15.0 -12.1 Change in IFRS 16 lease liability 4.1 4.1 Other non-cash changes 7.8 -5.6 2.2 Net debt 31 Dec 2024 -42.5 7.1 30.3 145.0 140.0 The Group has categorised items recognised at fair value through profit or loss according to the following hierarchy of fair values: MEUR 2025 2024 Level 2 Interest rate derivative 1.8 2.7 Foreign currency derivatives -0.0 Level 3 Contingent consideration liabilities arising from the acquisition of business operations -4.8 -5.9 Shares measured at fair value through comprehensive income 2.7 2.6 Level 3 includes inputs concerning liabilities that are not based on observable market data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the ended finan- cial period and the previous financial period. The contingent consideration liabilities and liabilities related to the redemption of non-con- trolling interests arose from acquisitions of business operations. They are based on the acquired businesses\u2019 projected growth and profit performance during the period 2023\u20132027. Depending on individual agreements, the actual liabilities related to contingent considerations and the redemption of non-controlling interests may vary. Based on the best available infor- mation, MEUR 4.8 in liabilities has been recognised in the financial statements on 31 Decem- ber 2025 (MEUR 5.9 on 31 December 2024). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2025 31 Dec 2024 Fair value of the contingent consideration liability at the start of the period 5.9 7.0 New considerations 0.7 Considerations, settled in cash -3.8 -1.6 Change in fair value during the financial period * 2.0 0.5 Fair value of the contingent consideration liability at the end of the period 4.8 5.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy . The book values of financial liabilities correspond to their fair values. The table below separately describes the fair values of derivative contracts and the value of the underlying instruments. Derivative contracts MEUR 2025 2024 Interest rate derivative Fair value 1.8 2.7 Value of underlying instruments 80.0 80.0 Foreign currency derivative Fair value -0.0 Value of underlying instruments 7.9 ANNUAL REPORT 2025 The fair values of forward exchange contracts are determined using the market prices for contracts of similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using a method based on the present value of future cash flows, supported by market interest rates and other market information on the balance sheet date. The fair values correspond to the prices the Group would pay or receive in an orderly transaction for the derivative contract in the prevailing market conditions on the balance sheet date. The maturity distribution of financial liabilities is described in more detail in Note 3.7. Financial risks The Group\u2019s interest-bearing debt totalled MEUR 158.5 (182.4) on 31 December 2025. The inter- est-bearing debt consists of a Term Loan of MEUR 125 with a maturity of three years, including an extension option of 12 months, and IFRS 16 lease liabilities. The Group\u2019s net debt amounted to MEUR 126.0 (140.0) on 31 December 2025. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the con- tractual obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on the Group\u2019s financial expenses would be MEUR 0.3. In December 2021, the Group took out an interest rate hedge for its Term Loan. The interest rate hedge has a nominal value of MEUR 50. The agreement is a four-year fixed interest rate agreement that commences when two years have elapsed from the signing date. In August 2024, the company signed an interest rate derivative agreement with a nominal value of MEUR 30. The agreement is a three-year fixed interest rate agreement that commences on the signing date. In 2025, interest rate swaps generated a positive fair value change of MEUR 0.3 that is recognised in financial items. The fair value of interest rate derivatives on 31 December 2025 was MEUR 1.8 (2.7). The interest rate on the Term Loan is linked to a floating market rate. If the reference rate of the loan were to increase by one percentage point in 2025, the annual effect on financial expenses would be MEUR 1.3. The interest rate derivative taken out for the Term Loan would reduce the cash-based cost effect of a one percentage point increase in the reference rate by MEUR 0.8 at the annual level. In 2025, the average interest cost of the Group\u2019s interest-bearing liabilities was 3.1% (3.8%). Long-term capital funding To secure its long-term financing needs, Alma Media uses capital market instruments, leasing or other financial arrangements. The table illustrates the maturity distribution of interest- bearing liabilities and other trade payables and short-term financial liabilities: 3.7 Financial risks Financial risk management is part of the Group\u2019s risk management policy. The risk manage- ment strategy and plan, the control limits imposed and the course of action are reviewed annually. The Group has a risk management organisation tasked with identifying the risks threatening the company\u2019s business, assess and update them, develop the necessary risk management methods and regularly report on the risks. Alma Media categorises its financial risks as follows: Interest rate risk The interest rate risk describes how changes in interest rates and maturities related to various interest-bearing business transactions and balance sheet items could affect the Group\u2019s finan- cial position and net result. The impact of the interest rate risk on net result can be reduced us- ing interest rate swaps, interest forwards and futures and interest or foreign exchange options. MEUR Balance 0\u20136 Over 5 sheet 31 Dec 2025 months 1 year 1\u20132 years 2\u20135 years years Totalvalue Loans from financial insti- tutions and interest 1.9 1.9 3.8 125.0 132.7 125.0 Contingent consideration liability 4.8 4.8 4.8 Lease liabilities 3.8 3.8 6.9 14.2 10.1 38.7 33.5 Trade payables 38.5 38.5 38.5 Total 44.2 5.7 15.5 139.2 10.1 214.68 201.8 MEUR Balance 0\u20136 Over 5 sheet 31 Dec 2024 months 1 year 1\u20132 years 2\u20135 years years Totalvalue Loans from financial insti- tutions and interest 2.8 2.8 5.6 150.6 161.8 145.0 Contingent consideration liability 3.2 2.7 5.9 5.9 Lease liabilities 3.5 3.5 7.1 16.0 13.6 43.6 37.4 Foreign currency deriv- ative 0.0 0.0 Trade payables 3.8 3.8 3.8 Total 13.2 6.3 15.4 166.6 13.6 215.1 192.2 Foreign exchange risks As an international company, Alma Media is exposed to various currency risks arising from fluctuations in exchange rates. Alma Media\u2019s most significant currencies in addition to the euro are the Czech koruna, the Swedish krona and the US dollar. Transaction risk The transaction risk describes the impact of changes in foreign exchange rates on sales, pur- chases and balance sheet items denominated in foreign currencies Sales and purchases are mainly made in the operating currency of each Group company, which means that the trans- action risks of the Group\u2019s cash flows from operating activities are moderate. For cash flows from financing activities, the transaction risk mainly arises from intra-Group loans denomi- nated in the Czech koruna. The Group mainly hedges against transaction risks by operational means. Significant transaction risks that are known in advance are hedged. Translation risk A foreign exchange risk that arises from the translation of foreign investments into the func- tional currency of the parent company, the euro. The risk associated with translating long-term net investments in foreign currencies is assessed on a regular basis. Should there be a clear and permanent risk of a currency devaluating, Group management may decide to hedge the company\u2019s foreign currency exposure. There was no hedged open currency exposure related to translation risk on the balance sheet date. The Group\u2019s open foreign currency derivatives on the balance sheet date are described in Note 3.3. Capital management risks Liquidity management In December 2023, Alma Media signed a new MEUR 160 Term Loan financing facility. The new financing arrangement replaced the MEUR 200 financing facility signed in 2021, for which the remaining loan amount on the repayment date was MEUR 140. The new financing arrangement has a maturity of 36 months, including extension options of 12 or 24 months. Alma Media agreed to exercise a 12-month extension option in December 2024 and to exercise a second extension option in December 2025. Following the exercise of the extension options, the matu- rity of the financing arrangement is 36 months. The financing package also includes a revolving credit facility of MEUR 30 that will be used for the Group\u2019s general financing needs. The credit limit agreement has the same maturity as the Term Loan. The limit was not in use on 31 December 2025. The financing arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt to EBITDA. The Group met the covenants on 31 December 2025. Liquidity is assessed daily and liquidity forecasts are made at weekly, monthly and 12-month rolling intervals. On the balance sheet date, the company had a commercial paper programme of MEUR 100 in Finland. Within the programme, the company may issue commercial papers to a total value of MEUR 0\u2013100. During the financial year, the Group took out MEUR 24.0 under the commercial paper programme and repaid MEUR 24.0. The commercial paper programme was unused on 31 December 2025. Credit risk The Group\u2019s credit policy is described and documented in the Group credit management policy. The Group does not have significant risks of past due receivables because it has a large cus- tomer base and no individual customer will comprise a significant amount. During the financial year, credit losses of MEUR 0.6 (0.8) were recognised through profit or loss. These credit losses were caused by an unexpected change in customers\u2019 economic environment. The maturity structure of trade receivables is presented in Note 3.6.2 Trade and other receivables. Capital management The aim of the Group\u2019s capital management is to support business operations through an optimal capital structure and to secure normal business preconditions. The capital structure is influenced through dividend distribution, for example. The development of the Group\u2019s capital structure is continuously monitored with gearing and equity ratio key figures. The financing arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt to EBITDA. The equity ratio must be at least 30% and the ratio of net debt to EBITDA must not exceed 3.5. The Group met the covenants on 31 December 2025, and there are no indications that the Group will have difficulties in meeting the covenants during the next 12 months. The following describes the values of these key figures in 2025 and 2024 as well as an itemisation of net debt and changes therein during the financial periods in question. Reconciliation of net debt MEUR 2025 2024 Interest-bearing long-term liabilities 150.5 175.3 Short-term interest-bearing liabilities 8.0 7.1 Cash and cash equivalents 32.5 42.5 Net debt 126.0 140.0 Total equity 249.5 234.9 Gearing, % 50.5% 59.6% Equity ratio, % 52.6% 48.6%", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date . The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner specified in IAS 23 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active markets. Level 2 instruments\u2019 fair values are, to a significant degree, based on inputs other than the quot- ed prices included in Level 1, but nevertheless on data that can be either directly or indirectly verified for the asset or liability in question
Level 3 includes inputs concerning liabilities that are not based on observable market data
(unobservable inputs).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date 3.2.1 Other financial assets
Balance sheet Balance sheet
values values
MEUR 2025 2024
Non-current financial assets
Assets measured at fair value through other comprehensive income
Unquoted share investments, assets classified as held for sale
2.7
2.6
Assets measured at fair value through profit or loss
Interest rate derivative
1.0
1.6
Total
3.7
4.1
Current financial assets
Assets measured at fair value through profit or loss
Interest rate derivative
0.9
1.1
Financial assets, total
0.9
1.1
Financial assets, total
4.5
5.3
Unquoted share investments are presented in the following table (Level 3):
MEUR
2025
2024
At beginning of period
2.6
2.6
Other increases
0.2
0.0
Decreases
0.0
At end of period
2.7
2.6
3.2.2 Cash and cash equivalents
MEUR
2025
2024
Cash and bank accounts
32.5
42.5
Total
32.5
42.5
3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing The Group has categorised items recognised at fair value through profit or loss according to the following hierarchy of fair values:
MEUR
2025
2024
Level 2
Interest rate derivative
1.8
2.7
Foreign currency derivatives
-0.0
Level 3
Contingent consideration liabilities arising from the acquisition of business operations
-4.8
-5.9
Shares measured at fair value through comprehensive income
2.7
2.6
Level 1 includes the quoted (unadjusted) prices of identical liabilities in active markets.
Level 2 instruments\u2019 fair values are, to a significant degree, based on inputs other than the quot-
ed prices included in Level 1, but nevertheless on data that can be either directly or indirectly
verified for the asset or liability in question .
