Alma Media Q2 2024 Results: Revenue up 2.4% YoY, EBITDA Stays Flat for Finnish Market Leader

Alma Media, the leading Finnish marketplace operator, experienced solid Quarter-on-Quarter and Year-on-Year revenue growth in its Q2 results released today.

Highlights include:

• Revenues of €80.1 million represent a 2.4% increase YoY (was €78.2 million in the same three-month period in 2023)
• Adjusted EBITDA was flat at €23.6 million, down 0.7% from €23.8 million in 2023
• Classifieds revenues were €31.5 million, down 0.5% from €31.6 million in 2023

Alma Media is the portal operator subsidiary of Alma Consumer. Founded in 2000, Alma Consumer owns Finland's real estate portal market leader etuovi.com, rental specialist vuokraovi.com, and Nettimokki.com.

Alma Media announced this year that its financial reporting would change to reflect segment structures across the business more accurately. As a result, Online Marketplaces' historical tracking has become obsolete. Nevertheless, Alma Media's own reporting is as clear an indicator as any of its solid performance this year:

Source: Alma Media

Kai Telanne, CEO at Alma Media, commented in his review:

"Alma Media’s business developed in line with our expectations in the second quarter. Revenue increased by 2.4% to MEUR 80.1. Revenue was supported by acquisitions, but the weakened exchange rate of the Czech koruna dampened revenue performance. Revenue from advertising decreased by 7.6% to MEUR 15.9.

"In the Alma Marketplaces segment, revenue increased by 15.3% to MEUR 25.1 in the second quarter, supported by the acquisition of Netwheels.

"Adjusted operating profit increased by 9.7% to MEUR 7.1 and was 28.4% of revenue. The improvement in profitability compensated for the decline in profit performance seen in the first quarter. Revenue from the Mobility business area increased by 48.1% to MEUR 9.0 (6.1). Even when the effect of acquisitions is excluded, the rate of revenue growth was 9.9%.

"The negative impacts of the housing market have had a delayed effect on the revenue of housing-related services. Revenue from the Real Estate business area increased by 4.2%."