2024
ANNUAL REPORT
* Audited
03
07
163
CEO’s review Alma Media as an investment
Corporate Governance Statement
05
10 36
185
Key figures
Report by the Board of Directors* Sustainability Report*
Remuneration Report
06
87
Alma Media in brief
Financial statements*
Contents
ANNUAL REPORT 2024
2
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
CEO’S REVIEW
Improved efficiency in a subdued
operating environment — Alma Media
is gearing up for the era of artificial
intelligence
As was the case in the preceding years, the
year 2024 was a strong period for the com-
pany's business operations. Our performance
was excellent in spite of the weak economic
cycle, which speaks of our agility and adapt-
ability, the effectiveness of our strategy and the
strength of our diverse portfolio.
The operating environment remained subdued
and uncertain in terms of economic growth,
and the year was characterised by geopolitical
turbulence. This also hampered economic
development across Europe.
Revenue increased by 2.5% to MEUR 312.7
(304.9), with digital services growing by over
30%. Profitability remained high in spite of
lower advertising sales, which was due to the
measures taken by Alma Media to adjust costs,
among other factors. Adjusted operating profit
grew by 4.4% to MEUR 76.9, representing
24.6% of revenue. In 2024, we were close to
our long-term target for operating profit (over
25%), and we decided to raise our operating
profit target to over 30%.
We continued our investments in product
development and business growth, and dozens
of projects were launched across the Group
to take advantage of AI in business. Employee
satisfaction remained at a high level and we
continued to raise the bar with regard to sus-
tainability by increasing our emission reduction
targets, for example.
In spite of making acquisitions during the year,
our financial position remained good thanks
to strong cash flow. Our gearing at the end of
the year stood at 59.4% (65.4%) and our equity
ratio was 48.6% (46.1%).
Alma Career’s revenue came to MEUR 107.2
(110.5), while the depreciation of the Czech
koruna led to adjusted operating profit de-
creasing by 3.9% to MEUR 43.5, or 40.6% of
revenue. In local currencies, revenue remained
on a par with the comparison period. There
were again significant differences in the labour
market cycle between the segment's operating
countries. Among Alma Career's significant
operating countries, the employment situation
continued to be good in Czechia and Slovakia
ANNUAL REPORT 2024
3
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2024
and, as a result, the demand for labour
remained stable. Recruitment increased partic-
ularly in the small and medium-sized customer
segments, but some of the larger customers
continued to postpone their recruitment ac-
tivities. The labour market situation in Croatia
also remained good, as the unemployment
rate fell below 5% for the first time. In the Baltic
countries and Finland, the situation remained
difficult.
We had a total of 1.2 million paid job adverts
on our recruitment portals during the year. The
total number of visitors to our portals was 72
million and the number of job alerts created by
users was 24 million.
In Alma Marketplaces, revenue increased
by 15.2% to MEUR 98.3 (85.4) and adjusted
operating profit grew by 9.1% to MEUR 28.5.
Digital services grew by as much as 35.3%, and
classified advertising increased by 8.3%, but
advertising declined by 9.9%.
In spite of the subdued market situation in the
automotive and housing verticals, we made
determined progress with our development
projects, particularly with regard to auto-
motive and housing-related system projects.
Customer deployments began for the OviPro
digital real estate agency system. Revenue
from the automotive vertical increased
sharply, by 46.0%, driven by the acquisition of
Netwheels. In digital transactions for residen-
tial real estate, the year was characterised
by growth and development: digital DIAS
transactions accounted for nearly half of the
transactions for shares in housing companies
that were mediated by real estate agents. The
number of digital transactions for residential
real estate grew rapidly. Almost 2,100 DIAS
transactions were completed in October
alone.
Strong development also continued in business
premises marketplaces in Finland and particu-
larly in Sweden.
The headwinds in the advertising market were
again felt particularly by the Alma News Media
segment, which performed at an excellent
level when considering the circumstances.
Revenue decreased by 1.8% to MEUR 107.1,
but active cost-cutting measures meant that
adjusted operating profit increased by 10.4%
to MEUR 15.5, or 14.5% of revenue. Digital
business grew to represent 59.4% of the seg-
ment’s revenue.
The rate of decline in the segment’s media
advertising slowed towards the end of the
year. Media advertising was 2.8% lower than
the comparison period in Q4 and 4.6% lower
for the full year.
General interest in the news remained at high,
as geopolitical tensions, among other topics,
attracted readers. At the end of the year, Alma
News Media had 207,000 digital subscriptions.
Digital content revenue increased by 14.1%.
Acquisitions and divestments continued
Alma Media acquired the share capital of
the automotive industry software company
Netwheels Oy in January. Netwheels Oy's reve-
nue in 2023 amounted to approximately MEUR
8. The company's majority shareholder was
Sanoma Media Finland, and the shareholders
also included eight Finnish operators in the
automotive sector.
In April, Alma Media Corporation increased its
ownership of Suomen Tunnistetieto Oy from
51% to 75%. Alma Media sold its shares (65%
of the share capital) in the cooking-focused
digital service site Kotikokki net Oy to Rohea
Oy, the minority owner of the company. In
December, Alma Media’s subsidiary Alma
Career Oy acquired 100% ownership of the
Czech online recruitment service provider
Nelisa s.r.o.
Over 84% of Alma Media's revenue is derived
from digital business. Classified advertising
accounts for 39% of revenue, advertising for
19%, digital services for 18% and content for
approximately one-sixth.
Our development is heading towards more
advanced digital trading platforms. We help
our customers to use online services easily
and smoothly, and we provide additional
services at different stages of the transaction
process. In the media business, the digital
transformation from print to digital media is
continuing.
Most of our revenue streams are derived from
digital businesses that have strong market posi-
tions, robust competitiveness and an excellent
capability for strong value creation in the long run.
Our strategy includes a comprehensive plan for
the development, growth and scaling up of our
business. We focus on carefully selected busi-
ness areas that enable profitable growth. We
integrate our own and our customers’ technical
and commercial platforms into seamless solu-
tions and expand our role in value chains. We
make full use of the possibilities presented by
the latest AI-based technology and will continue
to accelerate growth through acquisitions.
Thank you for 2024!
I hope you enjoy reading our Annual Report. The
Sustainability Statement included in the Report
by the Board of Directors complies with the
requirements of the Corporate Sustainability
Reporting Directive.
We used AI to generate ideas for the back-
ground visuals used in this report but, as usual,
all of the people featured in the photos are
Alma employees from various parts of our
organisation.
I want to take this opportunity to thank our em-
ployees, customers and stakeholders for their
trust and excellent cooperation in 2024!
Kai Telanne
President and CEO
ANNUAL REPORT 2024
4
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2024
Key figures
-8.0
19.6
12.1
-1.2
2.5
-10
-5
0
5
10
15
20
25
2020 2021 2022 2023 2024
Reported
Target-level 5 %
%
Revenue growth
-0.2
2.3
1.6 1.6
1.5
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2020 2021 2022 2023 2024
Reported
Target-level <2.5
Net Debt / EBITDA ratio*
19.7
22.2
23.8
24.1
24.6
0
5
10
15
20
25
30
35
2020 2021 2022 2023 2024
Reported
Target-level 25 %
Updated Target-level >30% (5.2.2025)
%
Adjusted operating profit margin
Alma Media’s key figures and the
performance indicators monitored
with regard to the Group’s long-term
strategic targets.
Revenue
313
MEUR
Earnings per share
0.64
EUR
Adjusted operating profit
77
MEUR
Number of employees, 31
December 2024
1,660
excluding telemarketers
Share of digital business of
revenue
84%
Equity ratio
49%
Adjusted operating profit
%
25%
Scope 1 and Scope 2 emis-
sions
273
tCO
2
e
ANNUAL REPORT 2024
5
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2024
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 11 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 Helsinki.
Alma Media
operates in
11 European
countries.
Return on equity (ROE)
23%in 2024
Adjusted operating profit
25%
in 2024
ANNUAL REPORT 2024
6
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2024
Why invest in Alma Media?
Taru Lehtinen, Chief Financial
Officer, Alma Media
1. An organisation with a strong
capacity for renewal
Our business has undergone a tremendous
transformation over the past years. Our
strategy has been focused on profitable
growth and building a solid foundation
around digital products. Our strategic focus
on renewal and digital services has enabled
us to increase shareholder value by taking
full advantage of the drivers of change in
our markets. Digital business now accounts
for over 84% of our revenue. Our digital busi-
ness models are cost-efficient and scalable,
and they have enabled us to expand our role
in our customers’ value chains in our key
business areas.
Our culture and strong expertise support our
growth and provide the foundation for con-
tinued renewal in the years to come. Through
good cooperation between businesses and
the Group’s unique competitive advantage,
we have built a successful combination of
media, marketplaces and digital services.
2. Strong brands and digital product
portfolio
Our products and services are the leading
brands among their respective target groups
and they have a strong market position. In
the recruitment business, we are the market
leader in several growing markets in Eastern
Central Europe. Our international business
operations account for almost 2/5 of our
revenue and 3/5 of our profit. Our business
is not solely dependent on our domestic
market, which is characterised by slow
growth.
In Finland, our financial media Kauppalehti
and Talouselämä, and our national news
media brand Iltalehti, have a combined
reach of approximately 80% of all Finns.
Our services include the leading housing
and automotive marketplaces Etuovi.com,
Nettiauto and Autotalli.com. In addition,
we offer professionals and businesses a
comprehensive range of content related
to company information, real estate infor-
mation and law, and we help organisations
manage the obligations arising from increas-
ing regulation. For advertisers, we offer a
Group-wide digital advertising network..
3. Solid financial position
Our business operations produce good cash
flow and do not tie up a lot of capital. Our
agile business model and profitable growth
provide us with a strong financial position in
spite of an increase in debt due to acqui-
sitions. Our return on equity was 23% in
2024, and our liquidity is good. Alma Media’s
stable dividend payout capacity is based on
the Group’s ability to generate strong and
stable cash flow. Our target is to distribute
more than half of our profit for each financial
year as dividends on average.
0 €
2 €
4 €
6 €
8 €
10 €
12 €
14 €
16 €
18 €
20 €
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Alma Media's total shareholder return (2015 - 2024): +498.2%
ANNUAL REPORT 2024
7
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2024
Important dates related to the
Annual General Meeting and
dividend payment in 2025
31/3 Record date for the Annual
General Meeting
10/4 Annual General Meeting
11/4 Proposed ex-dividend date
14/4 Proposed record date of
dividend payment
23/4 Proposed dividend pay-
ment 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 Friday, 10 April 2025, 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 6 March 2025.
Key information about Alma Media’s share
MARKET
Nasdaq Helsinki
Ltd
SECTOR Media
TRADING CODE: ALMA
ISIN CODE: FI0009013114
2024
MARKET
CAPITALISATION
MEUR 906.2
HIGH: EUR 11.90
LOW: EUR 9.22
CLOSING: EUR 11.00
The Board of Directors’ dividend
proposal
Alma Media’s Board of Directors proposes to
the Annual General Meeting that a dividend
of EUR 0.46 per share be paid for the finan-
cial year 2024. 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, 14 April 2025.
Financial reporting calendar
in 2025
5/2 Financial Statements
Bulletin 2024
25/4 Interim Report
January–March 2025
17/7 Half-Year Report
January–June 2025
31/10 Interim Report
January–September 2025
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 2024
8
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2024
Drivers of change in the operating environment
ECONOMY AND SOCIETY
• Economic recovery in the countries of
operation
• 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
the sector
STRUCTURAL CHANGE IN DIGITAL
MARKETING AND SALES
• Digital platforms take on a growing role
throughout the sales and marketing eco-
system
• 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
• AI has significant impacts on consumer
behaviour
• Increasing use of AI applications and
a growing capacity to understand and
leverage technology and AI solutions
• Higher expectations of a convenient and
secure digital experience and
e-commerce
• Corporate sustainability plays a key role
HOUSING
• The digitalisation of the housing ecosys-
tem and the increasing use of electronic
transactions
• Marketplaces evolving from listing ser-
vices to platforms for housing
transactions and services
• The impacts of remote and hybrid work
on office space needs and requirements
• Growing popularity of rental housing
• Polarisation of the housing market
• Reducing the carbon footprint of con-
struction and housing, and the
continuously increasing significance of
sustainable development
TECHNOLOGY AND DATA
• Productivity growth in knowledge work,
driven by AI and assistive technologies
• Developing the customer experience,
agile operating models and technological
capabilities as sources of competitive
advantage
• Cyber security and data protection are
increasingly important due to consumer
expectations, regulatory requirements
and the deteriorating global security
situation
CARS AND MOBILITY
• Digitalisation-related changes in mobility
and the automotive trade
• Changes in propulsion in the automotive
trade
• Alternative ownership and financing
methods
• Marketplaces evolve to offer a wider
selection of services
REGULATION
• Increasingly complex regulation, growing
regulation at the EU level
• Increasing legislation governing digital
business
• Increasing significance of matters related
to data protection and consumer protec-
tion
MEDIA
• Continued transformation from print to
digital, paying for content becoming more
common
• Widening intergenerational differences
and polarisation in media consumption
• Declining trust in the media and institu-
tions, increased attempts to influence the
media politically
• Focus on reliable, fact-based information
• Intense competition in the advertising
market
• News media production becomes more
data- and automation-driven
• AI solutions are significantly transforming
industry processes and opening up new
opportunities.
GEOPOLITICAL TENSIONS
• Russia’s war of aggression and its eco-
nomic impacts on our operating countries
• Increase in hybrid operations
• Uncertainty about political and economic
development and difficulties in forecasting
GROWTH OF THE PLATFORM
ECONOMY
• Digital platforms increase in importance
and influence entire ecosystems
• The transformation of market structures
and conventional business models is ac-
celerated by technology, AI and data
ANNUAL REPORT 2024
9
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
YEAR
2024
Report by the Board of
Directors
ANNUAL REPORT 2024
10
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
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
ANNUAL REPORT 2024
11
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Group revenue and result in
2024
Alma Media's revenue increased by 2.5% to
MEUR 312.7 (304.9).
Business acquisitions reported under the
Alma Marketplaces segment increased
consolidated revenue in 2024 by MEUR 8.8.
The Czech koruna had an effect of MEUR
-3.0 on the change in revenue. Organic
revenue, excluding acquired and divested
businesses and at local currencies, was on
a par with the comparison year. The Group's
classified sales increased by 1.8% in local
currencies (reported classified sales were on
a par with the comparison year), supported
by productisation and pricing changes.
Advertising sales for the Group as a whole
amounted to MEUR 60.0 (64.9), representing
a decrease of 7.6% when compared to 2023.
Revenue from digital services increased by
30.3% to MEUR 57.2 (43.9).
The share of digital revenue in the Group
as a whole rose to 84.2% (82.4%) of total
revenue.
Adjusted operating profit was MEUR 76.9
(73.6), or 24.6% (24.1%) of revenue. The
exchange rate of the Czech koruna had an
Profit performance and financial position
REVENUE
MEUR
2024
Q1–Q4
2023
Q1–Q4
Change
%
Alma Career 107.2 110.5 -3.0
Alma Marketplaces 98.3 85.4 15.2
Alma News Media 107.1 109.1 -1.8
Segments total 312.6 304.9 2.5
Non-allocated operations 0.0 0.0 -138.4
Tota l 312.7 304.9 2.5
39%
19%
18%
16%
7%
Classified
Advertising
Digital services
Content
Other
Revenue split 2024
Finland, 63 % Croatia, 4 %
Sweden, 2 % Slovakia, 7 %
Baltics, 3 % Czech Rep., 19 %
Other, 1 %
Revenue split geographically 2024
effect of MEUR -1.4 on the change in adjusted
operating profit.
Adjusted total expenses increased by MEUR
4.6. Taking acquired and divested business
operations into account, adjusted total
expenses decreased by MEUR 1.9. Excluding
the effect of divested and acquired business-
es, employee expenses were on a par with
the previous year.
Total expenses increased by MEUR 6.3 in
2024. Depreciation and impairment for 2024,
included in the total expenses, amounted to
MEUR 17.6 (17.6), including depreciation aris-
ing from acquisitions in the amount of MEUR
6.3 (6.8).
Operating profit was MEUR 73.4 (73.0), or
23.5% (23.9%) of revenue. The adjusted items
are itemised in the table below.
Profit for 2024 came to MEUR 52.6 (56.4).
Earnings per share were EUR 0.64 (0.69). Fi-
nance expenses amounted to MEUR 8.8 (9.8).
A positive fair value change of MEUR 0.3 (-1.1)
was recognised on an interest rate derivative
agreement.
ANNUAL REPORT 2024
12
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
ADJUSTED OPERATING PROFIT/LOSS
MEUR
2024
Q1–Q4
2023
Q1–Q4
Change
%
Alma Career 43.5 45.3 -3.9
Alma Marketplaces 28.5 26.1 9.1
Alma News Media 15.5 14.0 10.4
Segments total 87.5 85.4 2.4
Non-allocated operations -10.6 -11.8 -10.1
Tota l 76.9 73.6 4.4
ADJUSTED ITEMS
MEUR 2024 2023
Impairment losses -0.5 -0.2
Acquisition-related transaction costs and other items recognised
through profit or loss
-0.7 0.5
Restructuring -2.2 -0.2
Gains (losses) on the sale of assets -0.1 -0.5
Adjusted items in operating profit -3.5 -0.6
Adjusted items in profit before tax -3.5 -0.6
OPERATING PROFIT/LOSS
MEUR
2024
Q1–Q4
2023
Q1–Q4
Change
%
Alma Career 43.1 45.0 -4.3
Alma Marketplaces 27.8 26.4 5.1
Alma News Media 13.7 13.5 1.3
Segments total 84.6 85.0 0.5
Non-allocated operations -11.2 -12.0 -6.4
Tota l 73.4 73.0 0.5
Balance sheet and financial
position
At the end of December 2024, the consoli-
dated balance sheet stood at MEUR 526.1
(527.7). The Group's equity ratio at the end
of December was 48.6% (46.1%), and equity
per share was EUR 2.82 (2.67).
Cash flow from operating activities amount-
ed to MEUR 73.8 (63.0) in 2024. Cash flow
from operating activities was increased by
taxes being lower than in the comparison
year at MEUR 9.8 (17.8) and decreased by
interest expenses being higher than in the
comparison year at MEUR 7.2 (6.6). Cash
flow after investments and before financing
was MEUR 51.2 (52.5) in 2024. Cash flow
from investments included the acquisition
of Netwheels Oy, the acquisition of Suomen
Tunnistetieto Oy, achieved in stages, and
payments of contingent considerations,
totalling MEUR 18.4. Investments in intangible
and tangible assets totalled MEUR 4.5. Am-
ortisation of interest-bearing finance lease
liabilities included in cash flow from financing
activities amounted to MEUR 7.0. In 2024,
a total of MEUR 8 in short-term loans from
financial institutions were taken out, and
INTEREST-BEARING NET DEBT
MEUR 2024 2023
Interest-bearing long-term liabilities 175.3 191.8
IFRS 16 lease liabilities 30.3 31.8
Loans from financial institutions 145.0 160.0
Short-term interest-bearing liabilities 7.1 6.3
IFRS 16 lease liabilities 7.1 6.3
Cash and cash equivalents 42.5 52.4
Interest-bearing net debt 140.0 145.7
MEUR 8 were repaid. Long-term loans were
amortised by MEUR 15 in 2024. No new
long-term loans were taken out.
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 36
months, including extension options of 12
and 24 months. The loan was amortised by
MEUR 15 in October 2024. The remaining
principal on the long-term loan at the end of
December 2024 was MEUR 145. Alma Media
exercised the 12-month extension option in
December 2024. After the extension option
was exercised, the maturity of the financ-
ing arrangement is 36 months, including an
extension option of 12 months. The financing
package also includes a 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 on 31
ANNUAL REPORT 2024
13
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
December 2024. The financing arrangement
includes the usual covenants concerning
the equity ratio and the ratio of net debt to
EBITDA. The Group met the covenants on 31
December 2024.
Alma Media has a commercial paper
programme of MEUR 100 in Finland. The
commercial paper programme was unused
on 31 December 2024. At the end of 2024,
Alma Media's interest-bearing debt amount-
ed to MEUR 198.1 (172.7). Interest-bearing
net debt totalled MEUR 140.0 (145.7). In
December 2021, the company signed an
interest rate derivative agreement with a
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 2024, interest rate
swaps generated a positive fair value change
of MEUR 0.3 that is recognised in financial
items. The fair value of interest rate deriva-
tives on 31 December 2024 was MEUR 2.7.
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 2025, the annual effect
on financial expenses would be MEUR
1.5. The interest rate derivative 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 at the annual level. The average
payment-based interest cost of the Group’s
interest-bearing liabilities in 2024 was 3.8%
(3.6%).
Alma Media had MEUR 5.9 in items created
in conjunction with business combinations
or related to contingent considerations and
the redemption of non-controlling interests
measured at fair value and recognised
through profit or loss or directly in equity.
Capital expenditure
Alma Media Group’s capital expenditure
in 2024 totalled MEUR 22.6 (25.8). The
capital expenditure consisted of the
acquisition of the Netwheels Oy and Nelisa
s.r.o businesses, maintenance and product
development investments, and increases in
IFRS 16 lease liabilities.
Research and development
costs
The Group’s research and development
costs in 2024 totalled MEUR 15.4 (8.5). MEUR
5.5 (6.1) was recognised in the income state-
ment and development costs of MEUR 9.9
(2.4) were capitalised on the balance sheet
in 2024 (including transfers from purchases
in progress). There were capitalised research
and development costs totalling MEUR 13.1
(5.2) on the balance sheet on 31 December
2024.
17.6
19.6
21.2
79.2
64.0
73.8
0
20
40
60
80
Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24
MEUR
Net cash flow from operating activities Net cash flow from operating activities, rolling 12 months
Cash flow from operating activities,
including continuing and discontinued operations
142.6
145.7
140.0
69.3 %
65.4 %
59.6 %
Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24
MEUR
Interest-bearing net debt Gearing
Interest
-
bearing net debt and gearing,
including discontinued operations
ANNUAL REPORT 2024
14
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STATEMENTS
REPORT BY THE
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YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Business segments in 2025
Alma Media’s revised segment structure
took effect on 1 March 2024. Comparison
figures in accordance with the new segment
structure were published on 4 April 2024 for
all quarters and January–December 2023.
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
decreased by 3.0% to MEUR 107.2 (110.5)
in 2024. In local currencies, the change in
invoicing was -1.7% for the full year. The
decrease was mainly due to the weak
development of invoicing in Finland and the
Baltic countries.
The adjusted operating profit was MEUR
43.5 (45.3). The adjusted operating profit was
40.6% (41.0%) of revenue.
The segment’s operating profit was MEUR
43.1 (45.0).
Classified advertising decreased by 3.5%
to MEUR 87.2 (90.4). In local currencies,
classified advertising decreased by 0.9%.
Advertising sales decreased by 16.1% to
MEUR 3.4 (4.1). Sales of digital services in-
creased by 13.1% to MEUR 10.7 (9.5). In local
currencies, the rate of growth was 17.5%.
Adjusted total expenses decreased by 2.5%
and amounted to MEUR 64.0 (65.6). In local
currencies, total expenses increased by
MEUR 0.4. The increase in costs was due to
increased product development investments
in the shared job platform.
The adjusted items in 2024 were due
to operational restructuring costs and
acquisition-related transaction costs.
The adjusted items in 2023 consisted of
acquisition-related transaction costs, a loss
recognised on the sale of Talent’em, and an
item recognised through profit or loss arising
from the acquisition of the Vrabotuvanje
Online D.o.o. business. Adjusted operating
profit does not include depreciation arising
from acquisitions.
Alma Marketplaces
The Alma Marketplaces segment’s revenue
increased by 15.2% to MEUR 98.3 (85.4)
in 2024. Excluding acquired and divested
businesses, revenue increased by 4.8%.
Digital business accounted for 95.7% (94.0%)
of the segment’s revenue.
In the Real Estate business area, revenue
grew by 5.4% and revenue from classified
advertising increased by 6.1%. Revenue in
the Nordic business premises vertical in-
creased by 16.9%, driven by strong demand
in the Swedish market, as well as changes
in productisation and pricing. Revenue from
the Mobility business area increased by
46.0% and amounted to MEUR 34.4 (23.6).
Excluding the effect of acquisitions and
divestments, revenue increased by 8.1%. The
acquisition of Netwheels was completed at
the beginning of February. The company's
figures are reported as part of the Mobility
business area from 1 February 2024
onwards. Revenue from classified advertising
in the Mobility business area increased by
13.0%, while digital services grew by 178.3%
due to the acquisition of Netwheels.
Revenue from comparison services
decreased by 1.6%. Revenue from Insights
services increased by 3.0%. The segment's
adjusted total expenses increased by
17.8% and amounted to MEUR 69.8 (59.3).
Acquisitions and divestments had an effect
of MEUR 6.6 on the increase in adjusted total
expenses. Excluding the effect of acquisitions
and divestments, adjusted total expenses
increased by 6.5%. Expenses were increased
by investments in product development.
The segment’s adjusted operating profit
was MEUR 28.5 (26.1), or 29.0% (30.6%) of
revenue. The segment’s operating profit
was MEUR 27.8 (26.4). The adjusted items in
2024 were attributable to acquisition-related
transaction costs. The adjusted items in 2023
were related to a loss recognised on the sale
of a business, transaction items associated
with acquisitions and divestments, as well as
operational restructuring. Adjusted operating
profit includes depreciation arising from
acquisitions in the amount of MEUR 5.6 (5.2).
Alma News Media
The News Media segment’s revenue de-
creased by 1.8% to MEUR 107.1 (109.1) in
2024. Digital business accounted for 59.4%
(56.9%) of the segment’s revenue. Content
revenue was on a par with the comparison
year at MEUR 50.6 (50.5). Digital content
revenue increased by 14.1%, offsetting
the decline in revenue derived from print
content. Single-copy sales decreased by
3.4%, print subscription sales by 14.4% and
advertising sales by 4.6%. Other revenue
increased by 1.7%, driven by growth in the
sales of telemarketing services.
ANNUAL REPORT 2024
15
FINANCIAL
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REPORT BY THE
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YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
The segment’s adjusted total expenses
decreased by 3.6% to MEUR 91.6 (95.1). Cost
savings were achieved particularly in printing
and delivery expenses, as well as procurement
activities in content production. The Alma
News Media segment's adjusted operating
profit came to MEUR 15.5 (14.0) and operating
profit was MEUR 13.7 (13.5). The adjusted
items in 2024 were related to the restructuring
of operations, impairment recognised on
a trademark, and a loss recognised on the
sale of a business. No adjusted items were
reported in 2023. Adjusted operating profit
includes depreciation arising from acquisitions
in the amount of MEUR 0.5 (1.5).
Changes in Group structure in
2024
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.
Description of the operating
environment
In its most recent economic forecast, pub-
lished on 15 November 2024, the European
Commission projected economic growth of
0.9% in the EU for 2024. The Commission
further estimated that inflation had slowed to
2.7%. The year 2024 marked the beginning of a
period of falling interest rates. This was partic-
ularly due to the weaker economic situation in
ANNUAL REPORT 2024
16
FINANCIAL
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Europe and the lower level of inflation, which
gave the ECB room to commence interest rate
cuts.
For 2025, the Commission projects economic
growth of 1.5% for the EU, with inflation
expected to slow to 2.4%. The Commission
estimates that the unemployment rate for the
EU as a whole will fall to 5.9% from the level
of 6.1% seen in 2024. The markets expect the
ECB to continue its interest rate cuts this year. At
the same time, however, risks related to global
trade policy and geopolitics have increased,
and uncertainty in expectations has grown.
In Alma Media’s main operating countries,
expectations for economic development
in 2025 are mainly positive. In Finland, the
outlook is described as cautious, and the
economy is expected to improve slowly. The
Commission projects growth of 1.5% for this
year, which would mean faster growth than last
year. Inflation is expected to be 2.0% and the
forecast for the unemployment rate is 7.9%.
It is expected that the price of financing will
gradually fall, supporting household purchases
of durable consumer goods and the willingness
of companies to invest. Housing construction is
expected to recover slowly.
In addition to Finland, Alma Media’s main
markets are Czechia and Slovakia in Eastern
Central Europe, and Croatia in Southern
Europe. The Commission estimates that the
rate of GDP growth will increase from 1.0% in
2024 to 2.4% this year in the Czech Republic
and from 2.2% to 2.3% in Slovakia. For
Croatia, the Commission's forecast indicates a
slowing of GDP growth from 3.6% to 3.3%. The
Commission's unemployment rate projections
for this year are 2.7% for the Czech Republic,
5.3% for Slovakia and 4.7% for Croatia. Alma’s
main operating countries are dependent on
foreign trade, and the increased uncertainty in
global politics casts a shadow over the positive
drivers.
Market situation in the main markets in
Finland
Market development in the automotive
industry
According to statistics provided by the Finnish
Information Centre of Automobile Sector, first
registrations of new passenger cars in Finland
decreased by 15.4% year-on-year in 2024.
Electrically chargeable vehicles accounted for
49.6% of the total number of first registrations
of passenger cars in Finland. The share of
battery electric vehicles was 29.5% and the
share of plug-in hybrids was 20.1%. Sales of
used cars by car dealerships increased by
approximately 5%.
Market development in housing
According to the Central Federation of Finnish
Real Estate Agencies, a total of 50,388 trans-
actions for old dwellings were completed in
Finland in 2024, representing a year-on-year
decrease of 1.5%. In the fourth quarter, the
number of old dwellings sold (15,698) was
on a par with the corresponding period in
the previous year, and 11.2% lower than the
five-year average. The change in the number
of new dwellings sold (770) was -4.1% when
compared to the previous year and -69.1%
when compared to the five-year average.
The change in the total sales volume (16,468
dwellings) was -0.4% when compared to the
previous year and -18.3% when compared to
the five-year average.
Market development in the media business
According to Kantar TNS, total spending on
media advertising amounted to MEUR 1,302,
showing a year-on-year decrease of 1.3%.
The retail trade accounted for 25% (MEUR
188) of the total. Other large sectors in terms
of media advertising were the food industry
(MEUR 79) and cars (MEUR 63). Excluding
social media and search advertising, the total
volume of media advertising decreased by
3.3%. The sectors with the largest increases in
media advertising were cosmetics, telecom-
munications services and food. The sector
with the sharpest decline in media advertising
was the construction industry. Job adver-
tising in December was 30.9% lower than in
December 2023.
Outlook for 2025
Alma Media expects its full-year revenue and
adjusted operating profit of 2025 to remain at
the 2024 level. The full-year revenue for 2024
was MEUR 312.7 and the adjusted operating
profit was MEUR 76.9.
Background for the outlook
The outlook is based on the estimate that the
national economies in the company's main
market areas will improve, but uncertainty
in the markets will continue. Fluctuations
in the global economy may affect market
development.
In Finland, the period of slow growth is
expected to continue, and advertising is
still subject to uncertainty. Acquisitions will
increase the company’s revenue and operat-
ing profit. The Group's purposeful cost control
and the diversification of business activities
between multiple geographical markets and
business areas, stabilise the company’s out-
look even in challenging market conditions.
Events after the review period
Alma Media acquired the entire share capital
of Edilex Lakitieto Oy from Edita Group Oyj.
The acquisition will expand Alma Media's
legal content offering. The pro forma revenue
of the acquired business was approximately
MEUR 8 in 2024. The company has 51
employees, who were transferred to Alma
Media's employment. The business will be
reported as part of the Alma Marketplaces
segment starting from 1 February 2025.
ANNUAL REPORT 2024
17
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Alma Media continues its strategic transfor-
mation from a media and service-providing
company towards an advanced platform
solutions company in marketplaces, media
and information services.
Our key business areas are recruitment,
mobility, housing and premises, information
services and news media. We focus on
businesses in which we have the ability to
create added value for the end-customer
and in which our competitive advantage
enables us to grow profitably.
We combine our own and our customers’
technical and commercial platforms into
seamless service packages that improve the
customer experience of our service users
and enhance the digital processes of our
corporate customers, such as sales and
purchasing processes in the marketplaces
business. We seek growth by supplementing
our offering in our key businesses’ value
chains. We accelerate growth through
acquisitions and we will continue the
internationalisation of our businesses also in
new geographical areas.
We develop both technology and knowl-
edge capabilities to enable growth and
transformation.
Alma Media’s strategy
Artificial intelligence and audiences are the
shared strategic priorities of the Group’s
businesses for the strategy period. The
rapid development of AI will have a broad
impact on our operating environment and
business in the future. We will fully leverage
the opportunities presented by the latest
AI-driven technology and harness AI in our
business operations to develop our products
and services, increase the efficiency of our
processes and streamline the work of our
professionals. It is our goal to use AI to
support faster time-to-market for products
and build greater agility.
The growth of the audience using our
services, increasing the engagement of users,
the registered use of our services, and more
personalised services are essential for all of
our businesses.
We pursue synergies through cooperation
by, for example, managing traffic between
our services to support audience growth;
collecting, refining and commercialising data;
taking advantage of common technology,
platforms, capabilities and functions; and
investing in joint media sales in Finland.
Economic growth involves
uncertainty
Geopolitical risks have increased in our
operating regions, and there is significant
uncertainty related to political and economic
development.
Although long-term trends, such as digital-
isation, support the development of our
business throughout the strategy period
2025–2027, the company prepares for times
of uncertainty and scenarios of slow-
er-than-expected economic growth through
careful planning and risk management.
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.
Until 5 February 2025, the targets were as
follows:
• Growth: annual revenue growth in
excess of 5%
• Profitability: adjusted operating profit
margin in excess of 25%
• Solvency target: net debt/EBITDA less
than 2.5
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.
ANNUAL REPORT 2024
18
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Alma Media’s business
segment strategies and their
implementation during the year
Alma Career
• Operates 10 European countries.
• Recruitment advertising, employment
services and career and employer
brand development.
• Leading recruitment services in Eastern
Central Europe, for example Jobs.cz,
Prace.cz, Profesia.sk, MojPosao.net and
MojPosao.ba and, in Finland, Jobly.fi.
• The Seduo online training service and
the mobile service Prace za rohem.
Alma Career’s objective is to strengthen
its position in the recruitment market and
expand into new services that support
the needs of job-seekers and employers,
such as job advertising-related technology,
digital staffing services and training. The
strong internationalisation of our recruitment
businesses will continue, and we are simul-
taneously seeking new opportunities in our
existing markets.
The Career United project, which seeks to
deepen internal cooperation and improve
productivity in the Alma Career segment,
continued during the financial year, and
projects related to the renewal of a common
system architecture, back-end systems
and the organisation progressed according
to plan. The CV databases in the Czech
Republic and Slovakia were consolidated
to serve the needs of recruiting companies
even more effectively. Following the
adoption of a new job platform in Slovakia,
the deployment of new AI-driven search
technology has significantly improved the
matching of jobseekers and employers.
Our cross-border product organisation
began its operations with the aim of main-
taining competitiveness, enhancing product
development, accelerating the integration of
platform systems and improving the manage-
ment of the product portfolio. The Prace za
Rohem mobile recruitment service devel-
oped in the Czech Republic was successfully
expanded into the Slovakian market, and
the redesigned Poslovac mobile recruitment
service was launched in the Croatian market.