Level 3 includes inputs concerning liabilities that are not based on observable market data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the ended finan- cial period and the previous financial period. The contingent consideration liabilities and liabilities related to the redemption of non-con- trolling interests arose from acquisitions of business operations. They are based on the acquired businesses\u2019 projected growth and profit performance during the period 2023\u20132027. Depending on individual agreements, the actual liabilities related to contingent considerations and the redemption of non-controlling interests may vary. Based on the best available infor- mation, MEUR 4.8 in liabilities has been recognised in the financial statements on 31 Decem- ber 2025 (MEUR 5.9 on 31 December 2024). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2025 31 Dec 2024 Fair value of the contingent consideration liability at the start of the period 5.9 7.0 New considerations 0.7 Considerations, settled in cash -3.8 -1.6 Change in fair value during the financial period * 2.0 0.5 Fair value of the contingent consideration liability at the end of the period 4.8 5.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy . The book values of financial liabilities correspond to their fair values. The table below separately describes the fair values of derivative contracts and the value of the underlying instruments.
Derivative contracts
MEUR
2025
2024
Interest rate derivative
Fair value
1.8
2.7
Value of underlying instruments
80.0
80.0
Foreign currency derivative
Fair value
-0.0
Value of underlying instruments
7.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The fair values of forward exchange contracts are determined using the market prices for contracts of similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using a method based on the present value of future cash flows, supported by market interest rates and other market information on the balance sheet date. The fair values correspond to the prices the Group would pay or receive in an orderly transaction for the derivative contract in the prevailing market conditions on the balance sheet date. The maturity distribution of financial liabilities is described in more detail in Note 3.7. Financial risks ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date . The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid investments. The Group has assessed that there are no material expected credit losses associated with cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "The transaction date is generally used when recognising financial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash flows or when the Group has transferred a substantial portion of the risks and income to an external party. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "3.2.2 Cash and cash equivalents MEUR 2025 2024 Cash and bank accounts 32.5 42.5 Total 32.5 42.5 ANNUAL REPORT 2025 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner specified in IAS 23 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. The contingent consideration liabilities and liabilities related to the redemption of non-con- trolling interests arose from acquisitions of business operations. They are based on the acquired businesses\u2019 projected growth and profit performance during the period 2023\u20132027. Depending on individual agreements, the actual liabilities related to contingent considerations and the redemption of non-controlling interests may vary. Based on the best available infor- mation, MEUR 4.8 in liabilities has been recognised in the financial statements on 31 Decem- ber 2025 (MEUR 5.9 on 31 December 2024). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2025 31 Dec 2024 Fair value of the contingent consideration liability at the start of the period 5.9 7.0 New considerations 0.7 Considerations, settled in cash -3.8 -1.6 Change in fair value during the financial period * 2.0 0.5 Fair value of the contingent consideration liability at the end of the period 4.8 5.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner specified in IAS 23 . Lease liabilities The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consideration in the con- tract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards incidental to their ownership are recognised as a right-of-use assets and a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incremental borrow- ing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds nec- essary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on financial expenses would be MEUR 0.3. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liabili- ty for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligation s The table describes the Group\u2019s non-current and current financial liabilities.
MEUR
2025
2024
FINANCIAL LIABILITIES
Non-current financial liabilities
Financial liabilities measured at amortised cost
Non-current lease liabilities
25.5
30.3
Non-current loans from credit institutions
125.0
145.0
Liabilities recognised at fair value through profit or loss
Contingent consideration liabilities arising from the acquisition of business oper-
ations
4.8
2.7
Other liabilities
0.1
0.1
Total
155.4
178.1
Current financial liabilities
Based on amortised cost
Lease liabilities
8.0
7.1
Short-term loans from credit institutions
Liabilities recognised at fair value through profit or loss
3.2
Foreign currency derivatives
0.0
Contingent consideration liabilities arising from the acquisition of business oper-
ations
3.2
Total
8.0
10.3
Financial liabilities total
163.4
188.4
The Group\u2019s financial liabilities are denominated in euro and carry a variable interest rate. At the end of 2025, the Group\u2019s interest-bearing liabilities consisted of a Term Loan and lease liabilities. The hedging of the interest rate risk is described in more detail in Note 3.7 Financial risks. The average payment-based interest rate of the Group\u2019s financial liabilities in 2025 was 3.1% (3.8% in 2024). Reconciliation of net debt
Cash and Loans Loans
cash equiv- Lease liabilities Lease liabilities within one after one
MEUR alents within one year after one year year
year
Total
Net debt 1 Jan 2025
-42.5
7.1
30.3
145.0
140.0
Cash flows
10.0
-7.2
-20
-17.2
Change in IFRS 16 lease
liability
1.0
1.0
Other non-cash changes
8.1
-5.5
2.5
Net debt 31 Dec 2025
-32.5
8.0
25.5
0.0
125.0
126.0
Net debt 1 Jan 2024
-52.4
6.3
31.8
0.0
160.0
145.7
Cash flows
9.9
-7.0
-15.0
-12.1
Change in IFRS 16 lease
liability
4.1
4.1
Other non-cash changes
7.8
-5.6
2.2
Net debt 31 Dec 2024
-42.5
7.1
30.3
145.0
140.0
The Group has categorised items recognised at fair value through profit or loss according to
the following hierarchy of fair values:
MEUR
2025
2024
Level 2
Interest rate derivative
1.8
2.7
Foreign currency derivatives
-0.0
Level 3
Contingent consideration liabilities arising from the acquisition of business operations
-4.8
-5.9
Shares measured at fair value through comprehensive income
2.7
2.6
Level 1 includes the quoted (unadjusted) prices of identical liabilities in active markets. Level 2 instruments\u2019 fair values are, to a significant degree, based on inputs other than the quot- ed prices included in Level 1, but nevertheless on data that can be either directly or indirectly verified for the asset or liability in question .
Derivative contracts
MEUR
2025
2024
Interest rate derivative
Fair value
1.8
2.7
Value of underlying instruments
80.0
80.0
Foreign currency derivative
Fair value
-0.0
Value of underlying instruments
7.9
ANNUAL REPORT 2025 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management\u2019s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consid- eration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing The Group has categorised items recognised at fair value through profit or loss according to the following hierarchy of fair values:
MEUR
2025
2024
Level 2
Interest rate derivative
1.8
2.7
Foreign currency derivatives
-0.0
Level 3
Contingent consideration liabilities arising from the acquisition of business operations
-4.8
-5.9
Shares measured at fair value through comprehensive income
2.7
2.6
Level 1 includes the quoted (unadjusted) prices of identical liabilities in active markets. Level 2 instruments\u2019 fair values are, to a significant degree, based on inputs other than the quot- ed prices included in Level 1, but nevertheless on data that can be either directly or indirectly verified for the asset or liability in question Level 3 includes inputs concerning liabilities that are not based on observable market data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the ended finan- cial period and the previous financial period. The contingent consideration liabilities and liabilities related to the redemption of non-con- trolling interests arose from acquisitions of business operations. They are based on the acquired businesses\u2019 projected growth and profit performance during the period 2023\u20132027. Depending on individual agreements, the actual liabilities related to contingent considerations and the redemption of non-controlling interests may vary. Based on the best available infor- mation, MEUR 4.8 in liabilities has been recognised in the financial statements on 31 Decem- ber 2025 (MEUR 5.9 on 31 December 2024). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2025 31 Dec 2024 Fair value of the contingent consideration liability at the start of the period 5.9 7.0 New considerations 0.7 Considerations, settled in cash -3.8 -1.6 Change in fair value during the financial period * 2.0 0.5 Fair value of the contingent consideration liability at the end of the period 4.8 5.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy
The book values of financial liabilities correspond to their fair values. The table below
separately describes the fair values of derivative contracts and the value of the underlying
instruments.
Derivative contracts
MEUR
2025
2024
Interest rate derivative
Fair value
1.8
2.7
Value of underlying instruments
80.0
80.0
Foreign currency derivative
Fair value
-0.0
Value of underlying instruments
7.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner specified in IAS 23 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner specified in IAS 23 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "Lease liabilities The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consideration in the con- tract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards incidental to their ownership are recognised as a right-of-use assets and a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incremental borrow- ing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds nec- essary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on financial expenses would be MEUR 0.3. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liabili- ty for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligation s
Maturities of lease liabilities *
MEUR
2025
2024
Lease liabilities \u2013 total minimum lease payments
2025
6.9
2026
7.5
7.1
2027
6.9
6.2
2028
5.8
5.1
2029
4.8
4.7
2030
3.6
Later
10.1
13.6
Total
38.8
43.6
Lease liabilities \u2013 present value of minimum lease payments
2025
7.4
2026
7.0
7.3
2027
6.2
5.3
2028
5.1
4.2
2029
4.1
3.7
2030
3.0
Later
8.0
9.6
Total
33.5
37.4
Financial expenses accruing in the future
5.3
6.2
* IFRS16 right-of-use assets are discussed in note 2.2.
3.4 Other leases Short-term leases with a term of less than 12 months and leases of low value, such as leases for ICT equip- ment, are treated as off-balance sheet liabilities. When the Group is the lessor, lease income is entered in the profit or loss on a straight-line basis over the lease term. The Group as the lessee Minimum lease payments payable based on other non-cancellable leases:
MEUR
2025
2024
Within one year
0.6
0.7
Within 1\u20135 years
0.7
0.8
Total
1.5
1.4
The Group as the lessor Minimum rental payments receivable based on other non-cancellable leases:
MEUR
2025
2024
Within one year
0.0
0.2
Within 1\u20135 years
0.0
0.2
Total
0.0
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "Lease liabilities The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consideration in the con- tract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards incidental to their ownership are recognised as a right-of-use assets and a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incremental borrow- ing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds nec- essary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on financial expenses would be MEUR 0.3. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liabili- ty for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligation 3.4 Other leases Short-term leases with a term of less than 12 months and leases of low value, such as leases for ICT equip- ment, are treated as off-balance sheet liabilities. When the Group is the lessor, lease income is entered in the profit or loss on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "The contingent consideration liabilities and liabilities related to the redemption of non-con- trolling interests arose from acquisitions of business operations. They are based on the acquired businesses\u2019 projected growth and profit performance during the period 2023\u20132027. Depending on individual agreements, the actual liabilities related to contingent considerations and the redemption of non-controlling interests may vary. Based on the best available infor- mation, MEUR 4.8 in liabilities has been recognised in the financial statements on 31 Decem- ber 2025 (MEUR 5.9 on 31 December 2024). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2025 31 Dec 2024 Fair value of the contingent consideration liability at the start of the period 5.9 7.0 New considerations 0.7 Considerations, settled in cash -3.8 -1.6 Change in fair value during the financial period * 2.0 0.5 Fair value of the contingent consideration liability at the end of the period 4.8 5.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "
3.6.1 Inventories
Inventories are materials and supplies, work in progress and finished goods.
Fixed overhead costs are capitalised to inventories in manufacturing. Inventories are measured at the lower of
their acquisition cost or net realisable value. The net realisable value is the sales price expected to be received
on them in the normal course of business less the estimated costs necessary to bring the product to comple-
tion and the costs of selling. The acquisition cost is defined by the FIFO (first-in-first-out) method. Within Alma
Media, inventories mainly consist of the products sold by the book business .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "3.6.1 Inventories Inventories are materials and supplies, work in progress and finished goods. Fixed overhead costs are capitalised to inventories in manufacturing. Inventories are measured at the lower of their acquisition cost or net realisable value. The net realisable value is the sales price expected to be received on them in the normal course of business less the estimated costs necessary to bring the product to comple- tion and the costs of selling. The acquisition cost is defined by the FIFO (first-in-first-out) method. Within Alma Media, inventories mainly consist of the products sold by the book business . MEUR 2025 2024 Finished products 0.8 0.7 Total 0.8 0.7", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
3.6.2 Trade and other receivables
In recognising expected credit losses, the Group applies the simplified approach defined in IFRS 9, accord-
ing to which a loss allowance based on lifetime expected credit losses is recognised for all trade receivables
and contract assets. For the purposes of determining expected credit losses, trade receivables have been
grouped on the basis of shared credit risk characteristics and delinquency in payment. Credit losses are rec-
ognised in other operating expenses .
