2025
ANNUAL REPORT
* Audited
03
07
158
CEO’s review Alma Media as an investment
Corporate Governance Statement
05
10 36
180
Key figures
Report by the Board of Directors* Sustainability Report*
Remuneration Report
06
82
Alma Media in brief
Financial statements*
Contents
ANNUAL REPORT 2025
2
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
CEO’S REVIEW
Marketplaces emerged as a growth
engine – Alma Media’s earnings
performance improved despite a
challenging market
The year 2025 was financially strong and
strategically significant for Alma Media.
We achieved growth in a challenging market
environment, improved profitability, and
made determined progress at the core of our
strategy: digital marketplaces, data‑driven
services, and news media.
The Group’s revenue increased by 4.6%
to EURM 327.1. Organic growth remained
moderate, while acquisitions supported
overall development.
Adjusted operating profit rose to
EURM82.1, and the operating profit margin
improved to 25.1%. Earnings development
clearly outperformed market trends, par‑
ticularly in Finland, where the advertising
market remained weak and consumers’
strained confidence in their personal
finances dampened demand for housing
and car purchases.
Marketplaces as the engine of
growth
Alma Marketplaces was the clear growth
driver of the year. The segment’s revenue
increased by more than 17%, and adjusted
operating profit by more than 20%. Growth
was driven by both organic development and
successful acquisitions.
Digital services related to housing, mobility,
and business information strengthened their
market positions, even though underlying
markets – particularly residential property
transactions and new car sales – remained
subdued in terms of volumes. This
demonstrates the resilience of our business
model: we are able to create value for
customers and shareholders even when
market conditions are weak.
The strong development of digital services
supported the competitiveness of our
ANNUAL REPORT 2025
3
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2025
marketplace verticals, as an increasing share
of value creation was based on scalable
services that can rapidly adapt to customer
needs. This broadened the offering and
strengthened service capability in a situation
where growth opportunities in listing‑based
advertising driven directly by traffic volumes
were more limited.
Recruitment and media in
transition
Alma Career’s revenue remained at the
previous year’s level, and earnings declined
slightly. In local currencies, revenue decreased
by 2.0%, while invoicing increased by 1.4%.
Adjusted operating profit amounted to EURM
42.9 (43.5), representing 40.4% (40.6%) of
revenue. The recruitment market was uneven
across countries, and no rapid turnaround
was seen during the year. Despite continued
investments related to cloud migration and
the development of a shared job platform,
adjusted total expenses declined, driven in
particular by lower personnel costs.
The segment remains highly profitable and a
core part of the Group. System renewals and
the development of a shared platform lay
the foundation for future growth, even though
they tie up resources in the short term. Our
recruitment portals featured on average more
than 93,000 paid job listings, nearly six million
unique visitors, and over two million job alerts
each month.
At Alma News Media, we continued the
controlled transition from print to digital.
Overall revenue remained stable, despite the
continued decline in print. Digital content and
subscription businesses grew, and adjusted
operating profit improved significantly by
11.1% to EURM 17.2, corresponding to 16.2%
of revenue. The segment has increased its
quarterly earnings for eight consecutive
quarters – throughout its entire history. This
reflects long‑term, systematic development of
paid digital journalism, data, and technology.
Artificial intelligence as a
permanent part of the business
In 2025, we moved from experimentation with
artificial intelligence to permanent, large‑scale
utilisation. AI is now used across all segments
– in products, content, and internal processes.
This is reflected in faster product develop‑
ment, improved customer experience, and
more efficient operational management. For
Alma Media, AI is not a separate initiative, but
an integral part of everyday operations and a
core element of competitiveness.
At the same time, we made strong investments
in data governance, data protection, and its
responsible use. Trust is a critical asset for us.
Strong financial position and
shareholder value
Cash flow from operations increased to over
EURM 81 (73.8) in 2025, driven by improved
earnings. Strong cash flow reduced net debt
and strengthened the financial position despite
acquisitions. The gearing ratio decreased to
50.5% (59.6%), and the equity ratio improved to
52.6% (48.6%).
Our solid financial position provides flexibility
for both investments and dividend distribution.
Supported by our strong financial standing, the
Board of Directors of Alma Media proposes to
the Annual General Meeting a higher dividend
for 2025 than in the previous year, amounting
to EUR 0.48 (0.46) per share.
Outlook for 2026
We expect revenue in 2026 to remain at the
2025 level, while adjusted operating profit is
expected to increase. Uncertainty related to
market conditions and the domestic economic
outlook continues, and there is no reason
to rely in particular on a recovery in the
advertising market.
In closing: thank you for 2025!
Alma Media has undergone a profound
transformation in recent years. The year 2025
demonstrated that our strategy works: digital‑
isation, data, and scalable platforms deliver
results. The work is not yet complete, but the
direction is right. We will continue to focus on
our strengths – and divest activities that do not
support long‑term value creation. Growth will
continue to be driven by marketplaces, digital
services, and disciplined cost management.
Warm thanks to our employees, customers,
and stakeholders for your trust and excellent
cooperation in 2025.
Kai Telanne
President and CEO
ANNUAL REPORT 2025
4
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2025
Key figures
Alma Media’s key figures and the performance indicators monitored with regard to the Group’s
long‑term strategic targets.
Revenue
327
MEUR
Earnings per share
0.67
EUR
Adjusted operating profit
82
MEUR
Number of employees, 31
December 2025
1,650
excluding telemarketers
Share of digital business of
revenue
86%
Equity ratio
53%
Adjusted operating profit %
25%
Scope 1 and Scope 2
emissions
237tCO
2
e
ANNUAL REPORT 2025
5
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2025
Alma Media in brief
Alma Media is a highly innovative company focusing on digital services and
journalistic media content. The company builds sustainable growth from
media to services, providing content and services that benefit users in their
everyday lives, work and leisure time. Our products are leading media and
service brands in their respective fields. Our best‑known brands in Finland
include Kauppalehti, Talouselämä, Iltalehti, Nettiauto, Etuovi.com and Jobly.
Our international brands in the recruitment business include Alma Career’s
Jobs.cz, Prace.cz, CVOnline, Profesia.sk, MojPosao.net, MojPosao.ba and
Prace za rohem.
Alma Media has employees in 10 European countries. In Finland, our busi‑
ness operations include financial and professional media, national consum‑
er media, digital consumer and business services, training and the publish‑
ing of professional literature. Alma Media’s international business in Eastern
Central Europe, Sweden and the Baltic countries consists of recruitment
services and an online marketplace for commercial properties.
Sustainability is part of day‑to‑day work at Alma Media. The most signif‑
icant sustainability impacts of Alma Media’s business are related to the
media content published by the company and digital services as enablers
of responsible choices by consumers and professionals. A high standard of
data security and data privacy and the responsible processing of data are
important cornerstones of our business. The themes of our sustainability
efforts include creating a better future for young people, good working life
and climate change mitigation.
Alma Media’s share is listed on Nasdaq OMX Helsinki.
Alma Media
operates in
10 European
countries.
Return on equity (ROE)
23%
in 2025
Adjusted operating profit
25%
in 2025
ANNUAL REPORT 2025
6
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2025
Why invest in Alma Media?
Taru Lehtinen, Chief Financial
Officer, Alma Media
1. A resilient and continuously evolving
organisation
Alma Media has built its growth in a long‑term
and systematic manner by investing broadly in
a comprehensive portfolio of digital services
that serve the needs of the entire value chain.
We have focused on profitable growth
and built our business on digital, scalable
platforms. Our strategy, which emphasises
digitalisation and continuous renewal, has
enabled us to respond to market changes in
a timely manner and to create shareholder
value over the long term.
Digital business already accounts for
approximately 86% of our revenue. We have
made determined investments in our data
platform and technology architecture, which
form the foundation for both operational
efficiency and the rapid development of new
products and services. Shared technological
solutions, harmonised operating models, and
broader utilisation of data enable continuous
service improvement, enhanced customer
experiences, and increasingly targeted
solutions for different customer groups. In
this way, renewal is not a series of isolated
initiatives, but a continuous and measurable
part of our operations, while simultaneously
strengthening our readiness for future growth.
2. Strong brands and a competitive
digital product portfolio
Alma’s services hold strong market positions
within their respective target audiences. In
recruitment services, we are a market leader
in several growing markets in Eastern Central
Europe, making our international operations
significant from both a revenue and profitabili‑
ty perspective. At the same time, our business
is not overly dependent on the slowly growing
domestic market.
In Finland, our business media brands
(Kauppalehti and Talouselämä) and the na‑
tionwide news media brand Iltalehti togeth‑
er reach approximately 80% of the Finnish
population.
Our competitive advantage is also built on
diversified business models: we combine mar‑
ketplaces, media, advertising, and classified
listings into a mutually reinforcing ecosystem.
This structure supports the creation of cus‑
tomer value, enhances our ability to respond
to market changes, and balances the business
across economic cycles.
3. A strong financial position and the
ability to generate robust cash flow
Our financial performance is strong and
supports the execution of our strategy. In 2025,
the company’s adjusted EBITDA exceeded
EURM 100. Our business is asset‑light and
generates strong cash flow, and our agile
operating model enables high profitability
even as market conditions change. Despite
acquisitions, our financial position remains
solid, and our continuously developing digital
business supports long‑term earnings growth.
In 2025, our adjusted operating profit exceeded
25% of revenue. Our long‑term financial targets
are to increase the operating profit margin to
30% and to achieve annual revenue growth of
5%. Return on equity was 23%, and our liquidity
position is strong. Our stable dividend‑paying
capacity is based on consistently strong
cash flow generation, and our objective is to
distribute, on average, more than half of the
profit for the financial year as dividends.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Alma Media's total shareholder return (2016 - 2025): +593.6%
Share price performance and dividends paid (2016 - 2025)
ANNUAL REPORT 2025
7
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2025
Important dates related to the
Annual General Meeting and
dividend payment in 2026
26/3 Record date for the Annual
General Meeting
9/4 Annual General Meeting
10/4 Proposed ex‑dividend date
13/4 Proposed record date of
dividend payment
20/4 Proposed dividend
payment date
Information for shareholders
ALMA MEDIA AS AN INVESTMENT
Annual General Meeting
Alma Media Corporation’s Annual General
Meeting (AGM) will be held in the Grand
Ballroom of Scandic Grand Central Helsinki
at the address Vilhonkatu 13, FI‑00100
Helsinki, on Thursday, 9 April 2026, at 12:00
noon EET. The reception of registered par‑
ticipants and the distribution of voting slips
will commence at 11:00 a.m.
Attendance
Shareholders may also exercise their voting
rights by voting in advance.
Participants may register for the AGM from
9:00 a.m. (EET) on 26 February 2026.
Key information about Alma Media’s share
MARKET Nasdaq Helsinki Ltd
SECTOR Media
TRADING CODE: ALMA
ISIN CODE: FI0009013114
2025
MARKET CAPITALISATION MEUR 1,182.2
HIGH: EUR 16.10
LOW: EUR 10.60
CLOSING: EUR 14.35
The Board of Directors’ dividend
proposal
Alma Media’s Board of Directors proposes to
the Annual General Meeting that a dividend
of EUR 0.48 per share be paid for the finan‑
cial year 2025. The dividend will be paid
to shareholders who are registered in Alma
Media Corporation’s shareholder register
maintained by Euroclear Finland Ltd on the
record date of the payment, 13 April 2026.
Financial reporting calendar
in 2026
5/2 Financial Statements
Bulletin 2025
29/4 Interim Report
January–March 2026
12/8 Half‑Year Report
January–June 2026
29/10 Interim Report
January–September 2026
Alma Media applies a 30‑day silent
period before the publication of the
financial statements bulletin, half‑year
reports and interim reports.
Up‑to‑date information on Alma Media
and the financial calendar is available
online at
www.almamedia.fi/en/investors.
ANNUAL REPORT 2025
8
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2025
Drivers of change in the operating environment
ECONOMY AND SOCIETY
• Growing economies in the company’s
Eastern Central European markets
• Global changes in geopolitics and trade
policy, and increased uncertainty
• Long‑term structural challenges in the
Finnish economy
• Ageing workforce in the operating
countries
RECRUITMENT
• Shortage of skilled professionals and
global competition for talent
• Increased workforce mobility
• Employers trying to reach passive
jobseekers
• The rising use of freelancers and leased
employees
• Impacts of technological development on
recruiting
STRUCTURAL CHANGE IN DIGITAL
MARKETING AND SALES
• Digital platforms take on a growing role
throughout the sales and marketing
ecosystem
• Technology giants account for a large
share of digital advertising
• Content and influencer marketing, videos
and visual search are increasingly signifi‑
cant in digital advertising
CHANGING CONSUMER BEHAVIOUR
• Increasing use of AI applications and
a growing capacity to understand and
leverage technology and AI solutions
• AI‑ and data‑driven personalised user
experiences
• The diminishing role of language barriers
and national borders in digital services
• High expectations of a convenient and
secure digital experience and
e‑commerce
HOUSING AND REAL ESTATE
• The digitalisation of the housing and real
estate ecosystem and the increasing use
of electronic transactions
• The impacts of remote and hybrid work
on office space needs and requirements
• Growing popularity of rental housing
• Reducing the carbon footprint of con‑
struction and housing, and the
continuously increasing significance of
sustainable development
GROWTH OF THE PLATFORM
ECONOMY
• The increasing role of platforms and their
influence across broader ecosystems
• The transformation of market structures
and traditional business models, driven
by technology, AI, and data
TECHNOLOGY AND DATA
• Productivity growth in knowledge work, driven
by AI and assistive technologies
• Cyber security and data protection are in‑
creasingly important due to consumer ex‑
pectations, regulatory requirements and the
deteriorating global security situation
• Developing the customer experience, agile op‑
erating models and technological capabilities
as sources of competitive advantage
CARS AND MOBILITY
• Changes in supply and demand driven by eco‑
nomic pressures, digitalisation, artificial intelli‑
gence, evolving consumer expectations, electrifi‑
cation, and political factors
• The shift towards AI‑based platforms, agent‑based
models, and new business models is challenging
traditional channels; the growing role of used car
trading and e‑commerce
• The increasing importance of information in buy‑
ers’ and sellers’ decision‑making, driven by rising
data needs, AI‑based search, and the redirection
of traffic
REGULATION
• Increasingly complex and growing regulation at
the EU level
• Growing importance of data protection and
consumer protection issues
• The increasing popularity of digital services,
the growing volume of data, and the
heightened importance of data protection and
consumer protection
MEDIA
• The continued shift from print to digi‑
tal, the growth of paid content, and the
strengthening of multimodal, data‑ and
automation‑driven news production
• Media consumption diverging by gen‑
eration, platforms diversifying, and the
importance of direct traffic and engaged
audiences increasing
• Eroding trust in institutions, political
influence efforts, and AI‑driven complexity
increasing the value of high‑quality, ethical,
fact‑based journalism
• A tight advertising market, blurred media
categories, and rapid adoption of AI‑ and
data‑driven solutions create opportunities
as well as the need for strong differentia‑
tion
• AI solutions are transforming industry pro‑
cesses and enabling new opportunities
GEOPOLITICAL TENSIONS
• Global political tensions
• Increasing hybrid influence operations
• Uncertainty regarding political and eco‑
nomic developments and the difficulty of
forecasting
• Changes in global trade and tariff policies
• Russia’s war of aggression and its econom‑
ic impacts on Alma's operating countries
ANNUAL REPORT 2025
9
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2025
Report by the Board of
Directors
ANNUAL REPORT 2025
10
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
12
27
Profit performance and
financial position
Alma Media’s share and
shareholders
18
Alma Media’s strategy
22
Risks and risk management
Contents
36
Sustainability Report
ANNUAL REPORT 2025
11
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Group revenue and result in
2025
Alma Media's revenue increased by 4.6% to
MEUR 327.1 (312.7). Business acquisitions
increased consolidated revenue during the
reporting period by 3.0% and MEUR 9.4.
Exchange rate fluctuations had an effect of
0.5% and MEUR 1.6 on the change in revenue
during the review period.
Organic revenue growth, excluding acquired
and divested brands and at local currencies,
was 1.8%. The Group's classified sales
Profit performance and financial position
REVENUE
MEUR
2025
Q1–Q4
2024
Q1–Q4
Change
%
Alma Career 106.3 107.2 -0.8
Alma Marketplaces 115.1 98.3 17.1
Alma News Media 106.3 107.7 -0.8
Segments total 327.7 312.6 4.8
Non-allocated operations -0.6 0.0 -4 337.4
Tota l 327.1 312.7 4.6
39 %
18 %
21 %
16 %
7 %
Classified Advertising
Digital services Content
Other
Revenue split 2025
64 %
4 %
3 %
7 %
2 %
20 %
1 %
Finland Croatia
Sweden Slovakia
Baltics Czech Rep.
Other
Geographical revenue split 2025
increased by 1.1% in local currencies and
amounted to MEUR 126.5. Advertising sales
for the Group as a whole amounted to
MEUR 58.9 (60.0), representing a year-on-
year decrease of 1.9%.
Revenue from digital services increased by
19.9% to MEUR 67.7 (56.5). The share of
digital revenue in the Group as a whole rose
to 85.9% (84.2%) of total revenue.
Adjusted operating profit was MEUR 82.1
(76.9), or 25.1% (24.6%) of revenue. Exchange
rate fluctuations had an effect of MEUR 0.9
on the change in adjusted operating
profit. Acquired businesses in the Alma
Marketplaces segment had an effect of MEUR
1.2 on the development of adjusted operating
profit. Operating profit was MEUR 77.8 (73.4),
or 23.8% (23.5%) of revenue. The adjusted
items are itemised in the table below.
In 2025, adjusted total expenses increased by
MEUR 9.1. The increase in total expenses was
MEUR 10.0. Taking into account the effect of
acquired, divested and discontinued brands,
adjusted total expenses increased by MEUR
3.1. Depreciation and impairment for the peri-
od, included in the total expenses, amounted
to MEUR 18.9 (17.6), including depreciation
arising from acquisitions in the amount of
MEUR 6.6 (6.3).
Profit for 2025 came to MEUR 55.7 (52.6).
Earnings per share was EUR 0.67 (0.64).
ANNUAL REPORT 2025
12
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
ADJUSTED OPERATING PROFIT/LOSS
MEUR
2025 2024 Change
%
Alma Career 42.9 43.5 -1.3
Alma Marketplaces 34.4 28.5 20.6
Alma News Media 17.2 15.5 11.1
Segments total 94.5 87.5 8.0
Non-allocated operations -12.4 -10.6 17.2
Tota l 82.1 76.9 6.8
ADJUSTED ITEMS
MEUR 2025 2024
Impairment losses -0.6 -0.5
Acquisition-related transaction costs and other items recognised
through profit or loss
-1.0 -0.7
Restructuring -1.8 -2.2
Gains (losses) on the sale of assets -0.9 -0.1
Adjusted items in operating profit -4.3 -3.5
Adjusted items in profit before tax -4.3 -3.5
OPERATING PROFIT/LOSS
MEUR
2025 2024 Change
%
Alma Career 42.4 43.1 -1.4
Alma Marketplaces 32.1 27.8 15.4
Alma News Media 16.3 13.7 18.7
Segments total 90.8 84.6 7.4
Non-allocated operations -13.0 -11.2 16.2
Tota l 77.8 73.4 6.0
Business segments in 2025
Alma Media’s reporting segments are Alma
Career, which focuses on the recruitment
business and recruitment-related services
in Eastern Central Europe and Finland,
Alma Marketplaces, which focuses on the
marketplace business, and Alma News
Media, which focuses on the Finnish news
media market and is a pioneer in paid digital
content. Centralised services produced by
the Group’s parent company, as well as
centralised support services for advertising
and digital sales for the entire Group, are
reported outside segment reporting. The
Group’s reportable segments correspond to
the Group’s operating segments.
Alma Career
The Alma Career segment’s revenue was on
par year-on-year at MEUR 106.3 (107.2) in
2025. In local currencies, revenue decreased
by 2.0%. Invoicing in local currencies
increased by 1.4%. Classified advertising
was on a par with the comparison period
at MEUR 86.9 (87.2). In local currencies,
classified advertising decreased by 1.5%.
Advertising revenue decreased by 10.1% and
amounted to MEUR 3.1 (3.4). Sales of digital
services increased by 5.7% to MEUR 11.4
(10.7). Other revenue decreased by 14.2% to
MEUR 5.0 (5.8). The decline in other revenue
was attributable to the decrease in low-mar-
gin staffing services in Latvia.
In 2025, adjusted total expenses decreased
by 0.5% and amounted to MEUR 63.7 (64.0).
In local currencies, adjusted total expenses
decreased by 1.9%. The decrease in
expenses was attributable to lower employ-
ee expenses.
Adjusted operating profit amounted to MEUR
42.9 (43.5) in 2025. The adjusted operating
profit was 40.4% (40.6%) of revenue. The
segment’s operating profit was MEUR 42.4
(43.1).
The adjusted items in the review period and
comparison period were related to opera-
tional restructuring. The adjusted items for
the review period were related to the
restructuring of operations. The adjusted
items for the comparison period were
related to transaction costs arising
from corporate acquisitions and to the re-
structuring of operations. Adjusted operating
profit includes depreciation arising from
acquisitions in the amount of MEUR 0.2.
Alma Marketplaces
The Alma Marketplaces segment’s revenue
grew by 17.1% in 2025 and totalled MEUR
115.1 (MEUR 98.3). Revenue growth exclud-
ing acquired businesses was 8.6%. The share
of digital business in the segment’s revenue
was 95.9% (95.7%).
ANNUAL REPORT 2025
13
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Revenue in the Real Estate business unit in-
creased by 18.1%, and its classified revenue
grew by 14.0%. Visitor numbers on the Real
Estate marketplaces declined by 3.0%, but
average listings increased by 13.1%. The
22.5% revenue growth in Nordic commercial
properties was driven by strong demand in
the Swedish market and by productisation
and pricing reforms.
Revenue in the Mobility business unit
grew by 7.4% to MEUR 37.0 (MEUR 34.4).
Excluding the impact of acquisitions, revenue
growth was 5.0%. Classified revenue in
Mobility increased by 11.4%, and digital ser-
vices grew by 10.8% due to the Netwheels
acquisition. The average monthly number
of visitors to Alma Media’s mobility market-
places declined by 7.6%, and the number of
listings decreased by 3.5%.
Revenue in Insights services increased by
34.4% as a result of the acquisition of Edilex
Lakitieto Oy. Revenue excluding the impact
of acquisitions grew by 1.0%. Licence-based
revenue continued to grow, offsetting the
decline in one-off sales.
Revenue in Comparison Services grew by
10.3% due to the acquisition of Effortia Oy’s
electricity comparison services.
Segment adjusted total expenses increased
by 16.1% to MEUR 81.1 (MEUR 69.8). The ac-
quired businesses accounted for MEUR 7.1
of the increase in adjusted total expenses.
Adjusted total expenses excluding the
impact of acquisitions and disposals grew by
5.8%. Expenses were driven by investments
in product development and marketing for
the Real Estate business.
The segment’s adjusted operating profit was
MEUR 34.4 (MEUR 28.5), representing 29.9%
(29.0%) of revenue. Operating profit was
MEUR 32.1 (MEUR 27.8). The adjusted items
for the review period were related to
transaction costs arising from corporate
acquisitions, business restructuring and
a brand impairment. The adjusted items
for the comparison period were related to
transaction costs arising from corporate
acquisitions. Adjusted operating profit
includes amortisation related to acquisitions
totalling MEUR 5.9 (MEUR 5.6).
Alma News Media
The In 2025, revenue in the Alma News Media
segment decreased by 1.3% and amounted to
MEUR 106.3 (MEUR 107.7). When discontinued
brands and business divestments are taken
into account, revenue was at the level of the
comparison period.
The share of digital business in the segment’s
revenue was 62.6% (59.1%). Content revenue
was at the level of the comparison period and
totalled MEUR 50.8 (MEUR 50.6). When
discontinued brands are taken into account,
content revenue increased by 1.3%. Digital
content revenue grew by 9.5%, offsetting the
decline in print content revenue. Single-copy
sales decreased by 4.7%, and print subscrip-
tion sales declined by 11.2%.
Advertising revenue decreased by 1.9% and
amounted to MEUR 46.3 (MEUR 47.2). When
adjusting for the impact of discontinued
brands, revenue increased by 1.4%. Digital
advertising revenue grew by 2.9%, while
print advertising fell by 22.7%.
Other revenue decreased by 7.3%, or MEUR
0.7, due to the divestment of the Netello
business and a decline in telemarketing
service revenue.
Segment adjusted total expenses decreased
by 3.4% and were MEUR 89.1 (MEUR 92.2).
The decline in expenses was attributable to
discontinued brands, the divested business
and lower printing and distribution costs.
The segment’s adjusted operating profit
strengthened to MEUR 17.2 (MEUR 15.5), and
operating profit was MEUR 16.3 (MEUR 13.7).
The adjusted items for 2025 were related to
the restructuring of operations, the loss on
the sale of a business and an impairment of
artwork. The adjusted items for the compar-
ison period were related to the restructuring
of operations, a brand impairment and a loss
on the sale of a business. Adjusted
operating profit includes amortisation
related to acquisitions amounting to MEUR
0.5 (MEUR 0.5).
ANNUAL REPORT 2025
14
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Balance sheet and financial
position
The balance sheet total at the end of
December 2025 was MEUR 521.6 (MEUR
526.1). The Group's net working capital
amounted to MEUR -47.8 (-45.1), including
MEUR 46.9 (42.6) in advances received. The
Group’s equity ratio at the end of December
was 52.6% (48.6%) and equity per share was
EUR 3.01 (2.82). Cash flow after investments
and before financing was MEUR 58.1 (51.2) in
in 2025.
Cash flow from investments includes:
• the acquisitions of Effortia Oy, and
Edilex Lakitieto Oy,
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 33 months, including extension
options of 12 and 24 months. The loan was
amortised by MEUR 15 in October 2024 and
by MEUR 10 March 2025, and by MEUR 10
December 2025. The remaining principal
on the long-term loan at the end of 2025
was MEUR 125. Alma Media exercised the
12-month extension option in December
2024, and exercised another extension
option of 12 months in December 2025. At
the end of the review period, the maturity of
the financing arrangement was 36 months.
• the acquisition of Suomen Tunnistetieto
Oy, achieved in stages,
• the acquisition of the Decade of Action
and Climatrix businesses,
• an investment in the Hilla Villas busi-
ness; and
• investments in tangible and intangible
assets, totalling MEUR 22.9.
Amortisation of interest-bearing liabilities
included in cash flow from financing
activities amounted to MEUR 51.2. In 2025,
withdrawals of new short-term loans
amounted to MEUR 24, and amortisation
new short amortisation of long-term loans
amounted to MEUR 20.
75.6
79.2
63.0
73.8
81.3
0
20
40
60
80
100
2021 2022 2023 2024 2025
MEUR
Cash flow from operating activities
INTEREST-BEARING NET DEBT
MEUR 2025 2024
Interest-bearing long-term liabilities 150.5 175.3
IFRS 16 lease liabilities 25.5 30.3
Loans from financial institutions 125.0 145.0
Short-term interest-bearing liabilities 8.0 7.1
IFRS 16 lease liabilities 8.0 7.1
Cash and cash equivalents 32.5 42.5
Interest-bearing net debt 126.0 140.0
The financing package also includes a
binding revolving credit facility of MEUR 30
that will be used for the Group’s general
financing needs. The credit limit agreement
has the same maturity as the Term Loan. The
limit was not in use at the end of 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 at the end of 2025. At
the end of December 2025, Alma Media had
interest-bearing debt totalling MEUR 158.5
(182.4). Interest-bearing net debt amounted
to MEUR 126.0 (140.0).
Alma Media has a commercial paper
programme of MEUR 100 in Finland. The
company had MEUR 0 in issued commercial
papers at the end of 2025.
In December 2021, the company signed an
interest rate derivative agreement with a
ANNUAL REPORT 2025
15
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Capital expenditure
Alma Media Group’s capital expenditure in
2025 totalled MEUR 22.9 (22.6). The capital
expenditure consisted of the acquisitions
of Effortia Oy and Edilex Lakitieto Oy, the
phased acquisition of Suomen Tunnistetieto
Oy, the acquisition of the Decade of Action
business, an investment in the Hilla Villas
business, maintenance and product develop-
ment investments, and increases in IFRS 16
lease liabilities.
Research and development
costs
The Group’s 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 costs of MEUR
0.7 (9.9 including transfers from purchases
in progress in 2024) were capitalised on
the balance sheet. There were capitalised
research and development costs totalling
MEUR 9.4 (13.1) on the balance sheet on 31
December 2025.
Changes in Group structure in
2025
Changes in Group structure are described
in the notes to the consolidated financial
statements, in Note 4.2 Subsidiaries, Note
4.3 Business combinations and Note 4.4
Associated companies.
181.8
142.6
145.7
140.0
126.0
109.2 %
69.3 %
65.4 %
59.6 %
50.5 %
2021 2022 2023 2024 2025
MEUR
Interest-bearing net debt Gearing
Interest
-
bearing net debt and gearing
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
the interest rate derivatives was MEUR 1.8 at
the end of 2025.
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 2026, the annual effect
on financial expenses would be MEUR 1.3.
The interest rate derivatives 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.
The average payment-based interest cost
of the Group’s interest-bearing liabilities in
2025 as 3.1% (3.8%).
At the end of 2025, Alma Media had MEUR
4.7 in items created in conjunction with
business combinations or related to contin-
gent considerations and the redemption of
non-controlling interests measured at fair
value and recognised through profit or loss
or recognised directly in equity.
ANNUAL REPORT 2025
16
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
3.0% in Czechia, 5.6% in Slovakia, and 4.5% in
Croatia.
Alma Media’s main operating countries are
dependent on foreign trade. Risks related to
global trade policy and geopolitics are
elevated, and uncertainty in expectations has
grown, which may be reflected in economic
development.
Market situation in the main markets in
Finland
Market development in the automotive
industry
According to statistics provided by the Finnish
Information Centre of the Automobile Sector,
the first registrations of new passenger
cars decreased by 3.0% in 2025 to 71,888
units, while the trade in used passenger
cars increased by 4.1% to 643,000 vehicles.
Towards the end of the financial year,
sales of used cars remained stable, and
registrations of new cars declined by 3.4% in
Q4.
Market development in housing
According to the Central Federation of
Real Estate Agencies, the number of home
sales in 2025 increased by a total of 10.7%
to 58,282 transactions. Of these, 1,685
were transaction of new properties. There
is a record number of homes for sale, and
the number of homes on the market also
increased during the year. In the owner-oc-
cupied housing market, oversupply has
grown as properties under construction and
completed projects add to the inventory.
The rental market also has abundant supply,
which is curbing rent increases. Housing
construction is expected to recover slowly.
Market development in the media business
According to Kantar TNS, a total of 1,261
million euros was spent on media advertising
in 2025, which is 0.7% less than in 2024.
When social media and search advertising are
excluded from the total, media advertising
decreased by 3.0%.
Among industries, the largest increases in
media advertising came from oil and energy
companies, telecommunications services,
and advertisers in the travel and transport
sectors. Advertising in cosmetics, construc-
tion, and clothing declined the most.
Outlook for 2026
Alma Media expects its full-year revenue
of 2026 to remain at the 2025 level and the
adjusted operating profit to grow. The full-
year revenue for 2025 was MEUR 327.1 and
the adjusted operating profit was MEUR 82.1.
Background for the outlook
The outlook is based on an assessment
that the economies in the company’s main
markets are expected to remain broadly
unchanged, while market uncertainty persists.
Fluctuations in the global economy may affect
market developments.
The subdued growth of the Finnish market
and weak consumer confidence are expected
to continue, and advertising is still character-
ised by uncertainty. The Group’s diversified
business portfolio, both geographically across
several markets and across multiple business
areas, together with disciplined cost man-
agement, helps to stabilise the company’s
business performance even in challenging
market conditions.
Description of the operating
environment
In its most recent economic forecast (11/2025),
the European Commission projects economic
growth of 1.4%, inflation of 2.1%, and the
unemployment rate of 5.9% in the EU for 2026.
The Commission forecasts that Finland’s
economic growth will accelerate from 0.1% in
2025 to 0.9% in 2026, inflation will decline from
1.9% to 1.6%, and the unemployment rate will
fall from 9.5% to 9.3%.
The weakening of employment has halted
due to labour force growth and strengthened
incentives. In the industrial sector, employment
and order intake indicate a gradual recovery
in exports, and the economy is moving from
recession toward slow growth. Inflation and
interest rates are expected to remain moderate,
and real wages to increase, but consumer
confidence remains weak. As a result, house-
holds are postponing major purchases for
precautionary reasons, which is reflected in a
higher savings rate in Finland.
In addition to Finland, Alma Media’s main
markets are Czechia and Slovakia in Central
Europe and Croatia in Southern Europe.
According to the Commission’s forecast, GDP
growth in 2026 is expected to be 1.9% in
Czechia, 1.0% in Slovakia, and 2.9% in Croatia.
The unemployment rates are estimated to be
ANNUAL REPORT 2025
17
FINANCIAL
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REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Our strategy focuses on businesses where
we create significant added value for the
end customer and where our competitive
advantage enables profitable growth. Our
key business areas are marketplaces and
related services in recruitment, mobility,
housing and commercial real estate, news
media, and information services for busi-
nesses.
In line with our strategy, our marketplaces
are evolving into advanced, AI-driven
platforms that enable seamless digital
processes for our customers. Our media
business continues a controlled transition
Alma Media’s strategy
from print to fully digital media, enabling
scalable and profitable growth. In our
information services, we are developing
AI- and data-driven solutions to enhance our
customers’ processes.
A key objective is to grow the committed
audience using our services and to develop
personalised services for our customers. We
seek growth by strengthening our offering
across the different stages of the value
chains in our business areas and by ex-
panding into new international markets. We
support organic growth through acquisitions.
We continuously develop our technology
and capabilities to accelerate transformation
and growth. The large-scale use of artificial
intelligence in product and service develop-
ment and in process optimisation enables
faster time-to-market and more agile
operations.
We continually seek synergies across our
businesses to drive growth and efficiency.
We direct user traffic between services, grow
audiences, collect, refine and commercialise
data, and leverage shared technology, plat-
forms, expertise and operations. In Finland,
we invest in common media sales.
Scalability
• We scale existing assets to create new products and services.
• We expand businesses to new geographical areas.
• We leverage synergies through efficient co-operation.
Transformation
• We streamline customer processes by integrating services into platforms.
• We increase operational agility to speed up time to-market.
• We advance customer-centric, product-led development with AI.
Growth
• We increase customer value and diversify revenue streams.
• We develop the best human and technology capabilities.
• We accelerate growth through M&A.
Group strategy implementation
during the year
We moved from experimentation to the per-
manent use of artificial intelligence across
all areas of our business while simultane-
ously building group-wide AI capabilities.
Shared operating models, continuous skills
development and a unified data foundation
enable faster innovation and more efficient
scaling. AI was utilised both in internal
processes, such as automated reporting and
forecasting, and in customer-facing solutions,
including bots, personalisation and targeted
communications. Key initiatives included the
optimisation of subscription pages, AI-based
targeting of newsletters, and pilot projects in
comment-section moderation. Employees’
skills were strengthened through training and
the sharing of best practices.
Significant launches included among others:
semantic search on Etuovi.com, Iltalehti’s AI
chat and AI-powered podcast, Sophi (an AI
system for optimising Kauppalehti’s paywall)
as well as the AI Moderator for content mod-
eration. On the B2B side, Edilex AI enhances
the retrieval of legal information, while
Teamio and Seduo produce career-related
content using artificial intelligence. Atmoskop
automatically summarises employee feed-
back, and Autohuuto uses AI-based features
to add pros and cons to car listings.
ANNUAL REPORT 2025
18
FINANCIAL
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REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
The company was also recognised at the AI
Finland Gala: it won Data Project of the Year
for Asuntopuntari and placed among the top
three in the Most Innovative AI Pilot of the
Year category for Jobly Vibes.
Alma Media’s business
segment strategies and their
implementation during the year
Alma Career
• Recruitment advertising, staffing and
recruitment services, and the develop-
ment of career and employer branding.
• Leading recruitment services in Eastern
Central Europe, including Jobs.cz,
Prace.cz, Profesia.sk, MojPosao.net
and MojPosao.ba, as well as Jobly.fi in
Finland.
• The Seduo online learning platform and
the Prace za rohem mobile service.
• Operates in nine European countries.
Alma Career’s objective is to further
strengthen the segment’s position in the
Eastern Central European recruitment
market and to expand into new services
supporting job search and employers’
needs. These include technologies and
value-added services related to job postings,
as well as digital services designed for HR
professionals.
The internationalisation of our recruitment
businesses continues to progress strongly,
while we also actively seek new growth
opportunities within our existing markets.
The main phase of the Career United
programme, aimed at strengthening internal
cooperation within the segment and
improving productivity, was completed as
the organisational and operating model
changes planned under the programme
were finalised. The system architecture and
back-end system renewal projects initiated
as part of the programme will continue
during 2026. The renewals are being
implemented in phases, and by the end of
2026 the transition to cloud services will be
completed. As a result, overlapping capacity
costs are expected to begin decreasing as
planned.
As part of the system renewals, the CV
databases of different countries were
consolidated into a single Alma Career–
level database, and AI-based job search
technology was deployed across all core
operating countries’ job portals. Prace.cz in
Czechia was the first job platform to fully
adopt the new platform technology.
Jobly Vibes, a video-based summer job
application service for young jobseekers
launched in Finland, was introduced towards
the end of the year and achieved strong
market traction by the end of the financial
year. The service will be expanded to the
Croatian market during the first half of 2026.
The purchasing of programmatic recruitment
advertising was added to the product
portfolios in the Czech Republic and Slovakia
and will be rolled out to other markets during
2026.
Development of product and visibility
packages at different levels continued in order
to better respond to the evolving recruitment
needs of various customer segments.
Alma Marketplaces
• Leading marketplaces for housing,
commercial real estate and mobility.
• Systems for residential property and
vehicle transactions.
• Digital information services.
• Comparison services.
• Operations in Finland and Sweden.
The offering comprises leading marketplaces
for housing, commercial premises and mobility,
comparison services, systems for professionals
in the housing and automotive trade, as well as
the Insights business focused on data and infor-
mation services. The segment’s competitiveness
is based on a comprehensive range of solutions
serving both buyers and sellers, the strong reach
of its marketplaces, and access to unique data
sources.
The most well-known brands within the Real
Estate business unit include Etuovi.com,
Vuokraovi.com, Toimitilat.fi, Kauppalehti
Toimitilat, and Objektvision in Sweden. The
offering also includes the DIAS digital housing
transaction service, property information
services, and real estate agency systems
OviPro and Kivi.
The Mobility business unit consists of leading
automotive marketplaces such as Nettiauto
and Autotalli.com, as well as vehicle verticals
including Nettimoto and Nettikone. The unit also
provides systems and data services for the
automotive trade, as well as auction services
such as Autohuuto, Tukkuautot.fi and Baana.
The Insights business unit provides companies
and professionals with analysed company and
decision-maker data as well as legal content
that supports business development, deci-
sion-making and regulatory compliance. The
service portfolio comprises Business Insights
(company and decision-maker data) and Legal
Insights (legal content services), the key services
of which include Edilex and Suomen Laki.
