Annual report
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2025 ANNUAL REPORT
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* AuditedThis Annual Report is not an xHTML document compliant with the ESEF (European Single Electronic Format) regulation. 03 07 156 CEO’s review Alma Media as an investment Corporate Governance Statement 05 10 36 178 Key figures Report by the Board of Directors* Sustainability Report* Remuneration Report 06 82 Alma Media in brief Financial statements* Contents ANNUAL REPORT 2025 2FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT
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CEO’S REVIEW Marketplaces emerged as a growth engine – Alma Media’s earnings performance improved despite a challenging market The year 2025 was financially strong and strategically significant for Alma Media. We achieved growth in a challenging market environment, improved profitability, and made determined progress at the core of our strategy: digital marketplaces, data‑driven services, and news media. The Group’s revenue increased by 4.6% to EURM 327.1. Organic growth remained moderate, while acquisitions supported overall development. Adjusted operating profit rose to EURM 82.1, and the operating profit margin improved to 25.1%. Earnings development clearly outperformed market trends, par‑ ticularly in Finland, where the advertising market remained weak and consumers’ strained confidence in their personal f inances dampened demand for housing and car purchases. Marketplaces as the engine of growth Alma Marketplaces was the clear growth driver of the year. The segment’s revenue increased by more than 17%, and adjusted operating profit by more than 20%. Growth was driven by both organic development and successful acquisitions. Digital services related to housing, mobility, and business information strengthened their market positions, even though underlying markets – particularly residential property transactions and new car sales – remained subdued in terms of volumes. This demonstrates the resilience of our business model: we are able to create value for customers and shareholders even when market conditions are weak. The strong development of digital services supported the competitiveness of our ANNUAL REPORT 2025 3FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT YEAR 2025
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marketplace verticals, as an increasing share of value creation was based on scalable services that can rapidly adapt to customer needs. This broadened the offering and strengthened service capability in a situation where growth opportunities in listing‑based advertising driven directly by traffic volumes were more limited. Recruitment and media in transition Alma Career’s revenue remained at the previous year’s level, and earnings declined slightly. In local currencies, revenue decreased by 2.0%, while invoicing increased by 1.4%. Adjusted operating profit amounted to EURM 42.9 (43.5), representing 40.4% (40.6%) of revenue. The recruitment market was uneven across countries, and no rapid turnaround was seen during the year. Despite continued investments related to cloud migration and the development of a shared job platform, adjusted total expenses declined, driven in particular by lower personnel costs. The segment remains highly profitable and a core part of the Group. System renewals and the development of a shared platform lay the foundation for future growth, even though they tie up resources in the short term. Our recruitment portals featured on average more than 93,000 paid job listings, nearly six million unique visitors, and over two million job alerts each month. At Alma News Media, we continued the controlled transition from print to digital. Overall revenue remained stable, despite the continued decline in print. Digital content and subscription businesses grew, and adjusted operating profit improved significantly by 11.1% to EURM 17.2, corresponding to 16.2% of revenue. The segment has increased its quarterly earnings for eight consecutive quarters – throughout its entire history. This reflects long‑term, systematic development of paid digital journalism, data, and technology. Artificial intelligence as a permanent part of the business In 2025, we moved from experimentation with artificial intelligence to permanent, large‑scale utilisation. AI is now used across all segments – in products, content, and internal processes. This is reflected in faster product develop‑ ment, improved customer experience, and more efficient operational management. For Alma Media, AI is not a separate initiative, but an integral part of everyday operations and a core element of competitiveness. At the same time, we made strong investments in data governance, data protection, and its responsible use. Trust is a critical asset for us. Strong financial position and shareholder value Cash flow from operations increased to over EURM 81 (73.8) in 2025, driven by improved earnings. Strong cash flow reduced net debt and strengthened the financial position despite acquisitions. The gearing ratio decreased to 50.5% (59.6%), and the equity ratio improved to 52.6% (48.6%). Our solid financial position provides flexibility for both investments and dividend distribution. Supported by our strong financial standing, the Board of Directors of Alma Media proposes to the Annual General Meeting a higher dividend for 2025 than in the previous year, amounting to EUR 0.48 (0.46) per share. Outlook for 2026 We expect revenue in 2026 to remain at the 2025 level, while adjusted operating profit is expected to increase. Uncertainty related to market conditions and the domestic economic outlook continues, and there is no reason to rely in particular on a recovery in the advertising market. In closing: thank you for 2025! Alma Media has undergone a profound transformation in recent years. The year 2025 demonstrated that our strategy works: digital‑ isation, data, and scalable platforms deliver results. The work is not yet complete, but the direction is right. We will continue to focus on our strengths – and divest activities that do not support long‑term value creation. Growth will continue to be driven by marketplaces, digital services, and disciplined cost management. Warm thanks to our employees, customers, and stakeholders for your trust and excellent cooperation in 2025. Kai Telanne President and CEO ANNUAL REPORT 2025 4FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT YEAR 2025
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Key figures Alma Media’s key figures and the performance indicators monitored with regard to the Group’s long ‑ term strategic targets. Revenue 327 MEUR Earnings per share 0.67 EUR Adjusted operating profit 82 MEUR Number of employees, 31 December 2025 1,650 excluding telemarketers Share of digital business of revenue 86% Equity ratio 53% Adjusted operating profit % 25% Scope 1 and Scope 2 emissions 237tCO2e ANNUAL REPORT 2025 5FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT YEAR 2025
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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 10 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 OMX Helsinki. Alma Media operates in 10 European countries. Return on equity (ROE) 23% in 2025 Adjusted operating profit 25% in 2025 ANNUAL REPORT 2025 6FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT YEAR 2025
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Why invest in Alma Media? Taru Lehtinen, Chief Financial Officer, Alma Media 1. A resilient and continuously evolving organisation Alma Media has built its growth in a long‑term and systematic manner by investing broadly in a comprehensive portfolio of digital services that serve the needs of the entire value chain. We have focused on profitable growth and built our business on digital, scalable platforms. Our strategy, which emphasises digitalisation and continuous renewal, has enabled us to respond to market changes in a timely manner and to create shareholder value over the long term. Digital business already accounts for approximately 86% of our revenue. We have made determined investments in our data platform and technology architecture, which form the foundation for both operational efficiency and the rapid development of new products and services. Shared technological solutions, harmonised operating models, and broader utilisation of data enable continuous service improvement, enhanced customer experiences, and increasingly targeted solutions for different customer groups. In this way, renewal is not a series of isolated initiatives, but a continuous and measurable part of our operations, while simultaneously strengthening our readiness for future growth. 2. Strong brands and a competitive digital product portfolio Alma’s services hold strong market positions within their respective target audiences. In recruitment services, we are a market leader in several growing markets in Eastern Central Europe, making our international operations significant from both a revenue and profitabili‑ ty perspective. At the same time, our business is not overly dependent on the slowly growing domestic market. In Finland, our business media brands (Kauppalehti and Talouselämä) and the na‑ tionwide news media brand Iltalehti togeth‑ er reach approximately 80% of the Finnish population. Our competitive advantage is also built on diversified business models: we combine mar‑ ketplaces, media, advertising, and classified listings into a mutually reinforcing ecosystem. This structure supports the creation of cus‑ tomer value, enhances our ability to respond to market changes, and balances the business across economic cycles. 3. A strong financial position and the ability to generate robust cash flow Our financial performance is strong and supports the execution of our strategy. In 2025, the company’s adjusted EBITDA exceeded EURM 100. Our business is asset‑light and generates strong cash flow, and our agile operating model enables high profitability even as market conditions change. Despite acquisitions, our financial position remains solid, and our continuously developing digital business supports long‑term earnings growth. In 2025, our adjusted operating profit exceeded 25% of revenue. Our long‑term financial targets are to increase the operating profit margin to 30% and to achieve annual revenue growth of 5%. Return on equity was 23%, and our liquidity position is strong. Our stable dividend‑paying capacity is based on consistently strong cash flow generation, and our objective is to distribute, on average, more than half of the profit for the financial year as dividends. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Alma Media's total shareholder return (2016 - 2025): +593.6% Share price performance and dividends paid (2016 - 2025) ANNUAL REPORT 2025 7FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT YEAR 2025
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Important dates related to the Annual General Meeting and dividend payment in 2026 26/3 Record date for the Annual General Meeting 9/4 Annual General Meeting 10/4 Proposed ex‑ dividend date 13/4 Proposed record date of dividend payment 20/4 Proposed dividend payment 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 Thursday, 9 April 2026, 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 26 February 2026. Key information about Alma Media’s share MARKET Nasdaq Helsinki Ltd SECTOR Media TRADING CODE: ALMA ISIN CODE: FI0009013114 2025 MARKET CAPITALISATION MEUR 1,182.2 HIGH: EUR 16.10 LOW: EUR 10.60 CLOSING: EUR 14.35 The Board of Directors’ dividend proposal Alma Media’s Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.48 per share be paid for the finan‑ cial year 2025. 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, 13 April 2026. Financial reporting calendar in 2026 5/2 Financial Statements Bulletin 2025 29/4 Interim Report January–March 2026 12/8 Half ‑ Year Report January–June 2026 29/10 Interim Report January–September 2026 Alma Media applies a 30‑day silent period b efore 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 2025 8FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT YEAR 2025
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Drivers of change in the operating environment ECONOMY AND SOCIETY • G rowing economies in the company’s Eastern Central European markets • G lobal changes in geopolitics and trade policy, and increased uncertainty • L ong ‑ term structural challenges in the Finnish economy • A geing workforce in the operating countries RECRUITMENT • S hortage of skilled professionals and global competition for talent • In creased workforce mobility • E mployers trying to reach passive jobseekers • T he rising use of freelancers and leased employees • Impa cts of technological development on recruiting STRUCTURAL CHANGE IN DIGITAL MARKETING AND SALES • D igital platforms take on a growing role throughout the sales and marketing ecosystem • T echnology giants account for a large share of digital advertising • C ontent and influencer marketing, videos and visual search are increasingly signifi‑ cant in digital advertising CHANGING CONSUMER BEHAVIOUR • In creasing use of AI applications and a growing capacity to understand and leverage technology and AI solutions • AI‑ an d data‑driven personalised user experiences • T he diminishing role of language barriers and national borders in digital services • High e xpectations of a convenient and secure digital experience and e ‑ commerce HOUSING AND REAL ESTATE • T he digitalisation of the housing and real estate ecosystem and the increasing use of electronic transactions • T he impacts of remote and hybrid work on office space needs and requirements • G rowing popularity of rental housing • R educing the carbon footprint of con‑ struction and housing, and the continuously increasing significance of sustainable development GROWTH OF THE PLATFORM ECONOMY • T he increasing role of platforms and their influence across broader ecosystems • T he transformation of market structures and traditional business models, driven by technology, AI, and data TECHNOLOGY AND DATA • P roductivity growth in knowledge work, driven by AI and assistive technologies • C yber security and data protection are in‑ creasingly important due to consumer ex‑ pectations, regulatory requirements and the deteriorating global security situation • D eveloping the customer experience, agile op‑ erating models and technological capabilities as sources of competitive advantage CARS AND MOBILITY • C hanges in supply and demand driven by eco‑ nomic pressures, digitalisation, artificial intelli‑ gence, evolving consumer expectations, electrifi‑ cation, and political factors • T he shift towards AI‑based platforms, agent‑based models, and new business models is challenging traditional channels; the growing role of used car trading and e‑commerce • T he increasing importance of information in buy‑ ers’ and sellers’ decision‑making, driven by rising data needs, AI‑based search, and the redirection of traffic REGULATION • In creasingly complex and growing regulation at the EU level • G rowing importance of data protection and consumer protection issues • T he increasing popularity of digital services, the growing volume of data, and the heightened importance of data protection and consumer protection MEDIA • T he continued shift from print to digi‑ tal, the growth of paid content, and the strengthening of multimodal, data‑ and automation‑driven news production • Me dia consumption diverging by gen‑ eration, platforms diversifying, and the importance of direct traffic and engaged audiences increasing • E roding trust in institutions, political influence efforts, and AI‑driven complexity increasing the value of high‑quality, ethical, fact‑based journalism • A tigh t advertising market, blurred media categories, and rapid adoption of AI‑ and data‑driven solutions create opportunities as well as the need for strong differentia‑ tion • AI s olutions are transforming industry pro‑ cesses and enabling new opportunities GEOPOLITICAL TENSIONS • G lobal political tensions • In creasing hybrid influence operations • U ncertainty regarding political and eco‑ nomic developments and the difficulty of forecasting • C hanges in global trade and tariff policies • R ussia’s war of aggression and its econom‑ ic impacts on Alma's operating countries ANNUAL REPORT 2025 9FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT YEAR 2025
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Report by the Board of Directors ANNUAL REPORT 2025 10FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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12 27 Profit performance and financial position Alma Media’s share and shareholders 18 Alma Media’s strategy 22 Risks and risk management Contents 36 Sustainability Report ANNUAL REPORT 2025 11FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Group revenue and result in 2025 Alma Media's revenue increased by 4.6% to MEUR 327.1 (312.7). Business acquisitions increased consolidated revenue during the reporting period by 3.0% and MEUR 9.4. Exchange rate fluctuations had an effect of 0.5% and MEUR 1.6 on the change in revenue during the review period. Organic revenue growth, excluding acquired and divested brands and at local curren‑ cies, was 1.8%. The Group's classified sales Profit performance and financial position REVENUE MEUR 2025 Q1–Q4 2024 Q1–Q4 Change % Alma Career 106.3 107.2 -0.8 Alma Marketplaces 115.1 98.3 17.1 Alma News Media 106.3 107.7 -0.8 Segments total 327.7 312.6 4.8 Non ‑ allocated operations ‑ 0.6 0.0 ‑ 4 337.4 Total 327.1 312.7 4.6 39 % 18 % 21 % 16 % 7 % Classified Advertising Digital services Content Other Revenue split 2025 64 %4 % 3 % 7 % 2 % 20 % 1 % Finland Croatia Sweden Slovakia Baltics Czech Rep. Other Geographical revenue split 2025 increased by 1.1% in local currencies and amounted to MEUR 126.5. Advertising sales for the Group as a whole amounted to MEUR 58.9 (60.0), representing a year-on- year decrease of 1.9%. Revenue from digital services increased by 19.9% to MEUR 67.7 (56.5). The share of digital revenue in the Group as a whole rose to 85.9% (84.2%) of total revenue. Adjusted operating profit was MEUR 82.1 (76.9), or 25.1% (24.6%) of revenue. Exchange rate fluctuations had an effect of MEUR 0.9 on the change in adjusted operating profit. Acquired businesses in the Alma Marketplaces segment had an effect of MEUR 1.2 on the development of adjusted operating profit. Operating profit was MEUR 77.8 (73.4), or 23.8% (23.5%) of revenue. The adjusted items are itemised in the table below. In 2025, adjusted total expenses increased by MEUR 9.1. The increase in total expenses was MEUR 10.0. Taking into account the effect of acquired, divested and discontinued brands, adjusted total expenses increased by MEUR 3.1. Depreciation and impairment for the peri‑ od, included in the total expenses, amounted to MEUR 18.9 (17.6), including depreciation arising from acquisitions in the amount of MEUR 6.6 (6.3). Profit for 2025 came to MEUR 55.7 (52.6). Earnings per share was EUR 0.67 (0.64). ANNUAL REPORT 2025 12FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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ADJUSTED OPERATING PROFIT/LOSS MEUR 2025 2024 Change % Alma Career 42.9 43.5 ‑ 1.3 Alma Marketplaces 34.4 28.5 20.6 Alma News Media 17.2 15.5 11.1 Segments total 94.5 87.5 8.0 Non ‑ allocated operations ‑ 12.4 ‑ 10.6 17.2 Total 82.1 76.9 6.8 ADJUSTED ITEMS MEUR 2025 2024 Impairment losses ‑ 0.6 ‑ 0.5 Acquisition ‑ related transaction costs and other items recognised through profit or loss ‑ 1.0 ‑ 0.7 Restructuring -1.8 ‑ 2.2 Gains (losses) on the sale of assets ‑ 0.9 ‑ 0.1 Adjusted items in operating profit ‑ 4.3 ‑ 3.5 Adjusted items in profit before tax ‑ 4.3 ‑ 3.5 OPERATING PROFIT/LOSS MEUR 2025 2024 Change % Alma Career 42.4 43.1 ‑ 1.4 Alma Marketplaces 32.1 27.8 15.4 Alma News Media 16.3 13.7 18.7 Segments total 90.8 84.6 7.4 Non ‑ allocated operations ‑ 13.0 ‑ 11.2 16.2 Total 77.8 73.4 6.0 Business segments in 2025 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 was on par year ‑ on ‑ year at MEUR 106.3 (107.2) in 2025. In local currencies, revenue decreased by 2.0%. Invoicing in local currencies increased by 1.4%. Classified advertising was on a par with the comparison period at MEUR 86.9 (87.2). In local currencies, classified advertising decreased by 1.5%. Advertising revenue decreased by 10.1% and amounted to MEUR 3.1 (3.4). Sales of digital services increased by 5.7% to MEUR 11.4 (10.7). Other revenue decreased by 14.2% to MEUR 5.0 (5.8). The decline in other revenue was attributable to the decrease in low ‑ mar‑ gin staffing services in Latvia. In 2025, adjusted total expenses decreased by 0.5% and amounted to MEUR 63.7 (64.0). In local currencies, adjusted total expenses decreased by 1.9%. The decrease in expenses was attributable to lower employ‑ ee expenses. Adjusted operating profit amounted to MEUR 42.9 (43.5) in 2025. The adjusted operating profit was 40.4% (40.6%) of revenue. The segment’s operating profit was MEUR 42.4 (43.1). The adjusted items in the review period and comparison period were related to opera‑ tional restructuring. The adjusted items for the review period were related to the restructuring of operations. The adjusted items for the comparison period were relat‑ ed to transaction costs arising from corporate acquisitions and to the re‑ structuring of operations. Adjusted operating profit includes depreciation arising from acquisitions in the amount of MEUR 0.2. Alma Marketplaces The Alma Marketplaces segment’s revenue grew by 17.1% in 2025 and totalled MEUR 115.1 (MEUR 98.3). Revenue growth exclud‑ ing acquired businesses was 8.6%. The share of digital business in the segment’s revenue was 95.9% (95.7%). ANNUAL REPORT 2025 13FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Revenue in the Real Estate business unit in‑ creased by 18.1%, and its classified revenue grew by 14.0%. Visitor numbers on the Real Estate marketplaces declined by 3.0%, but average listings increased by 13.1%. The 22.5% revenue growth in Nordic commercial properties was driven by strong demand in the Swedish market and by productisation and pricing reforms. Revenue in the Mobility business unit grew by 7.4% to MEUR 37.0 (MEUR 34.4). Excluding the impact of acquisitions, revenue growth was 5.0%. Classified revenue in Mobility increased by 11.4%, and digital ser‑ vices grew by 10.8% due to the Netwheels acquisition. The average monthly number of visitors to Alma Media’s mobility market‑ places declined by 7.6%, and the number of listings decreased by 3.5%. Revenue in Insights services increased by 34.4% as a result of the acquisition of Edilex Lakitieto Oy. Revenue excluding the impact of acquisitions grew by 1.0%. Licence ‑ based revenue continued to grow, offsetting the decline in one ‑ off sales. Revenue in Comparison Services grew by 10.3% due to the acquisition of Effortia Oy’s electricity comparison services. Segment adjusted total expenses increased by 16.1% to MEUR 81.1 (MEUR 69.8). The ac‑ quired businesses accounted for MEUR 7.1 of the increase in adjusted total expenses. Adjusted total expenses excluding the im‑ pact of acquisitions and disposals grew by 5.8%. Expenses were driven by investments in product development and marketing for the Real Estate business. The segment’s adjusted operating profit was MEUR 34.4 (MEUR 28.5), representing 29.9% (29.0%) of revenue. Operating profit was MEUR 32.1 (MEUR 27.8). The adjusted items for the review period were related to trans‑ action costs arising from corporate acquisi‑ tions, business restructuring and a brand impairment. The adjusted items for the comparison period were related to transaction costs arising from corporate ac‑ quisitions. Adjusted operating profit includes amortisation related to acquisitions totalling MEUR 5.9 (MEUR 5.6). Alma News Media The In 2025, revenue in the Alma News Media segment decreased by 1.3% and amounted to MEUR 106.3 (MEUR 107.7). When discontinued brands and business divestments are taken into account, revenue was at the level of the comparison period. The share of digital business in the segment’s revenue was 62.6% (59.1%). Content revenue was at the level of the comparison period and totalled MEUR 50.8 (MEUR 50.6). When discon‑ tinued brands are taken into account, content revenue increased by 1.3%. Digital content revenue grew by 9.5%, offsetting the decline in print content revenue. Single ‑ copy sales de‑ creased by 4.7%, and print subscription sales declined by 11.2%. Advertising revenue decreased by 1.9% and amounted to MEUR 46.3 (MEUR 47.2). When adjusting for the impact of discontinued brands, revenue increased by 1.4%. Digital advertising revenue grew by 2.9%, while print advertising fell by 22.7%. Other revenue decreased by 7.3%, or MEUR 0.7, due to the divestment of the Netello business and a decline in telemarketing service revenue. Segment adjusted total expenses decreased by 3.4% and were MEUR 89.1 (MEUR 92.2). The decline in expenses was attributable to discontinued brands, the divested business and lower printing and distribution costs. The segment’s adjusted operating profit strengthened to MEUR 17.2 (MEUR 15.5), and operating profit was MEUR 16.3 (MEUR 13.7). The adjusted items for 2025 were related to the restructuring of operations, the loss on the sale of a business and an impairment of artwork. The adjusted items for the compar‑ ison period were related to the restructuring of operations, a brand impairment and a loss on the sale of a business. Adjusted operating profit includes amortisation relat‑ ed to acquisitions amounting to MEUR 0.5 (MEUR 0.5). ANNUAL REPORT 2025 14FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Balance sheet and financial position The balance sheet total at the end of December 2025 was MEUR 521.6 (MEUR 526.1). The Group's net working capital amounted to MEUR -47.8 (-45.1), including MEUR 46.9 (42.6) in advances received. The Group’s equity ratio at the end of December was 52.6% (48.6%) and equity per share was EUR 3.01 (2.82). Cash flow after investments and before financing was MEUR 58.1 (51.2) in in 2025. Cash flow from investments includes: • th e acquisitions of Effortia Oy, and Edilex Lakitieto Oy, 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 33 months, including extension options of 12 and 24 months. The loan was amortised by MEUR 15 in October 2024 and by MEUR 10 March 2025, and by MEUR 10 December 2025. The remaining principal on the long ‑ term loan at the end of 2025 was MEUR 125. Alma Media exercised the 12 ‑ month extension option in December 2024, and exercised another extension op‑ tion of 12 months in December 2025. At the end of the review period, the maturity of the financing arrangement was 36 months. • th e acquisition of Suomen Tunnistetieto Oy, achieved in stages, • th e acquisition of the Decade of Action and Climatrix businesses, • an in vestment in the Hilla Villas busi‑ ness; and • in vestments in tangible and intangible assets, totalling MEUR 22.9. Amortisation of interest‑ bearing liabilities included in cash flow from financing activi‑ ties amounted to MEUR 51.2. In 2025, with‑ drawals of new short ‑ term loans amounted to MEUR 24, and amortisation new short amortisation of long ‑ term loans amounted to MEUR 20. 