Business operations in Poland were wound
down, and the withdrawal that was com-
pleted in the latter part of the reporting
year did not have a material impact on Alma
Media's financial figures. In December, Alma
Career acquired the Czech start-up Nelisa
s.r.o., whose main product is technology
that enables the programmatic buying of
recruitment advertising. The acquisition pro-
vides Alma Career's operating countries with
additional tools for the targeting of recruit-
ment advertising, as well as new distribution
channels for advertising displays.
Alma Marketplaces
• Operates in Finland and Sweden.
• Leading marketplaces in housing (Etuovi.
com and Vuokraovi.com), commercial
properties (Objektvision.se, Toimitilat.fi
and Toimitilat Kauppalehti) and mobility
(e.g. Nettiauto.com, Nettimoto.com,
Nettikone.com and Autotalli.com).
• Sales systems for industry customers in
the housing and automotive sectors.
• Comparison services and B2B services,
such as Etua.fi, Urakkamaailma.fi.,
Muuttomaailma.fi, Autojerry.fi and
Katsastushinnat.fi.
• Digital information services. The
segment also offers professionals
a comprehensive range of services
related to company information, real
estate information and law.
The segment’s competitiveness is based
on leading industry verticals in housing,
automotive and comparison services, diverse
systems for professionals, and a wide range
of information services. Growth is sought
both organically and through acquisitions. As
purchasing processes become increasingly
digital, the segment’s marketplace and service
business is developing towards digital trading
platforms: The goal is to help both consumer
customers and corporate customers carry
out transactions easily and smoothly, and we
also aim to offer additional services at different
stages of the transaction process.
In mobility services, new solutions for the
car trade are being developed: electronic
solutions for contractual matters related
to transactions and electronic payments,
the “Fiksut Kaupat” (“Smart transaction”)
smartphone-based solution and Baana, a
digital auction service for used cars are
examples of new services.
The Netwheels acquisition, which was carried
out during the reporting year and has been
integrated into the segment, has complement-
ed the range of automotive systems and mar-
ketplace services in the Alma Marketplaces
segment. The expanded offering streamlines
vehicle purchasing and selling processes and
promotes the development of the market-
places and systems business.
In housing-related services, significant invest-
ments have been made in digital solutions
for real estate agency by developing OviPRO,
which provides digital tools for all stages
of housing transactions and replaces the
existing KIVI real estate agency system.
We also develop digital housing transaction
services in cooperation with banks and real
estate agents. The DIAS platform covers over
3,000 real estate agents and all significant
banks providing housing financing in Finland:
DIAS was used for nearly half of all transac-
tions for shares in housing companies that
were concluded through real estate agents.
ANNUAL REPORT 2024
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FINANCIAL
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2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
In the commercial premises marketplace busi-
ness, we will redesign the platform to meet
the diverse needs of our customers in Finland
and Sweden and expand our digital services
to cover the various stages of the customer’s
entire value chain.
The Nettimökki service for renting holiday
homes was redesigned, enabling secure
payments via Alma's own payment service.
In addition, a new service was launched for
legal professionals, bringing together content
produced by specialists in various branches
of law.
Scalability
• We leverage our strongest assets and resources to develop new products and services.
• We expand to new geographical areas.
• We improve cooperation within the Group.
Transformation
• We streamline customer processes by integrating services into platforms.
• We harness AI to support product and service development.
• We increase operational agility to speed up time-to-market.
Growth
• We diversify and build new products and revenue streams.
• We develop the best human and technology capabilities.
• We accelerate growth through M&A.
Alma News Media
• Operates in Finland.
• Finland's leading digital news media
Iltalehti – a fireside chat for the entire
nation.
• Finland's leading financial media
brand Kauppalehti, and other financial
and professional media, such as
Talouselämä, Tekniikka&Talous, Tivi and
Arvopaperi.
• Alma News Media’s products reach a
total of three million Finns each week,
providing an effective platform for
advertisers as well.
• A pioneer in digital subscriptions – the
aim is to significantly increase reader-
ship revenue in the future
Alma News Media continuously develops its
content and platforms with the goal of fur-
ther increasing the stable subscription-based
revenue of both Iltalehti and the segment's
financial media.
The segment produces news content and
other useful content while continuously
developing the reader experience of its
brands as well as subscription packages
and advertising productisation around the
brands.
Investments in product development, such
as video and audio expression, help to grow
and diversify the audiences of the media
brands.
In Alma News Media, the main development
projects during the period under review in-
cluded building a shared media platform for
different media brands and taking advantage
of AI in editorial work. The new segment's
technology and data organisations were
consolidated in 2023 and, during the period
under review, common digital publication
tools were launched for use by the editorial
teams.
The AI team started its work, and tools that
assist editorial work were widely deployed.
AI is also used in Iltalehti's sentiment analy-
sis, which helps develop content and target
content at audiences even more effectively
than before.
Kauppalehti's website and application were
redesigned and the news content was sharp-
ened. The KL Avain concept was launched
as a new content product. It puts more
emphasis on in-depth content and increases
Kauppalehti's value for digital subscribers.
In Q3, the focus of the redesign effort was
shifted to Arvopaperi.
ANNUAL REPORT 2024
20
FINANCIAL
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REPORT BY THE
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YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
The segment’s digital subscription sales
strategy is supported by the merger of
the Group’s Finnish companies during the
reporting period, which made it possible to
consolidate the customer bases of different
media products.
To ensure its long-term competitiveness, the
segment held change negotiations, which re-
sulted in the discontinuation of Kauppalehti's
print supplements Optio and Fakta, as well
as the Mediuutiset publication.The segment's
number of employees was reduced by 20
person-years. The Kotikokki.net service was
sold. The divestment has no material impact
on Alma Media’s financial figures.
We will harness AI across
all of our businesses to
accelerate product and
service development and
speed up time-to-market.
ANNUAL REPORT 2024
21
FINANCIAL
STATEMENTS
REPORT BY THE
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YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
At Alma Media Group, the task of risk man-
agement is to detect, evaluate and monitor
business opportunities, threats and risks, to
ensure the achievement of objectives and
business continuity. The risk management
process identifies and controls the risks,
develops appropriate risk management
methods, and regularly reports on risk issues
to the risk management organisation and the
Board of Directors. Risk management is part
of Alma Media’s internal control function and
thereby part of good corporate governance.
Alma Media uses a harmonised risk
assessment and reporting model. With
regard to risks, the company also monitors
the development of national, EU-level and
international regulations. Risks are assigned
priorities with the help of a risk matrix by es-
timating the euro-denominated impacts and
probabilities of the realisation of each risk.
In estimating the impacts of the realisation of
risks, reputation impacts and environmental
impacts are taken into account in addition
to the estimated direct euro-denominated
impacts. Each segment, function and unit
is responsible for the management of risks
related to their operations.
The non-financial risk management process
also covers responsibility risks whose
significance is assessed both in financial
terms and in terms of the potential damage
caused to the Group’s reputation if the risk
were to materialise. The Group communi-
cates its sustainability risks and challenges
related to the development of corporate
sustainability transparently in its stakeholder
communications.
Strategic risks
Alma Media’s most significant strategic
risks are related to the economic operating
environment, rapid changes in the compet-
itive landscape and customer behaviour,
the rapid development of technology and
significant changes in regulation. Negative
impacts on business operations are pre-
vented through the effective identification of
strategic risks and taking sufficient prepara-
tory measures. The continuous development
of competence and rolling strategy work
ensure the company’s ability to adapt its
business plans as necessary.
Risks and risk management
ANNUAL REPORT 2024
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REPORT BY THE
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YEAR
2024
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 organisa-
tion’s ability adapt its operations to the prevailing circumstances. Responding in accor-
dance with the continuity plan if necessary.
A widespread pandemic may have a significant impact on the demand for services and prod-
ucts on the one hand and, on the other hand, it can cause substantial production disruptions
in business processes due to significant risks to employee health.
Monitoring the operating environment and reacting to changing circumstances with suffi-
cient speed. The organisation’s ability to adapt to the prevailing circumstances. Occupa-
tional safety measures concerning employees.
Rapid changes in con-
sumer behaviour
The ability to utilise the growing amount of customer data in delivering better and more target-
ed 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
competitiveness and data management. Sufficient investments and resources in data
management and systems as well as the development of data privacy procedures and em-
ployee competence. 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, resulting
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 partnerships and cooperation with publishers.
Change in the compet-
itive landscape and
intensifying competition
Expansion of international platforms, industry convergence, reduced price competitiveness.
Technological solutions and implementations by platform providers that restrict the opera-
tions of other companies.
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.
Business development driven by customer needs. Measures that promote the competitive-
ness of digital business. Developing the user interfaces of services as well as purchasing
paths and payment systems, for example. Sufficient investments and resources in research
and development.
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
The authorities’ interpretations relating to the practical application of the GDPR and the EU’s
expanding data regulation. Violations of the GDPR or other regulations governing data protec-
tion.
Internal training, monitoring legislation and the regulatory interpretations of the authorities,
building processes for legally required changes in the organisation.
The final form and impacts of the EU’s data regulation package (DSA, DMA, DGA, Data Act, AI
Act) are not yet known but, in the worst-case scenario, the impacts on Alma Media’s business
operations could be significant.
Scenario analyses and preparation for various outcomes together with the business.
Internal training, monitoring legislation and the regulatory interpretations of the authorities,
increasing awareness of legally required changes in the organisation
ANNUAL REPORT 2024
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
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REPORT BY THE
BOARD OF DIRECTORS
Operational risks and business
continuity
The management of Alma Media’s operation-
al risks and business continuity is focused on
risk management and mitigation measures
aimed at reducing 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 intellec-
tual property rights, as well as the Group’s
employees, competence and physical safety.
Risk management ensures the flexibility and
continuity of our operations. We use our
comprehensive risk framework to proac-
tively identify, assess and manage potential
threats to protect our business and maintain
undisrupted service 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, and
guidance is also provided to the company’s
subcontractors.
Business continuity planning is an important
part of Alma Media’s operational risk
management. The purpose of the continuity
plan is to enable business to continue in
Risk Risk definition Risk mitigating actions
Operational risks
Risks related to cy-
bersecurity and data
security
Viruses, worms, ransomware, and other malware that can com-
promise 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. Increasing employee awareness through data
security training. Securing, controls and monitoring of worksta-
tions, mobile devices and cloud software. Systematic installation
of data security and software updates, reacting quickly to acute
vulnerabilities.
Vulnerabilities arising from the inadequate data security practic-
es of third parties, suppliers and partners.
Identification of critical suppliers and monitoring cybersecurity
capabilities. Restricting access to the company’s network to
devices secured according to agreed-upon practices.
Technology
infrastructure
vulnerabilities
Disruptions to the company’s own IT solutions or services aimed
at customers due to inadequate 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.
Loss of critical data, including software source codes, and back-
ups of unique data.
Protecting the company’s services from denial-of-service attacks,
including the use of content distribution networks. Back-up mech-
anisms in place for critical data, including data recovery testing.
Copyright Leaks of business-critical data and business secrets. Effective practices for protecting business-critical data and
source code.
Unauthorised use of publications or data, and problems with the
utilisation of open source code.
Active monitoring of the use of open source software and related
terms and conditions. Practices, guidelines and employee training
regarding the use of AI.
Disturbances related to
supply chain stability
and management
Problems with the availability of materials, goods, tools and
services.
Regular assessment of critical suppliers, favouring technology
choices with multiple suppliers.
Disruptions in the delivery of third-party software or services
due to unexpected supplier problems or failing to notice the end
of the life-cycle.
Monitoring the use of third-party software, services and customer
support at Alma Media, and taking the end of their life-cycle into
account in a timely manner.
Employees and
expertise
Employee turnover and ensuring critical competencies. We ensure the continuous development of competence through
a wide range of training activities. We identify future competence
needs and focus on them with special development measures.
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 2024
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FINANCIAL
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2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
problematic circumstances by adopting
an appropriate strategy and measures to
protect people and property. The continuity
plan secures the continuity of the company’s
operations in the event of disruptions, and it
systematically describes how the continuity
of certain functions, processes or systems is
ensured in the event of disruptions and how
they are recovered, including the actions to
be taken in response to a disruptive event.
The aim is to reduce negative impacts and
accelerate recovery. The continuity plan
is updated when significant changes in the
operating environment require it.
Financial risks
Alma Media classifies financial risks into
four categories: market risks, liquidity risks,
credit risks and operational risks. 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
obligations. Credit risk occurs when custom-
ers, suppliers or partners are unable to meet
their financial obligations. Operational risks
and financial reporting risks cause potential
losses or inaccuracies in financial reporting
due to inadequate or failed internal process-
es, systems or human error.
Risk Risk definition Risk mitigating actions
Employees and
expertise
Uncontrolled growth of employee expenses and rising labour
costs and/or declining productivity.
We develop remuneration processes and practices and closely
monitor market salary data.
Physical safety Threats to the physical safety of employees at the company’s
premises: a threatening intrusion, 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 changes 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 conse-
quent write-downs.
Regular monitoring and rolling strategy work.
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 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.
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 agree-
ments, 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 customer receivables and the resulting
negative impact on working capital.
Credit policy and the assessment of credit customers before grant-
ing a payment period. Monitoring 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 moni-
toring of contractual relationships. Active measures.
ANNUAL REPORT 2024
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FINANCIAL
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2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Corporate governance and
sustainability
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 adverse impacts on the
employee experience. Managing these risks
is important for maintaining the sustainability
of operations.
Risks related to governance and sustain-
ability are described in more detail in the
Sustainability Report.
Risk Risk definition Risk mitigating actions
ESG risks
Risks related to
the environment
The identified risks and opportunities related to climate
change are described in the results of the +2 – -4 degree cli-
mate scenario work carried out by the company (pp. 33–34).
Alma Media manages its environmental risks by systematically developing
its operations in accordance with the Group’s science-based SBTi climate
targets and by engaging the commitment of its key suppliers to the Group’s
climate targets. The environmental risks associated with purchasing are
reduced by Alma Media operating in 11 European countries. The procure-
ment of each country unit is focused on the domestic market or nearby
regions, which enables comprehensive oversight of suppliers.
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 opportunities 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 technology 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 respon-
sibility: Own
employees
Decline in employer reputation, having a reputation as a
reliable employer.
In our human resources policy, we observe fair, transparent and open pol-
icy 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 con-
tent. 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 mar-
ketplace 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. Procure-
ment-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 subcon-
tractors 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 2024
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2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Annual General Meeting 2024
Alma Media Corporation’s Annual General
Meeting (AGM) held on 5 April 2024 con-
firmed the financial statements for 2023
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 0.45 per share be paid for the financial
year 2023.
Peter Immonen, Esa Lager, Alexander
Lindholm, Catharina Stackelberg-Hammarén,
Eero Broman, Heikki Herlin, Ari Kaperi
and Kaisa Salakka were elected as Board
members. In its constitutive meeting after
the AGM, the Board of Directors elected
Catharina Stackelberg-Hammarén as its
Chair and Eero Broman as its Vice Chair.
The Board of Directors also appointed the
members to its permanent committees.
Eero Broman and Ari Kaperi were elected
as members of the Audit Committee, with
Esa Lager as Chair. Catharina Stackelberg-
Hammarén and Alexander Lindholm were
elected as members of the Nomination
and Compensation Committee, with Peter
Immonen as Chair.
Remuneration of Board members
In accordance with the proposal of the
Shareholders’ Nomination Committee, the
Annual General Meeting decided that the re-
muneration be kept unchanged, and that the
following annual remuneration be paid to the
members of the Board of Directors for the
term of office ending at the close of the
Annual General Meeting 2025: to the
Chairman of the Board of Directors, EUR
68,800 per year; to the Vice Chairman, EUR
44,000 per year, and to members EUR 35,800
per year.
In addition, the Chair of the Board of Directors
and the Chair of the Audit Committee will
be paid a fee of EUR 1,500, the Chair of the
Nomination and Compensation Committee
a fee of EUR 1,000, the Deputy Chairs
of the committees a fee of EUR 700 and
members a fee of EUR 500 for those Board
and Committee meetings that they attend.
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 resident outside
Europe or (ii) meetings held outside
Europe.
The members of the Board shall, as decided
by the Annual General Meeting, acquire a
number of Alma Media Corporation shares
corresponding to approximately 40% of the
full amount of the annual remuneration for
Board members, taking into account tax de-
duction at source, at the trading price on the
regulated market arranged by the Helsinki
Stock Exchange. Members of the Board are
required to arrange the acquisition of the
shares within two weeks of the release of the
first quarter 2024 interim report or, if this is
not possible due to insider trading regula-
tions, as soon as possible thereafter. If it is
not possible to acquire the shares by the end
of 2024 for a reason such as pending insider
transactions, the annual remuneration shall
be paid in cash. Shares acquired in this way
cannot be transferred until the recipient’s
membership on the Board has ended. The
company is liable to pay any transfer taxes
that may arise from the acquisition of shares.
Authorisation to the Board of Directors
to repurchase own shares
The AGM authorised the Board of Directors
to decide on the repurchase of a maximum
of 824,000 shares in one or more lots. The
The Board of Directors has assessed that,
with the exception of Eero Broman, Heikki
Herlin, Peter Immonen, Esa Lager and
Alexander Lindholm, the members of the
Board are independent of the company and
its significant shareholders. Heikki Herlin
is the Chair of the Board of Mariatorp Oy,
Peter Immonen is a member of the Board
of Mariatorp Oy, Esa Lager is a member of
the Board of Ilkka Oyj, Alexander Lindholm
is the CEO of Otava Group and, as of 2022,
Eero Broman has been a member of the
Board of Otava Ltd for over 10 consecutive
years (a relationship with a significant
shareholder pursuant to subsection J) of
Recommendation 10 of the Corporate
Governance Code).
As proposed by the Shareholders'
Nomination Committee, the AGM confirmed
the number of Board members as
eight (8). Mikko Korttila, General Counsel
of Alma Media Corporation, serves as
the secretary to the Board of Directors in
accordance with the Board’s Charter.
The AGM appointed Ernst & Young Oy as
the company’s auditors, with Terhi Mäkinen,
APA, as the principal auditor.
Alma Media’s share and shareholders
ANNUAL REPORT 2024
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FINANCIAL
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BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
maximum authorised quantity represents
approximately one (1) per cent of the
company’s entire share capital. The shares
shall be acquired using the company’s
non-restricted shareholders’ equity through
trading on a regulated market arranged by
Nasdaq Helsinki Ltd and in accordance with
its rules and instructions, for which reason
the acquisition is directed, in other words,
the shares will be purchased otherwise than
in proportion to the shareholders’ current
holdings. The price paid for the shares must
be based on the price of the company share
on the regulated market so that the minimum
price of purchased shares is the lowest
market price of the share quoted on the
regulated market during the term of validity
of the authorisation and the maximum price,
correspondingly, the highest market price
quoted on the regulated market during
the term of validity of the authorisation.
Shares can be purchased for the purpose of
improving the company’s capital structure,
financing or carrying out corporate acquisi-
tions or other arrangements, implementing
incentive schemes for the management or
key employees or to be otherwise trans-
ferred or cancelled. The authorisation is
valid until the following AGM, but not later
than 30 June 2025.
Authorisation to the Board of Directors
to decide on the transfer of own shares
The AGM authorised the Board of Directors
to decide on a share issue by transferring
shares in possession of the company. A max-
imum of 824,000 shares may be issued on
the basis of this authorisation. The maximum
authorised quantity represents approximate-
ly one (1) per cent of the company's entire
share capital. The authorisation entitles the
Board to decide on a directed share issue,
which entails deviating from the pre-emption
rights of shareholders. The Board can use
the authorisation in one or more lots. The
Board of Directors can use the authorisation
to implement incentive schemes for the man-
agement or key employees of the company.
The authorisation is valid until the following
AGM, but not later than 30 June 2025. This
authorisation overrides the share issue
authorisation granted at the Annual General
Meeting of 4 April 2023.
Authorisation to the Board of Directors
to decide on a share issue
The AGM authorised the Board of Directors
to decide on a share issue. A maximum of
16,500,000 shares may be issued on the
basis of this authorisation. The maximum
number of shares that may be issued
under the authorisation corresponds to
approximately 20 per cent of the company’s
the recipients of donations, their intended
uses and other terms and conditions of
donations.
Dividend
In accordance with the proposal of the
Board of Directors, the AGM resolved that
a dividend of EUR 0.45 per share be paid
for the financial year 2023. The dividend
was paid to shareholders registered in Alma
Media Corporation’s shareholder register
maintained by Euroclear Finland Ltd on the
record date, 9 April 2024. The dividend
payment was made on 16 April 2024.
The Alma Media share
In 2024, altogether 7,573,083 Alma Media
shares were traded at the NASDAQ Helsinki
Stock Exchange, representing 9.2% of the
total number of shares. The closing price
of the Alma Media share at the end of the
last trading day of the review period, 31
December 2024, was EUR 11.00. The lowest
quotation during the review period was EUR
9.22 and the highest EUR 11.90. Alma Media
Corporation’s market capitalisation at the
end of the review period was MEUR 906.22.
entire share capital. The share issue can be
implemented by issuing new shares or by
transferring treasury shares. The authori-
sation entitles the Board to decide on a
directed share issue, which entails deviating
from the pre-emption rights of shareholders.
The Board can use the authorisation in one
or more lots.
The Board can use the authorisation for
developing the capital structure of the
company, widening the ownership base,
financing or executing acquisitions or
other arrangements, or for other purposes
decided on by the Board. The authorisation
cannot, however, be used to implement
incentive schemes for the management or
key employees of the company.
The authorisation is valid until the following
AGM, but not later than 30 June 2025. This
authorisation overrides the corresponding
share issue authorisation granted by the
AGM of 4 April 2023, but not the share issue
authorisation proposed above.
Donations
The AGM authorised the Board to decide
on donations of a total maximum of EUR
100,000 for charitable or corresponding
purposes, as well as to decide on
ANNUAL REPORT 2024
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FINANCIAL
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REPORT BY THE
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YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
20 principal shareholders on 31 December
2024
Number of
shares
% of
shares and votes
1. Otava Oy 31,314,161 38.01
2. Mariatorp Oy 15,675,473 19.03
3. Ilkka Oyj 8,993,473 10.92
4. Ilmarinen Mutual Pension Insurance Company 3,358,398 4.08
5. Nordea Nordic Small Cap 1,889,045 2.29
6. Sr Evli Suomi Select 1,375,000 1.67
7. Elo Mutual Pension Insurance Company 1,333,000 1.62
8. Veljesten Viestintä Oy 851,500 1.03
9. Keskisuomalainen Oyj 808,317 0.98
10. Häkkinen Matti Juhani 716,142 0.87
11. Broman Eero Väinö 366,378 0.44
12. Telanne Kai Markus 337,941 0.41
13. Sinkkonen Raija Irmeli 333,431 0.40
14. Danilostock Oy 330,000 0.40
15. Sr Säästöpankki Pienyhtiöt 303,731 0.37
16. Sr Säästöpankki Kotimaa 282,465 0.34
17. Koskinen Riitta Inkeri 272,500 0.33
18. Alma Media Corporation 237,941 0.29
19. Tampereen Tuberkuloosisäätiö Sr 210,000 0.25
20. Sr eQ Pohjoismaat Pienyhtiöt 203,588 0.25
Total 69,192,484 83.99
Nominee-registered 2,758,457 3.35
Other* 10,432,241 12.66
Total 82,383,182 100.00
Ownership structure on 31
December 2024
Number of
shareholders
% of
shareholders
Number of
shares
% of
shares
Private companies 299 3.0 59,646,294 72.4
Financial and insurance institutions 20 0.2 4,035,976 4.9
Public entities 6 0.1 4,698,035 5.7
Households 9,600 95.3 10,068,834 12.2
Non-profit associations 93 0.9 961,544 1.2
Foreign owners 50 0.5 214,042 0.3
Nominee-registered shares 9 0.1 2,758,457 3.3
Tota l 10,077 100.0 82,383,182 100.0
Distribution of ownership Number of
shareholders
% of
shareholders
Number of
shares
% of
shares
1–100 4,146 41.1 161,513 0.2
101–1,000 4,379 43.5 1,773,680 2.2
1,001–10,000 1,376 13.7 3,912,420 4.7
10,001–100,000 145 1.4 3,654,330 4.4
100,001–500,000 19 0.2 4,066,343 4.9
500,000– 12 0.1 68,814,896 83.5
Tota l 10,077 100.0 82,383,182 100.0
* Alma Media Corporation owns a total of 237,941 of its own shares, representing 0.3% of the total number of the
company’s shares and related votes.
ANNUAL REPORT 2024
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
At the end of the financial year, on 31
December 2024, Alma Media Corporation
held a total of 237,941 of its own shares. In
2024, the company purchased 185,997 of
its own shares for a total cost of MEUR 2.0.
In 2024, the company transferred 257,945
of its own shares without consideration as
part of the long-term share-based incentive
scheme for the company’s employees.
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
On 3 September 2024, Alma Media
Corporation received a notification pursuant
to Chapter 9, Section 5 of the Finnish
Securities Markets Act, that Varma Mutual
Pension Insurance Company’s holding of the
shares in Alma Media Corporation had fallen
below the threshold of 5%.
Corporate Governance
Statement for 2024
In 2024, Alma Media Corporation applied the
Finnish Corporate Governance Code 2020
for listed companies in its unaltered form. A
Corporate Governance Statement required
by the Corporate Governance Code is pre-
sented as a separate report in connection
with the Annual Report. In addition, it is pub-
licly available on Alma Media’s website at
www.almamedia.fi/en/investors/governance/
corporate-governance-statement/.
Remuneration policy and
remuneration report
In accordance with the EU Shareholder
Rights Directive, Alma Media has published
its Remuneration Policy, which documents
the principles of the remuneration of the
Group’s governing bodies and the key
terms applicable to service contracts on
8 March 2022. The remuneration report
of the governing bodies was presented to
Alma Media’s Annual General Meeting on 5
April 2024 and it was approved without a
vote.
The 2024 remuneration report for the
Group’s governing bodies, produced in
compliance with the EU Shareholder Rights
Directive (SHRD) and the Finnish Corporate
Governance Code 2020 for listed com-
panies, will be discussed at the Annual
General Meeting to be held on 10 April
2025.
Dividend proposal to the Annual
General Meeting
On 31 December 2024, the Group’s parent
company had distributable funds totalling
EUR 155,670,182 (152,095,452). Alma
Media’s Board of Directors proposes to the
Annual General Meeting that a dividend of
EUR 0.46 per share be paid for the financial
year 2024 (2023: EUR 0.45 per share). 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, 14 April 2025. The Board
of Directors proposes that the dividend be
paid on 23 April 2025. Based on the number
of outstanding shares on the closing date,
31 December 2024, the dividend payment
totals EUR 37,786,811 (36,932,982).
No essential changes have taken place after
the end of the financial year with respect
to the company’s financial standing. The
proposed distribution of profit does not, in
the view of the Board of Directors, compro-
mise the company’s liquidity.
Management ownership
The members of the Board of Directors, the
President and CEO of the parent company
and the other members of the Group
Executive Team together held 16,833,211
shares in the company on 31 December
2024, representing 20.4% of the total
number of shares and votes. Based on the
incentive schemes currently in effect, the
President and CEO and the members of the
Group Executive Team may receive a total
gross maximum amount of 1,533,340 shares
in the company, of which 50% would be paid
out in shares, corresponding to 766,670
shares. This represents 0.9% of all of the
company’s shares and the number of votes
carried by the shares.
ANNUAL REPORT 2024
30
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Shareholdings
31 December
2024*
2022
PSP
2022
MSP
2023
PSP
2023
MSP
2024
MSP
Catharina Stackelberg-Hammarén, Chair of the Board 34,482
Eero Broman, Deputy Chair 366,378
Heikki Herlin, member of the Board 15,693,597
Peter Immonen, member of the Board 8,719
Ari Kaperi, member of the Board 1,489
Esa Lager, member of the Board 22,544
Alexander Lindholm, member of the Board 8,719
Kaisa Salakka, member of the Board 4,414
Kai Telanne, President and CEO 337,941 150,000 180,000 280,000
Santtu Elsinen, Group Executive Team* 58,783 42,000 48,000 80,000
Vesa-Pekka Kirsi, Group Executive Team 7,250 39,600 5,200
Mikko Korttila, Group Executive Team 49,608 42,000 48,000 64,000
Elina Kukkonen, Group Executive Team 27,010 24,540 42,000 48,000
Tiina Kurki, Group Executive Team 78,094 36,000 42,000 48,000
Taru Lehtinen, Group Executive Team 10,650 6,000 6,000 64,000
Juha-Petri Loimovuori, Group Executive Team 117,533 48,000 60,000 80,000
Tommi Raivisto, Group Executive Team 6,000 48,000
Merja Ristilä, Group Executive Team 0 2,000
Total on 31 December 2024 16,833,211 6,000 382,140 8,000 420,000 717,200
* The figure includes holdings of entities under their control as well as holdings of related parties.
ANNUAL REPORT 2024
31
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
INCOME STATEMENT IFRS
2024
Change
%
IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Revenue MEUR 312.7 2.5 304.9 -1.2 308.7 12.1 275.4 19.6 230.2
Digital revenue MEUR 263.4 4.9 251.2 0.6 249.7 17.7 212.1 33.9 158.9
% of revenue % 84.2 82.4 80.9 77.0 69.0
EBITDA MEUR 91.0 0.4 90.6 -6.8 97.2 32.3 73.5 24.8 58.9
% of revenue % 29.1 29.7 31.5 26.7 25.6
Operating profit/loss MEUR 73.4 0.5 73.0 -8.7 80.0 40.9 56.8 31.7 43.1
% of revenue % 23.5 23.9 25.9 20.6 18.7
Adjusted operating profit MEUR 76.9 4.4 73.6 0.3 73.4 20.2 61.1 34.7 45.4
% of revenue % 24.6 24.1 23.8 22.2 19.7
Adjusted items* MEUR -3.5 473.6 -0.6 -109.3 6.6 -252.6 -4.3 90.2 -2.3
Profit before tax MEUR 67.0 -2.1 68.5 -20.8 86.4 53.4 56.3 33.4 42.2
Adjusted profit before tax MEUR 70.5 2.1 69.1 -13.5 79.9 31.7 60.6 36.3 44.5
Profit for the period, continuing operations MEUR 52.6 -6.7 56.4 -21.5 72.0 62.6 44.3 33.1 33.3
Share of profit of associated companies MEUR 1.3 -56.5 0.9 -26.3 0.7 31.3 1.0 755.2 0.1
Net financial expenses MEUR 7.7 43.1 5.4 -193.2 -5.8 -504.1 1.4 47.0 1.0
Net financial expenses, % of revenue % 2.5 1.8 -1.9 0.5 0.4
Profit for the period MEUR 52.6 -6.8 56.4 -21.6 71.9 62.6 44.3 -55.2 99.1
* 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 2024
32
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
BALANCE SHEET* IFRS
2024
Change
%
IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Balance sheet total MEUR 526.1 -0.3 527.7 6.9 493.8 -4.7 518.4 55.2 333.9
Interest-bearing net debt MEUR 140.0 145.7 142.6 181.8 -9.1
Interest-bearing liabilities MEUR 182.4 -7.9 198.1 14.7 172.7 -26.1 233.7 500.9 38.9
Non-interest-bearing liabilities MEUR 108.8 1.9 106.8 -7.3 115.2 -2.5 118.2 30.6 90.5
OTHER INFORMATION* IFRS
2024
Change
%
IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Average no. of employees, excl. telemarketers 1,660 -2.1 1,695 0.9 1,679 8.4 1,549 3.4 1,497
Telemarketers on average 148 2.6 144 -26.6 196 -41.8 337 0.6 335
Capital expenditure MEUR 22.6 -12.6 25.8 41.2 18.3 -92.6 247.1 170.4 91.4
Capital expenditure, % of revenue % 7.2 8.5 5.9 89.7 39.7
Research and development costs MEUR 15.4 81.2 8.5 11.8 7.6 64.3 4.6 0.0 4.6
Research and development costs, % of revenue % 4.9 2.8 2.4 1.7 2.0
KEY FIGURES* IFRS
2024
Change
%
IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Return on equity (ROE) % 23.0 -12.7 26.3 -31.9 38.6 62.0 23.9 -51.0 48.7
Return on investment (ROI) % 14.7 -6.4 15.7 -17.3 18.9 32.7 14.3 -61.9 37.4
Equity ratio % 48.6 46.1 45.8 34.7 63.1
Gearing % 59.6 65.4 69.3 109.2 -4.5
* The figures include both continuing and discontinued operations, unless otherwise mentioned
ANNUAL REPORT 2024
33
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
PER SHARE DATA* IFRS
2024
IFRS
2023
IFRS
2022
IFRS
2021
IFRS
2020
Earnings per share, basic EUR 0.64 0.69 0.88 0.53 1.13
Earnings per share, diluted EUR 0.62 0.67 0.86 0.52 1.11
Cash flow from operating activities per share EUR 0.90 0.77 0.96 0.92 0.68
Shareholders’ equity per share EUR 2.82 2.67 2.48 1.99 2.23
Dividend per share** EUR 0.46 0.45 0.44 0.35 0.30
Payout ratio % 72.2 65.6 50.3 66.0 26.5
Effective dividend yield % 4.2 4.7 4.7 3.2 3.4
P/E Ratio 17.3 14.0 10.7 20.4 7.9
Highest share price EUR 11.90 10.20 11.80 12.7 9.30
Lowest share price EUR 9.22 8.26 7.78 8.42 5.82
Share price on 31 December EUR 11.0 9.60 9.40 10.82 8.92
Market capitalisation*** MEUR 906.2 790.9 774.5 891.4 734.9
Turnover of shares, total kpcs 7,573 3,605 2,804 3,699 4,481
Relative turnover of shares, total % 9.2 4.4 3.4 4.5 5.4
Average no. of shares (1,000 shares), basic, excluding
treasury shares
kpcs 82,145 82,073 82,185 82,213 82,262
Average no. of shares (1,000 shares), diluted kpcs 84,059 83,637 83,706 83,991 83,692
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 2024
34
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
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 2024
35
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
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 37
Strategy 42
Impact, risk and opportunity management 47
Tables on the disclosure requirements
covered in the sustainability report 51
E – Environment 55
Disclosures pursuant to Article 8 of
Regulation (EU) 2020/852 55
E1 – Climate change 60
S – Social responsibility 69
S1 – Own workforce 69
S3 – Affected communities 75
S4 – Consumers and end-users 79
G – Good governance 84
G1 – Conducting business 84
ANNUAL REPORT 2024
36
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
General
disclosures –
ESRS 2
Basis for preparation
BP-1 General basis for preparation of
sustainability statements
Alma Media Corporation (1944757-4) is a
transforming Group that focuses on digital
services and journalistic media content. It
builds sustainable growth from media to
services by providing content and services
that benefit users in their daily life, work and
free time.
The Sustainability Report has been pre-
pared at the Group level, and the scope of
consolidation is the same as in the financial
statements. The Sustainability Report is
published annually as part of the Report by
the Board of Directors. The reporting period
is the same as for financial reporting, i.e. the
financial year 1 January 2024–31 December
2024. The Sustainability Report contains
information on the company’s upstream and
downstream value chain.
transport used for commuting are based
on Statistics Finland’s publications. In
addition, IEA.org and DEFRA (gov.uk)
publish emission factors annually, which,
if necessary, are retrospectively applied
to adjust the emission calculations for
previous periods.