The Comparison Services business unit con-
sists of several leading brands in their respec-
tive fields, including Autojerry, Urakkamaailma,
Nettimökki, Etua.fi and Sähkövertailu.fi.
Within the Marketplaces segment, the acqui-
sitions of Edilex Lakitieto Oy (from 1 February
2025) and Effortia Oy (from 1 September 2025)
are reported.
ANNUAL REPORT 2025
19
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
During the financial year, the segment contin-
ued to expand its offering, renew services and
systems, and integrate artificial intelligence into
customer solutions and internal processes.
The transition towards a customer-centric
product organisation progressed as planned.
The use of generative AI was expanded, and
new AI-based features were introduced across
an increasing number of products.
Mergers and acquisitions were actively
pursued throughout the year. In February,
Edilex Lakitieto Oy was acquired and
integrated into the Legal Insights unit. In
April, an ESG reporting service for assessing
corporate responsibility and supplier risks
was acquired from Decade of Action Oy. In
September, Effortia Oy was acquired, whose
services include Sähkövertailu.fi, VertaaEnsin.
fi, Asuntojenmyynti.fi and Neliöhinta.fi. In
November, the real estate offering was further
expanded through the acquisition of the
Climatrix business, a service for the assess-
ment and reporting of physical climate risks.
During the financial year, digital housing
transactions became the most popular way to
complete housing company share transactions
in Finland. A consent service for digital share
certificates was introduced on the DIAS
platform, and the multilingual expansion of the
service was initiated.
Vuokraovi migrated to a shared technology
platform with Etuovi, and customer deploy-
ments of OviPro continued. The new platform
enhances the efficiency of real estate agents’
work, strengthens the customer experience
and improves data security. These devel-
opments support Alma Media’s objective
of building the most comprehensive digital
ecosystem for housing transactions.
Within Legal Insights, the generative AI–based
Edilex AI service was launched, providing fast
and reliable, well-reasoned answers to legal
questions. The service was expanded to new
content areas, and a partnership programme
was developed for legal literature to enable
the utilisation of content on third-party AI
platforms.
In the Mobility business unit, focus areas
included the development of the WebSales
Cloud project, the modernisation of listing
systems, and the expansion of data services.
In the Comparison Services business unit,
the paid platform model of Nettimökki was
expanded and the rollout of AI-based features
continued.
Alma News Media
• Operates in Finland as a multi-channel
digital news and business media group.
• Iltalehti is a nationwide news media
outlet and a forum for public debate,
known for its strong real-time news
coverage, diverse content concepts
and digital leadership. Iltalehti was the
first afternoon newspaper in Finland to
introduce a consumer-oriented digital
subscription model.
• Kauppalehti is Finland’s leading busi-
ness and financial news media and a key
source of information for professionals.
The portfolio also includes Talouselämä,
Tekniikka&Talous, Tivi and Arvopaperi,
which provide in-depth expert content
across various areas of business and
technology.
• Alma News Media’s digital services
reach approximately 3 million Finns on
a weekly basis, offering advertisers an
impactful, data-driven and brand-safe
environment.
• The segment is a developer of digital
subscription-based business models
and continuously invests in technology,
data and user experience with the
aim of increasing reader revenue and
strengthening a sustainable digital
business.
Alma News Media continuously develops its
content and platforms with the objective of
further increasing stable, subscription-based
revenue across both Iltalehti and its business
media portfolio. The segment produces
news and utility content, while continuously
enhancing the reader experience, subscrip-
tion packaging and the advertising products
built around the content.
Investments in product development,
such as video and audio formats, support
the growth and diversification of media
audiences.
During the financial year, Alma News Media
continued the systematic development of its
digital services and the extensive utilisation
of artificial intelligence in both editorial
processes and commercial services.
The segment completed a wide-ranging
programme of content, product and platform
development. At Iltalehti, a new consent and
cookie model was implemented to improve
targeted advertising. Kauppalehti renewed
its market services, strengthening the
combination of journalism and market data
through services such as Talousaamu and
Kauppalehti Teknologia.
AI-assisted solutions, including the Sophi
paywall and enhancements to article audio
listening services, supported the transition
towards a sustainable model based on
digital content sales.
AI tools were also utilised to support
content production, moderation, and the
improvement of service discoverability and
user interaction. These initiatives repre-
sented a clear step forward, modernising
the segment’s service level, strengthening
competitiveness, and expanding data-driven
and AI-based capabilities.
ANNUAL REPORT 2025
20
FINANCIAL
STATEMENTS
REPORT BY THE
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
During the financial year, the Netello
business, which focused on search engine
optimisation, digital advertising and web
service development and formed part of the
segment, was divested.
Long-term targets
The Group’s long-term financial targets, set
by the Board of Directors, are related to
business growth, profitability and solvency.
They are based on our view of changes in
the operating environment, the competitive
landscape and the progress of the transfor-
mation strategy.
The Group's long-term financial targets, set
by the Board of Directors, were updated and
published on 5 February 2025.
Going forward, the long-term financial
targets are as follows: annual revenue
growth of more than 5% (unchanged),
adjusted operating margin of more than 30%
(previously: more than 25%) and a net debt/
EBITDA ratio of less than 2.5 (unchanged).
The targets reflect the company's structure,
strategy and ambition as a provider of
advanced platform solutions in the areas
of recruitment, mobility, housing, premises,
information services and media.
19.6
12.1
-1.2
2.5
4.6
-5
0
5
10
15
20
25
2021 2022 2023 2024 2025
Reported Target-level 5 %
%
Revenue growth
22.2
23.8
24.1
24.6
25.1
0
5
10
15
20
25
30
35
2021 2022 2023 2024 2025
Reported Target-level 30 %
%
Adjusted operating profit margin
2.3
1.6 1.6
1.5
1.3
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2021 2022 2023 2024 2025
Reported Target-level <2.5
Net Debt / EBITDA ratio
ANNUAL REPORT 2025
21
FINANCIAL
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
At Alma Media Group, the purpose of risk
management is to identify, assess and
manage opportunities, threats and risks
arising from business operations in order to
achieve the set objectives and to safeguard
business continuity.
Risk management forms part of Alma
Media’s internal control framework and is
therefore an integral element of good corpo-
rate governance and management practices.
The Group applies a uniform risk assessment
and reporting model and actively monitors
developments in national, EU-level and
international regulation, including regulation
related to data protection, digital services
and artificial intelligence. Risk management
also covers risks related to data and
artificial intelligence (AI).
Risks are classified into strategic, opera-
tional (business continuity), financial, and
governance and sustainability-related
risks. In addition, risks related to artificial
intelligence and data are monitored as a
cross-cutting risk area that may materialise
across all risk categories. Risk prioritisation
takes into account the impact and likelihood
of occurrence as well as reputational and
environmental effects, in addition to potential
financial impacts.
Each business area and unit is responsible
for managing risks related to its own opera-
tions, including the responsible and secure
use of data and artificial intelligence.
Strategic risks
Alma Media’s most significant strategic
risks relate to the economic operating
environment, rapid changes in the compet-
itive landscape and customer behaviour,
technological development, and changes in
regulation. The utilisation of artificial intel-
ligence and customer data is an important
competitive factor; however, it also involves
risks, such as incorrect technology choices,
falling behind in the adoption of AI, or the
use of AI in ways that undermine customer
trust.
Operational risks and business
continuity
The management of operational risks and
business continuity focuses on risk control
and mitigation.
Key operational risks include disruptions in
information technology and communications,
cyber risks, and malfunctions in AI systems.
Operational AI-related risks include, for
example, system errors, low-quality training
data and the misuse of generative AI, which
Risks and risk management
may lead to incorrect decisions, service
interruptions or breaches of confidentiality.
Risk management is supported, among other
measures, through the development of
predictive automation, regular information
security and data protection training, and
guidance provided also to subcontractors.
Financial risks
Financial risks are identified in relation to
market, liquidity and credit risks, as well as
risks related to operational activities and
financial reporting. Artificial intelligence may
increase financial risks, for example through
inaccurate AI-based forecasts, errors in au-
tomated decision-making, or AI investments
that deliver lower-than-expected returns.
Corporate governance and
sustainability
Governance and sustainability-related risks
are associated with compliance with laws,
regulations and industry standards, as well
as potential financial impacts and reputa-
tional damage.
Risks related to good governance and
corporate responsibility are described in
more detail in the Sustainability Report.
ANNUAL REPORT 2025
22
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Risk Risk definition Risk mitigating actions
Strategic risks
Uncertainty in the
economic operating
environment
The negative impacts of macroeconomic cycles and the downturn on the Group’s business
operations. Negative impacts arise particularly from the decline of the advertising market and
market volumes (demand or supply) in the Group’s significant business areas in recruitment,
housing or the automotive sector. The impacts of cost inflation on profitability.
The active development of the company’s business portfolio and strengthening stable business
models. Expanding into several markets in addition to the domestic market. The ability to react
quickly helps adapt costs during market cycles.
Increased global uncertainty and geopolitical risks in our operating countries can have a
significant impact on the demand for services and cause significant production disruptions in
business processes.
Continuous monitoring and reacting quickly to the changing environment. The organisation’s
ability adapt its operations to the prevailing circumstances. Responding in accordance with the
continuity plan if necessary.
Rapid changes in
consumer behaviour
The ability to utilise the growing amount of customer data in delivering better and more
targeted service solutions. The capacity of product and service development to anticipate
changes in customer needs. Third-party cookies cannot be used for data collection and,
subsequently, for targeting advertising and content sales.
Business development driven by customer needs. Measures to promote digital business com-
petitiveness and data management. Sufficient investments and resources in data management
and systems as well as the development of data privacy procedures and employee compe-
tence. Increasing the number of registered users of services and increasing the use of Alma ID.
Changes in media behaviour that cause a significant drop in subscribers and readers, result-
ing in a permanent decline in digital advertising sales.
Maintaining and developing an interactive media-reader relationship, ensuring that content is
interesting, customer satisfaction surveys, Alma Media’s internal cooperation in content production,
content sales, advertising sales, support functions and product development. Distribution partner-
ships and cooperation with publishers.
Change in the com-
petitive landscape
and intensifying
competition
Expansion of international platforms, industry convergence, reduced price competitiveness.
Technological solutions and implementations by platform providers that restrict the oper-
ations of other companies. AI-enabled services and market participants may rapidly alter
competitive dynamics and influence how users are directed to, or diverted away from, Alma
Media’s services.
Service business development, active development of the existing business, diversification of
revenue sources, geographic diversification of business.
Changes in the business model of marketplaces, the capacity of product and service devel-
opment to assess changes in consumer behaviour or invest in the appropriate technological
service solutions. Inappropriate data and AI technology choices, or delays in the adoption of
AI, could have an adverse effect on competitiveness and service quality.
Business development is driven by customer needs, with measures aimed at strengthening the
competitiveness of digital operations. This includes the development of service user inter-
faces, purchase journeys and payment systems, as well as ensuring adequate investments
and resources for research and development. Business units develop AI-enabled features to
enhance competitiveness and to protect the quality of Alma Media’s brands, journalism and
marketplaces.
New competitive business models challenge the existing business operations. Aggressive
competition for market share.
Continuous development of the organisation and ensuring an agile decision-making model.
Continuous monitoring of the market and rolling strategy work.
Significant changes
in the regulatory
environment
Authorities’ interpretations related to the practical application of data protection regulation
and the expanding data regulation within the EU. Breaches of the General Data Protection
Regulation or other data protection legislation.
Internal training, monitoring legislation and the regulatory interpretations of the authorities,
building processes for legally required changes in the organisation. The responsible use of AI is
guided by clear principles and training.
The impacts of the EU data regulatory package (DSA, DMA, DGA, Data Act and AI Act) on
Alma Media remain partly uncertain. The regulation may increase requirements related to
the use of data, platform operations and the transparency, documentation and oversight of
artificial intelligence. The final interpretations of the regulation may have a significant impact
on business processes, the utilisation of data and partnership ecosystems.
Scenario analyses and preparedness for different regulatory interpretations are carried out in
cooperation with the business units. Internal training and the strengthening of organisational
capabilities in data and AI regulation. Active monitoring of legislative developments, authorities’
interpretations and changes in gatekeeper ecosystems. Continuous assessment of compliance
with AI and data regulation requirements, as well as the reinforcement of processes and docu-
mentation integrated into risk management.
ANNUAL REPORT 2025
23
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Risk Risk definition Risk mitigating actions
Operational risks
Risks related to
cybersecurity and
data security
Viruses, worms, ransomware, and other malware that can compromise system access and
data. Unauthorised use of the company’s systems or theft of sensitive information, including
data breaches involving customer data. Disruption of the company’s internal or external
services due to hostile action, such as denial-of-service attacks.
Adequate plans and resources for responding to and recovering from cyber attacks. Increas-
ing employee awareness through data security training. Securing, controls and monitoring of
workstations, mobile devices and cloud software. Systematic installation of data security and
software updates, reacting quickly to acute vulnerabilities. Regular interaction with, and partici-
pation in, authorities’ communications, guidance and exercises.
Inadequate information security practices of third parties, suppliers and partners may
increase vulnerabilities. Cyber security threats may also be intensified by the wider use of
artificial intelligence, such as automated phishing and social engineering, as well as the use
of unauthorised tools (“shadow IT/AI”), which may increase the risk of data breaches and
complicate oversight.
Critical suppliers are identified and their cyber security capabilities are monitored, with access
management implemented in accordance with agreed policies. In addition, personnel are
instructed and trained in the secure use of AI tools and the handling of confidential information,
and approved tools and operating practices are clearly defined.
Technology
infrastructure
vulnerabilities
Disruptions to the company’s own IT solutions or services aimed at customers due to inade-
quate scalability or flexibility.
Designing solutions to be resilient and scalable and moving them from the company’s own data
centres to the public cloud. Testing for errors and deviations.
Disruptions to services due to unexpected interruptions in technical infrastructure, including
faults in data centres and networks.
Identifying critical infrastructure and preparing contingency and recovery plans.
The loss of critical information, including software source code and backups of unique data,
may have a significant impact on business operations. In addition, AI-enabled functionalities
may involve specific risks, such as the effects of low-quality data and attacks that may result
in incorrect outputs or unintended actions.
Alma’s services are protected against denial-of-service attacks, including through the use of
content delivery networks. Backup mechanisms are in place for critical information, and data
recovery is regularly tested. With respect to AI functionalities, changes and deployments are
implemented in a controlled manner, and quality and anomalies are monitored as part of
normal oversight.
Copyright The leakage of business-critical information and trade secrets, as well as the unauthorised
use of published content or data and challenges related to the use of open-source software,
may pose risks. These risks may be further increased by the terms and conditions of AI
solutions and by how data and content are used in AI systems, particularly where confidential
materials are processed or unauthorised tools are used.
Effective practices are in place to protect business-critical information and source code. The
use of open-source software and compliance with applicable licence terms are actively moni-
tored. Practices and guidance for the use of artificial intelligence, including principles governing
the handling of materials and data, are defined, and personnel are trained accordingly.
Disturbances
related to supply
chain stability and
management
Challenges in the availability of materials, goods, tools and services may arise. Disruptions in
the delivery of third-party software or services may occur due to unexpected supplier issues
or unnoticed end-of-life situations. This also applies to critical digital services and tools,
including AI services, whose availability, terms of use, pricing or lifecycle may change rapidly.
Critical suppliers are regularly assessed, and technology choices that support multiple suppli-
ers are favoured. The use of third-party software, services and customer support within Alma
Media is monitored, end-of-life situations are identified in a timely manner, and alternative
solutions and continuity arrangements are ensured where necessary, including for critical tool
and service portfolios.
Employees and
expertise
Employee turnover and ensuring critical competencies. With respect to critical competences,
particular emphasis is placed on the capability to manage changes in, and the deployment of,
digital services, cyber security, and data and AI solutions.
Continuous competence development is ensured through training and coaching. Future com-
petence needs are identified and development measures are focused accordingly. Employee
wellbeing and occupational safety are supported by providing a wide range of measures to
promote and maintain wellbeing at work. In addition, practices related to the responsible and
secure use of artificial intelligence are strengthened as part of competence development.
Occupational safety and employee workload. We look after the well-being at work and occupational safety of employees by providing
diverse support for developing and maintaining well-being at work.
ANNUAL REPORT 2025
24
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Risk Risk definition Risk mitigating actions
Employees and
expertise
Uncontrolled growth of employee expenses and rising labour costs and/or declining produc-
tivity.
Reward and incentive processes and practices are developed, and market salary data is close-
ly monitored.
Physical safety Threats to the physical safety of employees at the company’s premises: a threatening intru-
sion, burglary or other violent act against employees.
Security guard arrangements for business premises and other measures to promote security.
Guidelines and regular exercises to prepare for threatening situations.
Financial risks
Operative risks
Misconduct concerning the company’s assets. Effective internal control environment processes and monitoring measures. Utilisation of
system controls as the first priority and monitoring critical processes. Effective reporting of
deviations. Preventing dangerous work combinations.
A material error in the company’s reporting or the company’s inability to meet regulatory
requirements.
The operating model for the reporting process and ensuring adequate controls. Developing
employee competence and utilising system controls.
Market risks
A significant increase in interest rates. Treasury policy and the hedging principles defined therein.
A significant change in exchange rates (CZK, USD, SEK) and the negative impact of the chang-
es on the company’s financial results and financial position.
Treasury policy and the hedging principles defined therein.
Impairment of goodwill or other non-current asset and consequent write-downs. Regular monitoring and rolling strategy work.
AI related risks
in the finance
Biased, incomplete or poorly documented data and AI models may lead to incorrect financial
interpretations, distort forecasts and pricing, and weaken the detection of fraud and anoma-
lies, as well as the effectiveness of controls in financial processes.
The increasing use of automation and AI solutions may create control gaps, increase depen-
dence on third parties, weaken segregation of duties and reduce human oversight, as well as
increase data protection and cyber security risks and failures in change management.
Strong data governance and clearly defined responsibilities, validation and quality assurance,
explainability and documentation, version control, back-testing, as well as continuous monitor-
ing and the reporting of anomalies.
Clear operating models and responsibilities, human oversight (human-in-the-loop) in key deci-
sions, documented model risk management principles, access and authorisation management,
audit trail logging, independent reviews, and change management controls.
Liquidity risks
The company is unable to cover its maturing obligations in the short term. Treasury policy, financing plan and agreements, sufficiently long maturity of loans, sufficient eq-
uity ratio. Alma Media renewed its long-term financing agreement with a maturity of 36 months.
The financing agreement includes an extension option of 12/24 months.
The company is unable to renew maturing financing agreements. Treasury policy, financing plan and agreements, sufficiently long maturity of loans, sufficient equity
ratio. Alma Media renewed its long-term financing agreement with a maturity of 36 months. The
financing agreement includes an extension option of 12/24 months.
Alma Media’s ability to satisfy the terms of financing agreements, especially covenants. Operating guidelines and the continuous monitoring of covenants. Proactive risk identification
and preparing for risks in advance.
Credit risks
Customer insolvency and credit loss risks. The need to extend the payment terms of custom-
er receivables and the resulting negative impact on working capital.
Credit policy and the assessment of credit customers before granting a payment period. Moni-
toring and active collection measures.
The inability of suppliers and partners to fulfil their obligations, resulting in disruptions to the
company’s operational reliability.
Careful assessment of suppliers and other partners and the monitoring of contractual relation-
ships. Active measures.
ANNUAL REPORT 2025
25
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Risk Risk definition Risk mitigating actions
ESG risks
Risks related to the
environment
Alma Media’s operations do not place a significant burden on the climate. The Company is
committed to halving its greenhouse gas emissions between 2019 and 2030. The risk is that
the Company may not achieve its set targets.
Alma Media manages its environmental risks by systematically developing its operations in line
with its science-based SBTi climate targets and by engaging key suppliers in the Company’s
climate objectives. With respect to procurement, environmental risks are mitigated by Alma
Media’s operations in ten European countries. Procurement in all country units is concentrated
in domestic or nearby regions, where companies are subject to comprehensive oversight.
Governance-related
risks
Managing increasing data regulation and having the capability to to respond to regulatory
requirements.
Alma Media actively monitors upcoming regulatory changes in order to identify business op-
portunities and risks.
Misconduct related to intellectual property rights (deliberate and unintentional). Careful preparation of contractual terms and terms of use, measures and controls in the tech-
nology infrastructure.
Loss of reputation as a trusted partner, inability to comply with regulations or stakeholder
expectations.
Continuous employee training and monitoring. Continuous updating of the Code of Conduct. All
Alma Media employees complete the training regularly.
Social responsibility:
Own employees
Decline in employer reputation and in having a reputation as a reliable employer. In our human resources policy, we observe fair, transparent and open policy principles. We
continuously monitor employee satisfaction with various surveys.
Employee safety and inappropriate treatment. The Group’s occupational safety committee, together with supervisors, ensures compliance
with occupational safety requirements and that the instructions and policies issued cover the
requirements for a safe working environment.
Social responsibility:
consumers and
customers
The erosion of the appreciation and reliability of media content. The challenges associated
with monitoring and managing content delivered in a digital environment.
Developing editorial teams’ practices and employee competence. Reader satisfaction surveys,
customer contacts and feedback. Participation in journalism industry events and organisations.
Failures and errors in the careful processing of consumer customers’ data and compliance
with the GDPR and/or other data protection regulations.
Investments in technology, developing internal data processing practices and strengthening
employee competence.
Fraudulent or criminal activity by a customer through a marketplace or platform operated by
the company.
Adequate restrictions on the use of the services. Product development measures aimed at user
safety and reliability.
Social responsibility:
Supply chains and
partnerships
Failure in supplier selection. Careful assessment of suppliers before signing an agreement. Procurement-related policies
and guidelines.
Ethics violations by the Group’s subcontractors or employees could potentially have financial
or legal repercussions for Alma Media and they could damage the Group’s reputation.
Alma Media requires all of its employees and its most significant subcontractors to commit to the
Group’s ethical business principles and takes a goal-driven approach to the development of its
organisational culture and operating methods and strives to minimise risks through target setting,
reporting and communication, among other things.
ANNUAL REPORT 2025
26
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Annual General Meeting 2025
Alma Media Corporation’s Annual General
Meeting (AGM) held on 10 April 2025
confirmed the financial statements for
2024 and released the members of the
Board of Directors and the President and
CEO from liability. The AGM confirmed the
Remuneration Report for the Governing
Bodies. The AGM decided that a dividend of
EUR 0.46 per share be paid for the financial
year 2024.
Composition of the Board of Directors
In accordance with the proposal of the
Shareholders’ Nomination Committee, the
Annual General Meeting resolved that the
Board of Directors shall comprise seven (7)
members. In accordance with the Board’s
rules of procedure, the Board Secretary is
Mikko Korttila, General Counsel of Alma
Media Corporation.
The Annual General Meeting elected the
following current members to the Board
of Directors for a term of office ending
at the close of the next Annual General
Meeting: Eero Broman, Heikki Herlin, Ari
Kaperi, Alexander Lindholm and Catharina
Stackelberg-Hammarén. In addition, Marika
Auramo and Hanna Kivelä were elected as
new members of the Board for the same
term of office.
the close of the Annual General Meeting
2026, the annual remuneration shall be as fol-
lows: EUR 75,700 (previously EUR 68,800) for
the Chair of the Board, EUR 48,400 (previous-
ly EUR 44,000) for the Vice Chair, and EUR
39,400 (previously EUR 35,800) for the other
members of the Board.
In addition, a meeting fee shall be paid for at-
tendance at meetings of the Board of
Directors and its committees as follows: EUR
1,500 to the Chair of the Board and the Chair
of the Audit Committee, EUR 1,000 to the
Chair of the Nomination and Remuneration
Committee, EUR 700 to the Vice Chairs of the
Board and committees, and EUR 500 to the
members of the Board and committees.
Travel expenses of the members of the Board
of Directors shall be reimbursed in accor-
dance with the Company’s travel policy.
The meeting fees shall be paid per meeting
and increased as follows:
• doubled for (i) persons resident outside
Finland but within Europe, and (ii)
meetings held outside Finland but within
Europe; and
• tripled for (i) persons resident outside
Europe, or (ii) meetings held outside
Europe.
Based on the resolution of the Annual
General Meeting, each member of the
Board of Directors shall acquire Alma Media
Corporation shares from the market on
a regulated market at the price formed
in trading on Nasdaq Helsinki, using ap-
proximately 40 per cent of the net annual
remuneration paid to the member, taking
into account withholding tax. The acquisition
of the shares shall be carried out within
two weeks of the publication of the Interim
Report for January–March 2025 or, if this
is not possible due to insider regulations,
at the first possible time thereafter. If the
shares could not be acquired by the end
of 2025 due to, for example, ongoing
insider projects, the annual remuneration
shall be paid in cash. The shares acquired
may not be transferred for as long as the
individual serves as a member of the Board
of Directors. The Company shall bear any
transfer tax incurred in connection with the
acquisition of the shares.
Auditor’s remuneration and
appointment
In accordance with the recommendation
of the Audit Committee of the Board of
Directors, the remuneration of the auditor
shall be paid based on invoices approved by
the Company.
At its organising meeting held after
the Annual General Meeting, the
Board of Directors elected Catharina
Stackelberg-Hammarén as Chair of the
Board and Eero Broman as Vice Chair of the
Board.
With the exception of Alexander Lindholm,
Heikki Herlin and Eero Broman, the Board of
Directors has assessed the elected members
to be independent of the Company’s signif-
icant shareholders. Alexander Lindholm is
the President and CEO of the Otava Group,
Heikki Herlin is the Chair of the Board of
Mariatorp Oy, and Eero Broman is a member
of the Board of Directors of Otava Oy.
The Board of Directors also appointed the
members of its committees. Hanna Kivelä
and Alexander Lindholm were elected as
members of the Audit Committee, with Ari
Kaperi appointed as Chair of the Committee.
Catharina Stackelberg-Hammarén was
elected as Chair of the Nomination and
Remuneration Committee, with Heikki Herlin
and Marika Auramo appointed as members.
Remuneration of Board members
The Annual General Meeting resolved, based
on the proposal of the Shareholders’
Nomination Committee, to increase the annu-
al remuneration of the members of the Board
of Directors. For the term of office ending at
Alma Media’s share and shareholders
ANNUAL REPORT 2025
27
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Based on the recommendation of the
Audit Committee of the Board of Directors
submitted to the Annual General Meeting,
the authorised public accounting firm Ernst
& Young Oy was elected as the auditor of
Alma Media Corporation for the financial
year 2025. Ernst & Young Oy has notified
the Company that the auditor in charge is
Authorised Public Accountant Terhi Mäkinen.
Based on the recommendation of the
Audit Committee of the Board of Directors
submitted to the Annual General Meeting,
the authorised sustainability audit firm Ernst
& Young Oy was elected as the assurer of
the Company’s sustainability reporting for
the financial year 2025. The remuneration
for the assurance engagement shall be
paid based on invoices approved by the
Company.
Authorisation of the Board of Directors
to decide on the acquisition of own
shares
The Annual General Meeting authorised the
Board of Directors to decide on the acquisi-
tion of a maximum of 824,000 own shares,
in one or more instalments. The maximum
number of shares corresponds to approxi-
mately one (1) per cent of the total number
of shares in the Company.
The shares shall be acquired using the
Company’s unrestricted equity through
trading on a regulated market organised
by Nasdaq Helsinki Ltd in accordance with
its rules and guidelines. Consequently, the
acquisition shall be carried out otherwise
than in proportion to the shareholdings of
the shareholders (directed acquisition).
The consideration payable for the
shares shall be based on the price of the
Company’s share on the regulated market so
that the minimum price shall be the lowest
market price quoted during the validity of
the authorisation and the maximum price
shall be the highest market price quoted
during the validity of the authorisation.
The shares may be acquired to develop
the Company’s capital structure, to
finance or implement acquisitions or other
arrangements, or to implement incentive
schemes for management or key employees,
or otherwise to be transferred further or
cancelled.
The authorisation shall be valid until the next
Annual General Meeting, however no later
than 30 June 2026.
Authorisation of the Board of Directors
to decide on the transfer of own shares
The Annual General Meeting authorised the
Board of Directors to decide on a share
issue by transferring own shares held by the
Company. Under the authorisation, a maxi-
mum of 824,000 shares may be transferred,
corresponding to approximately one (1) per
cent of the total number of shares in the
Company.
Directors. The authorisation may not be
used to implement incentive schemes for the
Company’s management or key employees.
The authorisation shall be valid until the
next Annual General Meeting, however no
later than 30 June 2026. The authorisation
revokes the corresponding share issue
authorisation granted by the Annual General
Meeting on 5 April 2024, but does not revoke
the share issue authorisation referred to
above.
Donations
The Annual General Meeting authorised the
Board of Directors to decide on donations
amounting to a maximum total of EUR
100,000 for charitable or comparable
purposes, and to decide on the recipients,
purposes and other terms of the donations.
Dividend
In accordance with the proposal of the
Board of Directors, the Annual General
Meeting resolved that a dividend of EUR
0.46 per share be paid for the financial year
2024. The dividend was paid to shareholders
registered in the Company’s shareholder
register maintained by Euroclear Finland
Ltd on the record date of 14 April 2025. The
dividend was paid on 23 April 2025.
The Board of Directors may decide on a
directed share issue, deviating from the
shareholders’ pre-emptive rights, and
may use the authorisation in one or more
instalments. The authorisation may be used
to implement incentive schemes for the
Company’s management or key employees.
The authorisation shall be valid until the
next Annual General Meeting, however no
later than 30 June 2026. The authorisation
revokes the corresponding share issue
authorisation granted by the Annual General
Meeting on 5 April 2024.
Authorisation of the Board of Directors
to decide on a share issue
The Annual General Meeting authorised the
Board of Directors to decide on a share
issue. Under the authorisation, a maximum of
16,500,000 shares may be issued, corre-
sponding to approximately 20 per cent of
the total number of shares in the Company.
The share issue may be carried out by
issuing new shares or by transferring own
shares held by the Company. The Board of
Directors may decide on a directed share
issue, deviating from the shareholders’
pre-emptive rights, and may use the authori-
sation in one or more instalments.
The authorisation may be used to develop
the Company’s capital structure, broaden
the ownership base, finance or implement
acquisitions or other arrangements, or for
other purposes decided by the Board of
ANNUAL REPORT 2025
28
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
20 principal shareholders on
31 December 2025
Number of
shares
% of
shares and votes
1. Otava Oy 31,351,326 38.06
2. Mariatorp Oy 15,675,473 19.03
3. Ilkka Oyj 8,993,473 10.92
4. Keskinäinen Eläkevakuutusyhtiö Ilmarinen 3,619,397 4.39
5. Sr Nordea Nordic Small Cap 1,892,354 2.30
6. Sr Evli Suomi Select 1,375,000 1.67
7. Elo Keskinäinen Työeläkevakuutusyhtiö 1,297,640 1.58
8. Veljesten Viestintä Oy 851,500 1.03
9. Keskisuomalainen Oyj 808,317 0.98
10. Häkkinen Matti Juhani 716,142 0.87
11. Telanne Kai Markus 392,333 0.48
12. OP-Suomi Pienyhtiöt 377,252 0.46
13. Sr Säästöpankki Pienyhtiöt 373,810 0.45
14. Broman Eero Väinö 368,026 0.45
15. Sinkkonen Raija Irmeli 333,431 0.40
16 . Danilostock Oy 330,000 0.40
17. Sr Säästöpankki Kotimaa 321,536 0.39
18. Koskinen Riitta Inkeri 222,500 0.27
19. Alma Media Oyj 209,465 0.25
20. Sr eQ Pohjoismaat Pienyhtiöt 200,000 0.24
Total 69,708,975 84.62
Nominee-registered 2,335,785 2.84
Other* 10,338,422 12.54
Total 82,383,182 100.00
Ownership structure on
31 December 2025
Number of
shareholders
% of
shareholders
Number of
shares
% of
shares
Private companies 306 2.8 59,670,781 72.4
Financial and insurance institutions 24 0.2 4,539,571 5.5
Public entities 5 0.1 4,923,558 6.0
Households 10,432 95.5 9,986,912 12.1
Non-profit associations 94 0.9 709,244 0.9
Foreign owners 52 0.5 217,331 0.3
Nominee-registered shares 11 0.1 2,335,785 2.8
Tota l 10,924 100.0 82,383,182 100.0
Distribution of ownership
Number of
shareholders
% of
shareholders
Number of
shares
% of
shares
1–100 4,855 44.4 178,474 0.2
101–1,000 4,509 41.3 1,787,475 2.2
1,001–10,000 1,384 12.7 3,849,636 4.7
10,001–100,000 146 1.3 3,711,754 4.5
100,001–500,000 18 0.2 4,201,099 5.1
500,000– 12 0.1 68,654,744 83.3
Tota l 10,924 100.0 82,383,182 100.0
* Alma Media Corporation owns a total of 209,465 of its own shares, representing 0.3% of the total number of the
company’s shares and related votes.
ANNUAL REPORT 2025
29
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Share
During 2025, a total of 1,885,919 Alma
Media shares were traded on Nasdaq
Helsinki, representing 2.3% of the total
number of shares. The closing price of the
share on the last trading day of the financial
year, 30 December 2025, was EUR 14.35.
The lowest trading price during the year was
EUR 10.60 and the highest was EUR 16.10.
At the end of the financial year, the market
capitalisation of Alma Media Corporation
was MEUR 1,182.2.
At 31 December 2025, Alma Media
Corporation held a total of 209,465 own
shares. During 2025, the Company acquired
a total of 191,178 own shares at an aggre-
gate acquisition cost of MEUR 2.5. During
the same year, the Company transferred
218,968 own shares free of charge as part
of the long-term, share-based incentive
scheme for personnel. Board of Directors
can use the authorisation to implement
incentive schemes for the management or
key employees of the company.
Share-based retention and
incentive schemes
The share-based incentive schemes are
described in Note 1.4.2 to the consolidated
financial statements.
Flagging notices
Alma Media Corporation did not receive any
flagging notifications during 2025.
Corporate Governance
Statement for 2025
In 2025, Alma Media Corporation com-
plied in full with the Finnish Corporate
Governance Code for Listed Companies
(Corporate Governance Code 2025).
The Corporate Governance Statement
required under the Code is presented
as a separate report in connection with
the Report by the Board of Directors.
In addition, the statement is publicly
available on Alma Media’s website at
www.almamedia.fi/investors/governance/
corporate-governance.
Remuneration policy and
remuneration report
In accordance with the EU Shareholder
RiIn accordance with the EU Shareholders’
Rights Directive (SHRD), Alma Media
published its Remuneration Policy, setting
out the principles for the remuneration of
the Company’s governing bodies and the
key terms of their service contracts, on 8
March 2022.
The Remuneration Report for the governing
bodies was presented to the Annual
General Meeting of Alma Media on 10 April
2025 and was approved without a vote.
Correspondingly, in accordance with the EU
Shareholders’ Rights Directive (SHRD) and
the Finnish Corporate Governance Code
2025, the Remuneration Report for the
financial year 2025 will be presented to the
Annual General Meeting on 9 April 2026.
Dividend proposal to the Annual
General Meeting
At 31 December 2025, the parent compa-
ny’s distributable funds amounted to EUR
182,390,270 (EUR 155,670,182).
The Board of Directors of Alma Media
proposes to the Annual General Meeting that
a dividend of EUR 0.48 per share (2024: EUR
0.46 per share) be paid for the financial year
2025.
The dividend shall be paid to shareholders
registered in the Company’s shareholder
register maintained by Euroclear Finland
Ltd on the dividend record date of 13 April
2026. The Board of Directors proposes that
the dividend be paid on 20 April 2026.
Based on the number of shares outstanding
at the end of the financial year, 31 December
2025, the total amount of the proposed divi-
dend is EUR 39,443,384 (EUR 37,786,811).
No material changes have occurred in the
Company’s financial position since the end
of the financial year. In the opinion of the
Board of Directors, the proposed distri-
bution of profits does not jeopardise the
Company’s solvency.
Management ownership
As at 31 December 2025, the members
of the Board of Directors, the President
and CEO of the parent company, and the
members of the Group Executive Team
jointly held a total of 16,956,908 shares
in the Company. The aggregate holding
corresponds to 20.6 per cent of all shares
and voting rights in the Company.
Under the existing incentive schemes, the
President and CEO and the members of
the Group Executive Team may receive a
maximum of 2,032,160 Company shares
on a gross basis, of which 50 per cent, or
1,016,080 shares, would be delivered in
shares. This corresponds to 1.2 per cent of
all shares and voting rights in the Company.
ANNUAL REPORT 2025
30
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Shareholdings
31 December
2025*
2023
PSP
2023
MSP
2024
MSP
2025
MSP
Catharina Stackelberg-Hammarén, Chair of the Board 37,060
Eero Broman, Deputy Chair 368,026
Heikki Herlin, member of the Board 15,6940938
Ari Kaperi, member of the Board 2,830
Alexander Lindholm, member of the Board 10,060
Marika Auramo, member of the Board 1,341
Hanna Kivelä, member of the Board 1,341
Esa Lager, member of the Board until 10th of April 2025 22,544
Kaisa Salakka, member of the Board until 10th of April 2025 4,414
Peter Immonen, member of the Board until 10th of Arpil 2025 8,719
Kai Telanne, President and CEO 392,333 180,000 280,000 320,000
Santtu Elsinen, Group Executive Team* 68,340 48,000 80,000 92,000
Vesa-Pekka Kirsi, Group Executive Team 18,140 5,200 77,360
Mikko Korttila, Group Executive Team 44,567 48,000 64,000 73,600
Elina Kukkonen, Group Executive Team 32,892 42,000 48,000 40,000
Tiina Kurki, Group Executive Team 81,857 42,000 48,000 56,000
Taru Lehtinen, Group Executive Team 17,000 6,000 64,000 72,000
Juha-Petri Loimovuori, Group Executive Team 135,506 60,000 80,000 92,000,
Tommi Raivisto, Group Executive Team 13,000 48,000 56,000
Merja Ristilä, Group Executive Team 1,000 2,000 8,000
Total on 31 December 2025 16,956,908 8,000 420,000 717,200 886,960
* The figure includes holdings of entities under their control as well as holdings of related parties.
ANNUAL REPORT 2025
31
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
INCOME STATEMENT IFRS
2025
Change
%
IFRS
2024
Change
%
IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Revenue MEUR 327.1 4.6 312.7 2.5 304.9 -1.2 308.7 12.1 275.4
Digital revenue MEUR 280.8 6.6 263.4 4.9 251.2 0.6 249.7 17.7 212.1
% of revenue % 85.9 84.2 82.4 80.9 77.0
EBITDA MEUR 96.7 6.3 91.0 0.4 90.6 -6.8 97.2 32.3 73.5
% of revenue % 29.6 29.1 29.7 31.5 26.7
Operating profit/loss MEUR 77.8 6.0 73.4 0.5 73.0 -8.7 80.0 40.9 56.8
% of revenue % 23.8 23.5 23.9 25.9 20.6
Adjusted operating profit MEUR 82.1 6.8 76.9 4.4 73.6 0.3 73.4 20.2 61.1
% of revenue % 25.1 24.6 24.1 23.8 22.2
Adjusted items* MEUR -4.3 21.8 -3.5 473.6 -0.6 -109.3 6.6 -252.6 -4.3
Profit before tax MEUR 70.7 5.6 67.0 -2.1 68.5 -20.8 86.4 53.4 56.3
Adjusted profit before tax MEUR 75.0 6.4 70.5 2.1 69.1 -13.5 79.9 31.7 60.6
Profit for the period, continuing operations MEUR 55.7 5.9 52.6 -6.7 56.4 -21.5 72.0 62.6 44.3
Share of profit of associated companies MEUR 0.9 33.1 1.3 -56.5 0.9 -26.3 0.7 31.3 1.0
Net financial expenses MEUR 8.0 3.3 7.7 43.1 5.4 -193.2 -5.8 -504.1 1.4
Net financial expenses, % of revenue % 2.4 2.5 1.8 -1.9 0.5
Profit for the period MEUR 55.7 5.9 52.6 -6.8 56.4 -21.6 71.9 62.6 44.3
* The adjusted items are specified in more detail on page 12 of the Report by the Board of Directors.
