Alma Media Q3 2024: Marketplace Revenues Up 16% for Finnish Operator

Alma Media, the international company of digital media, marketplaces and services operating in 11 European countries, has released its Q3 statement for the 2024 financial year.

Highlights include:

• Overall revenues of €75.2 million for the quarter, up 2.4% YoY
• Marketplace revenues hit €24.5 million (USD 26.6 million)
• Real Estate revenues of €9.6 million, an increase by 10.7% YoY
• Revenue growth was up 16.6% YoY
• Adjusted EBITDA hits €10.8 million (USD 11.7 million)
• EBITDA growth up 17.6% YoY

Alma Media announced this year that its financial reporting would change to reflect segment structures across the business more accurately. Online Marketplaces does not yet have updated graphics to reflect this new-look financial reporting,

Alma Media's Marketplace segment includes the Finnish market-leading real estate portal etuovi.com, rental specialist vuokraovi.com, and Nettimokki.com. The marketplace segment achieved revenues of €24.5 million, of which real estate marketplaces contributed €9.6 million.

Alma Media commented that the Finnish housing market is slow—but being boosted by inflation levels that are tapering off, falling interest rates and lower housing prices.

Kai Telanne, President and CEO at Alma Media, said:

"In the Alma Marketplaces segment, [overall] revenue increased by 16.6% to MEUR 24.5 in the third quarter, supported by the acquisition of Netwheels.

"Revenue in the Real Estate business area increased by 10.7%, driven by the growth of digital services and business premises marketplaces.

"Adjusted operating profit increased by 15.5% to MEUR 8.6 and was 35.3% of revenue. Organic revenue growth was 5.5%."

Telanne also commented on AI integrations into the business, saying:

"The world is changing with artificial intelligence, and so are we.

"The three cornerstones of our strategy are transformation, growth and scalability. We already make extensive use of AI in our own operations. The Group currently has over 50 projects under way with the aim of taking advantage of AI. These projects will improve productivity and efficiency in our existing processes, complement our existing services with AI-driven components, and ultimately introduce completely new AI-based business concepts to the market."

Alma Media continues to be a successful and profitable venture across its many segments in Finland, Sweden, the Baltics, Croatia, Slovakia, Czechia and more.

Profits for the period were flat year-on-year, dipping slightly from €15.4 million in Q3 2023 to €15.1 million in 2024, while EBITDA rose slightly from €25.2 million in 2023 to €26 million in 2024.