This is Alma Media’s first Sustainability
Report prepared in accordance with the
Finnish Accounting Act.
The report contains the information required
by the Taxonomy Regulation (EU) 2020/852
between sections ESRS 2 and E1 of the
Sustainability Report.
Alma Media’s material sustainability topics
are:
• E1-1 Climate change adaptation
• S1-2-2 Equal treatment and equal
opportunities for the company’s own
workforce: Training and skills develop-
ment
• S3-2-1 Civil and political rights of affect-
ed communities: Freedom of speech
• S4-1-1 Impacts related to the data of
consumers and end-users: Privacy
• S4-3-3 Social inclusion of consumers
and/or end-users: Responsible market-
ing practices
• G1-1 Business conduct and manage-
ment: Corporate culture
BP-2 Disclosures in relation to specific
circumstances
In this report and the materiality assessment
on which the report is based, the time
horizons are defined as follows: short-term
is less than one (1) year, medium-term is 1–5
years, and long-term is more than 5 years.
In the information on emissions calculations
provided in section E1 of the report, indirect
data sources have been used as follows:
• Scope 1: for the emission factors of the
energy used by cars outside Finland, EU-
level fuel coefficients from IEA.org and
a country-specific emission factor for
electricity from IEA.org (Czech Republic)
• Scope 2: country-specific emission
factors for energy consumption at
properties outside Finland from IEA.org
• Scope 3: For purchases in all categories,
currency-based emission factors
based on DEFRA (gov.uk) calculations
have been used, and for energy and
transmission losses, country-specific
emission factors from IEA.org have been
used (excluding: air travel in Finland,
Posti’s delivery services and air freight in
delivery operations from Jetpak Oy). In
addition, for cloud computing services,
the currency-based emission factors
provided by the service providers AWS
and Google Cloud have been used. For
Finland, municipal waste treatment meth-
ods and the breakdown of modes of
The material topics and their connection
to the strategy and business model are
presented in the table in section SBM-3 of
the report. More detailed information on the
material themes is provided in sections E1,
S1, S3, S4 and G1 of the report. In addition,
disclosure requirements are responded to in
section ESRS 2 of the report as follows: the
governance model is described in paragraph
GOV-1, the integration of sustainability
targets in remuneration is described in para-
graph GOV-3, and the key impacts, risks and
opportunities and their identification with
respect to the material topics are described
in paragraphs SBM-3 and IRO-1.
Governance
GOV-1 – The role of the administrative,
management and supervisory bodies
Alma Media’s Board of Directors had eight
members in 2024. The number of executive
members of the Group Executive Team was
10, including the CEO. In 2024, the average
number of non-executive members was 24.
Starting from 1 January 2025, with regard
to the Alma Media Group’s employees in
Finland, employee representation in the
company’s administration is implemented
via the Extended Management Team by
having the employee groups represented
in the Alma Media Group appoint one (1)
representative, and a personal deputy for
ANNUAL REPORT 2024
37
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
that representative, to the business unit’s
Extended Management Team. The represen-
tative participates in the meetings and work
of the Extended Management Team at least
once a year.
The Group Executive Team has significant
expertise in the company’s media and
marketplaces businesses and in the man-
agement of the company’s main market
areas. The average work experience among
the members of the Group Executive Team
is 16 years with the company. The gender
diversity of the members of the Board of
Directors is 25% female and 75% male. The
gender diversity of the Group Executive
Team is 40% female and 60% male. All of
the members of the Board of Directors are
independent of the company, and 37.5% of
the members of the Board of Directors are
independent of the company’s significant
shareholders. In 2024, the company’s
Board of Directors consisted of Catharina
Stackelberg-Hammarén (Chair), Eero Broman
(Deputy Chair), Heikki Herlin, Peter Immonen,
Ari Kaperi, Esa Lager, Alexander Lindholm
and Kaisa Salakka.
The CEO is responsible for the implemen-
tation of sustainability-related impacts,
risks and opportunities as part of business
management processes. The CEO is also
responsible for the implementation of the
sustainability targets, and the CEO reports
to the Board of Directors on material
sustainability-related impacts, risks and
opportunities. The Group Executive Team
addresses the Group’s sustainability targets
before the CEO presents them to the
Board of Directors. For its part, the Group
Executive Team monitors the implementation
of the approved sustainability measures
and sustainability-related impacts, risks
and opportunities on a regular basis in its
meetings.
The CEO has delegated the company’s risk
management and the management of the
operational processes of internal control
to the Group CFO. The assessment of
material sustainability-related impacts and
the identification of risks are integrated into
the company’s normal risk management
process. The Executive Vice President,
Communications and Brand is responsible
for the monitoring and implementation of
the Group’s sustainability programme as
part of the Group’s rolling strategy process,
and for taking the views of stakeholders into
consideration.
Sustainability-related matters are addressed
on a regular basis in meetings of the Board
of Directors and its committees. Based
on the Group’s sustainability targets, the
management teams in charge of the Group’s
business areas prepare their own sustain-
ability targets for approval by the boards
of directors of the Group’s subsidiaries.
The Executive Vice Presidents in charge of
the business areas are responsible for the
implementation of the business area-specific
sustainability targets, and the achievement
of the targets is monitored by the boards
of directors of the Group companies and
the business area management teams. In
addition, the Group CFO leads Alma Media’s
risk management steering group, which
addresses sustainability-related risks as part
of the company’s overall risk assessment.
Through regular reviews, the members of the
Board of Directors receive information about
the company’s most material sustainabili-
ty-related impacts, risks and opportunities,
as well as progress towards the company’s
sustainability targets. The reviews also
ensure that the Board of Directors has
up-to-date knowledge and expertise in
sustainability matters. Prior to the start of
the sustainability reporting process, the
members of the Group Executive Team
were familiarised with EU regulation and the
main stages of the process. This increased
the preparedness to continue towards the
double materiality assessment process. The
main stages of the process are described
below in paragraph IRO-1. Alma Media’s ma-
terial sustainability topics were determined
as a result of the process. The company
reports on these topics in accordance with
the Finnish Accounting Act.
GOV-2 – Information provided to and
sustainability matters addressed by
the undertaking’s administrative,
management and supervisory bodies
The Board of Directors met 10 times during
the financial year 2024 and addressed
the sustainability topics listed below. The
reporting of sustainability topics to the
Board of Directors is the responsibility of
the company’s CEO together with the other
members of the Group Executive Team.
• confirming sustainability targets (short-
and long-term compensation)
• sustainability targets as part of the
company’s business strategy
• monitoring of sustainability targets on a
quarterly basis as part of the Group’s
reporting on financial results
• the status of the preparations for
the commencement of sustainability
reporting, on a quarterly basis
• evaluating and approving the materiality
assessment related to sustainability
reporting
• a review of reliable journalism and
responsible advertising as part of the
strategy of the media business
• the results of the employee survey
(responsible management and human
resources management)
• updates to the Group’s financing policy,
tax policy and data security policy
• a summary of Whistleblow reports
submitted in 2024
ANNUAL REPORT 2024
38
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
• a status update on the management of
data security in 2024
In addition, during the financial period, the
committees of the Board of Directors ad-
dressed sustainability-related topics in their
meetings with regard to reporting and human
resources management, for instance, and
the Group’s sustainability targets are also
taken into account in the Board of Directors’
decision-making when deciding on invest-
ments, for example. The Audit Committee
steers and monitors the preparation of the
company’s sustainability reporting.
The Board of Directors and the Audit
Committee have
- confirmed the sustainability targets (short-
and long-term compensation); - set sus-
tainability targets as part of the company’s
business strategy;
- monitored the achievement of the sustain-
ability targets on a quarterly basis as part of
the Group’s reporting on financial results;
- monitored the status of the preparations
for the commencement of sustainability
reporting on a quarterly basis;
- evaluated and approved the materiality as-
sessment related to sustainability reporting.
The Board of Directors has also addressed
the following topics: a review of reliable jour-
nalism and responsible advertising as part
of the strategy of the media business; the
results of the employee survey (responsible
management and human resources man-
agement); updates to the Group’s financing
policy, tax policy and data security policy;
a summary of the Whistleblow reports
submitted in 2024; and a status update on
the management of data security in 2024;
in addition, the Board of Directors’ commit-
tees have discussed sustainability-related
topics in their meetings during the financial
period with respect to reporting and human
resources management, for example.
During the financial year 2024, the following
sustainability-related topics were addressed
in seven meetings of the Group Executive
Team on the basis of reviews presented by
sustainability specialists: sustainability-relat-
ed risks, materiality assessment, results and
material topics, the progress of the strategy
relative to the sustainability targets, and the
management and internal control of sustain-
ability matters in Alma Media’s governance
model.
GOV-3 – Integration of sustainability-
related performance in incentive
schemes
In 2024, sustainability targets were inte-
grated in the performance bonus targets
of all Alma employees. For the CEO, the
earning opportunity based on the short-term
reward scheme may not exceed 100% of the
fixed annual salary, and for the members
of the Group Executive Team, the earning
opportunity may not exceed 70% of the fixed
annual salary. Metrics and targets related to
sustainability themes constitute part of the
assessment of performance.
In 2024, the sustainability targets consisted
of environmental targets, social responsibil-
ity targets and governance-related targets.
A 10% share of the performance bonus
payable is linked to the achievement of the
sustainability targets specified in the table
below.
Based on preparatory work by the
Nomination and Compensation Committee,
Alma Media’s Board of Directors decides on
the remuneration and other financial benefits
of the President and CEO and the members
of the Group Executive Team, as well as the
Group’s short-term and long-term reward
schemes. The compensation of Alma Media’s
Board of Directors is not linked to Alma
Media’s performance.
ANNUAL REPORT 2024
39
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
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Sustainability targets as part of the compensation of all employees.
Topic KPI Target Results in 2024 Results in 2023
Environment
Carbon footprint
Own operations (Scope
1 & 2)
CO
2
emissions of electricity, heating and
cooling, energy consumption of company cars
-52% (2019–2030)
-4.73% per year
-6.7% -60% compared to
2019
-31% per year
Carbon footprint
Subcontracting chain
(Scope 3)
CO
2
emissions caused by the subcontracting
chain
-14% (2019–2030)
-1.27% per year
-12.4%
-3.0%
-9.8% compared to
2019
-3.3% per year
Social
responsibility
Own employees Quality of working life, Peakon Engagement
index (2023 Quality Worklife (QWL index))
Peakon Engagement index 7.8 Peakon Engagement
index 7.7
QWL 79.7%
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 0
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
4
0
5
0
Good governance
Ethics in business Code of Conduct compliance 100% of the company’s own employees have completed Code
of Conduct training.
100% 100%
Subcontracting chain Completion of training on the Supplier Code of
Conduct (SCoC)
90% of significant suppliers have completed SCoC training 95.5% 92%
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GOV-4 – Statement on due diligence
Alma Media Group’s sustainability due
diligence process is based on the company’s
governance model, which combines the key
principles of internal control, risk manage-
ment and sustainability. The governance
model is designed to ensure that the Group’s
business activities are, in all respects,
compliant with the applicable legislation, the
Group’s own policies and the industry’s best
practices.
Alma Media’s Board of Directors is respon-
sible for deciding on the Group’s strategic
guidelines and approving the Group’s key
policies. The Audit Committee of the Board
of Directors monitors the effectiveness of
risk management and internal control.
The CEO is responsible for the Group’s
corporate governance, but the CEO has
delegated the responsibility for practical
control measures to the Group’s financial
and legal functions.
Top management is responsible for ensuring
that all businesses comply with the Group’s
policies and guidelines. The sustainability
due diligence process includes continuous
risk assessment, the implementation of
monitoring measures and the development
of the Group’s operating practices.
Alma Media’s risk management model
covers strategic risks, risks related to re-
sponsible business management, operational
risks and financial risks. Risk identification is
based on both qualitative and quantitative
assessments, and clear risk management
measures are defined for each risk. The
assessment of sustainability-related risks is
integrated into all key business processes.
In the subcontracting chain, Alma Media
requires its suppliers to comply with
sustainability principles. The company’s
data protection practices comply with the
requirements of the EU’s General Data
Protection Regulation (GDPR), and the Data
Protection Officer reports to top manage-
ment on a regular basis on the realisation of
data protection.
Alma Media’s internal control operates in
accordance with the principle of three lines
of defence. The first line of defence consists
of the operational level, which is responsible
for process implementation and documen-
tation. The second line of defence is the
business controlling function, which carries
out regular control as part of reporting. The
third line of defence is oversight and steering
of oversight measures by top management,
including the CEO and CFO.
The Group’s due diligence process also em-
phasises the continuous training of employ-
ees and raising awareness of sustainability
matters. All of the Group’s employees are
familiarised with the Code of Conduct, which
includes, among other things, the principles
of ethical conduct, data security and data
protection, and responsible advertising.
Regular training is provided to employees,
and the training programmes are continuous-
ly updated to correspond to the changing
operating environment. Alma Media has also
introduced a Whistleblow channel, which the
employees can use to anonymously report
potential ethical violations. Whistleblow
reports are handled confidentially and
reported to the Audit Committee of the
Board of Directors. The aim of the process
is to identify and minimise potential negative
impacts and to ensure that the company’s
business operations are responsible and
sustainable in all respects.
The core elements of due diligence are
presented in the general disclosures section
of the Sustainability Report as follows:
a) Embedding due diligence in governance,
strategy and business model: GOV-1, GOV-2,
GOV-3, GOV-4, SBM-3
b) Engaging with affected stakeholders in
all key steps of the due diligence: GOV-2,
GOV-4, SBM-2 and IRO-1; and MDR-P for the
material topics
c) Identifying and assessing adverse impacts:
GOV-4, IRO-1 and SBM-3
d) Taking actions to address adverse
impacts: GOV-4, MDR-A in the paragraphs
concerning the material topics
e) Tracking and communicating the effective-
ness of these efforts: GOV-4, MDR-M and
MDR-A in the paragraphs concerning the
material topics.
GOV-5 – Risk management and internal
controls over sustainability reporting
Alma Media’s sustainability reporting com-
plies with Alma Media’s shared principles
and processes for legally required reporting,
risk management and internal control.
Internal control is an essential part of the
company’s governance and management
systems, covering all of the Group’s func-
tions and organisational levels. The purposes
of internal control include providing sufficient
certainty that the company will be able to
execute its strategy. Internal control is not
a separate process; instead, it is part of the
company’s operations, covering all Group-
wide operational principles, guidelines and
systems.
Risk management is part of Alma Media
Corporation’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 opportunities and threats and to
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manage risks to ensure the achievement of
objectives and business continuity.
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.
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 conse-
quences such as fines, reputational damage,
legal disputes, a negative customer expe-
rience and a poor employee experience.
Managing these risks is an important part
of the sustainable management of business
operations. Risks related to sustainability
reporting fall under the category of gover-
nance risks or social responsibility risks.
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
management systems. The Audit Committee
also discusses the management reports on
significant risks and the company’s expo-
sure to them and it considers the plans to
minimise risks.
The CEO, the Group Executive Team and
other managers in the Group at all organ-
isational levels are responsible for daily
risk management. In each business unit,
a member of the unit’s executive group,
usually the person in charge of the finances,
is responsible for risk management and re-
porting on risk management operations. The
risk management process identifies the risks,
develops appropriate risk management
methods and regularly reports on risk issues
to the risk management organisation and
the Board of Directors. Risk management is
part of Alma Media Corporation’s internal
control and, thus, is part of good corporate
governance.
In Alma Media Group, internal audit
functions have been incorporated into the
responsibilities 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. Alma Media’s
material sustainability-related impacts, risks
and opportunities have been identified in a
double materiality assessment that is based
on the principles of the company’s risk
management process.
The key target is to identify and assess the
risks, threats and opportunities that may
be of relevance to the implementation of
the company’s values and strategy and the
achievement of short-term and longer-term
targets, and to identify and assess the com-
pany’s impacts on society and the environ-
ment. The identification and assessment of
impacts, risks and opportunities covers not
only the company’s own operations but also
the upstream and downstream value chain
and other parties affected by the company’s
operations.
Strategy
SBM-1 – Business model, value chain
and strategy
Alma Media’s business operations consist
of digital marketplaces, media and services.
The Group’s reporting segments are Alma
Career, Alma Marketplaces and Alma News
Media.
The company supports the development of
democratic society by producing pluralistic,
objective and high-quality content as well
as by providing useful, secure and reliable
digital services for consumers and busi-
nesses. Marketplaces and digital services
related to recruitment, housing, business
premises, cars and mobility constitute the
key areas of Alma Media’s business. The
customers include both companies and
consumers. The company’s business model
is based on classified advertising sales on
marketplaces, digital licence and transac-
tion-based charges, media content revenue
and media advertising. The company’s other
services include training, book publishing
and direct marketing businesses. The media
business includes the professional, financial
and national consumer media published by
Alma News Media. The media business is
based on the reach of the content and the
customer and reader relationship between
the audience and the media. The strength of
this relationship can vary from occasional
visitors or buyers of single copies to the
use of online services as registered users of
online services, paying consumers of digital
content and long-term subscribers of print
publications.
Alma Media encourages its key stakehold-
ers, such as customers, employees and
investors, to make sustainable choices by
comprehensively describing the impacts
of its products and services on society,
companies and people on its external and
internal websites.
The company provides quarterly or more
frequent reports to investors on its digital
transformation, climate targets and emission
reductions. Employees are offered low-car-
bon modes of transport for commuting, such
as company bicycles and a public transport
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ticket benefit. The company’s car policy
specifies that only hybrid and electric cars
can be purchased or leased.
Sustainability efforts are an important and
continuously developing aspect of the com-
pany’s operations. Through its actions, Alma
Media aims to maximise its positive impacts
on society and minimise its environmental
footprint. One example of encouraging
stakeholders to make sustainable choices
is the fact that Alma Media is the first media
company in Finland to enable its customers
to measure the carbon footprint of digital
advertising. The environmental impact is
measured for each campaign published in
Alma’s advertising network.
Alma Media’s media and services are the
best-known brands in their segments in
Finland and the Group’s operating countries
in Eastern Central Europe. The popularity
of these services among users is based on
a high level of usability, unique content and
the importance of the social or communal
dimension. Responding to the needs of local
customers is key to success.
Our social responsibility targets support
trust among the users of the services. In both
the service business and the media business,
readers and online visitors constitute target
groups that are characteristic to each brand.
These target groups are the basis for adver-
tising sales. These target group contacts are
sold to advertisers on a brand-specific basis
and as audience segments in Alma’s digital
media and service network. Our social
responsibility targets support trust among
the users of the services.
Alma Media’s purpose is to accelerate the
sustainable growth of individuals, companies
and society. The cornerstones of the com-
pany’s strategy are business transformation,
digital growth and scalability. Resources
needed for value creation, and the impact of
Alma Media's business customers, personnel
and the surrounding society is described
on the following page in the value creation
model. The key success factors in the com-
pany’s value creation include cooperation to
enable sustainable development, common
audiences, data and technologies between
businesses, and a centralised media sales
organisation.
Alma Media’s strategy focuses on strength-
ening the digital marketplaces and media
business. The company leverages data and
technology to develop solutions that support
its core business areas: housing and auto-
motive marketplaces, recruitment services
and the media business. Alma Media pursues
profitable growth by providing companies
with efficient digital services and by devel-
oping content that meets the needs of both
consumers and corporate customers. The
company seeks to strengthen its position in
the European market, particularly in the field
of recruitment services.
The value creation model shown on the next
page describes the added value created
by Alma Media for its stakeholders. As the
Group’s business operations are primarily
digital, the provision of services is mainly
based on human capital (own workforce):
content production, journalism, product and
service development, sales, marketing and
customer service, as well as administrative
back-end services. The value chain includes
the procurement of services, such as
capacity services and information system in-
frastructure, advertising and marketing, and
other expert services related to business
development. The value creation model also
includes print and delivery services related
to print media production.
Alma Media has a 360-degree view
of society: its customers include both
consumers and companies. Our services
also have significant interfaces with public
sector services. We bring market operators
together on shared networks.
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Value creation model
• The professional skills of 1,700
employees in 11 European
countries
• Expertise in technology, digital
marketing, data and journalism
• Invested capital MEUR 419
Investments MEUR 405 in 2020–
2024
• The Alma brand and over 100
content and service brands
• Advanced technology
• Customer and user data
• A carefully selected and well
managed international network of
business partners
• Electricity and water
consumption at offices and data
centres
• Paper consumption (for print and
publishing)
Customers
Employees
Investors
Environment
RESOURCES IMPACT (2024)
BUSINESS MODEL AND SUCCESS DRIVERS
SUSTAINABLE DEVELOPMENT GOALS
We promote collaboration…
…and enable sustainable choices.
* Corporate tax, social security contributions and other taxes paid MEUR
Society
Human talent
Financial
capital
Technology
& intellectual
property
Business
partners
Natural
resources
• Trusted partner: data-safe digital
services
• Enabling sustainable choices for
consumers and professionals in work-life,
living, mobility
• Over 84% of revenue from digital
• MEUR 96 per year in compensation
• Career and talent development of the
workforce
• Promoting diversity, equality and
inclusion.
• Adjusted operating profit MEUR 77
• Dividends MEUR 36
• TSR, Total Shareholder Return
• Sustainability linked investment target
• MEUR 88 in taxes paid*
• Defending democracy and economic
growth
• Impacting the life of 25M people
• Cooperation with the 3rd sector
• Low-emission operations, 273 tCO2eq
• Industry forerunner in low carbon
services
• Accelerating the transition to a low-
carbon digital economy
Shared resources
AUDIENCES
DATA,
TECHNOLOGY
AD SALES
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SBM-2 – Interests and views of
stakeholders
Sustainable development is at the core of
Alma Media’s strategy, and the company
is committed to sustainability from the
perspectives of the environment, society and
employees. This is reflected, for example,
in actions aimed at low-carbon operations,
supporting responsible journalism and
promoting the competence and well-being of
employees.
Alma Media builds cooperation and lever-
ages innovation in order to be a desirable,
relevant and value-creating partner for
its customers and other stakeholders.
Cooperation with industry organisations
aims to continuously develop Alma Media’s
business operations in key areas such as
media, automotive and recruitment.
The collection of data for the double
materiality assessment began with defining
the value chain. This involved identifying the
functions, resources and life-cycle relation-
ships related to the company’s business
model and external operating environment.
This was followed by stakeholder surveys
and interviews to assess the impacts, risks
and opportunities that are material to the
stakeholders. Finally, the scale and likeli-
hood of the identified impacts and related
risks and opportunities, as well as their
irremediable character, were assessed over
three time horizons.
Benefits and views of Alma Media’s stakeholders
Stakeholder Key expectations How the expectations are
met
Engagement channels Key metrics
Employees Fair working conditions,
opportunities for
development, equality, well-
being at work
Investing in well-being at
work programmes, promoting
equality and training
opportunities.
Employee surveys
Internal communications
Training and well-being
programmes
Employee engagement index
Training on employee equality
Shareholders Sustainable profitability, ESG
risk management, responsible
business
Emphasis on long-term ESG
solutions and ethical business
practices.
General meetings of
shareholders
ESG reports
Investor relations
Share price
ESG risk ratings
Local communities Job creation, Reliable
journalism, Responsible
advertising
Supporting local projects and
cooperating with partners.
Compliance with ethical
guidelines for journalism and
advertising
Media outlets’ public open
feedback channels
ICC complaints
Customer satisfaction
Condemnatory decisions by
the Council for Mass Media
Consumers and end-users Safe and responsible
products, ease of use.
Responsible use of data
Responsible advertising
Developing responsible and
user-friendly solutions and
ensuring the responsible use
of data.
Customer feedback channels
User surveys
Customer satisfaction and
NPS measurements
GDPR violations
Value chain workers Safe working conditions,
responsible subcontracting
Ensuring the responsibility of
suppliers through guidelines
and training.
Supplier selection guidelines
Sustainability training
Coverage of Supplier Code of
Conduct training
The table Alma Media’s stakeholder
benefits and views provides a summary of
Alma Media’s stakeholder interaction. The
company takes the views of stakeholders
into account in its business management and
in the conclusions drawn from the materiality
assessment.
The results of stakeholder engagement are
reported to the Board of Directors on a
regular basis. The Board of Directors and the
Group Executive Team have addressed the
results of the employee survey, the results of
the materiality assessment and, in a review
of journalism and responsible advertis-
ing, the perspective of consumers and
end-users. The views of shareholders are
incorporated into decision-making, as some
of the members of the Board of Directors are
linked to shareholders. The key stakeholders
have been taken into consideration in the
company’s strategy work and materiality
assessment as described in sections BP-2
and IRO-1 in this report. Minor specifications
were made to the strategy in 2024. Alma
uses a rolling strategy process. The changes
arise from the changing needs of customers
and the market, as well as changes in the
operating environment.
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SBM 3 – Material impacts, risks and
opportunities and their interaction with
strategy and business model
Based on the results of the materiality assess-
ment, Alma Media’s key sustainability topics
are climate change, own workforce, affected
communities, consumers and end-users, and
business conduct. The table Material sustain-
ability topics and their key content for the
company lists the relevant themes and their
key content for the company. The sustainabil-
ity-related risks and opportunities identified
in the materiality assessment do not have a
significant impact on Alma Media’s cash flow,
financial result or assets. The impacts of sus-
tainability-related risks and opportunities on
the company’s financial position are estimated
to be small, i.e. the business strategy is resilient
in the short- and long-term. With regard to the
impacts, risks and opportunities, the entire
content of the Sustainability Report is based
on the ESRS standards. In connection with the
risk assessment and the assessment of double
materiality, the relationships between impacts
and dependencies and the risks and opportu-
nities that may arise from these impacts and
dependencies have been taken into consider-
ation. This included assessing the company’s
transformation from the newspaper business
to digital business, which has reduced climate
impacts and material use and dependencies
related to biodiversity, for example. The most
significant connections concerning the impacts,
opportunities and risks are presented in the
Material sustainability topics and their key content for the company
Sustainability topic, sub-
topic and sub-sub-topic
Sustainability impact and its link to the
business
Type Location in the value
chain
Time horizon
E-1 Climate change
adaptation
Services for data-driven management in the real
estate sector help customers adapt to the impacts
of climate risks.
Financial
opportunity
Own operations
Downstream
Will become material in
the long term
S1-2 Equal treatment and
equal opportunities;
S1-2-2 Training and skills
development
Employee competence development is key from
the perspective of the employees’ careers and the
implementation of the company’s strategy.
Positive impact Own operations Short-term to long-term
S3-2 Civil and political rights
of communities;
S3-2-1 Freedom of
expression
The weakening of freedom of expression is a
financial risk in the industry.
As a responsible operator in the media industry,
we defend the reliability of journalism, democracy
and freedom of expression.
Financial risk Own operations and
downstream value chain
Will become material in
the long term
S4-1 Information-related
impacts on consumers and/
or end-users;
S4-1-1 Privacy
Adverse impacts and risks related to data
protection are material in the company’s sector.
The secure use of services, data security and
personal data protection are of key importance to
our customers.
Financial risk and
negative impact
Downstream value
chain
Short-term to long-
term, growing
S4-3 Social inclusion of
consumers and/or end-
users;
S4-3-3 Responsible
marketing practices
Responsible marketing, equal treatment and the
neutrality of a reliable media environment enable
our customers to grow, which drives the growth of
Alma Media’s business
Financial
opportunity
Downstream value
chain
Short-term to long-
term, growing
G1-1 Corporate culture The demand for the company’s services related
to the management of financial misconduct is
growing.
Misconduct in own operations, among service
providers and third parties, and reputational risks.
Financial
opportunity
Financial risk and
negative impact
Own operations and
downstream value chain
Own operations,
upstream and
downstream value chain
Short-term to long-
term, growing
Short-term to long-term
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table on the material sustainability topics and
their key content.
Impact, risk and opportunity
management
IRO-1 – Description of the processes to
identify and assess material impacts,
risks and opportunities
Alma Media’s material sustainability-related
impacts, risks and opportunities have
been identified in a double materiality
assessment that is based on the principles
of the company’s risk management process.
The key target is to identify and assess the
risks, threats and opportunities that may
be of relevance to the implementation of
the company’s values and strategy and the
achievement of short-term and longer-term
targets. A further target is to identify and
assess the company’s impacts on society
and the environment. The identification
and assessment of impacts, risks and
opportunities covers not only the company’s
own operations but also the upstream and
downstream value chain and other parties
affected by the company’s operations. Alma
Media updated its materiality assessment of
sustainability aspects in 2022–2024 in coop-
eration with Greenstep Oy. The collection of
data for the double materiality assessment
began with defining the value chain. This
involved identifying the functions, resources
and life-cycle relationships related to the
company’s business model and external
operating environment.
The materiality assessment was updated in
two stages. In the first stage in 2022, internal
and external stakeholders’ views on the
company’s actual and potential impacts,
risks and opportunities were surveyed by
means of interviews and questionnaires. The
interviewed stakeholders included employ-
ees, customers, investors, service users and
media audiences.
Alma Media carried out a double materiality
assessment in 2024. A double materiality
assessment takes into consideration impact
materiality and financial materiality. During
the process, the sustainability impacts of the
company’s own operations and value chain
that have an actual or potential impact on
the environment and society were identified,
along with sustainability impacts that have
an actual or potential impact on the financial
position of the company. The impacts
were assessed on the basis of their scale,
scope, duration and remediability. Risks and
opportunities for Alma Media’s business
were assessed on the basis of the monetary
amounts specified in the risk management
process, reputational impacts and, with
regard to risks, also their remediability. The
assessment of impacts, risks and opportu-
nities was expanded from the previous year
to cover sub-topics and sub-sub-topics in
accordance with the European Sustainability
Reporting Standards. This meant that
impacts on consumers and end-users, and
affected communities, for example, were
taken into account better than before. The
final stage of the materiality assessment was
to reassess the actual and likely financial
materiality of certain topics related to
the company’s own employees. Of the S1
themes, only training and skills development
exceeded the materiality threshold in the
end.
In the next stage of the materiality assess-
ment, the impacts, risks and opportunities
were prioritised on the basis of the infor-
mation collected on stakeholder views. This
was carried out by the finance organisation
and by means of management workshops.
The aim of this stage was to include in the
materiality assessment a classification of
sustainability impacts, risks and opportu-
nities, in accordance with the European
Sustainability Reporting Standards, into
topics, sub-topics and sub-sub-topics, and
to take into account the existing guidance
concerning the prioritisation of impacts,
risks and opportunities. As part of this effort,
an assessment scale for the magnitude of
impacts was established. The assessment
of likelihood was based on a standardised
scale used in Alma Media’s risk management
process.
The prioritisation was based on double
materiality. In other words, the workshops
considered the company’s impacts on
the environment, society, employees and
other stakeholders, and the qualitative and
financial risks and opportunities related to
the sustainability aspects for the company’s
business operations. The prioritisation took
into account the likelihood and magnitude of
the impact, risk or opportunity. At the end
of the analysis, five themes were specified
that guide sustainability efforts throughout
the Alma Media organisation. These five
themes are presented in the summary of the
materiality assessment in section SBM-3 of
the report. Impacts, risks and opportunities
related to workers in the value chain,
pollution, water and marine resources,
biodiversity and ecosystems, and resource
use and circular economy were assessed
for the entire value chain, but they did not
exceed the materiality threshold.
Alma Media has assessed the nature of
each of its businesses and the locations
of its sites in order to identify actual and
potential impacts, risks and opportunities
related to pollution, water and marine
resources, biodiversity and ecosystems in
its own operations and in its upstream and
downstream value chain. Dependencies
on biodiversity and ecosystem services
were assessed to be very low in terms
of both impact materiality and financial
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materiality at this stage, particularly because
the businesses have no connection to these
themes and the company operates in leased
premises in the built urban environment, not
in biodiversity-sensitive areas. In relation to
resource use and circular economy, minor
impacts or opportunities were identified
particularly in the marketplaces business,
but their indirect impacts did not exceed
the materiality threshold in the assessment,
and the direct impacts in terms of resource
inflows, resource outflows and waste are
minor in the company’s largely digital
business operations. With regard to all of
these themes, stakeholders have been asked
whether they identify any impacts, risks or
opportunities in Alma Media’s operations
in relation to these or other environmental
themes, and climate impact has emerged as
the only significant theme in the consultation
of stakeholders.
This section provides information required
by ESRS 2 Appendix C on the identification
of non-material topics (ESRS E2, E3, E4, E5
and S2) and the nature of the impacts. With
regard to the topics identified as non-materi-
al on the basis of the materiality assessment,
the connection between Alma Media’s
business and strategy and workers in the
value chain has been assessed by means
of a value chain analysis and a stakeholder
survey, the respondents of which included
workers in the value chain and in which the
respondents representing other stakeholders
also had the opportunity to highlight impacts
related to workers in the value chain.
The conclusion drawn from the materiality
assessment was that the biodiversity-re-
lated impacts of the company, its business
model and strategy are minor, as print media
accounts for a small proportion of revenue
and the printing partners used for print
products use certified paper grades. With
regard to workers in the value chain, the
impacts identified in the materiality analysis
are minor, and no significant risk of child
labour or forced labour has been identified
in the media sector’s value chain in Finland
and Europe.
The materiality assessment was based
on stakeholder surveys and a value chain
analysis conducted on a business-specific
basis, which identified the upstream and
downstream stages of the value chain and
their sustainability impacts. The identification
of impacts, risks and opportunities also took
into account matters raised in the company’s
risk assessment process, a description of
the business strategy and the company’s
environmental reporting data, which include
carbon footprint calculation and also com-
prehensive data on environmental emissions,
water and marine resources, and circular
economy over a period of several years.