Key figures describing financial performance
The key figures are calculated according to IFRS recognition and measurement principles.
ANNUAL REPORT 2025
32
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
BALANCE SHEET* IFRS
2025
Change
%
IFRS
2024
Change
%
IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Balance sheet total MEUR 521.6 -0.9 526.1 -0.3 527.7 6.9 493.8 -4.7 518.4
Interest-bearing net debt MEUR 126.0 140.0 145.7 142.6 181.8
Interest-bearing liabilities MEUR 158.5 -13.1 182.4 -7.9 198.1 14.7 172.7 -26.1 233.7
Non-interest-bearing liabilities MEUR 113.6 4.4 108.8 1.9 106.8 -7.3 115.2 -2.5 118.2
OTHER INFORMATION* IFRS
2025
Change
%
IFRS
2024
Change
%
IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Average no. of employees, excl. telemarketers 1,649 -0.7 1,660 -2.1 1,695 0.9 1,679 8.4 1,549
Telemarketers on average 136 -8.1 148 2.6 144 -26.6 196 -41.8 337
Capital expenditure MEUR 22.9 1.2 22.6 -12.6 25.8 41.2 18.3 -92.6 247.1
Capital expenditure, % of revenue % 7.0 7.2 8.5 5.9 89.7
Research and development costs MEUR 6.0 -61.0 15.4 81.2 8.5 11.8 7.6 64.3 4.6
Research and development costs, % of revenue % 1.8 4.9 2.8 2.4 1.7
KEY FIGURES* IFRS
2025
Change
%
IFRS
2024
Change
%
IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Return on equity (ROE) % 23.0 0.1 23.0 -12.7 26.3 -31.9 38.6 62.0 23.9
Return on investment (ROI) % 15.0 2.3 14.7 -6.4 15.7 -17.3 18.9 32.7 14.3
Equity ratio % 52.6 48.6 46.1 45.8 34.7
Gearing % 50.5 59.6 65.4 69.3 109.2
* The figures include both continuing and discontinued operations, unless otherwise mentioned
ANNUAL REPORT 2025
33
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
PER SHARE DATA*
IFRS
2025
IFRS
2024
IFRS
2023
IFRS
2022
IFRS
2021
Earnings per share, basic EUR 0.67 0.64 0.69 0.88 0.53
Earnings per share, diluted EUR 0.66 0.62 0.67 0.86 0.52
Cash flow from operating activities per share EUR 0.99 0.90 0.77 0.96 0.92
Shareholders’ equity per share EUR 3.01 2.82 2.67 2.48 1.99
Dividend per share** EUR 0.48 0.46 0.45 0.44 0.35
Payout ratio % 71.2 72.2 65.6 50.3 66.0
Effective dividend yield % 3.3 4.2 4.7 4.7 3.2
P/E Ratio 21.3 17.3 14.0 10.7 20.4
Highest share price EUR 16.10 11.90 10.20 11.80 12.7
Lowest share price EUR 10.60 9.22 8.26 7.78 8.42
Share price on 30 December EUR 14.35 11.0 9.60 9.40 10.82
Market capitalisation*** MEUR 1,182.2 906.2 790.9 774.5 891.4
Turnover of shares, total kpcs 1,886 7,573 3,605 2,804 3,699
Relative turnover of shares, total % 2.3 9.2 4.4 3.4 4.5
Average no. of shares (1,000 shares), basic, excluding
treasury shares
kpcs 82,174 82,145 82,073 82,185 82,213
Average no. of shares (1,000 shares), diluted kpcs 84,435 84,059 83,637 83,706 83,991
No. of shares on 31 December kpcs 82,383 82,383 82,383 82,383 82,383
* The figures include both continuing and discontinued operations, unless otherwise mentioned
** Board’s proposal to the Annual General Meeting
*** Includes treasury shares
ANNUAL REPORT 2025
34
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Calculation of key figures
Return on shareholders’ equity, % (ROE)
Profit for the period
x 100
Shareholders’ equity + non-controlling interest (average
during the year)
Return on investment, % (ROI) Profit for the period + interest and other financial expenses
x 100
Balance sheet total - non-interest-bearing debt (average
during the year)
Equity ratio, % Shareholders’ equity + non-controlling interest
x 100
Balance sheet total - advances received
Operating profit Profit before tax and financial items
EBITDA Operating profit excluding depreciation, amortisation and
impairment losses
Digital business, % of revenue Digital business revenue
x 100
Revenue
Basic earnings per share, EUR Share of net profit belonging to parent company owners
Average number of shares adjusted for share issues - trea-
sury shares
Diluted adjusted earnings per share,
EUR
Share of net profit belonging to parent company owners
Diluted average number of shares adjusted for share issues
Gearing, % Interest-bearing debt - cash and bank receivables
x 100
Shareholders’ equity + non-controlling interest
Net financial expenses, % Financial income and expenses
x 100
Revenue
Dividend per share, EUR Dividend per share approved by the Annual General
Meeting With respect to the most recent year, the Board’s
proposal to the AGM
Payout ratio, % Dividend/share x 100
Share of EPS belonging to parent company owners
Effective dividend yield, % Dividend/share adjusted for share issues
x 100
Final quotation at close of period adjusted for share issues
Price/earnings (P/E) ratio Final quotation at close of period adjusted for share issues
Share of EPS belonging to parent company owners
Shareholders’ equity per share, EUR Equity attributable to owners of the parent
Basic number of shares at the end of period adjusted for
share issues - treasury shares
Market capitalisation of share stock,
EUR Number of shares x closing price at end of period
Alternative Performance Measures
Alma Media Corporation additionally uses and presents Alternative Performance Measures to illustrate the
operative development of its business and improve comparability between reporting periods. The Alternative
Performance Measures are reported in addition to IFRS key figures.
The Alternative Performance Measures used by Alma Media Corporation are the following:
Operating profit excluding adjusted
items (MEUR and % of revenue)
Profit before tax and financial items excluding adjusted
items
EBITDA excluding adjusted items Operating profit excluding depreciation, amortisation, impairment
losses and adjusted items
Items adjusting operating profit are income or expenses arising from non-recurring or rare events. Gains or
losses from the sale or discontinuation of business operations or assets, and gains or losses from restructur-
ing business operations, acquisition-related transaction costs and other items recognised through profit or
loss as well as impairment losses of goodwill and other assets, are recognised by the Group as adjustments.
Adjustments are recognised in the income statement within the corresponding income or expense group.
Interest-bearing net debt (MEUR) Interest-bearing debt – cash and cash equivalents
ANNUAL REPORT 2025
35
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Sustainability
Report
Report by the Board of Directors
General disclosures 37
Basis for preparation 37
Governance 40
Strategy 45
Impact, risk and opportunity management 50
E – Environment 54
EU Taxonomy 54
E1 – Climate change 59
S – Social responsibility 69
S1 – Own workforce 69
G – Good governance 75
G1 – Conducting business 75
List of the location of disclosure requirements
in the sustainability report 78
Tables on the disclosure requirements
covered in the sustainability report 79
ANNUAL REPORT 2025
36
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Basis for preparation
General basis for preparation of the
Sustainability report (BP-1)
This group-level sustainability report follows
the same scope of consolidation as the fi-
nancial statements and is published annually
as part of the board's report. The reporting
period is the financial year from January 1 to
December 31, 2025.
The report also includes information from
the beginning and end of the value chain.
The materiality assessment extends to both
the supply chain and end users, and the
company's principles, targets, and actions
also partially apply to the value chain. The
metrics presented in the report include
information particularly from the subcon-
tracting chain, where a significant portion of
greenhouse gas emissions occur, as well as
partially from the end use of products and
services.
Information on specific conditions (BP-2)
Timeframes
In the materiality analysis underlying the re-
port, the timeframes are defined as follows:
• Short term: less than 1 year
• Medium term: 1–5 years
• Long term: more than 5 years
These definitions are in line with the time-
frames provided in section 6.4 of ESRS 1,
and there have been no deviations from
them.
Value chain estimation
The data sources for emission calculations
(E1) are based on actual energy consumption
and national or international emission fac-
tors published by authorities in accordance
with the GHG protocol.
Statistics Finland, IEA.org, cloud service
providers, and DEFRA update emission
factors annually, sometimes retroactively. If
necessary, these corrections are also taken
into account in the calculation of comparison
years.
In emission calculations, the following
aspects related to estimation have been
considered:
• Basis for preparation: Measured con-
sumption and supplier-specific emission
reporting have been used in the calcu-
lations when available. Internationally
recognised GHG protocol values have
been used as emission factors.
• Accuracy level of results: The cov-
erage and accuracy level of Scope 1
and 2 calculations is high. In Scope
3 emission calculations, expenditure
category-based emission factors have
been used significantly in the absence
of supplier-specific emission calcula-
tions. The accuracy level of Scope 3 is
medium.
• Planned measures to improve
Accuracy: In Scope 3, efforts are
increasingly being made to obtain
suppliers' own validated emission calcu-
lations by adding an emission reporting
requirement to significant procurement
contracts in terms of emissions.
Sources and uncertainty of results in
Estimation
Alma Media recognises that there is mea-
surement uncertainty, especially related to
Scope 3 emissions, as they are partly based
on external expenditure category-based
average factors and industry-specific
estimates. The calculation method has been
the same in comparison years.
• Sources of measurement uncertainty:
Limited availability and quality of
value chain information, dependence
on external databases, differences in
suppliers' own calculation methods. The
delay in the completion of GHG pro-
tocol-compliant factors and suppliers'
own emission reporting for the reporting
year, which means that factors from the
previous reporting period must be used
in the calculation and corrected for the
following reporting period's comparison
figures.
• Assumptions, estimates, and decisions:
Assumptions concern, for example,
the energy consumption of small office
rooms, employees' travel behavior,
waste management methods, and the
efficiency of cloud services' energy use.
General disclosures – ESRS 2
ANNUAL REPORT 2025
37
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Errors detected and corrected in the
previous Sustainability Report
Table on page 63 of Alma Media's Annual
Report 2024: In the table titled "Measures
and progress towards targets" the figure
for the increase in the emission-free rate of
office energy in 2024 is incorrectly reported
(64%), the correct figure is 85%.
Changes in the preparation and
presentation of sustainability information
Compared to the previous year, a limited
methodological refinement has been made
to the reported greenhouse gas information
regarding ICT services. In 2025, for the first
time, the emission calculations for cloud
services include Microsoft Azure's cloud
services using the emission data reported by
the service provider; previously, the report-
ing covered the emissions of Amazon Web
Services and Google Cloud based on the
calculation data provided by the suppliers.
Comparison data from previous years are
not available retrospectively. No other
changes have been made to the reported
information except for updates to Scope 2
and 3 emission factors.
Use of transition provisions –
Consumers and end users / Privacy (S4)
Alma Media utilises the transition provision
for the ESRS S4 standard. Therefore, the
company does not report any information in
accordance with ESRS S4, but has identified
the sub-topic of Privacy as material in its
materiality assessment. This is based on the
fact that Alma Media's business is strongly
digital and handles a large amount of per-
sonal data and other data – over 85 percent
of revenue comes from digital sources.
Responsible handling of consumers' and end
users' personal data and protecting privacy
are thus critical factors for the company's
business model and strategy.
Privacy (S4-1-1)
The trust of Alma Media's digital product
users is based on the company's responsible
handling of data and compliance with data
protection regulations. Violations of privacy
could cause significant reputational damage
and financial consequences.
The board and the CEO have overall respon-
sibility for organising internal control and risk
management systems for data protection.
The CEO, members of the group's executive
team, and business unit managers are each
responsible for ensuring that the operations
and segments under their responsibility
comply with legislation, the company's
principles, and the instructions and orders
issued by Alma Media Corporation's board.
Alma Media Corporation's Data Protection
Officer (DPO), who also serves as the group's
data protection officer, participates appro-
priately and timely in all matters related to
the protection of personal data. The DPO
monitors compliance with legislation, the
company's principles, and the instructions
and procedures issued within the framework
of internal control. They act as a contact
person for the supervisory authority in
matters related to the processing of person-
al data and report directly to Alma Media
Corporation's top management.
Internal control of data protection is de-
signed to ensure that Alma Media complies
with data protection regulations and protects
personal data. Practices include comprehen-
sive instructions and procedures that define
how data should be handled, stored, and
protected. These instructions and proce-
dures are binding on all business segments
and operations, ensuring compliance with
data protection laws and regulations, such
as the General Data Protection Regulation
(GDPR). The principles include regular risk
assessments and necessary updates to
controls to ensure that the organisation
operates in compliance with regulations and
that potential risks related to data protection
are identified and measures to manage risks
can be planned.
Employees are trained on data protection
instructions and procedures to understand
their responsibilities. Regular training and
awareness programs are organised to keep
employees up to date with the latest data
protection practices.
Alma Media also has mechanisms for
monitoring data protection practices and
reporting violations and deviations. This al-
lows for quick identification and resolution of
issues and minimises the impact of potential
breaches. Data protection practices also en-
sure the respect and implementation of the
rights of data subjects, such as the right to
access, correct, and delete data. Procedures
are in place to implement these rights.
Alma Media's data protection principles
include controls for managing third parties,
such as suppliers and partners, if they have
access to personal data. This ensures that
they also comply with data protection regu-
lations and operate in accordance with the
organisation's data protection procedures.
Alma Media publishes a general data
protection description for its customers on
its website, describing how the company
handles personal data, what rights registered
users have, what user data is collected, and
how this data is protected. The company's
principles are based on the EU General Data
Protection Regulation (GDPR) and national
legislation. Alma Media has appointed a Data
Protection Officer (DPO) who reports directly
to the company's legal counsel. The com-
ANNUAL REPORT 2025
38
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
pany reports all suspected data protection
breaches to the data protection authority.
The terms of use, sales, and contract terms
for Alma Media's services can be found on
the company's website and are divided into
terms for consumer services and media
sales. The service terms define, among other
things, account creation, data usage, and
marketing principles, while the media sales
terms concern advertisers' contracts and
terms for purchasing advertising.
Alma Media has set a target that its services
do not experience serious data protection
breaches. A serious breach is defined as an
incident that would lead to compensation
liability or a fine imposed by the data
protection authority. The target level is 0
cases per year. The target was achieved in
the reporting year.
To implement data protection and manage
risks, Alma Media trains its staff on the
evolving data protection legislation and
obligations. Additionally, the company
maintains and regularly updates its data pro-
tection policy and processes. The practical
operating model includes early response to
potential data security and data protection
suspicions and open reporting to authorities.
In the reporting year, Alma Media submitted
three personal data breach notifications to
the authority and received two investigation
requests from the authority. The personal
data breach notifications did not give the
authority cause for further action. For the in-
vestigation requests, the authority accepted
the explanations provided by Alma Media,
and the matters have been concluded.
Alma Media continuously evaluates the
effectiveness of its actions and focuses on
continuous improvement in data protection
management.
ANNUAL REPORT 2025
39
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Governance
Role of administrative, management,
and supervisory bodies (GOV-1)
In 2025, Alma Media's board consisted of
seven members. The group's executive team
included ten members involved in business
management, including the CEO. None of
the board members participate in business
management.
Employee representation in administration
is implemented from January 1, 2025, so
that different employee groups appoint a
representative and a deputy to the expand-
ed executive team in each business unit.
The actual representative participates in the
work at least once a year.
The board and executive team of Alma
Media have significant expertise in media
and marketplace business and managing key
market areas. The average work experience
of the executive team at Alma Media is 16
years. The gender distribution of the board
was 43% women and 57% men, and in the
executive team, 40% women and 60% men.
All board members are independent of the
company, and 51.3% are also independent
of significant shareholders.
In 2025, the board of Alma Media included
Catharina Stackelberg-Hammarén (chair),
Eero Broman (vice-chair), Heikki Herlin, Ari
Kaperi, Alexander Lindholm, Hanna Kivelä,
and Marika Auramo.
The CEO is responsible for monitoring
sustainability impacts, implementing
sustainability risks and opportunities as
part of business management, and reporting
to the board. The CEO is also responsible
for achieving sustainability targets. Before
presenting to the board, the targets are
discussed in the group executive team,
which monitors their progress and assesses
impacts quarterly in strategy meetings.
The CEO has delegated the management
of risk management and internal control
processes to the CFO. Sustainability risks
and impacts are assessed as part of the
company's normal risk management. The
communications director is responsible
for monitoring sustainability targets and
considering stakeholders as part of the
strategy process.
Finance, HR, and legal functions are each
responsible for collecting data necessary
for assessing sustainability impacts relevant
RESPONSIBILITIESROLE
Acceptance of sustainability targetsBOARD OF DIRECTORS
Implementation of sustainability impacts, risks and opportunities and reporting to the Board of DirectorsCEO
Setting sustainability targets and monitoring and evaluating targetsGROUP MANAGEMENT TEAM
Management of sustainability risk management and internal control processesCFO
Monitoring of sustainability targets, stakeholder engagement and communicationEVP, COMMUNICATIONS AND BRAND
General C ounselE V P, Human ResourcesCFO
Privacy Statement and Information Security PolicyHuman resources plan
Procurement principles
C ompany car guidelines
Data protection
C ode of C onduct,
W histleblowing channels
E ducation &
C ompetence
development
Employee dataBusiness premises & carsE missions calculation
Implementation of sustainability measures together with finance, human resources and the legal
department
BUSINESS SEGMENTS
Management and governance of sustainability topics at Alma Media
to Alma Media and monitoring results
according to the targets, as well as keeping
related policies, principles, and guidelines up
to date.
Sustainability issues are regularly discussed
in board and committee meetings. Based on
the group's sustainability targets, business
areas define their own targets, which are
approved by the boards of subsidiaries.
Business area managers are responsible
for implementation, and the achievement
of targets is monitored in business area
ANNUAL REPORT 2025
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CORPORATE
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REPORT BY THE
BOARD OF DIRECTORS
executive teams and the parent company's
board. The CFO leads the risk management
steering group, which assesses sustainabil-
ity-related risks as part of the company's
overall risk assessment. The board receives
updates at least quarterly in connection with
the preparation of interim reports on the
most significant sustainability impacts, risks,
and progress towards targets. This ensures
that the board's expertise on sustainability
issues is up to date.
Before conducting a double materiality
analysis and starting sustainability reporting,
the management was briefed on the latest
EU regulations and the main phases of the
next reporting process. The phases of the
process are presented in section IRO-1, and
as a result, Alma Media's material sustain-
ability topics to be reported according to the
Accounting Act were defined.
The board approves the group's sustainability
targets based on the preparation of the group
executive team. External experts and training
are used as needed to ensure that relevant
parties have up-to-date expertise and under-
standing of sustainability issues. Alma Media
has designated responsible persons and roles
for each essential responsibility area.
Alma Media develops its corporate respon-
sibility in compliance with legislation regu-
lating business and the media industry. The
development of corporate responsibility at
Alma Media is also guided by the company's
policies, guidelines, principles, and commit-
ments, as well as guidelines defined by key
external parties relevant to the company's
business, which are described on the compa-
ny's website. The company's internal control,
risk management, and governance are also
described in the statement on the company's
governance and control system.
The board and its committees assess the
impacts, risks, and opportunities related to
sustainability, good governance, and corpo-
rate culture quarterly. Discussions are held as
part of the annual double materiality assess-
ment and risk management. The executive
team supports the development of corporate
culture by promoting ethical leadership, open
discussion, and employee participation.
Information provided to and
sustainability matters addressed by
the administrative, management, and
supervisory bodies (GOV-2)
In 2025, Alma Media's board met eleven
times and addressed several sustainability
topics. The CEO reported these to the board
together with the group's other management.
Topics addressed included:
• Confirmation of short- and long-term
sustainability targets and their linkage to
remuneration
• Quarterly monitoring of targets as part
of the group's performance reporting
• Stakeholder consultation, conducting
surveys, and evaluating results
• Assessment and approval of the
materiality analysis
• Reporting on sustainability topics in con-
nection with interim reports quarterly
• Review of reliable journalism and
responsible advertising as part of the
media business strategy
• Inclusion of sustainability targets in the
company's business strategy
• Results of the employee survey (respon-
sible leadership and HR)
• Updates to the group's finance, tax, and
information security policies
• Summary of Whistleblowing reports in
2025
• Situation update on information security
management
The board's committees addressed sustain-
ability topics in their meetings, particularly
regarding reporting and HR management.
Sustainability targets are also considered in
the board's decision-making, for example,
in connection with investments. The audit
committee guides and oversees the prepara-
tion of sustainability reporting.
The board and audit committee:
• Participated in the stakeholder survey
related to the materiality analysis
• Confirmed sustainability targets and
their linkage to remuneration
• Included sustainability targets in the
business strategy
• Monitored the achievement of sustain-
ability targets in connection with interim
reports quarterly
• Oversaw the progress of sustainability
reporting preparation
• Assessed and approved the materiality
analysis
The executive team addressed the following
topics in four strategy meetings and seven
other meetings:
• Risks related to sustainability
• Results of the stakeholder survey,
materiality analysis, and key themes
• Progress of the strategy in relation to
sustainability targets
• Management of sustainability issues
and internal control in Alma Media's
governance model
During the financial year, the board received
regular and sufficient information on sustain-
ability issues, enabling it to make appropri-
ate decisions and fulfill its supervisory role.
ANNUAL REPORT 2025
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CORPORATE
GOVERNANCE STATEMENT
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REPORT BY THE
BOARD OF DIRECTORS
Sustainability targets as part of the compensation of all employees.
Topic KPI Target in 2025 Results in 2025 Target in 2024 Results in 2024
Environment
Carbon footprint
Own operations
(Scope 1 & 2)
CO
2
emissions of electricity, heating
and cooling, energy consumption of
company cars
Less than 272.8 tCO
2
-eq 236.6 tCO
2
-eq
-52% (2019-2030)
-4.73% / year
-6.7%
Carbon footprint
Subcontracting chain
(Scope 3)
CO
2
emissions caused by the
subcontracting chain
Reduction of 42 tCO
2
-eq
Increase of 304
tCO
2
-eq
-14% (2019–2030)
-1.27% per year
-12.4%
-3.0%
Social
responsibility
Own employees Quality of working life, Peakon
Engagement index
Index above average / technology sector
7.6
Peakon
Engagement index
7.7
Peakon Engagement index 7.8 Peakon
Engagement index
7.7
Data security and
data protection
The company’s services are secure
and data and customer information is
processed in a diligent manner
There are no serious personal data
breaches in the services for which the
authorities would impose a fine.
0 pcs There are no serious personal data
breaches in the services for which the
authorities would impose a fine.
0 pcs
Responsible media:
journalism and
marketing
Condemnatory decisions issued by the
Council for Mass Media
Adherence to the International
Chamber of Commerce's guidelines on
good marketing practices
< 5 condemnatory decisions imposed
on Alma’s media by the Finnish Social
Security Council
No complaints concerning advertising
that violates the guidelines of the
International Chamber of Commerce’s
Advertising Ethics Council
1 pc
0 pcs
< 5 condemnatory decisions imposed
on Alma’s media by the Finnish Social
Security Council
No complaints concerning advertising
that violates the guidelines of the
International Chamber of Commerce’s
Advertising Ethics Council
4 pcs
0 pcs
Good
governance
Ethics in business Code of Conduct compliance 100% 100% 100% of the company’s own employees
have completed Code of Conduct
training.
100%
Subcontracting chain Completion of training on the Supplier
Code of Conduct (SCoC)
90% 91.3% 90% of significant suppliers have
completed SCoC training
95.5%
ANNUAL REPORT 2025
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
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REPORT BY THE
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Integration of sustainability-related
performance in incentive schemes
(GOV-3)
In 2025, sustainability targets were included
in Alma Media's staff performance bonus
targets. The CEO's maximum short-term
bonus level was 100% of the fixed annual
salary, and for members of the group
executive team, it was 70%. Performance
was assessed considering indicators and
targets related to key sustainability themes.
10% of the performance bonus was tied to
the achievement of sustainability targets.
The performance bonus criteria in 2025
covered environmental, social responsibility,
and good governance targets.
The company's long-term incentive system
is based on the development of total
shareholder return, earnings per share, and
sustainability targets, with the bonus paid
in shares. The long-term incentive system
covers senior and middle management and
selected key personnel, totaling less than
100 individuals. The weight of sustainability
targets in the long-term incentive system is
also 10%.
The remuneration of Alma Media's em-
ployees, including the company's senior
management, is thus also tied to the reduc-
tion targets for greenhouse gas emissions
Scope 1, 2, and 3. The board decides on
the remuneration of the CEO and the group
executive team based on the preparation of
the board's remuneration and nomination
committee. The Group's short- and long-term
incentive systems are also decided by the
board. The remuneration of board members
is not linked to the company's performance.
Sustainability metrics play a clear and
measurable role in the remuneration of
Alma Media's management, and they are
included in both performance bonuses and
the group's incentive system decision-making
by the board.
Statement on due diligence (GOV-4)
Alma Media's due diligence process related
to sustainability is based on the group's
governance model, which combines the
key principles of internal control, risk
management, and responsibility. The model
aims to ensure that the business complies
with legislation, the group's own operating
principles, and industry best practices.
The board's role is to decide on the group's
strategic directions and approve key
policies. The audit committee oversees
the effectiveness of risk management and
internal control. The CEO is responsible
for good governance but has delegated
practical control measures to the finance
and legal functions. The group management
is responsible for compliance with operating
principles.
The due diligence process includes contin-
uous risk assessment, implementation of
monitoring measures, and development of
operating practices.
Alma Media's risk management model covers
strategic, operational, financial, and sus-
tainability-related risks. Risks are assessed
qualitatively and quantitatively, and control
measures are defined for them. Sustainability
risks are included and assessed as part of
key business processes, such as procure-
ment, competence development, mergers
and acquisitions, and business development.
In the subcontracting chain, the company
requires its most significant suppliers to
adhere to responsibility principles.
The company's data protection practices
are based on the EU General Data
Protection Regulation (GDPR), and the data
protection officer reports regularly to senior
management.
Internal control operates on the principle of
three lines of defense:
1. The operational level is responsible for
implementing and documenting proces-
ses.
2. The controlling function monitors activi-
ties as part of regular reporting.
3. Senior management (CEO, CFO) directs
control and takes necessary actions.
The Group's employees are trained on the
Code of Conduct, which includes ethical
principles, data protection, and responsible
advertising practices. Regular training is
provided to staff, updated according to
changes in the operating environment.
Alma Media has a Whistleblowing channel
through which ethical violations can be
reported anonymously. Reports are handled
confidentially and reported to the board's
audit committee. The target is to prevent
and minimise negative impacts and ensure
responsible and sustainable business.
The key components of the due diligence
process are described as follows:
• Integration of the process into gover-
nance, strategy, and business model:
GOV-1, GOV-2, GOV-3, GOV-4, SBM-3
• Interaction with stakeholders affected
by the impacts: GOV-2, GOV-4, SBM-2,
IRO-1, MDR-P
• Identification and assessment of
adverse impacts: GOV-4, IRO-1, SBM-3
• Measures to prevent adverse impacts:
GOV-4, MDR-A (sections on material
topics)
• Monitoring and communication of the
effectiveness of measures: GOV-4,
MDR-M, MDR-T (sections on material
topics)
ANNUAL REPORT 2025
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
The described process covers the key
aspects and phases of the due diligence
process outlined in ESRS 1 and is included
in the various sections of the sustainability
report as mapped above.
Risk management and internal controls
in sustainability reporting (GOV-5)
Alma Media's internal control and risk
management in sustainability reporting focus
on the reliability, quality, and timeliness of
the sustainability reporting process. The
processes and controls related to sustain-
ability reporting cover key stages from
data collection to report compilation and
approval.
Typical risks related to the sustainability re-
porting process include data completeness
and integrity, uncertainty related to calcu-
lations and estimates, and the availability
and timeliness of information from the value
chain. Additionally, risks may be related to
the interpretation of reporting requirements
and the consistent application of reporting
principles.
These risks are managed through proce-
dures included in the sustainability reporting
process. In practice, this means defining
responsibilities and tasks related to report-
ing, principles for reasonable verification
of reported data (e.g., checks and reviews),
documentation, and scheduling of data
collection and reporting.
Deficiencies and development needs identi-
fied during the financial year are addressed
as part of the continuous improvement of
the reporting process.
The preparation of sustainability reporting
and key observations are regularly moni-
tored, and the overall process is brought
to the attention of management, the board,
and the audit committee as part of the
report approval process. This ensures that
risks related to the sustainability reporting
process are identified and managed as part
of internal control.
ANNUAL REPORT 2025
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CORPORATE
GOVERNANCE STATEMENT
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REPORT BY THE
BOARD OF DIRECTORS
Strategy
Strategy, business model, and value
chain (SBM-1)
Alma Media's business consists of digital
marketplaces, media, and digital services.
The reporting segments are Alma Career,
Alma Marketplaces, and Alma News Media.
The company's strategic target is to promote
sustainable economic, social, and societal
development, particularly through digitalisa-
tion, information availability, and functioning
markets.
Alma Media's sustainability targets are
essential to the company's key stakeholders,
such as customers, users, employees, and
society. For business customers, sustainabili-
ty is particularly evident in reliable, transpar-
ent, and responsible services that help meet
regulatory, responsibility expectations, and
market requirements. For consumers and
the public, sustainability is realised through
reliable information dissemination, plural-
istic journalism, and services that support
responsible choices in everyday life, such as
housing, driving, and job searching.
The business model is based on classified
advertising sales, digital license and
transaction-based fees, media advertising,
and content revenues. The service offering
also includes training, publishing, and direct
marketing businesses. The digital business
model supports the company's environmen-
tal targets by reducing the need for printed
distribution and physical processes and
enabling scalable and resource-efficient
service production.
Alma Media's digital marketplaces focus
on recruitment, housing, commercial
properties, driving, and business and legal
information services. In these areas, services
that support market transparency, risk
management, regulatory compliance, and
responsible decision-making are particularly
relevant from a sustainability perspective.
The media business covers professional and
financial media as well as national consumer
media, whose role in sustainability is related
to producing reliable information, promoting
societal discussion, and supporting demo-
cratic society.
Alma Media's customer base consists of both
consumers and businesses, and the audience
relationship varies from occasional visitors
to long-term subscribers. Sustainability
targets are particularly relevant to business
customers who use the company's digital
services to manage their responsibility and
compliance requirements, as well as to audi-
ences who expect independent, high-quality,
and responsibly produced content.
The company encourages its stakeholders
to act responsibly and aims to report openly
on the impacts of its services. Investors
are informed about digital transformation,
climate targets, and emissions. Employees
are offered regular training to develop skills
in line with the strategy and low-carbon
mobility solutions, and the company's car
policy supports the transition to electric
vehicles.
The company's purpose is to accelerate
sustainable growth for individuals, business-
es, and society. The strategic cornerstones
affecting sustainability are the company's
carbon footprint-reducing digital transfor-
mation, the growth and scalability of digital
services. Key success factors are a broad
common audience, data, technology, and
centralized media sales.
The business strategy focuses on strengthen-
ing digital marketplaces and media business.
The company leverages data and technology
to develop solutions, particularly in housing,
driving, recruitment, business information,
and legal services and media. The target is
profitable growth and strengthening market
position, especially in Europe.
In recent years, the company has acquired
and developed digital services that support
customer companies in meeting their
responsibility requirements and managing
related obligations. Such services include the
Housing and Area Barometer, which assesses
sustainability risks, the DOKS service that
supports customers' compliance obligations,
and the DOKS Counterparty service that
supports ESG reporting.
The value creation model describes the
added value produced for stakeholders.
Service production is based on human
expertise: content, journalism, product
development, sales, marketing, customer
service, and support services. The value
chain includes capacity and IT services,
advertising, marketing, and distribution
services. Alma Media has a 360-degree view
of society: it connects actors and builds
networks in markets where customers are
both consumers and businesses.
In 2025, Alma Media had a total of 1,711
employees, 61% of whom were in Finland.
The company does not operate in fossil
fuels, chemicals, controversial weapons, or
tobacco sectors.
Description of Alma Media's value chain
Alma Media creates value with digital
services and media content that connect
users and customers and enable transac-
tions, interactions, and information use in
digital channels. The value chain begins with
suppliers and partners (especially technol-
ogy, cloud, and IT services, as well as other
service and content acquisitions), continues
with Alma Media's own operations (content
ANNUAL REPORT 2025
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
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REPORT BY THE
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and service production, product develop-
ment and maintenance, sales, marketing,
customer service, and support functions),
and ends with customers and end-users
(businesses and consumers) who use the ser-
vices and content in various usage situations.
In sustainability reporting, the value chain is
considered both upstream and downstream:
the materiality assessment covers key
suppliers, subcontracting chains, customers,
and end-use, as far as it is relevant from the
perspective of impacts, risks, and oppor-
tunities. For digital business, dependencies
related to energy and infrastructure (e.g.,
data centre and cloud services) are key, and
for possible printed products, materials,
printing, and distribution.
Value chain summary
Upstream – Key Resources and Partners
• Cloud and data centre services,
capacity and IT services
• Software, platforms, and technology
partners
• External expert and development
services
• Content and production services
• Energy, facilities, equipment acquisi-
tions, and logistics if necessary
• Printing materials, printing services, and
distribution
Own operations – core of value creation
• Development, maintenance, and securi-
ty of digital services and marketplaces
• Content and journalism, content
moderation, and quality assurance
• Sales and customer relationship
management (B2B/B2C), marketing, and
advertising solutions
• Customer service and operational
support
• Administrative and support functions
(finance, HR, procurement, legal, risk
management, communications)
Downstream – customers, users, and
distribution
• Business customers (e.g., advertisers,
recruiters, commercial operators,
service providers)
• Consumers and end-users (service
users, audience, and subscribers)
• Distribution and accessibility in digital
channels
• Service usage and customer experience
(including trust, security, data protection)
The value chain serves as the basis for
identifying impacts, risks, and opportunities
(IRO) and describing the management of
sustainability topics. Reporting particularly
considers the points in the value chain where
impacts may be most significant (e.g., sub-
contracting and technology infrastructure,
customer and user interface, and possible
content responsibility).
Interests and views of stakeholders
(SBM-2)
The digital transition supporting sustainable
development is at the core of Alma Media's
strategy, and the company is committed to
responsibility from the perspectives of the
environment, society, and employees. This
is reflected in climate-saving actions and
communication, responsible journalism and
marketing, responsible data handling and
privacy protection in all company activities,
and the development of a responsible
corporate culture, employee skills, and
well-being. Alma Media builds partnerships
and leverages innovations to be a desired,
relevant, and value-creating partner.
Collaboration with industry organisations
and associations supports continuous
development in the company's key indus-
tries, such as media, driving, housing, and
recruitment. The materiality assessment
began with defining the value chain, identi-
fying functions, resources, and relationships
related to the business model and operating
environment across the entire value chain.
This was followed by stakeholder surveys
and interviews to identify key impacts, risks,
and opportunities.
The table summarises the key expectations,
responses to expectations, interaction
channels, and key metrics of stakeholder
interaction for Alma Media's key stakehold-
ers. The views are considered in business
management and the conclusions of the
materiality analysis. The results are regularly
reported to the board, which has addressed
the results of employee surveys, stakeholder
surveys, and the materiality analysis.
Shareholders' voices are also heard in deci-
sion-making through board memberships.
Key stakeholders are part of the strategy
work and materiality analysis, as described
in sections BP-2 and IRO-1. In 2025, the
strategy was refined according to a rolling
process. Changes are based on customer
and market needs and changes in the
operating environment.
Stakeholder views directly influence the
company's strategic priorities and the
direction of service development, ensuring
that Alma Media's business model meets the
expectations of the changing operating envi-
ronment and society. The double materiality
assessment process describes the results of
the materiality assessment and non-material
topics. Non-material topics and the rationale
for the assessment results are described
in the section Results of the Materiality
Assessment and Non-Material Topics.
ANNUAL REPORT 2025
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FINANCIAL
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Benefits and views of Alma Media’s stakeholders
Stakeholder Key expectations How the expectations are met Engagement channels Key metrics
Employees Well-being at work
Equal opportunities and treatment
Training and skill development
Well-being services
Planning and programs for skill
development
Equality and non-discrimination plan
Employee surveys
Internal communication: briefings,
newsletters, Intranet, and training
Supervisor communication
Employee engagement index
Training feedback
Employee retention
Shareholders & Analysts Sustainable profitability
ESG risk management
Responsible business
Long-term ESG solutions and ethical
business practices plan.
General meetings of shareholders
ESG reports
Investor relations
Share price development
ESG risk ratings
SBTi target tracking
Consumers and end-users High-quality, accessible content
Responsible use of data
Responsible journalism and advertising
Develop customer and user-oriented
solutions and ensure responsible use of
data.
Customer feedback channels
Service-specific customer experience
measurements
User surveys
Customer satisfaction and NPS
measurements
GDPR violations
Partners Responsible subcontracting; company culture,
competence, equal treatment
Responsible marketing, data protection, and
high-quality services
Ensure the responsibility of own
operations and suppliers through
guidelines and training.
Supplier meetings, tenders, and contract
process. Responsible principles and
guidelines for supplier selection
Coverage of Supplier Code of Conduct
training
Partner feedback
ANNUAL REPORT 2025
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Material impacts, risks, and
opportunities and their interaction with
strategy and business model (SBM 3)
Based on the materiality analysis, Alma
Media's key sustainability topics are related
to climate change, its own workforce,
consumers, and business operations. The
material impacts, risks, and opportunities
related to these themes have been identified
by assessing their connections to the compa-
ny's business model, strategic priorities,
value chain, and key dependencies, such as
digital infrastructure, skilled workforce, data,
and trust.
The analysis identified material financial
risks for Alma Media, particularly related to
consumer and end-user data protection (S4)
and corporate culture and ethical business
practices (G1). These risks are assessed to
potentially cause financial and reputational
impacts if realised. However, during the
financial year, no financial impacts from
these identified risks have materialised on
the company's cash flow, assets, or financial
results.
The resilience of the strategy and business
model to material impacts and risks has
been assessed as part of the materiality
assessment, risk management, and strategic
work. The assessment examined the com-
pany's ability to prevent and manage data
protection and cybersecurity risks, maintain
an ethically sustainable corporate culture,
and ensure the availability of skilled person-
nel in a rapidly changing digital environment.
Additionally, the adaptability of the business
model to climate impacts and resource
efficiency was evaluated as the company
increasingly transitions to digital services.