121\u2013180 More than
5\u201330 days 31\u2013120 days days 180 days
31 Dec 2025 MEUR
Current
past due past due past due
past due
Total
Expected loss rate
0.14%
0.92%
3.43%
32.99%
100%
Gross carrying amount \u2013
trade receivables
22.5
3.1
0.8
0.0
0.9
27.2
Loss allowance
0.0
0.0
0.0
0.0
0.9
0.9
121\u2013180 More than
5\u201330 days 31\u2013120 days days past 180 days
31 Dec 2024 MEUR
Current
past due past due due
past due
Total
Expected loss rate
0.14%
0.92%
3.43%
32.99%
100%
Gross carrying amount \u2013
trade receivables
23.5
3.3
0.9
0.4
0.8
28.9
Loss allowance
0.0
0.0
0.0
0.1
0.8
0.9
MEUR
2025
2024
Trade receivables
26.3
28.1
Receivables from associated companies
Total
26.3
28.1
Receivables from others
Prepaid expenses and accrued income
9.8
7.1
Other receivables
0.8
1.0
Total
10.6
8.1
Receivables, total
36.8
36.2
The book values of trade receivables, other current and non-current receivables and other
current investments are estimated to correspond to fair values. The impact of discounting is
not significant .
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "3.6.2 Trade and other receivables In recognising expected credit losses, the Group applies the simplified approach defined in IFRS 9, accord- ing to which a loss allowance based on lifetime expected credit losses is recognised for all trade receivables and contract assets. For the purposes of determining expected credit losses, trade receivables have been grouped on the basis of shared credit risk characteristics and delinquency in payment. Credit losses are rec- ognised in other operating expenses ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "3.6.2 Trade and other receivables In recognising expected credit losses, the Group applies the simplified approach defined in IFRS 9, accord- ing to which a loss allowance based on lifetime expected credit losses is recognised for all trade receivables and contract assets. For the purposes of determining expected credit losses, trade receivables have been grouped on the basis of shared credit risk characteristics and delinquency in payment. Credit losses are rec- ognised in other operating expenses ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "3.6.2 Trade and other receivables In recognising expected credit losses, the Group applies the simplified approach defined in IFRS 9, accord- ing to which a loss allowance based on lifetime expected credit losses is recognised for all trade receivables and contract assets. For the purposes of determining expected credit losses, trade receivables have been grouped on the basis of shared credit risk characteristics and delinquency in payment. Credit losses are rec- ognised in other operating expenses . 121\u2013180 More than 5\u201330 days 31\u2013120 days days 180 days 31 Dec 2025 MEUR Currentpast due past due past due past due Total Expected loss rate 0.14% 0.92% 3.43% 32.99% 100% Gross carrying amount \u2013 trade receivables 22.5 3.1 0.8 0.0 0.9 27.2 Loss allowance 0.0 0.0 0.0 0.0 0.9 0.9 121\u2013180 More than 5\u201330 days 31\u2013120 days days past 180 days 31 Dec 2024 MEUR Currentpast due past due due past due Total Expected loss rate 0.14% 0.92% 3.43% 32.99% 100% Gross carrying amount \u2013 trade receivables 23.5 3.3 0.9 0.4 0.8 28.9 Loss allowance 0.0 0.0 0.0 0.1 0.8 0.9 MEUR 2025 2024 Trade receivables 26.3 28.1 Receivables from associated companies Total 26.3 28.1 Receivables from others Prepaid expenses and accrued income 9.8 7.1 Other receivables 0.8 1.0 Total 10.6 8.1 Receivables, total 36.8 36.2 The book values of trade receivables, other current and non-current receivables and other current investments are estimated to correspond to fair values. The impact of discounting is not significant ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "3.6.3 Trade payables and other liabilities The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not significant taking the maturity of the liabilities into account. The main items in accrued expenses and prepaid income are allocated wages, salaries and other employee expenses.
MEUR
2025
2024
Trade payables
1.6
3.8
Owed to associated companies
Trade payables
26.7
26.1
Other liabilities
10.2
9.6
Total
38.5
39.5
Long-term capital funding To secure its long-term financing needs, Alma Media uses capital market instruments, leasing or other financial arrangements. The table illustrates the maturity distribution of interest- bearing liabilities and other trade payables and short-term financial liabilities:
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2025
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
1.9
1.9
3.8
125.0
132.7
125.0
Contingent consideration
liability
4.8
4.8
4.8
Lease liabilities
3.8
3.8
6.9
14.2
10.1
38.7
33.5
Trade payables
38.5
38.5
38.5
Total
44.2
5.7
15.5
139.2
10.1
214.68
201.8
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2024
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
2.8
2.8
5.6
150.6
161.8
145.0
Contingent consideration
liability
3.2
2.7
5.9
5.9
Lease liabilities
3.5
3.5
7.1
16.0
13.6
43.6
37.4
Foreign currency deriv-
ative
0.0
0.0
Trade payables
3.8
3.8
3.8
Total
13.2
6.3
15.4
166.6
13.6
215.1
192.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "3.6.3 Trade payables and other liabilities The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not significant taking the maturity of the liabilities into account. The main items in accrued expenses and prepaid income are allocated wages, salaries and other employee expenses.
MEUR
2025
2024
Trade payables
1.6
3.8
Owed to associated companies
Trade payables
26.7
26.1
Other liabilities
10.2
9.6
Total
38.5
39.5
Long-term capital funding To secure its long-term financing needs, Alma Media uses capital market instruments, leasing or other financial arrangements. The table illustrates the maturity distribution of interest- bearing liabilities and other trade payables and short-term financial liabilities:
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2025
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
1.9
1.9
3.8
125.0
132.7
125.0
Contingent consideration
liability
4.8
4.8
4.8
Lease liabilities
3.8
3.8
6.9
14.2
10.1
38.7
33.5
Trade payables
38.5
38.5
38.5
Total
44.2
5.7
15.5
139.2
10.1
214.68
201.8
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2024
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
2.8
2.8
5.6
150.6
161.8
145.0
Contingent consideration
liability
3.2
2.7
5.9
5.9
Lease liabilities
3.5
3.5
7.1
16.0
13.6
43.6
37.4
Foreign currency deriv-
ative
0.0
0.0
Trade payables
3.8
3.8
3.8
Total
13.2
6.3
15.4
166.6
13.6
215.1
192.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "3.6.3 Trade payables and other liabilities The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not significant taking the maturity of the liabilities into account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "3.6.3 Trade payables and other liabilities The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not significant taking the maturity of the liabilities into account. The main items in accrued expenses and prepaid income are allocated wages, salaries and other employee expenses.
MEUR
2025
2024
Trade payables
1.6
3.8
Owed to associated companies
Trade payables
26.7
26.1
Other liabilities
10.2
9.6
Total
38.5
39.5
Long-term capital funding To secure its long-term financing needs, Alma Media uses capital market instruments, leasing or other financial arrangements. The table illustrates the maturity distribution of interest- bearing liabilities and other trade payables and short-term financial liabilities:
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2025
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
1.9
1.9
3.8
125.0
132.7
125.0
Contingent consideration
liability
4.8
4.8
4.8
Lease liabilities
3.8
3.8
6.9
14.2
10.1
38.7
33.5
Trade payables
38.5
38.5
38.5
Total
44.2
5.7
15.5
139.2
10.1
214.68
201.8
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2024
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
2.8
2.8
5.6
150.6
161.8
145.0
Contingent consideration
liability
3.2
2.7
5.9
5.9
Lease liabilities
3.5
3.5
7.1
16.0
13.6
43.6
37.4
Foreign currency deriv-
ative
0.0
0.0
Trade payables
3.8
3.8
3.8
Total
13.2
6.3
15.4
166.6
13.6
215.1
192.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "3.6.3 Trade payables and other liabilities The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not significant taking the maturity of the liabilities into account. The main items in accrued expenses and prepaid income are allocated wages, salaries and other employee expenses.
MEUR
2025
2024
Trade payables
1.6
3.8
Owed to associated companies
Trade payables
26.7
26.1
Other liabilities
10.2
9.6
Total
38.5
39.5
Long-term capital funding To secure its long-term financing needs, Alma Media uses capital market instruments, leasing or other financial arrangements. The table illustrates the maturity distribution of interest- bearing liabilities and other trade payables and short-term financial liabilities:
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2025
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
1.9
1.9
3.8
125.0
132.7
125.0
Contingent consideration
liability
4.8
4.8
4.8
Lease liabilities
3.8
3.8
6.9
14.2
10.1
38.7
33.5
Trade payables
38.5
38.5
38.5
Total
44.2
5.7
15.5
139.2
10.1
214.68
201.8
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2024
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
2.8
2.8
5.6
150.6
161.8
145.0
Contingent consideration
liability
3.2
2.7
5.9
5.9
Lease liabilities
3.5
3.5
7.1
16.0
13.6
43.6
37.4
Foreign currency deriv-
ative
0.0
0.0
Trade payables
3.8
3.8
3.8
Total
13.2
6.3
15.4
166.6
13.6
215.1
192.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "3.6.3 Trade payables and other liabilities The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not significant taking the maturity of the liabilities into account. The main items in accrued expenses and prepaid income are allocated wages, salaries and other employee expenses.
MEUR
2025
2024
Trade payables
1.6
3.8
Owed to associated companies
Trade payables
26.7
26.1
Other liabilities
10.2
9.6
Total
38.5
39.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "
3.7 Financial risks
Financial risk management is part of the Group\u2019s risk management policy. The risk manage-
ment strategy and plan, the control limits imposed and the course of action are reviewed
annually. The Group has a risk management organisation tasked with identifying the risks
threatening the company\u2019s business, assess and update them, develop the necessary risk
management methods and regularly report on the risks. Alma Media categorises its financial
risks as follows:
Interest rate risk
The interest rate risk describes how changes in interest rates and maturities related to various
interest-bearing business transactions and balance sheet items could affect the Group\u2019s finan-
cial position and net result. The impact of the interest rate risk on net result can be reduced us-
ing interest rate swaps, interest forwards and futures and interest or foreign exchange options.
The Group\u2019s interest-bearing debt totalled MEUR 158.5 (182.4) on 31 December 2025. The inter-
est-bearing debt consists of a Term Loan of MEUR 125 with a maturity of three years, including
an extension option of 12 months, and IFRS 16 lease liabilities. The Group\u2019s net debt amounted
to MEUR 126.0 (140.0) on 31 December 2025.
The computational interest rate used in calculating lease liabilities varies between 1.5% and
6.0% depending on the lease agreement, and the amount of the liability is based on the con-
tractual obligations pertaining to leases for business premises. If the computational interest rate
used in calculating lease liabilities were to be increased by one percentage point, the effect on
the Group\u2019s financial expenses would be MEUR 0.3.
In December 2021, the Group took out an interest rate hedge for its Term Loan. The interest
rate hedge has a nominal value of MEUR 50. The agreement is a four-year fixed interest rate
agreement that commences when two years have elapsed from the signing date. In August
2024, the company signed an interest rate derivative agreement with a nominal value of MEUR
30. The agreement is a three-year fixed interest rate agreement that commences on the signing
date. In 2025, interest rate swaps generated a positive fair value change of MEUR 0.3 that is
recognised in financial items. The fair value of interest rate derivatives on 31 December 2025
was MEUR 1.8 (2.7).