Based on this information, some impacts
related to pollution, water and marine
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
BP-2
General disclosures – Basis for preparation
GOV-1
GOV-2
GOV-3
GOV-4
GOV-5
General disclosures – Governance
SBM-1
SBM-2
SBM-3
General disclosures – Strategy
IRO-1
IRO-2
General disclosures – Impact, risk and
opportunity management
ESRS E1 E1.GOV-3 E1 – Climate change - Identification and assessment of material
impacts, risks and opportunities
ESRS E1 E1.IRO-1 E1 – Climate change - Identification and assessment of material
impacts, risks and opportunities
ESRS E1 E1.SBM-3 E1 – Climate change - Identification and assessment of material
impacts, risks and opportunities
ESRS E1 E1-1 E1-1 Transition plan for climate change mitigation
ESRS E1 E1-2 E1-2 Climate change mitigation and adaptation
ESRS E1 E1-3 E1-3 Actions and resources in relation to climate change policies
ESRS E1 E1-4 E1-4 Targets related to climate change mitigation and adaptation
ESRS E1 E1-5 E1-5 Energy consumption and mix
ESRS E1 E1-6 E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions
ESRS S1 S1.SBM-3 S1 – Own workforce - Material impacts, risks and opportunities
related to own workforce
ESRS S1 S1-1 S1 – Own workforce - Training and skills development
ESRS S1 S1-2 S1 – Own workforce - Training and skills development
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Standard Disclosure
requirements
Location in Alma Media’s sustainability report
ESRS S1 S1-3 S1 – Own workforce - Processes to remediate negative impacts
and channels for own workers to raise concerns
ESRS S1 S1-4 S1 – Own workforce - Policies and S1 – Own workforce – Measures
ESRS S1 S1-5 S1 – Own workforce - Involvement of own workforce and
workforce representatives in target-setting; and the basis for
preparation of the metric
ESRS S1 S1-6 S1 – Own workforce - Progress towards targets
ESRS S1 S1-13 S1 – Own workforce - Training and skills development for
employees
ESRS S3 S3.SBM-3 S3 – Affected communities - Identification and assessment of
material impacts, risks and opportunities
ESRS S3 S3-1 S3 – Affected communities - Identification and assessment of
material impacts, risks and opportunities; and Adherence to
human rights policy commitments
ESRS S3 S3-2 S3 – Affected communities - Engaging with affected communities;
and Policies
ESRS S3 S3-3 S3 – Affected communities - Processes to remediate negative
impacts and channels for affected communities to raise concerns
ESRS S3 S3-4 S3 – Affected communities - Measures
ESRS S3 S3-5 S3 – Material impacts, risks and opportunities related to affected
communities; and the basis for preparation of the metric
ESRS S4 S4.SBM-3 S4 – Consumers and end-users - Identification and assessment of
material impacts, risks and opportunities
ESRS S4 S4-1 S4 – Consumers and End Users - Responsible marketing; and Data
Protection, and Code of Conduct; and Compliance with Guiding
Principles on Business and Human Rights
ESRS S4 S4-2 S4 – Consumers and end-users - Engaging with affected
communities
ESRS S4 S4-3 S4 – Consumers and end-users - Processes to remediate negative
impacts and channels for affected communities to raise concerns
ESRS S4 S4-4 S4 – Consumers and end-users - measures
Standard Disclosure
requirements
Location in Alma Media’s sustainability report
ESRS S4 S4-5 S4 – Consumers and end-users - Material impacts, risks and
opportunities related to consumers and end-users; and Engaging
with affected communities; and Basis for preparation of the
metrics
ESRS G1 G1.GOV-1 G1 – Business conduct - The role of the administrative,
management and supervisory bodies
ESRS G1 G1-1 G1 – Business conduct - Identification and assessment of material
impacts, risks and opportunities; Policies; and Mechanisms for
identifying, reporting and investigating concerns; and Basis for
preparation of the metrics
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resources, biodiversity and circular economy
were identified, but they were found to be
non-material for the company’s operations.
To support impact identification, the com-
pany also has an anonymous whistleblowing
channel and a comprehensive internal
control process, which is described in more
detail in section GOV-4, but these channels
for raising concerns have not revealed any
incidents related to the non-material topics.
Based on the results of the materiality as-
sessment, the company selected its material
topics, which are topics that were identified
as critical based on impact materiality or
financial materiality or both. In other words,
they exceeded the materiality threshold
set by the company either in isolation or
in terms of their combined impact. The
relationships of the impacts to risks and
opportunities have been taken into account
in their assessment.
The themes are also part of Alma Media’s
strategic sustainability targets, which guide
Alma Media’s target setting. The company’s
Board of Directors confirmed the themes
and updated targets in spring 2024. The
next step was to utilise a framework in
accordance with the European Sustainability
Reporting Standards to classify the sustain-
ability themes and identify data points for
sustainability reporting. Monitoring is carried
out in accordance with Alma Media’s general
internal control model.
Alma Media’s risk management process
and the responsibilities related to it are
described in more detail earlier in section
Governance GOV1-GOV-5 in this report. The
management of sustainability risks is guided
by the results of the materiality assessment
and the annual general risk assessment
process. Alma Media’s experts specialising
in different sustainability topics monitor
sustainability risks and report on them
to Alma Media’s Executive Management
Group and Audit Committee in accordance
with Alma Media’s governance model and
annual calendar. The monitoring of sustain-
ability risks is planned, documented and
implemented in business processes using a
risk-based approach.
IRO-2 – Disclosure requirements in
ESRS covered by the undertaking’s
sustainability statement
List of disclosure requirements: Based on the
results of the materiality assessment, Alma
Media’s material sustainability topics are
climate change adaptation; equal treatment
and equal opportunities for the company’s
own workforce, especially training and
skills development; freedom of expression
under the civil and political rights of affected
communities; privacy under information-re-
lated impacts on consumers and end-users;
responsible marketing practices under the
social inclusion of consumers and end-users;
and corporate culture under business
conduct. The applicable disclosure require-
ments were determined on the basis of
these topics. All of the mandatory questions
in the sections E1 and S1 are answered in
this report. In sections S3, S4 and G1, the
disclosure requirements are addressed to
the extent that they are material, as indicat-
ed in the table below.
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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
Disclosure requirement mentioned in other legislation and the related data point SFDR Pillar 3
Benchmark
Regulation EU Climate Law
In Alma Media’s
report
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) X X GOV-1
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) X GOV-1
ESRS 2 GOV-4 Statement on due diligence paragraph 30 X GOV-4
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i X X X No involvement
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii X X No involvement
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii X X No involvement
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40
(d) iv
X No involvement
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 X E1
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g) X X Not material
ESRS E1-4 GHG emission reduction targets paragraph 34 X X X Not material, but
information is
provided in section
E1
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact
sectors) paragraph 38
X Not material
ESRS E1-5 Energy consumption and mix paragraph 37 X Not material, but
information is
provided in section
E1
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 X Not material
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 X X X Not material, but
information is
provided in section
E1
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Disclosure requirement mentioned in other legislation and the related data point SFDR Pillar 3
Benchmark
Regulation EU Climate Law
In Alma Media’s
report
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 X X X Not material, but
information is
provided in section
E1
ESRS E1-7 GHG removals and carbon credits paragraph 56 X Not material
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 X Not material
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk X Not material
ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c) X Not material
ESRS E1-9 Breakdown of the carrying value of the company’s real estate assets by energy-efficiency
classes paragraph 67 (c)
X Not material
ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69 X Not material
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant
Release and Transfer Register) emitted to air, water and soil, paragraph 28
X Not material
ESRS E3-1 Water and marine resources paragraph 9 X Not material
ESRS E3-1 Dedicated policy paragraph 13 X Not material
ESRS E3-1 Sustainable oceans and seas paragraph 14 X Not material
ESRS E3-4 Total water recycled and reused paragraph 28 (c) X Not material
ESRS E3-4 Total water consumption in m
3
per net revenue on own operations paragraph 29 X Not material
ESRS 2 – IRO 1 – E4 paragraph 16 (a) i X Not material
ESRS 2 – IRO-1 – E4 paragraph 16 (b) X Not material
ESRS 2 – IRO-1 – E4 paragraph 16 (c) X Not material
ESRS E4-2 Sustainable land/agriculture practices or policies paragraph 24 (b) X Not material
ESRS E4-2 Sustainable oceans/seas practices or policies paragraph 24 (c) X Not material
ESRS E4-2 Policies to address deforestation paragraph 24 (d) X Not material
ESRS E5-5 Non-recycled waste paragraph 37 (d) X Not material
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 X Not material
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Disclosure requirement mentioned in other legislation and the related data point SFDR Pillar 3
Benchmark
Regulation EU Climate Law
In Alma Media’s
report
ESRS 2 – SBM-3 – S1 Risk of incidents of forced labour paragraph 14 (f) X IRO 1
ESRS 2 – SBM-3 – S1 Risk of incidents of child labour paragraph 14 (g) X IRO 1
ESRS S1-1 Human rights policy commitments paragraph 20 X S1
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor
Organisation Conventions 1 to 8, paragraph 21
X S1
ESRS S1-1 Processes and measures for preventing trafficking in human beings paragraph 22 X Not material
ESRS S1-1 Workplace accident prevention policy or management system paragraph 23 X Not material
ESRS S1-3 Grievance/complaints handling mechanisms paragraph 32 (c) X S1
ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) X X Not material
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) X Not material
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) X X Not material
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) X Not material
ESRS S1-17 Incidents of discrimination paragraph 103 (a) X Not material
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 104
(a)
X X Not material
ESRS2 – SBM-3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) X IRO 1
ESRS S2-1 Human rights policy commitments paragraph 17 X Not material
ESRS S2-1 Policies related to value chain workers paragraph 18 X Not material
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines
paragraph 19
X X Not material
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor
Organisation Conventions 1 to 8, paragraph 19
X Not material
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain
paragraph 36
X Not material
ESRS S3-1 Human rights policy commitments paragraph 16 X Not material
ESRS S3-1 Non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines
paragraph 17
X X Not material
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Disclosure requirement mentioned in other legislation and the related data point SFDR Pillar 3
Benchmark
Regulation EU Climate Law
In Alma Media’s
report
ESRS S3-4 Human rights issues and incidents paragraph 36 X Not material
ESRS S4-1 Policies related to consumers and end-users paragraph 16 X S4
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 X X S4
ESRS S4-4 Human rights issues and incidents paragraph 35 X Not material
ESRS G1-1 United Nations Convention against Corruption paragraph 10 X Not material
ESRS G1-1 Protection of whistleblowers paragraph 10 (d) X G1
ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) X X Not material
ESRS G1-4 Standards of anti-corruption and anti-bribery paragraph 24 (b) X Not material
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E – Environment
Disclosures pursuant to Article 8
of Regulation (EU) 2020/852
The Taxonomy is a classification system for
the financial market based on Regulation
(EU) 2020/852, valid from the beginning of
2022, listing economic activities that are
sustainable with respect to the climate and
the environment. The goal of the Taxonomy
is to reorient capital flows towards sustain-
able investments so that the EU can achieve
the ambitious emission reduction targets it
has set for itself. Technical screening criteria
under the Taxonomy have yet to be defined
for Alma Media’s main businesses, i.e. the
digital marketplaces business and the media
business.
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
adaptation; (c) the sustainable use and
protection of water and marine resources;
(d) the transition to a circular economy; (e)
pollution prevention and control; and (f) the
protection and restoration of biodiversity
and ecosystems.
Alma Media has carried out assessments
of Taxonomy eligibility and Taxonomy
alignment on the basis of the EU’s Taxonomy
Regulation, its Delegated Acts and guidelines
issued by the European Commission. Alma
Media’s experts in each subject area have
assessed whether the business activity
corresponds to the descriptions of econom-
ic activities identified in the taxonomy. None
of the business activities are Taxonomy-
eligible. After the assessment of Taxonomy
eligibility, the next step in the process is to
consider whether each economic activity
makes a substantial contribution to one or
more of the environmental objectives and
whether it causes significant harm to one
or more of the environmental objectives.
These steps for determining Taxonomy
alignment could not be carried out because
the business activities were not Taxonomy
eligible. Minimum safeguards were assessed
at the company level. Alma Media also
utilised the support of external specialists in
the assessment.
Reporting principles
The Taxonomy-related reporting obligations
include a description of the accounting
principles concerning the financial KPIs,
including the calculation criteria for the
numerator and the denominator. In this
section, we discuss how turnover, capital
expenditure and operating expenditure have
been defined and allocated to the numera-
tor, and describe the calculation criteria for
turnover, capital expenditure and operating
expenditure included in the denominator.
The turnover KPI determines the degree to
which the Group’s activities are Taxonomy-
eligible and Taxonomy-aligned. The capital
expenditure and operating expenditure KPIs
illustrate how the Group aims to improve its
infrastructure, processes and production
lines to become a low-carbon operator or
reduce climate emissions.
Turnover
In determining Taxonomy-eligible and
Taxonomy-aligned turnover, the numerator
includes the estimated total turnover of
products and services relating to Taxonomy-
eligible and Taxonomy-aligned economic
activities. The denominator corresponds to
Alma Media Group’s revenue as reported
in the consolidated financial statements for
2024. With regard to turnover, we have not
identified significant activities as Taxonomy-
eligible or Taxonomy-aligned, i.e. the
Taxonomy eligibility of turnover is 0%.
Capital expenditure
In determining Taxonomy-eligible capital
expenditure, the numerator includes
capital expenditure on assets relating to
Taxonomy-eligible and Taxonomy-aligned
economic activities. The denominator covers
investments in tangible and intangible assets
during the financial year, as reported in
Alma Media Group’s financial statements for
2024. With regard to capital expenditure,
we state that the percentage of material
Taxonomy-eligible or Taxonomy-aligned
capital expenditure was 0% in 2024.
Operating expenditure
In determining Taxonomy-eligible operating
expenditure, Alma Media includes in the
numerator the direct operating expenditure
associated with products and services
relating to Taxonomy-eligible and Taxonomy-
aligned economic activities. The denomina-
tor includes direct expenditure relating to
research and development, building reno-
vations, leases, maintenance and repairs,
and other direct expenses associated with
tangible and intangible assets. Taxonomy-
eligible or Taxonomy-aligned operating
expenditure is reported as 0%, as there were
no Taxonomy-aligned business activities.
Changes from the previous reporting period
Among ICT solutions, digital housing services
and services related to cars and mobility
are no longer reported as Taxonomy-eligible
activities in category 8.2 Computer program-
ming, consultancy and related activities,
Alma Media’s training services are no longer
reported in category 11 Education, and
Alma Media’s digital media business is no
longer reported in category 8.3 Programming
and broadcasting, because for all of these
categories, the interpretation concerning the
description of the activities is now stricter
than before. The comparison year’s figures
in the table have been adjusted accordingly.
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Table 1: Revenue
Proportion of turnover from products or services associated with taxonomy-aligned economic activities – disclosures on the year 2024.
Financial year 2024
2024 Substantial contribution criteria
“Does Not Significantly Harm” criteria
(DNSH)
Economic activities
Code
Revenue
Proportion of turnover, year 2024
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 312.7 100.0%
TOTAL 312.7 100.0%
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Table 2: Capital expenditure
Proportion of CapEx from products and services associated with taxonomy-aligned economic activities – disclosures on the year 2024
Financial year 2024
2024 Substantial contribution criteria
“Does Not Significantly Harm” criteria
(DNSH)
Economic activities
Code
CapEx
Proportion of CapEx, year 2024
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 4.5 100.0%
TOTAL 4.5 100.0%
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Table 3: Operating expenditure
Proportion of OpEx from products and services associated with taxonomy-aligned economic activities – disclosures on the year 2024.
Financial year 2024
2024 Substantial contribution criteria
“Does Not Significantly Harm” criteria
(DNSH)
Economic activities
Code
Operating expenditure
Proportion of OpEx, year 2024
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 13.8 100%
TOTAL 13.8 100%
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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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E1 – Climate change
E1-1 Transition plan for climate change
mitigation
With regard to climate change adaptation,
Alma Media has identified a financially
material business opportunity in how
the company creates opportunities for
data-driven management for its customers in
the real estate sector.
Alma Media’s strategy is based on digital
transformation, which has been successfully
implemented for several years now. Over the
years, the company has transformed from a
print media business to a digital media and
service company operating in 11 European
countries. The company’s transformation
has significantly contributed to its transition
to low-emission operations, and its negative
impacts on the environment have decreased
significantly.
Alma Media Group’s companies do not
operate in high climate impact sectors based
on the Annex to Commission Delegated
Regulation C(2023) 5303 supplementing
Directive 2013/34/EU, in which high climate
impact sectors are defined as listed in
Sections A to H and Section L of Annex I
to Regulation (EC) No 1893/2006 of the
European Parliament and of the Council (as
defined in Commission Delegated Regulation
(EU) 2022/1288).
Alma Media Group belongs to section J -
Information and Communication, with the
activities corresponding to divisions 58, 62
and 63.
Alma Media’s activities in relation to climate
change are based on the Sustainability-Linked
Finance Framework published by the com-
pany’s management in 2023. The framework
identifies Alma Media’s commitments related
to its own climate impacts as well as the
opportunities arising from digital business and
the change in Alma Media’s business opera-
tions. In formulating this policy, the company
has taken into account the wishes of its
stakeholders, such as customers, consumers
and investors, with regard to climate action.
The company does not yet have a transition
plan to reach climate neutrality by 2050.
Identification and assessment of material
impacts, risks and opportunities
Alma Media develops new business models
for climate change mitigation in cooperation
with stakeholders. Examples of such services
include:
• travel time search tool in the housing
marketplace, which enables people to
look for housing that is close to their
current home or workplace, taking into
account travel time and the mode of
transport used, thereby reducing mobility
needs.
• Asuntopuntari and Aluepuntari, which
provide operators in the financial
sector with real-time data from a single
source on the environmental impacts of
residential or commercial properties that
is necessary for the assessment of col-
lateral. Asuntopuntari provides the user
with a view of the overall sustainability of
the property, its fair value at present and
in the future, and potential sustainability
risks related to a residential property.
• Urakkamaailma is a competitive bidding
service for renovation and home im-
provement services, which also enables
consumers to choose contractors based
on sustainability data.
The management of climate-related risks has
been integrated into the Group’s risk man-
agement process and adheres to the same
operating models as the management of
other significant risks and uncertainties. Risks
are identified and assessed on a regular basis
and in accordance with a predetermined
process. Owners are designated for risks.
They are responsible for risk management.
Risks are reported and monitored on a
regular basis in various teams made up of
management employees and specialists.
The material climate change-related impacts,
risks and opportunities have been identified
in a double materiality assessment that is
based on the principles of the company’s
risk management process. The materiality
assessment is described in section ESRS
2 of the report. Ensuring undisrupted and
continuous operations under all circumstanc-
es is a key aspect of risk assessment. The
key identified risks are incorporated into the
company-level risk management process.
The environmental impacts of operations are
assessed, for example, in the environmental
impact assessments of investment projects.
The successful execution of Alma Media’s
digital transformation strategy has had a
positive impact on the company’s environ-
mental profile: the production and distribution
of digital content and services is more
cost-efficient than print products. At the same
time, the transition to low-carbon society
has created business opportunities for the
company and increased resource efficiency.
During the past seven years, Alma Media has
halved the greenhouse gas emissions arising
from its own operations and further increased
the ambition of its environmental targets for
its own operations and its subcontracting
chain.
In 2024, digital sources accounted for
84%, or over MEUR 263, of Alma Media’s
business. The transition from print to digital
has been reflected in improved profitability
and increased adjusted operating profit. The
Group’s capital expenditure under the digital
business model has amounted to at least
MEUR 4 annually over the past few years.
Regulatory risks related to the printing of
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Material impacts, risks and opportunities related to climate change adaptation
Current state Financial opportunities for Alma Media Management
Products
Alma Media’s products and services are mainly
digital and can be produced using renewable
energy
There are market opportunities in general in digital services.
Of these, services for the real estate sector were identified in
the materiality assessment as the most material with regard
to climate change adaptation. Consumer preference for
low-carbon products has also been taken into consideration.
The transition from print to digital has been reflected in im-
proved profitability and increased adjusted operating profit.
Regulatory risks related to the printing of publications and
forest use, which promote market opportunities, are identi-
fied, assessed and managed.
Digital sources already account for 84% of
the company’s revenue. Marketplaces and
digital services enable users to make envi-
ronmentally friendly choices in the housing
and automotive verticals. Alma Media
providers advertisers with carbon footprint
calculations for digital campaigns
GHG emissions in own operations
Alma Media’s operations cause climate-warming
GHG emissions (Scope 1 and Scope 2), but its
own operations are low in emissions (273 tCO-
2
eq). Alma Media is a forerunner in its sector and
an accelerator of the transition to a low-carbon
society
The realisation of market opportunities in climate change
adaptation services is promoted by the company’s own
emission targets. For example, Alma Media is committed to
reducing its absolute Scope 1 and 2 GHG emissions by 52%
by 2030, using 2019 as the base year.
Alma Media’s SBTi targets are based on the
Paris Agreement, which aims to limit global
warming to 1.5°C at most.
Upstream and downstream value chain GHG emissions
Alma Media’s upstream and downstream value
chain cause climate-warming GHG emissions,
and not all operators are prepared to adapt to
the impacts of climate change (Scope 3)
The comprehensive identification of the value chain’s climate
impacts and their accurate measurement and reduction are
more challenging than in the company’s own operations. Only
part of the companies in Alma Media’s supply chain have set
climate targets or drawn up a transition plan.
Alma Media engages in active dialogue
to engage its suppliers’ commitment to
climate targets
+ Alma Media’s products and services are mainly
digital and can be produced using renewable
energy
+ Alma Media is an industry forerunner in
low-carbon services
There are market opportunities in general in digital services.
Of these, services for the real estate sector were identified in
the materiality assessment as the most material with regard
to climate change adaptation. Consumer preference for
low-carbon products has also been taken into consideration.
The transition from print to digital has been reflected in im-
proved profitability and increased adjusted operating profit.
Regulatory risks related to the printing of publications and
forest use, which promote market opportunities, are identi-
fied, assessed and managed.
Digital sources already account for 84% of
the company’s revenue. Marketplaces and
digital services enable users to make envi-
ronmentally friendly choices in the housing
and automotive verticals. Alma Media
providers advertisers with carbon footprint
calculations for digital campaigns
print products and forest use are identified,
assessed and managed in cooperation
between Alma Media’s finance function and
the business unit.
Alma Media engages in climate efforts and
actively seeks to reduce emissions in its own
operations and its subcontracting chain in
order to be a credible operator as it aims to
contribute to the transition to a carbon-neu-
tral society together with its stakeholders.
Although climate change mitigation did
not exceed the materiality threshold in the
materiality assessment, the Alma Media’s
climate change mitigation measures support
the company’s digital transformation strategy.
Consequently, information on climate change
mitigation is provided in accordance with
section E1 of the standard, including emission
data and emission targets.
In order to mitigate climate change, Alma
Media aims to reduce the GHG emissions
of its own operations and its subcontracting
chain. In accordance with its 1.5°C targets
validated by the Science Based Targets ini-
tiative, Alma Media is committed to reducing
its absolute Scope 1 and Scope 2 emissions
by 52% and its Scope 3 emissions by 14% by
2030, using 2019 as the base year. Over the
past seven years, Alma Media has halved the
GHG emissions arising from its own opera-
tions and further increased the ambition of its
environmental targets.
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E1-2 Climate change mitigation and
adaptation
Alma Media is committed to reducing its
GHG emissions in accordance with the
principles of the Science Based Targets
initiative (SBTi 1.5°C) and adapting to climate
change in various ways.
Alma Media’s plan is based on achieving the
company’s validated science-based SBTi
1.5°C climate targets by 2030. To achieve
the targets, the company has established
action plans concerning the minimisation of
the GHG emissions of its own operations and
reducing the climate impacts of products,
services and the supply chain. The climate
change mitigation plan supports the Paris
Agreement’s goal of limiting global warming
to no more than 1.5°C compared to the
pre-industrial era, and it simultaneously
contributes to the company’s adaptation to
a low-carbon future.
E1-3 Actions and resources in relation
to climate change policies
To adapt to climate change, Alma Media
recognizes and manages climate change
related risks and opportunities. The compa-
ny has developed its operational reliability
by moving all business-critical services to
the cloud and purchasing server capacity
from modern data centres. Alma Media
also engages in active dialogue with its key
suppliers to manage environmental risks and
support climate targets.
Code of Conduct
Alma Media’s policy regarding climate
change mitigation is the long-term com-
mitment of the company’s management to
climate targets validated by the Science
Based Targets initiative. The company is
committed to transitioning to renewable
energy and fossil-free fuels, supporting
the transition and switching to fossil-free
alternatives for its purchased electricity and
heat in all of its operating countries. The
company is also committed to the continu-
ous improvement environmental efficiency
and energy efficiency.
Alma Media is a forerunner in sustainability
in the media sector, and the company has
strategic sustainability targets for the
climate. The company’s key suppliers are
required to commit to Alma Media’s Supplier
Code of Conduct, and they are encouraged
to set GHG emission reduction targets in
accordance with the Science Based Targets
initiative, for example.
Measures
In the action plan that is aligned with Alma
Media’s targets validated in 2022 by the
Science Based Targets initiative (SBTi),
emission reductions are allocated partic-
ularly to reducing emissions arising from
the use of company cars and the energy
consumption of business premises and, in
the subcontracting chain, reducing emissions
arising from the procurement of printing
and logistics services. The carbon footprint
- 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)
-1 660
- 30
12 919
16 099
-1 490
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)
of Alma Media’s own operations is small,
and only 2% of the GHGs generated by the
Group arise in the Group’s own operations,
while 98% arise in the subcontracting chain.
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The measures taken in 2024 did not require
significant investments or increases in oper-
ating expenditure. Company cars have been
replaced at the end of their normal lease
term. Switching to renewable sources for
the energy consumed at business premises
has been accomplished through cooperation
with property owners. With regard to print
products, the digital transition of services
has contributed to reducing emissions
generated by printing and logistics in the
subcontracting chain.
Measures and progress towards targets 2023 outcome 2024 outcome 2030 target
Scope 1, Finland: electrification rate of company cars 52% 65% 100%
Scope 1, other countries: replacing company cars with lower-emission
models
29% 51% 100%
Scope 2: Increasing the zero-emission energy rate of business premises 64% 64% 100%
Scope 3: Reducing printing-related emissions through the digital
transformation of products
-7% -19%
Scope 3 emissions -14%
from the 2019 level
Scope 3: Reducing logistics-related emissions through the digital
transformation of products
-5% -8%
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E1-4 Targets related to climate change
mitigation and adaptation
According to the SBTi target set by Alma
Media in 2022, the company must reduce
its GHG emissions caused by electricity,
district heating, district cooling and fuel
consumption by 4.73% annually until 2030.
Indirect GHG emissions from procurement
must be decreased by 1.27% annually until
2030. Alma Media is committed to reducing
its absolute Scope 1 and Scope 2 green-
house gas emissions by 52 per cent and the
emissions of its subcontracting chain by 14
per cent by 2030 compared to 2019.
In 2018, Alma Media was the third media
company in the world to publish approved,
science-based climate targets. Thanks to
significant changes in the Group’s business
operations, the SBTi target for 2025, which
had a base year of 2016, was achieved
ahead of schedule, and the company
updated its climate targets in 2022. The
SBT initiative aims to limit global warming to
1.5°C.
Progress towards targets
Alma Media achieved its environmental
targets for 2024. In 2024, the Scope 1 and
Scope 2 emissions reported by the company
decreased by 6.7% when compared to 2023.
Compared to the SBTi target base year
2019, the change is -65.6%. Scope 1 emis-
sions decreased by 8.9% per year and the
reduction in emissions occurred in Finland.
Scope 2 emissions decreased by 1.3% when
compared to 2023. This was due to a lower
need for heating energy. All of the Scope 2
emissions were generated in the company’s
operating locations outside Finland. Alma
Media’s indirect Scope 3 emissions de-
creased by 3.0% during the reporting year,
and they have decreased by 12.4% when
compared to the base year 2019.
Alma Media’s sustainability targets
Targets Metrics in 2024 Outcome in
2024
2023
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
-6.7% -30.3%
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
-3.0% -3.3%
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Energy consumption and mix Comparative
2023
N 2024
6) Total fossil energy consumption (MWh) 1130 1104
Share of fossil sources in total energy consumption (%) 34% 34%
7) Consumption from nuclear sources (MWh) 58 62
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)
8 0
9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources
(MWh)
2119 2,079
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) 2127 2079
Share of renewable sources in total energy consumption (%) 64% 64%
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11) 3,314 3,246
E1-5 Energy consumption and mix
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E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions
Retrospective Milestones and target years
Base year 2019 Comparative
2023
N 2024 % N/N-1 2025 2030 (2050) Annual % target /
base year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
eq)
423.0 208.4 189.8 -8.9% -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)
488.4 275.8 265.0 -3.7%
Gross market-based Scope 2 GHG emissions
(tCO
2
eq)
371.3 84.1 83.1 -1.3% -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)
16099 14528 14098 -3.0% -14% (13,845
tCO
2
eq)
-1.27% per year
1 Purchased goods and services 13302 12588 12350
[Optional sub-category: Cloud computing and
data centre services]
2 Capital goods 0 0 0
3 Fuel and energy-related activities (not included
in Scope 1 or Scope 2)
129 65 60
4 Upstream transportation and distribution 2292 1602 1469
5 Waste generated in operations
6 Business travel 165 143 153
7 Employee commuting 81 44 44
8 Upstream leased assets
9 Downstream transportation
10 Processing of sold products
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Retrospective Milestones and target years
Base year 2019 Comparative
2023
N 2024 % N/N-1 2025 2030 (2050) Annual % target /
base year
11 Use of sold products 211 122 203
12 End-of-life treatment of sold products 93 52 14
13 Downstream leased assets
14 Franchises
15 Investments 36 32 9
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq)
17010 15012 14553 -3.1%
Total GHG emissions (market-based) (tCO
2
eq)
16893 14820 14371 -3.0%
GHG intensity per net revenue Comparative 2023 N 2024 % N/N-1
Total GHG emissions (location-based) per net revenue (tCO
2
eq/EUR)
0.00004924 0.00004655 -5.5%
Total GHG emissions (market-based) per net revenue (tCO
2
eq/EUR)
0.00004861 0.00004597 -5.5%
Revenue used to calculate GHG intensity (EUR) 304844710 312651056 +2.6%
Revenue, other (EUR) 0 0
Total revenue in the financial statements (EUR) 304,844,710 312651056
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Basis for preparation of the metrics
Alma Media Group’s companies do not oper-
ate in high climate impact sectors based on
Annex II to Commission Delegated Regulation
C(2023) 5303 supplementing Directive
2013/34/EU, in which high climate impact
sectors are defined as listed in Sections A to
H and Section L of Annex I to Regulation (EC)
No 1893/2006 of the European Parliament
and of the Council (as defined in Commission
Delegated Regulation (EU) 2022/1288).
Alma Media Group belongs to section J -
Information and Communication, with the
activities corresponding to divisions 58, 62
and 63.
Emission calculations are carried out in
accordance with the Science Based Targets
initiative (SBTi). The unit used for emissions
is tonnes of CO
2
equivalent (tCO
2
eq) in
accordance with the GHG Protocol. In
accordance with the recalculation policy, the
calculation is adjusted retrospectively up to
the base year if there are significant changes
in the scope of the business operations or
the emission factors used in the calculations,
or if the calculation methods are specified
further.
In 2024, there have been no significant
changes in the business operations in accor-
dance with the emissions calculation policy
in accordance with the SBTi validation. The
country-specific emission factors published
annually by the IEA have been incorporated
into the calculations retrospectively until
the base year 2019, and the more accurate
energy consumption figures for 2023 ob-
tained after the publication of the previous
annual report have been incorporated into
the calculations. The calculation methods
for Scope 1, 2 and 3 emissions have not
changed from the previous methods.
Energy type-specific and country-specific
emission factors are used in Scope 1 and
2 calculations. Primarily, market-based
emission factors according to the energy
producer are used. If they are not available,
the IEA’s country-specific annually published
values are used. Values published by the
IEA are also used in location-based emission
calculations. Emission calculations provided
by the service provider are primarily used in
Scope 3 calculations. If they are not avail-
able, emission factors published annually
by DEFRA (UK Government GHG Conversion
Factors for Company Reporting) are used.
Scope 1 emissions consist of energy pur-
chased for the Group’s production cars and
company cars provided as an unlimited car
benefit. In the Group’s operating countries
in Eastern Central Europe, the proportion of
energy consumption attributable to work-re-
lated driving is included in the emissions. The
monitoring is based on GPS-enabled driving
logs. The volumes of purchased energy
are obtained from the service providers’
purchase reports.
Scope 2 emissions consist of emissions
caused by electricity consumption, heating
and cooling of premises under the Group’s
control. For larger properties, energy
consumption is based on metering. For
properties that do not have premises-spe-
cific consumption measurements, energy
consumption is calculated as an average
based on the floor area used.
Scope 3 emissions consist of external
purchases necessary for the production
of services and products, as well as trans-
mission losses for energy consumed under
Scopes 1 and 2. All 15 categories of Scope 3
are reviewed annually to check for materi-
ality. In the reporting year 2024, categories
1, 2, 3, 4, 6, 7, 12 and 15 were still found to
be material, covering 100% of the emission
sources. Categories 5, 8, 9 and 10 are taken
into account as purchased services in the
material categories. Category 11, which
in Alma Media’s operations refers to the
emissions caused by the energy consump-
tion of the end-users of digital services, is
calculated, but they do not count towards
the company’s emissions in accordance
with the SBTi validation. Categories 13 and
14 are not relevant to the Group’s business
operations.
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S – Social
responsibility
S1 – Own workforce
SBM-3 Alma Media’s strategy is based on
the digital transformation of business
Developing the competence of the com-
pany’s own workforce in order to fulfil the
competence requirements associated with
the company’s transformation is essential for
the successful execution of the strategy.
Targets
S1-5
Competence development and the training
of skilled employees are critical success
factors for Alma Media in terms of employee
engagement and retention.
Alma Media trains its employees with a long-
term approach so that the competence of its
own workforce corresponds to the compe-
tence needs stemming from the company’s
transformation.
Material impacts, risks and opportunities related to own workforce
Material topic Impacts Link to the business Management
Training and skills development
Training and skills development Competent professionals are an
important strategic asset for Alma
Media’s business development
Employee training improves
the capacity for innovation and
performance, engages the commitment
of key employees and improves the
employer image. Training existing
employees to take on new roles
often produces better outcomes
for the company than recruiting
new employees. The most suitable
professionals are selected for key
positions.
The engagement and retention of
trained professionals is important for
the implementation of strategy.
• The company invests in contin-
uous competence development
and supervisor training
• Personal development plans are
created for employees
• The company measures employ-
ee satisfaction
• The company monitors employ-
ee retention
During the year, the company continuously
trains its supervisors in change management
and the management of target-setting and
performance. The digital and technology
skills of all employees, such as AI skills, are
also developed by means of training activi-
ties on a regular basis throughout the year.
In addition, all employees receive training on
diversity, equity and inclusion.
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Progress towards targets
S1-4 The development of competence in
aconstantly changing business environment
is key to securing future competitiveness.
Alma Media’s HR strategy supports the
Group’s business through the goal-driven
development of employee competence,
amongst other things. It is based on
competence targets, which are defined at
the team level at a minimum. The Group’s
aim is to have a personal plan prepared
for each employee to support the devel-
opment of their competence. Goal-driven
competence development is followed up
on in one-on-one discussions between the
supervisors and employees. Alma Media
arranges training programmes that support
the development of employee competence
and invests in the collaborative learning of
employees and knowledge sharing by organ-
ising mentoring programmes, competence
workshops and theme events, amongst
other things. The company takes a long-term
approach to the development of managerial
work and develops an international network
of supervisors to support the sharing of
best practices related to leadership and
management.
S1-13 Training and skills development for
employees
Alma Media invests in the development
of employee competence by providing
various training activities that support the
growth of the employees’ professional
skills. The company promotes collective
learning and the sharing of knowledge by
organising, both internally and with the help
of external experts, online training as well
as mentoring programmes, skills workshops
and theme-specific events, for example.
Employees can also take advantage of
training events produced by Alma Media and
aimed at customers. Supervisory work is de-
veloped with a long-term approach through
continuous training, and the international
supervisor network is utilised to facilitate
the sharing of best practices related to
management.
Due to a change of HR information system,
comprehensive data on the employee
participation in training activities is not yet
available for 2024. For the training activities,
data on the number of participants is avail-
able for the Code of Conduct course, the
DEI course and the AI course. Going forward,
the company intends to report on employee
participation in training.