75.6 79.2 63.0 73.8 81.3 0 20 40 60 80 100 2021 2022 2023 2024 2025 MEUR Cash flow from operating activities INTEREST-BEARING NET DEBT MEUR 2025 2024 Interest‑ bearing long ‑ term liabilities 150.5 175.3 IFRS 16 lease liabilities 25.5 30.3 Loans from financial institutions 125.0 145.0 Short‑ term interest‑ bearing liabilities 8.0 7.1 IFRS 16 lease liabilities 8.0 7.1 Cash and cash equivalents 32.5 42.5 Interest‑ bearing net debt 126.0 140.0 The financing package also includes a binding 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 at the end of 2025. The financing arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt to EBITDA. The Group met the covenants at the end of 2025. At the end of December 2025, Alma Media had interest - bearing debt totalling MEUR 158.5 (182.4). Interest- bearing net debt amounted to MEUR 126.0 (140.0). Alma Media has a commercial paper programme of MEUR 100 in Finland. The company had MEUR 0 in issued commercial papers at the end of 2025. In December 2021, the company signed an interest rate derivative agreement with a ANNUAL REPORT 2025 15FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Capital expenditure Alma Media Group’s capital expenditure in 2025 totalled MEUR 22.9 (22.6). The capital expenditure consisted of the acquisitions of Effortia Oy and Edilex Lakitieto Oy, the phased acquisition of Suomen Tunnistetieto Oy, the acquisition of the Decade of Action business, an investment in the Hilla Villas business, maintenance and product develop‑ ment investments, and increases in IFRS 16 lease liabilities. Research and development costs The Group’s research and development costs in 2025 totalled MEUR 6.0 (15.4). MEUR 5.3 (5.5) was recognised in the income statement and development costs of MEUR 0.7 (9.9 including transfers from purchases in progress in 2024) were capitalised on the balance sheet. There were capitalised research and development costs totalling MEUR 9.4 (13.1) on the balance sheet on 31 December 2025. Changes in Group structure in 2025 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. 181.8 142.6 145.7 140.0 126.0 109.2 % 69.3 % 65.4 % 59.6 % 50.5 % 2021 2022 2023 2024 2025 MEUR Interest-bearing net debt Gearing Interest-bearing net debt and gearing 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 inter‑ est rate agreement that commences on the signing date. In 2025, interest rate swaps generated a positive fair value change of MEUR 0.3 that is recognised in financial items.The fair value of the interest rate derivatives was MEUR 1.8 at the end of 2025. 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 2026, the annual effect on financial expenses would be MEUR 1.3. The interest rate derivatives taken out for the Term Loan would reduce the cash ‑ b ased cost effect of a one percentage point increase in the reference rate by MEUR 0.8. The average payment ‑ based interest cost of the Group’s interest‑ bearing liabilities in 2025 as 3.1% (3.8%). At the end of 2025, Alma Media had MEUR 4.7 in items created in conjunction with business combinations or related to contin‑ gent considerations and the redemption of non ‑ controlling interests measured at fair value and recognised through profit or loss or recognised directly in equity. ANNUAL REPORT 2025 16FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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3.0% in Czechia, 5.6% in Slovakia, and 4.5% in Croatia. Alma Media’s main operating countries are de‑ pendent on foreign trade. Risks related to global trade policy and geopolitics are elevated, and uncertainty in expectations has grown, which may be reflected in economic development. Market situation in the main markets in Finland Market development in the automotive industry According to statistics provided by the Finnish Information Centre of the Automobile Sector, the first registrations of new passenger cars decreased by 3.0% in 2025 to 71,888 units, while the trade in used passenger cars increased by 4.1% to 643,000 vehicles. Towards the end of the financial year, sales of used cars remained stable, and regis‑ trations of new cars declined by 3.4% in Q4. Market development in housing According to the Central Federation of Real Estate Agencies, the number of home sales in 2025 increased by a total of 10.7% to 58,282 transactions. Of these, 1,685 were transaction of new properties. There is a record number of homes for sale, and the number of homes on the market also increased during the year. In the owner ‑ oc‑ cupied housing market, oversupply has grown as properties under construction and completed projects add to the inventory. The rental market also has abundant supply, which is curbing rent increases. Housing con‑ struction is expected to recover slowly. Market development in the media business According to Kantar TNS, a total of 1,261 million euros was spent on media advertis‑ ing in 2025, which is 0.7% less than in 2024. When social media and search advertising are excluded from the total, media advertising decreased by 3.0%. Among industries, the largest increases in media advertising came from oil and energy companies, telecommunications services, and advertisers in the travel and transport sec‑ tors. Advertising in cosmetics, construction, and clothing declined the most. Outlook for 2026 Alma Media expects its full‑ year revenue of 2026 to remain at the 2025 level and the ad‑ justed operating profit to grow. The full ‑ year revenue for 2025 was MEUR 327.1 and the adjusted operating profit was MEUR 82.1. Background for the outlook The outlook is based on an assessment that the economies in the company’s main mar‑ kets are expected to remain broadly unchanged, while market uncertainty persists. Fluctuations in the global economy may affect market developments. The subdued growth of the Finnish market and weak consumer confidence are expected to continue, and advertising is still character‑ ised by uncertainty. The Group’s diversified business portfolio, both geographically across several markets and across multiple business areas, together with disciplined cost man‑ agement, helps to stabilise the company’s business performance even in challenging market conditions. Description of the operating environment In its most recent economic forecast (11/2025), the European Commission projects economic growth of 1.4%, inflation of 2.1%, and the unem‑ ployment rate of 5.9% in the EU for 2026. The Commission forecasts that Finland’s eco‑ nomic growth will accelerate from 0.1% in 2025 to 0.9% in 2026, inflation will decline from 1.9% to 1.6%, and the unemployment rate will fall from 9.5% to 9.3%. The weakening of employment has halted due to labour force growth and strengthened incentives. In the industrial sector, employment and order intake indicate a gradual recovery in exports, and the economy is moving from recession toward slow growth. Inflation and interest rates are expected to remain moderate, and real wages to increase, but consumer con‑ fidence remains weak. As a result, households are postponing major purchases for precau‑ tionary reasons, which is reflected in a higher savings rate in Finland. In addition to Finland, Alma Media’s main mar‑ kets are Czechia and Slovakia in Central Europe and Croatia in Southern Europe. According to the Commission’s forecast, GDP growth in 2026 is expected to be 1.9% in Czechia, 1.0% in Slovakia, and 2.9% in Croatia. The unemployment rates are estimated to be ANNUAL REPORT 2025 17FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Our strategy focuses on businesses where we create significant added value for the end customer and where our competitive advantage enables profitable growth. Our key business areas are marketplaces and re‑ lated services in recruitment, mobility, hous‑ ing and commercial real estate, news media, and information services for businesses. In line with our strategy, our marketplaces are evolving into advanced, AI ‑ driven plat‑ forms that enable seamless digital process‑ es for our customers. Our media business continues a controlled transition from print to fully digital media, enabling scalable and Alma Media’s strategy profitable growth. In our information ser‑ vices, we are developing AI ‑ and data ‑ driv‑ en solutions to enhance our customers’ processes. A key objective is to grow the committed audience using our services and to develop personalised services for our customers. We seek growth by strengthening our offering across the different stages of the value chains in our business areas and by ex‑ panding into new international markets. We support organic growth through acquisitions. We continuously develop our technology and capabilities to accelerate transfor‑ mation and growth. The large ‑ scale use of artificial intelligence in product and service development and in process optimisation enables faster time ‑ to ‑ market and more agile operations. We continually seek synergies across our businesses to drive growth and efficiency. We direct user traffic between services, grow audiences, collect, refine and commercialise data, and leverage shared technology, plat‑ forms, expertise and operations. In Finland, we invest in common media sales. Group strategy implementation during the year Scalability • W e scale existing assets to create new products and services. • W e expand businesses to new geographical areas. • W e leverage synergies through efficient co-operation. Transformation • W e streamline customer processes by integrating services into platforms. • W e increase operational agility to speed up time to-market. • W e advance customer-centric, product-led development with AI. Growth • We incr ease customer value and diversify revenue streams. • We develop the best human and technology capabilities. • We accelerate growth through M&A. We moved from experimentation to the per‑ manent use of artificial intelligence across all areas of our business while simultaneously building group ‑ wide AI capabilities. Shared operating models, continuous skills develop‑ ment and a unified data foundation enable faster innovation and more efficient scaling. AI was utilised both in internal processes, such as automated reporting and fore‑ casting, and in customer ‑ facing solutions, including bots, personalisation and targeted communications. Key initiatives included the optimisation of subscription pages, AI ‑ based targeting of newsletters, and pilot projects in comment ‑ section moderation. Employees’ skills were strengthened through training and the sharing of best practices. Significant launches included among others: semantic search on Etuovi.com, Iltalehti’s AI chat and AI‑powered podcast, Sophi (an AI system for optimising Kauppalehti’s paywall) as well as the AI Moderator for content mod‑ eration. On the B2B side, Edilex AI enhanc‑ es the retrieval of legal information, while Teamio and Seduo produce career‑related content using artificial intelligence. Atmoskop automatically summarises employee feed‑ back, and Autohuuto uses AI‑based features to add pros and cons to car listings. ANNUAL REPORT 2025 18FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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The company was also recognised at the AI Finland Gala: it won Data Project of the Year for Asuntopuntari and placed among the top three in the Most Innovative AI Pilot of the Year category for Jobly Vibes. Alma Media’s business segment strategies and their implementation during the year Alma Career • R ecruitment advertising, staffing and recruitment services, and the develop‑ ment of career and employer branding. • L eading recruitment services in East‑ ern Central Europe, including Jobs. cz, Prace.cz, Profesia.sk, MojPosao.net and MojPosao.ba, as well as Jobly.fi in Finland. • T he Seduo online learning platform and the Prace za rohem mobile service. • O perates in nine European countries. Alma Career’s objective is to further strengthen the segment’s position in the Eastern Central European recruitment market and to expand into new services supporting job search and employers’ needs. These include technologies and value ‑ added services related to job postings, as well as digital services designed for HR professionals. The internationalisation of our recruitment businesses continues to progress strongly, while we also actively seek new growth opportunities within our existing markets. The main phase of the Career United programme, aimed at strengthening internal cooperation within the segment and improving productivity, was completed as the organisational and operating model changes planned under the programme were finalised. The system architecture and back ‑ end system renewal projects initiated as part of the programme will continue during 2026. The renewals are being implemented in phases, and by the end of 2026 the transition to cloud services will be completed. As a result, overlapping capacity costs are expected to begin decreasing as planned. As part of the system renewals, the CV databases of different countries were consolidated into a single Alma Career– level database, and AI ‑ based job search technology was deployed across all core operating countries’ job portals. Prace.cz in Czechia was the first job platform to fully adopt the new platform technology. Jobly Vibes, a video ‑ based summer job application service for young jobseekers launched in Finland, was introduced towards the end of the year and achieved strong market traction by the end of the financial year. The service will be expanded to the Croatian market during the first half of 2026. The purchasing of programmatic recruitment advertising was added to the product portfolios in the Czech Republic and Slovakia and will be rolled out to other markets during 2026. Development of product and visibility packages at different levels continued in order to better respond to the evolving recruitment needs of various customer segments. Alma Marketplaces • L eading marketplaces for housing, com‑ mercial real estate and mobility. • S ystems for residential property and vehi‑ cle transactions. • D igital information services. • C omparison services. • O perations in Finland and Sweden. The offering comprises leading marketplaces for housing, commercial premises and mobility, comparison services, systems for professionals in the housing and automotive trade, as well as the Insights business focused on data and infor‑ mation services. The segment’s competitiveness is based on a comprehensive range of solutions serving both buyers and sellers, the strong reach of its marketplaces, and access to unique data sources. The most well ‑ known brands within the Real Estate business unit include Etuovi.com, Vuokraovi.com, Toimitilat.fi, Kauppalehti Toimitilat, and Objektvision in Sweden. The offering also includes the DIAS digital housing transaction service, property information ser‑ vices, and real estate agency systems OviPro and Kivi. The Mobility business unit consists of leading automotive marketplaces such as Nettiauto and Autotalli.com, as well as vehicle verticals including Nettimoto and Nettikone. The unit also provides systems and data services for the automotive trade, as well as auction services such as Autohuuto, Tukkuautot.fi and Baana. The Insights business unit provides companies and professionals with analysed company and decision ‑ maker data as well as legal content that supports business development, deci‑ sion ‑ making and regulatory compliance. The service portfolio comprises Business Insights (company and decision ‑ maker data) and Legal Insights (legal content services), the key services of which include Edilex and Suomen Laki. The Comparison Services business unit con‑ sists of several leading brands in their respec‑ tive fields, including Autojerry, Urakkamaailma, Nettimökki, Etua.fi and Sähkövertailu.fi. Within the Marketplaces segment, the acqui‑ sitions of Edilex Lakitieto Oy (from 1 February 2025) and Effortia Oy (from 1 September 2025) are reported. ANNUAL REPORT 2025 19FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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During the financial year, the segment contin‑ ued to expand its offering, renew services and systems, and integrate artificial intelligence into customer solutions and internal process‑ es. The transition towards a customer ‑ centric product organisation progressed as planned. The use of generative AI was expanded, and new AI ‑ based features were introduced across an increasing number of products. Mergers and acquisitions were actively pursued throughout the year. In February, Edilex Lakitieto Oy was acquired and inte‑ grated into the Legal Insights unit. In April, an ESG reporting service for assessing corporate responsibility and supplier risks was acquired from Decade of Action Oy. In September, Effortia Oy was acquired, whose services include Sähkövertailu.fi, VertaaEnsin. fi, Asuntojenmyynti.fi and Neliöhinta.fi. In November, the real estate offering was further expanded through the acquisition of the Climatrix business, a service for the assess‑ ment and reporting of physical climate risks. During the financial year, digital housing transactions became the most popular way to complete housing company share transac‑ tions in Finland. A consent service for digital share certificates was introduced on the DIAS platform, and the multilingual expansion of the service was initiated. Vuokraovi migrated to a shared technology platform with Etuovi, and customer deploy‑ ments of OviPro continued. The new platform enhances the efficiency of real estate agents’ work, strengthens the customer experience and improves data security. These devel‑ opments support Alma Media’s objective of building the most comprehensive digital ecosystem for housing transactions. Within Legal Insights, the generative AI–based Edilex AI service was launched, providing fast and reliable, well ‑ reasoned answers to legal questions. The service was expanded to new content areas, and a partnership programme was developed for legal literature to enable the utilisation of content on third ‑ party AI platforms. In the Mobility business unit, focus areas included the development of the WebSales Cloud project, the modernisation of listing systems, and the expansion of data services. In the Comparison Services business unit, the paid platform model of Nettimökki was expanded and the rollout of AI ‑ based features continued. Alma News Media • O perates in Finland as a multi ‑ channel digital news and business media group. • Il talehti is a nationwide news media outlet and a forum for public debate, known for its strong real ‑ time news coverage, diverse content concepts and digital leadership. Iltalehti was the first afternoon newspaper in Finland to introduce a consumer ‑ oriented digital subscription model. • K auppalehti is Finland’s leading busi‑ ness and financial news media and a key source of information for professionals. The portfolio also includes Talouselämä, Tekniikka&Talous, Tivi and Arvopaperi, which provide in ‑ depth expert content across various areas of business and technology. • A lma News Media’s digital services reach approximately 3 million Finns on a weekly basis, offering advertisers an impactful, data ‑ driven and brand ‑ safe environment. • T he segment is a developer of digital subscription ‑ based business models and continuously invests in technol‑ ogy, data and user experience with the aim of increasing reader revenue and strengthening a sustainable digital business. Alma News Media continuously develops its content and platforms with the objective of further increasing stable, subscription ‑ based revenue across both Iltalehti and its business media portfolio. The segment produces news and utility content, while continuously en‑ hancing the reader experience, subscription packaging and the advertising products built around the content. Investments in product development, such as video and audio formats, support the growth and diversification of media audiences. During the financial year, Alma News Media continued the systematic development of its digital services and the extensive utilisation of artificial intelligence in both editorial pro‑ cesses and commercial services. The segment completed a wide ‑ ranging programme of content, product and platform development. At Iltalehti, a new consent and cookie model was implemented to improve targeted advertising. Kauppalehti renewed its market services, strengthening the combination of journalism and market data through services such as Talousaamu and Kauppalehti Teknologia. AI ‑ assisted solutions, including the Sophi paywall and enhancements to article audio listening services, supported the transition towards a sustainable model based on digi‑ tal content sales. AI tools were also utilised to support content production, moderation, and the improve‑ ment of service discoverability and user interaction. These initiatives represented a clear step forward, modernising the seg‑ ment’s service level, strengthening compet‑ itiveness, and expanding data ‑ driven and AI ‑ based capabilities. ANNUAL REPORT 2025 20FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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During the financial year, the Netello business, which focused on search engine optimisation, digital advertising and web service development and formed part of the segment, was divested. Long-term targets The Group’s long‑term financial targets, set b y 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. 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 tar‑ gets are as follows: annual revenue growth of more than 5% (unchanged), adjusted op‑ erating 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 struc‑ ture, strategy and ambition as a provider of advanced platform solutions in the areas of recruitment, mobility, housing, premises, information services and media. 19.6 12.1 -1.2 2.5 4.6 -5 0 5 10 15 20 25 2021 2022 2023 2024 2025 Reported Target-level 5 % % Revenue growth 22.2 23.8 24.1 24.6 25.1 0 5 10 15 20 25 30 35 2021 2022 2023 2024 2025 Reported Target-level 30 % % Adjusted operating profit margin 2.3 1.6 1.6 1.5 1.3 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2021 2022 2023 2024 2025 Reported Target-level <2.5 Net Debt / EBITDA ratio ANNUAL REPORT 2025 21FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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At Alma Media Group, the purpose of risk management is to identify, assess and man‑ age opportunities, threats and risks arising from business operations in order to achieve the set objectives and to safeguard business continuity. Risk management forms part of Alma Media’s internal control framework and is therefore an integral element of good corpo‑ rate governance and management practices. The Group applies a uniform risk assessment and reporting model and actively monitors developments in national, EU ‑ level and international regulation, including regulation related to data protection, digital services and artificial intelligence. Risk management also covers risks related to data and artifi‑ cial intelligence (AI). Risks are classified into strategic, operational (business continuity), financial, and gover‑ nance and sustainability ‑ related risks. In addition, risks related to artificial intelligence and data are monitored as a cross ‑ cutting risk area that may materialise across all risk categories. Risk prioritisation takes into account the impact and likelihood of occurrence as well as reputational and en‑ vironmental effects, in addition to potential financial impacts. Each business area and unit is responsible for managing risks related to its own opera‑ tions, including the responsible and secure use of data and artificial intelligence. Strategic risks Alma Media’s most significant strategic risks relate to the economic operating environ‑ ment, rapid changes in the competitive land‑ scape and customer behaviour, technologi‑ cal development, and changes in regulation. The utilisation of artificial intelligence and customer data is an important competitive factor; however, it also involves risks, such as incorrect technology choices, falling be‑ hind in the adoption of AI, or the use of AI in ways that undermine customer trust. Operational risks and business continuity The management of operational risks and business continuity focuses on risk control and mitigation. Key operational risks include disruptions in information technology and communications, cyber risks, and malfunctions in AI systems. Operational AI ‑ related risks include, for example, system errors, low ‑ quality training data and the misuse of generative AI, which may lead to incorrect decisions, service Risks and risk management interruptions or breaches of confidentiality. Risk management is supported, among other measures, through the development of predictive automation, regular information security and data protection training, and guidance provided also to subcontractors. Financial risks Financial risks are identified in relation to market, liquidity and credit risks, as well as risks related to operational activities and financial reporting. Artificial intelligence may increase financial risks, for example through inaccurate AI ‑ based forecasts, errors in au‑ tomated decision ‑ making, or AI investments that deliver lower‑ than ‑ expected returns. Corporate governance and sustainability Governance and sustainability‑related risks ar e associated with compliance with laws, regulations and industry standards, as well as potential financial impacts and reputa‑ tional damage. Risks related to good governance and cor‑ porate responsibility are described in more detail in the Sustainability Report. ANNUAL REPORT 2025 22FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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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 organisation’s ability adapt its operations to the prevailing circumstances. Responding in accordance with the continuity plan if necessary. Rapid changes in consumer behaviour The ability to utilise the growing amount of customer data in delivering better and more targeted 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 com‑ petitiveness and data management. Sufficient investments and resources in data management and systems as well as the development of data privacy procedures and employee competen‑ ce. 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, resul‑ ting 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 partner‑ ships and cooperation with publishers. Change in the com‑ petitive landscape and intensifying competition Expansion of international platforms, industry convergence, reduced price competitiveness. Technological solutions and implementations by platform providers that restrict the ope‑ rations of other companies. AI ‑ enabled services and market participants may rapidly alter competitive dynamics and influence how users are directed to, or diverted away from, Alma Media’s services. 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 deve‑ lopment to assess changes in consumer behaviour or invest in the appropriate technological service solutions. Inappropriate data and AI technology choices, or delays in the adoption of AI, could have an adverse effect on competitiveness and service quality. Business development is driven by customer needs, with measures aimed at strengthening the competitiveness of digital operations. This includes the development of service user inter‑ faces, purchase journeys and payment systems, as well as ensuring adequate investments and resources for research and development. Business units develop AI ‑ enabled features to enhance competitiveness and to protect the quality of Alma Media’s brands, journalism and marketplaces. 