In accordance with ESRS standards, the ana-
lysis combines the examination of impacts,
dependencies, risks, and opportunities. The
transition from newspaper operations to
digital business has reduced the company's
climate impacts and natural resource depen-
dency, while the growth of digital business
has increased the requirements for skill
development, responsible data handling, and
data protection. Addressing these themes
has been integrated into the company's
strategic priorities, operating models, and
governance mechanisms.
Overall, Alma Media assesses its business
model and strategy to be resilient to material
sustainability impacts and risks in both the
short and long term, provided that identified
risks are actively managed and changes in
the operating environment are continuously
monitored.
Key Sustainability Topics for Alma Media:
• E1-1 Climate Change Mitigation
• S1-1 Own Workforce, Training, and Skill
Development
• S4-1-1 Impacts on Consumer and End-
User Data: Privacy
• G1-1 Business Management – Corporate
Culture
ANNUAL REPORT 2025
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2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
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Material sustainability topics and their key content for the company
ESRS Sub-topic and
sub-sub-topic
Significant impacts, risks,
and opportunities (IRO) and
time horizon
IRO
occurrence
Connection to business Management
E1 Climate
Change
E1-1-2 Climate
Change adaptation
Negative impact, actual,
downstream value chain
(Medium-term)
Value chain,
Own operations
Negative impact: Alma Media's offices, data centers, and
vehicles generate emissions. However, the majority of
emissions are generated in the value chain.
Alma Media's SBTi targets cover both own operations
and the value chain and are aligned with the 1.5-degree
target. Development of digital business increases energy
demand, but emissions are reduced through energy
efficiency and electrification of equipment. The use of
renewable energy in own operations and by partners
mitigates the impact.
S1 Own
Workforce
S1-1-2-2 Training
and Skills
Development
Positive impact, actual, upstream
value chain (Short and medium-
term)
Own operations Positive impact: Training employees improves their
innovation capability, performance, commitment,
and employer image. In a rapidly changing operating
environment, a skilled and committed workforce is a
significant asset for the company.
Strategic skill needs are defined. A plan for skills
development has been created. Training and leadership
coaching are ongoing activities. Personal development
plans are created for employees. Employee retention,
feedback, and commitment are regularly monitored.
S4
Consumers
and End-users
S4-1-1 Privacy Financial risk. Negative impact,
potential, upstream and
downstream value chain (Short
and medium-term, increasing)
Own
operations,
Value chain
Risk: A serious data privacy breach can result in a fine
from the authorities. The company's reputation could
deteriorate, and trust could weaken across the entire
customer base. A data privacy or security breach in
the value chain can also cause financial losses for the
company. Negative impact: A breach of user or customer
privacy can mean that personal data (e.g., name, contact
information, identifiers, purchase and browsing history,
possible payment information) is unlawfully disclosed to
third parties, exposing individuals to identity theft, which
can result in financial losses and time-consuming damage
resolution.
Alma Media is committed to complying with data privacy
regulations and authority guidelines and has set goals
to protect consumers and end-users. Suppliers are also
required to comply with authority guidelines and data
privacy regulations. Regular and ongoing training on data
privacy and security is provided to employees.
G1
Conducting
business
G1-1 Corporate
Culture
Financial risk, Negative impact,
potential (Short and medium-
term)
Own
operations,
Value chain
Risk: Unethical behavior by own employees or third parties
can cause significant reputational damage and financial
losses for the company. Negative impact: If corporate
culture is not managed, ethical principles are not upheld,
employees may be exposed to inappropriate treatment,
harassment, and discrimination; psychological safety and
trust may weaken, increasing job dissatisfaction, turnover,
and complicating recruitment. In partner relationships,
this can manifest as conflicts of interest, unethical
behavior, or contract breaches, leading to the termination
of cooperation.
Alma Media requires every employee, including top
management, to complete the Code of Conduct training
and commit to the company's ethical guidelines.
Significant suppliers are also required to complete the
Supplier Code of Conduct.
ANNUAL REPORT 2025
49
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Impact, risk and opportunity
management
Description of the process to identify
and assess material impacts, risks and
opportunities (IRO-1)
Alma Media identifies and assesses material
impacts, risks, and opportunities through a
double materiality analysis as part of the
group's risk management process. The goal
is to identify and prioritise the factors that
are material for both the implementation of
the company's strategy and financial value,
as well as for the environment, society, and
people.
The assessment methods and assumptions
are based on standardised scoring, where
impacts are examined from the perspectives
of scale, breadth, and remediability, con-
sidering time horizons. Impacts are scored
independently. The thresholds for defining
materiality are derived from the criteria of
the ESRS standards.
The assessment covers Alma Media's own
operations and the entire value chain.
Particular attention is paid to the energy use
of digital business and its impacts, especially
related to data centres and service usage, as
well as the value chain of printed products.
Impacts that Alma Media participates in
through its business relationships are also
assessed in the same way. In the spring of
2025, stakeholders were widely consulted
through surveys – including employees,
investors, customers, service providers, and
the company's board as representatives
of the owners. Previously, in 2022, service
users and media readers were also consult-
ed. These views were utilised in prioritising
impacts and risks. End-users of services
were not consulted as survey respondents
in 2025.
The assessment and prioritisation of
impacts and risks were carried out by
identifying both sustainability impacts on
the environment and society and the risks
and opportunities that may have financial
consequences for the company. Negative
impacts were prioritised based on their
severity and likelihood, and positive impacts
were assessed based on scale, breadth, and
likelihood. Financial risks and opportunities
were examined in accordance with Alma
Media's risk management principles, con-
sidering factors such as monetary amounts,
reputational impacts, and remediability.
Sustainability risks were compared to the
company's overall risk map and assessed
alongside other strategic and operational
risks.
In decision-making and internal control,
the results of the materiality analysis are
brought to the board for consideration. The
board confirms the sustainability themes and
The material impacts, risks, and opportu-
nities (IROs) identified as a result of the ma-
teriality assessment have remained largely
the same compared to the previous financial
year. However, changes have occurred in
the emphasis and content of impacts, risks,
and opportunities, reflecting the structural
change in Alma Media's business and the
development of the operating environment.
The growth of digital business and the
continuous decline of printed media have
reduced the relative significance of the
company's direct climate impacts, while the
examination of impacts related to the value
chain and energy use has become more
prominent. This has led to the refinement of
climate-related IROs, particularly concerning
the downstream part of the value chain,
and the emphasis on energy efficiency and
the role of renewable energy in governance
measures.
Additionally, the rapidly evolving digital en-
vironment, including the broader utilisation
of technologies such as artificial intelligence,
has increased the significance of positive
impacts related to skills, training, and
continuous development of personnel. As a
result, IROs related to the company's own
workforce have been refined to better align
with strategic skill needs and the long-term
resilience of the business.
Simultaneously, the growth of digital services
and data-driven business has increased the
significance of risks related to consumer and
end-user data protection and cybersecurity.
Data protection-related IROs have been
refined to more clearly cover the impacts
of both the company's own operations and
the upstream and downstream parts of the
value chain, including potential financial and
reputational risks.
IROs related to corporate culture and ethical
business practices have remained material,
but their risk profile has been updated to
reflect the expanded partner and subcon-
tractor network and growing expectations
for responsible governance throughout the
value chain.
Overall, the changes in IROs reflect Alma
Media's strategic focus on digital, scalable,
and resource-efficient business. While the
emphasis on individual impacts and risks
has changed, the company assesses that
these have not had a material impact on the
company's cash flow, assets, or financial
results during the financial year, and the
business model remains resilient in both the
short and long term.
ANNUAL REPORT 2025
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FINANCIAL
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BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
targets, and the executive team is respon-
sible for their implementation. Risks are
monitored in group functions and business
units, and they are reported to management
and the audit committee according to the
annual calendar. Internal control procedures
and observations from the anonymous
reporting channel support the assessment,
but no significant cases related to non-mate-
rial topics have emerged.
The identification of opportunities is inte-
grated into the strategy process and service
development. For example, improving ener-
gy efficiency, increasing the use of renewable
energy, and digital service solutions related
to privacy can enhance competitiveness.
The input parameters and data sources
for the assessment consisted of diverse
data, such as GHG calculations, energy
consumption and environmental data, HR
data, risk reporting, and extensive stake-
holder surveys. The assessment covered the
thematic areas in accordance with the EU
sustainability reporting standards.
The changes and schedule of the process
determined that Alma Media conducted a
double materiality analysis in 2024, and it
was updated in the spring of 2025 based
on new stakeholder surveys. The process
is updated annually in conjunction with risk
management, and a full materiality analysis
Double materiality
assessment
Sustainability
aspects addressed
in the double
materiality analysis
Type of effects
assessed
Impact materiality
scoring
Financial
materiality scoring
Results
Alma Media's impact
on the environment
and people
The impact of
sustainability topics on
Alma Media's value
creation
Thematic ESRS
Standards - Topics
• W ell- being at work
• T raining and skills
development
• E qual opportunities
and treatment
• ESG risk
management
• Responsible business
• H igh- quality,
accessible content
• Responsible data
processing
• Responsible
journalism and
marketing
• Corporate Culture
• Data protection
• C limate change
mitigation, energy
• V alue C hain
Upstream
• My activities
• T he Bottom Line
• Negative/Positive
• F inancial
risk/opportunity
• Actual/ Possible
• T ime horizon:
Short term, less than
1 year
Medium- term, 1- 5
years
Long term, more than
5 years
• Negative Impact
Scale: How severe
• W ide- r anging: How
widespread
• Reparability
• Positive Impact Scale:
How Useful
• W ide- ranging: how
widespread
• Realisation of the
effect
• Probability (scale)
• Assessment Scoring
Severity x Probability
• Materiality threshold:
Topics with a score of
10 or more are
considered material
• Risk, opportunity
Scale: impact on
cash flow
• Probability Scale
• Assessment Score
Impact on C ash F low
(or Opportunity) x
Probability
• Materiality threshold
threshold for scoring
• Materiality assessed
at the level of
individual impacts,
risks and
opportunities (IRO). A
topic is considered
material when the
impact materiality
or financial materiality
score of at least one
of the related IROs
exceeds the threshold
set for that
dimension.
• Overall assessment:
Monitoring of results/
calibration
• C onclusion
• V isualisation of
results
is conducted at least every three years.
The next comprehensive assessment will
be carried out in connection with the 2027
strategy process.
Below is a description of the implemented
double materiality assessment process.
ANNUAL REPORT 2025
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Results of the materiality assessment and
non-material topics
Prioritisation was based on the principle of
double materiality: workshops assessed
the impacts identified by stakeholders on
the environment, society, employees, and
other stakeholders, as well as the risks and
opportunities related to sustainability topics
for the business. The assessment considered
the scale and remediability of impacts, as
well as the likelihood and potential magni-
tude of financial impacts over three different
time horizons.
Since the response rate to the stakeholder
survey was low – particularly among inves-
tors, subcontractors, and also employees
(20%) – the final determination emphasised
the views of the group's and units' executive
teams. Their representativeness was
clearly the best (60%), and the respondents'
experience, business knowledge, and
influence strengthened the reliability of the
assessment. In the next phase, an economic
assessment was also conducted for the
identified themes. Only those topics that
exceeded the threshold alone or in combina-
tion were selected as material. This resulted
in the identification of four key themes
guiding sustainability work (see SBM-3):
• Training and skill development
(workforce)
• Privacy (consumers and end-users)
• Corporate culture (governance)
• Climate change mitigation (environment)
The themes and updated sustainability tar-
gets were approved by the audit committee
and confirmed by the board in the spring of
2025. The assessment of non-material topics
is also updated annually in conjunction with
risk management.
The assessment utilised value chain analysis,
stakeholder surveys, risk management
observations, and long-term environmental
data (e.g., carbon footprint, emissions, water
use, and circular economy). The anonymous
reporting channel and internal control
supported the assessment, but no cases
related to non-material topics were identi-
fied through them.
The nature and location of operations were
also considered: Alma Media operates in
leased premises in urban environments, not
in biologically sensitive areas. The share of
printed media in revenue is small, the paper
is certified, and the material flows of digital
business are minimal. In marketplace opera-
tions, some impacts related to resource use
and circular economy were observed, but
they were not significant. No material risks
were identified for the value chain workers;
the risk of forced labour or child labour was
assessed to be low in Finland and Europe,
and the company's business model is based
on the high expertise and professionalism of
its employees and partners.
Stakeholder feedback highlights energy
as an environmental topic, but the overall
assessment indicated that energy is a key
lever for the company in mitigating climate
change, not a separate material topic from
the targets. The company's science-based
climate targets in its own operations and
value chain rely on energy efficiency and
renewable energy.
In stakeholder surveys, employees par-
ticularly emphasised well-being at work,
work-life balance, and equal opportunities,
but these themes did not emerge as material
in the management's materiality assessment,
as continuous monitoring of work strain and
work-life balance has not raised concerns.
The multi-location work model has also
increased flexibility from the employees'
perspective, and employee satisfaction and
commitment to the company have risen to a
higher level compared to peers.
From the perspective of consumers and
end-users, privacy, access to high-quality
information and services, and responsible
journalism and marketing emerged as
important. The next phase of the assessment
did not identify company-specific material
impacts related to the availability of infor-
mation or services or responsible marketing.
Regular customer surveys, service-specific
NPS measurement, and daily and weekly
service reach measurement or correction
and rectification requests submitted by users
to media houses have not indicated challeng-
es in the availability of Alma Media's services
or high-quality information. The company
promotes the principles of responsible
marketing through its own actions, and man-
agement's assessment sees responsible mar-
keting as an established and well-managed
area of the company's responsibility, with no
violations or material impacts. Contrary to
previous assessments, responsible market-
ing is not currently a financial opportunity for
the company. Contrary to the assumption,
customers have not shown interest in paying
for marketing services based on responsibili-
ty or allocating marketing investments based
on responsibility principles.
According to the stakeholder survey,
freedom of speech is seen as somewhat
significant for the company, but manage-
ment did not identify company-specific
impacts related to freedom of speech in its
assessment, nor were there any identifiable
communities affected by the company's
impacts to which freedom of speech as a
topic was connected. When asked about
the communities affected by the company's
impacts, the response rate was very low
overall, and the responses were divided into
several dozen specific groups, ranging from
very specific target groups to the entire user
base of the company's services. Regarding
the protection of freedom of speech, the
ANNUAL REPORT 2025
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FINANCIAL
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
company adheres to the ethical principles of
journalism, is committed to the guidelines of
the Council for Mass Media (JSN) and pro-
motes freedom of expression as one of the
fundamental principles of media business.
According to management's assessment, this
is also an established area of activity, with
no violations or material impacts.
In terms of governance, stakeholder
feedback emphasised corporate culture, but
corruption or bribery was not specifically
identified as a material risk for Alma Media.
There have been no cases of corruption,
bribery, or human rights violations in the
company. Alma Media's main business
consists of digital services, with private
sector companies in Europe as customers.
The nature of the business does not pose
a significant risk of corruption or bribery.
The company's comprehensive financial
management processes and Code of
Conduct training also ensure that no risk of
corruption or bribery has emerged.
Regarding corporate culture, no financial
opportunity was identified during the finan-
cial year. Unlike the previous year's report,
the double materiality analysis indicated
that the services offered by the company for
managing customers' financial misconduct
are not a material business opportunity.
Additionally, stakeholder feedback did not
emphasise the risks posed by third parties to
the company, but management's value chain
assessment indicated that cybersecurity
and data protection breaches and responsi-
bility-related misconduct by partners could
pose a significant reputational risk to Alma
Media.
Interests and views of stakeholders
(SBM-2)
The double materiality assessment and
stakeholder dialogue highlighted the positive
impact of employee training and skill
development. Employees and management
particularly emphasised the importance
of continuous learning for individual devel-
opment and the success of the company's
strategy based on digital transformation.
Alma Media responds to expectations by
conducting annual skill assessments, training
and leadership programs, and personal
development plans, which strengthen
employee commitment, retention, and
sustainable growth.
Risks and negative impacts corporate
culture and ethics:
Inadequate management of corporate
culture could weaken employee commit-
ment, lead to unethical behavior, and cause
reputational damage to the company as
an employer. The value chain can also
cause reputational damage to the company
through unethical business practices,
insufficient cybersecurity, or data protection.
The company manages these impacts by
providing Code of Conduct training to
employees and ensuring compliance with
the guidelines, as well as requiring the most
significant suppliers to complete Supplier
Code of Conduct training.
Privacy and data protection:
The company's stakeholders expect
compliance from the company's operations.
Data protection breaches could lead to
consequences, loss of trust, and financial
losses. The company manages impacts
through clear processes, regular employee
training, and requiring partners to comply
with guidelines.
Climate change mitigation:
The growth of digital business increases
energy demand and may hinder the achieve-
ment of emission reduction targets. The
company manages impacts by implementing
emission reductions based on the SBTi
1.5°C pathway, improving energy efficiency,
electrifying the fleet, and increasing the use
of renewable energy in its own operations
and value chain.
ESRS Standard disclosure requirements
considered in the company's
Sustainability Report (ESRS IRO-2)
Based on the results of the materiality
assessment, Alma Media's material sustain-
ability topics are:
• Climate Change (E1-1 Climate Change
Mitigation)
• Own Workforce (S1-1 Training and Skill
Development)
• Impacts on Consumers and End-Users
(S4-1 Impacts on Data: Privacy)
• Business Management (G1-1 Corporate
Culture)
The disclosure requirements for reporting
on these topics are presented in the ESRS
content index at the end of the report.
The list of complied disclosure requirements
and the list of EU legislation-based data
points can be found at the end of the report.
ANNUAL REPORT 2025
53
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
EU Taxonomy
The taxonomy is a classification system
introduced by the European Union Regulation
2020/852 for financial markets, effective
from the beginning of 2022. It lists economic
activities that are sustainable for the climate
and the environment. The goal of the classi-
fication system is to direct money towards
sustainable investments and investments
so that the EU can achieve its ambitious
emission reduction targets. For Alma Media's
main businesses, digital marketplace and
media business, technical evaluation criteria
for the taxonomy have not yet been defined.
Taxonomy reporting
The taxonomy defines six key environmental
objectives against which the company's
various business activities are assessed.
The environmental objectives are: (a) climate
change mitigation, (b) climate change adap-
tation, (c) water and marine resources, (d)
circular economy, (e) pollution prevention,
and (f) biodiversity and ecosystems.
Alma Media has carried out assessments of
taxonomy eligibility and compliance based
on the EU taxonomy regulation, its delegated
acts, and the guidelines provided by the
European Commission. Experts in each
subject area at Alma Media have assessed
whether the business activities correspond
to the descriptions of economic activities
identified in the taxonomy. None of the
business activities are taxonomy-eligible.
The assessment of taxonomy eligibility is
followed by the evaluation of the criteria for
significant contribution and no significant
harm. These stages were not carried out
because the business activities are not
taxonomy-eligible.
Reporting principles
The reporting obligations related to the
taxonomy include a description of the
principles for preparing financial indicators,
including the calculation bases for the
numerator and denominator. This section
presents how revenue, capital expenditures,
and operating expenses have been defined
and allocated to the numerator, as well
as the calculation bases for the revenue,
capital expenditures, and operating expens-
es included in the denominator. The revenue
indicator determines the extent to which the
company's activities are taxonomy-eligible
and compliant. The capital and operating
expenditure indicators describe how the
company intends to improve its infrastruc-
ture, processes, and production lines to
become a low-carbon operator or reduce
environmental emissions.
Revenue
When determining taxonomy-eligible and
compliant revenue, the numerator includes
the estimated total revenue from products
and services related to taxonomy-eligible
and compliant economic activities. The de-
nominator includes the revenue reported in
Alma Media's 2025 financial statements. For
revenue, we have not identified significant
activities as taxonomy-eligible or compliant,
meaning the taxonomy eligibility of revenue
is 0%.
Capital expenditures
When determining taxonomy-eligible capital
expenditures, the numerator should include
capital expenditures on assets related to
taxonomy-eligible and compliant economic
activities. The denominator includes the
investments in intangible and tangible assets
reported in Alma Media's 2025 financial
statements. For capital expenditures, we
state that there were no significant taxon-
omy-eligible or compliant capital expendi-
tures in 2025.
Operating expenses
When determining taxonomy-eligible
operating expenses, Alma Media includes in
the numerator the direct operating ex-
penses of products and services related to
taxonomy-eligible and compliant economic
activities. The denominator includes direct
costs related to research and development,
building repairs, leases, maintenance and
repairs, and other direct costs of tangible
and intangible assets. Taxonomy-eligible or
compliant operating expenses are reported
as 0% because there were no taxono-
my-compliant business activities.
Changes compared to the previous
financial year
There are no changes in the principles of tax-
onomy reporting compared to the previous
financial year.
E – Environment
ANNUAL REPORT 2025
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FINANCIAL
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Table 1: Revenue
Proportion of turnover from products or services associated with taxonomy-aligned economic activities – disclosures on the year 2025.
Financial year 2025
2025 Substantial contribution criteria
“Does Not Significantly Harm” criteria
(DNSH)
Economic activities
Code
Revenue
Proportion of turnover, year 2025
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Taxonomy-aligned (A.1) or taxon-
omy-eligible (A.2) proportion of
turnover, year 2023
Category enabling activity
Category transitional activity
MEUR %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities
(taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% 0%
Of which enabling 0 0% 0% 0% 0% 0% 0% 0% 0% E
Of which transitional 0 0% 0% 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
Turnover Taxonomy-eligible but not environmentally sustain-
able activities (not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
A. Turnover of Taxonomy-eligible activities (A.1+A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 327.1 100.0%
TOTAL 327.1 100.0%
ANNUAL REPORT 2025
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FINANCIAL
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Table 2: Capital expenditure
Proportion of CapEx from products and services associated with taxonomy-aligned economic activities – disclosures on the year 2025
Financial year 2025
2025 Substantial contribution criteria
“Does Not Significantly Harm” criteria
(DNSH)
Economic activities
Code
CapEx
Proportion of CapEx, year 2025
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of taxonomy-aligned (A.1)
or taxonomy-eligible (A.2) CapEx,
year 2023
Category enabling activity
Category transitional activity
MEUR %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% 0%
Of which enabling 0 0% 0% 0% 0% 0% 0% 0% 0% E
Of which transitional 0 0% 0% 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
N/EL
N/EL
N/EL
N/EL
N/EL
EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
CapEx of Taxonomy-eligible but not environmentally sustain-
able activities (not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
A. CapEx of Taxonomy eligible activities (A.1+A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 3.9 100.0%
TOTAL 3.9 100.0%
ANNUAL REPORT 2025
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FINANCIAL
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Table 3: Operating expenditure
Proportion of OpEx from products and services associated with taxonomy-aligned economic activities – disclosures on the year 2025.
Financial year 2025
2025 Substantial contribution criteria
“Does Not Significantly Harm” criteria
(DNSH)
Economic activities
Code
Operating expenditure
Proportion of OpEx, year 2025
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of taxonomy-aligned (A.1)
or taxonomy-eligible (A.2) OpEx,
year 2023
Category enabling activity
Category transitional activity
MEUR %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable activities (taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% 0%
Of which enabling 0 0% 0% 0% 0% 0% 0% 0% 0% E
Of which transitional 0 0% 0% 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
OpEx of taxonomy-eligible but not environmentally sustainable
activities (not taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
A. OpEx of taxonomy-eligible activities (A.1+A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of taxonomy-non-eligible activities 15.7 100%
TOTAL 15.7 100%
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Template 1: Nuclear and fossil gas related activities
Row Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity
generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
NO
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce elec-
tricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as
their safety upgrades, using best available technologies.
NO
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or pro-
cess heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as
well as their safety upgrades.
NO
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce elec-
tricity using fossil gaseous fuels.
No
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power
generation facilities using fossil gaseous fuels.
NO
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that
produce heat/cool using fossil gaseous fuels.
NO
Abbreviations:
Y - Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective
N - No, taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective
N/EL - Not eligible, taxonomy non-eligible activity for the relevant environmental objective
EL - Taxonomy eligible activity for the relevant objective
N/EL - Taxonomy non-eligible activity for the relevant objective
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ESRS E1 – Climate change
Mitigation and adaptation to climate
change
Alma Media is committed to the targets of the
Science Based Targets initiative, which require
the reduction of greenhouse gas emissions at
all Scope levels. The targets and the underly-
ing emission reduction plan cover the entire
group and apply to both its own operations
and the value chain.
Emissions from Alma Media's own operations
are mainly generated from the heating,
cooling, and electricity consumption of
office buildings, the energy consumption
of data centres, the use of materials, and
the use of company cars. To reduce these
emissions, the company has initiated several
mitigation measures to minimize the negative
impact: monitoring and improving the energy
efficiency of office buildings, reducing the use
of data centres by gradually transitioning to
cloud services that use renewable energy,
and systematically electrifying the company's
vehicle fleet.
Material impacts, risks, and
opportunities and their interaction with
strategy and business model (ESRS 2
SBM-3)
Alma Media's strategy is based on digital
transformation, which has developed the
company into a predominantly digital media
and service company. In 2025, over 85% of
the company's revenue will come from digital
business. The digital business model supports
climate resilience, particularly by reducing
emissions and material use associated with
the production and distribution of printed
media.
The key impacts of climate change on
Alma Media relate to energy consumption
and availability, tightening regulations, and
achieving emission reduction targets. Energy
consumption arises from company cars and
office buildings, as well as from the server
capacity required for digital services, which
is increasing due to technological develop-
ments such as the growing use of artificial
intelligence. Transition risks related to climate
change can, if realised, cause cost pressures,
regulatory obligations, and reputational
impacts if emission reduction targets are not
achieved as planned.
Alma Media's strategy supports climate
resilience by emphasising energy efficiency,
the use of renewable energy, and collabora-
tion with service providers and partners. The
company's ability to manage climate impacts
focuses on its own operations and the value
chain, including the energy sources of cloud
services and other digital solutions. Climate
change mitigation is integrated into the
company's sustainability targets and business
development.
Alma Media has not conducted a separate,
formal climate resilience analysis or used
climate scenarios to assess the resilience of
its strategy and business model during the
financial year. However, climate impacts and
business adaptability are considered as part
of the company's ongoing risk management,
strategic work, and monitoring of sustain-
ability targets, as well as the impacts of
regulation, energy markets, and technological
developments on the business. The need for
a more systematic climate resilience analysis
will be assessed in future financial years.
Transition plan for climate change
mitigation (E1-1)
Alma Media has not prepared a separate,
board-approved transition plan. The
company will assess the need to prepare a
transition plan as part of the development of
its sustainability and strategic work in future
financial years.
Policies related to climate change
mitigation (E1-2)
Alma Media is committed to achieving
science-based emission reduction targets and
managing climate risks. The company's key
principle of action is to minimize the climate
impacts of its own operations, products,
services, and supply chain. The principles
of action related to climate change apply to
the entire Alma Media group, all company
employees, and, where applicable, business
partners and suppliers as part of the value
chain (MDR-P 65b). The company's principles
of action include:
• Procurement Guidelines: Practical
guidelines for procurement from
external suppliers and compliance with
environmental and ethical principles.
• Company car guidelines: Guidelines
aimed at electrifying the vehicle fleet,
prohibiting the purchase of cars that use
fossil fuels.
To achieve its SBTi targets, Alma Media
is committed to increasing the share of
renewable energy in both its own operations
and the value chain. The company ensures
that both its own and its partners' services
– including data centres and cloud services
– are based on renewable energy whenever
possible.
The group's finance department is respon-
sible for guiding the implementation of the
principles of action, the business segment
managers and the group management team
are jointly responsible for implementation,
and the audit committee is responsible for
oversight.
Energy and energy efficiency
The company aims to reduce energy con-
sumption and its emissions by continuously
improving energy efficiency: the group's car
guidelines direct the electrification of the
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vehicle fleet and prohibit the purchase of cars
that use fossil fuels. The optimisation of office
space usage and the modernisation of server
capacity used in digital services improve
energy efficiency.
Renewable Energy Procurement Principle
Alma Media is committed to increasing the
share of renewable energy in all its consump-
tion, both in its own operations and in the
value chain. The company ensures that both
its own and its partners' services – including
data centres and cloud services – are based
on renewable energy whenever possible.
This supports not only the achievement of
emission reduction targets but also cost
management and stakeholder trust.
Other policies
Alma Media engages in active dialogue with
stakeholders and service providers regarding
energy solutions and climate risk manage-
ment and requires key suppliers to commit
to the company's ethical principles, covering
the entire value chain for environmentally
responsible operations.
Actions and resources in relation to
climate change principles (E1-3)
Alma Media's climate actions are based on
the company's SBTi targets and the underlying
emission reduction plan. The actions consist
of reducing emissions in high-emission areas,
energy efficiency, reducing logistics emissions,
and digitising products. Thus, resources are
particularly focused on the procurement
of renewable energy, improving the energy
efficiency of office buildings, electrifying the
vehicle fleet, and reducing logistics emissions
through digital transition.
The annual budget for climate actions is
included in the group's normal operations.
The measures implemented in 2025 did not
require significant additional investments or
increases in operating expenses but were
based on optimising existing processes and
renewing equipment purchases according to
the normal lifecycle.
Description of actions and resources
Alma Media has implemented and continues
to implement actions related to climate
change mitigation as part of the continuous
development of its business. The measures
mainly target its own operations and the
value chain, and they support the company's
2030 emission reduction targets, as illustrated
by the accompanying emission reduction
pathway diagram.
Energy and business premises (short to
medium term)
Alma Media has transitioned to using
renewable energy in its office buildings in
cooperation with property owners, and in
Finland, electricity procurement has shifted to
fossil-free sources. The company has imple-
mented solutions to optimise the use of office
space and improve environmental efficiency,
such as the solar power plant installed on
the roof of the Helsinki office building and
improving the energy efficiency of heating and
cooling systems. These measures have been
implemented as part of normal property
management and landlord cooperation, and
their impact is mainly from 2023 to 2030.
Transport and logistics (short to medium
term)
Transport emissions have been reduced by
electrifying the company car fleet. In Finland,
the electrification rate of company cars rose
to 77.6% in 2025, and in other operating
countries, the low-emission rate rose to
84.5%. Logistics emissions have been reduced
by optimising transportation and reducing the
distribution of printed products by shifting
content to digital platforms. These measures
are continuously implemented as part of fleet
purchases and distribution solutions.
Digital business model (medium to long
term)
The growth of digital services and market-
places is a strategic focus that reduces the
share of printed products and thus the emis-
sions caused by production and distribution.
The transition from printed media to digital
channels is a key structural factor in the
emission reduction pathway towards 2030.
Resources
Alma Media has not allocated separate
financial or personnel resources for actions
related to climate change mitigation. Climate
actions are implemented as part of normal
business operations, investment decisions,
procurement, property management, and
strategic development work. Responsibilities
for implementing and monitoring climate
actions are included in the company's existing
management and governance models.
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- 222
- 85
- 109
378
794
Baseline year 2019 Renewable energy Optimization of office
space usage
Vehicle fleet electrification Target year 2030
Levers to reach Scope 1+2 emission reduction 2030 (-52 % from 2019)*
-1 200
- 55
13 844
16 099
-1 000
Baseline year 2019 Reduction in printing Reduction in printing Reduction in End-of-Life
sold printed products
Target year 2030
Levers to reach Scope 3 emission reduction 2030 (-14 % from 2019)
*The company has reached its long-term Scope 1 and 2 emissions target earlier than planned.
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Measures and progress towards targets 2019 level 2024 2025 2030 target
Scope 1 Finland: electrification rate of company cars 0% 65% 77% 100%
Scope 1 Other countries: replacing company cars with lower-emission models 0% 51% 85% 100%
Scope 2 Increasing the zero-emission energy rate of business premises 42% 85% 86% 100%
Scope 3 Reducing printing-related emissions through the digital transformation
of products
2,263 tCO
2
e -667 tCO
2
e -798 tCO
2
e -1,200 tCO
2
e
Scope 3 Reducing logistics-related emissions through the digital transformation
of products
2,292 tCO
2
e -823 tCO
2
e -994 tCO
2
e -1,000 tCO
2
e
Scope 3 Reducing emissions associated with the end-of-life treatment of sold
printed products
93 tCO
2
e -79 tCO
2
e -81 tCO
2
e -55 tCO
2
e
The table "Actions and Progress Towards
Targets" presents the company's emission
data and describes the progress towards
the 2030 reduction targets. The table shows
Scope 3, printing, and logistics emission
reductions relative to the 2030 target in
absolute tCO
2
e tons. Additionally, the table
describes the end-of-life treatment of sold
printed products and the 2030 target for
Scope 3. Scope 2 figures are presented
separately from Scope 1 emissions.
Targets related to climate change
mitigation and adaptation (E1-4)
Alma Media's climate targets are sci-
ence-based and validated by the SBT
organisation. They cover both the company's
own operations and the most significant
emissions in the supply chain. The company's
targets are based on scientific principles, and
their implementation is linked to the business
model's transition towards a digital, low-emis-
sion business.
Alma Media is committed to reducing its
greenhouse gas emissions in line with the
Science Based Targets initiative (SBTi) to limit
global warming to 1.5°C in accordance with
the Paris Agreement. The company's targets
support a strategy focused on the growth of
digital business and the relative reduction of
printed products, which supports the overall
reduction of emissions in the value chain.
The climate targets help manage significant
impacts, risks, and opportunities related
to energy use, the supply chain, and the
transition to a low-carbon society. The targets
extend to both the company's own operations
(Scope 1 and 2, market-based) and the supply
chain (Scope 3).
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Alma Media’s sustainability targets
Targets Metrics in 2024 Outcome in 2025 2024
Climate change adaptation
Reducing GHG emissions caused by the company’s own
operations by 52% by 2030, using 2019 as the base year
Reducing Scope 1 and Scope 2 GHG emissions by
4.73% when compared to 2023
-11.8% -6.7%
Reducing GHG emissions in the subcontracting chain by 14%
by 2030, using 2019 as the base year
Reducing Scope 3 GHG emissions by 1.27% when
compared to 2023
+2.2%* -3.0%
Scope 1 and 2: –52% (base year 2019, target year 2030).
Scope 3: –14% (base year 2019, target year 2030).
All targets are gross targets, without offsets or removals.
* The Scope 3 target was not fully achieved in 2025 due to business expansion through mergers and acquisitions.
The targets are defined from the base year
2019, extend to 2030, and include interim
milestones. They are gross targets without
offsets, and their implementation is monitored
quarterly through reports provided to man-
agement and the board. The targets cover all
the company's significant emission sources:
• Scope 1 and 2: Reducing absolute
emissions by 52% by 2030 from the
2019 level.
• Scope 3: Reducing indirect value chain
emissions by 14% by 2030 from the
2019 level.
Alma Media monitors the implementation
of the targets as part of its environmental
responsibility metrics and reports on them
for the use of management and stakehold-
ers. The key metrics are greenhouse gas
emissions (Scope 1–3, tCO
2
e), the share of
renewable energy (%), total energy consump-
tion (MWh), and the electrification rate of
company cars (%). The calculation of metrics
is based on the GHG Protocol guidelines,
the base year is 2019, and the calculation is
updated annually.
Alma Media's greenhouse gas emissions are
divided into three main categories: Scope
1, which covers the energy consumption of
vehicles, Scope 2, which consists of the use
of electricity, district heating, and district
cooling in office buildings, and Scope 3, which
includes particularly ICT services and the
production and logistics of printed products.
The base year for emission reductions is
defined as 2019. The choice is based on the
fact that 2019 serves as a continuation of
Alma Media's previously set science-based
emission reduction targets, which were
approved in 2016 and achieved ahead of
schedule. New emission reduction targets
were set in 2020 as a continuation of this
development path, and 2019 was defined as
the reference year.
The year 2019 is considered a representative
base year as it reflects the normal scope and
structure of the company's business before
exceptional external factors, such as the tem-
porary changes in operations and emission
levels caused by the COVID-19 pandemic.
The representativeness of the base year has
been assessed in relation to the company's
business volume, geographical scope of
operations, and energy use, and no one-time
or exceptional factors have been identified
that would undermine its comparability in
setting long-term emission reduction targets.
Emission reduction targets are set until 2030,
and their implementation is monitored and
reviewed through interim milestones updated
every five years.
Alma Media's emission reduction targets are
externally validated by the Science Based
Targets initiative (SBTi) and are in line with the
1.5-degree target of the Paris Agreement. The
company does not have its own, separately
prepared climate scenario or industry-spe-
cific decarbonisation pathway, as the climate
impacts of the media and digital services
sector are mainly related to energy use and
are limited in nature compared to high-emis-
sion sectors.
Alma Media utilises the general emission
reduction pathway for service sectors
provided by the SBTi by linking it to its own
business model by defining emission reduc-
tion targets for the emission sources that are
most relevant to the company's operations.
In practice, this means that the absolute
emission reduction percentages required
by the SBTi are targeted at the key emission
sources of Alma Media's own operations
(Scope 1 and 2) and the value chain (Scope
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3), such as the energy use of office buildings
and digital services, company car use, and
procurement.
The target setting is based on the internation-
al climate scenarios and methodologies used
by the SBTi (such as IPCC and IEA scenarios),
which relate corporate emission reductions to
the global emission budget and the required
emission reduction rate. Alma Media has
applied these methodologies considering the
structure of its business model, the growth of
digital service production, and the continuous
reduction of the share of printed media.
The key assumption underlying the targets is
the continuous transition of the business to
digital services, which reduces the Scope 3
emissions caused by printing and distribution.
Additionally, the assumptions include the
development of energy markets (availability
and supply of renewable energy), the electri-
fication of vehicle technology, and tightening
regulations. Alma Media also considers
the growing expectations of customers for
responsibly and environmentally friendly
produced digital solutions.
Means of decarbonisation and their
contributions
In line with its SBT1 target, Alma Media
focuses on significantly reducing emissions
in high-emission areas from 2019 to 2030
through the following means:
• Use of renewable energy in office
buildings, estimated reduction of
approximately 222 tCO2e by 2030.
• Optimisation of office space usage,
estimated reduction of approximately
85 tCO2e.
• Electrification of the vehicle fleet,
estimated reduction of approximately
109 tCO2e.
• Reduction of printing, estimated reduc-
tion of approximately 1,200 tCO2e.
• Optimisation of logistics, estimated
reduction of approximately 1,000
tCO2e.
• Reduction in the end-of-life treatment of
printed products, estimated reduction of
-55 tCO2e.
The emission reduction need described
above is calculated from the 2019 level to be
achieved by 2030.
Through these measures, the company
targets emission reductions in areas with the
highest emission intensity, thereby supporting
the overall management and reduction of
emissions.
Energy consumption and energy source
mix (E1-5)
The company's energy consumption is pre-
sented in the table, broken down into fossil,
nuclear, and renewable sources. The share of
renewable energy is divided into:
i) biofuels and biomass, ii) purchased elec-
tricity, heat, and cooling, iii) self-produced
renewable energy.
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Greenhouse Gas Emissions (E1-6)
Alma Media reports its greenhouse gas emis-
sions in Scope 1, Scope 2 (both market-based
and location-based), and Scope 3 categories
in carbon dioxide equivalent tons (tCO
2
e)
according to the GHG Protocol standard. The
reported emissions cover vehicle use, office
building energy consumption, ICT services,
and emissions related to printed products
and logistics. Total emissions are the sum of
these three scope categories.