Alma Media measures its performance in
engaging the commitment of employees
and competence development by means
of annual employee surveys, which provide
a comprehensive picture of employee
perceptions regarding the effectiveness of
the work community and Alma Media as an
employer. The most extensive of the surveys
is the Peakon “Alma Voice” survey, which
measures job satisfaction and commitment
and covers all of the company’s employees.
Based on the result, Alma’s engagement
index is 7.7 (on a scale of 0–10).
Of the employees who joined the company
two years ago as new employees in Finland,
86 per cent remained with the company
during the reporting year. The departure
turnover of Alma Media’s employees across
all of the Group’s operating countries was
12.9 per cent on average.
S1-5 Involvement of own workforce and
workforce representatives in target-setting
The employees set targets for their work
annually. The targets are discussed with
the supervisor to ensure their alignment
with the company’s targets. This oper-
ating model is called the Performance
Management Process and it applies to all
of the company’s employees. The joint
performance assessment takes place at the
end of each year as part of the Performance
Management process. Alma Media reports
on a quarterly basis to all employees on
the company’s progress and development
measures in relation to the set targets.
Code of Conduct
S1-4 Identification and assessment of
material impacts, risks and opportunities
The foundation for the development of an
equal, diverse and inclusive workplace
community at Alma Media is provided by
regular employee surveys, among other
things. The survey results, salary analyses
and other employee data are used as the
starting point when Alma Media’s units
Sustainability targets
Targets Metrics in 2024 Outcome
Employer recommendation Peakon Index/eNPS. Employer’s
recommendation, commitment
7.7
Competence development - 50% of employees have started DEI
training
- Over 50% of employees have started AI
training
48%
55%
Employee retention 90% of employees who have been
employed for less than two years continue
to be employed by the company *
86%
* In Finland, global figures are not available
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S1-6 Number of employees by gender
Gender Number of employees (head count)
Male 870
Female 919
Total 1,789 (Financial statements, page 103.) *
* 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 Number of employees (head count)
Finland 1,039
Czech Republic 355
Slovakia 128
Croatia 102
update their non-discrimination, diversity and
equality plans at two-year intervals under the
guidance of the HR function. The plans cover
topics such as differences in pay, the justifica-
tion for fixed-term employment relationships
and the job-specific gender distribution in
each unit. Alma Media recruits new employ-
ees purely based on their competence and
aptitude. All employees have the right to:
• fair and incentivising pay
• competence development
• feedback
• information about the company
• a safe, comfortable, renewing and
evolving work environment; and
• respect for privacy and private life.
The material impacts, risks and opportuni-
ties related to the company’s own workforce
have been identified in a double materiality
assessment that is based on the principles of
the company’s risk management process.
S1-4 Training and skills development
Alma Media’s management and employee
skills development are guided by the com-
pany’s HR policy. Alma Media’s management
and the HR function are responsible for the
implementation of the principles incorpo-
rated into the personnel policy. Managerial
and supervisory work are supported by
training. Employee skills are developed with
a long-term approach in accordance with
Alma Media’s strategy and targets.
Awareness of diversity, equity, inclusion and
non-discrimination is increased by means of
online training on the Code of Conduct and
online DEI training aimed at all employees.
The themes are part of the orientation of all
new employees and the company’s training
for supervisors and managers.
S1-4 Alma Media’s equality plan describes
the company’s commitment to promoting
equality, diversity and inclusion in its work
community. The company updates its units’
non-discrimination, diversity and equality
plans at two-year intervals under the
guidance of the HR function. Alma Media
has drawn up guidelines for the prevention
of bullying, harassment and discrimination.
These anti-bullying guidelines are available
to all employees on the company’s intranet.
S1-1 Alma Media’s commitment to the 10
principles of the UN Global Compact means
a clear commitment to the prevention of
child labour, human trafficking and forced
labour in its operations and supply chain.
Characteristics of employees
Alma Media’s Board of Directors had seven
members in 2024. Two (29%) of them were
women. The average age of the members of
the Board of Directors was 53 years. During
the reporting year, Alma Media’s Group
Executive Team consisted of 10 members,
four (30%) of whom were women. The
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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
reported Total
Number of employees 919 870 1,789
Number of permanent employees 828 828 1,656
Number of temporary employees 91 42 133
Number of non-guaranteed hours
employees*
55 34 89
Number of full-time employees 790 802 1,592
Number of part-time employees 129 68 197
* 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
Number of employees (head count) 1,039 750 1,789
Number of permanent employees 982 674 1,656
Number of temporary employees 57 76 133
Number of non-guaranteed hours employees 66 23 89
Number of full-time employees (head count) 908 684 1,592
Number of part-time employees (head count) 131 66 197
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average age of the Group Executive Team
was 55 years. Women accounted for 33% of
supervisors in the Group as a whole and 45%
of supervisors in Finland. A more detailed
distribution of employees is provided in Table
S1-6 Number of employees by gender.
More than 90% of Alma Media’s number of
employees were permanently employed
during the year under review. Most of the
employees worked full time. Each year,
the Group’s media brands employ dozens
of photographers and journalists by way
of freelance contracts in addition to their
in-house resources. The media brands
order stories, videos and photos from the
freelancers based on their needs. The Group
also has freelancers working in its operating
countries in Eastern Central Europe, mainly
in technology-related tasks. In the year under
review, the largest age group in all of Alma
Media’s country units was 30–50. In Finland
and Sweden, employees over 50 years of age
were the second-largest group. In the other
operating countries, the second-largest age
group was employees under 30 years of age.
More detailed country-specific information on
the type and duration of employment and the
age distribution of the employees is provided
in the tables S1-6 Number of employees by
employment contract type, broken down
by gender (number of employees) and S1-6
Number of employees by contract type,
broken down by region (head count).
S1-6 Employee turnover and recruitment
2024
Number of employees who left the company 235
Rate of employee turnover 12.9%
S1-3 Processes to remediate negative
impacts and channels for own workers to
raise concerns
Whistleblow is Alma Media’s whistleblowing
channel. Employees can report any ob-
served ethical misconduct or legal violations
to Alma Media’s Whistleblow channel, their
supervisor, the local management, or the
HR function. The whistleblowing channel,
the raising of concerns and the handling
of reports of misconduct are discussed in
more detail in section G1 – Business conduct.
Alma Media receives reports of concerns via
the Whistleblow channel each year, which
demonstrates that the employees are aware
of the channel and its related procedures,
and that the channel is working as intended.
Alma Whistleblow channel is available on the
company’s website and intranet.
S1-5 Engagement of own workforce and
workforce representatives regarding
impacts
General processes for the engagement
of Alma Media’s own workforce and their
representatives regarding actual and
potential material impacts on employees.
The Alma Voice Survey measures employee
engagement annually and the response rate
is 80%.
Activities related to statutory
employer–employee cooperation
Alma Media complies with local labour legis-
lation and applicable collective agreements
in all of its operating countries. Statutory
employer–employee cooperation is carried
out in accordance with the legislation of
each country. The aim of statutory employ-
er–employee cooperation is to develop the
company’s operations and the employees’
opportunities to influence the company’s de-
cision-making regarding their work, working
conditions and position in the company. In
Finland, shop stewards participate in compa-
ny-specific meetings of employer–employee
cooperation committees four times per year.
The meetings facilitate dialogue in accor-
dance with the Finnish Act on Co-operation
within Undertakings to develop the Group’s
operations and the workplace community. In
addition, Alma Media’s senior management
and shop stewards meet annually to discuss
the company’s strategy and directions of de-
velopment and the impacts of the operating
environment on the company’s situation. A
quarterly employee event is organised for all
Alma Media employees to present the latest
financial results and significant operational
developments.
Measures
S1-4 Taking action on material impacts on
own workforce in 2024
Training and skills development
Alma implemented a wide range of measures
related to skills development in 2024,
focusing particularly on the development of
supervisory work.
The global Future Leaders development
programme, which includes not only in-per-
son meetings but also a number of interim
meetings and assignments, was implemented
for a selected group of new supervisors.
During the year, Alma Media also organised
several management forums aimed at
different levels and organisations. The focus
of these forums was on current projects re-
lated to management. Manager Clubs were
launched for supervisors in Finland. During
the year, several Manager Club events were
organised on different themes, including
the changes brought about by the EU’s Pay
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Transparency Directive, recruitment, the Hay
job classification model, etc. Alma has also
transitioned to a harmonised pay review
model, and supervisors received extensive
training on it.
In the autumn, an extensive study pro-
gramme on the development of work ability
management was also implemented for
supervisors. The programme consisted of
lectures and online study courses. Four
lectures were also organised for the employ-
ees on various topics related to well-being.
Many training activities have been organised
for both supervisors and all employees in
relation to the new HR system. All employees
have had the opportunity to study English via
EF’s online learning environment. During the
year under review, Alma’s traditional Growth
Day event was replaced by a Growth Week,
which involved Alma employees training
each other on various themes.
Alma Media has focused heavily on the
development of AI-related capabilities in the
Group. Everyone has had the opportunity to
complete common online training. In addi-
tion, a wide range of training activities on the
use of AI tools, lectures and various forms of
knowledge sharing have been implemented.
During the year under review, Alma started
its eighth Developer Trainee programme
aimed at newly graduated developers. With
a duration of approximately eight months,
the programme provides an opportunity to
participate in various training activities. The
participants also get a designated mentor
and they get to develop their skills by
working with more experienced developers.
The decision to carry out the ninth iteration
of the programme in 2025 has already been
made.
In order to develop an equal and diverse
workplace community, employees are
provided with opportunities to increase
their skills related to diversity and inclusion
through online training. A new DEI training
programme, tailored to Alma’s needs and
aimed at all employees, was launched in
spring 2024.
Alma Media requires all employees to
complete training on the Code of Conduct.
As part of the training, everyone makes a
personal commitment to non-discrimina-
tion. Employees are encouraged to take
action and report, primarily to their direct
supervisor or the company’s HR function,
if they suspect that any discrimination
has occurred. Alma Media also has an
anonymous Whistleblow channel that is
open to everyone and can be used to report
incidents of discrimination. All suspected
incidents are always thoroughly investigated,
and appropriate action is taken.
In addition to these joint development mea-
sures, various training courses and work-
shops related to competence development
were organised in different business func-
tions for both supervisors and employees. It
is not possible to report the total monetary
value of the Group’s measures related to
training and skills development in 2024, but
the costs mainly consist of the salary costs
of the company’s employees.
Alma Media conducts an annual occupa-
tional health and safety risk assessment of
matters that have an impact on its employ-
ees in its operations. Alma Media has not
identified any actions in its operations that
would have a material negative impact on
employees.
S1-3 Employee survey and pulse surveys
In 2024, Alma Media deployed a new
employee survey tool called Alma Voice.
Conducted several times per year, the
survey contains 44 questions that measure
employee engagement as well as matters
related to diversity, equality and inclusion,
health and well-being, change management
and Alma's culture. The first and only Alma
Voice survey in 2024 was carried out in
November–December. The first survey
yielded an engagement index of 7.7, which is
slightly above the industry average.
Basis for preparation of the metrics
The figures on the company’s own
workforce include all of the Alma Media
Group’s employees. The number of
employees used in the calculations is
based on the head count at the end
of the reporting period (31 December
2024). The number of employees also
includes non-active employees, such as
employees on family leave. Alma Media
also employs seasonal summer workers
each year, not all of whom are employed
at the end of the reporting period when
the number of employees is calculated.
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S3 – Affected communities
Identification and assessment
of material impacts, risks and
opportunities
At the core of Alma Media’s strategy,
which is based on digital transformation,
are the broad audiences that consume the
company’s media content on a daily basis.
The business is based on reaching broad
audiences, and the audience for journalistic
media is affected community that has been
identified as material. Content consumers
and readers are the audience for digital
media.
According to the Finnish Internet Audience
Measurement (FIAM), Alma’s media outlets
reach over three million Finns in the digital
environment each week. Audience reten-
tion is essential for the media business.
Advertisers pay for reaching the audiences
of Alma’s media outlets, and readers pay
for consuming the content of Alma’s media
outlets.
The relationship between a media outlet and
its audience is built on trust and interesting
content. Freedom of expression, also known
as freedom of speech, is an integral com-
ponent of building trust between the media
and the public. The loss of the audience’s
trust could drive away the audience, whose
interest in the company’s media content is
a cornerstone of the business. The loss of
Significant impacts, risks and opportunities related to affected entities
Material sub-sub-topic Link between the phenomenon
and the strategy
Financial risks for Alma
Media
Management
Civil and political rights of communities
Freedom of expression Journalistic media promotes freedom
of expression.
Independent media and freedom of
expression are prerequisites for a
functioning democracy.
Responsible media acts as a defender
of democracy, freedom of expression
and the market economy.
Alma’s media outlets reach Finnish
households (90%) every day.
The profitability of media operations is
a precondition for the independence
of media.
The deterioration of media
independence, freedom of
expression and the reliability of
journalism would be a threat to
democracy in society.
A responsible media company
safeguards democracy by ensuring
the reliability of journalism and the
financial independence of freedom
of expression.
Restricting freedom of expression
leads to a deterioration in reader
confidence, the loss of media
audiences and a decline in business.
• The Council for Mass Media
Guidelines for Journalists are
binding on all journalists.
• The targets for Alma Media’s
media businesses include the
minimisation of condemnatory
decisions issued by the Council
for Mass Media.
• Rectification practices and the
rectification process are open to
everyone
• The media outlets’ public open
feedback channels to editorial
teams and discussion forums
• Editorial teams receive training on
regulation and the decisions of the
Council for Mass Media.
• Profitably growing media is finan-
cially independent.
Targets
Sustainability targets
Repeated annual targets Metrics in 2024 Outcome in 2024 2023
Civil and political rights of communities
Freedom of expression <5 Condemnatory decisions issued by the Council for Mass
Media for Alma Media’s journalistic publications
4 5
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audiences would be a significant risk to the
company’s media business.
Restricting freedom of expression is a risk,
as it erodes the democratic principles of
society. Freedom of expression is a corner-
stone of democracy, enabling citizens to ex-
press their opinions, criticise the government
and participate in public debate. Restricting
this freedom may lead to authoritarianism,
where the government controls the narrative
and silences dissenting voices.
Another risk is the suppression of innovation
and progress. Open dialogue and the
exchange of ideas are crucial for societal
progress. When people are afraid to speak
or share new ideas, it can hinder creativity
and innovation, leading to stagnation in
various areas, such as science, technology
and arts. In addition, curtailing freedom of
expression can lead to the breakdown of
social order, societal unrest and conflicts.
When people feel that their voice is not
heard or that they are censored, it can
create frustration and anger, which can lead
to protests, civil disobedience and even
violence.
Curtailing freedom of expression can also
affect the role of the media in society.
Journalists and media organisations play a
critical role in keeping those in power ac-
countable and communicating to the public.
Restricting their ability to report freely can
lead to a less informed public and a lack of
accountability for those in power.
All in all, the risks of curtailing freedom of
expression are profound and far-reaching,
and they affect the basic structure of society
and its ability to operate efficiently and fairly.
Code of Conduct
Alma Media’s policies concerning the publi-
cation of responsible journalism are based
on the Council for Mass Media Guidelines
for Journalists. Alma’s media outlets are
guided by principles that supplement the
Guidelines for Journalists and are published
on the media outlets’ websites. The content
of journalistic media is the responsibility of
the Senior Editor-in-Chief, who reports to
the director in charge of the business unit.
The director in charge of the business unit is
responsible for editorial operations and their
business impacts. In special strategic and
exceptional situations, the Senior Editor-
in-Chief reports to Alma Media’s Group
management. In accordance with the law, the
Senior Editor-in-Chief operates independent-
ly, and the commercial management has no
influence on the editorial content.
Alma Media has a strong focus on promoting
freedom of expression and pluralistic
journalism in Finnish society. The company
recognises that freedom of communication
and pluralism are essential for reliable jour-
nalism and business. Alma Media promotes
freedom of expression and pluralistic public
debate with the aim of treating all parties
equally. This commitment is reflected in the
company’s shared values – freedom and
pluralism of journalism, courage and team
play – which guide the actions and decisions
of all employees.
The company’s media outlets reach
approximately 90% of Finns on a weekly
basis, which provides a platform for
different voices and opinions. The company
communicates openly in a manner that
respects diversity and takes the opinions of
others into account in all interaction. This
approach ensures that different perspectives
are represented in terms of content, which
promotes a well-informed audience.
In its policies, Alma Media emphasises the
significance of operating ethically, responsi-
bly and in accordance with the company’s
values. This includes promoting freedom of
expression and responsible marketing and
advertising through comprehensive, precise,
ethical and transparent practices. The
company also ensures the independence of
editorial teams and ensures the appropriate
independent supervision of management,
which enables the representation of social,
ethnic and political diversity in impartial, plu-
ralistic and fact-based media content. Alma
Media’s commitment to freedom of expres-
sion and pluralistic journalism is an integral
aspect of the company’s operations, which
helps to maintain trust among audiences and
has a positive impact on Finnish society.
The Council for Mass Media is a self-regula-
tory body established by media publishers
and journalists whose task is to interpret
good journalistic practice and defend
freedom of expression and freedom of
publication. The Council for Mass Media
engages in oversight to ensure that Finnish
media outlets operate ethically and comply
with the Guidelines for Journalists, which set
stricter limits for journalism than legislation
in many respects.
The Council for Mass Media handles
complaints submitted to it. The complaints
may concern violations of good journalistic
practice. Anyone who believes that a
media outlet has violated good journalistic
practice can submit a complaint. The matter
does not need to concern the complainant
personally, but the consent of the injured
party must be included in order for the case
to be processed. If a media outlet is found
to have violated good journalistic practice,
the Council for Mass Media issues a notice
which the party in violation must publish
within a short time span. If the media outlet
that has received the notice does not publish
it, the notice will be otherwise made public.
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The decisions of the Council for Mass Media
are closely monitored and they serve as
precedents for Finnish media outlets. Alma
Media’s editorial teams view the decisions
of the Council for Mass Media as precedents
that provide guidelines for operations. The
editorial teams comply with the Guidelines
for Journalists, which contain provisions
on topics such as principles for obtaining
information, the journalist’s professional
status, and the rights of the interviewee.
Engaging with affected communities
Alma’s journalistic publications, such as
Iltalehti and Kauppalehti, engage in diverse
interaction with their readers. Iltalehti is
Finland’s largest digital news media, and
its success is based on uncompromising
journalistic work and active engagement
with the audience. Each article published
in Iltalehti includes the journalist’s e-mail
address, to which readers can send feed-
back. Appropriate feedback is responded to,
and readers can also contact the editorial
team’s tip line.
Kauppalehti, for its part, provides its readers
with opportunities to participate in discus-
sions and give feedback through social me-
dia, for example. As is the case with Iltalehti,
the Kauppalehti editorial team is committed
to the Council for Mass Media Guidelines
for Journalists and makes efforts to open up
its editorial processes to the public so that
readers understand how stories are created
and why certain journalistic decisions have
been made.
Both of the media outlets are committed to
publishing their editorial principles on their
websites, which increases transparency and
responsibility. This commitment to respon-
sible journalism distinguishes them from
fake news and strengthens their position
as reliable sources of information. At Alma
Media, the highest decision-making authority
responsible for interaction with readers is
the Senior Editor-in-Chief.
Processes to remediate negative impacts
and channels for affected communities to
raise concerns
Alma Media’s editorial teams are committed
to the Council for Mass Media Guidelines
for Journalists, and they comply with the
principles of responsible journalism that are
based on the media sector’s self-regulation.
If readers of Alma’s media outlets observe
erroneous information, they can submit a
request for correction to the media outlet
in question via its website. Our rectification
practices and processes are transparent.
Their aim is to ensure that material factual
errors are corrected promptly and in a
manner that reaches the audience that
received the erroneous information as
comprehensively as possible.
Corrections are published on the editorial
websites of the media outlets and in the
original publication in which the error
appeared. The visibility of the correction is
proportional to the severity of the error. If
there are multiple factual errors in an article,
or if an error could potentially cause signif-
icant harm, the editorial team will publish a
new corrected article in which the erroneous
information is specified and corrected. This
ensures that the audience receives up-to-
date and reliable information.
Alma Media’s media outlets actively strive
to minimise the number of condemnatory
decisions issued by the Council for Mass
Media and to strengthen the principles
of responsible media by providing the
editorial teams with regular training on
media regulation and decisions issued by the
Council for Mass Media. Our editorial teams
have open and direct feedback channels for
their audiences, and the media outlets’ own
discussion forums facilitate active and open
dialogue. In addition, financial independence
ensures that Alma Media’s journalism can
operate freely and be fully committed to
promoting freedom of expression.
Alma Media recognises the responsibility
that journalistic media holds as a defender
of democracy and freedom of expression.
These responsibility-related efforts and
continuous quality control ensure that our
journalism is transparent, ethical and reliable
in Finnish society.
Measures
A number of development measures were
implemented in Alma Media’s editorial teams
in 2024 to reinforce responsible journalism
and freedom of expression. It is not possible
to report the monetary value of the mea-
sures taken in 2024, but the costs mainly
consist of the salary costs of the company’s
employees. In Alma Media’s Business Media,
special attention was paid to accessibility
in redesigning websites to make journalism
more accessible to all user groups.
The editorial teams were provided with
extensive training on the use of AI to support
high-quality journalism, and new AI-based
tools were developed for use by the editorial
teams. For example, the Counterargument
concept was introduced to support critical
thinking and provide concise high-quality
analyses and answers to common assump-
tions and arguments.
Efforts were also made to improve the
accessibility of journalism from the perspec-
tive of younger generations. A brainstorming
project carried out with students from
Haaga-Helia University of Applied Sciences
offered young people the opportunity to
influence journalism and provided valuable
perspectives on future media behaviour.
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Basis for preparation of the metric
Alma Media’s journalistic media outlets
promote freedom of expression and act
as defenders of a functioning democracy,
an open society and the market economy.
The prerequisite for independent media is
profitable and sustainable business, which
enables high-quality and ethical journalism.
The metric of condemnatory decisions
issued by the Council for Mass Media
illustrates the realisation of the principles
of exercising freedom of expression
responsibly and compliance with journalis-
tic principles, which are monitored in terms
of the number of condemnatory decisions
issued by the Council for Mass Media. The
target is to keep the number of condem-
natory decisions against Alma Media’s
journalistic publications to a maximum of
five (<5) decisions per year.
The metric is based on relevance and
verifiability: Condemnatory decisions
by the Council for Mass Media measure
the journalistic quality of editorial work
and compliance with ethical principles.
Condemnatory decisions are always based
on the official decisions of the Council for
Mass Media, an independent body. The
decisions assess whether the Guidelines
for Journalists have been adhered to. The
decisions are public and available on the
Council for Mass Media’s public website.
The metric also enables the monitoring of
changes from one year to the next, and fa-
cilitates comparisons with other operators
in the media sector. Up-to-dateness: The
metric is updated annually and is based on
decisions issued by the Council for Mass
Media during each financial year.
Responsible operating models to
safeguard freedom of expression
Alma Media actively strives to minimise
the number of condemnatory decisions
issued by the Council for Mass Media and
to strengthen the principles of responsible
media by the following means:
Compliance with the Guidelines for
Journalists: All of Alma Media’s journalists
are committed to compliance with the
Council for Mass Media Guidelines for
Journalists (source).
Correction practices and open processes:
The practices and policies of Alma Media’s
editorial teams are open to the public, and
processes to request correction of errors
are available to everyone.
Open feedback channels: Alma Media’s
media audience has direct and public feed-
back channels to the editorial teams and
the opportunity to participate in discussion
in the media’s own forums.
Training for editorial teams: Alma Media’s
journalists receive regular training on media
regulation, as well as decisions issued
by the Council for Mass Media and the
impacts of those decisions.
Financial independence: Profitably growing
and financially strong media ensures the
continuity of independent journalism and
the realisation of freedom of expression.
With this metric and operating model, Alma
Media ensures the sustainable exercise of
freedom of expression and the continuity
of high-quality journalism in Finnish society.
These are examples of measures that
enhanced editorial professionalism and
responsibility, promoted freedom of
expression and supported our development
towards even more pluralistic and accessible
journalism.
S3-1 Compliance with human rights policy
commitments
Alma Media is committed to the principles
of the UN Global Compact initiative, the
Universal Declaration of Human Rights,
the ILO Declaration on Fundamental Rights
and Principles at Work, and other core
international human rights conventions and
recommendations.
During the reporting period, Alma Media was
not guilty of non-respect of human rights
policy commitments, the UNGPs on Business
and Human Rights, or OECD guidelines.
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Significant impacts, risks and opportunities for consumers and end users
Material sub-sub-topic Link to business strategy Description of impacts, risks or
opportunities
Management
Information-related impacts on consumers and end-users
Data protection The secure use of services, data security
and the protection of personal data
are basic prerequisites for our digital
services. They are material to Alma Media
due to both financial risk and the negative
impact on the target group.
The significance of data protection
with regard to digital media and
marketplaces, as well as recruitment
services, is highlighted as one of the
most material topics for Alma Media.
The consumers and end-users of Alma
Media’s services and content are at the
core of the business strategy, as their
trust, engagement and willingness to
pay drive the company’s growth, digital
development, advertising revenue and
content revenue.
Negative impacts and financial risks:
Loss of users’ confidence in the security of
Alma’s digital services.
Loss of data of service users and
customers
Harm to customers and the company, as
well as potential liability for damages and
reputational risk.
Negligence and human errors in the
processing of customer data increase the
risk of data leaks and loss of customer
data, which, if realised, has adverse
impacts on customers.
Geopolitical instability is a risk that
increases the likelihood of data protection
violations and data security incidents.
• Alma Media is committed to com-
plying with the applicable data
protection regulations and guide-
lines issued by the authorities.
• The data security and data
protection of services is actively
managed.
• Employee training on data protec-
tion and data security is regular
and continuous.
• The Council for Mass Media’s
guidelines are complied with
to ensure privacy protection in
media.
• Alma Media has set sustainability
targets to protect consumers and
end-users.
Social inclusion of consumers and/or end-users
Responsible marketing
practices
Responsible marketing is material to
Alma Media as a financial opportunity
that is realised when customers benefit
from reliable information. Ethically
sustainable and responsible marketing
protects media readers and users from
misleading, fraudulent or otherwise
harmful marketing.
A responsible media is a reliable and
sought-after partner. A responsible media
environment supports the reliability
of advertisers and the growth and
development of their business.
The precondition for taking advantage
of the financial opportunity is that the
company does not lose its reputation as a
responsible operator in the media sector.
Customer and user trust in Alma prevents
the loss of customers and users.
Controlling phishing in marketing prevents
damage to customers and the company.
• Alma Media is committed to
the International Chamber of
Commerce (ICC) Advertising and
Marketing Communications Code.
• Compliance with the ICC Code is
a sustainability target set by the
company.
• Alma Media protects children by
prohibiting the targeting of content
or advertising at people under the
age of 18.
• The company measures the car-
bon footprint of digital campaigns.
S4 – Consumers and end-users
Progress towards targets
Active media and service consumption
by consumers and end-users, as well as
their commitment to, and trust in, services
and content, is key to the success of Alma
Media’s digital business strategy. The secure
use of services and protecting the privacy of
consumers and end-users are basic condi-
tions for the digital business.
Consumers and end-users are simultaneous-
ly users of media and services and target
audiences for advertising and marketing
produced by advertisers. Marketing is an in-
tegral part of the consumer’s and end-user’s
media and service experience, and it affects
engagement with content and services.
Consumers and end-users who encounter
marketing in services or content must also
be able to trust the commercial content. If a
consumer or end-user encounters disturbing,
unethical, dishonest or false advertising,
their trust in the media or service will be
eroded.
No serious data protection incidents that
would result in liability for damages have
occurred in Alma Media’s services or jour-
nalistic publications. Alma’s media outlets
or services have not published advertising
that violates the International Chamber of
Commerce’s Advertising and Marketing
Communications Code, and Alma Media
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Targets
Alma Media’s sustainability targets
Repeated annual
targets
Metrics in 2024 Outcome in
2024
2023
Information-related impacts on consumers and end-users
High data protection 0 serious data protection
violations resulting in
liability for damages
0 0
Social inclusion of consumers and/or end-users
Responsible marketing 0 advertisements that
violate the ICC Code in
Alma Media’s publications
0 0
has not received any complaints from the
Council of Ethics in Advertising.
Identification and assessment of material
impacts, risks and opportunities
Failure to comply with appropriate data
protection would pose a significant risk to
Alma Media’s business, and the company
has implemented various measures to
manage and reduce the risk.
Internally, Alma Media has created a com-
prehensive framework for data protection
and data security. This includes maintaining
a Data Asset Catalogue to monitor data
processing activities, incorporating data
protection clauses into agreements with third
parties, and implementing regular training
and awareness programmes for employees.
The company also engages in continuous
data security monitoring and has established
teams specialising in the management of
data security incidents and personal data
breaches.
Alma Media has recognised that geopolitical
instability leads to increased risks in terms of
an elevated threat of data security incidents
for significant media companies in particular.
The company has focused on strengthening
its data protection and data security compe-
tencies through digital training platforms and
has implemented proactive measures, such
as the automated detection of server attacks
and regular training for all employees. Alma
Media’s business continuity plan has been
updated so that operations can continue
even in problematic circumstances.
The significance of data security and privacy
protection is emphasised in Alma Media’s
efforts to promote sustainable development.
The company’s target is to process and man-
age customer data with care and respect
to prevent data leaks and loss of data. This
approach is based on individual rights,
consent, trust, transparency and shared
ethical principles.
All in all, Alma Media recognises the critical
importance of data protection and contin-
uously takes measures to secure personal
data and comply with data protection
regulations. These efforts are crucial to
maintaining trust among customers and
stakeholders and ensuring the long-term
sustainability of the company.
Responsible marketing
The truthfulness of marketing and preventing
the misleading of consumers is a basic
condition for campaigns published in the
Group’s media and services. The Group
systematically strengthens its technical
capabilities and employee competencies
to ensure that no advertising fraud or
advertisements that are contrary to good
marketing practices are published in its
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online and mobile services, and that user
data is not collected or used inappropriately
in connection with advertising.
Alma Media complies with the legislation
governing marketing as well as the marketing
communications industry’s self-regulation
in monitoring the advertising activities of its
customers and when engaging in marketing
communications for its media brands and
services. The company promotes good
commercial practice and complies with the
marketing rules of the International Chamber
of Commerce and the guidelines of the
Council of Ethics in Advertising. The key
principle guiding responsible operations is
that the company's online or mobile services
do not contain advertisements that would
violate the marketing regulations of the
International Chamber of Commerce. Alma
Media has not received any complaints in
its operating countries from the authorities
that supervise ethics in advertising or the
marketing industry’s own self-regulatory
bodies.
Code of Conduct
Alma Media is committed to the principles
of the UN Global Compact initiative, the
Universal Declaration of Human Rights,
the ILO Declaration on Fundamental Rights
and Principles at Work, and other core
international human rights conventions and
recommendations.
Alma Media is committed to responsible
marketing and complies with various
practices to ensure that marketing is ethical
and transparent.
Alma Media complies with the IAB Europe
Transparency & Consent Framework (TCF),
which increases the transparency of ad-
vertising data for consumers. This Consent
Management Platform (CMP) was deployed
across all of Alma’s consumer and business
services in August 2020. For example, these
changes make it possible to display or mea-
sure programmatically bought advertising
targeted on a data-driven basis, personalise
content and create advertising profiles only
for users who have consented to it.
Alma Media develops its digital services in
accordance with its data security policy and
data privacy description and in compliance
with the current legislation governing
data privacy and data security as well as
national and international guidelines, with
the recommendations and guidelines issued
by the European Data Protection Board
being the most important among these. Alma
Media is committed to the International
Chamber of Commerce’s Advertising and
Marketing Communications Code, which
guides the implementation of responsible
marketing in the company. To ensure that
everyone understands and complies with
the ICC Code, an online training course has
been designed for Alma Media’s salespeople
and marketers. All of Alma Media Solutions’
approximately 150 sales and marketing
professionals have completed the training.
Alma Media refuses to publish advertising
campaigns that have deficiencies related to
the collection of personal data or include
content that does not correspond to ICC
Code. Alma Media monitors and reports on
the achievement of its sustainability targets.
The company’s target is that there are no se-
rious data protection or information security
breaches in the online services it owns, and
that no advertisements that are contrary to
good advertising practices are published on
them. These practices help Alma Media to
ensure that its marketing is responsible and
ethical, which increases consumer trust and
supports the company’s sustainable growth.
To ensure a high level of data protection,
Alma Media’s policies are documented in
the company’s data protection statement.
The senior person responsible for data
protection is the General Counsel, whose
subordinates include the Head of Privacy
Officer.
The director in charge of the company’s
advertising business is in charge of the
realisation of responsible marketing.
Engaging with affected communities
A large proportion of Alma Media’s cus-
tomers are companies, and the process
for direct engagement with consumers and
end-users has not been specifically defined.
Instead, our corporate customers engage
in consumer interaction in accordance with
their respective processes. Alma Media’s
direct channel for engagement with con-
sumers and end-users can be found on the
websites of the Group’s media and services
in the form of customer service e-mail
addresses, phone numbers and contact
forms. Consumers can also contact Alma
Media Group’s administration directly by
phone or e-mail.
Alma Media’s view of the needs and wishes
of consumers and end-users is based on
customer feedback and customer experi-
ence surveys. The company’s businesses
measure user satisfaction on a regular basis
by means of short feedback surveys on the
websites of the services. Observations from
customer engagement are discussed in sales
meetings and they guide product develop-
ment and decision-making.
Feedback channels, contact forms, e-mail
addresses and phone numbers are also
accessible to the readers and subscribers of
Alma Media’s journalistic publications on the
website of the media outlets. Subscribers
and advertisers are served by knowl-
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edgeable customer service employees,
and feedback concerning content can be
submitted directly to the editorial teams via
the websites.
Processes to remediate negative impacts
and channels for affected communities to
raise concerns
Any consumer or media audience member
exposed to advertising can submit a
complaint if they find that they have been
subjected to unethical, false or discriminato-
ry advertising, for example. Complaints can
be submitted to the advertiser, the media
that published the advertisement, or directly
to the Council of Ethics in Advertising. The
Council processes complaints and issues
statements on whether an advertisement or
advertising practice is ethically acceptable.
The statements are of a recommendatory
nature and do not involve sanctions, but they
may lead to changes to, or removal of, the
advertisement in question. The complaints
and statements are public and their progress
can be followed on the website of the
Council of Ethics in Advertising.
Alma Media’s Whistleblow channel is also
accessible to third parties via all Alma Media
websites. Anyone who has experienced po-
tential unethical treatment can anonymously
report unethical conduct by a company
representative through the whistleblowing
channel.
Measures
Data protection
In its risk assessment, the company has rec-
ognised that a high level of data protection
and data security is a critical precondition
for its operations. For this reason, Alma
Media has taken several special measures
to strengthen its expertise in data protection
and data security.
The company has focused on continuously
improving its employees’ data protection
and data security skills by means of a digital
training platform. The platform provides
continuous training to ensure that employees
are well acquainted with the company’s
principles and practices.
In response to the elevated threat of crises,
the company has implemented measures to
intensify data security checks concerning
critical systems. The aim of these measures
is to improve the resilience and recovery
capability of the systems in question.