The interest rate on the Term Loan is linked to a floating market rate. If the reference rate of the
loan were to increase by one percentage point in 2025, the annual effect on financial expenses
would be MEUR 1.3. The interest rate derivative taken out for the Term Loan would reduce the
cash-based cost effect of a one percentage point increase in the reference rate by MEUR 0.8 at
the annual level. In 2025, the average interest cost of the Group\u2019s interest-bearing liabilities was
3.1% (3.8%).
Long-term capital funding
To secure its long-term financing needs, Alma Media uses capital market instruments, leasing
or other financial arrangements. The table illustrates the maturity distribution of interest-
bearing liabilities and other trade payables and short-term financial liabilities:
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2025
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
1.9
1.9
3.8
125.0
132.7
125.0
Contingent consideration
liability
4.8
4.8
4.8
Lease liabilities
3.8
3.8
6.9
14.2
10.1
38.7
33.5
Trade payables
38.5
38.5
38.5
Total
44.2
5.7
15.5
139.2
10.1
214.68
201.8
MEUR Balance
0\u20136 Over 5 sheet
31 Dec 2024
months
1 year
1\u20132 years
2\u20135 years
years
Total
value
Loans from financial insti-
tutions and interest
2.8
2.8
5.6
150.6
161.8
145.0
Contingent consideration
liability
3.2
2.7
5.9
5.9
Lease liabilities
3.5
3.5
7.1
16.0
13.6
43.6
37.4
Foreign currency deriv-
ative
0.0
0.0
Trade payables
3.8
3.8
3.8
Total
13.2
6.3
15.4
166.6
13.6
215.1
192.2
Foreign exchange risks As an international company, Alma Media is exposed to various currency risks arising from fluctuations in exchange rates. Alma Media\u2019s most significant currencies in addition to the euro are the Czech koruna, the Swedish krona and the US dollar. Transaction risk The transaction risk describes the impact of changes in foreign exchange rates on sales, pur- chases and balance sheet items denominated in foreign currencies Sales and purchases are mainly made in the operating currency of each Group company, which means that the trans- action risks of the Group\u2019s cash flows from operating activities are moderate. For cash flows from financing activities, the transaction risk mainly arises from intra-Group loans denomi- nated in the Czech koruna. The Group mainly hedges against transaction risks by operational means. Significant transaction risks that are known in advance are hedged. Translation risk A foreign exchange risk that arises from the translation of foreign investments into the func- tional currency of the parent company, the euro. The risk associated with translating long-term net investments in foreign currencies is assessed on a regular basis. Should there be a clear and permanent risk of a currency devaluating, Group management may decide to hedge the company\u2019s foreign currency exposure. There was no hedged open currency exposure related to translation risk on the balance sheet date. The Group\u2019s open foreign currency derivatives on the balance sheet date are described in Note 3.3. Capital management risks Liquidity management In December 2023, Alma Media signed a new MEUR 160 Term Loan financing facility. The new financing arrangement replaced the MEUR 200 financing facility signed in 2021, for which the remaining loan amount on the repayment date was MEUR 140. The new financing arrangement has a maturity of 36 months, including extension options of 12 or 24 months. Alma Media agreed to exercise a 12-month extension option in December 2024 and to exercise a second extension option in December 2025. Following the exercise of the extension options, the matu- rity of the financing arrangement is 36 months. The financing package also includes a revolving credit facility of MEUR 30 that will be used for the Group\u2019s general financing needs. The credit limit agreement has the same maturity as the Term Loan. The limit was not in use on 31 December 2025. The financing arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt to EBITDA. The Group met the covenants on 31 December 2025. Liquidity is assessed daily and liquidity forecasts are made at weekly, monthly and 12-month rolling intervals. On the balance sheet date, the company had a commercial paper programme of MEUR 100 in Finland. Within the programme, the company may issue commercial papers to a total value of MEUR 0\u2013100. During the financial year, the Group took out MEUR 24.0 under the commercial paper programme and repaid MEUR 24.0. The commercial paper programme was unused on 31 December 2025
Credit risk
The Group\u2019s credit policy is described and documented in the Group credit management policy.
The Group does not have significant risks of past due receivables because it has a large cus-
tomer base and no individual customer will comprise a significant amount. During the financial
year, credit losses of MEUR 0.6 (0.8) were recognised through profit or loss. These credit losses
were caused by an unexpected change in customers\u2019 economic environment. The maturity
structure of trade receivables is presented in Note 3.6.2 Trade and other receivables.
Capital management
The aim of the Group\u2019s capital management is to support business operations through an
optimal capital structure and to secure normal business preconditions. The capital structure is
influenced through dividend distribution, for example. The development of the Group\u2019s capital
structure is continuously monitored with gearing and equity ratio key figures. The financing
arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt
to EBITDA. The equity ratio must be at least 30% and the ratio of net debt to EBITDA must not
exceed 3.5. The Group met the covenants on 31 December 2025, and there are no indications
that the Group will have difficulties in meeting the covenants during the next 12 months. The
following describes the values of these key figures in 2025 and 2024 as well as an itemisation of
net debt and changes therein during the financial periods in question.
Reconciliation of net debt
MEUR
2025
2024
Interest-bearing long-term liabilities
150.5
175.3
Short-term interest-bearing liabilities
8.0
7.1
Cash and cash equivalents
32.5
42.5
Net debt
126.0
140.0
Total equity
249.5
234.9
Gearing, %
50.5%
59.6%
Equity ratio, %
52.6%
48.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "Liquidity management In December 2023, Alma Media signed a new MEUR 160 Term Loan financing facility. The new financing arrangement replaced the MEUR 200 financing facility signed in 2021, for which the remaining loan amount on the repayment date was MEUR 140. The new financing arrangement has a maturity of 36 months, including extension options of 12 or 24 months. Alma Media agreed to exercise a 12-month extension option in December 2024 and to exercise a second extension option in December 2025. Following the exercise of the extension options, the matu- rity of the financing arrangement is 36 months. The financing package also includes a revolving credit facility of MEUR 30 that will be used for the Group\u2019s general financing needs. The credit limit agreement has the same maturity as the Term Loan. The limit was not in use on 31 December 2025. The financing arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt to EBITDA. The Group met the covenants on 31 December 2025. Liquidity is assessed daily and liquidity forecasts are made at weekly, monthly and 12-month rolling intervalsOn the balance sheet date, the company had a commercial paper programme of MEUR 100 in Finland. Within the programme, the company may issue commercial papers to a total value of MEUR 0\u2013100. During the financial year, the Group took out MEUR 24.0 under the commercial paper programme and repaid MEUR 24.0. The commercial paper programme was unused on 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "On the balance sheet date, the company had a commercial paper programme of MEUR 100 in Finland. Within the programme, the company may issue commercial papers to a total value of MEUR 0\u2013100. During the financial year, the Group took out MEUR 24.0 under the commercial paper programme and repaid MEUR 24.0. The commercial paper programme was unused on 31 December 2025. 3.8 Information on shareholders\u2019 equity and its management The Group classifies the instruments it has issued in either equity or liabilities (financial liabilities) based on their nature. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisi- tion of equity instruments are presented as a deduction from equity. If the Group acquires equity instruments of its own, their acquisition cost is deducted from equity . The following describes information on Alma Media Corporation\u2019s shares and changes in 2025.
Invested non-re-
Total number of Share capital, Share premium stricted equity
shares MEUR fund, MEUR fund, MEUR
1 Jan 2025
82,383,182
45.3
7.7
19.0
31 Dec 2025
82,383,182
45.3
7.7
19.0
The company has one share series and all shares confer the same voting rights, one vote per share. The shares have no nominal value. Book-entry securities system The company\u2019s shares are registered in the book-entry system. Only such shareholders have the right to receive distributable funds from the company, and to subscribe to shares in conjunction with an increase in the share capital, 1) who are listed as shareholders in the shareholders\u2019 register on the record date; or 2) whose right to receive payment is recorded in the book-entry account of a shareholder listed in the shareholders\u2019 register on the record date, and this right is entered in the shareholders\u2019 register; or 3) whose shares, in the case of registered shares, are registered in their book-entry account on the record date, and as required by section 28 of the Act on the Book-Entry System, the respective manager of the shares is listed on the record date in the shareholders\u2019 register as the manager of said shares. Shareholders whose ownership is registered in the waiting list on the record date have the right to receive distributable funds from the company, and the right to subscribe to shares in conjunction with an increase in the share capital, provided they are able to furnish evidence of ownership on the record date Own shares Alma Media Corporation owns a total of 209,465 of its own shares, representing 0.3% of the total number of the company\u2019s shares and related votes. The total registered number of Alma Media\u2019s shares is 82,383,182, which carry 82,383,182 votes . Foreign currency translation reserve The translation differences fund comprises the exchange rate differences arising from the translation into EUR of the financial statements of the independent foreign units Share premium reserve In cases in which stock options have been decided during the time the previous Finnish Limited Liability Companies Act (29.9.1978/734) was in force, payments received for share subscriptions based on stock options have been recognised in share capital and the share premium reserve in accordance with the terms of the respective option programmes, less the transaction costs . Distributable funds The distributable funds of the Group\u2019s parent company totalled EUR 182,390,270 on 31 December 2025. Dividend policy Alma Media aims to pay, on average, more than 50% of the profit for the period in dividends or capital repayments over the long term . Redemption of shares A shareholder whose proportional holding of all company shares, or whose proportional entitle- ment to votes conferred by the company shares, either individually or jointly with other share- holders, is or exceeds 33.3% or 50% is obligated on demand by other shareholders to redeem such shareholders\u2019 shares 3.8.1 Earnings per share Basic earnings per share are calculated by dividing the profit for the period attributable to the ordinary equity holders of the parent by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period .
MEUR
2025
2024
Profit attributable to ordinary shareholders of parent
55.4
52.3
Number of shares (1,000 pcs)
Weighted average number of shares for basic earnings per share
82,174
82,145
Incentive schemes
2,261
1,914
Diluted weighted average number of outstanding shares
84,435
84,059
Earnings per share (basic)
0.67
0.64
Earnings per share (diluted)
0.66
0.62
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
3.8 Information on shareholders\u2019 equity and its management
The Group classifies the instruments it has issued in either equity or liabilities (financial liabilities)
based on their nature. An equity instrument is any contract that evidences a residual interest in the
assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisi-
tion of equity instruments are presented as a deduction from equity. If the Group acquires equity
instruments of its own, their acquisition cost is deducted from equity .
The following describes information on Alma Media Corporation\u2019s shares and changes in
2025.
Invested non-re-
Total number of Share capital, Share premium stricted equity
shares MEUR fund, MEUR fund, MEUR
1 Jan 2025
82,383,182
45.3
7.7
19.0
31 Dec 2025
82,383,182
45.3
7.7
19.0
The company has one share series and all shares confer the same voting rights, one vote per
share. The shares have no nominal value.
Foreign currency translation reserve The translation differences fund comprises the exchange rate differences arising from the translation into EUR of the financial statements of the independent foreign units Share premium reserve In cases in which stock options have been decided during the time the previous Finnish Limited Liability Companies Act (29.9.1978/734) was in force, payments received for share subscriptions based on stock options have been recognised in share capital and the share premium reserve in accordance with the terms of the respective option programmes, less the transaction costs ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "3.8 Information on shareholders\u2019 equity and its management The Group classifies the instruments it has issued in either equity or liabilities (financial liabilities) based on their nature. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisi- tion of equity instruments are presented as a deduction from equity. If the Group acquires equity instruments of its own, their acquisition cost is deducted from equity ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "3.8 Information on shareholders\u2019 equity and its management The Group classifies the instruments it has issued in either equity or liabilities (financial liabilities) based on their nature. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisi- tion of equity instruments are presented as a deduction from equity. If the Group acquires equity instruments of its own, their acquisition cost is deducted from equity . The following describes information on Alma Media Corporation\u2019s shares and changes in 2025.