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 Authorities’ interpretations related to the practical application of data protection regulation and the expanding data regulation within the EU. Breaches of the General Data Protection Regulation or other data protection legislation. Internal training, monitoring legislation and the regulatory interpretations of the authorities, building processes for legally required changes in the organisation. The responsible use of AI is guided by clear principles and training. The impacts of the EU data regulatory package (DSA, DMA, DGA, Data Act and AI Act) on Alma Media remain partly uncertain. The regulation may increase requirements related to the use of data, platform operations and the transparency, documentation and oversight of artificial intelligence. The final interpretations of the regulation may have a significant impact on business processes, the utilisation of data and partnership ecosystems. Scenario analyses and preparedness for different regulatory interpretations are carried out in cooperation with the business units. Internal training and the strengthening of organisational capabilities in data and AI regulation. Active monitoring of legislative developments, authorities’ interpretations and changes in gatekeeper ecosystems. Continuous assessment of compliance with AI and data regulation requirements, as well as the reinforcement of processes and docu‑ mentation integrated into risk management. ANNUAL REPORT 2025 23FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Risk Risk definition Risk mitigating actions Operational risks Risks related to cybersecurity and data security Viruses, worms, ransomware, and other malware that can compromise 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. Increa‑ sing employee awareness through data security training. Securing, controls and monitoring of workstations, mobile devices and cloud software. Systematic installation of data security and software updates, reacting quickly to acute vulnerabilities. Regular interaction with, and partici‑ pation in, authorities’ communications, guidance and exercises. Inadequate information security practices of third parties, suppliers and partners may increase vulnerabilities. Cyber security threats may also be intensified by the wider use of artificial intelligence, such as automated phishing and social engineering, as well as the use of unauthorised tools (“shadow IT/AI”), which may increase the risk of data breaches and complicate oversight. Critical suppliers are identified and their cyber security capabilities are monitored, with access management implemented in accordance with agreed policies. In addition, personnel are instructed and trained in the secure use of AI tools and the handling of confidential information, and approved tools and operating practices are clearly defined. Technology infrastructure vulnerabilities Disruptions to the company’s own IT solutions or services aimed at customers due to inade‑ quate 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. The loss of critical information, including software source code and backups of unique data, may have a significant impact on business operations. In addition, AI ‑ enabled functionalities may involve specific risks, such as the effects of low ‑ quality data and attacks that may result in incorrect outputs or unintended actions. Alma’s services are protected against denial‑ of‑ service attacks, including through the use of content delivery networks. Backup mechanisms are in place for critical information, and data recovery is regularly tested. With respect to AI functionalities, changes and deployments are implemented in a controlled manner, and quality and anomalies are monitored as part of normal oversight. Copyright The leakage of business ‑ critical information and trade secrets, as well as the unauthorised use of published content or data and challenges related to the use of open ‑ source softwa‑ re, may pose risks. These risks may be further increased by the terms and conditions of AI solutions and by how data and content are used in AI systems, particularly where confidential materials are processed or unauthorised tools are used. Effective practices are in place to protect business ‑ critical information and source code. The use of open ‑ source software and compliance with applicable licence terms are actively moni‑ tored. Practices and guidance for the use of artificial intelligence, including principles governing the handling of materials and data, are defined, and personnel are trained accordingly. Disturbances related to supply chain stability and management Challenges in the availability of materials, goods, tools and services may arise. Disruptions in the delivery of third ‑ party software or services may occur due to unexpected supplier issues or unnoticed end ‑ of‑ life situations. This also applies to critical digital services and tools, inclu‑ ding AI services, whose availability, terms of use, pricing or lifecycle may change rapidly. Critical suppliers are regularly assessed, and technology choices that support multiple supp‑ liers are favoured. The use of third ‑ party software, services and customer support within Alma Media is monitored, end ‑ of‑ life situations are identified in a timely manner, and alternative solutions and continuity arrangements are ensured where necessary, including for critical tool and service portfolios. Employees and expertise Employee turnover and ensuring critical competencies. With respect to critical competences, particular emphasis is placed on the capability to manage changes in, and the deployment of, digital services, cyber security, and data and AI solutions. Continuous competence development is ensured through training and coaching. Future com‑ petence needs are identified and development measures are focused accordingly. Employee wellbeing and occupational safety are supported by providing a wide range of measures to promote and maintain wellbeing at work. In addition, practices related to the responsible and secure use of artificial intelligence are strengthened as part of competence development. Occupational safety and employee workload. We look after the well ‑ being at work and occupational safety of employees by providing diver‑ se support for developing and maintaining well‑ being at work. ANNUAL REPORT 2025 24FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Risk Risk definition Risk mitigating actions Employees and expertise Uncontrolled growth of employee expenses and rising labour costs and/or declining produc‑ tivity. Reward and incentive processes and practices are developed, and market salary data is close‑ ly monitored. Physical safety Threats to the physical safety of employees at the company’s premises: a threatening intru‑ sion, 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 chan‑ ges 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 consequent write ‑ downs. Regular monitoring and rolling strategy work. AI related risks in the finance Biased, incomplete or poorly documented data and AI models may lead to incorrect financial interpretations, distort forecasts and pricing, and weaken the detection of fraud and anoma‑ lies, as well as the effectiveness of controls in financial processes. The increasing use of automation and AI solutions may create control gaps, increase depen‑ dence on third parties, weaken segregation of duties and reduce human oversight, as well as increase data protection and cyber security risks and failures in change management. Strong data governance and clearly defined responsibilities, validation and quality assurance, explainability and documentation, version control, back ‑ testing, as well as continuous monito‑ ring and the reporting of anomalies. Clear operating models and responsibilities, human oversight (human ‑ in ‑ the ‑ loop) in key deci‑ sions, documented model risk management principles, access and authorisation management, audit trail logging, independent reviews, and change management controls. 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 mon‑ ths. 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 agreements, 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 custo‑ mer receivables and the resulting negative impact on working capital. Credit policy and the assessment of credit customers before granting a payment period. Moni‑ toring 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 monitoring of contractual relation‑ ships. Active measures. ANNUAL REPORT 2025 25FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Risk Risk definition Risk mitigating actions ESG risks Risks related to the environment Alma Media’s operations do not place a significant burden on the climate. The Company is committed to halving its greenhouse gas emissions between 2019 and 2030. The risk is that the Company may not achieve its set targets. Alma Media manages its environmental risks by systematically developing its operations in line with its science ‑ based SBTi climate targets and by engaging key suppliers in the Company’s climate objectives. With respect to procurement, environmental risks are mitigated by Alma Media’s operations in ten European countries. Procurement in all country units is concentrated in domestic or nearby regions, where companies are subject to comprehensive oversight. 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 op‑ portunities 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 responsibility: Own employees Decline in employer reputation and in having a reputation as a reliable employer. In our human resources policy, we observe fair, transparent and open policy 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 content. 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 marketplace 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. Procurement ‑ 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 subcontractors 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 2025 26FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Annual General Meeting 2025 Alma Media Corporation’s Annual General Meeting (AGM) held on 10 April 2025 confirmed the financial statements for 2024 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 0.46 per share be paid for the financial year 2024. Composition of the Board of Directors In accordance with the proposal of the Shareholders’ Nomination Committee, the Annual General Meeting resolved that the Board of Directors shall comprise seven (7) members. In accordance with the Board’s rules of procedure, the Board Secretary is Mikko Korttila, General Counsel of Alma Media Corporation. The Annual General Meeting elected the following current members to the Board of Directors for a term of office ending at the close of the next Annual General Meeting: Eero Broman, Heikki Herlin, Ari Kaperi, Alexander Lindholm and Catharina Stackelberg‑Hammarén. In addition, Marika Auramo and Hanna Kivelä were elected as new members of the Board for the same term of office. the close of the Annual General Meeting 2026, the annual remuneration shall be as fol‑ lows: EUR 75,700 (previously EUR 68,800) for the Chair of the Board, EUR 48,400 (previous‑ ly EUR 44,000) for the Vice Chair, and EUR 39,400 (previously EUR 35,800) for the other members of the Board. In addition, a meeting fee shall be paid for at‑ tendance at meetings of the Board of Directors and its committees as follows: EUR 1,500 to the Chair of the Board and the Chair of the Audit Committee, EUR 1,000 to the Chair of the Nomination and Remuneration Committee, EUR 700 to the Vice Chairs of the Board and committees, and EUR 500 to the members of the Board and committees. Travel expenses of the members of the Board of Directors shall be reimbursed in accor‑ dance with the Company’s travel policy. The meeting fees shall be paid per meeting and increased as follows: • do ubled for (i) persons resident out‑ side Finland but within Europe, and (ii) meetings held outside Finland but within Europe; and • triple d for (i) persons resident outside Europe, or (ii) meetings held outside Europe. Based on the resolution of the Annual General Meeting, each member of the Board of Directors shall acquire Alma Media Corporation shares from the market on a regulated market at the price formed in trad‑ ing on Nasdaq Helsinki, using approximately 40 per cent of the net annual remuneration paid to the member, taking into account withholding tax. The acquisition of the shares shall be carried out within two weeks of the publication of the Interim Report for January–March 2025 or, if this is not pos‑ sible due to insider regulations, at the first possible time thereafter. If the shares could not be acquired by the end of 2025 due to, for example, ongoing insider projects, the annual remuneration shall be paid in cash. The shares acquired may not be trans‑ ferred for as long as the individual serves as a member of the Board of Directors. The Company shall bear any transfer tax incurred in connection with the acquisition of the shares. Auditor’s remuneration and appointment In accordance with the recommendation of the Audit Committee of the Board of Directors, the remuneration of the auditor shall be paid based on invoices approved by the Company. At its organising meeting held af‑ ter the Annual General Meeting, the Board of Directors elected Catharina Stackelberg‑Hammarén as Chair of the Board and Eero Broman as Vice Chair of the Board. With the exception of Alexander Lindholm, Heikki Herlin and Eero Broman, the Board of Directors has assessed the elected members to be independent of the Company’s signif‑ icant shareholders. Alexander Lindholm is the President and CEO of the Otava Group, Heikki Herlin is the Chair of the Board of Mariatorp Oy, and Eero Broman is a member of the Board of Directors of Otava Oy. The Board of Directors also appointed the members of its committees. Hanna Kivelä and Alexander Lindholm were elected as members of the Audit Committee, with Ari Kaperi appointed as Chair of the Committee. Catharina Stackelberg‑Hammarén was elected as Chair of the Nomination and Remuneration Committee, with Heikki Herlin and Marika Auramo appointed as members. Remuneration of Board members The Annual General Meeting resolved, based on the proposal of the Shareholders’ Nomination Committee, to increase the annu‑ al remuneration of the members of the Board of Directors. For the term of office ending at Alma Media’s share and shareholders ANNUAL REPORT 2025 27FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Based on the recommendation of the Audit Committee of the Board of Directors submitted to the Annual General Meeting, the authorised public accounting firm Ernst & Young Oy was elected as the auditor of Alma Media Corporation for the financial year 2025. Ernst & Young Oy has notified the Company that the auditor in charge is Authorised Public Accountant Terhi Mäkinen. Based on the recommendation of the Audit Committee of the Board of Directors sub‑ mitted to the Annual General Meeting, the authorised sustainability audit firm Ernst & Young Oy was elected as the assurer of the Company’s sustainability reporting for the fi‑ nancial year 2025. The remuneration for the assurance engagement shall be paid based on invoices approved by the Company. Authorisation of the Board of Directors to decide on the acquisition of own shares The Annual General Meeting authorised the Board of Directors to decide on the acquisi‑ tion of a maximum of 824,000 own shares, in one or more instalments. The maximum number of shares corresponds to approxi‑ mately one (1) per cent of the total number of shares in the Company. The shares shall be acquired using the Company’s unrestricted equity through trading on a regulated market organised by Nasdaq Helsinki Ltd in accordance with its rules and guidelines. Consequently, the acquisition shall be carried out otherwise than in proportion to the shareholdings of the shareholders (directed acquisition). The consideration payable for the shares shall be based on the price of the Company’s share on the regulated market so that the minimum price shall be the lowest market price quoted during the validity of the authorisation and the maximum price shall be the highest market price quoted during the validity of the authorisation. The shares may be acquired to develop the Company’s capital structure, to finance or implement acquisitions or other arrange‑ ments, or to implement incentive schemes for management or key employees, or other‑ wise to be transferred further or cancelled. The authorisation shall be valid until the next Annual General Meeting, however no later than 30 June 2026. Authorisation of the Board of Directors to decide on the transfer of own shares The Annual General Meeting authorised the Board of Directors to decide on a share issue by transferring own shares held by the Company. Under the authorisation, a maxi‑ mum of 824,000 shares may be transferred, corresponding to approximately one (1) per cent of the total number of shares in the Company. The Board of Directors may decide on a di‑ rected share issue, deviating from the share‑ Company’s management or key employees. The authorisation shall be valid until the next Annual General Meeting, however no later than 30 June 2026. The authorisation revokes the corresponding share issue authorisation granted by the Annual General Meeting on 5 April 2024, but does not revoke the share issue authorisation referred to above. Donations The Annual General Meeting authorised the Board of Directors to decide on do‑ nations amounting to a maximum total of EUR 100,000 for charitable or comparable purposes, and to decide on the recipients, purposes and other terms of the donations. Dividend In accordance with the proposal of the Board of Directors, the Annual General Meeting resolved that a dividend of EUR 0.46 per share be paid for the financial year 2024. The dividend was paid to sharehold‑ ers registered in the Company’s shareholder register maintained by Euroclear Finland Ltd on the record date of 14 April 2025. The dividend was paid on 23 April 2025. holders’ pre ‑ emptive rights, and may use the authorisation in one or more instalments. The authorisation may be used to implement incentive schemes for the Company’s man‑ agement or key employees. The authorisation shall be valid until the next Annual General Meeting, however no later than 30 June 2026. The authorisation revokes the corresponding share issue authorisation granted by the Annual General Meeting on 5 April 2024. Authorisation of the Board of Directors to decide on a share issue The Annual General Meeting authorised the Board of Directors to decide on a share issue. Under the authorisation, a maximum of 16,500,000 shares may be issued, corre‑ sponding to approximately 20 per cent of the total number of shares in the Company. The share issue may be carried out by issuing new shares or by transferring own shares held by the Company. The Board of Directors may decide on a directed share issue, deviating from the shareholders’ pre ‑ emptive rights, and may use the authori‑ sation in one or more instalments. The authorisation may be used to develop the Company’s capital structure, broaden the ownership base, finance or implement acquisitions or other arrangements, or for other purposes decided by the Board of Directors. The authorisation may not be used to implement incentive schemes for the ANNUAL REPORT 2025 28FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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20 principal shareholders on 31 December 2025 Number of shares % of shares and votes 1. Otava Oy 31,351,326 38.06 2. Mariatorp Oy 15,675,473 19.03 3. Ilkka Oyj 8,993,473 10.92 4. Keskinäinen Eläkevakuutusyhtiö Ilmarinen 3,619,397 4.39 5. Sr Nordea Nordic Small Cap 1,892,354 2.30 6. Sr Evli Suomi Select 1,375,000 1.67 7. Elo Keskinäinen Työeläkevakuutusyhtiö 1,297,640 1.58 8. Veljesten Viestintä Oy 851,500 1.03 9. Keskisuomalainen Oyj 808,317 0.98 10. Häkkinen Matti Juhani 716,142 0.87 11. Telanne Kai Markus 392,333 0.48 12. OP ‑ Suomi Pienyhtiöt 377,252 0.46 13. Sr Säästöpankki Pienyhtiöt 373,810 0.45 14. Broman Eero Väinö 368,026 0.45 15. Sinkkonen Raija Irmeli 333,431 0.40 16 . Danilostock Oy 330,000 0.40 17. Sr Säästöpankki Kotimaa 321,536 0.39 18. Koskinen Riitta Inkeri 222,500 0.27 19. Alma Media Oyj 209,465 0.25 20. Sr eQ Pohjoismaat Pienyhtiöt 200,000 0.24 Total 69,708,975 84.62 Nominee ‑ registered 2,335,785 2.84 Other* 10,338,422 12.54 Total 82,383,182 100.00 Ownership structure on 31 December 2025 Number of shareholders % of shareholders Number of shares % of shares Private companies 306 2.8 59,670,781 72.4 Financial and insurance institutions 24 0.2 4,539,571 5.5 Public entities 5 0.1 4,923,558 6.0 Households 10,432 95.5 9,986,912 12.1 Non ‑ profit associations 94 0.9 709,244 0.9 Foreign owners 52 0.5 217,331 0.3 Nominee ‑ registered shares 11 0.1 2,335,785 2.8 Total 10,924 100.0 82,383,182 100.0 Distribution of ownership Number of shareholders % of shareholders Number of shares % of shares 1–100 4,855 44.4 178,474 0.2 101–1,000 4,509 41.3 1,787,475 2.2 1,001–10,000 1,384 12.7 3,849,636 4.7 10,001–100,000 146 1.3 3,711,754 4.5 100,001–500,000 18 0.2 4,201,099 5.1 500,000– 12 0.1 68,654,744 83.3 Total 10,924 100.0 82,383,182 100.0 * A lma Media Corporation owns a total of 209,465 of its own shares, representing 0.3% of the total number of the company’s shares and related votes. ANNUAL REPORT 2025 29FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Share During 2025, a total of 1,885,919 Alma Media shares were traded on Nasdaq Helsinki, representing 2.3% of the total number of shares. The closing price of the share on the last trading day of the financial year, 30 December 2025, was EUR 14.35. The lowest trading price during the year was EUR 10.60 and the highest was EUR 16.10. At the end of the financial year, the market capitalisation of Alma Media Corporation was MEUR 1,182.2. At 31 December 2025, Alma Media Corporation held a total of 209,465 own shares. During 2025, the Company acquired a total of 191,178 own shares at an aggre‑ gate acquisition cost of MEUR 2.5. During the same year, the Company transferred 218,968 own shares free of charge as part of the long ‑ term, share ‑ based incentive scheme for personnel. Board of Directors can use the authorisation to implement incentive schemes for the management or key em‑ ployees of the company. Share-based retention and incentive schemes The share‑based incentive schemes are de scribed in Note 1.4.2 to the consolidated financial statements. Flagging notices Alma Media Corporation did not receive any flagging notifications during 2025. Corporate Governance Statement for 2025 In 2025, Alma Media Corporation com‑ plied in full with the Finnish Corporate Governance Code for Listed Companies (Corporate Governance Code 2025). The Corporate Governance Statement required under the Code is presented as a separate report in connection with the Report by the Board of Directors. In addition, the statement is publicly avail‑ able on Alma Media’s website at www. almamedia.fi/investors/governance/ corporate ‑ governance. Remuneration policy and remuneration report In accordance with the EU Shareholder RiIn accordance with the EU Shareholders’ Rights Directive (SHRD), Alma Media pub‑ lished its Remuneration Policy, setting out the principles for the remuneration of the Company’s governing bodies and the key terms of their service contracts, on 8 March 2022. The Remuneration Report for the govern‑ ing bodies was presented to the Annual General Meeting of Alma Media on 10 April 2025 and was approved without a vote. Correspondingly, in accordance with the EU Shareholders’ Rights Directive (SHRD) and the Finnish Corporate Governance Code 2025, the Remuneration Report for the financial year 2025 will be presented to the Annual General Meeting on 9 April 2026. Dividend proposal to the Annual General Meeting At 31 December 2025, the parent compa‑ ny’s distributable funds amounted to EUR 182,390,270 (EUR 155,670,182). The Board of Directors of Alma Media pro‑ poses to the Annual General Meeting that a dividend of EUR 0.48 per share (2024: EUR 0.46 per share) be paid for the financial year 2025. The dividend shall be paid to shareholders registered in the Company’s shareholder register maintained by Euroclear Finland Ltd on the dividend record date of 13 April 2026. The Board of Directors proposes that the dividend be paid on 20 April 2026. Based on the number of shares outstanding at the end of the financial year, 31 December 2025, the total amount of the proposed divi‑ dend is EUR 39,443,384 (EUR 37,786,811). No material changes have occurred in the Company’s financial position since the end of the financial year. In the opinion of the Board of Directors, the proposed distri‑ bution of profits does not jeopardise the Company’s solvency. Management ownership As at 31 December 2025, the members of the Board of Directors, the President and CEO of the parent company, and the mem‑ bers of the Group Executive Team jointly held a total of 16,956,908 shares in the Company. The aggregate holding corre‑ sponds to 20.6 per cent of all shares and voting rights in the Company. Under the existing incentive schemes, the President and CEO and the members of the Group Executive Team may receive a maximum of 2,032,160 Company shares on a gross basis, of which 50 per cent, or 1,016,080 shares, would be delivered in shares. This corresponds to 1.2 per cent of all shares and voting rights in the Company. ANNUAL REPORT 2025 30FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Shareholdings 31 December 2025* 2023 PSP 2023 MSP 2024 MSP 2025 MSP Catharina Stackelberg‑Hammarén, Chair of the Board 37,060 E ero Broman, Deputy Chair 368,026 Heikki Herlin, member of the Board 15,6940938 Ari Kaperi, member of the Board 2,830 Alexander Lindholm, member of the Board 10,060 Marika Auramo, member of the Board 1,341 Hanna Kivelä, member of the Board 1,341 Esa Lager, member of the Board until 10th of April 2025 22,544 Kaisa Salakka, member of the Board until 10th of April 2025 4,414 Peter Immonen, member of the Board until 10th of Arpil 2025 8,719 Kai Telanne, President and CEO 392,333 180,000 280,000 320,000 Santtu Elsinen, Group Executive Team* 68,340 48,000 80,000 92,000 Vesa ‑ Pekka Kirsi, Group Executive Team 18,140 5,200 77,360 Mikko Korttila, Group Executive Team 44,567 48,000 64,000 73,600 Elina Kukkonen, Group Executive Team 32,892 42,000 48,000 40,000 Tiina Kurki, Group Executive Team 81,857 42,000 48,000 56,000 Taru Lehtinen, Group Executive Team 17,000 6,000 64,000 72,000 Juha ‑ Petri Loimovuori, Group Executive Team 135,506 60,000 80,000 92,000, Tommi Raivisto, Group Executive Team 13,000 48,000 56,000 Merja Ristilä, Group Executive Team 1,000 2,000 8,000 Total on 31 December 2025 16,956,908 8,000 420,000 717,200 886,960 * The figure includes holdings of entities under their control as well as holdings of related parties. ANNUAL REPORT 2025 31FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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INCOME STATEMENT IFRS 2025 Change % IFRS 2024 Change % IFRS 2023 Change % IFRS 2022 Change % IFRS 2021 Revenue MEUR 327.1 4.6 312.7 2.5 304.9 ‑ 1.2 308.7 12.1 275.4 Digital revenue MEUR 280.8 6.6 263.4 4.9 251.2 0.6 249.7 17.7 212.1 % of revenue % 85.9 84.2 82.4 80.9 77.0 EBITDA MEUR 96.7 6.3 91.0 0.4 90.6 -6.8 97.2 32.3 73.5 % of revenue % 29.6 29.1 29.7 31.5 26.7 Operating profit/loss MEUR 77.8 6.0 73.4 0.5 73.0 -8.7 80.0 40.9 56.8 % of revenue % 23.8 23.5 23.9 25.9 20.6 Adjusted operating profit MEUR 82.1 6.8 76.9 4.4 73.6 0.3 73.4 20.2 61.1 % of revenue % 25.1 24.6 24.1 23.8 22.2 Adjusted items* MEUR ‑ 4.3 21.8 ‑ 3.5 473.6 ‑ 0.6 ‑ 109.3 6.6 ‑ 252.6 ‑ 4.3 Profit before tax MEUR 70.7 5.6 67.0 ‑ 2.1 68.5 -20.8 86.4 53.4 56.3 Adjusted profit before tax MEUR 75.0 6.4 70.5 2.1 69.1 ‑ 13.5 79.9 31.7 60.6 Profit for the period, continuing operations MEUR 55.7 5.9 52.6 ‑ 6.7 56.4 ‑ 21.5 72.0 62.6 44.3 Share of profit of associated companies MEUR 0.9 33.1 1.3 ‑ 56.5 0.9 ‑ 26.3 0.7 31.3 1.0 Net financial expenses MEUR 8.0 3.3 7.7 43.1 5.4 ‑ 193.2 -5.8 ‑ 504.1 1.4 Net financial expenses, % of revenue % 2.4 2.5 1.8 ‑ 1.9 0.5 Profit for the period MEUR 55.7 5.9 52.6 -6.8 56.4 ‑ 21.6 71.9 62.6 44.3 * 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 2025 32FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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BALANCE SHEET* IFRS 2025 Change % IFRS 2024 Change % IFRS 2023 Change % IFRS 2022 Change % IFRS 2021 Balance sheet total MEUR 521.6 ‑ 0.9 526.1 ‑ 0.3 527.7 6.9 493.8 ‑ 4.7 518.4 Interest‑ bearing net debt MEUR 126.0 140.0 145.7 142.6 181.8 Interest‑ bearing liabilities MEUR 158.5 ‑ 13.1 182.4 ‑ 7.9 198.1 14.7 172.7 ‑ 26.1 233.7 Non ‑ interest‑ bearing liabilities MEUR 113.6 4.4 108.8 1.9 106.8 ‑ 7.3 115.2 ‑ 2.5 118.2 OTHER INFORMATION* IFRS 2025 Change % IFRS 2024 Change % IFRS 2023 Change % IFRS 