Alma Media's greenhouse gas intensity rela-
tive to revenue decreased by 2.6% in 2025
compared to the previous year, indicating
the decoupling of business growth from the
increase in greenhouse gas emissions. The
greenhouse gas emission intensity is calculat-
ed by relating total emissions to the group's
revenue, which corresponds to the group's
revenue presented in the financial statements
and can be reconciled with the relevant item
in the income statement. Scope 3 emissions
are mainly based on calculated values. The
share of emissions based on primary data is
minimal, and separate percentage presenta-
tion is not material.
In the emission calculation for Scope 1, 2,
and 3, biogenic emissions are not separately
considered, as their share is assessed to be
not material. Alma Media's operations do
not generate significant biogenic emissions;
the only biogenic flows are related to office
building bio-waste, which is handled through
the authorities' waste management system.
Energy consumption and mix 2024 2025
6) Total fossil energy consumption (MWh) 1,104 990
Share of fossil sources in total energy consumption (%) 33% 31%
7) Consumption from nuclear sources (MWh) 62 57
Share of consumption from nuclear sources in total energy consumption (%) 2% 2%
8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
(MWh)
0 0
9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 2,156 2,100
10) Consumption of self-generated non-fuel renewable energy (MWh) 0 0
11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10) 2,156 2,100
Share of renewable sources in total energy consumption (%) 65% 67%
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11) 3,322 3,147
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Total GHG emissions Gross Scopes 1, 2, 3 and (E1-6)
Retrospective
Base year 2019 2024 N 2025 % N/N-1 2030 (2050) Annual % target /
base year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
eq)
423.0 189.8 171.7 -9.54% -52.0% (Scope 1 + Scope
2 total)
-4.73% (Scope 1 +
Scope 2 total/year)
Percentage of Scope 1 GHG emissions from regulated emission
trading schemes (%)
0 0 0
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq)
488.4 213.0 200.7 -5.77%
Gross market-based Scope 2 GHG emissions (tCO
2
eq)
371.3 78.6 65.0 -17.30% -52.0% (Scope 1 + Scope
2 total)
-4.73% (Scope 1 +
Scope 2 total/year)
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO
2
eq)
16,099 14,071 14,375 -2.16%
-14% (13,845 tCO
2
eq)
-1.27% per year
1 Purchased goods and services 13,302 12,323 12,850
[Optional sub-category: Cloud computing and data centre
services]
3 Fuel and energy-related activities (not included in Scope 1 or
Scope 2)
129 60 54
4 Upstream transportation and distribution 2,292 1,469 1,298
6 Business travel 165 153 113
7 Employee commuting 81 44 43
11 Use of sold products* 211 131 120
12 End-of-life treatment of sold products 93 14 12
15 Investments 36 9 5
* Scope 3 emissions related to the use of sold products (row 11 of the table) are reported for transparency purposes, even though, under the SBTi framework, they are not considered Alma Media’s own emissions. The calculation principles are
described in the Basis of Preparation for the Metrics.
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Retrospective
Base year 2019 2024 N 2025 % N/N-1 2030 (2050) Annual % target /
base year
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq)
17,010 14,474 14,748 1.89%
Total GHG emissions (market-based) (tCO
2
eq)
16,893 14,340 14,612 1.90%
GHG intensity per net revenue
Total GHG emissions (location-based) per net revenue (tCO
2
eq/
EUR)
0.00004629 0.00004509 -2.6%
Total GHG emissions (market-based) per net revenue (tCO
2
eq/
EUR)
0.00004586 0.00004467 -2.6%
Revenue used to calculate GHG intensity (EUR) 312,651,056 327,076,435 4.6%
Revenue, other (EUR) 0 0
Total revenue in the financial statements (EUR) 312,651,056 327,076,435 4.6%
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Accounting principles
The companies in the Alma Media group are
not classified as having significant climate
impact based on Annex 2 of the Regulation
2013/34/EU issued on July 31, 2023, which
defines sectors with significant climate impact
in the main categories A-H and L listed in
Annex I of the European Parliament and
Council Regulation (EC) No 1893/2006 (as
defined in Commission Delegated Regulation
(EU) 2022/1288). The Alma Media group
belongs to the main category J Information
and Communication, with activities falling
under sections 58, 62, and 63. Emission
calculations are carried out in accordance
with the Science Based Targets initiative
(SBTi). The unit of emissions used is the GHG
Protocol-compliant CO
2
equivalent ton
(tCO
2
e). According to the recalculation policy,
calculations are corrected retrospectively to
the base year if there are significant changes
in the scope of business, emission factors, or
calculation methods used.
In 2025, there were no significant changes
in business operations according to the SBTi
validation emission calculation policy. The
country-specific emission factors published
annually by the IEA have been applied retro-
spectively to the base year 2019, and more
accurate energy consumption data obtained
after the previous annual report have been
applied to the 2024 calculation. The calcula-
tion methods for Scope 1, 2, and 3 emissions
have not changed from previous years.
The sources of data for emission calculations
(E1) are based on actual energy consumption
and national or international GHG Protocol
emission factors published by authorities.
In Scope 1 and 2 calculations, energy type
and country-specific emission factors are
used. Primarily, market-based emission
factors provided by energy producers
are used, and if they are not available, the
country-specific values published annually
by the IEA are used. IEA values are also used
in location-based emission calculations. In
Scope 3 calculations, primarily the emission
calculations provided by service providers
are used, but if they are not available, the
annually published DEFRA (UK Government
GHG Conversion Factors for Company
Reporting) factors are used.
Scope 1 emissions consist of energy pur-
chased for production vehicles and company
cars with free car benefits. In the Eastern
Central European operations, the emissions
from vehicle energy consumption include the
share of work trips, which is monitored based
on a GPS-based driving log. The purchased
energy amounts are obtained from service
providers' purchase reports.
Scope 1 calculation: Actual energy consump-
tion. Finland: Statistics Finland's "GHG gases
by fuel classification" and supplier-specific
electricity emission factor. Other countries:
EU-level fuel emission factors and IEA.org
country-specific electricity emission factor.
Scope 2 emissions consist of emissions from
electricity, heating, and cooling consumption
in office buildings under the group's control.
In larger sites, energy consumption is based
on measurement. In sites without site-specific
consumption measurement, energy consump-
tion is calculated as an average based on the
area.
Scope 2 calculation: Actual energy consump-
tion. Finland: supplier-specific emission factor.
Other countries: IEA.org country-specific
emission factor.
Scope 3 emissions consist of external
purchases required for the production of
services and products, as well as transmis-
sion losses of energy used in Scope 1 and
2. All 15 categories of Scope 3 are reviewed
annually for materiality. In 2025, categories
1, 3, 4, 6, 7, 12, and 15 were still considered
material, covering 100% of emission sources.
Categories 2, 5, 8, 9, and 10 were considered
immaterial. Category 11, which in Alma
Media's operations means the emissions from
the energy consumption of end-user devices
for digital services, is calculated but not
counted as the company's emissions accord-
ing to SBTi validation. Categories 13 and 14
are not relevant to the group's business.
Scope 3 Calculation: Available supplier-spe-
cific emission reporting, DEFRA's purchase
category-based emission factors, IEA.org's en-
ergy transmission losses and country-specific
emission factors (Finland's air travel, Posti's
distribution, and Jetpak Oy's air freight). In
cloud services, the factors reported by Azure,
AWS, and Google Cloud. The treatment of
municipal waste and commuting is based on
Statistics Finland's data sources.
Statistics Finland, IEA.org, cloud service pro-
viders, and DEFRA update emission factors
partly retroactively on an annual basis. If
necessary, these corrections are also taken
into account in the calculation of comparison
years.
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ESRS S1 – Own workforce
Material impacts, risks, and
opportunities and their interaction with
strategy and business model (ESRS 2
SBM-3)
Training and developing the skills of Alma
Media's employees have a significant pos-
itive impact on the workforce. This impact
extends to all employees, as continuous
skill development supports professional
growth, employability, and the ability to
respond to changes in job content and skill
requirements. Long-term development and
retraining enhance employees' skills, job
performance, and career opportunities, and
support job retention in a changing opera-
tional environment.
The company has not identified any negative
impacts on employees as it moves towards
more climate-neutral operations, nor has the
transition required structural or operational
changes that would adversely affect the
status, working conditions, or employment
of the workforce. Additionally, Alma Media's
services are based on expert work, and the
company has not identified any risks related
to forced or child labour in its operations or
value chain.
Principles related to own workforce
(S1-1)
Alma Media's workforce is guided by a
human resources plan approved by the
company's management, which covers skill
development, compensation, and plans
related to equality, non-discrimination, and
diversity. The plan defines the personnel
quantity and skill requirements necessary for
the strategy, identifies key challenges related
to age and skill structure, and guides nec-
essary actions. The plan complies with key
labour legislation, such as the Cooperation
Act, the Equality Act, the Non-Discrimination
Act, the Occupational Safety and Health Act,
and the Employment Contracts Act.
The human resources plan is used to assess
the current workforce structure and skills
and to anticipate essential development
needs for business success. The plan
promotes equality and fair treatment based
on gender and age and ensures that neces-
sary personnel actions are implemented in
a timely manner. Actions and related action
plans are based on current legislation,
principles, and general guidelines.
The management of material impacts on
the workforce is guided by principles such
as training and skill development, which
are based on promoting an equal, diverse,
and inclusive work community and the
continuous development of skills in line with
the company's strategy. Each employee is
provided with a career and skill develop-
ment plan with objectives, and progress is
monitored at least semi-annually.
The company regularly conducts employee
surveys, salary analyses, and other eval-
uations utilising workforce data, based on
which units update their equality, diversity,
and non-discrimination plans every two
years. These reviews examine, among other
things, pay gaps, the reasons for fixed-term
employment contracts, and the gender
distribution of the workforce. Alma Media
hires new employees based on their skills,
abilities, and suitability, and all employees
have the right to fair and encouraging
compensation, skill development, feedback,
information about the company, a safe work-
ing environment, and respect for privacy.
The company's activities are also guided
by Alma Media's Code of Conduct, which
defines the company's key principles,
responsibilities, and expectations regarding
workforce-related issues. The Code of
Conduct and related governance practices
are described in more detail in the GI
section.
In 2025, Alma Media implemented a
Performance Management model for the
entire workforce, which includes personal
goals and development plans, progress
evaluation at least semi-annually, and sup-
port for training, mentoring, and community
learning. The model aims to strengthen the
workforce's skills and ensure the devel-
opment of competencies required by the
company's transformation-based strategy.
Training and skill development have been
identified as having a positive impact on
Alma Media's own workforce. They support
employees' professional development, job
performance, and readiness for change, and
promote commitment and up-to-date skills in
a changing operational environment.
The human resources plan and related
principles cover the entire company's own
workforce. They guide skill development,
working conditions, equality, and well-being
of the workforce and support the company's
strategic objectives. The implementation of
the plan is monitored by business manage-
ment together with the company's executive
team.
The human resources plan and related
principles are communicated to the work-
S – Social responsibility
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force through the company's main internal
communication channel, the intranet. The
human resources plan is available in its
entirety to all employees on the intranet.
Alma Media is committed to respecting
human rights in accordance with the
UN Guiding Principles on Business and
Human Rights, the International Labour
Organisation's (ILO) fundamental principles
and rights at work, and the OECD Guidelines
for Multinational Enterprises. The company
is a signatory to the UN Global Compact and
committed to its ten principles.
Human rights commitments and prohibi-
tions are defined in Alma Media's Code of
Conduct, approved by the company's board
of directors, which applies to the entire
company's own workforce, regardless of
the form of employment or organisational
level. The Code of Conduct prohibits all
forms of discrimination, harassment, human
trafficking, forced labour, and child labour,
and requires respect for all internationally
recognized human rights. The guidelines
are based on the UN Global Compact, the
Universal Declaration of Human Rights, and
the ILO's fundamental principles and rights
at work.
Human rights requirements for the supply
chain and partners are defined in Alma
Media's Supplier Code of Conduct, which
requires suppliers to comply with applicable
laws and international human rights stan-
dards. The supplier code includes provisions
on employee safety and health, non-dis-
criminatory and fair treatment, respect for
freedom of association, and prohibitions on
child labour, forced labour, human traffick-
ing, or other human rights violations. These
requirements are consistent with the ILO's
key conventions and apply to subcontracting
and work performed through third parties.
The implementation of human rights
principles is monitored at Alma Media
through employee surveys, supervisor
training, feedback channels, and the ethical
Whistleblowing channel. The Whistleblowing
channel is available to both employees and
partners, and reports are handled confiden-
tially. This ensures that any deviations are
identified and addressed appropriately.
Alma Media manages occupational health
and safety impacts on its own workforce
through principles and practices that apply
to the entire company's own workforce.
The company conducts a workplace survey
in cooperation with occupational health
services at least every five years to identify
and assess physical, psychological, and
social workload.
The aim of the cooperation is to promote
the prevention of work-related illnesses
and accidents, the safety of work and the
work environment, the health and work
ability of employees at different stages of
their careers, and the functioning of the
entire work community. The company's own
occupational safety guidelines, training, and
well-being programs support the workforce's
work ability and safety and complement the
preventive work done with occupational
health services.
By completing Alma Media's ethical guide-
lines, Code of Conduct training, each em-
ployee commits to preventing discrimination
and harassment and promoting equal oppor-
tunities, diversity, and inclusion in the work
community. The Code of Conduct training
takes into account forms of discrimination in
accordance with EU and national legislation,
including race, ethnic origin, skin color,
gender, sexual orientation, gender identity,
disability, age, religion, political opinions, and
social status. The company is committed to
supporting particularly vulnerable groups,
such as employees dismissed for production
or economic reasons, by providing them with
outplacement services.
The principles are implemented through
leadership training and practical proce-
dures, such as the Anti-Bullying Guidelines,
the Whistleblowing channel, regular DEI
and Code of Conduct training, and the
Performance Management model. These
ensure that discrimination and harassment
are addressed immediately and that
diversity and inclusion progress consistently
as part of workforce skill development and
the company's strategy.
Processes for engaging with
own workforce and workers’
representatives about impacts (S1-2)
Alma Media has several established process-
es, such as the Performance Management
process, semi-annual Alma Voice employee
surveys (response rate in 2025 approxi-
mately 80%), and cooperation committees,
through which employees and their repre-
sentatives can participate in discussions
about the actual and potential significant
impacts of the company's operations. The
views of employees and representatives
are also considered in semi-annual goal
discussions, quarterly reviews, and annual
meetings between management and trust
representatives. The implementation of
processes is ensured by the company's HR
director together with the executive team.
Alma Media complies with local labour laws
and collective agreements in all its operating
countries. The effectiveness of communica-
tion is assessed through employee surveys,
goal achievement monitoring, and reports re-
ceived through the Whistleblowing channel.
The views of particularly vulnerable groups,
such as women, immigrants, and people
with disabilities, are also considered through
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employee surveys and targeted training and
coaching.
Processes to remediate negative
impacts and channels for own
workforce to raise concerns (S1-3)
Based on the Code of Conduct and the
human resources plan, there are confidential
reporting channels (Whistleblowing), inde-
pendent investigation procedures, and reg-
ular evaluations. The channel is maintained
by an external party, multilingual, and easily
accessible. All reports are independently
investigated, and the consistency of actions
is monitored by the audit committee.
Employees can also raise concerns through
supervisors, HR, and trust representatives.
Alma Media supports its workforce in
actively using reporting channels by training
employees through Code of Conduct training
and internal communication. Alma Media
investigates all reported violations and suspi-
cions independently, and neither the person
concerned nor their supervisor participates
in the investigation. The investigation process
ensures that consequences are consistent in
similar cases and that corrective actions are
sufficient and effective.
The company assesses the effectiveness
of corrections by comparing implemented
actions to the Code of Conduct principles
and international obligations (e.g., UN Global
Compact, ILO principles). Additionally, the
results of employee surveys (Alma Voice)
and the number and nature of reports
received through the Whistleblowing channel
are monitored as indicators of process
effectiveness.
The implementation of the Code of Conduct
principles for the company's own workforce
to raise concerns is also described in the G1
Business Conduct and Corporate Culture
report, sections G1-1-7,10.
Key actions to manage positive material
impacts to own workforce (S1-4)
Impacts on the company's own workforce
are managed primarily through training and
skill development. These actions support
skill growth, commitment, and retention,
and prevent turnover and discrimination.
Concrete actions include the Performance
Management process covering the entire
workforce, personal development plans,
Future Leaders and Developer Trainee pro-
grams, AI and digital skills development, and
DEI training. These actions are implemented
as part of the HR policy and strategic skill
development program, which allocates
resources to supervisor training, employee
training programs, AI and digital skills devel-
opment, language training, and diversity and
inclusion training. Additionally, well-being
lectures are offered. The effectiveness is
monitored through indicators (see S1-5).
Necessary actions are identified in risk man-
agement and HR processes, which combine
workforce data, survey results, and supervi-
sor assessments. Alma Media aims to ensure
that its practices do not cause material neg-
ative impacts on its own workforce. Ensuring
workforce commitment, managing turnover,
and guaranteeing non-discrimination are
essential for the company's success. Positive
impacts are strengthened by developing
skills in the digital transformation.
Resources are allocated annually to skill
development (HR team work input, training
programs). The adequacy of resources is
assessed as part of the budgeting process.
Targets (S1-5)
Alma Media has set time-bound and re-
sult-oriented targets for training, skill devel-
opment, and supporting the commitment of
its own workforce. Training and skill devel-
opment are linked to the company's strategy
and the skill requirements of the digital
transformation, and the targets are defined
in measurable form. The targets aim to
strengthen positive impacts on employees,
particularly skill development, professional
readiness, and job retention, and to prevent
negative impacts such as skill obsolescence
and resulting employment risks.
The targets include maintaining the Peakon
Engagement index above the technology
industry average, implementing the
Performance Management process covering
the entire workforce with personal goals and
development plans, extensive training and
development programs – including strength-
ening AI skills and leadership programs for
supervisors – and improving the transpar-
ency and communication of compensation
to support employee motivation and trust.
In 2025, 90% of the workforce should have
adopted the Performance Management pro-
cess, where personal development goals are
set and progress is monitored together with
the supervisor and employee. Additionally,
the target is that 90% of new hires are still
employed by the company after two years.
The goal-setting process is based on dia-
logue between employees and supervisors,
as well as management and trust representa-
tives. Goal setting covers the entire compa-
ny's workforce in 10 countries. Employees
participate in goal setting annually as part
of the Performance Management process.
Goal achievement is monitored quarterly
in reviews for the entire workforce and
semi-annually in Alma Voice surveys.
The results are used to plan development
actions, and in 2025 the results showed that
workforce commitment remained at a target
level (Alma Media's index above the technol-
ogy industry's relative Peakon Engagement
index average). The targets are set for 2026,
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and their achievement is evaluated annually
by management and the board. The base
year for the indicators is 2024, and the
targets are reviewed at least every five years
as part of the strategy process.
Characteristics of the company's
employed workforce (S1-6)
The tables below present the key character-
istics of Alma Media's own workforce. The
data is grouped by workforce size, employ-
ment types, gender and age distribution, and
workforce turnover.
Alma Media's goals for 2025 related to employee engagement and
skill development
Targets Metrics / Annual target Outcome 2025
Employee Engagement Peakon Engagement Index above the
technology sector average (2025)
Alma's Peakon Index 7.7
Technology Sector 7.6 1
Achievement of Personal
Goals and Development
Plans
Implementation of the Performance
Management process, entire staff
(2025)
86% of the staff have adopted
the Performance Management
process 2
Skill Development Participation in training and
development programs (Performance
Management, AI-related training)
61% of the staff participated
in at least one AI training, 84%
participated in training related
to the Performance Management
model 3 4
Rewarding Increasing the equality and
transparency of rewards
Implementation of the job
difficulty classification (HAY-
grade) for 100% of the staff 5
Employee Turnover, New
Employees
90% of employees with less than two
years of employment continue with
the company
90.1% of employees with two
years of employment continued
with the company 6
* In Finland, global figures are not available
S1-6 Number of employees by gender
Gender 31 December 2025 2024
Male 841 870
Female 870 919
Other 0 0
Not disclosed 0 0
Total 1,711
(Financial statements, 1.3.3) *
1,789
(Financial statements, 1.3.3) *
* FTE figure used in the financial statements, Sustainability report number of employees.
S1-6 Number of employees per country where the company has at least 50
employees representing at least 10% of its total number of employees
Country 31 December 2025 2024
Finland 1,037 1,039
Czech Republic 323 355
Slovakia 120 128
Croatia 95 102
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S1-6 Number of employees by employment contract type, broken down by gender (number of employees)
Reporting period Female Male Other
Not
disclosed Total
2025 2024 2025 2024 2025 2024
Number of employees 870 919 841 870 1,711 1,789
Number of permanent employees 804 828 791 828 1,595 1,656
Number of temporary employees 66 91 50 42 116 133
Number of non-guaranteed hours employees* 63 55 32 34 95 89
Number of full-time employees 748 790 780 802 1,528 1,592
Number of part-time employees 122 129 61 68 183 197
S1-6 Employee turnover and recruitment
Number of employees who left the company 261 235
Rate of employee turnover 15.1% 12.9%
* Non-guaranteed hours employees consist of employees on hourly contracts. This group is also included in the figure for part-time employees.
S1-6 Number of employees by contract type, broken down by region (head count)
Reporting period Finland Other Total
2025 2024 2025 2024 2025 2024
Number of employees (head count) 1,037 1,039 674 750 1,711 1,789
Number of permanent employees 956 982 639 674 1,595 1,656
Number of temporary employees 81 57 35 76 116 133
Number of non-guaranteed hours employees* 79 66 16 23 95 89
Number of full-time employees (head count) 914 908 614 684 1,528 1,592
Number of part-time employees (head count) 123 131 60 66 183 197
* Employees without guaranteed working hours are compensated on an hourly basis and are included in the counts of permanent, fixed-term, and part-time employees.
Incidents, complaints and severe
human rights impacts (S1-17)
During the financial year, there were no
cases or complaints related to discrimination
or harassment against Alma Media's own
workforce (0). This applies to all complaint
mechanisms and feedback channels used
by the company, including the ethical
Whistleblowing channel, reports made
through supervisors, HR, or other internal
channels.
During the financial year, there were also
no complaints handled by national contact
points (NCP) under the OECD Guidelines
for Multinational Enterprises (0). No serious
human rights impacts or cases were identi-
fied in the company, and no fines, sanctions,
or compensations related to such cases
were imposed on the company (0).
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approach ensures the relevance, appropri-
ateness, and reliability of the reporting.
Indicators related to skill development
are based on the company's HR manage-
ment systems and processes, such as
the Performance Management process,
employee surveys (Alma Voice and Peakon
Engagement index), and monitoring of
training and development programs. The
indicators describe, among other things,
participation in training and development
activities, the coverage of personal goals
and development plans, and workforce
commitment.
The reported indicators are based on the
information available during the reporting
period and follow consistent calculation
principles. If all data is not available for the
entire group, the limitations and assumptions
are presented for each indicator. To ensure
comparability, the definition and calculation
method of the indicators are kept consistent
with previous financial years, unless oth-
erwise required by ESRS requirements or
business changes.
Accounting principles
Indicators related to the company's own
workforce cover all employees of the Alma
Media Group during the financial year.
Workforce size data is presented as the
number of employees at the end of the
financial year (31.12.2025). The workforce
size also includes inactive employees,
such as those on parental leave. Seasonal
employees, such as summer workers, are
included in the workforce size to the extent
that they are employed at the end of the
financial year.
The indicators in section S1 are defined
based on a double materiality assessment.
Training and skill development have been
identified as material topics for Alma Media's
own workforce. Therefore, the reported
indicators focus on skill development,
commitment, and monitoring related positive
impacts.
Detailed and standardised indicators for
training and skill development according
to ESRS S1-13 are part of the phase-in
disclosure requirements. Alma Media does
not report standardised indicators according
to section S1-13 for the financial year 2025.
Instead, the effectiveness of skill develop-
ment is monitored using the company's own
business-related indicators and targets,
which are described in section S1-5. This
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Alma Media manages risks and negative
impacts related to corporate culture
and ethical business through group-level
guidelines and operating models. Key
tools include the Code of Conduct and the
Supplier Code of Conduct, which define
the ethical principles and expectations for
employees, management, and contractors.
These aim to prevent unethical behavior,
conflicts of interest, and misconduct that
could have significant reputational and
financial impacts on the company, as well as
negative effects on employee well-being and
psychological safety.
Suspected violations are addressed through
the Whistleblowing channel, and the handling
of reports is independently monitored as
part of the group's governance model.
Business conduct principles and
corporate culture (G1-1)
Alma Media's operations are guided by
principles of good governance, which
include respect for human rights, equal and
non-discriminatory treatment, prevention
of corruption and bribery, prevention of
anti-competitive practices, transparency in
business, and responsibility in reporting.
Business is based on a strong digital operat-
ing model and international growth, support-
ed by a corporate culture that emphasises
transparency, responsibility, and continuous
Alma Media’s sustainability targets
Annual targets Metrics in 2025 Outcome in 2025 2024
Responsible corporate culture
The Group’s own employees in all operating countries have completed the Code of
Conduct course.
100% of the employees have completed Alma Media’s Code of Conduct
training
100% 100%
The company’s most significant suppliers have completed Supplier Code of Conduct
training.
90% of the most significant suppliers have completed Supplier Code of
Conduct training
91.3% 95.5%
learning. The company's operations are
also guided by tax policy, investment and
financing policy, information security policy,
board diversity policy, disclosure policy,
and the Code of Conduct and corporate
responsibility plan.
The board and management regularly
address issues related to corporate culture
and good governance as part of risk
management. The principles are approved
by the board and monitored by the audit
committee.
Values and ethical principles
Alma Media's operations are guided by the
group's values, principles of good gover-
nance, and the Code of Conduct, which
applies to all employees, management,
and the most significant suppliers and
subcontractors. Risks in the value chain can
be caused by unethical business practices
and information security and data protection
breaches. To manage these, the company
requires the most significant suppliers to
complete Supplier Code of Conduct training
and commit to the company's guidelines.
The Code of Conduct promotes responsible
and sustainable business: it emphasises
respect for human rights, diversity, inclusion,
zero tolerance for harassment and violence,
fair competition, anti-corruption, and
environmental responsibility. Alma Media is
G – Good governance
ESRS G1 – Business Conduct
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committed to the UN Global Compact initia-
tive and sustainable development goals and
adheres to international principles related to
human rights, labour, the environment, and
anti-corruption.
Developing and Evaluating Corporate
Culture
The corporate culture emphasises open
communication, collaboration, continuous
learning, and a safe and responsible work
environment. Implementation is monitored
through employee surveys, training metrics,
the number of Whistleblowing reports,
and management evaluations. Key tools
include Code of Conduct training, leadership
training, and engagement surveys (e.g., Alma
Voice). In 2025, all employees completed
Code of Conduct training, and 91.3% of
the most significant suppliers completed
Supplier Code of Conduct training.
Coverage and implementation of guidelines
Group guidelines and policies, including
the Code of Conduct and Supplier Code
of Conduct, apply to all employees,
senior management, and key contractors.
Implementation of the guidelines is support-
ed by mandatory training, internal com-
munication, and as part of the onboarding
process.
HR and managers are responsible for
implementing Code of Conduct training for
employees, and procurement ensures that
Supplier Code of Conduct requirements
are considered for significant suppliers. The
audit committee monitors the effectiveness
of processes related to ethical principles.
The allocation of resources annually
covers the training of all employees and the
majority of the most significant suppliers,
which supports risk management in the
value chain.
Mechanisms for identifying, reporting and
investigating concerns
Alma Media encourages reporting ethical
concerns and suspected violations. The
company has an anonymous and multilingual
Whistleblowing channel maintained by an
external service provider, accessible via
both the intranet and the company's website.
The channel is available to both employees
and external stakeholders. Information
about the channel is provided to employees
during onboarding and on the company's
website and intranet. Reports are received
by Alma Media's legal counsel, CFO, and HR
director.
All reports received through the
Whistleblowing channel are investigated
independently and within the agreed
timeframe in accordance with the company's
principles. The person or their supervisor
who is the subject of the report does not
participate in the investigation. If illegal
activity is detected during the investigation,
the relevant authorities are notified. The
company does not tolerate any retaliation
against individuals who make reports in good
faith.
The audit committee monitors the consisten-
cy of report handling and the proportionality
of any consequences and receives regular
reporting on the reports and their handling.
Targets
Alma Media has set clear quantitative targets
for actions related to corporate culture and
ethical business. The company's target is
that annually 100% of employees and at
least 90% of the most significant suppliers
complete Code of Conduct or Supplier Code
of Conduct training.
Additionally, the target is that the employee
engagement index remains above the aver-
age of the benchmark technology sector,
supporting psychological safety, trust, and
the strengthening of an ethical corporate
culture in the long term.
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Accounting principles
Good governance metrics describe the
implementation of Alma Media's ethical
business, the coverage of principles, and the
effectiveness of their implementation during
the financial year.
The completion rate of Code of Conduct
training describes the percentage of
employees who have completed Alma
Media's ethical guidelines training at the
time of reporting. The denominator includes
employees who are in active employment
at the time of reporting. Individuals working
on a billing basis in Alma Media units are
covered by the Supplier Code of Conduct
guidelines.
The completion rate of Supplier Code of
Conduct training describes the percentage
of the most significant suppliers who have
completed Alma Media's supplier ethical
principles training. Significant suppliers are
classified as those whose billing from Alma
Media exceeded 500,000 euros during the
financial year. The figure does not cover the
company's statutory partnerships, pension
companies, or facility or energy suppliers.
Whistleblowing system data is collected
at the group level and reported annually
under the supervision of management and
the audit committee. Whistleblowing reports
are handled independently and within the
agreed timeframe in accordance with Alma
Media's Whistleblowing process. There are
no separate metrics set for Whistleblowing
reports.