Invested non-re-
Total number of Share capital, Share premium stricted equity
shares MEUR fund, MEUR fund, MEUR
1 Jan 2025
82,383,182
45.3
7.7
19.0
31 Dec 2025
82,383,182
45.3
7.7
19.0
The company has one share series and all shares confer the same voting rights, one vote per share. The shares have no nominal value. Book-entry securities system The company\u2019s shares are registered in the book-entry system. Only such shareholders have the right to receive distributable funds from the company, and to subscribe to shares in conjunction with an increase in the share capital, 1) who are listed as shareholders in the shareholders\u2019 register on the record date; or 2) whose right to receive payment is recorded in the book-entry account of a shareholder listed in the shareholders\u2019 register on the record date, and this right is entered in the shareholders\u2019 register; or 3) whose shares, in the case of registered shares, are registered in their book-entry account on the record date, and as required by section 28 of the Act on the Book-Entry System, the respective manager of the shares is listed on the record date in the shareholders\u2019 register as the manager of said shares. Shareholders whose ownership is registered in the waiting list on the record date have the right to receive distributable funds from the company, and the right to subscribe to shares in conjunction with an increase in the share capital, provided they are able to furnish evidence of ownership on the record date Own shares Alma Media Corporation owns a total of 209,465 of its own shares, representing 0.3% of the total number of the company\u2019s shares and related votes. The total registered number of Alma Media\u2019s shares is 82,383,182, which carry 82,383,182 votes . Foreign currency translation reserve The translation differences fund comprises the exchange rate differences arising from the translation into EUR of the financial statements of the independent foreign units Share premium reserve In cases in which stock options have been decided during the time the previous Finnish Limited Liability Companies Act (29.9.1978/734) was in force, payments received for share subscriptions based on stock options have been recognised in share capital and the share premium reserve in accordance with the terms of the respective option programmes, less the transaction costs . Distributable funds The distributable funds of the Group\u2019s parent company totalled EUR 182,390,270 on 31 December 2025. Dividend policy Alma Media aims to pay, on average, more than 50% of the profit for the period in dividends or capital repayments over the long term . Redemption of shares A shareholder whose proportional holding of all company shares, or whose proportional entitle- ment to votes conferred by the company shares, either individually or jointly with other share- holders, is or exceeds 33.3% or 50% is obligated on demand by other shareholders to redeem such shareholders\u2019 shares .
3.8.1 Earnings per share
Basic earnings per share are calculated by dividing the profit for the period attributable to the
ordinary equity holders of the parent by the weighted average number of shares outstanding
during the year. Diluted earnings per share are calculated by dividing the profit for the period
attributable to the equity holders of the parent by the weighted average number of diluted
shares during the period .
MEUR
2025
2024
Profit attributable to ordinary shareholders of parent
55.4
52.3
Number of shares (1,000 pcs)
Weighted average number of shares for basic earnings per share
82,174
82,145
Incentive schemes
2,261
1,914
Diluted weighted average number of outstanding shares
84,435
84,059
Earnings per share (basic)
0.67
0.64
Earnings per share (diluted)
0.66
0.62
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "Credit risk The Group\u2019s credit policy is described and documented in the Group credit management policy. The Group does not have significant risks of past due receivables because it has a large cus- tomer base and no individual customer will comprise a significant amount. During the financial year, credit losses of MEUR 0.6 (0.8) were recognised through profit or loss. These credit losses were caused by an unexpected change in customers\u2019 economic environment. The maturity structure of trade receivables is presented in Note 3.6.2 Trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "Capital management The aim of the Group\u2019s capital management is to support business operations through an optimal capital structure and to secure normal business preconditions. The capital structure is influenced through dividend distribution, for example. The development of the Group\u2019s capital structure is continuously monitored with gearing and equity ratio key figures. The financing arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt to EBITDA. The equity ratio must be at least 30% and the ratio of net debt to EBITDA must not exceed 3.5. The Group met the covenants on 31 December 2025, and there are no indications that the Group will have difficulties in meeting the covenants during the next 12 months. The following describes the values of these key figures in 2025 and 2024 as well as an itemisation of net debt and changes therein during the financial periods in question. Reconciliation of net debt
MEUR
2025
2024
Interest-bearing long-term liabilities
150.5
175.3
Short-term interest-bearing liabilities
8.0
7.1
Cash and cash equivalents
32.5
42.5
Net debt
126.0
140.0
Total equity
249.5
234.9
Gearing, %
50.5%
59.6%
Equity ratio, %
52.6%
48.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "Own shares Alma Media Corporation owns a total of 209,465 of its own shares, representing 0.3% of the total number of the company\u2019s shares and related votes. The total registered number of Alma Media\u2019s shares is 82,383,182, which carry 82,383,182 votes . ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "Own shares Alma Media Corporation owns a total of 209,465 of its own shares, representing 0.3% of the total number of the company\u2019s shares and related votes. The total registered number of Alma Media\u2019s shares is 82,383,182, which carry 82,383,182 votes ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "Dividend policy Alma Media aims to pay, on average, more than 50% of the profit for the period in dividends or capital repayments over the long term . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Dividend policy Alma Media aims to pay, on average, more than 50% of the profit for the period in dividends or capital repayments over the long term ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "3.8.1 Earnings per share Basic earnings per share are calculated by dividing the profit for the period attributable to the ordinary equity holders of the parent by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "3.8.1 Earnings per share Basic earnings per share are calculated by dividing the profit for the period attributable to the ordinary equity holders of the parent by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period . MEUR 2025 2024 Profit attributable to ordinary shareholders of parent 55.4 52.3 Number of shares (1,000 pcs) Weighted average number of shares for basic earnings per share 82,174 82,145 Incentive schemes 2,261 1,914 Diluted weighted average number of outstanding shares 84,435 84,059 Earnings per share (basic) 0.67 0.64 Earnings per share (diluted) 0.66 0.62", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "4.1 General principles of consolidation All subsidiaries are consolidated in the consolidated financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional pur- chase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit or loss at fair value on the last day of each reporting period . 4.2 Subsidiaries The Group\u2019s parent and subsidiary relationships are as follows: Holding, % Share of votes, % Company Country 2025 2024 2025 2024 Parent company Alma Media Corporation Finland Bosnia and Alma Career BH d.o.o Herzegovina 100,0 100,0 100,0 100,0 Alma Career Croatia d.o.o Croatia 100,0 100,0 100,0 100,0 Alma Career Czechia s.r.o Czechia 100,0 100,0 100,0 100,0 Alma Career Estonia O\u00dc Estonia 100,0 100,0 100,0 100,0 Alma Career Latvia SIA Latvia 100,0 100,0 100,0 100,0 Alma Career Lithuania UAB Lithuania 100,0 100,0 100,0 100,0 Alma Career North Macedonia DOOEL North Skopje Macedonia 100,0 100,0 100,0 100,0 Alma Career Oy Finland 100,0 100,0 100,0 100,0 Alma Career Poland Sp. z.o.o Poland 100,0 100,0 100,0 100,0 Alma Career Slovakia s.r.o Slovakia 100,0 100,0 100,0 100,0 Alma Finanssipalvelut Oy Finland 100,0 100,0 100,0 100,0 Alma Media Finland Oy Finland 100,0 100,0 100,0 100,0 Digitaalinen asuntokauppa DIAS Oy Finland 80,5 80,5 80,5 80,5 Edilex Lakitieto Oy Finland 100,0 100,0 Effortia Oy Finland 100,0 100,0 Etua Oy Finland 100,0 100,0 100,0 100,0 Karenstock Oy Finland 100,0 100,0 100,0 100,0 Nelisa s.r.o Czechia 100,0 100,0 100,0 100,0 Objektvision AB Sweden 100,0 100,0 100,0 100,0 Suomen Tunnistetieto Oy Finland 100,0 75,0 100,0 75,0 Suoramarkkinointi Mega Oy Finland 100,0 100,0 100,0 100,0 Holding, % Holding, % Subsidiaries discontinued during the financial year: Country 2025 2024 Alma Career, spletno oglasevanje d.o.o. Slovenia 100.0 100.0 Itemisation of significant non-controlling interests in the Group: Holding, % Holding, % Subsidiary Country 2025 2024 Digitaalinen asuntokauppa DIAS Oy Finland 19.5 19.5 Suomen Tunnistetieto Oy Finland 25.0 During the financial year 2025, Alma Media Corporation increased its shareholding in Suomen Tunnistetieto Oy. Alma Media acquired 25% of the company in 2021, 26% in 2023, 24% in 2024, and in 2025, the shareholding was increased to 100%. 4.3 Business combinations Subsidiaries acquired are consolidated from the time when the Group gains the right of control, and divest- ed subsidiaries until the Group ceases to exercise the right of control. All intra-Group transactions, receivables, liabilities and profits are eliminated in the consolidated financial statements. The distribution of the profit for the year between the parent company owners and non-controlling interest shareholders is shown in the state- ment of comprehensive income. The eventual non-controlling interest in the acquired companies is measured at fair value or to the amount corresponding to the share of the non-controlling interest based on the propor- tionate share of the specified net assets. The measurement method is defined for each acquisition separately. The comprehensive income is attributed to parent company shareholders and non-controlling shareholders, even if this were to lead to a negative portion being attributed to non-controlling shareholders. The amount of shareholders\u2019 equity attributable to non-controlling shareholders is shown as a separate item in the balance sheet under shareholders\u2019 equity. Changes in the parent company\u2019s holding in a subsidiary that do not lead to a loss of control are treated as equity transactions. In conjunction with acquisitions achieved in stages, the previous holding is measured at fair value through profit or loss. When the Group loses control in a subsidiary, the remaining investment is measured at fair value through profit or loss on the date control in the subsidiary is lost, and the difference is recognised through profit or loss. Acquisitions that took place before 1 January 2010 are recognised according to the provisions valid at the time . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "4.1 General principles of consolidation All subsidiaries are consolidated in the consolidated financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional pur- chase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit or loss at fair value on the last day of each reporting period . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "4.1 General principles of consolidation All subsidiaries are consolidated in the consolidated financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional pur- chase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit or loss at fair value on the last day of each reporting period 4.2 Subsidiaries The Group\u2019s parent and subsidiary relationships are as follows: Holding, % Share of votes, % Company Country 2025 2024 2025 2024 Parent company Alma Media Corporation Finland Bosnia and Alma Career BH d.o.o Herzegovina 100,0 100,0 100,0 100,0 Alma Career Croatia d.o.o Croatia 100,0 100,0 100,0 100,0 Alma Career Czechia s.r.o Czechia 100,0 100,0 100,0 100,0 Alma Career Estonia O\u00dc Estonia 100,0 100,0 100,0 100,0 Alma Career Latvia SIA Latvia 100,0 100,0 100,0 100,0 Alma Career Lithuania UAB Lithuania 100,0 100,0 100,0 100,0 Alma Career North Macedonia DOOEL North Skopje Macedonia 100,0 100,0 100,0 100,0 Alma Career Oy Finland 100,0 100,0 100,0 100,0 Alma Career Poland Sp. z.o.o Poland 100,0 100,0 100,0 100,0 Alma Career Slovakia s.r.o Slovakia 100,0 100,0 100,0 100,0 Alma Finanssipalvelut Oy Finland 100,0 100,0 100,0 100,0 Alma Media Finland Oy Finland 100,0 100,0 100,0 100,0 Digitaalinen asuntokauppa DIAS Oy Finland 80,5 80,5 80,5 80,5 Edilex Lakitieto Oy Finland 100,0 100,0 Effortia Oy Finland 100,0 100,0 Etua Oy Finland 100,0 100,0 100,0 100,0 Karenstock Oy Finland 100,0 100,0 100,0 100,0 Nelisa s.r.o Czechia 100,0 100,0 100,0 100,0 Objektvision AB Sweden 100,0 100,0 100,0 100,0 Suomen Tunnistetieto Oy Finland 100,0 75,0 100,0 75,0 Suoramarkkinointi Mega Oy Finland 100,0 100,0 100,0 100,0 Holding, % Holding, % Subsidiaries discontinued during the financial year: Country 2025 2024 Alma Career, spletno oglasevanje d.o.o. Slovenia 100.0 100.0 Itemisation of significant non-controlling interests in the Group: Holding, % Holding, % Subsidiary Country 2025 2024 Digitaalinen asuntokauppa DIAS Oy Finland 19.5 19.5 Suomen Tunnistetieto Oy Finland 25.0 During the financial year 2025, Alma Media Corporation increased its shareholding in Suomen Tunnistetieto Oy. Alma Media acquired 25% of the company in 2021, 26% in 2023, 24% in 2024, and in 2025, the shareholding was increased to 100%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "4.2 Subsidiaries
The Group\u2019s parent and subsidiary relationships are as follows:
Holding, %
Share of votes, %
Company
Country
2025
2024
2025
2024
Parent company Alma Media Corporation
Finland
Bosnia and
Alma Career BH d.o.o
Herzegovina
100,0
100,0
100,0
100,0
Alma Career Croatia d.o.o
Croatia
100,0
100,0
100,0
100,0
Alma Career Czechia s.r.o
Czechia
100,0
100,0
100,0
100,0
Alma Career Estonia O\u00dc
Estonia
100,0
100,0
100,0
100,0
Alma Career Latvia SIA
Latvia
100,0
100,0
100,0
100,0
Alma Career Lithuania UAB
Lithuania
100,0
100,0
100,0
100,0
Alma Career North Macedonia DOOEL North
Skopje
Macedonia
100,0
100,0
100,0
100,0
Alma Career Oy
Finland
100,0
100,0
100,0
100,0
Alma Career Poland Sp. z.o.o
Poland
100,0
100,0
100,0
100,0
Alma Career Slovakia s.r.o
Slovakia
100,0
100,0
100,0
100,0
Alma Finanssipalvelut Oy
Finland
100,0
100,0
100,0
100,0
Alma Media Finland Oy
Finland
100,0
100,0
100,0
100,0
Digitaalinen asuntokauppa DIAS Oy
Finland
80,5
80,5
80,5
80,5
Edilex Lakitieto Oy
Finland
100,0
100,0
Effortia Oy
Finland
100,0
100,0
Etua Oy
Finland
100,0
100,0
100,0
100,0
Karenstock Oy
Finland
100,0
100,0
100,0
100,0
Nelisa s.r.o
Czechia
100,0
100,0
100,0
100,0
Objektvision AB
Sweden
100,0
100,0
100,0
100,0
Suomen Tunnistetieto Oy
Finland
100,0
75,0
100,0
75,0
Suoramarkkinointi Mega Oy
Finland
100,0
100,0
100,0
100,0
Holding, % Holding, %
Subsidiaries discontinued during the financial year:
Country
2025 2024
Alma Career, spletno oglasevanje d.o.o.