2022 Change % IFRS 2021 Average no. of employees, excl. telemarketers 1,649 ‑ 0.7 1,660 ‑ 2.1 1,695 0.9 1,679 8.4 1,549 Telemarketers on average 136 -8.1 148 2.6 144 ‑ 26.6 196 -41.8 337 Capital expenditure MEUR 22.9 1.2 22.6 ‑ 12.6 25.8 41.2 18.3 ‑ 92.6 247.1 Capital expenditure, % of revenue % 7.0 7.2 8.5 5.9 89.7 Research and development costs MEUR 6.0 ‑ 61.0 15.4 81.2 8.5 11.8 7.6 64.3 4.6 Research and development costs, % of revenue % 1.8 4.9 2.8 2.4 1.7 KEY FIGURES* IFRS 2025 Change % IFRS 2024 Change % IFRS 2023 Change % IFRS 2022 Change % IFRS 2021 Return on equity (ROE) % 23.0 0.1 23.0 ‑ 12.7 26.3 ‑ 31.9 38.6 62.0 23.9 Return on investment (ROI) % 15.0 2.3 14.7 ‑ 6.4 15.7 ‑ 17.3 18.9 32.7 14.3 Equity ratio % 52.6 48.6 46.1 45.8 34.7 Gearing % 50.5 59.6 65.4 69.3 109.2 * The figures include both continuing and discontinued operations, unless otherwise mentioned ANNUAL REPORT 2025 33FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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PER SHARE DATA* IFRS 2025 IFRS 2024 IFRS 2023 IFRS 2022 IFRS 2021 Earnings per share, basic EUR 0.67 0.64 0.69 0.88 0.53 Earnings per share, diluted EUR 0.66 0.62 0.67 0.86 0.52 Cash flow from operating activities per share EUR 0.99 0.90 0.77 0.96 0.92 Shareholders’ equity per share EUR 3.01 2.82 2.67 2.48 1.99 Dividend per share** EUR 0.48 0.46 0.45 0.44 0.35 Payout ratio % 71.2 72.2 65.6 50.3 66.0 Effective dividend yield % 3.3 4.2 4.7 4.7 3.2 P/E Ratio 21.3 17.3 14.0 10.7 20.4 Highest share price EUR 16.10 11.90 10.20 11.80 12.7 Lowest share price EUR 10.60 9.22 8.26 7.78 8.42 Share price on 30 December EUR 14.35 11.0 9.60 9.40 10.82 Market capitalisation*** MEUR 1,182.2 906.2 790.9 774.5 891.4 Turnover of shares, total kpcs 1,886 7,573 3,605 2,804 3,699 Relative turnover of shares, total % 2.3 9.2 4.4 3.4 4.5 Average no. of shares (1,000 shares), basic, excluding treasury shares kpcs 82,174 82,145 82,073 82,185 82,213 Average no. of shares (1,000 shares), diluted kpcs 84,435 84,059 83,637 83,706 83,991 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 2025 34FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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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 ‑ treasury 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 restructu‑ ring 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 2025 35FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Sustainability Report Report by the Board of Directors General disclosures 37 Basis for preparation 37 Go vernance 40 Strategy 45 Impact, risk and opportunity management 50 E – Environment 54 EU Taxonomy 54 E1 – Climat e change 59 S – Social responsibility 69 S1 – Own workforce 69 G – Good governance 75 G1 – Conducting business 75 List o f the location of disclosure requirements in the sustainability r eport 78 T ables on the disclosure requirements co vered in the sustainability report 79 ANNUAL REPORT 2025 36FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Basis for preparation General basis for preparation of the Sustainability report (BP-1) This group‑level sustainability report follows th e same scope of consolidation as the fi‑ nancial statements and is published annually as part of the board's report. The reporting period is the financial year from January 1 to December 31, 2025. The report also includes information from the beginning and end of the value chain. The materiality assessment extends to both the supply chain and end users, and the company's principles, targets, and actions also partially apply to the value chain. The metrics presented in the report include information particularly from the subcon‑ tracting chain, where a significant portion of greenhouse gas emissions occur, as well as partially from the end use of products and services. Information on specific conditions (BP-2) Timeframes In the materiality analysis underlying the re‑ port, the timeframes are defined as follows: • S hort term: less than 1 year • Me dium term: 1–5 years • L ong term: more than 5 years These definitions are in line with the time‑ frames provided in section 6.4 of ESRS 1, and there have been no deviations from them. Value chain estimation The data sources for emission calculations (E1) are based on actual energy consumption and national or international emission fac‑ tors published by authorities in accordance with the GHG protocol. Statistics Finland, IEA.org, cloud service providers, and DEFRA update emission factors annually, sometimes retroactively. If necessary, these corrections are also taken into account in the calculation of comparison years. In emission calculations, the following aspects related to estimation have been considered: • Basis f or preparation: Measured con‑ sumption and supplier‑ specific emission reporting have been used in the calcu‑ lations when available. Internationally recognised GHG protocol values have been used as emission factors. • A ccuracy level of results: The coverage and accuracy level of Scope 1 and 2 calculations is high. In Scope 3 emis‑ sion calculations, expenditure catego‑ ry ‑ based emission factors have been used significantly in the absence of sup‑ plier ‑ specific emission calculations. The accuracy level of Scope 3 is medium. • Planned measur es to improve Accura- cy: In Scope 3, efforts are increasingly being made to obtain suppliers' own validated emission calculations by add‑ ing an emission reporting requirement to significant procurement contracts in terms of emissions. Sources and uncertainty of results in Estimation Alma Media recognises that there is mea‑ surement uncertainty, especially related to Scope 3 emissions, as they are partly based on external expenditure category ‑ based average factors and industry ‑ specific esti‑ mates. The calculation method has been the same in comparison years. • Sour ces of measurement uncertain- ty: Limited availability and quality of value chain information, dependence on external databases, differences in suppliers' own calculation methods. The delay in the completion of GHG pro‑ tocol ‑ compliant factors and suppliers' own emission reporting for the reporting year, which means that factors from the previous reporting period must be used in the calculation and corrected for the following reporting period's comparison figures. • Assumptions, estimat es, and decisions: Assumptions concern, for example, the energy consumption of small office rooms, employees' travel behavior, waste management methods, and the efficiency of cloud services' energy use. General disclosures – ESRS 2 ANNUAL REPORT 2025 37FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Errors detected and corrected in the previous Sustainability Report Table on page 63 of Alma Media's Annual Report 2024: In the table titled "Measures and progress towards targets" the figure for the increase in the emission ‑ free rate of office energy in 2024 is incorrectly reported (64%), the correct figure is 85%. Changes in the preparation and presentation of sustainability information Compared to the previous year, a limited methodological refinement has been made to the reported greenhouse gas information regarding ICT services. In 2025, for the first time, the emission calculations for cloud services include Microsoft Azure's cloud services using the emission data reported by the service provider; previously, the report‑ ing covered the emissions of Amazon Web Services and Google Cloud based on the calculation data provided by the suppli‑ ers. Comparison data from previous years are not available retrospectively. No other changes have been made to the reported information except for updates to Scope 2 and 3 emission factors. Use of transition provisions – Consumers and end users / Privacy (S4) Alma Media utilises the transition provision for the ESRS S4 standard. Therefore, the company does not report any information in accordance with ESRS S4, but has identified the sub ‑ topic of Privacy as material in its materiality assessment. This is based on the fact that Alma Media's business is strongly digital and handles a large amount of per‑ sonal data and other data – over 85 percent of revenue comes from digital sources. Responsible handling of consumers' and end users' personal data and protecting privacy are thus critical factors for the company's business model and strategy. Privacy (S4-1-1) The trust of Alma Media's digital product users is based on the company's responsible handling of data and compliance with data protection regulations. Violations of privacy could cause significant reputational damage and financial consequences. The board and the CEO have overall respon‑ sibility for organising internal control and risk management systems for data protection. The CEO, members of the group's executive team, and business unit managers are each responsible for ensuring that the operations and segments under their responsibility comply with legislation, the company's principles, and the instructions and orders issued by Alma Media Corporation's board. Alma Media Corporation's Data Protection Officer (DPO), who also serves as the group's data protection officer, participates appro‑ priately and timely in all matters related to the protection of personal data. The DPO monitors compliance with legislation, the company's principles, and the instructions and procedures issued within the framework of internal control. They act as a contact person for the supervisory authority in matters related to the processing of person‑ al data and report directly to Alma Media Corporation's top management. Internal control of data protection is de‑ signed to ensure that Alma Media complies with data protection regulations and protects personal data. Practices include comprehen‑ sive instructions and procedures that define how data should be handled, stored, and protected. These instructions and proce‑ dures are binding on all business segments and operations, ensuring compliance with data protection laws and regulations, such as the General Data Protection Regulation (GDPR). The principles include regular risk assessments and necessary updates to controls to ensure that the organisation operates in compliance with regulations and that potential risks related to data protection are identified and measures to manage risks can be planned. Employees are trained on data protection instructions and procedures to understand their responsibilities. Regular training and awareness programs are organised to keep employees up to date with the latest data protection practices. Alma Media also has mechanisms for monitoring data protection practices and reporting violations and deviations. This al‑ lows for quick identification and resolution of issues and minimises the impact of potential breaches. Data protection practices also en‑ sure the respect and implementation of the rights of data subjects, such as the right to access, correct, and delete data. Procedures are in place to implement these rights. Alma Media's data protection principles include controls for managing third parties, such as suppliers and partners, if they have access to personal data. This ensures that they also comply with data protection regu‑ lations and operate in accordance with the organisation's data protection procedures. Alma Media publishes a general data protection description for its customers on its website, describing how the company handles personal data, what rights registered users have, what user data is collected, and how this data is protected. The company's principles are based on the EU General Data Protection Regulation (GDPR) and national legislation. Alma Media has appointed a Data Protection Officer (DPO) who reports directly to the company's legal counsel. The com‑ ANNUAL REPORT 2025 38FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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pany reports all suspected data protection breaches to the data protection authority. The terms of use, sales, and contract terms for Alma Media's services can be found on the company's website and are divided into terms for consumer services and media sales. The service terms define, among other things, account creation, data usage, and marketing principles, while the media sales terms concern advertisers' contracts and terms for purchasing advertising. Alma Media has set a target that its services do not experience serious data protection breaches. A serious breach is defined as an incident that would lead to compensation liability or a fine imposed by the data protec‑ tion authority. The target level is 0 cases per year. The target was achieved in the report‑ ing year. To implement data protection and manage risks, Alma Media trains its staff on the evolving data protection legislation and obli‑ gations. Additionally, the company maintains and regularly updates its data protection policy and processes. The practical op‑ erating model includes early response to potential data security and data protection suspicions and open reporting to authorities. In the reporting year, Alma Media submitted three personal data breach notifications to the authority and received two investigation requests from the authority. The personal data breach notifications did not give the authority cause for further action. For the in‑ vestigation requests, the authority accepted the explanations provided by Alma Media, and the matters have been concluded. Alma Media continuously evaluates the effectiveness of its actions and focuses on continuous improvement in data protection management. ANNUAL REPORT 2025 39FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Governance Role of administrative, management, and supervisory bodies (GOV-1) In 2025, Alma Media's board consisted of seven members. The group's executive team included ten members involved in business management, including the CEO. None of the board members participate in business management. Employee representation in administration is implemented from January 1, 2025, so that different employee groups appoint a representative and a deputy to the expand‑ ed executive team in each business unit. The actual representative participates in the work at least once a year. The board and executive team of Alma Media have significant expertise in media and marketplace business and managing key market areas. The average work experience of the executive team at Alma Media is 16 years. The gender distribution of the board was 43% women and 57% men, and in the executive team, 40% women and 60% men. All board members are independent of the company, and 51.3% are also independent of significant shareholders. In 2025, the board of Alma Media included Catharina Stackelberg ‑ Hammarén (chair), Eero Broman (vice ‑ chair), Heikki Herlin, Ari Kaperi, Alexander Lindholm, Hanna Kivelä, and Marika Auramo. The CEO is responsible for monitoring sustainability impacts, implementing sus‑ tainability risks and opportunities as part of business management, and reporting to the board. The CEO is also responsible for achieving sustainability targets. Before presenting to the board, the targets are discussed in the group executive team, which monitors their progress and assesses impacts quarterly in strategy meetings. The CEO has delegated the management of risk management and internal control pro‑ cesses to the CFO. Sustainability risks and impacts are assessed as part of the compa‑ ny's normal risk management. The communi‑ cations director is responsible for monitoring sustainability targets and considering stake‑ holders as part of the strategy process. Finance, HR, and legal functions are each responsible for collecting data necessary for assessing sustainability impacts relevant to Alma Media and monitoring results according RESPONSIBILITIESROLE Acceptance of sustainability targetsBOARD OF DIRECTORS Implementation of sustainability impacts, risks and opportunities and reporting to the Board of DirectorsCEO Setting sustainability targets and monitoring and evaluating targetsGROUP MANAGEMENT TEAM Management of sustainability risk management and internal control processesCFO Monitoring of sustainability targets, stakeholder engagement and communicationEVP, COMMUNICATIONS AND BRAND General C ounselE V P, Human ResourcesCFO Privacy Statement and Information Security PolicyHuman resources plan Procurement principles C ompany car guidelines Data protectionC ode of C onduct, W histleblowing channels E ducation & C ompetence development E mployee dataBusiness premises & carsE missions calculation Implementation of sustainability measures together with finance, human resources and the legal departmentBUSINESS SEGMENTS Management and governance of sustainability topics at Alma Media to the targets, as well as keeping related pol‑ icies, principles, and guidelines up to date. Sustainability issues are regularly discussed in board and committee meetings. Based on the group's sustainability targets, business areas define their own targets, which are approved by the boards of subsidiaries. Business area managers are responsible for implementation, and the achievement of tar‑ gets is monitored in business area executive teams and the parent company's board. The CFO leads the risk management steering ANNUAL REPORT 2025 40FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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group, which assesses sustainability‑related risk s as part of the company's overall risk assessment. The board receives updates at least quarterly in connection with the preparation of interim reports on the most significant sustainability impacts, risks, and progress towards targets. This ensures that the board's expertise on sustainability issues is up to date. Before conducting a double materiality analysis and starting sustainability reporting, the management was briefed on the latest EU regulations and the main phases of the next reporting process. The phases of the process are presented in section IRO ‑ 1, and as a result, Alma Media's material sustain‑ ability topics to be reported according to the Accounting Act were defined. The board approves the group's sustainability targets based on the preparation of the group executive team. External experts and training are used as needed to ensure that relevant parties have up ‑ to ‑ date expertise and under‑ standing of sustainability issues. Alma Media has designated responsible persons and roles for each essential responsibility area. Alma Media develops its corporate respon‑ sibility in compliance with legislation regu‑ lating business and the media industry. The development of corporate responsibility at Alma Media is also guided by the company's policies, guidelines, principles, and commit‑ ments, as well as guidelines defined by key external parties relevant to the company's business, which are described on the compa‑ ny's website. The company's internal control, risk management, and governance are also described in the statement on the company's governance and control system. The board and its committees assess the impacts, risks, and opportunities related to sustainability, good governance, and corpo‑ rate culture quarterly. Discussions are held as part of the annual double materiality assess‑ ment and risk management. The executive team supports the development of corporate culture by promoting ethical leadership, open discussion, and employee participation. Information provided to and sustainability matters addressed by the administrative, management, and supervisory bodies (GOV-2) In 2025, Alma Media's board met eleven times and addressed several sustainability topics. The CEO reported these to the board together with the group's other management. Topics addressed included: • C onfirmation of short‑ and long ‑ term sustainability targets and their linkage to remuneration • Q uarterly monitoring of targets as part of the group's performance reporting • S takeholder consultation, conducting surveys, and evaluating results • A ssessment and approval of the materi‑ ality analysis • R eporting on sustainability topics in con‑ nection with interim reports quarterly • R eview of reliable journalism and responsible advertising as part of the media business strategy • In clusion of sustainability targets in the company's business strategy • R esults of the employee survey (respon‑ sible leadership and HR) • U pdates to the group's finance, tax, and information security policies • S ummary of Whistleblowing reports in 2025 • S ituation update on information security management The board's committees addressed sustain‑ ability topics in their meetings, particularly regarding reporting and HR management. Sustainability targets are also considered in the board's decision ‑ making, for example, in connection with investments. The audit com‑ mittee guides and oversees the preparation of sustainability reporting. The board and audit committee: • P articipated in the stakeholder survey related to the materiality analysis • C onfirmed sustainability targets and their linkage to remuneration • In cluded sustainability targets in the business strategy • Monit ored the achievement of sustain‑ ability targets in connection with interim reports quarterly • O versaw the progress of sustainability reporting preparation • A ssessed and approved the materiality analysis The executive team addressed the following topics in four strategy meetings and seven other meetings: • R isks related to sustainability • R esults of the stakeholder survey, mate‑ riality analysis, and key themes • P rogress of the strategy in relation to sustainability targets • Mana gement of sustainability issues and internal control in Alma Media's gover‑ nance model During the financial year, the board received regular and sufficient information on sustain‑ ability issues, enabling it to make appropri‑ ate decisions and fulfill its supervisory role. ANNUAL REPORT 2025 41FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Sustainability targets as part of the compensation of all employees. Topic KPI Target in 2025 Results in 2025 Target in 2024 Results in 2024 Environment Carbon footprint Own operations (Scope 1 & 2) CO 2 emissions of electricity, heating and cooling, energy consumption of company cars Less than 272.8 tCO 2‑eq 236.6 t CO2‑eq ‑ 52% (2019 ‑ 2030) ‑ 4.73% / year ‑ 6.7% Carbon footprint Subcontracting chain (Scope 3) CO 2 emissions caused by the subcont‑ racting chain Reduction of 42 tCO2‑eq In crease of 304 tCO2‑eq ‑ 14% (2019–2030) ‑ 1.27% per year ‑ 12.4% ‑ 3.0% Social responsibility Own employees Quality of working life, Peakon Engage‑ ment index Index above average / technology sector 7.6 Peakon Engage‑ ment index 7.7 Peakon Engagement index 7.8 Peakon Engage‑ ment index 7.7 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 pcs There are no serious personal data breaches in the services for which the authorities would impose a fine. 0 pcs Responsible media: journalism and mar‑ keting Condemnatory decisions issued by the Council for Mass Media Adherence to the International Cham‑ ber 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 Interna‑ tional Chamber of Commerce’s Adverti‑ sing Ethics Council 1 pc 0 pcs < 5 condemnatory decisions imposed on Alma’s media by the Finnish Social Security Council No complaints concerning advertising that violates the guidelines of the Interna‑ tional Chamber of Commerce’s Adverti‑ sing Ethics Council 4 pcs 0 pcs Good governance Ethics in business Code of Conduct compliance 100% 100% 100% of the company’s own emplo‑ yees have completed Code of Conduct training. 100% Subcontracting chain Completion of training on the Supplier Code of Conduct (SCoC) 90% 91.3% 90% of significant suppliers have completed SCoC training 95.5% ANNUAL REPORT 2025 42FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Integration of sustainability-related performance in incentive schemes (GOV-3) In 2025, sustainability targets were included in Alma Media's staff performance bonus targets. The CEO's maximum short ‑ term bonus level was 100% of the fixed annual salary, and for members of the group ex‑ ecutive team, it was 70%. Performance was assessed considering indicators and targets related to key sustainability themes. 10% of the performance bonus was tied to the achievement of sustainability targets. The performance bonus criteria in 2025 covered environmental, social responsibility, and good governance targets. The company's long ‑ term incentive sys‑ tem is based on the development of total shareholder return, earnings per share, and sustainability targets, with the bonus paid in shares. The long ‑ term incentive system covers senior and middle management and selected key personnel, totaling less than 100 individuals. The weight of sustainability targets in the long ‑ term incentive system is also 10%. The remuneration of Alma Media's em‑ ployees, including the company's senior management, is thus also tied to the reduc‑ tion targets for greenhouse gas emissions Scope 1, 2, and 3. The board decides on the remuneration of the CEO and the group executive team based on the preparation of the board's remuneration and nomination committee. The Group's short ‑ and long ‑ term incentive systems are also decided by the board. The remuneration of board members is not linked to the company's performance. Sustainability metrics play a clear and measurable role in the remuneration of Alma Media's management, and they are includ‑ ed in both performance bonuses and the group's incentive system decision ‑ making by the board. Statement on due diligence (GOV-4) Alma Media's due diligence process relat‑ ed to sustainability is based on the group's governance model, which combines the key principles of internal control, risk manage‑ ment, and responsibility. The model aims to ensure that the business complies with legis‑ lation, the group's own operating principles, and industry best practices. The board's role is to decide on the group's strategic directions and approve key policies. The audit committee oversees the effectiveness of risk management and internal control. The CEO is responsible for good governance but has delegated prac‑ tical control measures to the finance and legal functions. The group management is responsible for compliance with operating principles. The due diligence process includes contin‑ uous risk assessment, implementation of monitoring measures, and development of operating practices. Alma Media's risk management model cov‑ ers strategic, operational, financial, and sus‑ tainability ‑ related risks. Risks are assessed qualitatively and quantitatively, and control measures are defined for them. Sustainability risks are included and assessed as part of key business processes, such as procure‑ ment, competence development, mergers and acquisitions, and business development. In the subcontracting chain, the company requires its most significant suppliers to adhere to responsibility principles. The company's data protection practices are based on the EU General Data Protection Regulation (GDPR), and the data protec‑ tion officer reports regularly to senior management. Internal control operates on the principle of three lines of defense: 1. T he operational level is responsible for implementing and documenting proces‑ ses. 2. T he controlling function monitors activi‑ ties as part of regular reporting. 