ANNUAL REPORT 2025
77
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
List of the location of disclosure requirements in the
sustainability report
Standard Disclosure
requirements
Location in Alma Media’s sustainability report
ESRS 2 BP-1 General Information – Preparation Basis, p. 37
ESRS 2 BP-2 General Information – Preparation Basis, pp. 37–39
ESRS 2 GOV-1 General Information – Governance, pp. 40–41
ESRS 2 GOV-2 General Information – Governance, p. 41
ESRS 2 GOV-3 General Information – Governance, pp. 41–42
ESRS 2 GOV-4 General Information – Governance, p. 43
ESRS 2 GOV-5 General Information – Governance, p. 44
ESRS 2 SBM-1 General Information – Strategy, p. 45
ESRS 2 SBM-2 General Information – Strategy (Value Chain & Stakeholders),
pp. 46–47
ESRS 2 SBM-3 Management of Impacts, Risks, and Opportunities (Materiality
Assessment), pp. 50–53
ESRS 2 IRO-1 Management of Impacts, Risks, and Opportunities, pp. 50–52
ESRS 2 IRO-2 Management of Impacts, Risks, and Opportunities, p. 53
ESRS E1 E1-GOV-3 E1 – Climate Change, p. 59
ESRS E1 E1-IRO-1 E1 – Climate Change, p. 59
ESRS E1 E1-SBM-3 E1 – Climate Change, p. 59
ESRS E1 E1-1 E1-1 Transition Plan, p. 59
ESRS E1 E1-2 E1-2 Mitigation and Adaptation, pp. 59–60
ESRS E1 E1-3 E1-3 Actions and Resources, pp. 60–62
ESRS E1 E1-4 E1-4 Objectives, pp. 62–64
Standard Disclosure
requirements
Location in Alma Media’s sustainability report
ESRS E1 E1-5 E1-5 Energy Consumption, pp. 64–65
ESRS E1 E1-6 E1-6 Scope 1–3 Emissions, pp. 65–66
ESRS S2 SBM-3 S1 - Own Workforce. Significant Impacts, Risks, and Opportunities
and Their Interaction with Strategy and Business Model, p. 69
ESRS S1 S1-1 S1 – Own Workforce (Training and Skills Development), pp. 69–70
ESRS S1 S1-2 S1 – Own Workforce, pp. 70–71
ESRS S1 S1-3 S1 – Own Workforce, p. 71
ESRS S1 S1-4 S1 – Own Workforce, p. 71
ESRS S1 S1-5 S1 – Own Workforce, pp. 71–72
ESRS S1 S1-17 S1 - Own Workforce, p. 72
ESRS S1 S1-6 S1 – Own Workforce, pp. 72–73
ESRS G1 G1-GOV-1 G1 – Business Conduct, pp. 75–77 (and Governance Role:
pp. 40–44)
ESRS G1 G1-1 G1 – Business Conduct (Corporate Culture, Principles, Channels,
Metrics), pp. 75–77
ANNUAL REPORT 2025
78
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Tables on the disclosure requirements covered in the sustainability report
List of data points in cross-cutting and topical standards that derive from other EU legislation
Information Requirement Mentioned in Other Legislation and Related Data Point
Disclosure
Regulation Pillar 3
Benchmark
Regulation EU Climate Law
Alma Media
Report (2025)
ESRS 2 GOV-1 Gender Distribution of the Board (21(d)) X X pp. 40–41 (GOV-1)
ESRS 2 GOV-1 Percentage of Independent Board Members (21(e)) X pp. 40–41 (GOV-1)
ESRS 2 GOV-4 Statement on Sustainability Due Diligence Process (30) X p. 43 (GOV-4)
ESRS 2 SBM-1 Participation in Activities Related to Fossil Fuels (40(d)(i)) X X X p. 45 (SBM-
1) – Does not
participate
ESRS 2 SBM-1 Participation in Activities Related to Chemical Production (40(d)(ii)) X X p. 45 (SBM-
1) – Does not
participate
ESRS 2 SBM-1 Participation in Activities Related to Controversial Weapons (40(d)(iii)) X X p. 45 (SBM-
1) – Does not
participate
ESRS 2 SBM-1 Participation in Activities Related to Tobacco Cultivation and Production (40(d)(iv)) X p. 45 (SBM-
1) – Does not
participate
ESRS E1-1 Transition Plan to Achieve Climate Neutrality by 2050 (14) X X p. 59 (E1-1)
ESRS E1-1 Companies Excluded from Paris Agreement Benchmarks (16(g)) X X Not relevant
ESRS E1-4 Greenhouse Gas Emission Reduction Targets (34) X X X pp. 62–64 (E1-4)
ESRS E1-5 Energy Consumption from Fossil Sources by Source (only for sectors with significant climate
impact) (38)
X Not relevant
ESRS E1-5 Energy Consumption and Energy Mix (37) X pp. 64–65 (E1-5)
ESRS E1-5 Energy Intensity (sectors with significant climate impact) (40–43) X Not relevant
ESRS E1-6 Scope 1, Scope 2, and Scope 3 Gross Emissions and Total Emissions (44) X X X pp. 65–66 (E1-6)
ESRS E1-6 Greenhouse Gas Emissions Intensity (53–55) X X X Not relevant
ESRS E1-7 Greenhouse Gas Removals and Offsets (56) X X Not relevant
ANNUAL REPORT 2025
79
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Information Requirement Mentioned in Other Legislation and Related Data Point
Disclosure
Regulation Pillar 3
Benchmark
Regulation EU Climate Law
Alma Media
Report (2025)
ESRS E1-9 Exposure of Benchmark Portfolio to Climate-Related Physical Risks (66) X Not relevant
ESRS E1-9 Breakdown of Monetary Amounts by Acute and Chronic Physical Risk X Not relevant
ESRS E1-9 Location of Significant Assets Exposed to Material Physical Risk (66(c)) X Not relevant
ESRS E1-9 Book Value of Real Estate Assets by Energy Efficiency Class (67(c)) X Not relevant
ESRS E1-9 Consideration of Climate-Related Opportunities in the Portfolio (69) X Not relevant
ESRS E2-4 Amount of E-PRTR Annex II Pollutants Released into Air, Water, and Soil (28) X Not relevant
ESRS E3-1 Water Resources and Marine Resources (9) X Not relevant
ESRS E3-1 Targeted Policies (13) X Not relevant
ESRS E3-1 Sustainability of Oceans and Seas (14) X Not relevant
ESRS E3-4 Total Amount of Recycled and Reused Water (28(c)) X Not relevant
ESRS E3-4 Total Water Consumption in Cubic Meters per Operating Profit (29) X Not relevant
ESRS 2 – IRO-1 – E4 (16(a)(i)) X Not relevant
ESRS 2 – IRO-1 – E4 (16(b)) X Not relevant
ESRS 2 – IRO-1 – E4 (16(c)) X Not relevant
ESRS E4-2 Sustainable Land/Agricultural Practices or Policies (24(b)) X Not relevant
ESRS E4-2 Sustainable Marine Practices or Policies (24(c)) X Not relevant
ESRS E4-2 Policies Addressing Deforestation (24(d)) X Not relevant
ESRS E5-5 Non-Recycled Waste (37(d)) X Not relevant
ESRS E5-5 Hazardous Waste and Radioactive Waste (39) X Not relevant
ESRS 2 – SBM-3 – S1 Risk of Forced Labor Cases (14(f)) X pp. 48–53 (SBM-3 /
IRO-1)
ESRS 2 – SBM-3 – S1 Risk of Child Labor Cases (14(g)) X pp. 48–53 (SBM-3 /
IRO-1)
ESRS S1-1 Human Rights Policy Commitments (20) X p. 70 (S1-1)
ESRS S1-1 Due Diligence Practices on ILO's Eight Core Conventions (21) X p. 70 (S1-1)
ANNUAL REPORT 2025
80
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Information Requirement Mentioned in Other Legislation and Related Data Point
Disclosure
Regulation Pillar 3
Benchmark
Regulation EU Climate Law
Alma Media
Report (2025)
ESRS S1-1 Processes and Measures to Prevent Human Trafficking (22) X p. 70 (S1-1)
ESRS S1-1 Policies/Management System for Preventing Workplace Accidents (23) X Not relevant
ESRS S1-3 Grievance/Complaint Handling Systems (32(c)) X p. 71 (S1-3)
ESRS S1-14 Number of Fatalities and Number and Proportion of Workplace Accidents (88(b),(c)) X Not relevant
ESRS S1-14 Number of Lost Days (88(e)) X Not relevant
ESRS S1-16 Unexplained Gender Pay Gap (97(a)) X Not relevant
ESRS S1-16 Disproportionate CEO Pay (97(b)) X Not relevant
ESRS S1-17 Discrimination Cases (103(a)) X Not relevant
ESRS S1-17 Non-Compliance with UNGP/OECD Principles (104(a)) X Not relevant
ESRS 2 – SBM-3 – S2 Significant Risk of Child Labor or Forced Labor in the Value Chain (11(b)) X pp. 48–53 (SBM-3 /
IRO-1)
ESRS S2-1 Human Rights Policy Commitments (17) X Not relevant
ESRS S2-1 Policies Related to Value Chain Workers (18) X Not relevant
ESRS S2-1 Non-Compliance with UNGP/OECD Guidelines (19) X Not relevant
ESRS S2-1 Due Diligence Practices on ILO Core Labor Conventions (19) X Not relevant
ESRS S2-4 Human Rights Issues and Violations Related to the Upstream and Downstream Value Chain
(36)
X Not relevant
ESRS G1-1 UN Convention Against Corruption (10(b)) X Not relevant
ESRS G1-1 Protection of Whistleblowers (10(d)) X pp. 75–77 (G1-1)
ESRS G1-4 Fines Imposed for Violations of Anti-Corruption/Bribery Laws (24(a)) X Not relevant
ESRS G1-4 Standards for Anti-Corruption/Bribery (24(b)) X Not relevant
ESRS S4-1 Non-Compliance with UN Guiding Principles on Business and Human Rights and OECD
Guidelines (17)
X X Not relevant
ESRS S4-4 Human Rights Issues and Violations (35) X Not relevant
ESRS G1-1 UN Convention Against Corruption (10(b)) X Not relevant
ANNUAL REPORT 2025
81
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Financial statements
ANNUAL REPORT 2025
82
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
84
Consolidated financial statements
91
148
Notes to the consolidated
financial statements
Signatures to the report by the Board of
Directors and the financial statements
135
149
Parent company financial statements (FAS)
Auditor’s Report
Contents
ANNUAL REPORT 2025
83
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | Note | 1 January–31 | 1 January–31 |
| December 2025 | December 2024 | ||
Revenue | 1.1. 1.2 | ||
Other operating income | 1.2 | ||
Change in inventories of finished products | - | ||
Materials and services | 1.3 | ||
Employee benefits expense | 1.3. 1.4 | ||
Depreciation. amortisation and impairment | 2.1. 2.2 | ||
Other operating expenses | 1.3 | ||
Operating profit | 1.1 | ||
Finance income | 3.1 | ||
Finance expenses | 3.1 | ||
Share of profit of associated companies | 4.4 | ||
Profit before tax | |||
Income tax | 5.1. 5.2 | - | - |
Profit for the period | |||
| Other comprehensive income | |||
| Items arising due to the redefinition of net defined benefit liability (or asset | |||
| item) | |||
Items that are not transferred to be recognised through profit or loss | |||
Translation differences | - | ||
| Items that may be transferred in the future to be recognised through profit | - | ||
| or loss | |||
Other comprehensive income for the year. net of tax | - | ||
Total comprehensive income for the year. net of tax |
MEUR | Note | 1 January–31 | 1 January–31 |
| December 2025 | December 2024 | ||
Profit for the period attributable to Owners of the parent company | |||
Non-controlling interest | |||
| Total comprehensive income for the period attributable to: | |||
Owners of the parent company | |||
Non-controlling interest | |||
Earnings per share calculated from the profit for the period attributable to the parent company shareholders (€) | |||
Earnings per share (basic) | 3.8 | ||
Earnings per share (diluted) | 3.8 |
Consolidated comprehensive income statement
ANNUAL REPORT 2025
84
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
451
446
71
81
522
526
0
100
200
300
400
500
600
2025 2024
Balance sheet, Assets
Short term assets
Non-current assets
MEUR
250
235
159
182
114
109
522
526
0
100
200
300
400
500
600
2025 2024
Balance sheet, Equity & liabilities
Non-interest bearing liabilities
Interest-bearing liabilities
Equity
MEUR
MEUR | Note | 31 Dec 2025 | 31 Dec 2024 |
| ASSETS | |||
| Non-current assets | |||
Goodwill | 2.1 | ||
Other intangible assets | 2.1 | ||
Tangible assets | 2.2 | ||
Right-of-use assets | 2.2 | ||
Shares in associated companies | 4.4 | ||
Pension receivables, defined benefit plans | 3.5 | ||
Other non-current financial assets | 3.2 | ||
Deferred tax assets | 5.2 | ||
| Current assets | |||
Inventories | 3.6 | ||
Tax receivables | |||
Trade and other receivables | 3.6 | ||
Financial assets, short-term | |||
Cash and cash equivalents | 3.2 | ||
Assets, total |
MEUR | 31 Dec 2025 | 31 Dec 2024 | |
| EQUITY AND LIABILITIES | |||
Share capital | |||
Share premium reserve | |||
Translation differences | - | ||
Invested non-restricted equity fund | |||
Retained earnings | |||
Equity attributable to owners of the parent | 3.8 | ||
Non-controlling interest | |||
Total equity | |||
| Non-current liabilities | |||
Deferred tax liabilities | 5.2 | ||
Pension liabilities | 3.5 | ||
Lease liabilities | 3.3 | ||
Non-current financial liabilities | 3.3 | ||
| Current liabilities | |||
Advances received | |||
Income tax liability | |||
Lease liabilities | 3.3 | ||
Current financial liabilities | 3.3 | ||
Trade and other payables | 3.6 | ||
Liabilities, total | |||
Equity and liabilities, total |
Consolidated balance sheet
ANNUAL REPORT 2025
85
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
73.8
-22.6
-61.4
81.3
-23.2
-67.9
-80
-60
-40
-20
0
20
40
60
80
100
Cash flow from operating
activities
Cash flow from investments Cash flow from financing
Cash flow
2024 2025
MEUR
MEUR | Note | 1 January–31 | 1 January–31 |
| December 2025 | December 2024 | ||
| Cash flow from operating activities | |||
Profit for the period | |||
Adjustments | |||
Change in working capital | - | ||
Dividends received | |||
Interest received | |||
Interest paid | - | - | |
Taxes paid | - | - | |
Net cash flow from operating activities | |||
| Investing activities | |||
Acquisitions of tangible assets | - | - | |
Acquisitions of intangible assets | - | - | |
Proceeds from sale of tangible and intangible assets | |||
Other investments | - | ||
Business acquisitions less cash and cash equivalents at the time of acquisition | - | - | |
Proceeds from sale of businesses less cash and cash equivalents at the time of sale | |||
Cash flows from/(used in) investing activities | - | - |
MEUR | Note | 1 January–31 | 1 January–31 |
| December 2025 | December 2024 | ||
Cash flow before financing activities | |||
| Financing activities | |||
Long-term loans taken | |||
Repayment of non-current loans | - | - | |
Current loans taken | |||
Repayment of current loans | - | - | |
Payments of lease liabilities | - | - | |
Acquisition of own shares | - | - | |
Dividends paid and capital repayment | 3.8 | - | - |
Financing activities | - | - | |
Change in cash and cash equivalent funds (increase + / decrease -) | - | - | |
Cash and cash equivalents at beginning of period | 3.2 | ||
Effect of change in foreign exchange rates | - | ||
Cash and cash equivalents at end of period | 3.2 |
Consolidated cash flow statement
ANNUAL REPORT 2025
86
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| Foreign curren- | Invested non-re- | Equity attribut- | |||||||
| Share premium | cy translation | stricted equity | Retained | able to the own- | Non-controlling | ||||
MEUR | Note | Share capital | reserve | reserve | fund | earnings | ers of parent | interest | Total equity |
| Equity 1 Jan 2025 | - | ||||||||
| Profit for the period | |||||||||
| Other comprehensive income | |||||||||
| Translation differences | |||||||||
| Items arising due to the redefinition of net defined benefit liability (or asset item) | |||||||||
| Transactions with equity holders | |||||||||
| Dividends paid by parent | - | - | - | ||||||
| Share of subsidiaries’ dividends allocated to non-controlling interests | - | - | |||||||
- | - | - | |||||||
| Acquisition of own shares | - | - | - | ||||||
Tax-like payments related to shares transferred in connection with the share- based incentive scheme | |||||||||
| Performance-based proportion of the share-based incentive scheme recognised | - | - | - | ||||||
| for the financial year | |||||||||
| Acquisitions and other changes in non-controlling interests | |||||||||
| Capital repayments | - | - | - | - | |||||
Equity 31 Dec 2025 | 3.8 | ||||||||
Equity 1 Jan 2024 | |||||||||
Profit for the period | |||||||||
| Other comprehensive income | |||||||||
Translation differences | - | - | - | ||||||
Items arising due to the redefinition of net defined benefit liability (or asset item) | |||||||||
| Transactions with equity holders | |||||||||
Dividends paid by parent | - | - | - | ||||||
Share of subsidiaries’ dividends allocated to non-controlling interests | - | - | |||||||
Acquisition of own shares | - | - | - | ||||||
Tax-like payments related to shares transferred in connection with the share- based incentive scheme | - | - | - | ||||||
| Performance-based proportion of the share-based incentive scheme recognised | |||||||||
| for the financial year | |||||||||
Acquisitions and other changes in non-controlling interests | - | - | - | - | |||||
Capital repayments | - | - | - | ||||||
Total equity 31 December 2024 | 3.8 | - |
Consolidated statement of changes in equity
ANNUAL REPORT 2025
87
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
ANNUAL REPORT 2025
88
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
ANNUAL REPORT 2025
89
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
ANNUAL REPORT 2025
90
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Notes to the consolidated financial statements
1. Segments and operating profit
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’s revenue and assets
in 2025 and 2024:
ANNUAL REPORT 2025
91
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
200.3
61.8
59.5
51.8
52.5
0
50
100
150
200
250
300
350
2025 2024
Revenue
Other countries Czechia Finland
MEUR
23.9
22.3
32.3
27.9
34.6
34.5
-13.0
-11.2
-20
0
20
40
60
80
100
2025 2024
Operating profit
Non-allocated Finland
Czechia Other countries
MEUR
ANNUAL REPORT 2025
92
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
16.8
0.0
327.1
312.7
-0.9
-1.4
2024
Alma
Career
Alma
Marketplaces
Alma
News Media
Shared
services
2025
Chart Title
MEUR
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 |
1.7
-1.8
82.1
76.9
-0.6
2024 Alma
Career
Alma
Marketplaces
Alma
News Media
Shared
services
2025
MEUR
Change in adjusted operating profit, 2024-2025
ANNUAL REPORT 2025
93
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
ANNUAL REPORT 2025
94
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
| 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 |
ANNUAL REPORT 2025
95
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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 |
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 |
ANNUAL REPORT 2025
96
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
62% 38% Personnel |
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 |
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 |
ANNUAL REPORT 2025
97
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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 |
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 |
EUR 1,000 | 2025 | 2024 |
Catharina Stackelberg-Hammarén, 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 Kivelä, 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 |
ANNUAL REPORT 2025
98
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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 |
ANNUAL REPORT 2025
99
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
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 |
ANNUAL REPORT 2025
100
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
ANNUAL REPORT 2025
101
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
2 Tangible and intangible assets
ANNUAL REPORT 2025
102
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
ANNUAL REPORT 2025
103
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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 |
ANNUAL REPORT 2025
104
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
| 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 |
ANNUAL REPORT 2025
105
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
106
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
ANNUAL REPORT 2025
107
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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
ANNUAL REPORT 2025
108
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
3. Capital structure and financial expenses
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 |
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 |
ANNUAL REPORT 2025
109
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 |
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 |
MEUR | 2025 | 2024 |
Cash and bank accounts | 32.5 | 42.5 |
Total | 32.5 | 42.5 |
110
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
ANNUAL REPORT 2025
111
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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 |
| 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 | |
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 |
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| 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 |
113
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STATEMENTS
Maturities of lease liabilities *
MEUR | 2025 | 2024 |
| Lease liabilities – 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 – 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.
MEUR | 2025 | 2024 |
Within one year | 0.6 | 0.7 |
Within 1–5 years | 0.7 | 0.8 |
Total | 1.5 | 1.4 |
MEUR | 2025 | 2024 |
Within one year | 0.0 | 0.2 |
Within 1–5 years | 0.0 | 0.2 |
Total | 0.0 | 0.4 |
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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 |
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 |
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CORPORATE
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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 |
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 |
| 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 |
% | 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 |
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MEUR | 2025 | 2024 |
Finished products | 0.8 | 0.7 |
Total | 0.8 | 0.7 |
| 121–180 | More than | |||||
| 5–30 days | 31–120 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 – | ||||||
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 |
| 121–180 | More than | |||||
| 5–30 days | 31–120 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 – | ||||||
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 |
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CORPORATE
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REMUNERATION
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FINANCIAL
STATEMENTS
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 |
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| MEUR | Balance | ||||||
| 0–6 | Over 5 | sheet | |||||
| 31 Dec 2025 | months | 1 year | 1–2 years | 2–5 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 | ||||||
| 0–6 | Over 5 | sheet | |||||
| 31 Dec 2024 | months | 1 year | 1–2 years | 2–5 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 |
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| 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 |
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% |
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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 |
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4. Consolidation
| The Group’s 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 OÜ | 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 |
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STATEMENTS
| Holding, % | Holding, % | ||
Subsidiaries discontinued during the financial year: | Country | 2025 | 2024 |
Alma Career, spletno oglasevanje d.o.o. | Slovenia | 100.0 | 100.0 |
| Holding, % | Holding, % | ||
Subsidiary | Country | 2025 | 2024 |
Digitaalinen asuntokauppa DIAS Oy | Finland | 19.5 | 19.5 |
Suomen Tunnistetieto Oy | Finland | 25.0 |
| 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% |
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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’s 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’s offering of legal content. Edilex Lakitieto Oy’s 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’s 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 |
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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’s 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 Sähkövertailu.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’ processes in close
cooperation with Alma Media’s 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’s 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 |
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Consideration paid for acquisitions – 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 – 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’s 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’s 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’s subsidiary Alma Media Finland Oy divested the Netello busi- ness. As a result of the transaction, Netello’s 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’s 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’s 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 |
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2025
CORPORATE
GOVERNANCE STATEMENT
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STATEMENTS
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’s 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’s 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’s 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’s 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 |
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2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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’s 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 |
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2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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 |
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Related party transactions – associated companies
MEUR | 2025 | 2024 |
Sales of goods and services | 0.0 | |
Purchases of goods and services | 0.2 | 0.3 |
Related party transactions – 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 – 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 |
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CORPORATE
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STATEMENTS
5 Other notes
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’s 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’s 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.
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STATEMENTS
| Recognised | |||||
| in income | Recognised in | Acquired/sold | |||
MEUR | 31 Dec 2024 | statement | equity | subsidiaries | 31 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 2024 | statement | equity | subsidiaries | 31 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 |
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2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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 |
Taxes, net 0.1 -6.8
Deferred tax liabilities on bal-
ance sheet 17.0 17.5
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BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Parent company income statement (FAS)
EUR Note 1 January–31
December 2025
1 January–31
December 2024
Revenue 6.1 33,711,159 29,301,686
Other operating income 6.2 5,200 8,599
Materials and services 6.3 420 180
Employee benefits expense 6.4 14,401,409 12,575,541
Depreciation, amortisation and impairment 6.5 868,788 629,812
Other operating expenses 6.6, 6.7, 6.8 29,926,448 25,812,924
Operating profit (loss) -11,480,706 -9,708,171
Financial income and expenses 6.9 49,976,769 31,205,054
Profit before appropriations and taxes 38,496,063 21,496,884
Appropriations 6.10 28,125,409 19,260,837
Income tax 6.11 -2,097,786 -192,628
Profit for the period 64,523,686 40,565,093
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2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Parent company balance sheet (FAS)
EUR Note 31 Dec 2025 31 Dec 2024
ASSETS
Non-current assets
Intangible assets 6.12 1,135,751 1,418,922
Property, plant and equipment 6.13 1,780,411 2,031,005
Investments
Holdings in Group companies 6.14 526,572,484 513,227,358
Other investments
6.14
1,398,560 1,248,560
Non-current receivables 6.15 956,844 1,628,393
Non-current assets, total 531,844,050 519,554,239
Current assets
Current receivables 6.15 45,682,307 27,555,703
Cash and cash equivalents 12,551,104 18,192,097
Current assets, total 58,233,411 46,305,635
Assets, total 590,077,461 565,859,874
EUR Note 31 Dec 2025 31 Dec 2024
EQUITY AND LIABILITIES
Equity
Share capital 45,292,112 45,292,112
Share premium reserve 119,295,759 119,295,759
Other reserves 5,357,269 5,357,269
Invested non-restricted equity fund 110,756,338 110,756,338
Retained earnings (loss) 7,917,820 5,432,225
Profit for the period (loss) 64,523,686 40,565,093
Total equity 6.16 353,142,983 326,698,796
Accumulated appropriations 6.17 163,061 198,469
Liabilities
Non-current liabilities 6.18 125,100,608 145,108,684
Current liabilities 6.19 111,670,809 93,853,925
Liabilities, total 236,771,417 238,962,609
Shareholders’ equity and liabilities, total 590,077,461 565,859,874
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BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Parent company cash flow statement (FAS)
EUR
1 January–31
December 2025
1 January–31
December 2024
Cash flow from operating activities
Profit for the period 64,523,686 40,565,093
Depreciation, amortisation and impairment 868,788 629,812
Gains on sale of non-current assets 0 -16,924
Net financial expenses (income statement) -49,726,009 -30,924,074
Income tax 2,097,786 192,628
Other adjustments -25,746,074 -14,980,435
Change in working capital:
Change in trade receivables and other receivables -403,049 -2,944,035
Change in trade payables and other payables 596,200 -487,713
Dividend received 56,960,654 40,275,534
Interest received 281,667 21,916
Interest expenses paid and other finance expenses -7,516,312 -9,373,375
Taxes paid -1,110,116 2,140,246
Cash flow from operating activities 40,827,222 25,098,671
Capital expenditure
Acquisitions of business operations -13,345,126 -20,037,030
Divestments of business operations 16,924
Capital repayments
Acquisitions of tangible assets -210,558 -243,864
Acquisitions of intangible assets -124,464 -398,133
Other investments -150,000
Proceeds from sale of available-for-sale financial assets -6,517,000
Net cash flows from/(used in) investing activities -20,347,148 -20,662,102
Cash flow before financing activities 20,480,074 4,436,569
EUR
1 January–31
December 2025
1 January–31
December 2024
Financing activities
Repayment of non-current loans -20,000,000 -15,000,000
Current loans taken 32,097,822 8,000,000
Repayment of current loans -27,550,731 -8,000,000
Acquisition of own shares -2,516,880 -1,988,456
Change in interest-bearing receivables 10,440,817 14,438,111
Group contributions received and paid 19,289,000 25,489,000
Dividends paid -37,881,095 -37,049,058
Net cash flows from/(used in) financing activities -26,121,067 -14,110,402
Change in cash and cash equivalent funds (increase +/decrease -) -5,640,993 -9,673,833
Cash and cash equivalents at beginning of period 18,192,097 27,865,930
Cash and cash equivalents at end of period 12,551,104 18,192,097
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2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Accounting principles used in the parent company’s financial statements
General information
Alma Media Corporation is a Finnish public limited company incorporated under Finnish law.
Its registered office is in Helsinki at the address Alvar Aallon katu 3 C, P.O. Box 140, FI-00101
Helsinki, Finland.
Parent company financial statements
The financial statements of the parent company are prepared in accordance with Finnish
Accounting Standards (FAS).
The parent company was established on 27 January 2005. On 7 November 2005, the old
Alma Media Corporation was merged with Almanova Corporation, which adopted the name
Alma Media Corporation after the merger. The merger difference arising in conjunction with
the merger has been capitalised to the Group’s shares.
Non-current assets
Tangible and intangible assets are capitalised at direct acquisition cost less planned depreci-
ation and write-downs. Planned depreciation is calculated from the original acquisition cost
based on the estimated economic life of the asset. The land areas are not depreciated. The
economic lifetimes of the assets are as follows:
Machinery and equipment 3–10 years
Other intangible assets 5–10 years
Intangible rights 5–10 years
Research and development costs
Research costs are recognised as an expense in the financial period during which they are
incurred. Development costs are capitalised when it is expected that the intangible asset will
generate future economic added value and the costs arising from this can be reliably deter-
mined. Development costs are depreciated in 3–5 years.
Taxes
Taxes in the income statement are the taxes corresponding to the results of the Group com-
panies during the financial year as well as adjustments to taxes in previous years. No deferred
tax assets are recognised in the parent company’s accounts.
Foreign currency items
Foreign currency items are entered at the rates prevailing on the transaction date.
Receivables and payables on the balance sheet are valued at the average rate on the
balance sheet date. Exchange rate differences arising from sales and purchases are treated
as additions or subtractions, respectively, in the income statement. Realised and unrealised
exchange rate differences related to loans and loan receivables are recognised in other finan-
cial income and expenses in the income statement. The parent company does not have any
significant foreign currency loans.
Pension commitments
Statutory and voluntary employee pension benefits for the parent company's personnel are
arranged mainly through pension insurance companies.
Other employee benefits
The parent company has a long-term share-based incentive scheme for key management
in effect. In accordance with Finnish Accounting Standards (FAS), the option benefit and the
share reward are not measured at fair value, nor is the calculated employee benefit expensed
in the income statement
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Notes to the parent company’s financial statements
6.1 Revenue by market area
MEUR 2025 2024
Finland 33.7 29.3
Total 33.7 29.3
6.2 Other operating income
MEUR 2025 2024
Other income 0.0 0.0
Total 0.0 0.0
6.3 Materials and services
MEUR 2025 2024
Materials and services 0.0 0.0
Total 0.0 0.0
6.4 Employee expenses
MEUR 2025 2024
Wages, salaries and fees 11.9 10.7
Pension expenses 1.5 1.2
Other payroll-related expenses 0.9 0.7
Total 14.4 12.6
Average number of employees 97 96
Salaries and bonuses paid to management
President and CEO 1.2 0.9
Other members of the Group Executive Team 2.7 2.6
Members of the Board of Directors 0.4 0.4
Total 4.2 3.9
The benefits to which the President and CEO of the parent company is entitled are described
in more detail in Note 1.4.1 to the consolidated financial statements.
6.5 Depreciation and write-downs
MEUR 2025 2024
Depreciation on tangible and intangible assets 0.9 0.6
Total 0.9 0.6
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6.6 Other operating expenses
MEUR 2025 2024
Information technology and telecommunication 17.2 15.8
Business premises 5.6 5.3
Other expenses 7.1 4.7
Total 29.9 25.8
6.7 Auditors’ fees
EUR 1,000 2025 2024
Audit 153.7 190.4
Statutory reporting and opinions 56.0 68.1
Tax consultation 25.8 25.0
Total 235.5 283.5
The parent company's audit expenses include audit fees for the Finnish companies.
6.8 Research and development costs
The Group’s research and development costs in 2025 totalled EUR 370,000 (EUR 1,125,090). In
2025, no research and development expenditure was capitalised on the balance sheet. There
were capitalised research and developments costs totalling EUR 807,573 on the balance sheet
on 31 December 2025. In 2024, EUR 589,090 in development expenses were capitalised on the
balance sheet.
6.9 Financial income and expenses
MEUR 2025 2024
Dividend income
From Group companies 56.5 40.2
From associated companies 0.4 0.1
From others 0.0 0.0
Total 57.0 40.3
Other interest and financial income
From Group companies 0.2 0.0
Fair value gain on financial assets at fair value through profit or loss 0.3 0.3
From others 0.0 0.0
Total 0.5 0.3
Impairment of non-current investments
Impairment of non-current investments 0.0
Total 0.0
Interest expenses and other financial expenses
To Group companies -2.1 -1.6
To others -5.2 -7.7
Total -7.3 -9.3
Foreign exchange rate gains/losses
Foreign exchange rate gains and losses -0.2 -0.1
Financial income and expenses, total 50.0 31.2
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2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
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STATEMENTS
6.10 Appropriations
MEUR 2025 2024
Difference between planned depreciation and depreciation made for tax
purposes 0.0 0.0
Group contribution 28.1 19.3
Total 28,1 19,3
6.11 Income tax
MEUR 2025 2024
Income tax from regular business operations -2.1 -0.2
Total -2.4 -0.2
6.12 Intangible assets
MEUR Intangible rights Advance payments Total
Financial year 2025
Acquisition cost 1 Jan 2.1 0.1 2.2
Increases 0.1 0.1
Decreases
Transfers between items 0.1 -0.1
Acquisition cost 31 Dec 2.2 0.1 2.4
Accumulated depreciation,
amortisation and impairment 1 Jan 0.8 0.8
Accumulated depreciation in
decreases
Depreciation for the financial year 0.4 0.4
Accumulated depreciation 31 Dec 1.2 1.2
Book value 31 Dec 2025 1.0 0.1 1.1
MEUR Intangible rights Advance payments Total
Financial year 2024
Acquisition cost 1 Jan 2.6 0.2 2.8
Increases 0.3 0.1 0.4
Decreases -1.0 -1.0
Transfers between items 0.2 -0.2
Acquisition cost 31 Dec 2.1 0.1 2.2
Accumulated depreciation,
amortisation and impairment 1 Jan 1.4 1.4
Accumulated depreciation in
decreases -1.0 -1.0
Depreciation for the financial year 0.4 0.4
Accumulated depreciation 31 Dec 0.8 0.8
Book value 31 Dec 2024 1.3 0.1 1.4
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REPORT BY THE
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
6.13 Tangible assets
MEUR Machinery and equipment Other tangible assets Advance payments Total
Financial year 2025
Acquisition cost 1 Jan 0.6 2.3 0.0 2.9
Increases 0.2 0.0 0.2
Decreases -0.2 -0.2
Transfers between items 0.0 -0.0
Acquisition cost 31 Dec 0.6 2.3 0.0 2.9
Accumulated depreciation 1 Jan 0.4 0.5 0.8
Accumulated depreciation in decreases
Depreciation for the financial year 0.1 0.2 0.3
Accumulated depreciation 31 Dec 0.5 0.6 1.1
Book value 31 Dec 2025 0.1 1.7 0.0 1.8
MEUR Machinery and equipment Other tangible assets Advance payments Total
Financial year 2024
Acquisition cost 1 Jan 0.6 2.1 2.6
Increases 0.2 0.0 0.2
Decreases
Acquisition cost 31 Dec 0.6 2.3 0.0 2.9
Accumulated depreciation 1 Jan 0.3 0.3 0.6
Accumulated depreciation in decreases
Depreciation for the financial year 0.1 0.1 0.2
Accumulated depreciation 31 Dec 0.4 0.5 0.8
Book value 31 Dec 2024 0.2 1.8 0.0 2.0
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YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
6.14 Investments
MEUR Shares in Group companies
Shares in associated
companies Shares, other Total
Financial year 2025
Acquisition cost 1 Jan 656.2 1.2 0.9 658.3
Increases 13.3 0.2 13.5
Decreases
Transfers between items
Acquisition cost 31 Dec 669.5 1.2 1.1 671.8
Accumulated depreciation, amortisation and
impairment 1 Jan 143.0 0.9 143.9
Accumulated depreciation in decreases and transfers
Impairment
Accumulated depreciation, amortisation and
impairments 31 Dec 143.0 0.9 143.9
Book value 31 Dec 2025 526.6 1.2 0.3 528.0
MEUR Shares in Group companies
Shares in associated
companies Shares, other Total
Financial year 2024
Acquisition cost 1 Jan 636.2 1.2 0.9 638.3
Increases 20.0 20.0
Decreases
Transfers between items
Acquisition cost 31 Dec 656.2 1.2 0.9 658.3
Accumulated depreciation, amortisation and
impairment 1 Jan 143.0 0.9 143.9
Accumulated depreciation in decreases and transfers
Impairment
Accumulated depreciation, amortisation and
impairments 31 Dec 143.0 0.9 143.9
Book value 31 Dec 2024 513.2 1.2 0.1 514.5
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REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Parent company holdings in Group companies and associated companies
Company Registered office Holding % Share of votes, % Group holding %
Subsidiaries
Alma Career Oy Helsinki, Finland 100.00 100.00 100.00
Alma Finanssipalvelut Oy Helsinki 100.00 100.00 100.00
Alma Media Finland Oy Helsinki 100.00 100.00 100.00
Edilex Lakitieto Oy Helsinki 100.00 100.00 100.00
Effortia Oy Helsinki 100.00 100.00 100.00
Etua Oy Helsinki 100.00 100.00 100.00
Karenstock Oy Helsinki 100.00 100.00 100.00
Objektvision AB Stockholm, Sweden 100.00 100.00 100.00
Suomen Tunnistetieto Oy Turku, Finland 100.00 100.00 100.00
Associated companies
Infostud 3 d.o.o. Serbia 25.00 25.00 25.00
Kytöpirtti Oy Seinäjoki, Finland 43.20 43.20 43.20
In 2025, Alma Media Oyj acquired full ownership of Edilex Lakitieto Oy and Effortia Oy and
increased its ownership in Suomen Tunnistetieto Oy from 75.0% to 100% through the acquisi-
tion of an additional 25% shareholding.
ANNUAL REPORT 2025
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
6.15 Receivables
MEUR 2025 2024
Non-current receivables
Interest rate derivatives 1.0 1.6
Non-current receivables, total 1.0 1.6
Current receivables
Receivables from Group companies
Trade receivables 1.5 0.0
Loan receivables* 38.0 21.4
Other receivables 0.2
Prepaid expenses and accrued income 1.1
Total 39.7 22.5
Receivables from others
Trade receivables 0.0 0.2
Other receivables 0.1 0.1
Prepaid expenses and accrued income** 5.1 4.3
Total 5.2 4.6
Financial assets, current
Interest rate derivatives 0.9 1.1
Total 0.9 1.1
Current receivables, total 45.8 28.1
* Cash and cash equivalents in Group bank accounts are included in loan receivables.
** Major items in prepaid expenses and accrued income consist of purchase invoice accruals.
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REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
6.16 Shareholders’ equity
MEUR 2025 2024
Restricted shareholders' equity
Share capital 1 Jan 45.3 45.3
Share capital 31 Dec 45.3 45.3
Share premium reserve 1 Jan 119.3 119.3
Share premium reserve 31 Dec 119.3 119.3
Other reserves 1 Jan 5.4 5.4
Other reserves 31 Dec 5.4 5.4
Restricted shareholders' equity total 169.9 169.9
Non-restricted shareholders’ equity
Invested non-restricted equity fund 1 Jan 110.8 110.8
Invested non-restricted equity fund 31 Dec 110.8 110.8
Retained earnings 1 Jan 46.0 42.1
Dividend payment -37.9 -37.0
Acquisition of own shares -2.5 -2.0
Disposal of own shares 2.3 2.4
Retained earnings 31 Dec 7.9 5.4
Profit for the period 64.5 40.6
Non-restricted shareholders’ equity total 183.2 156.8
Total equity 353.1 326.7
MEUR 2025 2024
Calculation of the parent company's distributable funds on 31 December
Invested non-restricted equity fund 110.8 110.8
Capitalised research and development costs -0.8 -1.1
Profit from the previous year 7.9 5.4
Profit for the period 64.5 40.6
Total 182.4 155.7
6.17 Appropriations
MEUR 2025 2024
Difference between planned depreciation and depreciation made for tax
purposes 0.2 0.2
6.18 Non-current liabilities
MEUR 2025 2024
Loans from credit institutions 125.0 145.0
Other non-current liabilities 0.1 0.1
Total 125.1 145.1
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
6.19 Current liabilities
MEUR 2025 2024
Loans from credit institutions
Trade payables 0.1 0.5
Total 0.1 0.5
Liabilities to Group companies
Trade payables 0.1 0.0
Other liabilities 100.6 88.9
Accrued expenses and prepaid income 4.8 0.0
Total 105.6 88.9
To others
Other current liabilities 0.7 0.8
Accrued expenses and prepaid income 5.3 3.6
Total 6.0 4.4
Current liabilities total 111.7 93.9
Most of accrued expenses and prepaid income consist of allocated employee expenses.
6.20 Commitments and contingencies
MEUR 2025 2024
Collateral for Group company’s commitments
Guarantees 2.5 2.5
Other own commitments
Rental commitments – within one year 5.3 5.4
Rental commitments – after one year 27.5 31.9
Rental commitments total 32.8 37.3
Total
Guarantees 2.5 2.5
Other commitments 32.8 37.3
Commitments total 35.3 39.8
Alma Media has a MEUR 30 committed financing limit at its disposal, which was entirely un-
used on 31 December 2025. The company also has a commercial paper programme of MEUR
100 in Finland. The commercial paper programme was entirely unused on 31 December
2025.
6.21 Derivative contracts
MEUR 2025 2024
Interest rate derivative
Fair value* 1.8 2.7
Nominal value 80.0 80.0
* The interest rate derivative is recognised at fair value on the balance sheet. The fair value represents the return that would have
occurred if the derivative had been cleared on the balance sheet date.
ANNUAL REPORT 2025
147
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
The distributable funds of the Group’s par-
ent company totalled EUR 182,390,270 on
31 December 2025.
There were 82,383,182 shares carrying
dividend rights.
The Board of Directors proposes to the
Annual General Meeting that a dividend of
EUR 0.48 per share be paid for the financial
year 2025. Based on the number of out-
standing 82,173,717 shares on the balance
sheet date 31 December 2025, the dividend
payment totals EUR 39,443,384.
Catharina Stackelberg-Hammarén
Chair of the Board
Eero Broman
Deputy Chair of the Board
Heikki Herlin
Board member
Marika Auramo
Board member
Alexander Lindholm
Board member
Hanna Kivelä
Board member
AUDITOR’S NOTE
A report on the audit carried out has been
submitted today.
Helsinki, 24 February 2026
Ernst & Young Oy
Authorised Public Accountants
Terhi Mäkinen
Authorised Public Accountant
The financial statements, prepared in
accordance with the applicable accounting
regulations, give a true and fair view of the
assets, liabilities, financial position, and profit
or loss of both the company and the group
of companies included in its consolidated
financial statements.
The report by the Board of Directors in-
cludes a fair review of the development and
performance of the business operations of
both the company and the group of com-
panies included in its consolidated financial
statements,
Signatures to the report by the Board of Directors and the financial statements
Helsinki, 24 February 2026
Kai Telanne
President and CEO
Ari Kaperi
Board member
as well as a description of the most significant
risks and uncertainties and other aspects of
the company's condition.
The sustainability report included in the
Report by the Board of Directors has been
prepared in accordance with the reporting
standards referred to in chapter 7 of the
Finnish Accounting Act and Article 8 of the
Taxonomy Regulation.
ANNUAL REPORT 2025
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Auditor’s Report (Translation of the Finnish original)
To the Annual General Meeting of Alma Media Corporation
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Alma Media Corporation (business identity code
1944757-4) for the year ended 31 December, 2025. The financial statements comprise the
consolidated statement of comprehensive income, balance sheet, statement of cash flows,
statement of changes in equity and notes, including material accounting policy information, as
well as the parent company’s income statement, balance sheet, statement of cash flows and
notes.
In our opinion
• the consolidated financial statements give a true and fair view of the group’s financial
position, financial performance and cash flows in accordance with IFRS Accounting Stan-
dards as adopted by the EU.
• the financial statements give a true and fair view of the parent company’s financial per-
formance and financial position in accordance with the laws and regulations governing
the preparation of financial statements in Finland and comply with statutory require-
ments.
Our opinion is consistent with the additional report submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsi-
bilities under good auditing practice are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group companies in accordance with
the ethical requirements that are applicable in Finland and are relevant to our audit, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to
the parent company and group companies are in compliance with laws and regulations appli-
cable in Finland regarding these services, and we have not provided any prohibited non-audit
services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we
have provided have been disclosed in note 1.3.5 to the consolidated financial statements and
note 6.7 to the parent company financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most sig-
nificance in our audit of the financial statements of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit
of the Financial Statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the financial statements. The results of
our audit procedures, including the procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying financial statements.
We have also addressed the risk of management override of internal controls. This includes
consideration of whether there was evidence of management bias that represented a risk of
material misstatement due to fraud.
ANNUAL REPORT 2025
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STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Key Audit Matter How our audit addressed the Key Audit Matter
Valuation of Goodwill and brands with
indefinite useful lives
We refer to the Group’s accounting policies
and the note 2.1
At the balance sheet date 31 December 2025,
the value of goodwill amounted to EUR 322,5
million and the brands with indefinite useful
lives to EUR 62,8 million representing 74 % of
total assets and 154 % of total equity.
The valuation of goodwill and brands with
indefinite useful lives was a key audit matter as:
• the annual impairment test involves manage-
ment judgments related to key assumptions
used and;
• the goodwill and the brands with indefinite
useful lives are significant to the financial
statements.
The cash flows of the cash generating units
are based on the value in use. Changes in the
assumptions used can significantly impact the
value in use. The value in use is dependent
on several assumptions such as the revenue
growth and discount rate used. Changes in
these assumptions can lead to an impairment
in goodwill or brands with indefinite useful
lives.
Our audit procedures included, among others:
• Involving internal valuation specialist to assist us
in evaluating the methodologies, impairment cal-
culations and underlying assumptions applied by
management in impairment testing.
• Comparing the key assumptions applied by man-
agement to approved budgets and long-term fore-
casts, information available in external sources,
as well as our independently calculated industry
averages for example related to the weighted aver-
age cost of capital used in discounting.
• Checking the mathematical accuracy of the under-
lying calculations and comparing the discounted
cash-flows to Alma Media market capitalization.
• Comparing the group’s disclosures related to
impairment tests in note 2.1 in the financial state-
ments with presentation requirements in applicable
accounting standards and we reviewed the infor-
mation provided on sensitivity analysis.
Key Audit Matter How our audit addressed the Key Audit Matter
Revenue Recognition
We refer to the Group’s accounting policies
and the note 1.2
Sales are recognized when the control of the
goods or service is transferred to the customer.
Revenue is recognized at an amount that re-
flects the considerations to which the company
expects to be entitled in exchange for transfer-
ring goods or services to a customer. Revenue
is recognized over time or at a point in time.
There is an increased risk related to the accu-
racy and timing of the revenue recognized due
to several different agreement terms used in
the group.
Revenue recognition was determined to be a
key audit matter and a significant risk of mate-
rial misstatement referred to in EU Regulation
No 537/2014, point (c) of Article 10(2) due to
the identified risk of material misstatement in
timely revenue recognition.
Our audit procedures, considering the significant risk
of material misstatement related to revenue recogni-
tion, included amongst other:
• assessing the application of group’s accounting
policies over revenue recognition and comparing
the group’s accounting policies over revenue rec-
ognition with applicable accounting standards;
• identifying the nature of the revenues and identifi-
cation of contract terms;
• testing the revenue recognized by tracing the infor-
mation on sample basis to agreement documents
and payments
• assessing the revenue recognized with substantive
analytical procedures and
• assessing the group’s disclosures on revenue
recognition.
Responsibilities of the Board of Directors and the Managing Director for the
Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of
consolidated financial statements that give a true and fair view in accordance with IFRS
Accounting Standards as adopted by the EU, and of financial statements that give a true and
fair view in accordance with the laws and regulations governing the preparation of financial
statements in Finland and comply with statutory requirements. The Board of Directors and
the Managing Director are also responsible for such internal control as they determine is nec-
essary to enable the preparation of financial statements that are free from material misstate-
ment, whether due to fraud or error.
ANNUAL REPORT 2025
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STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
In preparing the financial statements, the Board of Directors and the Managing Director are
responsible for assessing the parent company’s and the group’s ability to continue as going
concern, disclosing, as applicable, matters relating to going concern and using the going
concern basis of accounting. The financial statements are prepared using the going concern
basis of accounting unless there is an intention to liquidate the parent company or the group
or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance on whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with good auditing practice will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of the financial
statements.
As part of an audit in accordance with good auditing practice, we exercise professional judg-
ment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, wheth-
er due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of ex-
pressing an opinion on the effectiveness of the parent company’s or the group’s internal
control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s
use of the going concern basis of accounting and based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the parent company’s or the group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the parent company or the group to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events so that the financial statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regard-
ing the financial information of the entities or business units within the group as a basis
for forming an opinion on the group financial statements. We are responsible for the
direction, supervision and review of the audit work performed for purposes of the group
audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and communicate with them all rela-
tionships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
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REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on 5.4.2024 and our
appointment represents a total period of uninterrupted engagement of 2 years.