Alma Media organises regular training events
and awareness-raising programmes for all
of its employees to help them maintain a
high-level understanding and awareness of
data protection and data security. This helps
to ensure that employees are aware of their
roles and responsibilities with regard to
processing and securing data.
The company maintains a secure IT infra-
structure with appropriate security controls,
including firewalls, encryption, intrusion
detection systems and regular data security
audits to identify and address vulnerabilities.
Alma Media applies strict access restrictions
to restrict data access rights to authorised
employees only. Role-based access control
mechanisms are implemented to ensure that
employees only have access to data that is
necessary for their work tasks.
Alma Media has prepared guidelines and
prevention plans to enable an effective
response to potential personal data breach-
es or technical data security incidents. These
include processes for identifying, managing
and investigating personal data breaches
and data security incidents, and for notifying
the parties concerned.
When cooperating with third-party vendors
or service providers, the company requires
that the vendors and service providers also
implement appropriate security measures.
The purpose of agreements is to outline the
security-related requirements and responsi-
bilities of all of the parties concerned.
Several measures together help Alma Media
maintain a robust data protection and data
security framework that guarantees the
security and integrity of data and systems. It
is not possible to report the monetary value
of the measures taken in 2024, but the costs
mainly consist of the salary costs of the
company’s employees.
Responsible marketing
Alma Media promotes responsible marketing
by providing regular training to employees
who work in the area of advertising and
marketing. Employees in sales and marketing
positions also complete online training that
is based on the International Chamber of
Commerce’s Advertising and Marketing
Communications Code. As part of com-
pleting the training, they make a personal
commitment to complying with the ICC Code
in their work. This training ensures that the
employees are familiar with the principles
of ethical marketing and are committed to
applying them in their practical work. The
training and commitments are a key part
of the company’s responsible marketing
strategy and they support compliance with
the ICC Code in practice.
The automation and internationalisation of
advertising and the increasingly complex
digital advertising ecosystem also require
Alma Media to continuously make significant
investments in maintaining a high-quality and
safe media environment.
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Basis for preparation of the metrics
Ensuring data protection:
In the company’s double materiality assess-
ment, the significance of data protection
has been assessed to be a critical impact
on the company’s customers, consumers
and end-users. The metric is the number of
serious data protection violations leading
to fines imposed by the national data
protection authority. The metric is defined
according to the following principles:
Relevance: The metric focuses on serious
data protection violations that have an
impact on the rights of customers and
end-users and the company’s operations
and reputation.
Verifiability: The metric is based on
incidents documented and resolved by the
national data protection authorities.
Comparability: The metric enables the
monitoring of the company’s performance
and comparisons with other operators in
the industry.
Up-to-dateness: The metric is updated
annually, and all observed serious
violations are reported at the end of the
financial year.
Compliance with good marketing practice:
The ICC Advertising and Marketing
Communications Code has been rec-
ognised as an important standard with
regard to the sustainability of Alma Media’s
business operations. The metric is the
number of ICC Code violations that the
ICC’s national regulatory body in Finland, the
Council of Ethics in Advertising, has deemed
to be justified. As the Council of Ethics in
Advertising is a public regulatory body that
is open to all, Alma Media does not sepa-
rately involve consumers or end-users in
the company’s target-setting with regard to
responsible advertising and marketing.
The company uses the metrics to monitor
and report on its impacts on customers,
consumers and end-users with regard to
data protection and marketing practices. The
metrics are designed to support the achieve-
ment of the company’s sustainability targets
and strengthen stakeholder trust.
The following principles are applied in the
preparation of the metric:
Relevance: The metric describes the
company’s commitment to ethical marketing
principles and the implementation of
responsible communications.
Verifiability: The metric is based on official
decisions by a regulatory body under the
ICC, which concern the company’s market-
ing practices.
Comparability: The metric enables the mon-
itoring of long-term trends and comparisons
with industry standards.
Alma Media also increases advertisers’
awareness of the environmental impacts
of digital advertising and the factors that
influence the carbon footprint of advertising,
and encourages advertisers to choose
advertising solutions that have a lower
environmental impact. Alma Media is the
first company in Finland to enable all of its
customers to measure the carbon footprint
of their digital advertising. This solution,
known as Hiilimittari, is implemented in
collaboration with an international partner
that specialises in measurement and uses an
open source emissions model. Hiilimittari
calculates the average carbon footprint of
the campaign per 1,000 advertising displays
(gCO
2
per mille) and the total carbon
footprint of the campaign.
Compliance with Guiding Principles on
Business and Human Rights
During the reporting period, Alma Media was
not guilty of non-respect of human rights
policy commitments, the UNGPs on Business
and Human Rights, or OECD guidelines.
Up-to-dateness: The metric is updated
regularly, and all complaints addressed to
the Council of Ethics in Advertising concern-
ing the company, or confirmed violations,
are recorded.
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G – Good
governance
G1 – Conducting business
Progress towards targets
Alma Media’s strategy is based on the
growth and internationalisation of the digital
transformation, and the company employs
over 1,700 professionals in 11 different
countries. Alma Media’s ethically sustainable
corporate culture creates a safe working
environment for its employees and strength-
ens the company’s reputation as a reliable
operator in all operating countries. A strong
corporate culture emphasises openness,
cooperation and continuous learning, and
supports managers and employees in chal-
lenging situations, which promotes employee
commitment to the company’s targets and
the implementation of its strategy.
During the reporting period, Alma Media
achieved its target by ensuring that all
employees participated in Code of Conduct
training. The training was completed by
100% of the company’s employees. This
strengthens the organisation’s ethical
operating practices. Progress was also
achieved with regard to ethics in the supply
chain, with 96% of suppliers committing to
the company’s Supplier Code of Conduct
Significant business impacts, risks and opportunities
Material sub-sub-topic Link to business strategy Impacts, risks and
opportunities for Alma Media
Management
On the one hand, corporate culture has been identified as a financial opportunity for Alma Media, particularly with regard to the
management of misconduct in services aimed at companies. On the other hand, corporate culture has been identified as a financial risk
and an adverse impact on its target group in the event that any misconduct occurs.
A commitment to sustainability and
ethical operating practices is part
of Alma Media’s corporate culture.
The company’s corporate culture
emphasises openness, cooperation
and continuous learning, and is
strongly linked to the brand.
A strong corporate culture supports
managers and employees in
challenging situations, helping the
company to maintain its operational
capacity and reputation.
The company’s services for managing
financial misconduct both in its own
operations and in the value chain
are a material opportunity for the
company.
Alma Media’s actions to promote
an ethically sustainable corporate
culture enable a safe working
environment for employees. For
other stakeholders, they enable
cooperation with an ethical and
reliable operator.
The development of services for
managing financial misconduct
among customer companies is part
of the business strategy.
Risk: Alma Media incurs financial
losses due to legal non-compliance.
Impact: The deterioration of
the company’s reputation as a
responsible partner and operator is
reflected as an adverse impact on
other value chain participants.
Risk: Unequal treatment and
harassment reduce employee
satisfaction
Opportunity: As the potential for
financial misconduct in companies
increases, the demand for Alma
Media’s Compliance services grows.
• The company requires everyone to
complete Code of Conduct training
and thus commit to the company’s
ethical guidelines.
• Alma Media has a whistleblowing
channel that is open to everyone.
• Corporate culture is measured by
the employee engagement index
(Peakon “Alma Voice” survey)
• Employees are provided with
information on Alma Media’s
ethical corporate culture during
their orientation training and later
during the employment relation-
ship by means of communication
and training.
• The supervisors’ preparedness to
address problems, in particular, is
developed by means of training.
• The company has set sustainability
targets to protect consumers and
end-users.
• The company develops its digital
services in response to market
demand.
aimed at key suppliers. Two incidents were
reported via the Whistleblow channel during
the reporting period. Both were forwarded
to the Audit Committee for processing, and
were processed to completion within the or-
ganisation. No suspicions of discrimination or
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Alma Media’s sustainability targets
Alma Media’s sustainability targets
Annual targets Metrics in 2024 Outcome in 2024 2023
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
95.5% 92%
bribery were observed, which demonstrates
Alma Media’s commitment to transparency
and ethical business practices.
The role of the administrative,
management and supervisory bodies
Alma Media’s management, together with the
Nomination and Compensation Committee,
assesses and makes decisions on the
adequacy of competence and expertise
pertaining to the supervision of sustainability
aspects in the company. Where necessary,
expertise is increased through training. At
the same time, the company ensures that
the competence and expertise are related
to Alma Media’s material impacts, risks
and opportunities. Alma Media’s Corporate
Governance Statement also describes how
frequently the governance, management and
supervisory bodies, including their relevant
committees, are informed of the material
impacts, risks and opportunities, and by
whom.
Identification and assessment
of material impacts, risks and
opportunities
The material impacts, risks and opportuni-
ties related to governance and corporate
culture have been identified in a double
materiality assessment that is based on the
principles of the company’s risk manage-
ment process. The materiality assessment is
described in the General disclosures section
of the report.
The risks are associated with potential
consequences such as fines, reputational
damage, legal disputes, a negative customer
experience and adverse impacts on the
employee experience. Supplier assessments
and audits, the company’s Code of Conduct
and the whistleblowing channel are key
to identifying, analysing and managing
impacts, risks and opportunities related
to governance and corporate culture. Risk
management is important for maintaining
sustainable business
Policies G1-1
The sustainability of Alma Media’s busi-
ness conduct is guided by the applicable
legislation as well as the values confirmed
by the Board of Directors, Alma Media’s
Code of Conduct and other policies. Alma
Media is committed to compliance with
the UN Guiding Principles on Business and
Human Rights, and expects the same from its
business partners. Since 2011, Alma Media
has supported the UN Global Compact
initiative and its principles concerning
human rights, workers, the environment and
anti-corruption.
The ability to react to changes in the operat-
ing environment, recognise and take advan-
tage of opportunities and prepare for risks
has continuously increased in significance
as a driver of business success. Alma Media
revised the descriptions of the management
principles and the strategic planning process
due to legislative developments and the
development of the company’s operating
practices. The purpose of the organisational
model, decision-making system and strategic
planning process is to support the compa-
ny’s competitiveness, the achievement of
Group synergies, the growth of strategic
competence, the smooth flow of information
and the development of the corporate cul-
ture. Alma Media’s operating model is based
on cooperation and the sharing of best
practices throughout the organisation. It is
not possible to report the monetary value of
these measures in 2024, but the costs mainly
ANNUAL REPORT 2024
85
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
consist of the salary costs of the company’s
employees. Guidelines that are binding on
the entire Group and all Alma employees
include Group policies, Group principles and
Group procedures and guidelines.
Mechanisms for identifying, reporting
and investigating concerns G1-1, G1-4
Alma Media encourages its employees
and stakeholders to report any observed
legal violations and unethical conduct
related to Alma Media’s operations. The
observations can be reported to one’s direct
supervisor, the HR function of Alma Media’s
whistleblowing channel, which is available
in 12 languages to all internal and external
stakeholders on the company’s website and
the websites of its various services. Reports
can be submitted anonymously.
An external service provider is responsible
for the technical implementation of the
channel.
All actual and suspected violations reported
to the company are investigated. Alma
Media’s Audit Committee is responsible for
the steering of investigations concerning
reported violations and misconduct. The
Audit Committee is responsible for ensuring
that the consequences of investigations are
consistent for incidents that are of an equally
serious nature, and that the remedies taken
by the company are sufficient and in line with
the principles and procedures described
in the Code of Conduct and the principles
concerning whistleblowing and related
investigations. Legal violations are reported
to the authorities. The person concerned
or their supervisor never participates in
the investigation of the actual or suspected
violations. If it is deemed necessary due
to the significance of the violation being
investigated, the Compliance Committee
reports the case to the company’s senior
management and the Board of Directors in a
regularly scheduled meeting, or immediately
if the situation so requires.
During the reporting year, no fines were
imposed on Alma Media for violations of
anti-corruption or anti-bribery legislation.
Basis for preparation of the metrics
The implementation of measures that ensure
ethical business conduct at Alma Media
describes the number of implemented
measures aligned with the targets in propor-
tion to the defined targets for the reporting
period.
Supplier commitment to the Supplier Code
of Conduct describes the proportion of
suppliers whose invoicing to Alma Media
in 2024 exceeded EUR 500,000 and who
have made a commitment to Alma Media’s
Supplier Code of Conduct. The figure does
not include the company’s statutory part-
nerships, earnings-related pension funds,
lessors of business premises or suppliers of
energy.
Supplier surveys for key suppliers cover
all suppliers included in the supplier
classification.
In the completion rate of Alma Media’s
Code of Conduct training, the denominator
is the number of active employees at the
time of reporting. Persons who work for
Alma Media’s units on an invoicing basis, for
example, are considered to be within the
scope of the Supplier Code of Conduct.
ANNUAL REPORT 2024
86
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Financial statements
ANNUAL REPORT 2024
87
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
89
Consolidated financial statements
97
153
Notes to the consolidated
financial statements
Signatures to the report by the Board of
Directors and the financial statements
140
154
Parent company financial statements (FAS)
Auditor’s Report
Contents
ANNUAL REPORT 2024
88
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | Note | 1 January–31 | 1 January–31 |
| December 2024 | December 2023 | ||
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 2024 | December 2023 | ||
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 2024
89
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
445
437
81
90
526
528
0
100
200
300
400
500
600
2024 2023
Balance sheet, Assets
Short term assets
Non-current assets
MEUR
235
223
182
198
109
107
526
528
0
100
200
300
400
500
600
2024 2023
Balance sheet, Equity & liabilities
Non-interest bearing liabilities
MEUR | Note | 31 Dec 2024 | 31 Dec 2023 | |||
| 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 | ||||||
| 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 | ||||||
| Interest-bearing liabilities | ||||||
| Equity |
MEUR | 31 Dec 2024 | 31 Dec 2023 | |
| 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 2024
90
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
63.0
-10.5
-30.0
73.8
-22.6
-61.4
-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
2023 2024
MEUR
MEUR | Note | 1 January–31 | 1 January–31 |
| December 2024 | December 2023 | ||
| 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 | - | ||
Proceeds from sale of available-for-sale financial assets | |||
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 | |||
Acquisition of associated companies | 4.4 | ||
Proceeds from sale of associated companies | 4.4 | ||
Cash flows from/(used in) investing activities | - | - |
MEUR | Note | 1 January–31 | 1 January–31 |
| December 2024 | December 2023 | ||
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 2024
91
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | Note | 1 January–31 | 1 January–31 |
| December 2024 | December 2023 | ||
| Cash flow from operating activities | |||
| Adjustments: | |||
Depreciation, amortisation and impairment | 2 | ||
Share of profit of associated companies | 4.4 | - | - |
Capital gains (losses) on the sale of fixed assets and other invest- ments | - | - | |
Financial income and expenses | 3.1 | ||
Income tax | 5.1 | ||
Change in provisions | 1.3 | ||
Other adjustments | - | ||
Adjustments, total | |||
| Change in working capital: | |||
Change in trade receivables | - | - | |
Change in inventories | - | ||
Change in trade payables | - | ||
Change in working capital, total | - | - | |
| Investing activities | |||
Investments financed through finance leases | - | - | |
Gross capital expenditure, payment-based* | - | - | |
Sold and purchased business operations, non-payment-based | - | - | |
Investments, total | - | - |
* Excluding investments of acquired businesses
Notes to the cash flow statement
ANNUAL REPORT 2024
92
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
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 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 | - | - | - | ||||||
Equity 31 Dec 2024 | 3.8 | - | |||||||
Equity 1 Jan 2023 | |||||||||
Profit for the period | |||||||||
Other comprehensive income | |||||||||
Translation differences | - | - | - | ||||||
| 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 | - | - | - | ||||||
Total equity 31 December 2023 | 3.8 |
Consolidated statement of changes in equity
ANNUAL REPORT 2024
93
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
ANNUAL REPORT 2024
94
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
ANNUAL REPORT 2024
95
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
ANNUAL REPORT 2024
96
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Notes to the consolidated financial statements
1. Segments and operating profit
ANNUAL REPORT 2024
97
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
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 2024 and 2023:
| Revenue | ||||
| Share of total, | Share of total, | |||
MEUR | 2024 | % | 2023 | % |
Segments, Finland | 199.4 | 63.8 | 191.7 | 62.9 |
Segments, other countries | 113.3 | 36.2 | 113.1 | 37.1 |
Total | 312.7 | 100.0 | 304.9 | 100.0 |
| Operating profit | ||||
| Share of total, | ||||
MEUR | 2024 | Share of total, % | 2023 | % |
Segments, Finland | 34.5 | 47.0 | 34.3 | 47.0 |
Segments, other countries | 50.1 | 68.3 | 50.6 | 69.3 |
Segments total | 84.6 | 115.2 | 85.0 | 116.4 |
Non-allocated * | -11.2 | -15.2 | -12.0 | -16.4 |
Total | 73.4 | 100.0 | 73.0 | 100.0 |
| * The non-allocated operations comprise the common services produced by the parent company. |
| Assets | ||||
| Share of total, | Share of total, | |||
MEUR | 2024 | % | 2023 | % |
Finland | 368.6 | 70.1 | 370.8 | 70.3 |
Other countries | 157.4 | 29.9 | 157.2 | 29.8 |
Eliminations | -0.1 | 0.0 | -0.3 | -0.1 |
Total | 526.1 | 100.0 | 527.7 | 100.0 |
199.4
191.7
113.3
113.1
0
50
100
150
200
250
300
350
2024 2023
Revenue
International Finland
MEUR
-11.2
-12.0
34.5
34.3
50.1
50.6
-20
0
20
40
60
80
100
2024 2023
Operating profit
International
Finland
Non-allocated
MEUR
ANNUAL REPORT 2024
98
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
12.9
0.0
312.7
304.9
-3.3
-2.0
2023
Alma
Career
Alma
Marketplaces
Alma
News Media
Shared
services
2024
Chart Title
MEUR
Change in revenue, 2023-2024
| Revenue | ||||||
| Alma | Non-allocated | |||||
| Alma | Alma Mar- | News | items and elimi- | |||
| MEUR | Career | ketplaces | Media | Segments, total | nations | Group |
| Financial year 2024 | ||||||
| Revenue | ||||||
External revenue | 107.5 | 98.2 | 106.9 | 312.6 | 0.0 | 312.7 |
Inter-segment revenue | -0.3 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 |
Segments total | 107.2 | 98.3 | 107.1 | 312.6 | 0.0 | 312.7 |
| Financial year 2023 | ||||||
| Revenue | ||||||
External revenue | 111.0 | 85.4 | 108.4 | 304.7 | 0.2 | 304.9 |
Inter-segment revenue | -0.5 | 0.7 | 0.2 | -0.2 | ||
Segments total | 110.5 | 85.4 | 109.1 | 304.9 | 0.0 | 304.9 |
| Profit for the period | ||||||
| Alma | Alma | Non-allocated | ||||
| Alma | Market- | News | items and elimi- | |||
| MEUR | Career | places | Media | Segments, 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 |
| Adjusted operating profit/ | ||||||
loss | 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 appro- priations | 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 |
2.4
1.5
1.2 76.9
73.6
-1.8
2023 Alma
Career
Alma
Marketplaces
Alma
News Media
Shared
services
2024
MEUR
Change in adjusted operating profit, 2023-2024
ANNUAL REPORT 2024
99
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| Profit for the period | ||||||
| Alma | Non-allocated | |||||
| Alma | Alma Mar- | News | Reportable seg- | items and elimi- | ||
| MEUR | Career | ketplaces | Media | ments total | nations | Group |
| Financial year 2023 | ||||||
| EBITDA excluding adjusted | ||||||
items | 48.1 | 32.8 | 16.6 | 97.5 | -6.5 | 91.0 |
| Depreciation, amortisation | ||||||
and impairment | -2.9 | -6.7 | -2.5 | -12.1 | -5.3 | -17.3 |
| Operating profit excluding | ||||||
adjusted items | 45.3 | 26.1 | 14.0 | 85.4 | -11.8 | 73.6 |
Adjusted items | -0.3 | 0.3 | -0.5 | -0.5 | -0.1 | -0.6 |
Operating profit/loss | 45.0 | 26.4 | 13.5 | 85.0 | -11.9 | 73.0 |
| Share of profit of associated | ||||||
companies | 0.9 | 0.0 | 0.0 | 0.9 | 0.0 | 0.9 |
Net financial expenses | 0.0 | 0.1 | 4.1 | 4.2 | -9.6 | -5.4 |
Profit before tax and appro- priations | 45.8 | 26.6 | 17.6 | 90.0 | -21.5 | 68.5 |
Income tax | -12.1 | -12.1 | ||||
Profit for the period | 45.8 | 26.6 | 17.6 | 90.0 | -33.6 | 56.4 |
| Assets and liabilities | ||||||
| Alma | Non-allocated | |||||
| Alma | Alma Mar- | News | items and elimi- | |||
| MEUR | Career | ketplaces | Media | Segments, total | nations | Group |
| Financial year 2024 | ||||||
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 |
| Financial year 2023 | ||||||
Assets | 86.6 | 254.7 | 78.0 | 419.3 | 103.9 | 523.3 |
| Investments in associated | ||||||
| companies and joint ventures | 4.4 | 0.0 | 0.0 | 4.4 | -0.9 | 4.4 |
Assets, total | 91.0 | 254.7 | 78.0 | 423.7 | 103.0 | 527.7 |
Liabilities, total | 47.1 | 23.8 | 15.1 | 86.0 | 218.8 | 304.8 |
Capital expenditure | 2.8 | 5.7 | 2.1 | 10.6 | 15.3 | 25.8 |
ANNUAL REPORT 2024
100
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 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 | 46.5 | 0.0 | 57.3 | -0.1 | 57.2 |
Content | 50.6 | 50.6 | 50.6 | |||
Other | 5.8 | 7.1 | 9.3 | 22.3 | 0.3 | 22.6 |
Total | 107.2 | 98.3 | 107.1 | 312.6 | 0.0 | 312.7 |
| Non-allocated | ||||||
| 2023 | Alma | Alma | items | |||
| Alma | Market- | News | and elimina- | |||
| MEUR | Career | places | Media | Segments, total | tions* | Group |
Classified | 90.4 | 32.0 | 0.0 | 122.4 | 0.0 | 122.4 |
Advertising | 4.1 | 11.1 | 49.5 | 64.6 | 0.3 | 64.9 |
Digital services | 9.5 | 34.4 | 0.0 | 43.9 | 0.0 | 43.9 |
Content | 0.0 | 0.0 | 50.5 | 50.5 | 0.0 | 50.5 |
Other | 7.9 | 7.9 | 9.2 | 25.0 | -1.7 | 23.2 |
Total | 110.5 | 85.4 | 109.1 | 304.9 | 3.8 | 308.7 |
ANNUAL REPORT 2024
101
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | 2024 | 2023 |
Gains on sale of non-current assets | 0.2 | 1.2 |
Other operating income | 0.2 | 0.2 |
Total | 0.4 | 1.4 |
MEUR | 2024 | 2023 |
Wages, salaries and fees | 96.0 | 91.5 |
Pension costs – defined contribution plans | 14.0 | 13.3 |
Share-based payment transaction expense | 3.4 | 3.5 |
Other payroll-related expenses | 8.8 | 9.7 |
Total | 122.3 | 118.1 |
MEUR | 2024 | 2023 |
| Use of materials and supplies | ||
External services | 34.9 | 35.0 |
Total | 34.9 | 35.0 |
Materials and services | 34.9 | 35.0 |
ANNUAL REPORT 2024
102
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
59%
41%
Personnel
Finland
International
| Average number of employees, calculated as full-time employees (excl. | ||
telemarketers) | 2024 | 2023 |
Alma Career | 678 | 704 |
Alma Marketplaces | 345 | 393 |
Alma News Media | 458 | 422 |
Shared operations | 178 | 175 |
Total | 1660 | 1,695 |
Telemarketers on average | 148 | 144 |
MEUR | 2024 | 2023 |
Information technology and telecommunication | 34.1 | 31.1 |
Business premises | 2.8 | 2.4 |
Sales and marketing expenses | 12.1 | 13.1 |
Administration and experts | 6.5 | 6.9 |
Other employee costs | 7.4 | 7.0 |
Other expenses | 2.2 | 2.2 |
Total | 65.0 | 62.6 |
EUR 1,000 | 2024 | 2023 |
| Companies belonging to the Ernst & Young chain * | ||
Audit | 291.1 | 290.5 |
Tax consultation | 25.0 | 1.1 |
Statutory reporting and opinions | 68.1 | |
Other | 42.9 | |
Total | 385.0 | 334.5 |
ANNUAL REPORT 2024
103
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
EUR 1,000 | 2024 | 2023 |
Salaries and other short-term employee benefits | 942.4 | 877.9 |
Post-employment benefits | 499.9 | 470.5 |
Incentive schemes implemented and paid in the form of shares | 1,045.8 | 876.8 |
Total | 2,488.0 | 2,225.3 |
EUR 1,000 | 2024 | 2023 |
Salaries and other short-term employee benefits | 2,593.1 | 2,329.2 |
Post-employment benefits | 861.1 | 930.7 |
Incentive schemes implemented and paid in the form of shares | 1,572.3 | 1,674.5 |
Total | 5,026.5 | 4,934.4 |
EUR 1,000 | 2024 | 2023 |
Catharina Stackelberg-Hammarén, Chair of the Board | 86.8 | 88.8 |
Eero Broman, Deputy Chair | 54.2 | 53.5 |
Heikki Herlin, member | 41.8 | 44.3 |
Peter Immonen, member | 43.8 | 45.3 |
Esa Lager, member | 48.8 | 49.3 |
Alexander Lindholm, member | 42.8 | 42.8 |
Kaisa Salakka, member of the Board | 41.8 | 44.3 |
Ari Kaperi | 41.8 | |
Petri Niemisvirta, member until 4 April 2023 | 1.5 | |
Total | 401.8 | 369.8 |
ANNUAL REPORT 2024
104
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
EUR 1,000 | 2024 | 2023 |
Salaries and other short-term employee benefits | 3,937.3 | 3,576.9 |
Post-employment benefits | 1,361.0 | 1,401.2 |
Incentive schemes implemented and paid in the form of shares | 2,618.1 | 2,551.3 |
Total | 7,916.4 | 7,529.4 |
ANNUAL REPORT 2024
105
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| Performance Matching | Performance Match- | |
| Plan | ing Share Plan PSP | |
| Instrument | MSP 2024 | 2024 |
AGM date/Date of issuing | 4 Apr 2023 | 29 Mar 2022 |
Maximum number of shares | 840,000 | 284,000 |
Dividend adjustment | No | No |
Initial allocation date | 30 Apr 2024 | 5 Mar 2024 |
Performance period begins | 1 Jan 2024 | 1 Jan 2024 |
Performance period ends | 31 Dec 2026 | 31 Dec 2026 |
Vesting date | 28 Feb 2027 | 28 Feb 2027 |
Maximum contractual life, years | 2.8 | 3 |
Remaining contractual life, years | 2.2 | 2.2 |
Maximum number of people entitled to participate | 9 | 85 |
Payment method | Cash & share | Cash & share |
| Performance Matching | |||
| Plan | Matching share plan | Performance share | |
| Instrument | MSP 2022 | MSP 2021 | plan PSP 2021 |
AGM date/Date of issuing | 29 Mar 2022 | 18 Dec 2018 | 18 Dec 2018 |
Maximum number of shares | 528,000 | 450,000 | 226,000 |
Dividend adjustment | No | No | No |
Initial allocation date | 16 Feb 2022 | 7 Apr 2021 | 7 Apr 2021 |
Performance period begins | 1 Jan 2022 | 1 Jan 2021 | 1 Jan 2021 |
Performance period ends | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2023 |
Vesting date | 28 Feb 2025 | 29 Feb 2024 | 29 Feb 2024 |
Maximum contractual life, years | 3.0 | 3.0 | 3.0 |
Remaining contractual life, years | 0.2 | 0 | 0 |
Maximum number of people entitled to participate | 10 | 0 | 0 |
Payment method | Cash & share | Cash & share | Cash & share |
| Performance Match- | |||
| Performance Matching | ing Plan | Performance Matching | |
| Instrument | Share Plan PSP 2023 | MSP 2023 | Share Plan PSP 2022 |
AGM date/Date of issuing | 4 Apr 2023 | 4 Apr 2023 | 29 Mar 2022 |
Maximum number of shares | 290,000 | 630,000 | 290,000 |
Dividend adjustment | No | No | No |
Initial allocation date | 2 Mar 2023 | 27 Apr 2023 | 16 Feb 2022 |
Performance period begins | 1 Jan 2023 | 1 Jan 2023 | 1 Jan 2022 |
Performance period ends | 31 Dec 2025 | 31 Dec 2025 | 31 Dec 2024 |
Vesting date | 28 Feb 2026 | 28 Feb 2026 | 28 Feb 2025 |
Maximum contractual life, years | 3.0 | 2.8 | 3.0 |
Remaining contractual life, years | 1.2 | 1.2 | 0.2 |
Maximum number of people entitled to participate | 75 | 9 | 71 |
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 | 9.84 |
Share price at end of period, EUR | 11.0 |
Dividend yield assumption, EUR | 1.07 |
Valuation method | Monte Carlo simulation |
Fair value on 31 December 2024, MEUR | 4.2 |
MEUR | 2024 | 2023 |
Costs for the financial year, share-based payments | 3.4 | 3.5 |
| Estimate of the total future share payable to the tax authorities of all current | ||
LTI incentive schemes after the financial period | 7.0 | 5.9 |
ANNUAL REPORT 2024
106
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| 1 Jan 2024 | Performance | ||||||||
| Performance | Performance | Matching Share | Performance | Matching Share | Performance Match- | Matching Share | Performance Match- | ||
| Matching Plan | Matching Share | Plan PSP | Matching Plan MSP | Plan | ing Share Plan | Plan | ing Share Plan | ||
| MSP 2024 | Plan PSP 2024 | 2023 | 2023 | MSP 2022 | PSP 2022 | MSP 2021 | PSP 2021 | Total | |
Outstanding at the beginning of the reporting period, pcs | 260,000 | 455,134 | 439,115 | 236,000 | 355,500 | 184,000 | 1,929,749 | ||
| Changes during the period | |||||||||
Granted during the period | 717,200 | 278,000 | 995,200 | ||||||
Forfeited during the period | 12,000 | 22,000 | 20,000 | 8,217 | 9,492 | 71,709 | |||
Earned during the period | 347,283 | 174,508 | 521,791 | ||||||
| Expired during the period | |||||||||
| 31 Dec 2024 | |||||||||
Outstanding at the end of the period, pcs | 717,200 | 266,000 | 238,000 | 455,134 | 439,115 | 216,000 | 0 | 0 | 2,331,449 |
ANNUAL REPORT 2024
107
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
2 Tangible and intangible assets
| Intangible | Other intan- | Advances, | |||
| MEUR | rights | gible assets | intangible | Goodwill | Total |
| Financial year 2024 | |||||
Acquisition cost 1 Jan | 169.4 | 1.6 | 6.9 | 300.1 | 478.1 |
Increases | 1.4 | 1.9 | 3.3 | ||
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 2024
108
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| Intangible | Other intan- | Advances, | |||
| MEUR | rights | gible assets | intangible | Goodwill | Total |
| Financial year 2023 | |||||
Acquisition cost 1 Jan | 163.4 | 1.7 | 5.1 | 296.0 | 466.3 |
Increases | 2.7 | 5.4 | 8.1 | ||
Acquisitions of business oper- ations | 3.9 | 4.8 | 8.7 | ||
Decreases | -3.5 | -0.1 | -0.4 | -4.0 | |
Exchange rate differences | -0.6 | -0.3 | -0.9 | ||
Transfers between items | 3.5 | -3.5 | 0.0 | ||
Acquisition cost 31 Dec | 169.4 | 1.6 | 6.9 | 300.1 | 478.1 |
Accumulated depreciation, amor- tisation and impairment 1 Jan | 81.3 | 1.4 | 1.7 | 84.4 | |
Accumulated depreciation in decreases and transfers | -2.0 | -2.0 | |||
| Depreciation for the financial | |||||
year | 9.4 | 0.1 | 9.5 | ||
Exchange rate differences | -0.6 | 0.4 | -0.2 | ||
Accumulated depreciation, amortisation and impairments | |||||
31 Dec | 88.1 | 1.5 | 2.1 | 91.7 | |
Book value 1 Jan | 82.1 | 0.2 | 5.1 | 294.4 | 381.8 |
Book value 31 Dec | 81.3 | 0.1 | 6.9 | 298.0 | 386.3 |
ANNUAL REPORT 2024
109
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | 2024 | 2023 |
| A significant amount of goodwill has been allocated to the following | ||
| cash-generating units | ||
Alma Career | 50.0 | 48.8 |
Alma Marketplaces | 202.7 | 192.9 |
Alma News Media | 56.3 | 56.2 |
Non-allocated goodwill | 0.1 | 0.1 |
Total goodwill | 309.0 | 298.0 |
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| Revenue | Expense | ||||
| growth | growth | WACC | |||
| assumption, | assumption, | before | |||
| Financial year 2024 | % * | % * | taxes, % | Business | |
| Finland, the | |||||
| Czech Republic, | |||||
| the Baltic coun- | |||||
| Alma Career | tries, Slovakia | 4.8 | 0.7 | 11.15 | Digital |
Alma Marketplaces | Finland, Sweden | 4.1 | 2.7 | 9.6 | Media, digital |
| Media, digital, | |||||
Alma News Media | Finland | 0.9 | 0.1 | 9.7 | services |
ANNUAL REPORT 2024
111
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
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 2024
112
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
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 2023 | |||||
Acquisition cost 1 Jan | 63.0 | 4.4 | 1.2 | 0.1 | 68.8 |
Increases | 12.8 | 2.1 | 0.9 | 15.8 | |
Decreases | -0.7 | -0.1 | -0.2 | -0.1 | -1.2 |
Exchange rate differences | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Transfers between items | |||||
Acquisition cost 31 Dec | 75.1 | 6.3 | 2.0 | 0.0 | 83.4 |
Accumulated depreciation, amortisation and impairment 1 Jan | 32.1 | 2.8 | 0.1 | 0.0 | 35.1 |
| Accumulated depreciation in decreases | |||||
Depreciation for the financial year | 6.1 | 1.6 | 0.1 | 7.8 | |
Exchange rate differences | 0.0 | 0.0 | -0.1 | ||
Accumulated depreciation, amortisation and impairments 31 Dec | 38.2 | 4.3 | 0.2 | 0.0 | 42.7 |
Book value 1 Jan | 30.9 | 1.6 | 0.9 | 0.1 | 33.6 |
Book value 31 Dec | 36.9 | 2.0 | 1.8 | 0.0 | 40.7 |
ANNUAL REPORT 2024
113
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
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 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 |
| Financial year 2023 | |||
Acquisition cost 1 Jan | 61.0 | 2.9 | 63.9 |
Increases | 12.8 | 0.8 | 13.6 |
Decreases | -0.1 | -0.1 | |
Acquisition cost 31 Dec | 73.7 | 3.7 | 77.4 |
Accumulated depreciation 1 Jan | 31.8 | 2.1 | 33.9 |
| Accumulated depreciation in decreases | |||
Depreciation for the financial year | 5.9 | 0.6 | 6.5 |
Accumulated depreciation 31 Dec | 37.7 | 2.7 | 40.4 |
Book value 31 Dec | 36.1 | 1.0 | 37.0 |
* IFRS16 lease liabilities are discussed in note 3.3
ANNUAL REPORT 2024
114
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
3. Capital structure and financial expenses
MEUR | 2024 | 2023 |
Interest income on held to maturity investments | 0.2 | 0.1 |
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 | 4.2 | |
Change in the fair value of interest rate and foreign currency derivative | 0.5 | |
Dividend income from assets measured at fair value through other comprehen- sive income | 0.2 | 0.1 |
Total | 1.4 | 4.5 |
MEUR | 2024 | 2023 |
Interest expenses from interest-bearing debts measured at amortised cost | 7.4 | 5.4 |
Interest expenses from leases recognised on the balance sheet and measured at amortised cost | 1.4 | 0.8 |
Foreign exchange gains and losses (loans and receivables) | 1.7 | |
| 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 | 0.5 | |
Changes in value of non-current investments | 1.1 | |
Other financial expenses | 0.3 | 0.5 |
Total | 9.1 | 9.8 |
ANNUAL REPORT 2024
115
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| Balance sheet | Balance sheet | |
| values | values | |
| MEUR | 2024 | 2023 |
| Non-current financial assets | ||
| Assets measured at fair value through other comprehensive income | ||
Unquoted share investments, assets classified as held for sale | 2.6 | 2.6 |
| Assets measured at fair value through profit or loss | ||
Interest rate derivative | 1.6 | 3.3 |
Total | 4.1 | 5.9 |
| Current financial assets | ||
| Assets measured at fair value through profit or loss | ||
Interest rate derivative | 1.1 | 1.1 |
Financial assets, total | 1.1 | 1.1 |
Financial assets, total | 5.3 | 7.0 |
MEUR | 2024 | 2023 |
At beginning of period | 2.6 | 3.4 |
Other increases | 0.0 | 0.0 |
Decreases | -0.8 | |
At end of period | 2.6 | 2.6 |
MEUR | 2024 | 2023 |
Cash and bank accounts | 42.5 | 52.4 |
Total | 42.5 | 52.4 |
116
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
ANNUAL REPORT 2024
117
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | 2024 | 2023 |
| FINANCIAL LIABILITIES | ||
| Non-current financial liabilities | ||
| Financial liabilities measured at amortised cost | ||
Non-current lease liabilities | 30.3 | 31.8 |
Non-current loans from credit institutions | 145.0 | 160.0 |
| Liabilities recognised at fair value through profit or loss | ||
Contingent consideration liabilities arising from the acquisition of business oper- ations | 2.7 | 6.5 |
Other liabilities | 0.1 | 0.0 |
Total | 178.1 | 198.3 |
| Current financial liabilities | ||
| Based on amortised cost | ||
Lease liabilities | 7.1 | 6.3 |
Short-term loans from credit institutions | 0.0 | |
Liabilities recognised at fair value through profit or loss | 3.2 | 0.8 |
Foreign currency derivatives | 0.0 | 0.3 |
Contingent consideration liabilities arising from the acquisition of business oper- ations | 3.2 | 0.6 |
Total | 10.3 | 7.1 |
Financial liabilities total | 188.4 | 205.4 |
| 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 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 | 0.0 | |||
Net debt 31 Dec 2024 | -42.5 | 7.1 | 30.3 | 145.0 | 140.0 | |
Net debt 1 Jan 2023 | 30.0 | 7.0 | 23.7 | 2.0 | 140.0 | 142.6 |
Cash flows | 22.4 | -6.4 | -2.0 | 20.0 | -10.8 | |
| Change in IFRS 16 lease | ||||||
liability | 13.8 | 13.8 | ||||
Other non-cash changes | 5.7 | -5.7 | 0.0 | |||
Net debt 31 Dec 2023 | 52.4 | 6.3 | 31.8 | 0.0 | 160.0 | 145.7 |
MEUR | 2024 | 2023 |
| Level 2 | ||
Interest rate derivative | 2.7 | 4.4 |
Foreign currency derivatives | -0.0 | -0.3 |
| Level 3 | ||
Contingent consideration liabilities arising from the acquisition of business operations | 5.9 | 7.0 |
Shares measured at fair value through comprehensive income | 2.6 | 2.6 |
ANNUAL REPORT 2024
118
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | 31 Dec 2024 | 31 Dec 2023 |
Fair value of the contingent consideration liability at the start of the period | 7.0 | 9.9 |
New considerations | 4.8 | |
Considerations, settled in cash | -1.6 | -0.1 |
Change in fair value during the financial period * | 0.5 | -7.5 |
Fair value of the contingent consideration liability at the end of the period | 5.9 | 7.0 |
MEUR | 31 Dec 2024 | 31 Dec 2023 |
Fair value of the contingent consideration assets at the start of the period | 0.1 | 0.2 |
Considerations, settled in cash | 0.1 | 0.1 |
Fair value of the contingent consideration assets at the end of the period | 0.1 |
MEUR | 2024 | 2023 |
| Interest rate derivative | ||
Fair value | 2.7 | 4.4 |
Value of underlying instruments | 80.0 | 50.0 |
| Foreign currency derivative | ||
Fair value | -0.0 | -0.3 |
Value of underlying instruments | 7.9 | 11.7 |
ANNUAL REPORT 2024
119
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | 2024 | 2023 |
| Lease liabilities – total minimum lease payments | ||
2024 | 6.5 | |
2025 | 6.9 | 5.9 |
2026 | 7.1 | 5.9 |
2027 | 6.2 | 5.3 |
2028 | 5.1 | 4.9 |
2029 | 4.7 | |
Later | 13.6 | 17.4 |
Total | 43.6 | 45.8 |
| Lease liabilities – present value of minimum lease payments | ||
2024 | 6.3 | |
2025 | 7.4 | 5.4 |
2026 | 7.3 | 5.3 |
2027 | 5.3 | 4.5 |
2028 | 4.2 | 4.0 |
2029 | 3.7 | |
Later | 9.6 | 12.6 |
Total | 37.4 | 38.1 |
Financial expenses accruing in the future | 6.2 | 7.8 |
MEUR | 2024 | 2023 |
Within one year | 0.7 | 0.6 |
Within 1–5 years | 0.8 | 0.7 |
| After 5 years | ||
Total | 1.4 | 1.3 |
MEUR | 2024 | 2023 |
Within one year | 0.2 | 0.2 |
Within 1–5 years | 0.2 | 0.2 |
Total | 0.4 | 0.4 |
ANNUAL REPORT 2024
120
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | 2024 | 2023 |
Present value of unfunded obligations | 0.2 | 0.5 |
Present value of funded obligations | 0.2 | 0.2 |
Fair value of assets | -0.2 | -0.2 |
Pension liability | 0.2 | 0.5 |
MEUR | 31 Dec 2024 | 31 Dec 2023 |
Present value of obligations at start of period | 0.7 | 0.8 |
Service cost during period | 0.0 | 0.0 |
Interest cost | 0.0 | 0.0 |
Actuarial gains and losses | -0.3 | -0.0 |
Payments of defined benefit obligations | -0.0 | -0.0 |
Present value of funded obligations at end of period | 0.4 | 0.7 |
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 | 0.5 |
| Net pension liability | ||
Pension liability | 0.2 | 0.5 |
Pension asset | 0.0 | |
Net pension liability | 0.2 | 0.5 |
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
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FINANCIAL
STATEMENTS
MEUR | 2024 | 2023 |
Service cost during period | 0.0 | 0.0 |
Interest cost | 0.0 | 0.0 |
Interest income | 0.0 | 0.0 |
Actuarial gains and losses and adjustments | -0.3 | -0.0 |
Total | -0.3 | -0.0 |
MEUR | 2024 | 2023 |
At beginning of period | 0.5 | 0.6 |
Payments of defined benefit obligations | -0.0 | -0.1 |
Pension expense in income statement | 0.0 | 0.0 |
Comprehensive income for the period | -0.3 | 0.0 |
Defined benefit pension liabilities on the balance sheet | 0.2 | 0.5 |
| Change in present | ||
| Present value of | value of | |
| MEUR | pension obligation | pension obligation, % |
Change of +0.5%-p in the discount rate | 0.4 | -9.0 |
Change of +0.5%-p in the salary increase assumption | 0.2 | 1.4 |
Change of +0.5%-p in the pension increase rate | 0.4 | 5.3 |
% | 2024 | 2023 |
Discount rate | 3.1 | 3.7 |
Future salary increase assumption | 3.0 | 3.5 |
Inflation assumption | 2.0 | 2.5 |
Future increase in pension benefit | 2.3 | 2.8 |
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MEUR | 2024 | 2023 |
Finished products | 0.7 | 0.6 |
Total | 0.7 | 0.6 |
| 31 Dec 2024 | 121–180 | More than | ||||
| 5–30 days | 31–120 days | days | 180 days | |||
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 | 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 |
| 31 Dec 2023 | 121–180 | More than | ||||
| 5–30 days | 31–120 days | days past | 180 days | |||
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 | 21.5 | 3.7 | 1.1 | 0.2 | 0.6 | 27.1 |
Loss allowance | 0.0 | 0.0 | 0.0 | 0.1 | 0.6 | 0.8 |
MEUR | 2024 | 2023 |
Trade receivables | 28.1 | 26.3 |
| Receivables from associated companies | ||
Total | 28.1 | 26.3 |
| Receivables from others | ||
Prepaid expenses and accrued income | 7.1 | 5.9 |
Other receivables | 1.0 | 1.1 |
Total | 8.1 | 7.0 |
Receivables, total | 36.2 | 33.3 |
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The Group’s interest-bearing debt totalled MEUR 182.4 (198.1) on 31 December 2024. The inter-
est-bearing debt consists of a Term Loan of MEUR 145 with a maturity of three years, including
an extension option of 12 months, and IFRS 16 lease liabilities. The Group’s net debt amounted
to MEUR 140.0 (145.7) on 31 December 2024.