3. S enior management (CEO, CFO) directs control and takes necessary actions. The Group's employees are trained on the Code of Conduct, which includes ethical principles, data protection, and responsible advertising practices. Regular training is pro‑ vided to staff, updated according to changes in the operating environment. Alma Media has a Whistleblowing channel through which ethical violations can be reported anonymously. Reports are handled confidentially and reported to the board's audit committee. The target is to prevent and minimise negative impacts and ensure responsible and sustainable business. The key components of the due diligence process are described as follows: • In tegration of the process into gover‑ nance, strategy, and business model: GOV ‑ 1, GOV‑ 2, GOV‑ 3, GOV‑ 4, SBM ‑ 3 • In teraction with stakeholders affected by the impacts: GOV‑ 2, GOV‑ 4, SBM ‑ 2, IRO ‑ 1, MDR‑ P • Iden tification and assessment of ad‑ verse impacts: GOV‑ 4, IRO ‑ 1, SBM ‑ 3 • Me asures to prevent adverse impacts: GOV‑ 4, MDR‑ A (sections on material topics) • Monit oring and communication of the effectiveness of measures: GOV‑ 4, MDR‑ M, MDR‑ T (sections on material topics) ANNUAL REPORT 2025 43FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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The described process covers the key aspects and phases of the due diligence pro‑ cess outlined in ESRS 1 and is included in the various sections of the sustainability report as mapped above. Risk management and internal controls in sustainability reporting (GOV-5) Alma Media's internal control and risk man‑ agement in sustainability reporting focus on the reliability, quality, and timeliness of the sustainability reporting process. The pro‑ cesses and controls related to sustainability reporting cover key stages from data collec‑ tion to report compilation and approval. Typical risks related to the sustainability re‑ porting process include data completeness and integrity, uncertainty related to calcu‑ lations and estimates, and the availability and timeliness of information from the value chain. Additionally, risks may be related to the interpretation of reporting requirements and the consistent application of reporting principles. These risks are managed through proce‑ dures included in the sustainability reporting process. In practice, this means defining responsibilities and tasks related to report‑ ing, principles for reasonable verification of reported data (e.g., checks and reviews), documentation, and scheduling of data col‑ lection and reporting. Deficiencies and development needs identi‑ fied during the financial year are addressed as part of the continuous improvement of the reporting process. The preparation of sustainability reporting and key observations are regularly moni‑ tored, and the overall process is brought to the attention of management, the board, and the audit committee as part of the report approval process. This ensures that risks related to the sustainability reporting process are identified and managed as part of internal control. ANNUAL REPORT 2025 44FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Strategy Strategy, business model, and value chain (SBM-1) Alma Media's business consists of digital marketplaces, media, and digital services. The reporting segments are Alma Career, Alma Marketplaces, and Alma News Media. The company's strategic target is to promote sustainable economic, social, and societal development, particularly through digitalisa‑ tion, information availability, and functioning markets. Alma Media's sustainability targets are essential to the company's key stakeholders, such as customers, users, employees, and society. For business customers, sustainabili‑ ty is particularly evident in reliable, transpar‑ ent, and responsible services that help meet regulatory, responsibility expectations, and market requirements. For consumers and the public, sustainability is realised through reliable information dissemination, plural‑ istic journalism, and services that support responsible choices in everyday life, such as housing, driving, and job searching. The business model is based on classified advertising sales, digital license and trans‑ action ‑ based fees, media advertising, and content revenues. The service offering also includes training, publishing, and direct marketing businesses. The digital business model supports the company's environmen‑ tal targets by reducing the need for printed distribution and physical processes and en‑ abling scalable and resource ‑ efficient service production. Alma Media's digital marketplaces focus on recruitment, housing, commercial properties, driving, and business and legal information services. In these areas, services that sup‑ port market transparency, risk management, regulatory compliance, and responsible decision ‑ making are particularly relevant from a sustainability perspective. The media business covers professional and financial media as well as national consumer media, whose role in sustainability is related to producing reliable information, promoting societal discussion, and supporting demo‑ cratic society. Alma Media's customer base consists of both consumers and businesses, and the audi‑ ence relationship varies from occasional vis‑ itors to long ‑ term subscribers. Sustainability targets are particularly relevant to business customers who use the company's digital services to manage their responsibility and compliance requirements, as well as to audi‑ ences who expect independent, high ‑ quality, and responsibly produced content. The company encourages its stakeholders to act responsibly and aims to report openly on the impacts of its services. Investors are informed about digital transformation, climate targets, and emissions. Employees are offered regular training to develop skills in line with the strategy and low ‑ carbon mo‑ bility solutions, and the company's car policy supports the transition to electric vehicles. The company's purpose is to accelerate sustainable growth for individuals, business‑ es, and society. The strategic cornerstones affecting sustainability are the company's carbon footprint ‑ reducing digital transfor‑ mation, the growth and scalability of digital services. Key success factors are a broad common audience, data, technology, and centralized media sales. The business strategy focuses on strengthen‑ ing digital marketplaces and media business. The company leverages data and technology to develop solutions, particularly in housing, driving, recruitment, business information, and legal services and media. The target is profitable growth and strengthening market position, especially in Europe. In recent years, the company has acquired and developed digital services that sup‑ port customer companies in meeting their responsibility requirements and managing related obligations. Such services include the Housing and Area Barometer, which assesses sustainability risks, the DOKS service that supports customers' compliance obligations, and the DOKS Counterparty service that supports ESG reporting. The value creation model describes the add‑ ed value produced for stakeholders. Service production is based on human expertise: content, journalism, product development, sales, marketing, customer service, and support services. The value chain includes capacity and IT services, advertising, mar‑ keting, and distribution services. Alma Media has a 360 ‑ degree view of society: it con‑ nects actors and builds networks in markets where customers are both consumers and businesses. In 2025, Alma Media had a total of 1,711 employees, 61% of whom were in Finland. The company does not operate in fossil fuels, chemicals, controversial weapons, or tobacco sectors. Description of Alma Media's value chain Alma Media creates value with digital services and media content that connect users and customers and enable transac‑ tions, interactions, and information use in digital channels. The value chain begins with suppliers and partners (especially technol‑ ogy, cloud, and IT services, as well as other service and content acquisitions), continues with Alma Media's own operations (content and service production, product develop‑ ANNUAL REPORT 2025 45FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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ment and maintenance, sales, marketing, customer service, and support functions), and ends with customers and end ‑ users (businesses and consumers) who use the ser‑ vices and content in various usage situations. In sustainability reporting, the value chain is considered both upstream and downstream: the materiality assessment covers key sup‑ pliers, subcontracting chains, customers, and end ‑ use, as far as it is relevant from the per‑ spective of impacts, risks, and opportunities. For digital business, dependencies related to energy and infrastructure (e.g., data centre and cloud services) are key, and for possible printed products, materials, printing, and distribution. Value chain summary Upstream – Key Resources and Partners • C loud and data centre services, capaci‑ ty and IT services • S oftware, platforms, and technology partners • Ext ernal expert and development services • C ontent and production services • E nergy, facilities, equipment acquisi‑ tions, and logistics if necessary • P rinting materials, printing services, and distribution Own operations – core of value creation • D evelopment, maintenance, and securi‑ ty of digital services and marketplaces • C ontent and journalism, content moder‑ ation, and quality assurance • S ales and customer relationship man‑ agement (B2B/B2C), marketing, and advertising solutions • C ustomer service and operational support • A dministrative and support functions (finance, HR, procurement, legal, risk management, communications) Downstream – customers, users, and distribution • B usiness customers (e.g., advertisers, re‑ cruiters, commercial operators, service providers) • C onsumers and end ‑ users (service users, audience, and subscribers) • D istribution and accessibility in digital channels • S ervice usage and customer experience (including trust, security, data protection) The value chain serves as the basis for identifying impacts, risks, and opportunities (IRO) and describing the management of sustainability topics. Reporting particularly considers the points in the value chain where impacts may be most significant (e.g., sub‑ contracting and technology infrastructure, customer and user interface, and possible content responsibility). Interests and views of stakeholders (SBM-2) The digital transition supporting sustainable development is at the core of Alma Media's strategy, and the company is committed to responsibility from the perspectives of the environment, society, and employees. This is reflected in climate ‑ saving actions and communication, responsible journalism and marketing, responsible data handling and privacy protection in all company activi‑ ties, and the development of a responsible corporate culture, employee skills, and well ‑ being. Alma Media builds partnerships and leverages innovations to be a desired, relevant, and value ‑ creating partner. Collaboration with industry organisations and associations supports continuous development in the company's key indus‑ tries, such as media, driving, housing, and recruitment. The materiality assessment began with defining the value chain, identi‑ fying functions, resources, and relationships related to the business model and operating environment across the entire value chain. This was followed by stakeholder surveys and interviews to identify key impacts, risks, and opportunities. The table summarises the key expectations, responses to expectations, interaction channels, and key metrics of stakeholder interaction for Alma Media's key stakehold‑ ers. The views are considered in business management and the conclusions of the materiality analysis. The results are regularly reported to the board, which has addressed the results of employee surveys, stakehold‑ er surveys, and the materiality analysis. Shareholders' voices are also heard in deci‑ sion ‑ making through board memberships. Key stakeholders are part of the strategy work and materiality analysis, as described in sections BP ‑ 2 and IRO ‑ 1. In 2025, the strategy was refined according to a rolling process. Changes are based on customer and market needs and changes in the oper‑ ating environment. Stakeholder views directly influence the company's strategic priorities and the direction of service development, ensuring that Alma Media's business model meets the expectations of the changing operating envi‑ ronment and society. The double materiality assessment process describes the results of the materiality assessment and non ‑ material topics. Non ‑ material topics and the rationale for the assessment results are described in the section Results of the Materiality Assessment and Non ‑ Material Topics. ANNUAL REPORT 2025 46FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Benefits and views of Alma Media’s stakeholders Stakeholder Key expectations How the expectations are met Engagement channels Key metrics Employees Well‑ being at work Equal opportunities and treatment Training and skill development Well‑ being services Planning and programs for skill develop‑ ment Equality and non ‑ discrimination plan Employee surveys Internal communication: briefings, news‑ letters, Intranet, and training Supervisor communication Employee engagement index Training feedback Employee retention Shareholders & Analysts Sustainable profitability ESG risk management Responsible business Long ‑ term ESG solutions and ethical busi‑ ness practices plan. General meetings of shareholders ESG reports Investor relations Share price development ESG risk ratings SBTi target tracking Consumers and end ‑ users High ‑ quality, accessible content Responsible use of data Responsible journalism and advertising Develop customer and user ‑ oriented solu‑ tions and ensure responsible use of data. Customer feedback channels Service ‑ specific customer experience measurements User surveys Customer satisfaction and NPS measure‑ ments GDPR violations Partners Responsible subcontracting; company culture, competence, equal treatment Responsible marketing, data protection, and high ‑ quality services Ensure the responsibility of own opera‑ tions and suppliers through guidelines and training. Supplier meetings, tenders, and contract process. Responsible principles and guidelines for supplier selection Coverage of Supplier Code of Conduct training Partner feedback ANNUAL REPORT 2025 47FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Material impacts, risks, and opportunities and their interaction with strategy and business model (SBM 3) Based on the materiality analysis, Alma Media's key sustainability topics are relat‑ ed to climate change, its own workforce, consumers, and business operations. The material impacts, risks, and opportunities related to these themes have been identified by assessing their connections to the com‑ pany's business model, strategic priorities, value chain, and key dependencies, such as digital infrastructure, skilled workforce, data, and trust. The analysis identified material financial risks for Alma Media, particularly related to consumer and end ‑ user data protection (S4) and corporate culture and ethical business practices (G1). These risks are assessed to potentially cause financial and reputational impacts if realised. However, during the financial year, no financial impacts from these identified risks have materialised on the company's cash flow, assets, or financial results. The resilience of the strategy and business model to material impacts and risks has been assessed as part of the materiality assessment, risk management, and strategic work. The assessment examined the com‑ pany's ability to prevent and manage data protection and cybersecurity risks, maintain an ethically sustainable corporate culture, and ensure the availability of skilled person‑ nel in a rapidly changing digital environment. Additionally, the adaptability of the business model to climate impacts and resource efficiency was evaluated as the company increasingly transitions to digital services. In accordance with ESRS standards, the ana ‑ ly sis combines the examination of impacts, dependencies, risks, and opportunities. The transition from newspaper operations to digital business has reduced the company's climate impacts and natural resource depen‑ dency, while the growth of digital business has increased the requirements for skill development, responsible data handling, and data protection. Addressing these themes has been integrated into the company's strategic priorities, operating models, and governance mechanisms. Overall, Alma Media assesses its business model and strategy to be resilient to material sustainability impacts and risks in both the short and long term, provided that identified risks are actively managed and changes in the operating environment are continuously monitored. Key Sustainability Topics for Alma Media: • E1 ‑ 1 Climate Change Mitigation • S1 ‑ 1 Own Workforce, Training, and Skill Development • S4 ‑ 1 ‑ 1 Impacts on Consumer and End ‑ User Data: Privacy • G1 ‑ 1 Business Management – Corporate Culture ANNUAL REPORT 2025 48FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Material sustainability topics and their key content for the company ESRS Sub-topic and sub-sub-topic Significant impacts, risks, and opportunities (IRO) and time horizon IRO occurrence Connection to business Management E1 Climate Change E1 ‑ 1 ‑ 2 Climate Change adaptation Negative impact, actual, do‑ wnstream value chain (Me‑ dium ‑ term) Value chain, Own operations Negative impact: Alma Media's offices, data centers, and vehicles generate emissions. However, the majority of emissions are generated in the value chain. Alma Media's SBTi targets cover both own operations and the value chain and are aligned with the 1.5 ‑ degree target. Development of digital business increases energy demand, but emissions are reduced through energy efficiency and electrification of equipment. The use of renewable energy in own operations and by partners mitigates the impact. S1 Own Workforce S1 ‑ 1 ‑ 2 ‑ 2 Training and Skills Develop‑ ment Positive impact, actual, upstream value chain (Short and me‑ dium ‑ term) Own operations Positive impact: Training employees improves their innova‑ tion capability, performance, commitment, and employer image. In a rapidly changing operating environment, a skilled and committed workforce is a significant asset for the company. Strategic skill needs are defined. A plan for skills develop‑ ment has been created. Training and leadership coaching are ongoing activities. Personal development plans are created for employees. Employee retention, feedback, and commitment are regularly monitored. S4 Consu‑ mers and End ‑ users S4 ‑ 1 ‑ 1 Privacy Financial risk. Negative impact, potential, upstream and do‑ wnstream value chain (Short and medium ‑ term, increasing) Own opera‑ tions, Value chain Risk: A serious data privacy breach can result in a fine from the authorities. The company's reputation could dete‑ riorate, and trust could weaken across the entire customer base. A data privacy or security breach in the value chain can also cause financial losses for the company. Negative impact: A breach of user or customer privacy can mean that personal data (e.g., name, contact information, identifiers, purchase and browsing history, possible pay‑ ment information) is unlawfully disclosed to third parties, exposing individuals to identity theft, which can result in financial losses and time ‑ consuming damage resolution. Alma Media is committed to complying with data privacy regulations and authority guidelines and has set goals to protect consumers and end ‑ users. Suppliers are also required to comply with authority guidelines and data privacy regulations. Regular and ongoing training on data privacy and security is provided to employees. G1 Conduc‑ ting business G1 ‑ 1 Corporate Culture Financial risk, Negative impact, potential (Short and me‑ dium ‑ term) Own opera‑ tions, Value chain Risk: Unethical behavior by own employees or third parties can cause significant reputational damage and financial losses for the company. Negative impact: If corporate culture is not managed, ethical principles are not upheld, employees may be exposed to inappropriate treatment, harassment, and discrimination; psychological safety and trust may weaken, increasing job dissatisfaction, turnover, and complicating recruitment. In partner relationships, this can manifest as conflicts of interest, unethical beha‑ vior, or contract breaches, leading to the termination of cooperation. Alma Media requires every employee, including top ma‑ nagement, to complete the Code of Conduct training and commit to the company's ethical guidelines. Significant suppliers are also required to complete the Supplier Code of Conduct. ANNUAL REPORT 2025 49FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Impact, risk and opportunity management Description of the process to identify and assess material impacts, risks and opportunities (IRO-1) Alma Media identifies and assesses material impacts, risks, and opportunities through a double materiality analysis as part of the group's risk management process. The goal is to identify and prioritise the factors that are material for both the implementation of the company's strategy and financial value, as well as for the environment, society, and people. The assessment methods and assumptions are based on standardised scoring, where impacts are examined from the perspectives of scale, breadth, and remediability, con‑ sidering time horizons. Impacts are scored independently. The thresholds for defining materiality are derived from the criteria of the ESRS standards. The assessment covers Alma Media's own operations and the entire value chain. Particular attention is paid to the energy use of digital business and its impacts, especially related to data centres and service usage, as well as the value chain of printed prod‑ ucts. Impacts that Alma Media participates in through its business relationships are also assessed in the same way. In the spring of 2025, stakeholders were widely consulted through surveys – including employees, investors, customers, service providers, and the company's board as representatives of the owners. Previously, in 2022, service users and media readers were also consult‑ ed. These views were utilised in prioritising impacts and risks. End ‑ users of services were not consulted as survey respondents in 2025. The assessment and prioritisation of impacts and risks were carried out by identifying both sustainability impacts on the environ‑ ment and society and the risks and opportu‑ nities that may have financial consequences for the company. Negative impacts were prioritised based on their severity and like‑ lihood, and positive impacts were assessed based on scale, breadth, and likelihood. Financial risks and opportunities were exam‑ ined in accordance with Alma Media's risk management principles, considering factors such as monetary amounts, reputational impacts, and remediability. Sustainability risks were compared to the company's over‑ all risk map and assessed alongside other strategic and operational risks. In decision ‑ making and internal control, the results of the materiality analysis are brought to the board for consideration. The board confirms the sustainability themes and tar‑ gets, and the executive team is responsible The material impacts, risks, and opportu‑ nities (IROs) identified as a result of the ma‑ teriality assessment have remained largely the same compared to the previous financial year. However, changes have occurred in the emphasis and content of impacts, risks, and opportunities, reflecting the structural change in Alma Media's business and the development of the operating environment. The growth of digital business and the continuous decline of printed media have reduced the relative significance of the company's direct climate impacts, while the examination of impacts related to the value chain and energy use has become more prominent. This has led to the refinement of climate ‑ related IROs, particularly concern‑ ing the downstream part of the value chain, and the emphasis on energy efficiency and the role of renewable energy in governance measures. Additionally, the rapidly evolving digital en‑ vironment, including the broader utilisation of technologies such as artificial intelligence, has increased the significance of positive impacts related to skills, training, and continuous development of personnel. As a result, IROs related to the company's own workforce have been refined to better align with strategic skill needs and the long ‑ term resilience of the business. Simultaneously, the growth of digital services and data ‑ driven business has increased the significance of risks related to consumer and end ‑ user data protection and cybersecuri‑ ty. Data protection ‑ related IROs have been refined to more clearly cover the impacts of both the company's own operations and the upstream and downstream parts of the value chain, including potential financial and reputational risks. IROs related to corporate culture and ethical business practices have remained material, but their risk profile has been updated to reflect the expanded partner and subcon‑ tractor network and growing expectations for responsible governance throughout the value chain. Overall, the changes in IROs reflect Alma Media's strategic focus on digital, scalable, and resource ‑ efficient business. While the emphasis on individual impacts and risks has changed, the company assesses that these have not had a material impact on the com‑ pany's cash flow, assets, or financial results during the financial year, and the business model remains resilient in both the short and long term. ANNUAL REPORT 2025 50FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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for their implementation. Risks are moni‑ tored in group functions and business units, and they are reported to management and the audit committee according to the annual calendar. Internal control procedures and observations from the anonymous reporting channel support the assessment, but no sig‑ nificant cases related to non ‑ material topics have emerged. The identification of opportunities is inte‑ grated into the strategy process and service development. For example, improving ener‑ gy efficiency, increasing the use of renewable energy, and digital service solutions related to privacy can enhance competitiveness. The input parameters and data sources for the assessment consisted of diverse data, such as GHG calculations, energy consump‑ tion and environmental data, HR data, risk reporting, and extensive stakeholder sur‑ veys. The assessment covered the thematic areas in accordance with the EU sustainabili‑ ty reporting standards. The changes and schedule of the process determined that Alma Media conducted a double materiality analysis in 2024, and it was updated in the spring of 2025 based on new stakeholder surveys. The process is updated annually in conjunction with risk management, and a full materiality analysis is conducted at least every three years. The Double materiality assessment Sustainability aspects addressed in the double materiality analysis Type of effects assessed Impact materiality scoring F inancial materiality scoring Results Alma Media's impact on the environment and people T he impact of sustainability topics on Alma Media's value creation Thematic ESRS Standards - T opics • W ell- being at work • T raining and skills development • E qual opportunities and treatment • ESG risk management • Responsible business • H igh- quality, accessible content • Responsible data processing • Responsible journalism and marketing • Corporate Culture • Data protection • C limate change mitigation, energy • V alue C hain Upstream • My activities • T he Bottom Line • Negative/Positive • F inancial risk/opportunity • Actual/Possible • T ime horizon: Short term, less than 1 year Medium- term, 1 - 5 years Long term, more than 5 years • Negative Impact Scale: How severe • W ide- r anging: H ow widespread • Reparability • Positive Impact Scale: How Useful • W ide- ranging: how widespread • Realisation of the effect • Probability (scale) • Assessment Scoring Severity x Probability • Materiality threshold: T opics with a score of 10 or more are considered material • Risk, opportunity Scale: impact on cash flow • Probability Scale • Assessment Score Impact on C ash