Slovenia
100.0
100.0
Itemisation of significant non-controlling interests in the Group:
Holding, % Holding, %
Subsidiary
Country
2025 2024
Digitaalinen asuntokauppa DIAS Oy
Finland
19.5
19.5
Suomen Tunnistetieto Oy
Finland
25.0
During the financial year 2025, Alma Media Corporation increased its shareholding in Suomen
Tunnistetieto Oy. Alma Media acquired 25% of the company in 2021, 26% in 2023, 24% in
2024, and in 2025, the shareholding was increased to 100%.
4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a significant controlling interest. A significant controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the Group otherwise is able to exercise significant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement. which exists only when decisions about the relevant activities require the unanimous consent of the parties shar- ing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrange- ment whereby the Group has rights to the net assets of the arrangement. whereas in a joint operation. the Group has rights to the assets. and obligations for the liabilities. relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any good- will arising from their acquisition. If the Group\u2019s share of the associated company\u2019s losses exceeds the book value of the investment. this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obligations with respect to the associated companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consoli- dated comprehensive income statement under other comprehensive income .
MEUR
2025
2024
Investments in associated companies and joint ventures
At beginning of period
5.7
4.4
Decreases
-0.0
Share of results
0.9
1.3
Capital repayments received
Dividends received
-0.4
-0.1
Adjustment of the value of the share
-2.8
At end of period
3.4
5.7
Further information on associated companies: Summary of financial information on associated companies and joint ventures (100%).
Other associated
MEUR
Alma Career
companies
Year 2025
Current assets
7.8
Non-current assets
13.5
Current liabilities
4.3
Non-current liabilities
5.5
Revenue
16.2
Profit/loss for the period
3.6
Other comprehensive income
Reconciliation between associated
companies\u2019 and joint ventures\u2019 financial
information and the balance sheet value
recognised by the Group:
Associated company\u2019s net assets
11.4
0.1
Group\u2019s share of net assets
2.9
0.1
Goodwill
0.5
Other adjustments
Associated companies\u2019 balance sheet
value on the consolidated balance sheet
3.3
0.1
Alma Other
MEUR Career associated companies
Associated companies
Segment
Holding (%)
Share of votes (%)
Year 2024 Year 2025
Current assets
7.6
Infostud 3 d.o.o.
Alma Career
25.0
25.0
Non-current assets
17.0
Kyt\u00f6pirtti Oy
Non-allocated
43.2
43. 2
Current liabilities
4.6
Non-current liabilities
0.0
Revenue
17.6
Profit/loss for the period
5.4
Other comprehensive income
Reconciliation between associated companies\u2019 and joint
ventures\u2019 financial information and the balance sheet
value recognised by the Group:
Associated company\u2019s net assets
19.9
0.1
Group\u2019s share of net assets
5.0
0.1
Goodwill
0.5
Other adjustments
Associated companies\u2019 balance sheet value on the consoli-
dated balance sheet
5.7
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "4.3 Business combinations Subsidiaries acquired are consolidated from the time when the Group gains the right of control, and divest- ed subsidiaries until the Group ceases to exercise the right of control. All intra-Group transactions, receivables, liabilities and profits are eliminated in the consolidated financial statements. The distribution of the profit for the year between the parent company owners and non-controlling interest shareholders is shown in the state- ment of comprehensive income. The eventual non-controlling interest in the acquired companies is measured at fair value or to the amount corresponding to the share of the non-controlling interest based on the propor- tionate share of the specified net assets. The measurement method is defined for each acquisition separately. The comprehensive income is attributed to parent company shareholders and non-controlling shareholders, even if this were to lead to a negative portion being attributed to non-controlling shareholders. The amount of shareholders\u2019 equity attributable to non-controlling shareholders is shown as a separate item in the balance sheet under shareholders\u2019 equity. Changes in the parent company\u2019s holding in a subsidiary that do not lead to a loss of control are treated as equity transactions. In conjunction with acquisitions achieved in stages, the previous holding is measured at fair value through profit or loss. When the Group loses control in a subsidiary, the remaining investment is measured at fair value through profit or loss on the date control in the subsidiary is lost, and the difference is recognised through profit or loss. Acquisitions that took place before 1 January 2010 are recognised according to the provisions valid at the time . Acquisitions in 2025 The Group carried out the following acquisitions in 2025:
Acquired Group
Business
Acquisition date
share share
Alma Marketplaces segment
Edilex Lakitieto Oy
Online service
31 Jan 2025
100%
100%
Effortia Oy
Online service
29 Aug 2025
100%
100%
Alma Marketplaces
In January 2025, Alma Media acquired 100% of the shares in Edilex Lakitieto Oy from Edita
Group Oyj. The business has been reported as part of the Alma Marketplaces segment as
of 1 February 2025. Had the company been consolidated as of 1 January 2025, the impact
on revenue would have been MEUR 0.6, while the impact on operating profit would not have
been material. During the period of consolidation, the acquisition has contributed MEUR 4.4
to revenue and MEUR 0.2 to operating profit. The acquired business\u2019s pro forma revenue for
the financial year 2024 amounted to approximately MEUR 8. As a result of the transaction, 51
employees of Edilex Lakitieto Oy transferred to the employment of Alma Media. Transaction
costs related to the acquisition totalled MEUR 0.7.
The acquisition expands Alma Media\u2019s offering of legal content. Edilex Lakitieto Oy\u2019s business
comprises the Edilex legal information service, which is a comprehensive source of legal
information for professionals in Finland. Edilex combines key legal sources and background
materials into an integrated legal information service, including an extensive and up-to-date
legislative database linked to case law, preparatory works and other legal materials, as well
as a legal news service. In addition, the offering includes other online services, legal training,
legal literature and law books and collections. Edilex Lakitieto Oy is also a service provider
for the renewed Finlex online service, a public legal information service owned by the Minis-
try of Justice.
The fair values recognised in the business combination related to intangible assets mainly
comprise acquired customer contracts and the brand. The goodwill arising from the acquisi-
tion reflects the expected synergies related to the acquired business as well as expectations
of future business growth. The goodwill is not deductible for tax purposes.
Consideration
MEUR
Fair value
Consideration, settled in cash
10.5
Cash and cash equivalents acquired (included in cash flow from investing activities)
0.4
Total consideration
10.2
The assets and liabilities recorded as a result of the acquisition were as follows:
Fair values entered in
MEUR integration, total
Property, plant and equipment
5.0
Intangible assets
0.0
Trade and other receivables
1.2
Cash and cash equivalents
0.4
Total assets acquired
6.6
Deferred tax liabilities
0.5
Trade and other payables
3.7
Total liabilities acquired
4.2
Acquired identifiable net assets at fair value, total
2.5
Group\u2019s share of net assets
2.5
Goodwill at the time of acquisition, 31 January 2025
8.0
Goodwill on the reporting date, 31 December 2025
8.0
Annual amortisation of intangible assets related to acquisitions
0.3
In August 2025, Alma Media acquired 100% of the shares in Effortia Oy from Boston Informa-
tion Group Ltd. The acquired business has been reported as part of the Alma Marketplaces
segment as of 1 September 2025. Had the company been consolidated as of 1 January 2025,
the impact on revenue would have been approximately MEUR 2.0 and the impact on operat-
ing profit MEUR 0.2. During the period of consolidation, the acquisition has contributed MEUR
1.1 to revenue and MEUR 0.4 to operating profit. The acquired business\u2019s pro forma reve-
nue for the financial year 2024 amounted to MEUR 1.7. As a result of the transaction, three
employees of Effortia Oy transferred to the employment of Alma Media. Transaction costs
related to the acquisition totalled MEUR 0.1.
Effortia Oy provides consumer-oriented digital comparison services, the best-known of which
are S\u00e4hk\u00f6vertailu.fi, VertaaEnsin.fi and Asuntojenmyynti.fi, which focuses on the comparison
of real estate agents. Through the acquisition, Alma Media complements its offering of digital
services for the consumer housing market and is better able to support customer acquisition
for both real estate professionals and electricity companies. The services enable the pro-
vision of high-quality lead requests and the development of customers\u2019 processes in close
cooperation with Alma Media\u2019s system development.
The fair values recognised in the business combination related to intangible assets mainly
comprise acquired customer contracts, information systems and the brand. The goodwill
arising from the acquisition reflects the expected synergies related to the acquired business
as well as expectations of future business growth. The goodwill is not deductible for tax
purposes.
