ALMA — Alma Media OyjCommunication Services · PublishingOMXHEX

€1.1B

Mkt Cap

€1.2B

Ent. Value

-€126.0M

Net Cash

€13.00

52W €11 – €16

€1.1B

Mkt Cap

€1.2B

Ent. Value

-€126.0M

Net Cash

17.4×

P/E TTM

—

PEG

12.7×

P/FCF

4.3×

P/Book

3.2×

P/Sales

12.6×

EV/EBITDA

15.3×

EV/EBIT

15.4×

EV/FCF

3.7×

EV/Sales

5.8%

Earn Yld

8.2%

FCF Yld

3.7%

Div Yld

€13.00

All values in Euros (EUR)

EUR	FY2025	FY2024	FY2023	FY2022
Revenue	327.10M	312.70M	304.90M	308.70M
YoY Growth	+4.6%	+2.6%	-1.2%	—
Gross Profit	293.20M	277.90M	269.90M	271.10M
Gross Margin	89.6%	88.9%	88.5%	87.8%
R&D	—	—	—	—
SG&A	56.60M	52.70M	51.10M	51.80M
EBIT	78.20M	73.60M	72.00M	73.00M
EBIT Margin	23.9%	23.5%	23.6%	23.6%
D&A	18.50M	17.10M	17.60M	17.20M
EBITDA	95.30M	92.90M	92.30M	105.30M
EBITDA Margin	29.1%	29.7%	30.3%	34.1%
Net Income	55.40M	52.30M	56.30M	71.90M
Net Margin	16.9%	16.7%	18.5%	23.3%
EPS (diluted)	€0.66	€0.62	€0.67	€0.86
Shares (dil., M)	84	84	84	84

Company Brief

Alma Media Oyj, a media company, engages in digital services and journalistic media content in Finland, Sweden, Baltics, Croatia, Slovakia, and the Czech Republic. It operates through Alma Career, Alma Marketplaces, and Alma News Media segments. The company offers recruitment-related services through Jobs.cz, Prace.cz, CV-Online, Profesia.sk, MojPosao. net, MojPosao.ba, and Jobly, as well as Seduo online training service and Prace za rohem; and provision of job advertising-related technology, and digital staffing services and training. It also provides Etuovi.com, a housing market-place; Jobly; Vuokraovi.com and Objektvision, a housing rental marketplace; automotive marketplaces Nettiauto, Autotalli.com, and Nettimoto, as well as sales systems that serve companies in the housing and automotive verticals; comparison services under the Autojerry, Urakkamaailma, and Etua brands; and various services related to company information, and real estate information and law to professionals. In addition, the company offers Iltalehti, digital news media; Kauppalehti, financial news media; and other journalistic news media under the Talouselämä, Tekniikka&Talous, and Arvopaperi names. The company was founded in 2005 and is headquartered in Helsinki, Finland.

CEOMr. Kai Markus Telanne M.Sc., M.Sc. (Econ.)Employees1,650IPO Date2005-04-28CountryFinlandWebsitewww.almamedia.fi

Margins (TTM)

Gross Margin	89.9%
EBITDA Margin	30.0%
EBIT Margin	24.8%
Net Margin	18.1%
FCF Margin	25.5%

Returns on Capital

ROIC	16.0%
ROCE	19.4%
ROE	24.2%
ROA	11.5%
Asset Turnover	0.63×

Earnings Quality

FCF / Net Income	140.1%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	0.20×

Growth (CAGR)

Metric	3yr
Revenue	1.9%
EPS	-8.4%
FCF	3.4%
Dividend	—

Ownership

Float	24.6%
Shares Out.	82.4M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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Balance Sheet

Cash & ST Invest.	€33.4M
Total Debt	€158.5M
Net Cash / (Debt)	-€126.0M
Total Assets	€521.6M
Total Equity	€248.3M
Goodwill & Intang.	€404.9M
Tangible Book Value	-€156.6M
NCAV (Graham)	-€202.2M
Tangible Book/sh	-€1.90
NCAV/sh	-€2.45