F low (or Opportunity) x Probability • Materiality threshold threshold for scoring • Materiality assessed at the level of individual impacts, risks and opportunities (IRO). A topic is considered material when the impact materiality or financial materiality score of at least one of the related IROs exceeds the threshold set for that dimension. • Overall assessment: Monitoring of results/ calibration • C onclusion • V isualisation of results next comprehensive assessment will be car‑ ried out in connection with the 2027 strategy process. Below is a description of the implemented double materiality assessment process. ANNUAL REPORT 2025 51FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Results of the materiality assessment and non-material topics Prioritisation was based on the principle of double materiality: workshops assessed the impacts identified by stakeholders on the environment, society, employees, and other stakeholders, as well as the risks and opportunities related to sustainability topics for the business. The assessment considered the scale and remediability of impacts, as well as the likelihood and potential magni‑ tude of financial impacts over three different time horizons. Since the response rate to the stakeholder survey was low – particularly among inves‑ tors, subcontractors, and also employees (20%) – the final determination emphasised the views of the group's and units' execu‑ tive teams. Their representativeness was clearly the best (60%), and the respondents' experience, business knowledge, and influence strengthened the reliability of the assessment. In the next phase, an economic assessment was also conducted for the iden‑ tified themes. Only those topics that exceed‑ ed the threshold alone or in combination were selected as material. This resulted in the identification of four key themes guiding sustainability work (see SBM ‑ 3): • T raining and skill development (workforce) • P rivacy (consumers and end ‑ users) • C orporate culture (governance) • C limate change mitigation (environment) The themes and updated sustainability tar‑ gets were approved by the audit committee and confirmed by the board in the spring of 2025. The assessment of non ‑ material topics is also updated annually in conjunction with risk management. The assessment utilised value chain analy‑ sis, stakeholder surveys, risk management observations, and long ‑ term environmental data (e.g., carbon footprint, emissions, water use, and circular economy). The anonymous reporting channel and internal control supported the assessment, but no cases re‑ lated to non ‑ material topics were identified through them. The nature and location of operations were also considered: Alma Media operates in leased premises in urban environments, not in biologically sensitive areas. The share of printed media in revenue is small, the paper is certified, and the material flows of digital business are minimal. In marketplace opera‑ tions, some impacts related to resource use and circular economy were observed, but they were not significant. No material risks were identified for the value chain workers; the risk of forced labour or child labour was assessed to be low in Finland and Europe, and the company's business model is based on the high expertise and professionalism of its employees and partners. Stakeholder feedback highlights energy as an environmental topic, but the overall assessment indicated that energy is a key lever for the company in mitigating climate change, not a separate material topic from the targets. The company's science ‑ based climate targets in its own operations and value chain rely on energy efficiency and renewable energy. In stakeholder surveys, employees par‑ ticularly emphasised well ‑ being at work, work‑ life balance, and equal opportunities, but these themes did not emerge as material in the management's materiality assessment, as continuous monitoring of work strain and work ‑ life balance has not raised concerns. The multi ‑ location work model has also increased flexibility from the employees' perspective, and employee satisfaction and commitment to the company have risen to a higher level compared to peers. From the perspective of consumers and end ‑ users, privacy, access to high ‑ quality information and services, and responsi‑ ble journalism and marketing emerged as important. The next phase of the assessment did not identify company ‑ specific material impacts related to the availability of infor‑ mation or services or responsible marketing. Regular customer surveys, service ‑ specific NPS measurement, and daily and weekly service reach measurement or correction and rectification requests submitted by users to media houses have not indicated challeng‑ es in the availability of Alma Media's services or high ‑ quality information. The company promotes the principles of responsible marketing through its own actions, and man‑ agement's assessment sees responsible mar‑ keting as an established and well ‑ managed area of the company's responsibility, with no violations or material impacts. Contrary to previous assessments, responsible market‑ ing is not currently a financial opportunity for the company. Contrary to the assumption, customers have not shown interest in paying for marketing services based on responsibili‑ ty or allocating marketing investments based on responsibility principles. According to the stakeholder survey, freedom of speech is seen as somewhat significant for the company, but manage‑ ment did not identify company ‑ specific impacts related to freedom of speech in its assessment, nor were there any identifiable communities affected by the company's impacts to which freedom of speech as a topic was connected. When asked about the communities affected by the company's impacts, the response rate was very low overall, and the responses were divided into several dozen specific groups, ranging from very specific target groups to the entire user base of the company's services. Regarding the protection of freedom of speech, the ANNUAL REPORT 2025 52FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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company adheres to the ethical principles of journalism, is committed to the guidelines of the Council for Mass Media (JSN) and pro‑ motes freedom of expression as one of the fundamental principles of media business. According to management's assessment, this is also an established area of activity, with no violations or material impacts. In terms of governance, stakeholder feed‑ back emphasised corporate culture, but corruption or bribery was not specifically identified as a material risk for Alma Media. There have been no cases of corruption, bribery, or human rights violations in the company. Alma Media's main business consists of digital services, with private sector companies in Europe as customers. The nature of the business does not pose a significant risk of corruption or bribery. The company's comprehensive financial manage‑ ment processes and Code of Conduct train‑ ing also ensure that no risk of corruption or bribery has emerged. Regarding corporate culture, no financial op‑ portunity was identified during the financial year. Unlike the previous year's report, the double materiality analysis indicated that the services offered by the company for manag‑ ing customers' financial misconduct are not a material business opportunity. Additionally, stakeholder feedback did not emphasise the risks posed by third parties to the company, but management's value chain assessment indicated that cybersecurity and data pro‑ tection breaches and responsibility ‑ related misconduct by partners could pose a signifi‑ cant reputational risk to Alma Media. Interests and views of stakeholders (SBM-2) The double materiality assessment and stakeholder dialogue highlighted the pos‑ itive impact of employee training and skill development. Employees and management particularly emphasised the importance of continuous learning for individual devel‑ opment and the success of the company's strategy based on digital transformation. Alma Media responds to expectations by conducting annual skill assessments, training and leadership programs, and personal de‑ velopment plans, which strengthen employ‑ ee commitment, retention, and sustainable growth. Risks and negative impacts corporate culture and ethics: Inadequate management of corporate culture could weaken employee commit‑ ment, lead to unethical behavior, and cause reputational damage to the company as an employer. The value chain can also cause reputational damage to the company through unethical business practices, insuffi‑ cient cybersecurity, or data protection. The company manages these impacts by provid‑ ing Code of Conduct training to employees and ensuring compliance with the guidelines, as well as requiring the most significant sup‑ pliers to complete Supplier Code of Conduct training. Privacy and data protection: The company's stakeholders expect compli‑ ance from the company's operations. Data protection breaches could lead to conse‑ quences, loss of trust, and financial losses. The company manages impacts through clear processes, regular employee train‑ ing, and requiring partners to comply with guidelines. Climate change mitigation: The growth of digital business increases energy demand and may hinder the achieve‑ ment of emission reduction targets. The company manages impacts by implement‑ ing emission reductions based on the SBTi 1.5°C pathway, improving energy efficiency, electrifying the fleet, and increasing the use of renewable energy in its own operations and value chain. ESRS Standard disclosure requirements considered in the company's Sustainability Report (ESRS IRO-2) Based on the results of the materiality assessment, Alma Media's material sustain‑ ability topics are: • C limate Change (E1 ‑ 1 Climate Change Mitigation) • O wn Workforce (S1 ‑ 1 Training and Skill Development) • Impa cts on Consumers and End ‑ Users (S4 ‑ 1 Impacts on Data: Privacy) • B usiness Management (G1 ‑ 1 Corporate Culture) The disclosure requirements for reporting on these topics are presented in the ESRS content index at the end of the report. The list of complied disclosure requirements and the list of EU legislation ‑ based data points can be found at the end of the report. ANNUAL REPORT 2025 53FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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EU Taxonomy The taxonomy is a classification system introduced by the European Union Regulation 2020/852 for financial markets, effective from the beginning of 2022. It lists economic activities that are sustainable for the climate and the environment. The goal of the classi‑ fication system is to direct money towards sustainable investments and investments so that the EU can achieve its ambitious emis‑ sion reduction targets. For Alma Media's main businesses, digital marketplace and media business, technical evaluation criteria for the taxonomy have not yet been defined. Taxonomy reporting The taxonomy defines six key environmen‑ tal objectives against which the company's various business activities are assessed. The environmental objectives are: (a) climate change mitigation, (b) climate change adap‑ tation, (c) water and marine resources, (d) circular economy, (e) pollution prevention, and (f) biodiversity and ecosystems. Alma Media has carried out assessments of taxonomy eligibility and compliance based on the EU taxonomy regulation, its dele‑ gated acts, and the guidelines provided by the European Commission. Experts in each subject area at Alma Media have assessed whether the business activities correspond to the descriptions of economic activities identified in the taxonomy. None of the business activities are taxonomy ‑ eligible. The assessment of taxonomy eligibility is followed by the evaluation of the criteria for significant contribution and no signifi‑ cant harm. These stages were not carried out because the business activities are not taxonomy ‑ eligible. Reporting principles The reporting obligations related to the taxonomy include a description of the principles for preparing financial indica‑ tors, including the calculation bases for the numerator and denominator. This section presents how revenue, capital expenditures, and operating expenses have been defined and allocated to the numerator, as well as the calculation bases for the revenue, cap‑ ital expenditures, and operating expenses included in the denominator. The revenue indicator determines the extent to which the company's activities are taxonomy ‑ eligible and compliant. The capital and operating expenditure indicators describe how the company intends to improve its infrastruc‑ ture, processes, and production lines to become a low ‑ carbon operator or reduce environmental emissions. Revenue When determining taxonomy‑eligible and c ompliant revenue, the numerator includes the estimated total revenue from products and services related to taxonomy ‑ eligible and compliant economic activities. The de‑ nominator includes the revenue reported in Alma Media's 2025 financial statements. For revenue, we have not identified significant activities as taxonomy ‑ eligible or compliant, meaning the taxonomy eligibility of revenue is 0%. Capital expenditures When determining taxonomy‑eligible capital e xpenditures, the numerator should include capital expenditures on assets related to taxonomy ‑ eligible and compliant economic activities. The denominator includes the investments in intangible and tangible assets reported in Alma Media's 2025 financial statements. For capital expenditures, we state that there were no significant taxon‑ omy ‑ eligible or compliant capital expendi‑ tures in 2025. Operating expenses When determining taxonomy‑eligible oper‑ a ting expenses, Alma Media includes in the numerator the direct operating expenses of products and services related to tax‑ onomy ‑ eligible and compliant economic activities. The denominator includes direct costs related to research and development, building repairs, leases, maintenance and repairs, and other direct costs of tangible and intangible assets. Taxonomy ‑ eligible or compliant operating expenses are report‑ ed as 0% because there were no taxono‑ my ‑ compliant business activities. Changes compared to the previous financial year There are no changes in the principles of tax‑ onomy reporting compared to the previous financial year. E – Environment ANNUAL REPORT 2025 54FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Table 1: Revenue Proportion of turnover from products or services associated with taxonomy‑aligned economic activities – disclosures on the year 2025. Financial year 2025 2025 Substantial contribution criteria “Does Not Significantly Harm” criteria (DNSH) Economic activities Code Revenue Proportion of turnover, year 2025 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 sustai‑ nable 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 327.1 100.0% TOTAL 327.1 100.0% ANNUAL REPORT 2025 55FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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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 2025 Financial year 2025 2025 Substantial contribution criteria “Does Not Significantly Harm” criteria (DNSH) Economic activities Code CapEx Proportion of CapEx, year 2025 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 sustai‑ nable 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 3.9 100.0% TOTAL 3.9 100.0% ANNUAL REPORT 2025 56FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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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 2025. Financial year 2025 2025 Substantial contribution criteria “Does Not Significantly Harm” criteria (DNSH) Economic activities Code Operating expenditure Proportion of OpEx, year 2025 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 sustainab‑ le 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 15.7 100% TOTAL 15.7 100% ANNUAL REPORT 2025 57FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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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 electri‑ city 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 process 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 elect‑ ricity 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 ANNUAL REPORT 2025 58FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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ESRS E1 – Climate change Mitigation and adaptation to climate change Alma Media is committed to the targets of the Science Based Targets initiative, which require the reduction of greenhouse gas emissions at all Scope levels. The targets and the underly‑ ing emission reduction plan cover the entire group and apply to both its own operations and the value chain. Emissions from Alma Media's own opera‑ tions are mainly generated from the heating, cooling, and electricity consumption of office buildings, the energy consumption of data centres, the use of materials, and the use of company cars. To reduce these emissions, the company has initiated several mitigation measures to minimize the negative impact: monitoring and improving the energy effi‑ ciency of office buildings, reducing the use of data centres by gradually transitioning to cloud services that use renewable energy, and systematically electrifying the company's vehicle fleet. Material impacts, risks, and opportunities and their interaction with strategy and business model (ESRS 2 SBM-3) Alma Media's strategy is based on digital transformation, which has developed the company into a predominantly digital media and service company. In 2025, over 85% of the company's revenue will come from digital business. The digital business model supports climate resilience, particularly by reducing emissions and material use associated with the production and distribution of printed media. The key impacts of climate change on Alma Media relate to energy consumption and availability, tightening regulations, and achieving emission reduction targets. Energy consumption arises from company cars and office buildings, as well as from the server capacity required for digital services, which is increasing due to technological develop‑ ments such as the growing use of artificial intelligence. Transition risks related to climate change can, if realised, cause cost pressures, regulatory obligations, and reputational impacts if emission reduction targets are not achieved as planned. Alma Media's strategy supports climate resilience by emphasising energy efficiency, the use of renewable energy, and collabora‑ tion with service providers and partners. The company's ability to manage climate impacts focuses on its own operations and the value chain, including the energy sources of cloud services and other digital solutions. Climate change mitigation is integrated into the company's sustainability targets and business development. Alma Media has not conducted a separate, formal climate resilience analysis or used climate scenarios to assess the resilience of its strategy and business model during the financial year. However, climate impacts and business adaptability are considered as part of the company's ongoing risk management, strategic work, and monitoring of sustain‑ ability targets, as well as the impacts of regulation, energy markets, and technological developments on the business. The need for a more systematic climate resilience analysis will be assessed in future financial years. Transition plan for climate change mitigation (E1-1) Alma Media has not prepared a separate, board ‑ approved transition plan. The compa‑ ny will assess the need to prepare a transition plan as part of the development of its sustain‑ ability and strategic work in future financial years. Policies related to climate change mitigation (E1-2) Alma Media is committed to achieving sci‑ ence ‑ based emission reduction targets and managing climate risks. The company's key principle of action is to minimize the climate impacts of its own operations, products, services, and supply chain. The principles of action related to climate change apply to the entire Alma Media group, all company employees, and, where applicable, business partners and suppliers as part of the value chain (MDR ‑ P 65b). The company's principles of action include: • P rocurement Guidelines: Practical guide‑ lines for procurement from external suppliers and compliance with environ‑ mental and ethical principles. • C ompany car guidelines: Guidelines aimed at electrifying the vehicle fleet, prohibiting the purchase of cars that use fossil fuels. To achieve its SBTi targets, Alma Media is committed to increasing the share of re‑ newable energy in both its own operations and the value chain. The company ensures that both its own and its partners' services – including data centres and cloud services – are based on renewable energy whenever possible. The group's finance department is respon‑ sible for guiding the implementation of the principles of action, the business segment managers and the group management team are jointly responsible for implementation, and the audit committee is responsible for oversight. Energy and energy efficiency The company aims to reduce energy con‑ sumption and its emissions by continuously improving energy efficiency: the group's car guidelines direct the electrification of the ANNUAL REPORT 2025 59FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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vehicle fleet and prohibit the purchase of cars that use fossil fuels. The optimisation of office space usage and the modernisation of server capacity used in digital services improve energy efficiency. Renewable Energy Procurement Principle Alma Media is committed to increasing the share of renewable energy in all its consump‑ tion, both in its own operations and in the value chain. The company ensures that both its own and its partners' services – including data centres and cloud services – are based on renewable energy whenever possible. This supports not only the achievement of emis‑ sion reduction targets but also cost manage‑ ment and stakeholder trust. Other policies Alma Media engages in active dialogue with stakeholders and service providers regarding energy solutions and climate risk manage‑ ment and requires key suppliers to commit to the company's ethical principles, covering the entire value chain for environmentally respon‑ sible operations. Actions and resources in relation to climate change principles (E1-3) Alma Media's climate actions are based on the company's SBTi targets and the underlying emission reduction plan. The actions consist of reducing emissions in high ‑ emission areas, energy efficiency, reducing logistics emissions, and digitising products. Thus, resources are particularly focused on the procurement of renewable energy, improving the energy efficiency of office buildings, electrifying the vehicle fleet, and reducing logistics emissions through digital transition. The annual budget for climate actions is included in the group's normal operations. The measures implemented in 2025 did not require significant additional investments or increases in operating expenses but were based on optimising existing processes and renewing equipment purchases according to the normal lifecycle. Description of actions and resources Alma Media has implemented and contin‑ ues to implement actions related to climate change mitigation as part of the continuous development of its business. The measures mainly target its own operations and the value chain, and they support the company's 2030 emission reduction targets, as illustrat‑ ed by the accompanying emission reduction pathway diagram. Energy and business premises (short to medium term) Alma Media has transitioned to using re‑ newable energy in its office buildings in cooperation with property owners, and in Finland, electricity procurement has shifted to fossil ‑ free sources. The company has imple‑ mented solutions to optimise the use of office space and improve environmental efficiency, such as the solar power plant installed on the roof of the Helsinki office building and improving the energy efficiency of heating and cooling systems. These measures have been implemented as part of normal property management and landlord cooperation, and their impact is mainly from 2023 to 2030. Transport and logistics (short to medium term) Transport emissions have been reduced by electrifying the company car fleet. In Finland, the electrification rate of company cars rose to 77.6% in 2025, and in other operat‑ ing countries, the low ‑ emission rate rose to 84.5%. Logistics emissions have been reduced by optimising transportation and reducing the distribution of printed products by shifting content to digital platforms. These measures are continuously implemented as part of fleet purchases and distribution solutions. Digital business model (medium to long term) The growth of digital services and market‑ places is a strategic focus that reduces the share of printed products and thus the emis‑ sions caused by production and distribution. The transition from printed media to digital channels is a key structural factor in the emis‑ sion reduction pathway towards 2030. Resources Alma Media has not allocated separate financial or personnel resources for actions related to climate change mitigation. Climate actions are implemented as part of normal business operations, investment decisions, procurement, property management, and strategic development work. Responsibilities for implementing and monitoring climate actions are included in the company's existing management and governance models. ANNUAL REPORT 2025 60FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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- 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)* -1 200 - 55 13 844 16 099 -1 000 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) *The company has reached its long‑term Scope 1 and 2 emissions target earlier than planned. ANNUAL REPORT 2025 61FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Measures and progress towards targets 2019 level 2024 2025 2030 target Scope 1 Finland: electrification rate of company cars 0% 65% 77% 100% Scope 1 Other countries: replacing company cars with lower ‑ emission models 0% 51% 85% 100% Scope 2 Increasing the zero ‑ emission energy rate of business premises 42% 85% 86% 100% Scope 3 Reducing printing ‑ related emissions through the digital transformation of products 2,263 tCO2e ‑ 667 tCO2e -798 tCO2e ‑ 1,200 tCO2e Scope 3 Reducing logistics ‑ related emissions through the digital transformation of products 2,292 tCO2e -823 tCO2e ‑ 994 tCO2e ‑ 1,000 tCO2e Scope 3 Reducing emissions associated with the end ‑ of‑ life treatment of sold printed products 93 tCO2e ‑ 79 tCO2e -81 tCO2e ‑ 55 tCO2e The table "Actions and Progress Towards Targets" presents the company's emission data and describes the progress towards the 2030 reduction targets. The table shows Scope 3, printing, and logistics emission reductions relative to the 2030 target in absolute tCO2e tons. Additionally, the table describes the end ‑ of‑ life treatment of sold printed products and the 2030 target for Scope 3. Scope 2 figures are presented sepa‑ rately from Scope 1 emissions. Targets related to climate change mitigation and adaptation (E1-4) Alma Media's climate targets are sci‑ ence ‑ based and validated by the SBT organ‑ isation. They cover both the company's own operations and the most significant emissions in the supply chain. The company's targets are based on scientific principles, and their implementation is linked to the business mod‑ el's transition towards a digital, low ‑ emission business. Alma Media is committed to reducing its greenhouse gas emissions in line with the Science Based Targets initiative (SBTi) to limit global warming to 1.5°C in accordance with the Paris Agreement. The company's