Other information
The Board of Directors and the Managing Director are responsible for the other information.
The other information comprises the report of the Board of Directors and the information
included in the Annual Report, but does not include the financial statements and our auditor’s
report thereon. We have obtained the report of the Board of Directors prior to the date of
this auditor’s report, and the Annual Report is expected to be made available to us after that
date.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the
other information identified above and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated. With respect to report of the Board
of Directors, our responsibility also includes considering whether the report of the Board
of Directors has been prepared in compliance with the applicable provisions, excluding the
sustainability report information on which there are provisions in Chapter 7 of the Accounting
Act and in the sustainability reporting standards.
In our opinion, the information in the report of the Board of Directors is consistent with the
information in the financial statements and the report of the Board of Directors has been pre-
pared in compliance with the applicable provisions. Our opinion does not cover the sustain-
ability report information on which there are provisions in Chapter 7 of the Accounting Act
and in the sustainability reporting standards.
If, based on the work we have performed on the other information that we obtained prior to
the date of this auditor’s report, we conclude that there is a material misstatement of this oth-
er information, we are required to report that fact. We have nothing to report in this regard.
Helsinki 24.2.2026
Ernst & Young Oy
Authorised Public Accountant Firm
Terhi Mäkinen
Authorised Public Accountant
ANNUAL REPORT 2025
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STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Assurance Report on the Sustainability Statement (Translation of the Finnish original)
To the Annual General Meeting of Alma Media Corporation
We have performed a limited assurance engagement on the group sustainability statement of
Alma Media Corporation (business identity code 1944757-4) that is referred to in Chapter 7 of
the Accounting Act and that is included in the report of the Board of Directors for the report-
ing period 1.1.–31.12.2025.
Opinion
Based on the procedures we have performed and the evidence we have obtained, nothing
has come to our attention that causes us to believe that the group sustainability statement
does not comply, in all material respects, with:
1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability re-
porting standards (ESRS), and
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment of a framework to facilitate sustainable
investment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Alma Media Corporation has identified the
information for reporting in accordance with the sustainability reporting standards (double
materiality assessment).
Our opinion does not cover the tagging of the group sustainability statement with digital
XBRL sustainability tags in accordance with Chapter 7, Section 22, Subsection 1(2), of the
Accounting Act, because sustainability reporting companies have not had the possibility to
comply with that requirement in the absence of requirements for the tagging of sustainability
information in the ESEF regulation or other European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability statement as a limited assurance
engagement in compliance with good assurance practice in Finland and with the International
Standard on Assurance Engagements (ISAE) 3000 (Revised) Assurance Engagements Other
than Audits or Reviews of Historical Financial Information.
Our responsibilities under this standard are further described in the Responsibilities of the
Authorized Group Sustainability Auditor section of our report.
We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Other Matter
We draw attention to the fact that the group sustainability statement of Alma Media
Corporation that is referred to in Chapter 7 of the Accounting Act has been prepared and
assurance has been provided for it for the first time for the reporting period 1.1.–31.12.2024.
Assurance for the comparative information has been provided only for the reporting period
1.1.–31.12.2024. Our opinion is not modified in respect of this matter.
Authorized Group Sustainability Auditor's Independence and Quality Management
We are independent of the parent company and of the group companies in accordance with
the ethical requirements that are applicable in Finland and are relevant to our engagement,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.
The Authorized Group Sustainability Auditor applies International Standard on Quality
Management ISQM 1, which requires the Authorized Sustainability Audit Firm to design, imple-
ment and operate a system of quality management including policies or procedures regard-
ing compliance with ethical requirements, professional standards and applicable legal and
regulatory requirements.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director of Alma Media Corporation are
responsible for:
• the group sustainability statement and for its preparation and presentation in accor-
dance with the provisions of Chapter 7 of the Accounting Act, including the process that
has been defined in the sustainability reporting standards and in which the information
for reporting in accordance with the sustainability reporting standards has been identi-
fied,
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YEAR
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
• the compliance of the group sustainability statement with the requirements laid down in
Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council
on the establishment of a framework to facilitate sustainable investment, and amending
Regulation (EU) 2019/2088, and for
• such internal control as the Board of Directors and the Managing Director determine is
necessary to enable the preparation of a group sustainability statement that is free from
material misstatement, whether due to fraud or error.
Inherent Limitations in the Preparation of a Sustainability Statement
The preparation of the group sustainability statement requires a materiality assessment from
the company in order to identify relevant disclosures. This significantly involves management
judgment and choices. Group Sustainability reporting is also characterized by the fact that
reporting of this type of information involves estimates and assumptions, as well as measure-
ment and assessment uncertainty.
The determination of greenhouse gases is subject to inherent uncertainty due to the incom-
plete scientific data used to determine the emission factors and the numerical values needed
to combine emissions of different gases.
When reporting future-related information in accordance with the ESRS standards, the
company’s management must present assumptions regarding possible future events and
disclose the company's potential future actions related to these events, as well as prepare
future-related information based on these assumptions. The actual outcome is likely to differ,
as predicted events often do not occur as expected.
Responsibilities of the Group Sustainability Auditor
Our responsibility is to perform an assurance engagement to obtain limited assurance about
whether the group sustainability statement is free from material misstatement, whether
due to fraud or error, and to issue a limited assurance report that includes our opinion.
Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the decisions of users taken
on the basis of the group sustainability statement.
Compliance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised)
requires that we exercise professional judgment and maintain professional skepticism
throughout the engagement. We also:
• Identify and assess the risks of material misstatement of the group sustainability state-
ment, whether due to fraud or error, and obtain an understanding of internal control rel-
evant to the engagement in order to design assurance procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the parent company’s or the group’s internal control.
• Design and perform assurance procedures responsive to those risks to obtain evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not de-
tecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
Description of the Procedures That Have Been Performed
The procedures performed in a limited assurance engagement vary in nature and timing from,
and are less in extent than for, a reasonable assurance engagement. The nature, timing and
extent of assurance procedures selected depend on professional judgment, including the
assessment of risks of material misstatement, whether due to fraud or error. Consequently,
the level of assurance obtained in a limited assurance engagement is substantially lower than
the assurance that would have been obtained had a reasonable assurance engagement been
performed.
Our procedures included for ex. the following:
• We have interviewed the management of the group as well as key personnel responsi-
ble for collecting and reporting of the information included in the group sustainability
statement.
• Through interviews, we gained an understanding of the group’s control environment
related to the group sustainability reporting process.
• We evaluated the implementation of the company's double materiality assessment
process in relation to the requirements of the ESRS standards, as well as whether the
information provided from the double materiality assessment is in material respects in
accordance with the ESRS standards.
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
• We assessed whether the group sustainability statement in material respects meets the
requirements of the ESRS standards regarding material sustainability topics:
– We have tested the accuracy of the information presented in the group sustainability
statement by comparing the information on a sample basis to the documentation and
records prepared by the company and assessed whether they support the informa-
tion included in the group sustainability statement.
– We have on a sample basis performed analytical assurance procedures and related
inquiries, recalculations and inspected documentation, as well as tested data aggre-
gation to assess the accuracy of the group sustainability statement.
• Regarding EU Taxonomy data, we gained an understanding of the process by which a
company has defined taxonomy-eligible economic activities, and we assessed the com-
pliance of the information provided.
Helsinki 24.2.2026
Ernst & Young Oy
Authorized Sustainability Audit Firm
Terhi Mäkinen
Authorized Sustainability Auditor
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STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Independent Auditor’s Report on the ESEF Consolidated Financial Statements
of Alma Media Corporation (Translation of the Finnish original)
To the Board of Directors of Alma Media Corporation
We have performed a reasonable assurance engagement on the financial statements
743700ILU1PL86IW3429-2025-12-31-1-fi.zip of Alma Media Corporation (y-identifier:
1944757-4) that have been prepared in accordance with the Commission’s regulatory techni-
cal standard for the financial year ended 31.12.2025.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the
company’s report of Board of Directors and financial statements (the ESEF financial state-
ments) in such a way that they comply with the requirements of the Commission’s regulatory
technical standard. This responsibility includes:
• preparing the ESEF financial statements in XHTML format in accordance with Article 3 of
the Commission’s regulatory technical standard
• tagging the primary financial statements, notes and company’s identification data in the
consolidated financial statements that are included in the ESEF financial statements
with iXBRL tags in accordance with Article 4 of the Commission’s regulatory technical
standard and
• ensuring the consistency between the ESEF financial statements and the audited financial
statements.
The Board of Directors and the Managing Director are also responsible for such internal con-
trol as they determine is necessary to enable the preparation of ESEF financial statements in
accordance the requirements of the Commission’s regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements that are
applicable in Finland and are relevant to the engagement we have performed, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
The firm applies International Standard on Quality Management (ISQM) 1, which requires the
firm to design, implement and operate a system of quality management including policies
or procedures regarding compliance with ethical requirements, professional standards and
applicable legal and regulatory requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets
Act, provide assurance on the financial statements that have been prepared in accordance
with the Commission’s technical regulatory standard. We express an opinion on whether
the consolidated financial statements that are included in the ESEF financial statements have
been tagged, in all material respects, in accordance with the requirements of Article 4 of the
Commission's regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been pro-
vided. We conducted a reasonable assurance engagement in accordance with International
Standard on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated financial statements that
are included in the ESEF financial statements have been tagged, in all material respects,
with iXBRL tags in accordance with the requirements of Article 4 of the Commission's
regulatory technical standard and
• whether the notes and company's identification data in the consolidated financial
statements that are included in the ESEF financial statements have been tagged, in all
material respects, with iXBRL tags in accordance with the requirements of Article 4 of the
Commission's regulatory technical standard and
• whether there is consistency between the ESEF financial statements and the audited
financial statements.
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
The nature, timing and extent of the selected procedures depend on the auditor’s judgement.
This includes an assessment of the risk of material deviations due to fraud or error from the
requirements of the Commission’s technical regulatory standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary
financial statements, notes and company's identification data in the consolidated financial
statements that are included in the ESEF financial statements of Alma Media Corporation
743700ILU1PL86IW3429-2025-12-31-1-fi.zip for the financial year ended 31.12.2025
have been tagged, in all material respects, in accordance with the requirements of the
Commission's regulatory technical standard.
Our opinion on the audit of the consolidated financial statements of Alma Media Corporation
for the financial year ended 31.12.2025 has been expressed in our auditor's report dated
24.2.2026. With this report we do not express an opinion on the audit of the consolidated
financial statements nor express another assurance conclusion.
Helsinki 17.3.2026
Ernst & Young Oy
Authorised Public Accountant Firm
Terhi Mäkinen
Authorised Public Accountant
ANNUAL REPORT 2025
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STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Corporate Governance
Statement 2025
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GOVERNANCE STATEMENT
REMUNERATION
REPORT
CORPORATE
GOVERNANCE STATEMENT
160 169
176
Corporate Governance Statement
of Alma Media Corporation
The Shareholders’
Nomination Committee
Internal control and risk management
systemsinfinancialreporting
161
170 179
Alma Media Group
President & CEO and Group Executive
Team of Alma Media Corporation
Auditing
162
174
Board of Directors of Alma Media
Corporation
Insider Management
Contents
ANNUAL REPORT 2025
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
CORPORATE
GOVERNANCE STATEMENT
Corporate Governance Statement
In 2025, Alma Media Corporation fully com-
plied with the Finnish Corporate Governance
Code for listed companies (Corporate
Governance 2025), effective as of 1 January
2025. A Corporate Governance Statement,
required by the Corporate Governance
Code, is presented as a separate report in
connection with the Financial Statements.
In addition, it is publicly available
on Alma Media’s website:
www.almamedia.fi/en/ investors/governance/
corporate- governance. The Audit Commit-
tee of Alma Media Corporation’s Board
of Directors has reviewed the Corporate
Governance Statement.
The statement will not be updated during the
financial period, but up-to-date information
on its sections is available on Alma Media’s
website: www.almamedia.fi/en/investors/
governance/corporate-governance.
The Finnish Corporate Governance Code
is downloadable from the website of the
Securities Market Association:
www.cgfinland.fi
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
CORPORATE
GOVERNANCE STATEMENT
Alma Media Group
Responsibility for Alma Media Group’s
management and operations belongs to the
constitutional bodies required by the Limited
Liability Companies Act: the General Meeting
of Shareholders, which elects the members
of the Board of Directors; and the President
and CEO, who is appointed by the Board of
Directors.
Alma Media Corporation’s supreme deci-
sion-making body is the General Meeting of
Shareholders, where shareholders exercise
their decision-making power. The Board of
Directors is responsible for the company’s
governance and its appropriate organisation.
In its capacity as the Group’s parent compa-
ny, Alma Media Corporation is responsible
for the Group’s management, legal affairs,
corporate restructuring, strategic planning,
financial administration, human resources and
facilities management, financing, ICT, internal
and external communications as well as the
Alma brand.
Alma Media Group has three reporting
segments.
The Alma Career segment consists of the re-
cruitment business and complementary ser-
vices that respond to the needs of jobseekers
and employers in 9 European countries.
The Alma Marketplaces segment is Alma
Media’s digital marketplaces and information
services segment operating in Finland and
Sweden. It provides leading housing mar-
ketplaces, commercial real estate services
and mobility marketplaces. The segment
also serves professionals in the housing
and automotive markets with sales systems
and offers extensive comparison and B2B
services. In addition, Alma Marketplaces de-
livers comprehensive digital information and
legal services for professionals, including the
Business Insights and Legal Insights solutions.
Alma News Media is a pioneer in digital news
and subscription-based business, supported
by Alma Media’s extensive digital advertising
network. The segment comprises Finland’s
largest digital news media outlet, Iltalehti, the
leading business news media Kauppalehti,
as well as other journalistic brands of Alma
Media, such as Talouselämä, Tekniikka &
Talous and Arvopaperi. Alma News Media
operates in Finland.
Alma Media’s joint sales organisation (Alma
Media Solutions) is a sales and development
organisation serving advertiser customers
across the Group’s business segments.
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
CORPORATE
GOVERNANCE STATEMENT
Board of Directors of Alma Media Corporation
The Shareholders’ Nomination Committee of Alma Media
Corporation prepares a proposal for the General Meeting
regarding the composition and remuneration of the Board
of Directors. The Board of Directors shall comprise no
fewer than three (3) and no more than nine (9) members
elected by the Annual General Meeting. The term of office
of a member of the Board shall be one (1) year, ending at
the close of the Annual General Meeting following their
election. The President and CEO of the company may not
act as the Chair of the Board. There is no specific order of
appointment of members of the Board. The Annual General
Meeting decides on the remuneration and travel allowanc-
es of the members of the Board of Directors.
The Board Diversity Policy sets out the principles con-
cerning the diversity of the Board of Directors. The
principles are available in their entirety on the Alma Media
website at www.almamedia.fi/en/investors/governance/
board-of-directors.
Pursuant to the Board Diversity Policy, the Board of
Directors and its members, as a group, shall have sufficient
complementary expertise and experience on matters
related particularly to the company’s line of business and
operations, the management of a listed company, financial
statements and financial reporting, internal control and
risk management, strategy, acquisitions and corporate
governance.
The members of the Board of Directors shall represent
diverse expertise and qualifications and the diversity of
the members’ age and gender distribution, academic and
professional backgrounds and experience of international
business shall support the company’s business and its
development. Members of the Board of Directors shall
possess the necessary qualifications and the opportunity
to dedicate sufficient time to their duties as members of the
Board. The number of members and composition of the
Board of Directors shall enable the effective fulfilment of
the Board’s responsibilities. Both genders shall be repre-
sented on the Board of Directors.
The Company considers that the principles set for Board
diversity have been well implemented, and that the
background, experience, competence, as well as the
age and gender distribution of the Board members have
supported the Company’s business success and its further
development. Both genders are represented on the Board
in a balanced manner, with the proportion of the underrep-
resented gender being 40%.
Composition of the Board and
shareholdings of members
The Annual General Meeting 2025 elected the following
members to the Board of Directors:
Catharina Stackelberg-Hammarén, Eero Broman,
Marika Auramo, Heikki Herlin, Hanna Kivelä, Alexander
Lindholm, and Ari Kaperi. The Chair of the Board was
Catharina Stackelberg-Hammarén and the Deputy Chair
was EeroBroman.
Catharina
Stackelberg-Hammarén
Chair of the Board of Directors
Born: 1970
M.Sc. (Econ.)
Finnish citizen, female
Senior Vice President, Knowit Insight Oy
Member of the Board 2009–, Chair of the Nomination and
Compensation Committee
Essential work experience
• Marketing Clinic Oy: Founder and Executive Chair 2019–2022
• Marketing Clinic Oy: Founder and CEO 2004–2019
• Coca-Cola Finland: Managing Director 2003–2004 and 2000–2002
• Coca-Cola AB: Managing Director 2002–2003
• Coca-Cola Nordic & Baltic Division: Marketing Director
(Copenhagen) 2000
• Coca-Cola Finland: Consumer Marketing Manager 1996–2000
• Sentra plc: Marketing Manager 1994–1996
Principal positions of trust
• Harvia Oyj: member of the Board 2023–, Deputy Chair of the
Board 2024-2025, Chair of the Board of Directors 2025–
• Royal Unibrew A/S: member of the Board 2019–
Independent of the company and its significant shareholders
Shareholding on 31 December 2025
37,060 Alma Media Corporation shares
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
CORPORATE
GOVERNANCE STATEMENT
CEO of Broman Yhtiöt Oy
Deputy Chair of the Board
Member of the Board 2022–,
Member of the Audit Committee until 10.4.2025
Essential work experience
• Broman Yhtiöt Oy: CEO 2019–
• Motonet Oy: CEO 2007–2016
• Broman Group Ltd: Director of Administration 1987–1995
• Broman Group Ltd: Vice President 1995–2016
Principal positions of trust
• Broman Group Ltd: Vice Chair of the Board 2022–, Chair of the
Board 2013–2021, member of the Board 1987–
• Motonet Oy: member of the Board 2007–
• Suomalainen Kirjakauppa Oy: member of the Board 2013–
• Eventio Group: Chair of the Board 2019–2025
• Varma Mutual Pension Insurance Company: member of the
Supervisory Board 2018–
• Otava: Member of the Board 2025–
Independent of the company, but not independent of its significant
shareholder
Shareholding on 31 December 2025
368,026 Alma Media Corporation shares
Chair of the Board of Mariatorp Oy
Member of the Board 2022–,
Member of the Nomination and Compensation Committee
Essential work experience
• Mariatorp Oy: CEO, Chair of the Board 2017–
• Tekir Oy: Communication Expert 2023–2024
• Freelancer: editor, producer 2015–2017
Principal positions of trust
• Reinvent Yellow: member of the Board 2018–
• Riikka Herlin Foundation: Chair of the Board 2017–
• IPR.VC: Member of the Board 2024–
• Siltala Publishing: member of the Board 2024–
Independent of the company, but not independent of its
significant shareholder
Shareholding on 31 December 2025
19,465 Alma Media Corporation shares directly, and
15,675,473 Alma Media Corporation shares through Mariatorp Oy
Eero Broman
Born: 1963
M.Sc. (Econ.)
Finnish citizen, male
Heikki Herlin
Born: 1990
Bachelor of Political Sciences
Finnish citizen, male
CEO Vodafone Business
Member of the Board 2025–,
Member of the Nomination and Compensation Committee
Essential work experience
• SAP: Chief Business Officer, EMEA 2024, Interm Regional Pres-
ident, EMEA 2023, Chief Operating Officer, EMEA 2021–2023,
Managing Director, SAP Nordic & Baltic Region, 2019-2021, SVP
Global Chief Operation Officer 2017-2019, General Manager
EMEA 2015–2017, Head of Innovation Sales, Nordic & Baltic
2014–2015, Country Manager, Finland 2010-2014
Principal positions of trust
• Digital Workforce Services: Member of the Board 2021–
• Qt Group: Member of the Board 2023– Member of the Board's
Remuneration and Nomination Committee
Independent of the company and its significant shareholders
Shareholding on 31 December 2025
1,341 Alma Media Corporation shares
Marika Auramo
Born: 1967
eMBA, BBA
Finnish citizen, female
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REPORT
CORPORATE
GOVERNANCE STATEMENT
Fujitsu Finland and Estonia, Managing Director, VP, 2022–
Member of the Board 2025–,
Member of the Audit Committee
Essential work experience
• Google: Sector Lead, Netherlands and Booking.com 2017–
2021, interim Country Manager Google Finland 2014–2017
• Anders Inno Oy: VP, CCO; Partner and Board Member
2012–2013
• Talentum Plc: Vice President, Customer relationships and R&D
2010–2012, Director, Nordic Online & IT 2007–2010
Principal positions of trust
• Lindström Group: Vice Chair of the Board 2022–
• Excellence Finland: Vice Chair of the Board 2022–
• Technology Industry Finland: Vice Member of the Board
2022–2025, Vice Chair of the Board 2026–
• Confederation of Finnish Industries (EK): Member of the Board
2026–
• Digipooli: Chair of the Board 2025–2026
Independent of the company and its significant shareholders
Shareholding on 31 December 2025
1,341 Alma Media Corporation shares
Otava Group, CEO 2010–
Member of the Board 2018–,
Member of the Audit Committee
Essential work experience
• Yhtyneet Kuvalehdet / Otavamedia: CEO 2008–2012
• Yhtyneet Kuvalehdet: Publishing Director 2005–2007
• Yhtyneet Kuvalehdet: Sales Director 2001–2004
Principal positions of trust
• Yhtyneet Kuvalehdet Oy/Otavamedia Oy: member of the
Board/Chair 2008–
• Otava Publishing Company Ltd: Chair of the Board 2010–
• Suomalainen Kirjakauppa Ltd: Chair of the Board 2011–
• Storia Oy: Chair of the Board 2013–
• Storytel AB: member of the Board 2023–
Independent of the company, but not independent of its
significant shareholder
Shareholding on 31 December 2025
10,060 Alma Media Corporation shares
Hanna Kivelä
Born: 1974
M.Sc. Tech., MBA
Finnish citizen, female
Alexander Lindholm
Born: 1969
BBA
Finnish citizen, male
Member of the Board 2024–,
Chair of the Audit Committee
Essential work experience
• Nordea: Head of Group Credit Risk Management 2017–2022,
Chief Risk Officer 2009–2017, Head of International and
Institutional Banking 2008–2009
• Nordea: member of Group Executive Management 2008–2016
• Nordea: Country Senior Executive, Finland 2009–2022
• Nordea: Head of Regional Bank Central and Western Finland
2006–2008 and Head of Planning and Control, Corporate and
Institutional Banking 2001–2006. Pohjola Insurance Group:
other leadership and management positions 1998–2001.
MeritaNordbanken 1998, Merita Bank 1995–1997, Union Bank
of Finland 1985–1998
Principal positions of trust
• Tampere Energia Oy: Chair of the Board 2023–
• Cancer Foundation Finland: member of the Board 2024–
• Nordea: Chair/Vice Chair of Nordea Group's finance companies
2015–
• CapMan Plc: Member of the Board 2025-
Independent of the company and its significant shareholders
Shareholding on 31 December 2025
2,830 Alma Media Corporation shares
Ari Kaperi
Born: 1960
M.Sc. (Econ.)
Finnish citizen, male
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GOVERNANCE STATEMENT
Chair of the Board of WIP Asset Management Oy 2005-
Member of the Board 2018 – 10 April 2025,
Chair of the Nomination and Compensation Committee until 10
April 2025
Essential work experience
• WIP Asset Management Oy: Chair of the Board 1995-2001 and
2005-, Managing Director 2002-2005
Principal positions of trust
• Mariatorp Oy: Member of the Board 2015-
• Wipunen varainhallinta Oy: Member of the Board 2005-
• Dasos Capital Oy: Member of the Board 2010-
• Finsilva Oyj: Member of the Board 2015-
• Stiftelsen Svenska Handelshögskolan: Member of the Board
2019-
Independent of the company, but not independent of its signifi-
cant shareholder
Shareholding on 10 April 2025
8,719 Alma Media Corporation shares
Member until 10 April 2025
Peter Immonen
Born: 1959
M.Sc. (Econ.)
Finnish citizen, male
Member of the Board 2014 - 10 April 2025
Chair of the Audit Committee until 10 April 2025
Essential work experience
• Outokumpu Group: deputy CEO 2011-2013
• Outokumpu Group: Chief Financial Officer (CFO) 2005-2013
• Outokumpu Group: Director, Financing and Administration
2001-2004, Director Financing 1995-2000, Vice President
1991-1994
• Kansallis-Osake-Pankki: various expert and managerial
positions (Head Office foreign operations and the London
branch)1984-1990
Principal positions of trust
• SATO Oyj: Member of the Board 2016-, Chair of the Board
2015-2016, Vice Chair of the Board 2014-2015
• Ilkka Oyj: Member of the Board 2011-2025, Vice Chair of the
Board 2014-2025
• GRK Infra Oy: Member of the Board 2020-
Independent of the company, but not independent of its signifi-
cant shareholder
Shareholding on 10 April 2025
22,544 Alma Media Corporation shares
Member until 10 April 2025
Esa Lager
Born: 1959
LL.M., M.Sc. (Econ.)
Finnish citizen, male
Illusian Founder Office, Director 2025-
Member of the Board 2022 - 10 April 2025
Essential work experience
• Wolt: VP, Product Management 2022–2024
• Unity: Director, Research Labs 2020–2022
• Unity: Director, Product Management 2016–2020
• Unity: Senior Product Manager 2015–2016
• Omniata: Director, Product Management 2015 and Director,
Data Analytics 2014
• Comptel: General Product Director 2013–2014 and Director,
Analytics Technical Sales 2012
• Xtract: Vice President, Professional Services 2006–2012 and
Project Manager 2005–2006
Principal positions of trust
• Remedy Entertainment: member of the Board 2022–
• Hive Helsinki: member of the Board 2022–
Independent of the company and its significant shareholders
Shareholding on 10 April 2025
4,414 Alma Media Corporation shares
Member until 10 April 2025
Kaisa Salakka
Born: 1979
M.Sc. (Econ.)
Finnish citizen, female
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GOVERNANCE STATEMENT
It is the duty of the members of the Board of
Directors to provide the Board of Directors
with sufficient information for the assessment
of their competence and independence. All
of the Board Members are assessed to be in-
dependent of the company. All of the Board
members, with the exception of Eero Bro-
man, Heikki Herlin, and Alexander Lindholm,
are also assessed to be independent of the
company’s significant shareholders. The
Board members are assessed to be depen-
dent of the company’s significant sharehold-
ers based on the following grounds: Eero
Broman is a member of the Board of Otava
Ltd., Heikki Herlin is the Chair of the Board
of Directors of Mariatorp Oy, and Alexander
Lindholm is the CEO of Otava Group.
Tasks and responsibilities of the
Board of Directors
The Board of Directors is responsible for
the company’s governance and the due
organisation of its operations. The tasks and
responsibilities of the Board of Directors are
determined by the Finnish Limited Liability
Companies Act and the Articles of Associ-
ation. The detailed working of the Board of
Directors is set out in the Board's Charter.
Principal tasks of the Board of Directors
include confirming the Group’s strategy and
objectives as well as deciding on significant
investments and acquisitions. The Board of
Directors monitors the Group’s performance
through monthly reports and other informa-
tion provided by the Group's management.
The company ensures that all members of
the Board of Directors receive adequate
information on Alma Media’s operations,
operating environment and financial position.
New members of the Board of Directors are
familiarised with Alma Media’s operations.
The duties of the Board of Directors include:
• confirming the Group’s strategy and
objectives, monitoring their implementa-
tion, and, if required, initiating corrective
action;
• considering and approving the interim
reports, the financial statements and the
sustainability report;
• approving strategically significant
corporate and real estate acquisitions
and disposals as well as investments
according to separate investment
instructions;
• deciding on Alma Media Corporation’s
capital financing programmes and oper-
ations according to a separate treasury
policy;
• approving Alma Media Corporation’s
dividend policy and submitting a divi-
dend proposal to the General Meeting
of Shareholders;
• annually reviewing the main risks asso-
ciated with the company’s operations
and the management of these risks; if
necessary, giving the President and CEO
instructions on how to deal with them,
and, if required, initiating corrective
action;
• approving the principles for the advance
approval of non-audit services provided
by the auditor;
• appointing and, if required, dismissing
the President and CEO;
• deciding on the Nomination and Com-
pensation Committee’s proposal for the
terms of employment of the President
and CEO and the other members of the
Group Executive Team;
• confirming the company’s organisation
based on the CEO’s proposal;
• confirming the terms of employment of
the CEO’s direct subordinates based on
the CEO’s proposal;
• based on the President and CEO’s
proposal, confirm the appointment
and dismissal of the Editors-in-Chief of
newspapers and magazines with signifi-
cant revenue and circulation;
• holding a meeting with the company’s
auditors at least once a year;
• deciding on matters that are exceptional
and have wide-ranging consequences;
• making decisions on such activities
within the inner circle that are not part
of the company’s regular activities or
which diverge from normal commercial
conditions;
• considering other matters that the
Chair of the Board and President and
CEO have agreed to be included in the
charter for the Board’s meeting. Other
Board members are also entitled to put
a matter before the Board by notifying
the Chair of such a matter;
• representing the company and entitling
individuals to represent the company, as
well as deciding on procurations;
• approving the principles underlying the
donation of sums to good causes.
The Board’s Charter is available in full on the
Alma Media website:
http://www.almamedia.fi/en/investors/
governance/board-of-directors
The Board convenes approximately 12 times
a year according to a previously confirmed
timetable and, in addition, whenever nec-
essary. Most meetings are connected with
the publication of the company’s financial
statements and interim reports. Part of the
meetings are focused on strategy, and at
these meetings the Board discusses the
Group’s future scenarios and confirms the
strategy for each strategy period. In 2025,
the Board met 11 times. The attendance of
each member is shown in the table below.
Assessment of the Board’s
performance
In 2025, the Board of Directors evaluated its
performance and working methods through
self-assessment.
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CORPORATE
GOVERNANCE STATEMENT
Name Role
Attendance at Board
meetings
Catharina Stackelberg-Hammarén Chair 11
Eero Broman Deputy Chair 10
Marika Auramo Member since 10 April
2025
8
Heikki Herlin Member 11
Peter Immonen Member until 10 April
2025
3
Ari Kaperi Member 11
Hanna Kivelä Member since 10 April
2025
8
Esa Lager Member until 10 April
2025
3
Alexander Lindholm Member 11
Kaisa Salakka Member until 10 April
2025
3
evaluating and monitoring the financial
reporting process and financial statements
reporting, including compliance with
standards concerning financial statements;
monitoring the auditing process; approving,
in accordance with the principles confirmed
by the company’s Board of Directors, or giv-
ing advance authorisation to the Chair of the
Audit Committee to approve, all permitted
non-audit services provided by the auditor,
including their scope and the estimated fees
payable for them; and monitoring signifi-
cant financial, financing and tax risks; and
monitoring the company’s fiscal position.
The committee also monitors the procedures
related to the digital reporting of sustainabili-
ty information, as well as the identification of
data reported in accordance with sustain-
ability reporting standards.
The committee reviews significant findings
made by the statutory auditors and sustain-
ability assurance providers, as well as man-
agement’s responses thereto. In addition,
the duties of the Audit Committee include,
among other things, approving, in accor-
dance with the principles confirmed by the
Board of Directors, or authorising the Chair
of the Audit Committee to pre-approve, all
non-audit services provided by the auditor
that are not prohibited services, including
their scope and estimated fees, as well as
monitoring significant financial, financing and
tax risks.
The Audit Committee is required to pro-
cess the company's central approval and
operational instructions for investments
and funding, for example. In addition, the
Audit Committee monitors processes and
risks related to IT security and processes
any messages received through the Group’s
ethical reporting – the whistleblowing chan-
nel. The Audit Committee also monitors and
evaluates the independence of the auditor
and, in particular, the auditor’s provision of
non-audit services.
The members of the Audit Committee shall
have the expertise and experience required
for the duties of the Committee, and at least
one member shall have special expertise
in accounting or auditing. As a whole, the
Audit Committee must possess sufficient
expertise and experience in the tasks of the
Audit Committee as well as the company’s
operating environment.
At its constitutive meeting after the Annual
General Meeting, the Board of Directors
elects a minimum of three members to the
Audit Committee from among the Board
members, who then elect a Chair for the
Committee. The Audit Committee meets at
least four times a year.
From 10 April 2025, the members of the
Audit Committee were Ari Kaperi, Alexander
Lindholm and.Hanna Kivelä. Ari Kaperi was
Permanent committees
The Board of Directors has established two
permanent committees: the Audit Commit-
tee and the Nomination and Compensation
Committee. At its constitutive meeting after
the Annual General Meeting, the Board of
Directors elects the members of these com-
mittees from among the Board members.
The Board of Directors confirms a written
Charter for the committees. The committees
report to the Board of Directors.
Audit Committee
The Board of Directors has appointed the
Audit Committee to monitor the company’s
internal control systems. The work of the
Audit Committee includes tasks such as eval-
uating compliance with laws and regulations;
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GOVERNANCE STATEMENT
the Chair of the Audit Committee. The Audit
Committee’s meetings are attended by the
company’s Auditor, the Group’s Chief Finan-
cial Officer and General Counsel. Matters to
the Committee are presented by the CFO.
The Charter of the Audit Committee is
available in full on the Alma Media website:
https://www.almamedia.fi/en/investors/
governance/board-of-directors.
The Audit Committee met six times in 2025.
The attendance of each member is shown in
the table below.
Name Role
Attendance at Audit
Committee meetings
Esa Lager Chair until 10 April 2025 2
Eero Broman Member until 10 April 2025 2
Ari Kaperi Member, Chair since 10 April 2025 6
Alexander Lindholm Member since 10 April 2025 4
Hanna Kivelä Member since 10 April 2025 3
Nomination and Compensation
Committee
At its constitutive meeting after the Annual
General Meeting, the Board of Directors
elects the members to the Nomination and
Compensation Committee from among
the Board members. The Nomination and
Compensation Committee comprises at least
three members, who elect a Chair for the
Committee.
On 10 April 2025, Catharina Stackel-
berg-Hammarén, Heikki Herlin, and Marika
Auramo were elected as members of the
Nomination and Compensation Committee.
Catharina Stackelberg-Hammarén was the
Chair of the committee.
The principal task of the Nomination and
Compensation Committee is to prepare
matters for the Board concerning appoint-
ments, compensation, incentive systems,
the self-evaluation of the Board and the
development of good governance. In the
Nomination and Compensation Committee,
the matters concerning compensation are
presented by the President and CEO.
Name Role
Attendance at Nomina-
tion and Compensation
Committee meetings
Peter Immonen Chair until 10 April 2025 2
Alexander Lindholm Member until 10 April 2025 2
Catharina Stackelberg-Hammarén Member, Chair since 10 April 2025 4
Heikki Herlin Member since 10 April 2025 2
Marika Auramo Member since 10 April 2025 1
The Charter of the Nomination and Compen-
sation Committee is available in full on the
Alma Media website: www.almamedia.fi/en/
investors/governance/board-of-directors
The Nomination and Compensation Commit-
tee met four times in 2025 to consider mat-
ters according to its Charter. The attendance
of each member is shown in the table below.
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CORPORATE
GOVERNANCE STATEMENT
The Shareholders’ Nomination Committee
The Nomination Committee’s duties include
preparing proposals related to the election
and remuneration of the members of the
Board of Directors to the Annual General
Meeting.
The Shareholders’ Nomination Committee
consists of four members appointed by Alma
Media’s four largest shareholders, and the
members elect a Chair from among their
number.
More information on the members of the
Shareholders’ Nomination Committee of
Alma Media Corporation in 2025 is present-
ed in the table.
The Shareholders’ Nomination Committee
met two times during its term of office in
2025–2026: in November 2025 and in Jan-
uary 2026. All members of the Nomination
Committee attended all of the meetings.
On 27 January 2026, the Shareholders’
Nomination Committee issued a proposal to
the Annual General Meeting to be held on 9
April 2026.
Name Role
Henrik Ehrnrooth
Born: 1954, B.Sc. (Forest Econ.), M.Sc. (Econ.)
Chair of the Board of Directors, Otava Oy
Member of the Board of AFRY AB (publ)
Shareholding on 31 December 2025: 0 Alma Media Corporation shares
Chair
Timo Aukia
Born: 1973, M.Sc. (Econ.)
Managing Director, Jaakko Aukia Oy
Shareholding on 31 December 2025: 5,246 Alma Media Corporation shares
Member
Heikki Herlin
Born: 1990, Bachelor of Political Sciences
Chair of the Board of Directors, Mariatorp Oy
Shareholding on 31 December 2025: 19,465 Alma Media Corporation shares
Member
Rami Vehmas
Born: 1975, MBA
Chief Equities Officer, Ilmarinen Mutual Pension Insurance Company
Shareholding on 31 December 2025: 0 Alma Media Corporation shares
Member
Catharina Stackelberg-Hammarén
Born: 1970, M.Sc. (Econ.)
Senior Vice President, Knowit Insight Oy
Chairman of the Board of Directors of Alma Media, Member of the Board
2009–, member of the Nomination and Compensation Committee
Shareholding on 31 December 2025: 37,060 Alma Media Corporation shares
Expert member during
the term 2025–2026
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President and CEO, Chair of the Group Executive
Team
In the current position 2005–
Member of the Group Executive Team 2005–
Essential work experience
• Kustannus Oy Aamulehti: Managing Director 2001–2005
• Kustannus Oy Aamulehti: Deputy Managing Director 2000–2001
• Kustannus Oy Aamulehti: Marketing Director 1999–2000
• Suomen Paikallissanomat Oy: Marketing Director 1996–1999
• Kustannus Oy Aamulehti: Marketing Manager 1993–1996
• Kustannus Oy Aamulehti: Sales Manager 1991–1993
• Kustannus Oy Aamulehti: Research Manager 1990–1991
• Nokian Paperi Oy: Product Manager 1989–1990
Principal positions of trust
• Teleste Corporation: Member of the Board 2008–
• ETLA Economic Research: Member of the Board 2023–
• Sara Hildén Foundation, Chair of the Board 2023–
• Robit Plc: Member of the Board 2024–
Shareholding on 31 December 2025
392,333 Alma Media Corporation shares
Kai Telanne
Born: 1964
M.Sc. (Econ.)
President & CEO and Group Executive Team
of Alma Media Corporation
The President and CEO of Alma Media Corporation is Kai
Telanne, M.Sc. (Econ.), born 1964.
The President and CEO is responsible for the day-to-day
management of the company in accordance with the
guidelines and instructions of the Board of Directors. The
President and CEO is responsible for the company’s ac-
counts conforming to legislation and its assets being reliably
managed. The President and CEO must supply all the infor-
mation necessary for the appropriate working of the Board
of Directors to the Board or any of its members.
The President and CEO may undertake matters that are
exceptional or have wide-ranging consequences with regard
to the scope and nature of the company’s business only
through authorisation by the Board of Directors or in cir-
cumstances in which it is not possible to wait for the Board’s
decision without causing essential damage to the company’s
operation. In the latter case, the Board must be notified of
the action taken as soon as possible.
The President and CEO, Mr Kai Telanne, is supported by a
Group Executive Team, in 2025 comprising Santtu Elsinen
(Executive Vice President, Alma Marketplaces); Vesa-Pekka
Kirsi (Executive Vice President, Alma Career); Juha-Petri
Loimovuori (Executive Vice President, Alma News Media);
Tiina Kurki (Executive Vice President, Alma Media Solutions);
Tommi Raivisto (CDO); Merja Ristilä (Executive Vice Presi-
dent, Human Resources); Mikko Korttila (General Counsel),
Elina Kukkonen (Executive Vice President, Communications
and Brand); and Taru Lehtinen (CFO). The members of the
executive team take turns acting as secretary to the Group
Executive Team.
The Group Executive Team prepares the monthly reports,
investments, Group guidelines and policies, the strategy and
other long-term plans, action plans covering the following 12
months and the financial statements for confirmation by the
Board of Directors. The Group Executive Team met 26 times
in 2025.
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Executive Vice President, Alma Career
In the current position 2021–
Member of the Group Executive Team 2019–
Essential work experience
• Fonecta Ltd.: Business Unit Director, B2B business unit, and
member of the executive management team 2016–2019,
Fonecta Markets, Vice President and member of the executive
management team 2011–2016
• Openbit Oy/Tanla Solutions Ltd.: Vice President, Sales
2008–2011
• Nokia Corporation: Head of Nokia Games Publishing
2004–2007, Senior Manager Games Application Forum Nokia
2002–2004
• Riot Entertainment Ltd: Head of Product Development and
Publishing Director 2000–2002
• Hewlett-Packard Oy: Program Manager 1998–2000
• Dava Ltd: Product Marketing Manager 1996–1998
Principal positions of trust
• Salama BidCo Oy: member of the Board 2022–
• Salama TopCo Oy: member of the Board 2022–
Shareholding on 31 December 2025
18,140 Alma Media Corporation shares
Executive Vice President, Alma Marketplaces
In the current position 2024–
Member of the Group Executive Team 2016–
Essential work experience
• Alma Media Corporation: Senior Vice President, Alma Consumer
2023–2024
• Alma Media Corporation: Chief Digital Officer (CDO) 2016–2023
• Talentum Oyj: Business Development Director, member of extended
Group Management Team 2012–2016
• Trainers’ House Oyj: Vice President, Business Development, member
of the Management Team 2011–2012
• Satama Interactive Oyj: Director, Business Development, 2005–2010
• Quartal Oy: Chair of the Board of Directors 2000–, CEO 2011–, Busi-
ness Development Director 1998–2005, Creative Director 1997–1998
• Kauppamainos Bozell Oy: Director, Digital media, 1997
• Specialist positions at advertisement agencies and the media,
1994–1996
Principal positions of trust
• Digia Corporation: member of the Board of Directors and Audit Com-
mittee 2018–, Chair of the Nomination Committee 2023–, Chair of the
Audit Committee 2023–
• Digital and Population Data Services Agency: member of the Advisory
Board 2023–
• Mediapooli: Chair of the Management Team 2023–2025, Member of
the Management team 2026–
Shareholding on 31 December 2025
58,240 Alma Media Corporation shares directly and 10,100 Alma
Media Corporation shares through Winterfell Capital Oy
Vesa-Pekka Kirsi
Born: 1969
BA
Santtu Elsinen
Born: 1972
B.Sc.-level studies in Economics
General Counsel, Legal Affairs, M&A and
Corporate Development
Secretary to the Board of Directors of Alma Media Corporation
In the current position 2007–
Member of the Group Executive Team 2008–
Essential work experience
• Raisio plc: Executive Vice President and General Counsel,
member of the Executive Committee 2003–2007
• Raisio plc: Executive Vice President, HR and Legal; General
Counsel, member of the Executive Committee 2001–2003
• Raisio plc: Legal Counsel, Chemicals and Benecol divisions
1997–2001
• Attorney-at-Law 1990–1997
Principal positions of trust
• Member of the Securities Market Association’s Market Practice
Committee, 2026–,
• Securities Market Association, Member of the Takeover Board
2019–2025
Shareholding on 31 December 2025
44,567 Alma Media Corporation shares
Mikko Korttila
Born: 1962
Master of Laws, Master of Laws
trained on the bench, eMBA
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Executive Vice President, Communications and
Brand
In the current position 2017–
Member of the Group Executive Team 2017–
Essential work experience
• Alma Media Corporation: Marketing Director, Alma Media
Solutions, 2015–2018
• Kauppalehti Oy: Marketing Manager, 2006–2015
• Gant/Profashion Oy: Product Manager, 2006
• C More Entertainment / Canal+, Sweden: Marketing Manager
2006
• Kustannus Oy Aamulehti: Marketing Manager, 2003–2006
• Kustannus Oy Aamulehti: Specialist positions, 1999–2003
Principal positions of trust
• Media Industry Research Foundation of Finland: Chair of
Labour Market Committee 2023–, Chair of the Board 2023–,
Deputy Chair of the Board 2022–2023, Member of the Labour
Market Committee 2019–2023
Shareholding on 31 December 2025
32,892 Alma Media Corporation shares
Elina Kukkonen
Born: 1970
Doctor of Business
Administration DBA (KTT)
Executive Vice President, Alma Media Solutions
In the current position 2015–
Member of the Group Executive Team 2017–
Essential work experience
• Alma Media Corporation: Senior Vice President, Alma Media
Solutions 2015–
• Kauppalehti Ltd: Director, Sales and Marketing 2013–2015
• Iltalehti Oy: Director, Sales and Marketing 2008–2013
• Iltalehti Oy: Director, Customer Relations 2006–2008
• Iltalehti Oy: Sales Manager 2004–2006
Principal positions of trust
• Pihlajalinna: member of the Board 2023–
Shareholding on 31 December 2025
81,857 Alma Media Corporation shares
Tiina Kurki
Born: 1970
M.Sc. (Econ.)
Chief Financial Officer
In the current position 2023–
Member of the Group Executive Team 2023–
Essential work experience
• Alma Talent: Director, Head of Alma Talent Services 2021–2023
• Alma Talent: Director, Head of Alma Talent Information
Services 2019–2020
• Alma Media Corporation: Director, Reporting & Planning
2017–2019
• Alma Media Corporation: Group Financial Manager 2011–2017
• Alma Media Corporation: Group Reporting Manager
2008–2010
• Ernst & Young Oy: Auditor 2001–2008
Principal positions of trust
• Member of the Finance Committee of the Finnmedia, 2024–
Shareholding on 31 December 2025
17,000 Alma Media Corporation shares
Taru Lehtinen
Born: 1977
M.Sc. (Econ.)
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Executive Vice President, Alma News Media
In the current position 2024–
Member of the Group Executive Team 2006–
Essential work experience
• Alma Talent Oy: Managing Director 2016–2024
• Alma Media Corporation: Director, Kauppalehti Group,
2006–2015
• Alma Media: Director, Media Sales 2004–2006
• Kustannus Oy Aamulehti: Director, Media Sales 2002–2006
Principal positions of trust
• Finnmedia: Deputy Chair of the Board 2024–, Member of
the Board, Chair of the committee for labour market issues
2017–2024
Shareholding on 31 December 2025
135,506 Alma Media Corporation shares
Juha-Petri Loimovuori
Born: 1964
M.Sc. (Econ.)
Chief Digital Officer (CDO)
In the current position 2023–
Member of the Group Executive Team 2023–
Essential work experience
• KONE Oyj: Chief Technology Architect 2020–2023
• Helvar Oy: Chief Technology Officer 2017–2020, Chief Digital
Officer 2016–2017
• HERE Technologies GmbH: Vice President, Map Platform
Services 2013–2015
• Nokia Inc.: Vice President, Services R&D 2010–2013, Director
of Technology Strategy & Architecture 2008–2009
• Nokia Oyj: Head of Software Technology 2004–2007, mobile
services product development roles 1997–2003
Principal positions of trust
• Finnmedia: Member of the Technology Committee
Shareholding on 31 December 2025
13,000 Alma Media Corporation shares
Tommi Raivisto
Born: 1972
M.Sc. (Computer Science)
Executive Vice President, Human Resources
In the current position 2023–
Member of the Group Executive Team 2023–
Essential work experience
• Alma Career Oy: Head of HR 2021–2023
• Alma Career Oy: HR Manager 2018–2021
• F-Secure Oy: HR Manager 2010–2018
• Nokia Siemens Networks Oyj: HR Consultant 2007–2010
• Nokia Oyj: HR Consultant 2006–2007
Principal positions of trust
–
Shareholding on 31 December 2025
1,000 Alma Media Corporation shares
Merja Ristilä
Born: 1970
M.Sc. (Econ.)
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Insider Management
Alma Media Corporation’s Board of Di-
rectors approved Alma Media Group’s
current Guidelines for Insiders on 24 April
2025. The Guidelines for Insiders are based
on the Market Abuse Regulation, Level 2
European Commission Regulations and the
rules and guidelines issued by the European
Securities and Markets Authority (ESMA),
and they supplement the valid provisions
of NASDAQ Helsinki Ltd’s Guidelines for
Insiders, Chapter 51 of the Finnish Criminal
Code, the Finnish Securities Markets Act
and the regulations and guidelines issued by
the Finnish Financial Supervisory Authority
regarding the management and handling of
insider information.
Insiders are divided into two categories
at Alma Media Corporation: managers
subject to the notification obligation and
projectinsiders.
At Alma Media Corporation, the following
shall be considered managers subject to the
notification obligation: the Chair of the Board
and the Deputy Chair, the members of the
Board and any deputy members, the CEO
and any deputies to the CEO, and the mem-
bers of the Group Executive Team. Managers
subject to the notification obligation shall not
trade in the company’s financial instruments
before the publication of the company’s in-
terim reports and financial statement release
within a time frame beginning 30 days before
the publication of the interim reports and
the financial statement release and ending
on the day following the publication date
(“closed window”). Project insiders shall not
trade in Alma Media Corporation’s financial
instruments until the project in question has
ended.
Alma Media Corporation has further decided
that the persons involved in the preparation
and drafting of Alma Media Corporation’s
interim reports and financial statement
releases Permanent insiders must not trade
with financial instruments issued by the
Company before the publication of the com-
pany’s interim reports and financial state-
ment releases within a time frame beginning
30 days before the publication of the interim
reports and the financial statement release
and ending on the day following the pub-
lication date (“extended closed window”).
The extended closed window also applies
to persons who, in the course of performing
their duties, obtain information on Alma
Media Group’s sales figures or the sales
figures of a business unit that has material
significance to the result of the Alma Media
Group as a whole.
Alma Media Corporation uses an ethical
reporting channel, Alma-Whistleblow, which
is intended for employees and third parties
to report suspected incidents of criminal ac-
tivity and misconduct that cannot, for some
reason, be communicated directly to Alma
Media’s responsible persons or if the person
submitting the report wishes to remain
anonymous. The whistleblowing channel can
also be used to report suspected violations
of securities market regulations.
Alma Media Corporation shall disclose
transactions by managers and their closely
associated persons involving the company’s
financial instruments by issuing a stock
exchange release in accordance with the
Market Abuse Regulation.
Information concerning the sharehold-
ings of the company’s management
is updated every day on the Alma
Media website: www.almamedia.fi/
en/investors/share-and-shareholders/
insider-shareholdings.
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CORPORATE
GOVERNANCE STATEMENT
The Company’s General Counsel is respon-
sible for the insider management of the Alma
Media Group.
Related party transactions
The Group’s parent company, subsidiaries,
associated companies and joint ventures in-
cluded in Alma Media’s related parties. Pur-
suant to IAS 24, the Group’s related parties
consist of its Board of Directors, the CEO
and the Deputy CEO of the parent company
and the managing directors of the major sub-
sidiaries as well as the other executives of
the Group and the Group’s key shareholders
who exercise control or significant influence
over the decision-making processes relating
to the finances and business of the parent
company or significant subsidiary.
The close family members of the aforemen-
tioned persons are also considered to be
related parties of the Group.
The related parties also include Alma Media
shareholders who own more than 20 per
cent of the Group’s shares or the total num-
ber of votes carried by the Group’s shares.
The Group maintains a record of its related
parties in order to identify transactions with
related parties. Transactions with related
parties are monitored using the Group’s
reporting system. Related party transactions
that are not part of the ordinary course of
the Group’s business or are not carried out
on an arm’s length basis are subject to a
decision by the Board of Directors.
Related party transactions and the nature of
their terms is assessed on a case-by-case
basis and in relation to the Group’s ordinary
course of business and the arm’s length
principle as well as the industry’s generally
observed and accepted market practices.
To organise the identification, reporting and
monitoring of related party transactions,
the Board of Directors has assigned the
Audit Committee to monitor transactions by
the Group’s management and their related
parties and any potential conflicts of interest
involved therein. The Audit Committee mon-
itors and evaluates the degree to which con-
tracts and other legal transactions between
the Group and its related parties comply
with the legal requirements for being part of
the ordinary course of business and being
conducted on an arm’s length basis. The
CEO reports all related party transactions
to the Audit Committee annually. The Group
has issued guidelines for the members of the
Group Executive Team on the identification
of related party transactions and they are
obligated to notify the Group in advance of
any contracts and legal transactions they
plan to carry out with Group companies.
The Group reports any transactions with
related parties annually in its Report by
the Board of Directors and the notes to the
financial statements in accordance with the
Limited Liability Companies Act and the leg-
islative provisions governing the preparation
of financial statements. The Group publishes
related party transactions in the manner
stipulated by the Securities Market Act, the
rules of the stock exchange and the Market
Abuse Regulation.
During the financial year, Alma Media did
not have related party transactions that
deviated from the Group’s normal business
operations or were not made on market or
market-equivalent terms.
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Internal control and risk management systems in financial reporting
Internal control
Internal control is an integral part of Alma
Media Group's governance and management
system. It covers all functions and
organisational levels of the Group. The pur-
pose of supervision is to provide sufficient
assurance that the Group can achieve its
strategic objectives and that operations are
managed in accordance with the Group's
principles, regulations and ethical guidelines.
Internal control is not a separate process,
but an integrated part of the Group's
operations, covering all Group-wide policies,
guidelines and systems.
The CEO is responsible for organising inter-
nal control, but the operational implemen-
tation is delegated to the Group CFO, who
manages and develops financial reporting
and risk management. The Group's financial
administration is responsible for the imple-
mentation and steering of internal control
practices for business units. Internal control
is based on the Group's compliance frame-
work, which includes governance models,
policies, principles and codes of conduct.
The Compliance framework ensures that
the Group's operations are in line with legal
and ethical requirements and supports risk
management and financial reporting.
Internal Control Elements
In addition to financial reporting, Alma
Media's internal control also covers other
key areas of the business. Statutory com-
pliance is ensured in accordance with the
Group's Code of Conduct, covering regula-
tory compliance, data protection practices
(GDPR) and antitrust requirements. The
supervision of information security and data
protection focuses on the implementation of
the Group's information security policy and
the protection of business-critical data. Busi-
ness process control ensures the efficiency
of operational processes and compliance
with guidelines throughout the organisation.
Supervision of procurement processes
and investments ensures that they comply
with the Group's approval principles and
risk management policies. In addition, the
internal control framework covers the prin-
ciples of responsible marketing and reliable
journalism, which ensure transparency and
ethics in the Group's publishing activities.
Financial reporting
The Board of Directors and the President
and CEO carry the overall responsibility for
organising the internal control and risk man-
agement systems for financial reporting. The
President and CEO, members of the Group
Executive Team and the heads of the busi-
ness units are responsible for ensuring that
the accounting and administration of their
respective segments comply with legislation,
the Group’s operating principles and the
guidelines and instructions issued by Alma
Media Corporation's Board of Directors. In
Alma Media Group, the control over busi-
ness unit administration and accounting is
centralised in the Group’s financial adminis-
tration. The financial administration monitors
and gives guidance regarding internal control
measures and practices, based on the
Group’s operating principles and guidelines.
The financial administration, working under
the Group CFO, is the centralised source
of financial statement data required by
external accounting, as well as the analyses
and result reports to Group and business
unit management teams for monitoring the
profitability of business operations. The
Group’s internal control practices ensure the
correctness of financial reporting within the
Group. Risks related to financial reporting
are managed with the help of the Group’s
Alma Media’s internal control and risk management organisation
ALMA CAREER ALMA MARKETPLACES ALMA NEWS MEDIA
ALMA MEDIA’S BOARD OF
DIRECTORS
ALMA MEDIA’S AUDIT COMMITTEE
PRESIDENT AND CEO
CHIEF FINANCIAL OFFICER
GROUP EXECUTIVE TEAM
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GOVERNANCE STATEMENT
accounting manual, finance and investment
policy, acquisition guidelines and internal
control.
Alma Media Group follows the Interna-
tional Financial Reporting Standards (IFRS)
approved for use within the European
Union. Guidelines for financial reporting
and accounting principles are collected in
an accounting manual that is updated as
standards change, as well as the financial
department guidelines that are applied in
all Group companies. Group accounting is
responsible for the monitoring and obser-
vance of the financial reporting standards
as well as maintaining financial reporting
principles and communicating them to the
business units.
Risk management
Risk management is part of Alma Media Cor-
poration’s financial reporting process and
one of the company’s significant measures
of internal control. At Alma Media Group, the
task of risk management is to continuously
evaluate and monitor all business oppor-
tunities and threats and to manage risks to
ensure the achievement of objectives and
business continuity.
The Board of Directors carries the primary
responsibility for Alma Media’s risk man-
agement. The Board of Directors considers
the most significant identified risks and is in
charge of defining the Group’s risk appetite
and risk tolerance. The Audit Committee
prepares for the Board of Directors the risk
management principles of the Group and
monitors the efficiency of the risk manage-
ment systems.
The Audit Committee also discusses the
management reports on significant risks
and the company’s exposure to them and it
considers the plans to minimise risks.
The CEO, the Group Executive Team and
other managers in the Group at all organi-
sational levels are responsible for daily risk
management. In each business unit, a mem-
ber of the unit’s executive group, usually the
person in charge of the finances, is respon-
sible for risk management and reporting on
risk management operations.
The risk management process identifies the
risks, develops appropriate risk manage-
ment methods and regularly reports on risk
issues to the risk management organisation
and the Board of Directors. Risk manage-
ment is part of Alma Media Corporation’s
internal control and, thus, is part of good
corporate governance. Alma Media sets
limits and procedures for quantitative as
well as qualitative risks in writing in its risk
management system. Alma Media classifies
its business risks as strategic, operational
and financial risks.
Alma Media’s most significant strategic risks
are related to disturbances in the economic
operating environment, rapid changes in
the competitive landscape and customer
behaviour, the rapid development of tech-
nology and significant changes in regulation.
Negative impacts on business operations can
be prevented through the effective identifi-
cation of strategic risks and taking sufficient
preparatory measures. The continuous
development of competence and rolling
strategy work ensure the company’s ability
to adapt its business plans as necessary.
The management of Alma Media’s operation-
al risks and business continuity is focused
on risk management and measures aimed at
mitigating disturbances in various areas. The
operational risks identified by Alma Media
are related to data security, vulnerabilities in
technology infrastructure and supply chains,
the leveraging of intellectual property rights,
as well as the Group’s employees and their
competence and physical safety.
Risk management ensures the flexibility and
continuity of operations. A comprehensive
framework is used to proactively identify, as-
sess and manage potential risks in order to
protect business operations and maintain un-
interrupted services to customers. Data se-
curity risks are managed in various ways; for
example, by improving proactive automation
to detect server attacks in a timely manner
and by regularly training the employees on
data security and data privacy. The ability to
respond to data security breaches involving
personal data is enhanced by continuously
updated guidelines and training. Related
guidance is also provided to the Group’s
subcontractors.
Business continuity planning is an import-
ant part of Alma Media’s operational risk
management. Its purpose is to enable
the continuity of business in problematic
circumstances by adopting an appropriate
strategy and measures to protect people
and property. This helps ensure the continu-
ity of the Group’s operations in the event of
a disruption. The continuity plan systemati-
cally describes how the continuity of certain
functions, processes or systems is ensured
in the event of disruptions and how they
are recovered, and the actions to be taken
to mitigate adverse impacts and accelerate
recovery. The continuity plan is updated
when significant changes in the operating
environment require it.
Alma Media’s financing risks are related to
market, liquidity and credit risks as well as
risks in operational activities. Market risk
occurs when potential losses arise from
changes in the market situation, such as fluc-
tuations in interest rates or exchange rates.
Liquidity risk occurs if Alma Media is unable
to meet its short-term or long-term financial
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GOVERNANCE STATEMENT
obligations. Credit risk, in turn, occurs when
customers, suppliers or partners are unable
to meet their financial obligations. Operation-
al risks and financial reporting risks cause
potential losses or inaccuracies in financial
reporting, which may be due to inadequate
or failed internal processes, systems or
human error.
Risks related to corporate governance and
sustainability include environmental risks
(climate change), governance-related risks
and risks pertaining to social responsibility
(employees, consumers, value chain).
These risks are associated with potential
consequences such as fines, reputational
damage, legal disputes, a negative customer
experience and a poor employee experi-
ence. Managing these risks is an important
part of the sustainable management of
business operations.
The strategic, operational and financial risks
related to Alma Media’s business and the
actions taken to mitigate them are described
in more detail in the Report by the Board of
Directors. Financial risks are also described
in more detail in the notes to the consolidat-
ed financial statements.
Internal audit
In Alma Media Group, internal audit functions
have been incorporated into the responsibil-
ities of Alma Media Corporation’s financial
administration. Internal audits test the
effectiveness of processes and the controls
included in them. Internal auditing is carried
out by means of monitoring reports as well
as separate reviews.
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GOVERNANCE STATEMENT
Auditing
The General Meeting of Shareholders annu-
ally elects an auditor and deputy auditor for
the Group.
An auditing firm can also be appointed as the
auditor. If an auditing firm that is entered in
the register of auditors of the Finnish Patent
and Registration Office (PRH) and whose key
audit partner is an Authorised Public Ac-
countant is appointed the auditor, no deputy
is required.
The term of office of the auditors expires at
the close of the next Annual General Meeting
following their election. The auditor’s task
is to ensure that the financial statements
are prepared in accordance with current
regulations and that they provide correct
and sufficient information on the company’s
result, financial position and other aspects of
the business for the stakeholders.
As part of their annual auditing assignment,
the auditors of Alma Media Corporation
audit the accounting and governance of the
business units. The requirements set by the
internal audit are taken into account in the
audit plans.
The auditors submit their report to Alma
Media Corporation’s shareholders at the
Annual General Meeting. Furthermore, the
auditors submit an annual summary of their
auditing plan and a written report on the
entire Group to the Board of Directors and
Audit Committee in conjunction with the pub-
lication of each interim report and the annual
financial statements. In addition, the auditors
provide a separate report on any observa-
tions concerning the audit of the financial
year to the Group’s financial management
and the Audit Committee.
Alma Media Corporation’s Annual General
Meeting 2025 elected Authorised Public Ac-
countants Ernst & Young Oy as the compa-
ny’s auditors, with Terhi Mäkinen, Authorised
Public Accountant, as the principal auditor.
Ernst & Young is the auditor of the majority
of the subsidiaries of Alma Media Group.
Alma Media Group’s auditing fees for 2024
amounted to EUR 287 480. In addition, the
auditing firm Ernst & Young charged the
Group a total of EUR 83,109 in fees for other
services in the 2025 financial year. Ernst &
Young has served as the Group’s auditor
since 2024.
ANNUAL REPORT 2025
179
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
CORPORATE
GOVERNANCE STATEMENT
Remuneration Report
2025
ANNUAL REPORT 2025
180
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
182 185
From the Chairman Comparison data
183
186
Key remuneration principles
Remuneration of the Board of
Directors
184
188
Deviation from the Remuneration Policy
and clawback of remuneration
Remuneration of the President
and CEO
Contents
ANNUAL REPORT 2025
181
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
From the Chairman
Dear shareholders,
The year 2025 was a period of positive
development for Alma Media. Despite a
subdued operating environment, the com-
pany’s revenue increased and operating
profit reached a record level. Approximately
half of the revenue growth was generated
through acquisitions, while revenue also
grew organically, particularly in the Market-
places segment.
To strengthen its position as a leading pro-
vider of platform-based solutions, the com-
pany continued to invest in digital growth,
international expansion, and the utilisation of
technology and artificial intelligence.
Geopolitical and trade policy tensions,
together with weak consumer confidence in
Finland, contributed to ongoing economic
uncertainty, which had a negative impact on
the sales of new homes and cars. The re-
cruitment market remained subdued across
Alma Media’s markets; however, signs of
recovery were seen during 2025 in the
Czech Republic, which is the largest market
within the Career segment. At the same time,
inflation slowed to close to the ECB’s target
level and interest rates began to decline,
easing financial conditions and supporting
economic recovery also in Finland.
Principles of remuneration
Alma Media’s remuneration systems are
based on aligning the interests of manage-
ment and shareholders. The objective is
to commit management to the company
through long-term share ownership and to
ensure sustainable growth in shareholder
value over the long term.
At the Annual General Meeting held in 2025,
following a proposal by the Shareholders’
Nomination Committee, it was decided to
increase the annual remuneration of the
members of the Board of Directors. For the
term of office ending at the Annual General
Meeting in 2026, the annual remuneration
shall be as follows: EUR 75,700 (previously
EUR 68,800) for the Chair of the Board, EUR
48,400 (previously EUR 44,000) for the Dep-
uty Chair, and EUR 39,400 (previously EUR
35,800) for other Board members.
The short-term incentive scheme for the
President and CEO was based, among other
factors, on the development of adjusted op-
erating profit and sustainability targets. The
long-term incentive scheme is based on total
shareholder return, earnings per share, and
sustainability targets. The reward is paid in
shares, which strengthens the link between
remuneration and the development of the
company’s value. A significant portion of the
President and CEO’s total remuneration con-
sists of variable remuneration components
rather than fixed salary, ensuring a close
alignment between strategy and remunera-
tion.
In 2025, the total remuneration paid to the
President and CEO, including pension ben-
efits (supplementary pension and statutory
earnings-related pension), amounted to EUR
2,963,310, of which variable remuneration
accounted for 61%.
This Remuneration Report has been pre-
pared in accordance with the EU Sharehold-
er Rights Directive (SHRD) and complies with
the Finnish Corporate Governance Code
2025.
Catharina Stackelberg-Hammarén
Chair of the Nomination and
Compensation Committee
ANNUAL REPORT 2025
182
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Key remuneration principles
In accordance with its strategy, Alma Media
builds sustainable growth by taking ad-
vantage of the opportunities presented by
the digital transformation. The objective
is to increase shareholder value through
revenue growth and improved profitability.
Alma Media is developing and expanding
its current business operations and seeking
growth opportunities in new businesses
and markets. The company’s Remuneration
Policy and remuneration systems are aimed
at promoting the Group’s long-term financial
success, competitiveness and the develop-
ment of shareholder value.
The remuneration of the members of the
Board of Directors at Alma Media must be
competitive to ensure that the Board of
Directors consists of members with suffi-
cient expertise to carry out the duties of the
Board of Directors, which include, among
other things, deciding on the company’s
strategy and monitoring its implementation.
The remuneration schemes concerning the
company’s President and CEO are based on
the principle of achieving the Group’s strate-
gic objectives defined and confirmed by the
Board of Directors as well as the principle of
improving the company’s result. The incen-
tive schemes emphasise the reconciliation of
the interests of the executives and the inter-
ests of Alma Media’s shareholders, engaging
the commitment of the executives through
long-term share ownership and thereby
increasing the company’s shareholder value
in the long term.
The remuneration principles include the pro-
motion of a performance-based operating
culture, offering competitive compensation
for development that promotes the imple-
mentation of strategy and the achievement
of targets. Alma Media’s remuneration prin-
ciples and processes are transparent, clear
and consistent.
Alma Media’s Annual General Meeting con-
firmed the Remuneration Policy of Alma Me-
dia’s Governing Bodies, prepared in accor-
dance with the Corporate Governance Code
2025 for Finnish listed companies, and the
EU amendment directive concerning share-
holder rights (SHRD II), in spring 2022. The
Remuneration Policy is available in full on
Alma Media’s website at www.almamedia.fi/
en/investors/governance/remuneration.
ANNUAL REPORT 2025
183
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Deviation from Alma Media’s Remuneration Policy and
clawback of remuneration in 2025
Temporary deviations from Alma Media’s Re-
muneration Policy may be made if such a de-
viation is necessary to ensure the long-term
interests of Alma Media. The assessment
may take into account, among other things,
the company’s long-term financial success,
competitiveness, ensuring the undisrupted
continuation of business and the develop-
ment of shareholder value.
Deviations from the Remuneration Policy
concerning the President and CEO shall be
prepared by the Board’s Nomination and
Compensation Committee and decided
on by the Board of Directors. If there are
grounds for temporary deviation, the devia-
tion may concern any component or aspect
of remuneration.
There were no deviations from the Remu-
neration Policy in 2025. There were also no
circumstances that would have given cause
for the Group to exercise its right to claw
back or cancel paid or unpaid incentives.
ANNUAL REPORT 2025
184
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Comparison figures on the remuneration of the management and employees
and Alma Media’s financial performance 2021–2025
Alma Media’s digital businesses achieved
strong development and profitability rose to
a record-high level in 2025. Revenue grew
broadly across the Group’s businesses,
with recruitment services seeing very strong
demand, for example.
The remuneration schemes concerning the
company’s President and CEO are in line
with the updated long-term targets and
they are based on the achievement of the
Group’s strategic objectives, digital business
growth and improving the Group’s result.
These criteria are also reflected in the
short-term and long-term remuneration of
the President and CEO. The remuneration
of the President and CEO is closely aligned
with the principle of performance-based
remuneration.
The development of the remuneration of the
Board of Directors and the President and
CEO compared to the average remuneration
of the Group’s employees and the Group’s
financial performance for the past five finan-
cial years:
EUR 2021 2022 2023 2024 2025
Average fees paid to a member of the Board of Directors 49,533 46,650 52,829 50,225 56,800
Basic salary + benefits paid to the President and CEO (excluding pension
benefits)
552,988 577,935 573,529 610,544 598,280
Year-on-year change, % 5.6% 4.5% -0.8% 6.5% -2.0%
Total other remuneration paid to the President and CEO 442,390 2,401,031 1,685,820 1,581,998 1,812,998
Year-on-year change, % -64.5% 442.7% -29.8% -4.6% 14.6%
Average employee salary* 53,257 56,129 55,036 56,906 58,210
Adjusted operating profit (MEUR) 61.1 73.4 73.6 76.9 82.1
Digital business growth, % 33.9% 17.7% 0.6% 7.0% 6.6%
Share price (end of the year) 10.82 9.40 9.60 11.0 14.35
Dividend 0.35 0.44 0.45 0.46* 0.48**
* The average employee salary is calculated by dividing employee expenses by the average number of employees (excluding telemarketers).
** The Board of Directors’ proposal to the Annual General Meeting
The comparison figures illustrate the salaries
and fees paid during each financial year. The
bonuses based on short-term and long-term
incentive schemes are always paid in the
year following the performance period. For
example, the figures for 2025 are based on
the short-term incentive scheme’s per-
formance period 2024 and the long-term
performance period 2022–2024.
ANNUAL REPORT 2025
185
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Remuneration of the Board of Directors in 2025
Fees paid to the members of the Board of Directors for their work on the Board and its committees in 2025 (EUR)
The members of the Board of Directors
of Alma Media Corporation are not in an
employment relationship with the company.
The compensation received by the members
of the Board of Directors from the com-
pany is limited to compensation related to
membership of the Board of Directors and
its committees and their work on the Board
of directors. The members of the Board of
Directors are not included in Alma Media’s
share-based incentive schemes or the com-
pany’s other incentive schemes.
The Members of the Board will, as decided
by the Annual General Meeting, acquire a
number of Alma Media Corporation shares
corresponding to approximately 40 per cent
of the full amount of the annual remunera-
tion for Members of the Board, taking into
account tax deduction at source, at the
trading price on the regulated market of the
Nasdaq OMX Helsinki. The acquired shares
cannot be transferred until the recipient’s
membership of the Board has ended. If it
is not possible to acquire the shares by the
end of each year for a reason such as pend-
ing insider transactions, the annual remuner-
ation shall be paid in cash.
* The number of shares corresponds to approximately 40% of the full amount of the annual fee after taxation
Year Name Position Board meetings
Audit
Committee
Nomination
and
Compensation
Committee
Fees
total
Annual
fee
Annual fee paid
in shares, no.
of shares*
Meeting
fees
2025 Catharina
Stackelberg-Hammarén
Chair 75,700 2,578 16,500 3,000 95,200
2025 Eero Broman Deputy Chairman 48,400 1,648 7,000 1,000 56,400
2025 Heikki Herlin Member 39,400 1,341 5,500 1,000 45,900
2025 Peter Immonen Member, until 10 April 2025 0 0 1,500 2,000 3,500
2025 Ari Kaperi Member 39,400 1,341 5,500 7,000 51,900
2025 Esa Lager Member, until 10 April 2025 0 0 1,500 3,000 4,500
2025 Alexander Lindholm Member 39,400 1,341 5,500 2,000 1,000 47,900
2025 Kaisa Salakka Member, until 10 April 2025 0 0 1,500 1,500
2025 Marika Auramo Member, since 10 April 2025 39,400 1,341 6,000 500 45,900
2025 Hanna Kivelä Member, since 10 April 2025 39,400 1,341 4,000 1,500 44,900
The meeting fees of the members
of the Board of Directors are paid in
cash. Board members’ travel expens-
es shall be reimbursed in accordance
with Alma Media’s travel policy.
ANNUAL REPORT 2025
186
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
At the Annual General Meeting held in 2025,
it was resolved, based on a proposal by the
Shareholders’ Nomination Committee, to
increase the annual fees of the members of
the Board of Directors.
For the term of office ending at the Annual
General Meeting in 2026, the following annu-
al fees shall be paid: EUR 75,700 (previously
EUR 68,800) per year to the Chair of the
Board, EUR 48,400 (previously EUR 44,000)
per year to the Deputy Chair, and EUR
39,400 (previously EUR 35,800) per year to
the other members of the Board.
• The travel expenses of Board members
will be compensated in accordance with
the company’s travel policy.
The attendance fees for each meeting are
• doubled for (i) members living outside
Finland in Europe or (ii) meetings held
outside Finland in Europe; and
• tripled for (i) Members residing outside
Europe or (ii) meetings held outside
Europe.
In the financial year 2025, the fees paid
to the Board members totalled EUR
397,600 (401,800). All fees paid to the Board
members during the financial year 2025
were in accordance with Alma Media’s Re-
muneration Policy.
ANNUAL REPORT 2025
187
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Remuneration of the President and CEO in 2025
The total remuneration paid to Alma Media’s
President and CEO in 2025, including pen-
sion contributions (supplementary pension
+ statutory pension), amounted to EUR
2,963,310.
The share of variable remuneration, consist-
ing of short-term and long-term incentive
schemes, accounted for 61.2 per cent of
the President and CEO’s total remunera-
tion, while the share of fixed annual sal-
ary, including pension benefits (statutory
earnings-related pension and supplementary
pension), amounted to 38.8 per cent. The
remuneration of the President and CEO in
2025 complied with Alma Media’s remuner-
ation policy.
According to the Remuneration Policy, the
fixed remuneration includes basic salary,
benefits and supplementary pension contri-
butions. The variable remuneration consists
of a short-term incentive (STI) bonus scheme
related to the achievement of short-term fi-
nancial and operational targets and long-term
remuneration schemes (LTI).
The supplementary pension contribution of
the President and CEO’s 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 overall salary. The
President and CEO has the right to retire at
the age of 60. No other financial benefits were
paid to the President and CEO in 2025.
Variable remuneration
components:
Short-term remuneration
The main elements of the short-term incen-
tive bonus scheme of Alma Media’s Presi-
dent and CEO were based on three criteria:
Meeting Alma Media Group’s financial
targets concerning adjusted operating profit
(weight 70%), the achievement of strategic
objectives (weight 20%) and the achievement
of ESG objectives (weight 10%) for each
calendar year.
The maximum remuneration payable to the
President and CEO under the short-term
incentive scheme is 100% of the annual basic
remuneration. In addition to the earning op-
portunity based on the incentive scheme, the
President and CEO may be eligible for one-
off project bonuses based on, for example,
key development projects, projects relating
to significant changes in Group structure or
M&A transactions or other one-off projects
or arrangements as determined by the Board
of Directors on a case-by-case basis.
Variable remuneration components Pension benefits
Fixed annual salary
(including taxable fringe
benefits)
Short-term incentive
bonuses paid
Share-based
incentive bonuses
paid
Supplementary and
statutory pension contri-
butions
Total
President and CEO 598,280 456,775 1,356,223 552,033 2,963,310
The rate of achievement of the targets of the
President and CEO’s short-term incentive
scheme in 2024 was 79.2% and the bonus
of EUR 456,775 was paid in March 2025. In
2025, the rate of achievement of the targets
was 84.02% and the bonus of EUR 496,798
will be paid in March 2026.
In 2025, the rate of achievement of the
criteria of the short-term incentive scheme
was 81.1% for the profit target, 88.75% for
the strategic objectives and 95% for the ESG
component.
ANNUAL REPORT 2025
188
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Long-term remuneration
The President and CEO’s long-term incen-
tive is based on the share-based incentive
scheme LTI 2019, which has a three-year
performance period.
In March 2025, the President and CEO was
paid share-based incentive rewards un-
der the MSP 2022 programme. The gross
number of shares received by the President
and CEO from the incentive programmes
amounted to 118,245 shares, corresponding
to a value of EUR 1,356,223.
2022
MSP
2023
MSP
2024
MSP
2025
MSP Total
Maximum 150,000 180,000 280,000 320,000 930,000 shares
Performance indicators Revenue growth (33%), EPS
(33%), total shareholder
return (TSR) (33%)
EPS (35%), total shareholder
return (TSR) (50%), ESG (15%)
EPS (35%), total shareholder
return (TSR) (50%), ESG (15%)
EPS (45%), total shareholder
return (TSR) (40%), ESG (15%)
Rate of achievement Revenue growth (39%), EPS
(94%), total shareholder
return (TSR) (72%)
EPS (0%), total shareholder
return (TSR) (85,1%), ESG
(88,80%)
Performance period 2022–2024 2023–2025 2024–2026 2025–2027
Year of payment 2025 2026 2027 2028
Amount earned 118,245*
* The share-based incentive reward was transferred to the President and CEO on a net basis, calculated using the average market price of EUR 11.47 on the payment date of 5 March 2025.
In accordance with the Board’s share own-
ership recommendation, the President and
CEO is expected to retain ownership of at
least half of the net shares received from the
company’s share-based incentive schemes
until the value of the shareholding in Alma
Media corresponds to at least one year’s
fixed gross annual salary.
The long-term incentive scheme is subject to
a transfer restriction, and the President and
CEO may transfer or otherwise dispose of
the shares only in accordance with the terms
and conditions of the incentive programme.
ANNUAL REPORT 2025
189
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2025
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Alma Media Corporation
Alvar Aallon katu 3 C, FI-00100 Helsinki, Postal address: P.O. Box 140, FI-00101 Helsinki
Tel. +358 (0)10 665 000, firstname.lastname@almamedia.fi, almamedia@almamedia.fi