Consideration
MEUR
Fair value
Consideration, settled in cash
5.2
Cash and cash equivalents acquired (included in cash flow from investing activities)
0.5
Total consideration
4.7
The assets and liabilities recorded as a result of the acquisition were as follows:
Fair values entered in
MEUR integration, total
Property, plant and equipment
2.7
Trade and other receivables
0.6
Cash and cash equivalents
0.5
Total assets acquired
3.7
Deferred tax liabilities
0.5
Trade and other payables
1.1
Total liabilities acquired
1.6
Acquired identifiable net assets at fair value, total
2.1
Group\u2019s share of net assets
2.1
Goodwill at the time of acquisition, 29 August 2025
3.1
Goodwill on the reporting date, 31 December 2025
3.1
Annual amortisation of intangible assets related to acquisitions
0.3
Consideration paid for acquisitions \u2013 cash flow
MEUR
2025
2024
Paid cash less acquired cash:
Cash consideration
16.1
20.3
Asset transfer tax and transaction costs
0.2
0.3
Contingent considerations paid during the financial year
3.8
1.6
Less acquired amounts
Cash
0.9
3.9
Net cash flow \u2013 capital expenditure
19.3
18.4
In March 2025, Alma Media Oyj increased its ownership to 100% in Suomen Tunnistetieto
Oy, whose DOKS service was launched in 2019. Alma Media Oyj increased its ownership in
the company in stages: an initial 25% stake was acquired in summer 2021, the ownership
increased to 51% in April 2023 and to 75% one year later. The share transaction carried out in
early 2025, amounting to MEUR 3.4, represented the final stage of the acquisition.
In March 2025, Alma Media Oyj\u2019s subsidiary Alma Media Finland Oy acquired an ESG re-
porting service targeted particularly at SMEs from Decade of Action Oy. The business was
transferred to Alma Media Finland Oy on 1 April 2025. As a result of the acquisition, goodwill
of MEUR 0.7 and contingent consideration payable of MEUR 0.2 were recognised.
In November 2025, Alma Media\u2019s subsidiary Alma Media Finland Oy acquired the Climatrix
business from Direction Lab Oy. The Climatrix business provides digital tools for the assess-
ment and reporting of physical climate risks. The business was transferred to Alma Media
Finland Oy on 10 November 2025. As a result of the acquisition, goodwill of MEUR 0.4 and
contingent consideration payable of MEUR 0.2 were recognised.
In December 2025, Alma Media\u2019s subsidiary Alma Media Finland Oy divested the Netello busi-
ness. As a result of the transaction, Netello\u2019s 17 employees transferred to the employment of
the new owner.The transaction resulted in a loss of MEUR 0.9 for Alma Media, which has been
reported as an adjusting item in the income sta
Acquisitions in 2024
The Group carried out the following acquisitions in 2024:
Acquired Group
Business
Acquisition date
share share
Alma Career segment
Nelisa s.r.o.
Online service
29 Nov 2024
100%
100%
Alma Marketplaces segment
Netwheels Oy
Online service
1 Feb 2024
100%
100%
Alma Career
In November, Alma Media\u2019s subsidiary Alma Career Oy acquired 100% ownership of Nelisa
s.r.o., a Czech company providing online recruitment services. Nelisa enables customers to
purchase recruitment advertising in an automated manner by utilising programmatic buying.
Through the acquisition, Alma Career is able to offer new targeting solutions for recruitment
advertising and increase the number of channels available for advertising visibility. Nelisa
operates in the Czech market, but the solutions offered by the company are scalable to other
Alma Career operating countries.
Nelisa\u2019s revenue amounted to approximately MEUR 0.3 in 2023, and the company employs
five people. Revenue for 2024 did not have a material impact on the figures of Alma Media
Oyj. The goodwill recognised in the acquisition is not deductible for tax purposes.
Consideration
MEUR
Fair value
Consideration, settled in cash
2.0
Cash and cash equivalents acquired (included in cash flow from investing activities)
0.0
Total consideration
2.0
The assets and liabilities recorded as a result of the acquisition were as follows:
Fair values entered in
MEUR integration, total
Property, plant and equipment
0.6
Trade and other receivables
0.1
Cash and cash equivalents
0.0
Total assets acquired
0.7
Deferred tax liabilities
0.1
Trade and other payables
0.2
Total liabilities acquired
0.3
Acquired identifiable net assets at fair value, total
0.4
Group\u2019s share of net assets
0.4
Goodwill at acquisition date 29 August 2025
1.6
Goodwill at reporting date 31 December 2025
1.6
Annual amortisation of intangible assets related to acquisitions
0.0
Alma Marketplaces
Alma Media acquired 100% of the share capital of Netwheels Oy, a software company oper-
ating in the automotive industry, in order to strengthen its offering of car and mobility services
for corporate customers. The majority shareholder of Netwheels Oy was Sanoma Media Fin-
land Oy, and the shareholders also included eight Finnish operators in the automotive sector.
The acquisition of Netwheels complements Alma Media\u2019s car and mobility services offered
to corporate customers. The transaction supports the development of the marketplace and
systems business by streamlining vehicle purchasing and sales processes and by providing
digital solutions for car dealers, importers, finance companies, application developers and
other automotive industry participants.
Netwheels Oy provides software to the automotive industry as a SaaS service. Netwheels
Oy\u2019s revenue amounted to approximately MEUR 8 in 2023, and the company employed 29
people who, as a result of the transaction, transferred to the Alma Media Group. The transac-
tion was completed on 31 January 2024, after which, as of 1 February 2024, Netwheels Oy
has been reported as part of the Alma Marketplaces business segment.
Netwheels Oy\u2019s impact on revenue in 2024 amounted to MEUR 8.9 and on operating profit to
MEUR 2.3. The fair values recognised in the business combination related to intangible assets
mainly comprise acquired customer contracts and the brand. The goodwill arising from the
acquisition reflects the expected synergies related to the acquired business as well as expec-
tations of future growth in the property marketplace business. The goodwill is not deductible
for tax purposes.
Consideration
MEUR
Fair value
Consideration, settled in cash
18.3
Cash and cash equivalents acquired (included in cash flow from investing
activities)
3.9
Total consideration
14.4
The assets and liabilities recorded as a result of the acquisition were as follows:
Fair values entered in
MEUR integration, total
Property, plant and equipment
6.6
Intangible assets
0.0
Trade and other receivables
0.3
Cash and cash equivalents
3.9
Total assets acquired
10.8
Deferred tax liabilities
1.2
Trade and other payables
1.1
Total liabilities acquired
2.4
Acquired identifiable net assets at fair value, total
8.4
Group\u2019s share of net assets
8.4
Goodwill at acquisition date 31 January 2024
9.9
Goodwill at reporting date 31 January 2024
9.9
Annual amortisation of intangible assets related to acquisitions
0.7
The fair values recognised in the business combination related to intangible assets mainly comprise acquired customer contracts, the brand and internally developed information systems. The goodwill arising from the acquisition reflects the expected synergies related to the acquired business as well as expectations of future growth in the property marketplace business", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "4.3 Business combinations Subsidiaries acquired are consolidated from the time when the Group gains the right of control, and divest- ed subsidiaries until the Group ceases to exercise the right of control. All intra-Group transactions, receivables, liabilities and profits are eliminated in the consolidated financial statements. The distribution of the profit for the year between the parent company owners and non-controlling interest shareholders is shown in the state- ment of comprehensive income. The eventual non-controlling interest in the acquired companies is measured at fair value or to the amount corresponding to the share of the non-controlling interest based on the propor- tionate share of the specified net assets. The measurement method is defined for each acquisition separately. The comprehensive income is attributed to parent company shareholders and non-controlling shareholders, even if this were to lead to a negative portion being attributed to non-controlling shareholders. The amount of shareholders\u2019 equity attributable to non-controlling shareholders is shown as a separate item in the balance sheet under shareholders\u2019 equity. Changes in the parent company\u2019s holding in a subsidiary that do not lead to a loss of control are treated as equity transactions. In conjunction with acquisitions achieved in stages, the previous holding is measured at fair value through profit or loss. When the Group loses control in a subsidiary, the remaining investment is measured at fair value through profit or loss on the date control in the subsidiary is lost, and the difference is recognised through profit or loss. Acquisitions that took place before 1 January 2010 are recognised according to the provisions valid at the time ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "
4.4 Investments in associated companies and joint ventures
Associated companies are those in which the Group has a significant controlling interest. A significant
controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the
Group otherwise is able to exercise significant control. A joint arrangement is an arrangement of which two or
more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement.
which exists only when decisions about the relevant activities require the unanimous consent of the parties shar-
ing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrange-
ment whereby the Group has rights to the net assets of the arrangement. whereas in a joint operation. the Group
has rights to the assets. and obligations for the liabilities. relating to the arrangement. Associated companies and
joint ventures are consolidated using the equity method. Investments in associated companies include any good-
will arising from their acquisition. If the Group\u2019s share of the associated company\u2019s losses exceeds the book
value of the investment. this investment is entered at zero value in the balance sheet and any losses in excess
of this value are not recognised unless the Group has obligations with respect to the associated companies. The
Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The
Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consoli-
dated comprehensive income statement under other comprehensive income .
MEUR
2025
2024
Investments in associated companies and joint ventures
At beginning of period
5.7
4.4
Decreases
-0.0
Share of results
0.9
1.3
Capital repayments received
Dividends received
-0.4
-0.1
Adjustment of the value of the share
-2.8
At end of period
3.4
5.7
Further information on associated companies:
Summary of financial information on associated companies and joint ventures (100%).
Other associated
MEUR
Alma Career
companies
Year 2025
Current assets
7.8
Non-current assets
13.5
Current liabilities
4.3
Non-current liabilities
5.5
Revenue
16.2
Profit/loss for the period
3.6
Other comprehensive income
Reconciliation between associated
companies\u2019 and joint ventures\u2019 financial
information and the balance sheet value
recognised by the Group:
Associated company\u2019s net assets
11.4
0.1
Group\u2019s share of net assets
2.9
0.1
Goodwill
0.5
Other adjustments
Associated companies\u2019 balance sheet
value on the consolidated balance sheet
3.3
0.1
Alma Other MEUR Career associated companies Associated companies Segment Holding (%) Share of votes (%) Year 2024 Year 2025 Current assets 7.6 Infostud 3 d.o.o. Alma Career 25.0 25.0 Non-current assets 17.0 Kyt\u00f6pirtti Oy Non-allocated 43.2 43. Current liabilities 4.6 Non-current liabilities 0.0 Revenue 17.6 Profit/loss for the period 5.4 Other comprehensive income Reconciliation between associated companies\u2019 and joint ventures\u2019 financial information and the balance sheet value recognised by the Group: Associated company\u2019s net assets 19.9 0.1 Group\u2019s share of net assets 5.0 0.1 Goodwill 0.5 Other adjustments Associated companies\u2019 balance sheet value on the consoli- dated balance sheet 5.7 0.1", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a significant controlling interest. A significant controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the Group otherwise is able to exercise significant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement. which exists only when decisions about the relevant activities require the unanimous consent of the parties shar- ing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrange- ment whereby the Group has rights to the net assets of the arrangement. whereas in a joint operation. the Group has rights to the assets. and obligations for the liabilities. relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any good- will arising from their acquisition. If the Group\u2019s share of the associated company\u2019s losses exceeds the book value of the investment. this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obligations with respect to the associated companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consoli- dated comprehensive income statement under other comprehensive income .