targets support a strategy focused on the growth of digital business and the relative reduction of printed products, which supports the overall reduction of emissions in the value chain. The climate targets help manage significant impacts, risks, and opportunities related to energy use, the supply chain, and the tran‑ sition to a low ‑ carbon society. The targets extend to both the company's own operations (Scope 1 and 2, market ‑ based) and the supply chain (Scope 3). ANNUAL REPORT 2025 62FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Alma Media’s sustainability targets Targets Metrics in 2024 Outcome in 2025 2024 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 -11.8% ‑ 6.7% 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 +2.2%* ‑ 3.0% Scope 1 and 2: –52% (base year 2019, target year 2030). Scope 3: –14% (base year 2019, target year 2030). All targets are gross targets, without offsets or removals. * The Scope 3 target was not fully achieved in 2025 due to business expansion through mergers and acquisitions. The targets are defined from the base year 2019, extend to 2030, and include interim milestones. They are gross targets without offsets, and their implementation is monitored quarterly through reports provided to man‑ agement and the board. The targets cover all the company's significant emission sources: • S cope 1 and 2: Reducing absolute emis‑ sions by 52% by 2030 from the 2019 level. • S cope 3: Reducing indirect value chain emissions by 14% by 2030 from the 2019 level. Alma Media monitors the implementation of the targets as part of its environmental responsibility metrics and reports on them for the use of management and stakehold‑ ers. The key metrics are greenhouse gas emissions (Scope 1–3, tCO2e), the share of renewable energy (%), total energy consump‑ tion (MWh), and the electrification rate of company cars (%). The calculation of metrics is based on the GHG Protocol guidelines, the base year is 2019, and the calculation is updated annually. Alma Media's greenhouse gas emissions are divided into three main categories: Scope 1, which covers the energy consumption of vehicles, Scope 2, which consists of the use of electricity, district heating, and district cooling in office buildings, and Scope 3, which includes particularly ICT services and the production and logistics of printed products. The base year for emission reductions is de‑ fined as 2019. The choice is based on the fact that 2019 serves as a continuation of Alma Media's previously set science ‑ based emis‑ sion reduction targets, which were approved in 2016 and achieved ahead of schedule. New emission reduction targets were set in 2020 as a continuation of this development path, and 2019 was defined as the reference year. The year 2019 is considered a representative base year as it reflects the normal scope and structure of the company's business before exceptional external factors, such as the tem‑ porary changes in operations and emission levels caused by the COVID ‑ 19 pandemic. The representativeness of the base year has been assessed in relation to the company's business volume, geographical scope of op‑ erations, and energy use, and no one ‑ time or exceptional factors have been identified that would undermine its comparability in setting long ‑ term emission reduction targets. Emission reduction targets are set until 2030, and their implementation is monitored and reviewed through interim milestones updated every five years. Alma Media's emission reduction targets are externally validated by the Science Based Targets initiative (SBTi) and are in line with the 1.5 ‑ degree target of the Paris Agreement. The company does not have its own, separately prepared climate scenario or industry ‑ spe‑ cific decarbonisation pathway, as the climate impacts of the media and digital services sector are mainly related to energy use and are limited in nature compared to high ‑ emis‑ sion sectors. Alma Media utilises the general emission re‑ duction pathway for service sectors provided by the SBTi by linking it to its own business model by defining emission reduction targets for the emission sources that are most rele‑ vant to the company's operations. In practice, this means that the absolute emission reduc‑ tion percentages required by the SBTi are targeted at the key emission sources of Alma Media's own operations (Scope 1 and 2) and the value chain (Scope 3), such as the energy ANNUAL REPORT 2025 63FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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use of office buildings and digital services, company car use, and procurement. The target setting is based on the internation‑ al climate scenarios and methodologies used by the SBTi (such as IPCC and IEA scenarios), which relate corporate emission reductions to the global emission budget and the required emission reduction rate. Alma Media has applied these methodologies considering the structure of its business model, the growth of digital service production, and the continuous reduction of the share of printed media. The key assumption underlying the targets is the continuous transition of the business to digital services, which reduces the Scope 3 emissions caused by printing and distribution. Additionally, the assumptions include the development of energy markets (availability and supply of renewable energy), the elec‑ trification of vehicle technology, and tighten‑ ing regulations. Alma Media also considers the growing expectations of customers for responsibly and environmentally friendly produced digital solutions. Means of decarbonisation and their contributions In line with its SBT1 target, Alma Media focuses on significantly reducing emissions in high ‑ emission areas from 2019 to 2030 through the following means: • U se of renewable energy in office build‑ ings, estimated reduction of approxi‑ mately 222 tCO2e by 2030. • O ptimisation of office space usage, estimated reduction of approximately 85 tCO2e. • E lectrification of the vehicle fleet, esti‑ mated reduction of approximately 109 tCO2e. • R eduction of printing, estimated reduc‑ tion of approximately 1,200 tCO2e. • O ptimisation of logistics, estimated re‑ duction of approximately 1,000 tCO2e. • R eduction in the end ‑ of‑ life treatment of printed products, estimated reduction of ‑ 55 tCO2e. The emission reduction need described above is calculated from the 2019 level to be achieved by 2030. Through these measures, the company targets emission reductions in areas with the highest emission intensity, thereby supporting the overall management and reduction of emissions. Energy consumption and energy source mix (E1-5) The company's energy consumption is pre‑ sented in the table, broken down into fossil, nuclear, and renewable sources. The share of renewable energy is divided into: i) biofuels and biomass, ii) purchased elec‑ tricity, heat, and cooling, iii) self ‑ produced renewable energy. Greenhouse Gas Emissions (E1-6) Alma Media reports its greenhouse gas emis‑ sions in Scope 1, Scope 2 (both market‑ based and location ‑ based), and Scope 3 categories in carbon dioxide equivalent tons (tCO2e) ANNUAL REPORT 2025 64FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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according to the GHG Protocol standard. The reported emissions cover vehicle use, office building energy consumption, ICT services, and emissions related to printed products and logistics. Total emissions are the sum of these three scope categories. Alma Media's greenhouse gas intensity rela‑ tive to revenue decreased by 2.6% in 2025 compared to the previous year, indicating the decoupling of business growth from the increase in greenhouse gas emissions. The greenhouse gas emission intensity is calculat‑ ed by relating total emissions to the group's revenue, which corresponds to the group's revenue presented in the financial statements and can be reconciled with the relevant item in the income statement. Scope 3 emissions are mainly based on calculated values. The share of emissions based on primary data is minimal, and separate percentage presenta‑ tion is not material. In the emission calculation for Scope 1, 2, and 3, biogenic emissions are not separately considered, as their share is assessed to be not material. Alma Media's operations do not generate significant biogenic emissions; the only biogenic flows are related to office build‑ ing bio ‑ waste, which is handled through the authorities' waste management system. Energy consumption and mix 2024 2025 6) Total fossil energy consumption (MWh) 1,104 990 Share of fossil sources in total energy consumption (%) 33% 31% 7) Consumption from nuclear sources (MWh) 62 57 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) 0 0 9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 2,156 2,100 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) 2,156 2,100 Share of renewable sources in total energy consumption (%) 65% 67% Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11) 3,322 3,147 ANNUAL REPORT 2025 65FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Total GHG emissions Gross Scopes 1, 2, 3 and (E1-6) Retrospective Base year 2019 2024 N 2025 % N/N-1 2030 (2050) Annual % target / base year Scope 1 GHG emissions Gross Scope 1 GHG emissions (tCO2eq) 423.0 189.8 171.7 ‑ 9.54% ‑ 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 (tCO2eq) 488.4 213.0 200.7 ‑ 5.77% Gross market‑ based Scope 2 GHG emissions (tCO2eq) 371.3 78.6 65.0 ‑ 17.30% ‑ 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 (tCO2eq) 16,099 14,071 14,375 ‑ 2.16% -14% (13,845 tCO2eq) ‑ 1.27% per year 1 Purchased goods and services 13,302 12,323 12,850 [Optional sub ‑ category: Cloud computing and data centre ser‑ vices] 3 Fuel and energy ‑ related activities (not included in Scope 1 or Scope 2) 129 60 54 4 Upstream transportation and distribution 2,292 1,469 1,298 6 Business travel 165 153 113 7 Employee commuting 81 44 43 11 Use of sold products* 211 131 120 12 End ‑ of‑ life treatment of sold products 93 14 12 15 Investments 36 9 5 * Scope 3 emissions related to the use of sold products (row 11 of the table) are reported for transparency purposes, even though, under the SBTi framework, they are not considered Alma Media’s own emissions. The calculation principles are described in the Basis of Preparation for the Metrics. ANNUAL REPORT 2025 66FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Retrospective Base year 2019 2024 N 2025 % N/N-1 2030 (2050) Annual % target / base year Total GHG emissions Total GHG emissions (location‑based) (tCO2eq) 17,010 14,474 14,748 1.89% Total GHG emissions (market‑ based) (tCO2eq) 16,893 14,340 14,612 1.90% GHG intensity per net revenue Total GHG emissions (location‑based) per net revenue (tCO2eq/ EUR) 0.00004629 0.00004509 ‑ 2.6% Total GHG emissions (market‑ based) per net revenue (tCO2eq/ EUR) 0.00004586 0.00004467 ‑ 2.6% Revenue used to calculate GHG intensity (EUR) 312,651,056 327,076,435 4.6% Revenue, other (EUR) 0 0 Total revenue in the financial statements (EUR) 312,651,056 327,076,435 4.6% ANNUAL REPORT 2025 67FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Accounting principles The companies in the Alma Media group are not classified as having significant climate impact based on Annex 2 of the Regulation 2013/34/EU issued on July 31, 2023, which defines sectors with significant climate impact in the main categories A ‑ H and L listed in Annex I of the European Parliament and Council Regulation (EC) No 1893/2006 (as defined in Commission Delegated Regulation (EU) 2022/1288). The Alma Media group belongs to the main category J Information and Communication, with activities falling under sections 58, 62, and 63. Emission calculations are carried out in accordance with the Science Based Targets initiative (SBTi). The unit of emissions used is the GHG Protocol ‑ compliant CO2 equivalent ton (tCO2e). According to the recalculation policy, calculations are corrected retrospectively to the base year if there are significant changes in the scope of business, emission factors, or calculation methods used. In 2025, there were no significant changes in business operations according to the SBTi validation emission calculation policy. The country ‑ specific emission factors published annually by the IEA have been applied retro‑ spectively to the base year 2019, and more accurate energy consumption data obtained after the previous annual report have been applied to the 2024 calculation. The calcula‑ tion methods for Scope 1, 2, and 3 emissions have not changed from previous years. The sources of data for emission calculations (E1) are based on actual energy consumption and national or international GHG Protocol emission factors published by authorities. In Scope 1 and 2 calculations, energy type and country ‑ specific emission factors are used. Primarily, market‑ based emission fac‑ tors provided by energy producers are used, and if they are not available, the country ‑ spe‑ cific values published annually by the IEA are used. IEA values are also used in loca‑ tion ‑ based emission calculations. In Scope 3 calculations, primarily the emission calcula‑ tions provided by service providers are used, but if they are not available, the annually published DEFRA (UK Government GHG Conversion Factors for Company Reporting) factors are used. Scope 1 emissions consist of energy pur‑ chased for production vehicles and company cars with free car benefits. In the Eastern Central European operations, the emissions from vehicle energy consumption include the share of work trips, which is monitored based on a GPS ‑ based driving log. The purchased energy amounts are obtained from service providers' purchase reports. Scope 1 calculation: Actual energy consump‑ tion. Finland: Statistics Finland's "GHG gases by fuel classification" and supplier ‑ specific electricity emission factor. Other countries: EU ‑ level fuel emission factors and IEA.org country ‑ specific electricity emission factor. Scope 2 emissions consist of emissions from electricity, heating, and cooling consumption in office buildings under the group's control. In larger sites, energy consumption is based on measurement. In sites without site ‑ specific consumption measurement, energy consump‑ tion is calculated as an average based on the area. Scope 2 calculation: Actual energy consump‑ tion. Finland: supplier ‑ specific emission factor. Other countries: IEA.org country ‑ specific emission factor. Scope 3 emissions consist of external purchases required for the production of services and products, as well as transmis‑ sion losses of energy used in Scope 1 and 2. All 15 categories of Scope 3 are reviewed annually for materiality. In 2025, categories 1, 3, 4, 6, 7, 12, and 15 were still considered material, covering 100% of emission sources. Categories 2, 5, 8, 9, and 10 were consid‑ ered immaterial. Category 11, which in Alma Media's operations means the emissions from the energy consumption of end ‑ user devic‑ es for digital services, is calculated but not counted as the company's emissions accord‑ ing to SBTi validation. Categories 13 and 14 are not relevant to the group's business. Scope 3 Calculation: Available supplier ‑ spe‑ cific emission reporting, DEFRA's purchase category ‑ based emission factors, IEA.org's en‑ ergy transmission losses and country ‑ specific emission factors (Finland's air travel, Posti's distribution, and Jetpak Oy's air freight). In cloud services, the factors reported by Azure, AWS, and Google Cloud. The treatment of municipal waste and commuting is based on Statistics Finland's data sources. Statistics Finland, IEA.org, cloud service pro‑ viders, and DEFRA update emission factors partly retroactively on an annual basis. If necessary, these corrections are also taken into account in the calculation of comparison years. ANNUAL REPORT 2025 68FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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ESRS S1 – Own workforce Material impacts, risks, and opportunities and their interaction with strategy and business model (ESRS 2 SBM-3) Training and developing the skills of Alma Media's employees have a significant pos‑ itive impact on the workforce. This impact extends to all employees, as continuous skill development supports professional growth, employability, and the ability to respond to changes in job content and skill requirements. Long ‑ term development and retraining enhance employees' skills, job performance, and career opportunities, and support job retention in a changing opera‑ tional environment. The company has not identified any negative impacts on employees as it moves towards more climate ‑ neutral operations, nor has the transition required structural or operational changes that would adversely affect the status, working conditions, or employment of the workforce. Additionally, Alma Media's services are based on expert work, and the company has not identified any risks related to forced or child labour in its operations or value chain. Principles related to own workforce (S1-1) Alma Media's workforce is guided by a human resources plan approved by the com‑ pany's management, which covers skill de‑ velopment, compensation, and plans related to equality, non ‑ discrimination, and diversity. The plan defines the personnel quantity and skill requirements necessary for the strate‑ gy, identifies key challenges related to age and skill structure, and guides necessary actions. The plan complies with key labour legislation, such as the Cooperation Act, the Equality Act, the Non ‑ Discrimination Act, the Occupational Safety and Health Act, and the Employment Contracts Act. The human resources plan is used to assess the current workforce structure and skills and to anticipate essential development needs for business success. The plan pro‑ motes equality and fair treatment based on gender and age and ensures that necessary personnel actions are implemented in a time‑ ly manner. Actions and related action plans are based on current legislation, principles, and general guidelines. The management of material impacts on the workforce is guided by principles such as training and skill development, which are based on promoting an equal, diverse, and inclusive work community and the continuous development of skills in line with the company's strategy. Each employee is provided with a career and skill develop‑ ment plan with objectives, and progress is monitored at least semi ‑ annually. The company regularly conducts employee surveys, salary analyses, and other eval‑ uations utilising workforce data, based on which units update their equality, diversity, and non ‑ discrimination plans every two years. These reviews examine, among other things, pay gaps, the reasons for fixed ‑ term employment contracts, and the gender distribution of the workforce. Alma Media hires new employees based on their skills, abilities, and suitability, and all employ‑ ees have the right to fair and encouraging compensation, skill development, feedback, information about the company, a safe work‑ ing environment, and respect for privacy. The company's activities are also guided by Alma Media's Code of Conduct, which de‑ fines the company's key principles, responsi‑ bilities, and expectations regarding work‑ force ‑ related issues. The Code of Conduct and related governance practices are described in more detail in the GI section. In 2025, Alma Media implemented a Performance Management model for the entire workforce, which includes personal goals and development plans, progress eval‑ uation at least semi ‑ annually, and support for training, mentoring, and community learn‑ ing. The model aims to strengthen the work‑ force's skills and ensure the development of competencies required by the company's transformation ‑ based strategy. Training and skill development have been identified as having a positive impact on Alma Media's own workforce. They support employees' professional development, job performance, and readiness for change, and promote commitment and up ‑ to ‑ date skills in a changing operational environment. The human resources plan and related principles cover the entire company's own workforce. They guide skill development, working conditions, equality, and well ‑ being of the workforce and support the company's strategic objectives. The implementation of the plan is monitored by business manage‑ ment together with the company's executive team. The human resources plan and related prin‑ ciples are communicated to the workforce S – Social responsibility ANNUAL REPORT 2025 69FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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through the company's main internal com‑ munication channel, the intranet. The human resources plan is available in its entirety to all employees on the intranet. Alma Media is committed to respect‑ ing human rights in accordance with the UN Guiding Principles on Business and Human Rights, the International Labour Organisation's (ILO) fundamental principles and rights at work, and the OECD Guidelines for Multinational Enterprises. The company is a signatory to the UN Global Compact and committed to its ten principles. Human rights commitments and prohibi‑ tions are defined in Alma Media's Code of Conduct, approved by the company's board of directors, which applies to the entire company's own workforce, regardless of the form of employment or organisational level. The Code of Conduct prohibits all forms of discrimination, harassment, human traffick‑ ing, forced labour, and child labour, and requires respect for all internationally recog‑ nized human rights. The guidelines are based on the UN Global Compact, the Universal Declaration of Human Rights, and the ILO's fundamental principles and rights at work. Human rights requirements for the supply chain and partners are defined in Alma Media's Supplier Code of Conduct, which requires suppliers to comply with applicable laws and international human rights stan‑ dards. The supplier code includes provisions on employee safety and health, non ‑ dis‑ criminatory and fair treatment, respect for freedom of association, and prohibitions on child labour, forced labour, human traffick‑ ing, or other human rights violations. These requirements are consistent with the ILO's key conventions and apply to subcontracting and work performed through third parties. The implementation of human rights prin‑ ciples is monitored at Alma Media through employee surveys, supervisor train‑ ing, feedback channels, and the ethical Whistleblowing channel. The Whistleblowing channel is available to both employees and partners, and reports are handled confiden‑ tially. This ensures that any deviations are identified and addressed appropriately. Alma Media manages occupational health and safety impacts on its own workforce through principles and practices that apply to the entire company's own workforce. The company conducts a workplace survey in cooperation with occupational health ser‑ vices at least every five years to identify and assess physical, psychological, and social workload. The aim of the cooperation is to promote the prevention of work ‑ related illnesses and accidents, the safety of work and the work environment, the health and work ability of employees at different stages of their careers, and the functioning of the entire work community. The company's own occupational safety guidelines, training, and well ‑ being programs support the workforce's work ability and safety and complement the preventive work done with occupational health services. By completing Alma Media's ethical guide‑ lines, Code of Conduct training, each em‑ ployee commits to preventing discrimination and harassment and promoting equal oppor‑ tunities, diversity, and inclusion in the work community. The Code of Conduct training takes into account forms of discrimination in accordance with EU and national legisla‑ tion, including race, ethnic origin, skin color, gender, sexual orientation, gender identity, disability, age, religion, political opinions, and social status. The company is committed to supporting particularly vulnerable groups, such as employees dismissed for production or economic reasons, by providing them with outplacement services. The principles are implemented through leadership training and practical proce‑ dures, such as the Anti ‑ Bullying Guidelines, the Whistleblowing channel, regular DEI and Code of Conduct training, and the Performance Management model. These ensure that discrimination and harassment are addressed immediately and that diver‑ sity and inclusion progress consistently as part of workforce skill development and the company's strategy. Processes for engaging with own workforce and workers’ representatives about impacts (S1-2) Alma Media has several established process‑ es, such as the Performance Management process, semi ‑ annual Alma Voice employee surveys (response rate in 2025 approxi‑ mately 80%), and cooperation committees, through which employees and their repre‑ sentatives can participate in discussions about the actual and potential significant impacts of the company's operations. The views of employees and representatives are also considered in semi ‑ annual goal discussions, quarterly reviews, and annual meetings between management and trust representatives. The implementation of processes is ensured by the company's HR director together with the executive team. Alma Media complies with local labour laws and collective agreements in all its operating countries. The effectiveness of communica‑ tion is assessed through employee surveys, goal achievement monitoring, and reports re‑ ceived through the Whistleblowing channel. The views of particularly vulnerable groups, such as women, immigrants, and people with disabilities, are also considered through ANNUAL REPORT 2025 70FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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employee surveys and targeted training and coaching. Processes to remediate negative impacts and channels for own workforce to raise concerns (S1-3) Based on the Code of Conduct and the human resources plan, there are confidential reporting channels (Whistleblowing), inde‑ pendent investigation procedures, and reg‑ ular evaluations. The channel is maintained by an external party, multilingual, and easily accessible. All reports are independently investigated, and the consistency of ac‑ tions is monitored by the audit committee. Employees can also raise concerns through supervisors, HR, and trust representatives. Alma Media supports its workforce in actively using reporting channels by training employees through Code of Conduct training and internal communication. Alma Media in‑ vestigates all reported violations and suspi‑ cions independently, and neither the person concerned nor their supervisor participates in the investigation. The investigation process ensures that consequences are consistent in similar cases and that corrective actions are sufficient and effective. The company assesses the effectiveness of corrections by comparing implemented actions to the Code of Conduct principles and international obligations (e.g., UN Global Compact, ILO principles). Additionally, the results of employee surveys (Alma Voice) and the number and nature of reports received through the Whistleblowing channel are monitored as indicators of process effectiveness. The implementation of the Code of Conduct principles for the company's own workforce to raise concerns is also described in the G1 Business Conduct and Corporate Culture report, sections G1 ‑ 1 ‑ 7,10. Key actions to manage positive material impacts to own workforce (S1-4) Impacts on the company's own workforce are managed primarily through training and skill development. These actions support skill growth, commitment, and retention, and prevent turnover and discrimination. Concrete actions include the Performance Management process covering the entire workforce, personal development plans, Future