Leverage

D/E Ratio	0.64×
Net Debt / EBITDA	1.27×
Interest Coverage	15.77×
Current Ratio	0.72×
Quick Ratio	0.71×

Capital Allocation (last FY)

Capex	€3.7M
Capex / Revenue	1.1%
SBC	—
Dividends Paid	€38.2M
Buybacks	€2.5M

Dividends

Annual DPS	€0.48
Yield (fwd)	3.69%
Payout Ratio	69.7%
Ex-div Date	2026-04-10

Valuation vs History

P/E vs 4Y	17.4×vs 12.6× median
Div yield vs 10Y	387.0%vs 4.1% median

Buyback History

FY 2025€2.5M+0.0%

FY 2024€2.0M+0.1%

FY 2023€3.8M-0.1%

FY 2022€4.2M—

Margins (TTM)

Gross Margin	89.9%
EBITDA Margin	30.0%
EBIT Margin	24.8%
Net Margin	18.1%
FCF Margin	25.5%

Returns on Capital

ROIC	16.0%
ROCE	19.4%
ROE	24.2%
ROA	11.5%
Asset Turnover	0.63×

Earnings Quality

FCF / Net Income	140.1%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	0.20×

Growth (CAGR)

Metric	3yr
Revenue	1.9%
EPS	-8.4%
FCF	3.4%
Dividend	—

Ownership

Float	24.6%
Shares Out.	82.4M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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5PG A3M AD ADTR AENT AGF_B

€13.00

All values in Euros (EUR)

EUR	FY2025	FY2024	FY2023	FY2022
Revenue	327.10M	312.70M	304.90M	308.70M
YoY Growth	+4.6%	+2.6%	-1.2%	—
Gross Profit	293.20M	277.90M	269.90M	271.10M
Gross Margin	89.6%	88.9%	88.5%	87.8%
R&D	—	—	—	—
SG&A	56.60M	52.70M	51.10M	51.80M
EBIT	78.20M	73.60M	72.00M	73.00M
EBIT Margin	23.9%	23.5%	23.6%	23.6%
D&A	18.50M	17.10M	17.60M	17.20M
EBITDA	95.30M	92.90M	92.30M	105.30M
EBITDA Margin	29.1%	29.7%	30.3%	34.1%
Net Income	55.40M	52.30M	56.30M	71.90M
Net Margin	16.9%	16.7%	18.5%	23.3%
EPS (diluted)	€0.66	€0.62	€0.67	€0.86
Shares (dil., M)	84	84	84	84

Company Brief

CEOMr. Kai Markus Telanne M.Sc., M.Sc. (Econ.)Employees1,650IPO Date2005-04-28CountryFinlandWebsitewww.almamedia.fi

Balance Sheet

Cash & ST Invest.	€33.4M
Total Debt	€158.5M
Net Cash / (Debt)	-€126.0M
Total Assets	€521.6M
Total Equity	€248.3M
Goodwill & Intang.	€404.9M
Tangible Book Value	-€156.6M
NCAV (Graham)	-€202.2M
Tangible Book/sh	-€1.90
NCAV/sh	-€2.45

Leverage

D/E Ratio	0.64×
Net Debt / EBITDA	1.27×
Interest Coverage	15.77×
Current Ratio	0.72×
Quick Ratio	0.71×

Capital Allocation (last FY)

Capex	€3.7M
Capex / Revenue	1.1%
SBC	—
Dividends Paid	€38.2M
Buybacks	€2.5M

Dividends

Annual DPS	€0.48
Yield (fwd)	3.69%
Payout Ratio	69.7%
Ex-div Date	2026-04-10

Valuation vs History

P/E vs 4Y	17.4×vs 12.6× median
Div yield vs 10Y	387.0%vs 4.1% median

Buyback History

FY 2025€2.5M+0.0%

FY 2024€2.0M+0.1%

FY 2023€3.8M-0.1%

FY 2022€4.2M—

Not investment adviceUpdated 4/17/2026