The computational interest rate used in calculating lease liabilities varies between 1.5% and
6.0% depending on the lease agreement, and the amount of the liability is based on the con-
tractual obligations pertaining to leases for business premises. If the computational interest rate
used in calculating lease liabilities were to be increased by one percentage point, the effect on
the Group’s financial expenses would be MEUR 0.4.
In December 2021, the Group took out an interest rate hedge for its Term Loan. The interest
rate hedge has a 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 2024, interest rate swaps generated a positive fair value change of MEUR 0.3 that is
recognised in financial items. The fair value of interest rate derivatives on 31 December 2024
was MEUR 2.7 (4.4).
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 2025, the annual effect on financial expenses
would be MEUR 1.5. The interest rate derivative 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 at
the annual level. In 2024, the average interest cost of the Group’s interest-bearing liabilities was
3.8% (3.6%).
MEUR | 2024 | 2023 |
Trade payables | 3.8 | 4.3 |
| Owed to associated companies | ||
| Trade payables | ||
Accrued expenses and prepaid income | 26.1 | 23.0 |
Other liabilities | 9.6 | 8.2 |
Total | 39.5 | 35.5 |
3.7 Financial risks
Financial risk management is part of the Group’s risk management policy. The risk manage-
ment strategy and plan, the control limits imposed and the course of action are reviewed
annually. The Group has a risk management organisation tasked with identifying the risks
threatening the company’s business, assess and update them, develop the necessary risk
management methods and regularly report on the risks. Alma Media categorises its financial
risks as follows:
Interest rate risk
The interest rate risk describes how changes in interest rates and maturities related to various
interest-bearing business transactions and balance sheet items could affect the Group’s finan-
cial position and net result. The impact of the interest rate risk on net result can be reduced us-
ing interest rate swaps, interest forwards and futures and interest or foreign exchange options.
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| 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 |
| MEUR | Balance | ||||||
| 0–6 | Over 5 | sheet | |||||
| 31 Dec 2023 | months | 1 year | 1–2 years | 2–5 years | years | Total | value |
Loans from financial insti- tutions and interest | 4.1 | 4.1 | 8.1 | 168.1 | 184.4 | 160.0 | |
| Contingent consideration | |||||||
liability | 1.3 | 5.7 | 7.0 | 7.0 | |||
Lease liabilities | 3.3 | 3.3 | 5.9 | 16.1 | 17.4 | 45.9 | 38.1 |
Foreign currency deriv- ative | 0.1 | 0.1 | 0.3 | 0.3 | |||
Trade payables | 4.3 | 4.3 | 4.3 | ||||
Total | 13.1 | 7.5 | 19.7 | 184.2 | 17.4 | 241.9 | 209.7 |
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STATEMENTS
| Invested non-re- | ||||
| Total number of | Share capital, | Share premium | stricted equity | |
| shares | MEUR | fund, MEUR | fund, MEUR | |
1 Jan 2024 | 82,383,182 | 45.3 | 7.7 | 19.1 |
31 Dec 2024 | 82,383,182 | 45.3 | 7.7 | 19.1 |
MEUR | 2024 | 2023 |
Interest-bearing long-term liabilities | 175.3 | 191.8 |
Short-term interest-bearing liabilities | 7.1 | 6.3 |
Cash and cash equivalents | 42.5 | 52.4 |
Net debt | 140.0 | 145.7 |
Total equity | 234.9 | 222.8 |
Gearing, % | 59.6% | 65.4% |
Equity ratio, % | 48.6% | 46.1% |
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2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
MEUR | 2024 | 2023 |
Profit attributable to ordinary shareholders of parent | 52.3 | 56.3 |
| Number of shares (1,000 pcs) | ||
Weighted average number of shares for basic earnings per share | 82,145 | 82,073 |
Incentive schemes | 1,914 | 1,564 |
Diluted weighted average number of outstanding shares | 84,059 | 83,637 |
Earnings per share (basic) | 0.64 | 0.69 |
Earnings per share (diluted) | 0.62 | 0.67 |
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STATEMENTS
4. Consolidation
| The Group’s parent and subsidiary relationships are as follows: | |||||
Holding, % | Share of votes, % | ||||
Company | Finland | 2024 | 2023 | 2024 | 2023 |
Parent company Alma Media Corporation | Finland | ||||
Alma Finanssipalvelut Oy | Finland | 100.0 | 100.0 | 100.0 | 100.0 |
Alma Career Oy | Finland | 100.0 | 100.0 | 100.0 | 100.0 |
Alma Career, spletno oglasevanje d.o.o | Slovenia | 100.0 | 100.0 | 100.0 | 100.0 |
Alma Media Finland Oy | Finland | 100.0 | 100.0 | 100.0 | 100.0 |
Alma Career Estonia OÜ | Estonia | 100.0 | 100.0 | 100.0 | 100.0 |
Digitaalinen asuntokauppa DIAS Oy | Finland | 80.5 | 80.5 | 80.5 | 80.5 |
Etua Oy | Finland | 100.0 | 100.0 | 100.0 | 100.0 |
Karenstock Oy | Finland | 100.0 | 100.0 | 100.0 | 100.0 |
| Bosnia and | |||||
| Kolektiv d.o.o | Herzegovina | 100.0 | 100.0 | 100.0 | 100.0 |
| Czech | |||||
| Alma Career Czechia s.r.o | Republic | 100.0 | 100.0 | 100.0 | 100.0 |
| Czech | |||||
| Nelisa s.r.o | Republic | 100.0 | 100.0 | ||
Objektvision AB | Sweden | 100.0 | 100.0 | 100.0 | 100.0 |
Alma Career Slovakia s.r.o | Slovakia | 100.0 | 100.0 | 100.0 | 100.0 |
Alma Career Latvia SIA | Latvia | 100.0 | 100.0 | 100.0 | 100.0 |
Suomen Tunnistetieto Oy | Finland | 75.0 | 51.0 | 75.0 | 51.0 |
Suoramarkkinointi Mega Oy | Finland | 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 Lithuania UAB | Lithuania | 100.0 | 100.0 | 100.0 | 100.0 |
Alma Career Poland Sp. z.o.o | Poland | 100.0 | 100.0 | 100.0 | 100.0 |
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
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FINANCIAL
STATEMENTS
Holding, % | Share of votes, % | ||||
Company | Finland | 2024 | 2023 | 2024 | 2023 |
| Alma Career North Macedonia DOOEL | North | ||||
| Skopje | Macedonia | 100.0 | 100.0 | 100.0 | 100.0 |
Holding, % | Share of votes, % | ||||
| Subsidiaries merged with other Group | |||||
companies during the financial year: | Finland | 2024 | 2023 | 2024 | 2023 |
Alma Media Suomi Oy | Finland | 100.0 | 100.0 | 100.0 | 100.0 |
Netwheels Oy | Finland | 100.0 | 100.0 | ||
Holding, % | Share of votes, % | ||||
Subsidiaries sold during the period: | Finland | 2024 | 2023 | 2024 | 2023 |
Kotikokki.net Oy | Finland | 65.0 | 65.0 |
| Holding, % | Holding, % | ||
Subsidiary | Finland | 2024 | 2023 |
Digitaalinen asuntokauppa DIAS Oy | Finland | 19.5 | 19.5 |
Suomen Tunnistetieto Oy | Finland | 25.0 | 49.0 |
| 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% |
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CORPORATE
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STATEMENTS
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 |
| Fair values entered in integra- | |
| MEUR | tion, total |
Intangible assets | 0.6 |
Trade receivables and other receivables | 0.1 |
Cash and cash equivalents | 0.0 |
Total assets acquired | 0.7 |
Deferred taxes | 0.1 |
Trade payables 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 the time of acquisition, 29 November 2024 | 1.6 |
Goodwill on the reporting date, 31 December 2024 | 1.6 |
Annual amortisation of intangible assets related to acquisitions | 0.0 |
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CORPORATE
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FINANCIAL
STATEMENTS
| Fair values entered in integra- | |
| MEUR | tion, 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 the time of acquisition, 31 January 2024 | 9.9 |
Goodwill on the reporting date, 31 December 2024 | 9.9 |
Annual amortisation of intangible assets related to acquisitions | 0.7 |
Consideration paid for acquisitions – cash flow
MEUR | 2024 | 2023 |
| Paid cash less acquired cash: | ||
Cash consideration | 20.3 | 5.1 |
Asset transfer tax and transaction costs | 0.3 | 0.0 |
Contingent considerations paid during the financial year | 1.6 | |
| Less acquired amounts | ||
Cash | 3.9 | 0.6 |
Net cash flow – capital expenditure | 18.4 | 4.6 |
Acquisitions in 2023
The Group carried out the following acquisitions in 2023:
Business | Acquisition date | Acquired share | Group share | |
| Alma Career segment | ||||
Vrabotuvanje Online d.o.o | Online service | 1 Jul 2023 | 70% | 100% |
| Alma Marketplaces segment | ||||
Toimitilat.fi | Online service | 1 Jan 2023 | 100% | 100% |
Suomen Tunnistetieto Oy | Online service | 3 Apr 2023 | 26% | 51% |
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2024
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REMUNERATION
REPORT
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STATEMENTS
Alma Career
Consideration
MEUR | Fair value |
Consideration, settled in cash | 0.9 |
Fair value of acquisition achieved in stages | 0.3 |
Value of previous holdings | 0.1 |
Total consideration | 1.3 |
The assets and liabilities recorded as a result of the acquisition were as follows:
| Fair values entered in integra- | |
| MEUR | tion, total |
Property, plant and equipment | 0.0 |
Intangible assets | 0.5 |
Trade and other receivables | 0.1 |
Cash and cash equivalents | 0.2 |
Total assets acquired | 0.7 |
Deferred tax liabilities | 0.0 |
Trade and other payables | 0.2 |
Total liabilities acquired | 0.2 |
Acquired identifiable net assets at fair value, total | 0.5 |
Group’s share of net assets | 0.5 |
Goodwill | 0.8 |
Annual amortisation of intangible assets related to acquisitions | 0.1 |
Alma Marketplaces
Consideration
MEUR | Fair value |
Consideration, settled in cash | 4.2 |
Contingent consideration | 0.6 |
Fair value of acquisition achieved in stages | 0.9 |
Value of previous holdings | 0.5 |
Total consideration | 6.1 |
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 | 0.1 |
Intangible assets | 3.5 |
Trade and other receivables | 0.2 |
Cash and cash equivalents | 0.4 |
Total assets acquired | 4.1 |
Deferred tax liabilities | 0.7 |
Trade and other payables | 0.1 |
Total liabilities acquired | 0.8 |
Acquired identifiable net assets at fair value, total | 3.3 |
Group’s share of net assets | 2.1 |
Non-controlling interest | 1.2 |
Goodwill | 4.0 |
Annual amortisation of intangible assets related to acquisitions | 0.5 |
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CORPORATE
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REMUNERATION
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FINANCIAL
STATEMENTS
MEUR | 2024 | 2023 |
| Investments in associated companies and joint ventures | ||
At beginning of period | 4.4 | 4.2 |
Decreases | -0.0 | -0.5 |
Share of results | 1.3 | 0.9 |
| Capital repayments received | ||
Dividends received | -0.1 | -0.2 |
| Impairment | ||
At end of period | 5.7 | 4.4 |
FINANCIAL
STATEMENTS
| Alma | Other | |||||
| MEUR | Career | associated companies | Associated companies | Segment | Holding (%) | Share of votes (%) |
| Year 2023 | Year 2024 | |||||
Current assets | 8.1 | Infostud 3 d.o.o. | Alma Career | 25.0 | 25.0 | |
Non-current assets | 14.5 | Kytöpirtti Oy | Non-allocated | 43.2 | 43.2 | |
Current liabilities | 3.8 | |||||
Non-current liabilities | 5.4 | |||||
Revenue | 17.8 | |||||
Profit/loss for the period | 3.1 | |||||
| Other comprehensive income | ||||||
| Reconciliation between associated companies’ and joint | ||||||
| ventures’ financial information and the balance sheet | ||||||
| value recognised by the Group: | ||||||
Associated company’s net assets | 14.7 | 0.1 | ||||
Group’s share of net assets | 3.4 | 0.1 | ||||
Goodwill | 0.6 | |||||
Other adjustments | 0.1 | |||||
Associated companies’ balance sheet value on the consoli- dated balance sheet | 4.4 | 0.1 |
134
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MEUR | 2024 | 2023 |
Sales of goods and services | 0.0 | |
Purchases of goods and services | 0.3 | 0.2 |
Related party transactions – principal shareholders
MEUR | 2024 | 2023 |
Sales of goods and services | 0.3 | 0.3 |
Purchases of goods and services | 0.6 | 0.8 |
Trade, loan and other receivables | 0.0 | 0.0 |
Trade payables | 0.1 | 0.1 |
Related party transactions – corporations where management exercises influence
MEUR | 2024 | 2023 |
Sales of goods and services | 0.3 | 0.7 |
Purchases of goods and services | 0.3 | 0.3 |
Trade, loan and other receivables | 0.0 | 0.0 |
Trade payables | 0.0 |
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CORPORATE
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STATEMENTS
5 Other notes
MEUR | 2024 | 2023 |
Current income tax charge | 15.6 | 13.0 |
Adjustments in respect of current income tax of previous years | 0.0 | -0.4 |
Deferred taxes | -1.2 | -0.5 |
Total | 14.4 | 12.1 |
Reconciliation of tax expenses in the income statement and tax calculated on the parent
company’s tax rate (20.0%):
MEUR | 2024 | 2023 |
Profit before tax | 67.0 | 68.5 |
Share of profit of associated companies | -1.3 | -0.9 |
Total | 65.7 | 67.6 |
Tax calculated on the parent company’s tax rate of 20.0% | 13.1 | 13.5 |
Impact of varying tax rates of foreign subsidiaries | 0.3 | -0.4 |
Tax-free income | -0.2 | -1.3 |
Non-tax-deductible expenses | 1.2 | 0.2 |
Other items | 0.0 | 0.0 |
Tax recognised in the income statement | 14.4 | 12.1 |
Tax impacts of entries due to IAS 19 accounting principles are included in other comprehen-
sive income.
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2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
| Recognised | |||||
| in income | Recognised in | Acquired/sold | |||
MEUR | 31 Dec 2023 | statement | equity | subsidiaries | 31 Dec 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 | ||
Right-of-use 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 the balance | |||||
sheet | 0.2 | 0.4 |
| Recognised | |||||
| in income | Recognised in | Acquired/sold | |||
MEUR | 31 Dec 2023 | statement | equity | subsidiaries | 31 Dec 2024 |
| 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 subsidi- ary companies | 0.2 | 0.0 | 0.2 | ||
Lease liabilities | 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 the balance sheet | 17.0 | 17.5 |
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2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Changes in deferred taxes during 2023:
| Recognised in | |||||
| 31 Dec | income state- | Recognised in | Acquired/sold | 31 Dec | |
| MEUR | 2022 | ment | equity | subsidiaries | 2023 |
| Deferred tax assets | |||||
Provisions | 0.0 | 0.0 | |||
Pension benefits | 0.0 | 0.0 | 0.0 | ||
Deferred depreciation | 0.0 | 0.0 | |||
| Loss for the period recognised | |||||
in deferred tax assets | 0.0 | 0.0 | |||
Other items | 0.4 | -0.3 | 0.1 | ||
Total | 0.4 | -0.3 | 0.1 | ||
Taxes, net | 0.2 | 0.1 | |||
| Deferred tax assets on balance | |||||
sheet | 0.6 | 0.2 | |||
| Deferred tax liabilities | |||||
| Accumulated depreciation | |||||
differences | 0.2 | 0.1 | 0.2 | ||
Business combinations | 16.3 | -0.7 | 0.5 | 16.1 | |
| Retained earnings of subsidiary | |||||
companies | 0.5 | -0.3 | 0.2 | ||
Other items | 0.1 | 0.2 | 0.4 | ||
Total | 17.1 | -0.8 | 0.5 | 16.9 | |
Taxes, net | 0.2 | 0.1 | |||
Deferred tax liabilities on bal- ance sheet | 17.2 | 17.0 |
In January 2025, Alma Media acquired the entire share capital of Edilex Lakitieto Oy from
Edita Group Oyj. The business will be reported as part of the Alma Marketplaces segment
starting from 1 February 2025. The pro forma revenue of the acquired business was approxi-
mately MEUR 8 in 2024. As a result of the acquisition, the 51 employees of Edilex Lakitieto Oy
will transfer to Alma Media's employment.
The acquisition will expand Alma Media's legal content offering. Edilex Lakitieto Oy provides
the Edilex legal information service, a comprehensive resource for legal professionals in
Finland. Edilex integrates key legal sources and background materials into an extensive legal
information platform. It features a comprehensive and up-to-date legal database linking stat-
utes, case law, legislative history, and other legal materials, along with a dedicated legal news
service. The offering also includes various online services, legal training, and a wide selection
of legal literature, books, and collections. Edilex Lakitieto Oy serves as a service provider for
the evolving Finlex service, a public legal information platform owned by the Finnish Ministry
of Justice.
Business | Acquisition date | |
| Alma Marketplaces segment | ||
Edilex Lakitieto Oy | Online service | 31 January 2025 |
ANNUAL REPORT 2024
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STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Alma Marketplaces
Consideration
MEUR | Fair value |
Consideration, settled in cash | 10.5 |
Acquired cash | 0.4 |
Total consideration | 10.1 |
Preliminary information on the assets and liabilities recognised as a result of the acquisition:
MEUR | Fair values entered in integration |
Intangible assets | 5.0 |
Property, plant and equipment | 0.0 |
Trade and other receivables | 1.2 |
Cash and cash equivalents | 0.4 |
Total assets acquired | 6.6 |
Deferred tax liabilities | 0.7 |
Trade and other payables | 2.9 |
Total liabilities acquired | 3.6 |
Acquired identifiable net assets at fair value, total | 3.0 |
Group’s share of net assets | 3.0 |
Goodwill | 7.4 |
Annual amortisation of intangible assets related to acquisitions | 0.8 |
The fair values entered on intangible assets in consolidation relate to acquired customer
agreements and the brand. Factors contributing to goodwill were the synergies related to
these businesses expected to be realised and the expectation of the growth of the business in
the coming years. The goodwill is not tax-deductible.
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STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Parent company income statement (FAS)
EUR Note 1 January–31
December 2024
1 January–31
December 2023
Revenue 6.1 29,301,686 26,538,424
Other operating income 6.2 8,599 101
Materials and services 6.3 180 1,550
Employee benefits expense 6.4 12,575,541 13,280,126
Depreciation, amortisation and impairment 6.5 629,812 653,387
Other operating expenses 6.6, 6.7, 6.8 25,812,924 24,794,641
Operating profit (loss) -9,708,171 -12,191,179
Financial income and expenses 6.9 31,205,054 20,920,734
Profit before appropriations and taxes 21,496,884 8,729,555
Appropriations 6.10 19,260,837 25,500,565
Income tax 6.11 -192,628 -1,078,689
Profit for the period 40,565,093 33,151,431
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BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Parent company balance sheet (FAS)
EUR Note 31 Dec 2024 31 Dec 2023
ASSETS
Non-current assets
Intangible assets 6.12 1,418,922 1,406,043
Property, plant and equipment 6.13 2,031,005 2,031,699
Investments
Holdings in Group companies 6.14 513,227,358 493,190,328
Other investments
6.14
1,248,560 1,248,560
Non-current receivables 6.15 1,628,393 3,278,746
Non-current assets, total 519,554,239 501,155,377
Current assets
Current receivables 6.15 27,555,703 34,269,696
Cash and cash equivalents 18,192,097 27,865,930
Current assets, total 46,305,635 62,135,626
Assets, total 565,859,874 563,291,004
EUR Note 31 Dec 2024 31 Dec 2023
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) 5,432,225 8,940,054
Profit for the period (loss) 40,565,093 33,151,431
Total equity 6.16 326,698,796 322,792,963
Accumulated appropriations 6.17 198,469 170,307
Liabilities
Non-current liabilities 6.18 145,108,684 160,417,724
Current liabilities 6.19 93,853,925 79,910,010
Liabilities, total 238,962,609 240,327,734
Shareholders’ equity and liabilities, total 565,859,874 563,291,004
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REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Parent company cash flow statement (FAS)
EUR 1 January–31
December 2024
1 January–31
December 2023
Cash flow from operating activities
Profit for the period 40,565,093 33,151,431
Depreciation, amortisation and impairment 629,812 653,387
Gains on sale of non-current assets -16,924 27
Net financial expenses (income statement) -30,924,074 -30,667,557
Income tax 192,628 1,078,689
Other adjustments -14,980,435 -12,009,120
Change in working capital:
Change in trade receivables and other receivables -2,944,035 -1,631,963
Change in trade payables and other payables -487,713 829,502
Dividend received 40,275,534 38,498,484
Interest received 21,916 25,665
Interest expenses paid and other finance expenses -9,373,375 -7,172,772
Taxes paid 2,140,246 -4,868,874
Cash flow from operating activities 25,098,671 17,886,900
Capital expenditure
Acquisitions of business operations -20,037,030 -943,849
Divestments of business operations 16,924 739,876
Capital repayments
Acquisitions of tangible assets -243,864 -922,357
Acquisitions of intangible assets -398,133 -686,680
Other investments -270,000
Proceeds from sale of available-for-sale financial assets 1,682
Net cash flows from/(used in) investing activities -20,662,102 -2,081,328
Cash flow before financing activities 4,436,569 15,805,572
EUR 1 January–31
December 2024
1 January–31
December 2023
Financing activities
Non-current loans taken 0 160,000,000
Repayment of non-current loans -15,000,000 -140,000,000
Current loans taken 8,000,000 62,550,000
Repayment of current loans -8,000,000 -64,000,000
Acquisition of own shares -1,988,456 -3,832,798
Change in interest-bearing receivables 14,438,111 -460,832
Group contributions received and paid 25,489,000 26,689,000
Dividends paid -37,049,058 -36,169,943
Net cash flows from/(used in) financing activities -14,110,402 4,775,427
Change in cash and cash equivalent funds (increase +/decrease -) -9,673,833 20,580,999
Cash and cash equivalents at beginning of period 27,865,930 7,284,931
Cash and cash equivalents at end of period 18,192,097 27,865,930
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2024
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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2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Notes to the parent company’s financial statements
6.1 Revenue by market area
MEUR 2024 2023
Finland 29.3 26.5
Total 29.3 26.5
6.2 Other operating income
MEUR 2024 2023
Gains on the sale of assets 0.0
Other income 0.0 0.0
Total 0.0 0.0
6.3 Materials and services
MEUR 2024 2023
Materials and services 0.0 0.0
Total 0.0 0.0
6.4 Employee expenses
MEUR 2024 2023
Wages, salaries and fees 10.7 11.1
Pension expenses 1.2 1.4
Other payroll-related expenses 0.7 0.8
Total 12.6 13.3
Average number of employees 96 101
Salaries and bonuses paid to management
President and CEO 0.9 0.9
Other members of the Group Executive Team 2.6 2.3
Members of the Board of Directors 0.4 0.4
Total 3.9 3.6
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 2024 2023
Depreciation on tangible and intangible assets 0.6 0.7
Total 0.6 0.7
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STATEMENTS
6.6 Other operating expenses
MEUR 2024 2023
Information technology and telecommunication 15.8 13.9
Business premises 5.3 5.9
Other expenses 4.7 5.0
Total 25.8 24.8
6.7 Auditors’ fees
EUR 1,000 2024 2023
Audit 190.4 290.5
Statutory reporting and opinions 68.1
Tax consultation 25.0 1.1
Other 42.9
Total 283.5 334.5
The parent company's audit expenses include audit fees for the Finnish companies. The audit
expenses for the year 2023 include audit fees for the whole Group.
6.8 Research and development costs
The Group’s research and development costs in 2024 totalled EUR 1,125,090 (EUR 790,417).
EUR 589,090 was capitalised on the balance sheet. There were capitalised research and devel-
opments costs totalling EUR 1,083,474 on the balance sheet on 31 December 2024. In 2023,
EUR 752,371 in development expenses were capitalisedon the balance sheet.