MEUR
2025
2024
Investments in associated companies and joint ventures
At beginning of period
5.7
4.4
Decreases
-0.0
Share of results
0.9
1.3
Capital repayments received
Dividends received
-0.4
-0.1
Adjustment of the value of the share
-2.8
At end of period
3.4
5.7
Further information on associated companies: Summary of financial information on associated companies and joint ventures (100%).
Other associated
MEUR
Alma Career
companies
Year 2025
Current assets
7.8
Non-current assets
13.5
Current liabilities
4.3
Non-current liabilities
5.5
Revenue
16.2
Profit/loss for the period
3.6
Other comprehensive income
Reconciliation between associated
companies\u2019 and joint ventures\u2019 financial
information and the balance sheet value
recognised by the Group:
Associated company\u2019s net assets
11.4
0.1
Group\u2019s share of net assets
2.9
0.1
Goodwill
0.5
Other adjustments
Associated companies\u2019 balance sheet
value on the consolidated balance sheet
3.3
0.1
Alma Other
MEUR Career associated companies
Associated companies
Segment
Holding (%)
Share of votes (%)
Year 2024 Year 2025
Current assets
7.6
Infostud 3 d.o.o.
Alma Career
25.0
25.0
Non-current assets
17.0
Kyt\u00f6pirtti Oy
Non-allocated
43.2
43. 2
Current liabilities
4.6
Non-current liabilities
0.0
Revenue
17.6
Profit/loss for the period
5.4
Other comprehensive income
Reconciliation between associated companies\u2019 and joint
ventures\u2019 financial information and the balance sheet
value recognised by the Group:
Associated company\u2019s net assets
19.9
0.1
Group\u2019s share of net assets
5.0
0.1
Goodwill
0.5
Other adjustments
Associated companies\u2019 balance sheet value on the consoli-
dated balance sheet
5.7
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a significant controlling interest. A significant controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the Group otherwise is able to exercise significant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement. which exists only when decisions about the relevant activities require the unanimous consent of the parties shar- ing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrange- ment whereby the Group has rights to the net assets of the arrangement. whereas in a joint operation. the Group has rights to the assets. and obligations for the liabilities. relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any good- will arising from their acquisition. If the Group\u2019s share of the associated company\u2019s losses exceeds the book value of the investment. this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obligations with respect to the associated companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consoli- dated comprehensive income statement under other comprehensive income ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a significant controlling interest. A significant controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the Group otherwise is able to exercise significant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement. which exists only when decisions about the relevant activities require the unanimous consent of the parties shar- ing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrange- ment whereby the Group has rights to the net assets of the arrangement. whereas in a joint operation. the Group has rights to the assets. and obligations for the liabilities. relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any good- will arising from their acquisition. If the Group\u2019s share of the associated company\u2019s losses exceeds the book value of the investment. this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obligations with respect to the associated companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consoli- dated comprehensive income statement under other comprehensive income ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a significant controlling interest. A significant controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the Group otherwise is able to exercise significant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement. which exists only when decisions about the relevant activities require the unanimous consent of the parties shar- ing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrange- ment whereby the Group has rights to the net assets of the arrangement. whereas in a joint operation. the Group has rights to the assets. and obligations for the liabilities. relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any good- will arising from their acquisition. If the Group\u2019s share of the associated company\u2019s losses exceeds the book value of the investment. this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obligations with respect to the associated companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consoli- dated comprehensive income statement under other comprehensive income .
MEUR
2025
2024
Investments in associated companies and joint ventures
At beginning of period
5.7
4.4
Decreases
-0.0
Share of results
0.9
1.3
Capital repayments received
Dividends received
-0.4
-0.1
Adjustment of the value of the share
-2.8
At end of period
3.4
5.7
Further information on associated companies: Summary of financial information on associated companies and joint ventures (100%). Other associated MEUR Alma Career companies Year 2025 Current assets 7.8 Non-current assets 13.5 Current liabilities 4.3 Non-current liabilities 5.5 Revenue 16.2 Profit/loss for the period 3.6 Other comprehensive income Reconciliation between associated companies\u2019 and joint ventures\u2019 financial information and the balance sheet value recognised by the Group: Associated company\u2019s net assets 11.4 0.1 Group\u2019s share of net assets 2.9 0.1 Goodwill 0.5 Other adjustments Associated companies\u2019 balance sheet value on the consolidated balance sheet 3.3 0.
Alma Other
MEUR Career associated companies
Associated companies
Segment
Holding (%)
Share of votes (%)
Year 2024 Year 2025
Current assets
7.6
Infostud 3 d.o.o.
Alma Career
25.0
25.0
Non-current assets
17.0
Kyt\u00f6pirtti Oy
Non-allocated
43.2
43. 2
Current liabilities
4.6
Non-current liabilities
0.0
Revenue
17.6
Profit/loss for the period
5.4
Other comprehensive income
Reconciliation between associated companies\u2019 and joint
ventures\u2019 financial information and the balance sheet
value recognised by the Group:
Associated company\u2019s net assets
19.9
0.1
Group\u2019s share of net assets
5.0
0.1
Goodwill
0.5
Other adjustments
Associated companies\u2019 balance sheet value on the consoli-
dated balance sheet
5.7
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "4.5 Related party transactions Alma Media Group\u2019s related parties are its associated companies (see Note 4.4), the companies that they own and affiliated companies. The related parties also include the Group\u2019s most significant shareholders. The largest shareholders are listed in the Report by the Board of Directors. Related parties also include the company\u2019s management (the Board of Directors, the Presidents and the Group Executive Team). The employee benefits of management and other related party transactions between manage- ment and the company are detailed in Note 1.4. Sales of goods and services with related party members are based on the Group\u2019s prices in force at the time of transaction. Related party transactions \u2013 associated companies MEUR 2025 2024 Sales of goods and services 0.0 Purchases of goods and services 0.2 0.3 Related party transactions \u2013 principal shareholders MEUR 2025 2024 Sales of goods and services 0.1 0.3 Purchases of goods and services 0.4 0.6 Trade, loan and other receivables 0.0 0.0 Trade payables 0.1 Related party transactions \u2013 corporations where management exercises influence MEUR 2025 2024 Sales of goods and services 0.3 0.3 Purchases of goods and services 0.3 0.3 Trade, loan and other receivables 0.0 0.0 Trade payables 0.0 0.0", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "4.5 Related party transactions Alma Media Group\u2019s related parties are its associated companies (see Note 4.4), the companies that they own and affiliated companies. The related parties also include the Group\u2019s most significant shareholders. The largest shareholders are listed in the Report by the Board of Directors. Related parties also include the company\u2019s management (the Board of Directors, the Presidents and the Group Executive Team). The employee benefits of management and other related party transactions between manage- ment and the company are detailed in Note 1.4. Sales of goods and services with related party members are based on the Group\u2019s prices in force at the time of transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
5.1 Income tax
The tax expense in the profit or loss comprises the tax based on the company\u2019s taxable income for the
period together with deferred taxes. The tax based on taxable income for the period is the taxable income
calculated on the applicable tax rate in each country of operation. The tax is adjusted for any tax related to
previous periods.
MEUR
2025
2024
Current income tax charge
17.2
15.6
Adjustments in respect of current income tax of previous years
0.1
0.0
Deferred taxes
-2.3
-1.2
Total
15.0
14.4
Reconciliation of tax expenses in the income statement and tax calculated on the parent
company\u2019s tax rate (20.0%):
MEUR
2025
2024
Profit before tax
70.7
67.0
Share of profit of associated companies
-0.9
-1.3
Total
69.8
65.7
Tax calculated on the parent company\u2019s tax rate of 20.0%
14.0
13.1
Impact of varying tax rates of foreign subsidiaries
0.7
0.3
Tax-free income
-0.1
-0.2
Non-tax-deductible expenses
0.5
1.2
Other items
0.0
0.0
Tax recognised in the income statement
15.0
14.4
Tax impacts of entries due to IAS 19 accounting principles are included in other comprehen-
sive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "5.1 Income tax The tax expense in the profit or loss comprises the tax based on the company\u2019s taxable income for the period together with deferred taxes. The tax based on taxable income for the period is the taxable income calculated on the applicable tax rate in each country of operation. The tax is adjusted for any tax related to previous periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "5.2 Deferred tax assets and liabilities Deferred tax assets and liabilities are recognised on all temporary differences between their book and actual tax values. Deferred taxes are calculated using the tax rates enacted by the balance sheet date. How- ever, the deferred tax liability is not recognised on the initial recognition of goodwill or if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. A deferred tax liability is recognised on non-dis- tributed retained earnings of subsidiaries when it is likely that the tax will be paid in the foreseeable future. Deferred tax assets and liabilities are netted by the company when they relate to income tax levied by the same tax authority and when the tax authority permits the company to pay or receive a single net tax payment. Deferred taxes are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. For this purpose, the conditions for the recognition of deferred taxes are assessed on the final day of each reporting period . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "5.2 Deferred tax assets and liabilities Deferred tax assets and liabilities are recognised on all temporary differences between their book and actual tax values. Deferred taxes are calculated using the tax rates enacted by the balance sheet date. How- ever, the deferred tax liability is not recognised on the initial recognition of goodwill or if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. A deferred tax liability is recognised on non-dis- tributed retained earnings of subsidiaries when it is likely that the tax will be paid in the foreseeable future. Deferred tax assets and liabilities are netted by the company when they relate to income tax levied by the same tax authority and when the tax authority permits the company to pay or receive a single net tax payment. Deferred taxes are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. For this purpose, the conditions for the recognition of deferred taxes are assessed on the final day of each reporting period . Changes in deferred taxes during 2025: Recognised in income Recognised in Acquired/sold MEUR 31 Dec 2024statement equity subsidiaries31 Dec 2025 Deferred tax assets Provisions 0.0 0.0 Pension benefits 0.0 0.0 0.0 Deferred depreciation 0.1 0.0 0.1 Right-of-use assets 7.1 -0.9 6.1 Other items 0.1 0.8 0.9 Total 7.2 -0.1 7.0 Taxes, net -6.8 -5.3 Deferred tax assets on the balance sheet 0.4 1.7 Recognised in income Recognised in Acquired/sold MEUR 31 Dec 2024statement equity subsidiaries31 Dec 2025 Deferred tax liabilities Accumulated depreciation differences 0.2 0.2 0.4 Business combinations 16.0 -1.3 0.0 0.5 15.3 Retained earnings of subsidi- ary companies 0.2 0.0 0.0 Lease liabilities 7.3 -0.8 6.5 Other items 0.6 -0.2 0.4 Total 24.3 -2.2 0.0 0.5 22.7 Taxes, net -6.8 -5.3 Deferred tax liabilities on the balance sheet 17.5 17.3 No deferred tax asset has been recognised on the confirmed losses of Group companies MEUR 2.2. The utilisation tax assets requires that the normal operations of such companies would generate taxable income. The losses expire in 2034 at the latest Changes in deferred taxes during 2024: Recognised in 31 Dec income state- Recognised in Acquired/sold 31 Dec MEUR 2023 ment equity subsidiaries 2024 Deferred tax assets Provisions 0.0 0.0 0.0 Pension benefits 0.0 0.0 0.0 Deferred depreciation 0.0 0.0 0.1 Loss for the period recognised in deferred tax assets 7.1 7.1 Other items 0.1 -0.1 0.1 Total 0.1 7.0 7.2 Taxes, net 0.1 -6.8 Deferred tax assets on balance sheet 0.2 0.4 Deferred tax liabilities Accumulated depreciation differences 0.2 0.0 0.2 Business combinations 16.1 -1.6 1.4 16.0 Retained earnings of subsidiary companies 0.2 0.0 0.2 7.3 7.3 Other items 0.4 -0.1 -0.2 0.6 Total 16.9 5.7 1.2 24.3", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }