Alma Media Q3 2025: Real Estate Revenues up 14.1% after Effortia Acquisition

Alma Media, the holding company behind several leading real estate marketplaces in Finland, has released its interim report for the first three quarters of 2025.

Highlights include:

• Total Group revenues for the quarter hit €79.3 million, up 5.4% year-on-year
• Operating profit of €22.6 million, up 5%
• Marketplace revenues hit €28.6 million, up 16.9%
• Adjusted EBITDA was €12.3 million ($14.2 million), up 13.5%

Alma Media's Marketplace segment includes several household brands in real estate in the Nordics. In Finland, the market leader, Etuovi.com, the rental platform vuokraovi.com, and the holiday cottage-rentals marketplace Nettimokki.

Kai Telanne, CEO at Alma Media, said:

"In Finland, the housing market showed signs of recovery, with a rise in transactions for used apartments. Over half of these transactions were completed digitally in the DIAS platform, and in September a record of 2,844 digital housing transactions were conducted. Development projects continued, particularly in digital services for mobility and housing, focusing on professional systems, transactional business, and AI-assisted services.

"Revenue in the Real Estate business unit increased by 14.1% to EUR 11.0 million. The 20.8% growth in Nordic commercial property revenue was supported by strong demand in the Swedish market and product and pricing reforms."

Revenue growth for the Marketplace segment this quarter was mostly attributed to acquisitions. This refers to September's purchase of 100% shares in the online comparison services provider Effortia—a set of services that Alma Marketplaces' Santtu Elsinen said "complements our business perfectly."

Regarding its Marketplaces segment, Alma Media said:

Revenue grew by 16.9% to EUR 28.6 million, fueled by acquisitions. Organic growth was 9.3%. The 18.2% increase in costs reflects the effect of acquisitions. Revenue in the Real Estate business unit increased by 14.1% to EUR 11.0 million.

What makes Alma Marketplaces most interesting to the industry today is the acquisition of a clutch of comparison websites with the Effortia acquisition, particularly the agent comparison Asuntojenmyynti.fi. According to the company's website:

We have been conducting price and quality comparisons of real estate agents since 2012. We have helped over 30,000 consumers compete with real estate agents and over 100,000 consumers compare real estate agents.

We know which real estate agents have experience with properties in your area and therefore have the best chances of getting your property sold for the best price and in the shortest time . [Translated from Finnish]

How Alma uses this information to increase and monetise traffic to its portals, and also collect data on the agents who are listing on them, will be one to watch.

Alma Media also took a ten per cent stake in the rentals marketplace Hilla Villas in June, adding a slice of its high-end marketplace in Finland.