6.9 Financial income and expenses
MEUR 2024 2023
Dividend income
From Group companies 40.2 38.3
From associated companies 0.1 0.2
From others 0.0 0.0
Total 40.3 38.5
Other interest and financial income
From Group companies 0.0 0.0
Fair value gain on financial assets at fair value through profit or loss 0.3 -1.1
From others 0.0 0.0
Total 0.3 -1.1
Impairment of non-current investments
Impairment of shares in Group companies -8.4
Impairment of non-current investments 0.0 -0.9
Total 0.0 -9.3
Interest expenses and other financial expenses
To Group companies -1.6 -1.3
To others -7.7 -5.8
Total -9.3 -7.1
Foreign exchange rate gains/losses
Foreign exchange rate gains and losses -0.1 0.0
Financial income and expenses, total 31.2 20.9
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FINANCIAL
STATEMENTS
6.10 Appropriations
MEUR 2024 2023
Difference between planned depreciation and depreciation made for tax
purposes 0.0 0.0
Group contribution 19.3 25.5
Total 19.3 25.5
6.11 Income tax
MEUR 2024 2023
Income tax from regular business operations -0.2 -1.1
Total -0.2 -1.1
6.12 Intangible assets
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, amorti-
sation 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
MEUR Intangible rights Advance payments Total
Financial year 2023
Acquisition cost 1 Jan 3.4 0.9 4.3
Increases 0.5 0.2 0.7
Decreases -2.1 -2.1
Transfers between items 0.9 -0.9
Acquisition cost 31 Dec 2.6 0.2 2.8
Accumulated depreciation, amorti-
sation and impairment 1 Jan 3.1 3.1
Accumulated depreciation in
decreases -2.1 -2.1
Depreciation for the financial year 0.5 0.5
Accumulated depreciation 31 Dec 1.4 1.4
Book value 31 Dec 2023 1.2 0.2 1.4
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FINANCIAL
STATEMENTS
6.13 Tangible assets
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
MEUR Machinery and equipment Other tangible assets Advance payments Total
Financial year 2023
Acquisition cost 1 Jan 0.6 1.1 1.7
Increases 0.9 0.9
Decreases
Acquisition cost 31 Dec 0.6 2.1 2.6
Accumulated depreciation 1 Jan 0.2 0.2 0.4
Accumulated depreciation in decreases
Depreciation for the financial year 0.1 0.1 0.2
Accumulated depreciation 31 Dec 0.3 0.3 0.6
Book value 31 Dec 2023 0.3 1.8 2.0
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2024
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REMUNERATION
REPORT
FINANCIAL
STATEMENTS
6.14 Investments
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 impair-
ment 1 Jan 143.0 0.9 143.9
Accumulated depreciation in decreases and transfers
Impairment
Accumulated depreciation, amortisation and impair-
ments 31 Dec 143.0 0.9 143.9
Book value 31 Dec 2024 513.2 1.2 0.1 514.5
MEUR Shares in Group companies
Shares in associated
companies Shares, other Total
Financial year 2023
Acquisition cost 1 Jan 635.7 1.6 0.7 638.0
Increases 1.4 0.3 1.7
Decreases -1.4 0.0 -1.4
Transfers between items 0.5 -0.5 0.0
Acquisition cost 31 Dec 636.2 1.2 0.9 638.3
Accumulated depreciation, amortisation and impair-
ment 1 Jan 135.2 135.2
Accumulated depreciation in decreases and transfers
Impairment 7.8 0.9 8.7
Accumulated depreciation, amortisation and impair-
ments 31 Dec 143.0 0.9 143.9
Book value 31 Dec 2023 493.2 1.2 0.1 494.3
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REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
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
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 75.00 75.00 75.00
Associated companies
Infostud 3 d.o.o. Serbia 25.00 25.00 25.00
Kytöpirtti Oy Seinäjoki, Finland 43.20 43.20 43.20
During the financial year 2024, Alma Media Corporation acquired 24% of the share capital
of Suomen Tunnistetieto Oy (previous shareholding: 51.0%) and thereby increased its share-
holding to 51%. Alma Media Corporation also sold its entire shareholding in Kotikokki.net Oy
(65%). Alma Media Suomi Oy and Netwheels Oy were merged with Alma Media Finland Oy
during the financial year 2024.
ANNUAL REPORT 2024
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
6.15 Receivables
MEUR 2024 2023
Non-current receivables
Interest rate derivatives 1.6 3.3
Non-current receivables, total 1.6 3.3
Current receivables
Receivables from Group companies
Trade receivables 0.0 0.0
Loan receivables* 21.4 27.6
Other receivables 0.0
Prepaid expenses and accrued income 1.1 0.8
Total 22.5 28.4
Receivables from others
Trade receivables 0.2 0.0
Other receivables 0.1 0.1
Prepaid expenses and accrued income** 4.3 4.7
Total 4.6 4.8
Financial assets, current
Interest rate derivatives 1.1 1.1
Total 1.1 1.1
Current receivables, total 28.1 34.3
* 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.
ANNUAL REPORT 2024
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
6.16 Shareholders’ equity
MEUR 2024 2023
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 42.1 46.2
Dividend payment -37.0 -36.2
Acquisition of own shares -2.0 -3.8
Disposal of own shares 2.4 2.7
Retained earnings 31 Dec 5.4 8.9
Profit for the period 40.6 33.2
Non-restricted shareholders’ equity total 156.8 152.8
Total equity 326.7 322.8
MEUR 2024 2023
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 -1.1 -0.8
Profit from the previous year 5.4 8.9
Profit for the period 40.6 33.2
Total 155.7 152.1
6.17 Appropriations
MEUR 2024 2023
Difference between planned depreciation and depreciation made for tax
purposes 0.2 0.2
6.18 Non-current liabilities
MEUR 2024 2023
Loans from credit institutions 145.0 160.0
Other non-current liabilities 0.1 0.4
Total 145.1 160.4
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
6.19 Current liabilities
MEUR 2024 2023
Loans from credit institutions
Trade payables 0.5 0.9
Total 0.5 0.9
Liabilities to Group companies
Trade payables 0.0 0.0
Other liabilities 88.9 75.0
Accrued expenses and prepaid income 0.0 0.0
Total 88.9 75.0
To others
Other current liabilities 0.8 0.2
Accrued expenses and prepaid income 3.6 3.7
Total 4.4 4.0
Current liabilities total 93.9 79.9
Most of accrued expenses and prepaid income consist of allocated employee expenses.
6.20 Commitments and contingencies
MEUR 2024 2023
Collateral for Group company’s commitments
Guarantees 2.5 2.5
Other own commitments
Rental commitments – within one year 5.4 5.1
Rental commitments – after one year 31.9 34.8
Rental commitments total 37.3 39.9
Total
Guarantees 2.5 2.5
Other commitments 37.3 39.9
Commitments total 39.8 42.4
Alma Media has a MEUR 30 committed financing limit at its disposal, which was entirely un-
used on 31 December 2024. The company also has a commercial paper programme of MEUR
100 in Finland. The commercial paper programme was entirely unused on 31 December
2024.
6.21 Derivative contracts
MEUR 2024 2023
Interest rate derivative
Fair value* 2.7 4.4
Nominal value 80.0 50.0
* 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 2024
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
The distributable funds of the Group’s par-
ent company totalled EUR 155,670,182 on
31 December 2024.
There were 82,383,182 shares carrying
dividend rights.
The Board of Directors proposes to the
Annual General Meeting that a dividend of
EUR 0.46 per share be paid for the financial
year 2024. Based on the number of out-
standing shares on the balance sheet date
31 December 2024, the dividend payment
totals EUR 37,786,811.
Catharina Stackelberg-Hammarén
Chair of the Board
Eero Broman
Deputy Chair of the Board
Heikki Herlin
Board member
Kaisa Salakka
Board member
Esa Lager
Board member
Peter Immonen
Board member
Alexander Lindholm
Board member
AUDITOR’S NOTE
A report on the audit carried out has been
submitted today.
Helsinki, 4 March 2025
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, 4 March 2025
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.
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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, 2024. 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.
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STATEMENTS
Key Audit Matter How our audit addressed the Key Audit Matter
Valuation of Goodwill and intangibles with
indefinite lives
We refer to the Group’s accounting policies
and the note 2.1
At the balance sheet date 31 December 2024,
the value of goodwill amounted to EUR 309,0
million and the intangibles with indefinite lives
to EUR 62,2 million representing 71 % of total
assets and 158 % of total equity.
The valuation of goodwill and intangibles with
indefinite 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 intangibles with
indefinite 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 intangibles with indefinite 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 groups’ 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
information on sample basis to agreements 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.
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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 Direc-
tor’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
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.
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 4.3.2025
Ernst & Young Oy
Authorized Public Accountant Firm
Terhi Mäkinen
Authorized Public Accountant
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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 (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 financial year
1.1.–31.12.2024.
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);
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) and the tagging of information as referred to in Chapter 7, Section 22
of the Accounting Act.
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 provision in the absence of 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
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 as-
surance has been provided for it for the first time for the financial year 1.1.–31.12.2024. Our
opinion does not cover the comparative information that has been presented in the group
sustainability statement. Our opinion is not modified in respect of this matter.
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 group sustainability auditor applies International Standard on Quality Management ISQM
1, which requires the sustainability audit 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.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director of Alma Media Corporation are responsi-
ble 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-
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STATEMENTS
fied as well as the tagging of information as referred to in Chapter 7, Section 22 of the
Accounting Act and
• 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;
• 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 estimates and
assumptions, as well as measurement and estimation 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.
In addition, when reporting forward-looking information, the company must make assump-
tions about possible future events and disclose the company's possible future actions in
relation to these events. The actual outcome may be different because predicted events do
not always 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 key persons responsible for collecting and reporting the infor-
mation 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 pro-
cess against the requirements of ESRS standards and the compliance of the information
provided for the double materiality assessment with ESRS standards.
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FINANCIAL
STATEMENTS
• We assessed whether the group sustainability statement in material respect meets the
requirements of ESRS standards for 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 with supporting company
documentation.
- We have on a sample basis performed analytical assurance procedures and related
inquiries, recalculation and inspected documentation, as well as tested data aggrega-
tion to assess the accuracy of the group sustainability statement.
• We gained an understanding of the process by which a company has defined taxon-
omy-eligible and taxonomy-aligned economic activities and evaluate the regulatory
compliance of the information provided.
Helsinki 4.3.2025
Ernst & Young Oy
Authorized Sustainability Audit Firm
Terhi Mäkinen
Authorized Sustainability Auditor
ANNUAL REPORT 2024
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REPORT BY THE
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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 Annual General Meeting of Alma Media Corporation
We have performed a reasonable assurance engagement on the financial statements
743700ILU1PL86IW3429-2024-12-31-0-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 31.12.2024.
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
• whether the notes and company's identification data in the consolidated financial state-
ments 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 Com-
mission's regulatory technical standard and
• whether there is consistency between the ESEF financial statements and the audited
financial statements.
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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
743700ILU1PL86IW3429-2024-12-31-0-fi.zip for the financial year ended 31.12.2024
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 31.12.2024 has been expressed in our auditor's report 4.3.2025.
With this report we do not express an opinion on the audit of the consolidated financial state-
ments nor express another assurance conclusion.
Helsinki 19.3.2025
Ernst & Young Oy
Authorized Public Accountant Firm
Terhi Mäkinen
Authorized Public Accountant
ANNUAL REPORT 2024
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REPORT BY THE
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YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
FINANCIAL
STATEMENTS
Corporate Governance
Statement 2024
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CORPORATE
GOVERNANCE STATEMENT
165 174
181
Corporate Governance Statement
of Alma Media Corporation
The Shareholders’ Nomination Committee
Internal control and risk management sys-
tems in financial reporting
166
175
184
Alma Media Group
President & CEO and Group Executive
Team of Alma Media Corporation
Auditing
167
179
Board of Directors of Alma Media
Corporation
Insider Management
Contents
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REMUNERATION
REPORT
CORPORATE
GOVERNANCE STATEMENT
Corporate Governance Statement
I
n 2024, Alma Media Corporation applied
the Finnish Corporate Governance Code
2020 for listed companies, which entered
into force on 1 January 2020, in its unaltered
form. 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 Committee of Alma Media Corpo-
ration’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
ANNUAL REPORT 2024
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GOVERNANCE STATEMENT
REMUNERATION
REPORT
CORPORATE
GOVERNANCE STATEMENT
Alma Media Group
R
esponsibility 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 Direc-
tors; 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
recruitment business and complementary
services that respond to the needs of
jobseekers and employers in 10 European
countries.
The Alma Marketplaces segment includes,
for example, Finland’s leading housing
marketplace Etuovi.com, the housing rental
marketplace Vuokraovi.com and Objektvi-
sion, which is a marketplace for business
premises rental that operates in Sweden.
The segment also includes the motor vehicle
marketplaces Nettiauto, Autotalli.com and
Nettimoto, as well as sales systems that
serve companies in the housing and auto-
motive verticals. In addition, the segment
includes comparison services, such as Auto-
jerry, Urakkamaailma and Etua. The segment
offers professionals a comprehensive range
of services related to company information,
real estate information and law. It operates
in Finland and Sweden.
Alma News Media is a digital news media in
the Finnish market and a pioneer in paid dig-
ital content. Alma News Media has a digital
advertising network at the Alma Media level.
The segment includes Iltalehti, which is Fin-
land's largest digital news media, the leading
financial news media Kauppalehti, and
Alma Media's other journalistic news media,
including Talouselämä, Tekniikka&Talous and
Arvopaperi. Alma News Media operates in
Finland.
Alma Media’s shared sales function (Alma
Media Solutions) is a sales and develop-
ment organisation that serves the business
segments’ advertiser customers.
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CORPORATE
GOVERNANCE STATEMENT
Board of Directors of Alma Media Corporation
T
he Shareholders’ Nomination Com-
mittee 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 appoint-
ment of members of the Board. The Annual
General Meeting decides on the remuneration
and travel allowances of the members of the
Board of Directors.
The Board Diversity Policy sets out the princi-
ples concerning the diversity of the Board of
Directors. The principles are available in their
entirety on the Alma Media website at http://
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 manage-
ment, strategy, acquisitions and corporate
governance.
The members of the Board of Directors shall
represent diverse expertise and qualifi-
cations 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 represented on the Board of
Directors.
Composition of the Board and
shareholdings of members
The Annual General Meeting 2024 elected the
following members to the Board of Directors:
Catharina Stackelberg-Hammarén,
Eero Broman, Heikki Herlin, Peter
Immonen, Esa Lager, Alexander Lindholm,
Ari Kaperi and Kaisa Salakka. The Chair
of the Board was Catharina Stackel-
berg-Hammarén and the Deputy Chair was
EeroBroman.
Catharina
Stackelberg-Hammarén
Chair of the Board of Directors
Born: 1970
M.Sc. (Econ.)
Finnish citizen
Senior Vice President, Knowit Insight Oy
Member of the Board 2009–, member of the Nomination and Com-
pensation 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 (Copenha-
gen) 2000
• Coca-Cola Finland: Consumer Marketing Manager 1996–2000
• Sentra plc: Marketing Manager 1994–1996
Principal positions of trust
• Knowit Insight Oy: member of the Board 2022–
• Harvia Oyj: member of the Board 2023–, Deputy Chair of the
Board 2024-
• Royal Unibrew A/S: member of the Board 2019–
• Kojamo plc: member of the Board 2021–2024
• Purmo Group Oy: member of the Board 2021–2024
Independent of the company and its significant shareholders
Shareholding on 31 December 2024
34,482 Alma Media Corporation shares
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CORPORATE
GOVERNANCE STATEMENT
CEO of Broman Yhtiöt Oy
Deputy Chair of the Board
Member of the Board since 2022,
member of the Audit Committee
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–
• Varma Mutual Pension Insurance Company: member of the
Supervisory Board 2018–
Independent of the company, but not independent of its
significant
shareholder
Shareholding on 31 December 2024
366,378 Alma Media Corporation shares
Chair of the Board of Mariatorp Oy
Member of the Board 2022–,
Member of the Audit Committee until 5 April 2024
Essential work experience
• Mariatorp Oy: CEO, Chair of the Board 2017–
• Freelancer: editor, producer 2015–2017
Principal positions of trust
• Yellow Film & TV: member of the Board 2018–
• Siltala Publishing: member of the Board 2018–2024
• Riikka Herlin Foundation: Chair of the Board, member 2018–
Independent of the company, but not independent of its
significant
shareholder
Shareholding on 31 December 2024
18,124 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
Heikki Herlin
Born: 1990
Bachelor of Political Sciences
Finnish citizen
Chair of the Board of WIP Asset Management Oy
2005–
Member of the Board 2018–,
Chair of the Nomination and Compensation Committee
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
significant shareholder
Shareholding on 31 December 2024
8,719 Alma Media Corporation shares
Peter Immonen
Born: 1959
M.Sc. (Econ.)
Finnish citizen
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Member of the Board 2014–,
Chair of the Audit Committee
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 posi-
tions (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, Deputy Chair of the Board 2014–2015
• Ilkka Oyj: member of the Board 2011–, Deputy
Chair of the Board 2014–
• GRK Infra Oy: member of the Board 2020–
Independent of the company, but not independent of its
significant shareholder
Shareholding on 31 December 2024
22,544 Alma Media Corporation shares
Otava Group, CEO 2010–
Member of the Board 2018–,
member of the Nomination and Compensation 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–
• Kirjavälitys 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 2024
8,719 Alma Media Corporation shares
Esa Lager
Born: 1959
LL.M., M.Sc. (Econ.)
Finnish citizen
Alexander Lindholm
Born: 1969
BBA
Finnish citizen
Member of the Board 2024–,
member 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 Institu-
tional 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–
Independent of the company and its significant shareholders
Shareholding on 31 December 2024
1,489 Alma Media Corporation shares
Ari Kaperi
Born: 1960
M.Sc. (Econ.)
Finnish citizen
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VP, Product at Wolt Enterprises Oy
Member of the Board 2022–,
member of the Audit Committee until 5 April 2024.
Essential work experience
• Wolt: VP, Product 2022–2024
• Unity: Director, Research Labs 2020–2022
• Unity: Director, Product Management 2016–2020
• Unity: Senior Product Manager 2015–2016
• Omniata: Director, Product Management 2015–2015 and Direc-
tor, Data Analytics 2014–2014
• Comptel: General Product Director 2013–2014 and Director,
Analytics Technical Sales 2012–2012
• 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 31 December 2024
4,414 Alma Media Corporation shares
Kaisa Salakka
Born: 1979
M.Sc. (Econ.)
Finnish citizen
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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 independent of the company. All of the
Board members, with the exception of Eero
Broman, Heikki Herlin, Peter Immonen, Esa
Lager and Alexander Lindholm, are also as-
sessed to be independent of the company’s
significant shareholders. The Board members
are assessed to be dependent of the com-
pany’s significant shareholders based on the
following grounds: Eero Broman has been a
member of the Board of Otava Ltd for over
10 consecutive years in 2023 (a relationship
with a significant shareholder pursuant to
Recommendation 10, item j of the Corporate
Governance Code). Heikki Herlin is the Chair
of the Board of Directors of Mariatorp Oy,
Peter Immonen is a member of the Board
of Directors of Mariatorp Oy, Esa Lager is a
member of the Board of Directors of Ilkka
Oyj, 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-
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GOVERNANCE STATEMENT
Name Role
Attendance at Board
meetings
Catharina Stackelberg-Hammarén Chair 10
Eero Broman Deputy Chair 10
Heikki Herlin Member 10
Peter Immonen Member 9
Ari Kaperi Member from 5 April
2024
8
Esa Lager Member 10
Alexander Lindholm Member 10
Kaisa Salakka Member 10
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 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 5 April 2024, the members of the Audit
Committee were Esa Lager, Eero Broman
and Ari Kaperi. Esa Lager was the Chair of
the Audit Committee. The Audit Committee’s
meetings are attended by the company’s Au-
ditor, the Group’s Chief Financial Officer and
General Counsel. Matters to the Committee
are presented by the CFO.
The Board of Directors has appointed the
Audit Committee to monitor the compa-
ny’s internal control systems. The work of
the Audit Committee includes tasks such
as evaluating compliance with laws and
regulations; evaluating and monitoring the
financial reporting process and financial
statements reporting, including compliance
with standards concerning financial state-
ments; monitoring the auditing process;
approving, in accordance with the princi-
ples confirmed by the company’s Board of
Directors, or giving 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 moni-
toring significant financial, financing and tax
risks; and monitoring the company’s fiscal
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 2024,
the Board met 10 times. The attendance of
each member is shown in the table below.
Assessment of the Board’s
performance
In 2024, the Board of Directors evaluated its
performance and working methods through
self-assessment.
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CORPORATE
GOVERNANCE STATEMENT
position. The Audit Committee is required
to process 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 Charter of the Audit Committee is
available in full on the Alma Media website:
http://www.almamedia.fi/en/investors/
governance/board-of-directors
The Audit Committee met five times in 2024.
The attendance of each member is shown in
the table below.
Name Role
Attendance at Audit
Committee meetings
Esa Lager Chair 5
Eero Broman Member 5
Ari Kaperi Member from 5 April
2024
3
Heikki Herlin Member until 5 April
2024
1
Kaisa Salakka Member until 5 April
2024
1
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 5 April 2024,
Peter Immonen, Alexander Lindholm and
Catharina Stackelberg-Hammarén were
elected as members of the Nomination and
Compensation Committee. Peter Immonen
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.
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 three times in 2024 to consider mat-
ters according to its Charter. The attendance
of each member is shown in the table below.
Name Role
Attendance at Nomina-
tion and Compensation
Committee meetings
Peter Immonen Chair 3
Alexander Lindholm Member 3
Catharina Stackelberg-Hammarén Member 3
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CORPORATE
GOVERNANCE STATEMENT
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CORPORATE
GOVERNANCE STATEMENT
The Shareholders’ Nomination Committee
T
he 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 2024 is present-
ed in the table.
The Shareholders’ Nomination Committee
met three times during its term of office in
2024–2025: October and December 2024
and January 2025. All members of the
Nomination Committee attended all of the
meetings.
On 28 January 2025, the Shareholders’
Nomination Committee issued a proposal to
the Annual General Meeting
to be held on 10 April 2025.
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 2024: 0 Alma Media Corporation shares
Chair
Timo Aukia
Born: 1973, M.Sc. (Econ.)
Managing Director, Jaakko Aukia Oy
Shareholding on 31 December 2024: 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 2024: 18,124 Alma Media Corporation shares
Member
Rami Vehmas
Born: 1975, MBA
Senior Portfolio Manager, Ilmarinen Mutual Pension Insurance Company
Shareholding on 31 December 2024: 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 2024: 34,482 Alma Media Corporation shares
Expert member during
the term 2024–2025
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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 2024
337,941 Alma Media Corporation shares
Kai Telanne
Born: 1964
M.Sc. (Econ.)
President & CEO and Group Executive Team
of Alma Media Corporation
T
he 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 instruc-
tions of the Board of Directors. The President
and CEO is responsible for the company’s
accounts conforming to legislation and its
assets being reliably managed. The President
and CEO must supply all the information
necessary for the appropriate working of the
Board of Directors to the Board or any of its
members.
The President and CEO may undertake mat-
ters that are exceptional or have wide-rang-
ing consequences with regard to the scope
and nature of the company’s business
only through authorisation by the Board of
Directors or in circumstances 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 2024 comprising Santtu Elsinen (Exec-
utive Vice President, Alma Marketplaces);
Vesa-Pekka Kirsi (Executive Vice President,
Alma Career); Juha-Petri Loimovuori (Execu-
tive Vice President, Alma News Media); Tiina
Kurki (Executive Vice President, Alma Media
Solutions); Tommi Raivisto (CDO); Merja
Ristilä (Executive Vice President, Human
Resources); Mikko Korttila (General Counsel),
Elina Kukkonen (Executive Vice President,
Communications and Brand); and Taru Le-
htinen (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 2024.
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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 2024
7,250 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–
• Digital and Population Data Services Agency: member of the Advisory
Board 2023–
• Mediapooli: Chair of the Management Team 2023–
• Finnish Authentication Cooperative: Chair of the Board 2021–2024
Shareholding on 31 December 2024
48,683 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
• Advisory Board of Finnish Listed Companies: Chair,
member 2008–2024
• Securities Market Association, Member of the Takeover Board
2019–
Shareholding on 31 December 2024
49,608 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 2024
27,010 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 2024
78,094 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 Ser-
vices 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
–
Shareholding on 31 December 2024
10,650 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 2024
117,533 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 2024
6,000 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 2024
0 Alma Media Corporation shares
Merja Ristilä
Born: 1970
M.Sc. (Econ.)
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Insider Management
A
lma Media Corporation’s Board of
Directors approved Alma Media
Group’s current Guidelines for
Insiders on 29 March 2022. 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 Mar-
kets 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 guide-
lines issued by the Finnish Financial Super-
visory 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 publica-
tion 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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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 2024 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.
Authorised Public Accountants Pricewater-
houseCoopers Oy, with Niina Vilske, Autho-
rised Public Accountant, as the principal
auditor, served as the company’s auditor
until 5 April 2024.
Alma Media Group’s auditing fees for 2024
amounted to EUR 291 910. In addition, the
auditing firm Ernst & Young charged the
Group a total of EUR 93,050 in fees for other
services in the 2024 financial year. Ernst &
Young has served as the Group’s auditor
since 2024.
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
CORPORATE
GOVERNANCE STATEMENT
Remuneration Report
2024
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REMUNERATION
REPORT
187 191
From the Chairman Comparison data
189
192
Key remuneration principles
Remuneration of the Board of
Directors
190
194
Deviation from the Remuneration Policy
and clawback of remuneration
Remuneration of the President
and CEO
Contents
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REMUNERATION
REPORT
REMUNERATION
REPORT
From the Chairman
Dear shareholders
Alma Media’s business continued to develop
favourably in 2024 and, in spite of the chal-
lenging business environment, the Group’s
revenue and operating profit were close to
record highs. The development of the mar-
ketplaces segment was particularly strong.
Russia’s war of aggression against Ukraine
continued for its third year, but as the year
progressed, inflation continued to slow down
and market interest rates finally began to
fall. Nevertheless, the increase in market
interest rates in 2022 and 2023 slowed down
economic development across Europe and
weakened consumer confidence in Finland.
The latter had a negative impact on dura-
ble consumer goods, such as housing and
cars, which are important verticals for Alma.
The recruitment market also slowed down
further in Finland and the Baltic countries.
However, in the Career segment’s signifi-
cant operating countries, such as the Czech
Republic, Slovakia and Croatia, the develop-
ment of the recruitment market was much
stronger.
Remuneration systems
align the interests of
the management and
shareholders
Over the past few years, the company has
consistently shifted its strategic focus to
the development of digital and international
business.
Alma Media’s incentive schemes empha-
sise the reconciliation of the interests of the
executives and the interests of Alma Media’s
shareholders, engaging the commitment of
the executives through long-term share own-
ership and thereby increasing the company’s
shareholder value in the long term.
In accordance with the proposal of the
Shareholders’ Nomination Committee, the
Annual General Meeting 2024 decided
that the remuneration of the members of
the Board of Directors be kept unchanged,
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REPORT
REMUNERATION
REPORT
and that the following annual remuneration
be paid to the members of the Board of
Directors for the term of office ending at the
close of the Annual General Meeting 2025:
to the Chairman of the Board of Directors,
EUR 68,800 per year; to the Vice Chairman,
EUR 44,000 per year, and to members EUR
35,800 per year.
The key criteria for the short-term incentive
bonuses of Alma Media’s President and CEO
were the development of the Group’s adjust-
ed operating profit, sustainability targets and
the implementation of strategic projects.
Alma Media’s long-term incentive scheme,
in turn, is based on the total shareholder
return of the company’s share, earnings per
share and sustainability targets. The rewards
based on these criteria are paid in Alma
Media shares. Variable remuneration compo-
nents, i.e. short-term and long-term incen-
tives, represent a significant proportion of
the remuneration of the President and CEO.
This ensures a strong alignment between the
implementation of the Group’s strategy and
the President and CEO’s remuneration, as
the targets set for the short-term and long-
term incentive systems are directly linked to
the Group’s business development.
The total remuneration paid to the Presi-
dent and CEO in 2024, including pension
contributions (supplementary pension +
statutory pension), amounted to EUR 2 692
415, with variable remuneration components
representing 59 per cent of the total. This
remuneration report for the Group’s govern-
ing bodies has been produced in compliance
with the EU Shareholder Rights Directive
(SHRD) and the Finnish Corporate Gover-
nance Code 2020 for listed companies.
Peter Immonen
Chairman of the Nomination and
Compensation Committee
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REMUNERATION
REPORT
Key remuneration principles
I
n accordance with its strategy, Alma
Media builds sustainable growth by taking
advantage 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
confirmed the Remuneration Policy of Alma
Media’s Governing Bodies, prepared in
accordance with the Corporate Governance
Code 2020 for Finnish listed companies and
the EU amendment directive concerning
shareholder rights (SHRD II), in spring 2022.
The Remuneration Policy is available in full
on Alma Media’s website at https://www.
almamedia.fi/en/investors/governance/
remuneration.
ANNUAL REPORT 2024
189
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Deviation from Alma Media’s Remuneration Policy and
clawback of remuneration in 2024
T
emporary deviations from Alma
Media’s Remuneration Policy may be
made if such a deviation is neces-
sary 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 development of sharehold-
er 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 2024. 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 2024
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Comparison figures on the remuneration of the management and employees
and Alma Media’s financial performance 2020–2024
A
lma Media’s digital businesses
achieved strong development and
profitability rose to a record-high
level in 2023. 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 2020 2021 2022 2023 2024
Average fees paid to a member of the Board of Directors 54,014 49,533 46,650 52,829 50,225
Basic salary + benefits paid to the President and CEO (excluding pension
benefits)
523,853 552,988 577,935 573,529 610,544
Year-on-year change, % 2.4% 5.6% 4.5% -0.8% 6.5%
Total other remuneration paid to the President and CEO 1,246,306 442,390 2,401,031 1,685,820 1,581,998
Year-on-year change, % 107.7% -64.5% 442.7% -29.8% -4.6%
Average employee salary* 49,523 53,257 56,129 55,036 56,906
Adjusted operating profit (MEUR) 45.4 61.1 73.4 73.6 76.9
Digital business growth, % -4.7% 33.9% 17.7% 0.6% 7.0%
Share price (end of the year) 8.92 10.82 9.40 9.60 11.0
Dividend 0.30 0.35 0.44 0.45 0.46**
* 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 2024 are based on
the short-term incentive scheme’s per-
formance period 2023 and the long-term
performance period 2021–2023.
ANNUAL REPORT 2024
191
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Remuneration of the Board of Directors in 2024
Fees paid to the members of the Board of Directors for their work on the Board and its committees in 2024 (EUR)
T
he 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
company 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 Helsinki Stock Exchange. The acquired
shares cannot be transferred until the recip-
ient’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
* 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 Compen-
sation
Committee
Fees
total
Annual
fee
Annual fee paid
in shares, no.
of shares*
Meeting
fees
2024 Catharina
Stackelberg-Hammarén
Chair 68,800 2,862 16,500 1,500 86,800
2024 Eero Broman Deputy Chairman 44,000 1,830 7,700 2,500 54,200
2024 Heikki Herlin Member 35,800 1,489 5,500 500 41,800
2024 Peter Immonen Member 35,800 1,489 5,000 3,000 43,800
2024 Ari Kaperi Member since 5 April 2024 35,800 1,489 4,500 1,500 41,800
2024 Esa Lager Member 35,800 1,489 5,500 7,500 48,800
2024 Alexander Lindholm Member 35,800 1,489 5,500 1,500 42,800
2024 Kaisa Salakka Member 35,800 1,489 5,500 500 41,800
ANNUAL REPORT 2024
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2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
as pending insider transactions, the annual
remuneration shall be paid in cash.
The meeting fees of the members of the
Board of Directors are paid in cash.
In accordance with the proposal of the
Shareholders’ Nomination Committee, the
Annual General Meeting 2024 resolved to
keep the annual fees of the Board of Direc-
tors unchanged:
• The Chairman of the Board of Directors
is paid EUR 68,800 per year, the Vice
Chairman EUR 44,000 per year and the
other members EUR 35,800 per year.
• In addition, the Chair of the Board of
Directors and the Chair of the Audit
Committee will be paid a fee of EUR
1,500, the Chair of the Nomination and
Compensation Committee a fee of EUR
1,000, the Deputy Chairs of the com-
mittees a fee of EUR 700 and members
a fee of EUR 500 for those Board and
Committee meetings that they attend.
• 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 2024, the fees paid to
the Board members totalled EUR 401,800.
All fees paid to the Board members during
the financial year 2024 were in accordance
with Alma Media’s Remuneration Policy.
ANNUAL REPORT 2024
193
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Remuneration of the President and CEO in 2024
T
he total remuneration paid to Alma
Media’s President and CEO in 2024,
including pension contributions
(supplementary pension + statutory pension),
amounted to EUR 2,692,415, with variable
remuneration components representing
59 per cent of the total. Short-term and
long-term incentive bonuses paid in 2024
represented 58.8 per cent of the total re-
muneration of the President and CEO, while
the fixed annual salary including pension
benefits (statutory pension and supplemen-
tary pension) represented 41.2 per cent. The
remuneration of the President and CEO in
2024 was in accordance with Alma Media’s
Remuneration 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 2024.
Variable remuneration compo-
nents:
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.
The rate of achievement of the targets of the
President and CEO’s short-term incentive
Variable remuneration components Pension benefits
Fixed annual salary
(including taxable fringe
benefits)
Short-term incentive
bonuses paid for the
year 2023
Share-based
incentive bonuses
paid
Supplementary and
statutory pension contri-
butions Total
President and CEO 610,544 360,667 1,221,331* 499,872 2,692,415
scheme in 2023 was 63.5% and the bonus
of EUR 360,667 was paid in March 2024. In
2024, the rate of achievement of the targets
was 79.2% and the bonus of EUR 456,774
will be paid in March 2025.
In 2024, the rate of achievement of the
criteria of the short-term incentive scheme
was 70.3% for the profit target, 100% for the
strategic objectives and 100% for the ESG
component.
* The share-based incentive bonus (LTI) was paid on 27 February 2024. The number of shares transferred was 123,087 and the average share price on the payment date was EUR
9.92.
ANNUAL REPORT 2024
194
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REMUNERATION
REPORT
Long-term remuneration
The President and CEO’s long-term incen-
tive structure consists of the share-based
incentive schemes LTI 2015 (ended in 2023)
and LTI 2019. Dividing the maximum incen-
tive reward over the measurement period
on average, the maximum incentive reward
based on the LTI schemes is limited to 95 per
cent of the President and CEO’s fixed annual
salary. The measurement period is five years
for the LTI 2015 scheme and three years for
the LTI 2019 scheme.
On 27 February 2024, the President and
CEO was paid share-based incentive bonus-
es under the MSP2021 scheme. The gross
2020
MSP
2021
MSP
2022
MSP
2023
MSP
2024
MSP Total
Maximum 120,000 126,000 150,000 180,000 280,000 856,000 shares
Performance indicators Digital growth (33%), EPS
(33%), total shareholder
return (TSR) (33%)
Digital growth (33%), EPS
(33%), total shareholder
return (TSR) (33%)
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%)
Rate of achievement Digital growth (100%), EPS
(100%), total shareholder
return (TSR) (100%)
Digital growth (100%), EPS
(100%), total shareholder
return (TSR) (89,6%)
Revenue growth (39%), EPS
(94%), total shareholder
return (TSR) (72%)
Performance period 2020–2022 2021–2023 2022–2024 2023–2025 2024–2026
Year of payment 2023 2024 2025 2026 2027
Amount earned 141,567* 123,087
* On 16 March 2023 and 27 April 2023, the President and CEO was paid share-based incentive bonuses under three different incentive schemes (LTI 2015 III, LTI 2015 IV, MSP 2019). The gross number of shares received by the President and CEO
based on the incentive schemes was 141,567 shares, corresponding to EUR 1,261,508.
number of shares received by the President
and CEO based on incentive schemes was
123,087 shares, corresponding to EUR
1,221,331.
In accordance with the Board of Directors’
recommendation concerning share own-
ership, the President and CEO is expected
to retain ownership of at least half of the
net shares received through the company’s
share-based incentive schemes until the
total value of the Alma Media shares held
corresponds to at least one year’s fixed
gross annual salary. The long-term incentive
bonus is subject to a transfer restriction and
the President and CEO can only transfer the
shares pursuant to
the terms and conditions of the incentive
scheme.
ANNUAL REPORT 2024
195
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2024
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, fir[email protected], [email protected]