Leaders and Developer Trainee pro‑ grams, AI and digital skills development, and DEI training. These actions are implemented as part of the HR policy and strategic skill development program, which allocates resources to supervisor training, employee training programs, AI and digital skills devel‑ opment, language training, and diversity and inclusion training. Additionally, well ‑ being lectures are offered. The effectiveness is monitored through indicators (see S1 ‑ 5). Necessary actions are identified in risk man‑ agement and HR processes, which combine workforce data, survey results, and supervi‑ sor assessments. Alma Media aims to ensure that its practices do not cause material neg‑ ative impacts on its own workforce. Ensuring workforce commitment, managing turnover, and guaranteeing non ‑ discrimination are essential for the company's success. Positive impacts are strengthened by developing skills in the digital transformation. Resources are allocated annually to skill development (HR team work input, training programs). The adequacy of resources is assessed as part of the budgeting process. Targets (S1-5) Alma Media has set time‑bound and re‑ s ult‑ oriented targets for training, skill devel‑ opment, and supporting the commitment of its own workforce. Training and skill devel‑ opment are linked to the company's strategy and the skill requirements of the digital transformation, and the targets are defined in measurable form. The targets aim to strengthen positive impacts on employees, particularly skill development, professional readiness, and job retention, and to prevent negative impacts such as skill obsolescence and resulting employment risks. The targets include maintaining the Peakon Engagement index above the technolo‑ gy industry average, implementing the Performance Management process covering the entire workforce with personal goals and development plans, extensive training and development programs – including strength- ening AI skills and leadership programs for supervisors – and improving the transpar- ency and communication of compensation to support employee motivation and trust. In 2025, 90% of the workforce should have adopted the Performance Management pro‑ cess, where personal development goals are set and progress is monitored together with the supervisor and employee. Additionally, the target is that 90% of new hires are still employed by the company after two years. The goal ‑ setting process is based on dia‑ logue between employees and supervisors, as well as management and trust representa‑ tives. Goal setting covers the entire compa‑ ny's workforce in 10 countries. Employees participate in goal setting annually as part of the Performance Management process. Goal achievement is monitored quarterly in re‑ views for the entire workforce and semi ‑ an‑ nually in Alma Voice surveys. The results are used to plan development actions, and in 2025 the results showed that workforce commitment remained at a target level (Alma Media's index above the technol‑ ogy industry's relative Peakon Engagement index average). The targets are set for 2026, ANNUAL REPORT 2025 71FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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and their achievement is evaluated annually by management and the board. The base year for the indicators is 2024, and the tar‑ gets are reviewed at least every five years as part of the strategy process. Characteristics of the company's employed workforce (S1-6) The tables below present the key character‑ istics of Alma Media's own workforce. The data is grouped by workforce size, employ‑ ment types, gender and age distribution, and workforce turnover. Alma Media's goals for 2025 related to employee engagement and skill development Targets Metrics / Annual target Outcome 2025 Employee Engagement Peakon Engagement Index above the technology sector average (2025) Alma's Peakon Index 7.7 Techno‑ logy Sector 7.6 1 Achievement of Personal Goals and Development Plans Implementation of the Performance Management process, entire staff (2025) 86% of the staff have adopted the Performance Management process 2 Skill Development Participation in training and deve‑ lopment programs (Performance Management, AI ‑ related training) 61% of the staff participated in at least one AI training, 84% participated in training related to the Performance Management model 3 4 Rewarding Increasing the equality and transpa‑ rency of rewards Implementation of the job difficul‑ ty classification (HAY ‑ grade) for 100% of the staff 5 Employee Turnover, New Employees 90% of employees with less than two years of employment continue with the company 90.1% of employees with two years of employment continued with the company 6 * In Finland, global figures are not available S1-6 Number of employees by gender Gender 31 December 2025 2024 Male 841 870 Female 870 919 Other 0 0 Not disclosed 0 0 Total 1,711 (Financial statements, 1.3.3) * 1,789 (Financial statements, 1.3.3) * * 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 31 December 2025 2024 Finland 1,037 1,039 Czech Republic 323 355 Slovakia 120 128 Croatia 95 102 ANNUAL REPORT 2025 72FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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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 disclosed Total 2025 2024 2025 2024 2025 2024 Number of employees 870 919 841 870 1,711 1,789 Number of permanent employees 804 828 791 828 1,595 1,656 Number of temporary employees 66 91 50 42 116 133 Number of non ‑ guaranteed hours employees* 63 55 32 34 95 89 Number of full‑ time employees 748 790 780 802 1,528 1,592 Number of part‑ time employees 122 129 61 68 183 197 S1-6 Employee turnover and recruitment Number of employees who left the company 261 235 Rate of employee turnover 15.1% 12.9% * 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 2025 2024 2025 2024 2025 2024 Number of employees (head count) 1,037 1,039 674 750 1,711 1,789 Number of permanent employees 956 982 639 674 1,595 1,656 Number of temporary employees 81 57 35 76 116 133 Number of non ‑ guaranteed hours employees* 79 66 16 23 95 89 Number of full‑ time employees (head count) 914 908 614 684 1,528 1,592 Number of part‑ time employees (head count) 123 131 60 66 183 197 * Employees without guaranteed working hours are compensated on an hourly basis and are included in the counts of permanent, fixed-term, and part-time employees. Incidents, complaints and severe human rights impacts (S1-17) During the financial year, there were no cases or complaints related to discrimination or harassment against Alma Media's own workforce (0). This applies to all complaint mechanisms and feedback channels used by the company, including the ethical Whistleblowing channel, reports made through supervisors, HR, or other internal channels. During the financial year, there were also no complaints handled by national contact points (NCP) under the OECD Guidelines for Multinational Enterprises (0). No serious hu‑ man rights impacts or cases were identified in the company, and no fines, sanctions, or compensations related to such cases were imposed on the company (0). ANNUAL REPORT 2025 73FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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approach ensures the relevance, appropri‑ ateness, and reliability of the reporting. Indicators related to skill development are based on the company's HR manage‑ ment systems and processes, such as the Performance Management process, em‑ ployee surveys (Alma Voice and Peakon Engagement index), and monitoring of training and development programs. The indicators describe, among other things, participation in training and development activities, the coverage of personal goals and development plans, and workforce commitment. The reported indicators are based on the information available during the reporting period and follow consistent calculation principles. If all data is not available for the entire group, the limitations and assumptions are presented for each indicator. To ensure comparability, the definition and calculation method of the indicators are kept consistent with previous financial years, unless oth‑ erwise required by ESRS requirements or business changes. Accounting principles Indicators related to the company's own workforce cover all employees of the Alma Media Group during the financial year. Workforce size data is presented as the number of employees at the end of the fi‑ nancial year (31.12.2025). The workforce size also includes inactive employees, such as those on parental leave. Seasonal employ‑ ees, such as summer workers, are included in the workforce size to the extent that they are employed at the end of the financial year. The indicators in section S1 are defined based on a double materiality assessment. Training and skill development have been identified as material topics for Alma Media's own workforce. Therefore, the reported indicators focus on skill development, commitment, and monitoring related positive impacts. Detailed and standardised indicators for training and skill development according to ESRS S1 ‑ 13 are part of the phase ‑ in disclo‑ sure requirements. Alma Media does not report standardised indicators according to section S1 ‑ 13 for the financial year 2025. Instead, the effectiveness of skill develop‑ ment is monitored using the company's own business ‑ related indicators and targets, which are described in section S1 ‑ 5. This ANNUAL REPORT 2025 74FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Alma Media manages risks and negative im‑ pacts related to corporate culture and ethi‑ cal business through group ‑ level guidelines and operating models. Key tools include the Code of Conduct and the Supplier Code of Conduct, which define the ethical principles and expectations for employees, manage‑ ment, and contractors. These aim to prevent unethical behavior, conflicts of interest, and misconduct that could have significant repu‑ tational and financial impacts on the compa‑ ny, as well as negative effects on employee well ‑ being and psychological safety. Suspected violations are addressed through the Whistleblowing channel, and the handling of reports is independently monitored as part of the group's governance model. Business conduct principles and corporate culture (G1-1) Alma Media's operations are guided by prin‑ ciples of good governance, which include respect for human rights, equal and non ‑ dis‑ criminatory treatment, prevention of corrup‑ tion and bribery, prevention of anti ‑ competi‑ tive practices, transparency in business, and responsibility in reporting. Business is based on a strong digital operat‑ ing model and international growth, support‑ ed by a corporate culture that emphasises transparency, responsibility, and continuous Alma Media’s sustainability targets Annual targets Metrics in 2025 Outcome in 2025 2024 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 91.3% 95.5% learning. The company's operations are also guided by tax policy, investment and financing policy, information security policy, board diversity policy, disclosure policy, and the Code of Conduct and corporate respon‑ sibility plan. The board and management regularly address issues related to corporate cul‑ ture and good governance as part of risk management. The principles are approved by the board and monitored by the audit committee. Values and ethical principles Alma Media's operations are guided by the group's values, principles of good gover‑ nance, and the Code of Conduct, which applies to all employees, management, and the most significant suppliers and subcon‑ tractors. Risks in the value chain can be caused by unethical business practices and information security and data protection breaches. To manage these, the company requires the most significant suppliers to complete Supplier Code of Conduct training and commit to the company's guidelines. The Code of Conduct promotes responsible and sustainable business: it emphasises respect for human rights, diversity, inclusion, zero tolerance for harassment and vio‑ lence, fair competition, anti ‑ corruption, and environmental responsibility. Alma Media is G – Good governance ESRS G1 – Business Conduct ANNUAL REPORT 2025 75FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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committed to the UN Global Compact initia‑ tive and sustainable development goals and adheres to international principles related to human rights, labour, the environment, and anti ‑ corruption. Developing and Evaluating Corporate Culture The corporate culture emphasises open communication, collaboration, continuous learning, and a safe and responsible work environment. Implementation is monitored through employee surveys, training metrics, the number of Whistleblowing reports, and management evaluations. Key tools in‑ clude Code of Conduct training, leadership training, and engagement surveys (e.g., Alma Voice). In 2025, all employees completed Code of Conduct training, and 91.3% of the most significant suppliers completed Supplier Code of Conduct training. Coverage and implementation of guidelines Group guidelines and policies, including the Code of Conduct and Supplier Code of Conduct, apply to all employees, se‑ nior management, and key contractors. Implementation of the guidelines is support‑ ed by mandatory training, internal com‑ munication, and as part of the onboarding process. HR and managers are responsible for implementing Code of Conduct training for employees, and procurement ensures that Supplier Code of Conduct requirements are considered for significant suppliers. The audit committee monitors the effectiveness of processes related to ethical principles. The allocation of resources annually covers the training of all employees and the major‑ ity of the most significant suppliers, which supports risk management in the value chain. Mechanisms for identifying, reporting and investigating concerns Alma Media encourages reporting ethical concerns and suspected violations. The company has an anonymous and multilingual Whistleblowing channel maintained by an ex‑ ternal service provider, accessible via both the intranet and the company's website. The channel is available to both employees and external stakeholders. Information about the channel is provided to employees during onboarding and on the company's website and intranet. Reports are received by Alma Media's legal counsel, CFO, and HR director. All reports received through the Whistleblowing channel are investigated independently and within the agreed time‑ frame in accordance with the company's principles. The person or their supervisor who is the subject of the report does not participate in the investigation. If illegal ac‑ tivity is detected during the investigation, the relevant authorities are notified. The compa‑ ny does not tolerate any retaliation against individuals who make reports in good faith. The audit committee monitors the consisten‑ cy of report handling and the proportionality of any consequences and receives regular reporting on the reports and their handling. Targets Alma Media has set clear quantitative targets for actions related to corporate culture and ethical business. The company's target is that annually 100% of employees and at least 90% of the most significant suppliers complete Code of Conduct or Supplier Code of Conduct training. Additionally, the target is that the employee engagement index remains above the aver‑ age of the benchmark technology sector, supporting psychological safety, trust, and the strengthening of an ethical corporate culture in the long term. ANNUAL REPORT 2025 76FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Accounting principles Good governance metrics describe the implementation of Alma Media's ethical business, the coverage of principles, and the effectiveness of their implementation during the financial year. The completion rate of Code of Conduct training describes the percentage of employ‑ ees who have completed Alma Media's eth‑ ical guidelines training at the time of report‑ ing. The denominator includes employees who are in active employment at the time of reporting. Individuals working on a billing basis in Alma Media units are covered by the Supplier Code of Conduct guidelines. The completion rate of Supplier Code of Conduct training describes the percentage of the most significant suppliers who have completed Alma Media's supplier ethical principles training. Significant suppliers are classified as those whose billing from Alma Media exceeded 500,000 euros during the financial year. The figure does not cover the company's statutory partnerships, pension companies, or facility or energy suppliers. Whistleblowing system data is collected at the group level and reported annually under the supervision of management and the audit committee. Whistleblowing reports are handled independently and within the agreed timeframe in accordance with Alma Media's Whistleblowing process. There are no separate metrics set for Whistleblowing reports. ANNUAL REPORT 2025 77FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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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 General Information – Preparation Basis, p. 37 ESRS 2 BP ‑ 2 General Information – Preparation Basis, pp. 37–39 ESRS 2 GOV ‑1 G eneral Information – Governance, pp. 40–41 ESRS 2 GOV ‑2 G eneral Information – Governance, p. 41 ESRS 2 GOV ‑3 G eneral Information – Governance, pp. 41–42 ESRS 2 GOV ‑4 G eneral Information – Governance, p. 43 ESRS 2 GOV ‑5 G eneral Information – Governance, p. 44 ESRS 2 SBM ‑ 1 General Information – Strategy, p. 45 ESRS 2 SBM ‑ 2 General Information – Strategy (Value Chain & Stakeholders), pp. 46–47 ESRS 2 SBM ‑ 3 Management of Impacts, Risks, and Opportunities (Materiality Assessment), pp. 50–53 ESRS 2 IRO ‑ 1 Management of Impacts, Risks, and Opportunities, pp. 50–52 ESRS 2 IRO ‑ 2 Management of Impacts, Risks, and Opportunities, p. 53 ESRS E1 E1 ‑ GOV‑ 3 E1 – Climate Change, p. 59 ESRS E1 E1 ‑ IRO ‑ 1 E1 – Climate Change, p. 59 ESRS E1 E1 ‑ SBM ‑ 3 E1 – Climate Change, p. 59 ESRS E1 E1 ‑ 1 E1 ‑ 1 Transition Plan, p. 59 ESRS E1 E1 ‑ 2 E1 ‑ 2 Mitigation and Adaptation, pp. 59–60 ESRS E1 E1 ‑ 3 E1 ‑ 3 Actions and Resources, pp. 60–62 ESRS E1 E1 ‑ 4 E1 ‑ 4 Objectives, pp. 62–64 Standard Disclosure requirements Location in Alma Media’s sustainability report ESRS E1 E1 ‑ 5 E1 ‑ 5 Energy Consumption, pp. 64–65 ESRS E1 E1 ‑ 6 E1 ‑ 6 Scope 1–3 Emissions, pp. 65–66 ESRS S2 SBM ‑ 3 S1 ‑ Own Workforce. Significant Impacts, Risks, and Opportunities and Their Interaction with Strategy and Business Model, p. 69 ESRS S1 S1 ‑ 1 S1 – Own Workforce (Training and Skills Development), pp. 69–70 ESRS S1 S1 ‑ 2 S1 – Own Workforce, pp. 70–71 ESRS S1 S1 ‑ 3 S1 – Own Workforce, p. 71 ESRS S1 S1 ‑ 4 S1 – Own Workforce, p. 71 ESRS S1 S1 ‑ 5 S1 – Own Workforce, pp. 71–72 ESRS S1 S1 ‑ 17 S1 ‑ Own Workforce, p. 72 ESRS S1 S1 ‑ 6 S1 – Own Workforce, pp. 72–73 ESRS G1 G1 ‑ GOV‑ 1 G1 – Business Conduct, pp. 75–77 (and Governance Role: pp. 40–44) ESRS G1 G1 ‑ 1 G1 – Business Conduct (Corporate Culture, Principles, Channels, Metrics), pp. 75–77 ANNUAL REPORT 2025 78FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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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 Information Requirement Mentioned in Other Legislation and Related Data Point Disclosure Regulation Pillar 3 Benchmark Regulation EU Climate Law Alma Media Report (2025) ESRS 2 GOV‑ 1 Gender Distribution of the Board (21(d)) X X pp. 40–41 (GOV‑ 1) ESRS 2 GOV‑ 1 Percentage of Independent Board Members (21(e)) X pp. 40–41 (GOV‑ 1) ESRS 2 GOV‑ 4 Statement on Sustainability Due Diligence Process (30) X p. 43 (GOV‑ 4) ESRS 2 SBM ‑ 1 Participation in Activities Related to Fossil Fuels (40(d)(i)) X X X p. 45 (SBM ‑ 1) – Does not partici‑ pate ESRS 2 SBM ‑ 1 Participation in Activities Related to Chemical Production (40(d)(ii)) X X p. 45 (SBM ‑ 1) – Does not partici‑ pate ESRS 2 SBM ‑ 1 Participation in Activities Related to Controversial Weapons (40(d)(iii)) X X p. 45 (SBM ‑ 1) – Does not partici‑ pate ESRS 2 SBM ‑ 1 Participation in Activities Related to Tobacco Cultivation and Production (40(d)(iv)) X p. 45 (SBM ‑ 1) – Does not partici‑ pate ESRS E1 ‑ 1 Transition Plan to Achieve Climate Neutrality by 2050 (14) X X p. 59 (E1 ‑ 1) ESRS E1 ‑ 1 Companies Excluded from Paris Agreement Benchmarks (16(g)) X X Not relevant ESRS E1 ‑ 4 Greenhouse Gas Emission Reduction Targets (34) X X X pp. 62–64 (E1 ‑ 4) ESRS E1 ‑ 5 Energy Consumption from Fossil Sources by Source (only for sectors with significant climate impact) (38) X Not relevant ESRS E1 ‑ 5 Energy Consumption and Energy Mix (37) X pp. 64–65 (E1 ‑ 5) ESRS E1 ‑ 5 Energy Intensity (sectors with significant climate impact) (40–43) X Not relevant ESRS E1 ‑ 6 Scope 1, Scope 2, and Scope 3 Gross Emissions and Total Emissions (44) X X X pp. 65–66 (E1 ‑ 6) ESRS E1 ‑ 6 Greenhouse Gas Emissions Intensity (53–55) X X X Not relevant ESRS E1 ‑ 7 Greenhouse Gas Removals and Offsets (56) X X Not relevant ANNUAL REPORT 2025 79FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Information Requirement Mentioned in Other Legislation and Related Data Point Disclosure Regulation Pillar 3 Benchmark Regulation EU Climate Law Alma Media Report (2025) ESRS E1‑9 Exposure of Benchmark Portfolio to Climate‑Related Physical Risks (66) X No t relevant ESRS E1 ‑ 9 Breakdown of Monetary Amounts by Acute and Chronic Physical Risk X Not relevant ESRS E1 ‑ 9 Location of Significant Assets Exposed to Material Physical Risk (66(c)) X Not relevant ESRS E1 ‑ 9 Book Value of Real Estate Assets by Energy Efficiency Class (67(c)) X Not relevant ESRS E1 ‑ 9 Consideration of Climate ‑ Related Opportunities in the Portfolio (69) X Not relevant ESRS E2-4 Amount of E-PRTR Annex II Pollutants Released into Air, Water, and Soil (28) X Not relevant ESRS E3 ‑ 1 Water Resources and Marine Resources (9) X Not relevant ESRS E3 ‑ 1 Targeted Policies (13) X Not relevant ESRS E3 ‑ 1 Sustainability of Oceans and Seas (14) X Not relevant ESRS E3-4 Total Amount of Recycled and Reused Water (28(c)) X Not relevant ESRS E3 ‑ 4 Total Water Consumption in Cubic Meters per Operating Profit (29) X Not relevant ESRS 2 – IRO ‑ 1 – E4 (16(a)(i)) X Not relevant ESRS 2 – IRO ‑ 1 – E4 (16(b)) X Not relevant ESRS 2 – IRO ‑ 1 – E4 (16(c)) X Not relevant ESRS E4 ‑ 2 Sustainable Land/Agricultural Practices or Policies (24(b)) X Not relevant ESRS E4 ‑ 2 Sustainable Marine Practices or Policies (24(c)) X Not relevant ESRS E4 ‑ 2 Policies Addressing Deforestation (24(d)) X Not relevant ESRS E5 ‑ 5 Non ‑ Recycled Waste (37(d)) X Not relevant ESRS E5 ‑ 5 Hazardous Waste and Radioactive Waste (39) X Not relevant ESRS 2 – SBM ‑ 3 – S1 Risk of Forced Labor Cases (14(f)) X pp. 48–53 (SBM-3 / IRO ‑ 1) ESRS 2 – SBM ‑ 3 – S1 Risk of Child Labor Cases (14(g)) X pp. 48–53 (SBM-3 / IRO ‑ 1) ESRS S1 ‑ 1 Human Rights Policy Commitments (20) X p. 70 (S1 ‑ 1) ESRS S1 ‑ 1 Due Diligence Practices on ILO's Eight Core Conventions (21) X p. 70 (S1 ‑ 1) ANNUAL REPORT 2025 80FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Information Requirement Mentioned in Other Legislation and Related Data Point Disclosure Regulation Pillar 3 Benchmark Regulation EU Climate Law Alma Media Report (2025) ESRS S1‑1 Processes and Measures to Prevent Human Trafficking (22) X p. 70 (S1 ‑ 1) ESRS S1 ‑ 1 Policies/Management System for Preventing Workplace Accidents (23) X Not relevant ESRS S1 ‑ 3 Grievance/Complaint Handling Systems (32(c)) X p. 71 (S1 ‑ 3) ESRS S1-14 Number of Fatalities and Number and Proportion of Workplace Accidents (88(b),(c)) X Not relevant ESRS S1-14 Number of Lost Days (88(e)) X Not relevant ESRS S1 ‑ 16 Unexplained Gender Pay Gap (97(a)) X Not relevant ESRS S1 ‑ 16 Disproportionate CEO Pay (97(b)) X Not relevant ESRS S1 ‑ 17 Discrimination Cases (103(a)) X Not relevant ESRS S1 ‑ 17 Non ‑ Compliance with UNGP/OECD Principles (104(a)) X Not relevant ESRS 2 – SBM ‑ 3 – S2 Significant Risk of Child Labor or Forced Labor in the Value Chain (11(b)) X pp. 48–53 (SBM-3 / IRO ‑ 1) ESRS S2 ‑ 1 Human Rights Policy Commitments (17) X Not relevant ESRS S2-1 Policies Related to Value Chain Workers (18) X Not relevant ESRS S2 ‑ 1 Non ‑ Compliance with UNGP/OECD Guidelines (19) X Not relevant ESRS S2 ‑ 1 Due Diligence Practices on ILO Core Labor Conventions (19) X Not relevant ESRS S2 ‑ 4 Human Rights Issues and Violations Related to the Upstream and Downstream Value Chain (36) X Not relevant ESRS G1 ‑ 1 UN Convention Against Corruption (10(b)) X Not relevant ESRS G1 ‑ 1 Protection of Whistleblowers (10(d)) X pp. 75–77 (G1 ‑ 1) ESRS G1 ‑ 4 Fines Imposed for Violations of Anti ‑ Corruption/Bribery Laws (24(a)) X Not relevant ESRS G1 ‑ 4 Standards for Anti ‑ Corruption/Bribery (24(b)) X Not relevant ESRS S4 ‑ 1 Non ‑ Compliance with UN Guiding Principles on Business and Human Rights and OECD Guide‑ lines (17) X X Not relevant ESRS S4 ‑ 4 Human Rights Issues and Violations (35) X Not relevant ESRS G1 ‑ 1 UN Convention Against Corruption (10(b)) X Not relevant ANNUAL REPORT 2025 81FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REPORT BY THE BOARD OF DIRECTORS
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Financial statements ANNUAL REPORT 2025 82FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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84 Consolidated financial statements 91 148 Notes to the consolidated financial statements Signatures to the report by the Board of Directors and the financial statements 135 149 Parent company financial statements (FAS) Auditor’s Report Contents ANNUAL REPORT 2025 83FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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MEUR Note 1 January–31 December 2025 1 January–31 December 2024 Revenue 1.1. 1.2 327.1 312.7 Other operating income 1.2 0.4 0.4 Change in inventories of finished products -0.1 0.1 Materials and services 1.3 33.8 34.9 Employee benefits expense 1.3. 1.4 127.1 122.3 Depreciation. amortisation and impairment 2.1. 2.2 18.9 17.6 Other operating expenses 1.3 69.8 65.0 Operating profit 1.1 77.8 73.4 Finance income 3.1 0.4 1.4 Finance expenses 3.1 8.4 9.1 Share of profit of associated companies 4.4 0.9 1.3 Profit before tax 70.7 67.0 Income tax 5.1. 5.2 -15.0 -14.4 Profit for the period 55.7 52.6 Other comprehensive income It ems arising due to the redefinition of net defined benefit liability (or asset item) 0.0 0.3 Items that are not transferred to be recognised through profit or loss 0.0 0.3 Translation differences 2.3 -1.8 It ems that may be transferred in the future to be recognised through profit or loss 2.3 -1.8 Other comprehensive income for the year. net of tax 2.3 -1.5 Total comprehensive income for the year. net of tax 58.0 51.2 MEUR Note 1 January–31 December 2025 1 January–31 December 2024 Profit for the period attributable to Owners of the parent company 55.4 52.3 Non ‑ controlling interest 0.3 0.3 Total comprehensive income for the period attributable to: Owners of the parent company 57.7 50.9 Non ‑ controlling interest 0.3 0.3 Earnings per share calculated from the profit for the period attributable to the parent company shareholders (€) Earnings per share (basic) 3.8 0.67 0.64 Earnings per share (diluted) 3.8 0.66 0.62 Consolidated comprehensive income statement ANNUAL REPORT 2025 84FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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451 446 71 81 522 526 0 100 200 300 400 500 600 2025 2024 Balance sheet, Assets Short term assets Non-current assets MEUR 250 235 159 182 114 109 522 526 0 100 200 300 400 500 600 2025 2024 Balance sheet, Equity & liabilities Non-interest bearing liabilities Interest-bearing liabilities Equity MEUR MEUR Note 31 Dec 2025 31 Dec 2024 ASSETS Non-current assets Goodwill 2.1 322.5 309.0 Other intangible assets 2.1 85.8 87.8 Tangible assets 2.2 2.9 3.4 Right ‑ of‑ use assets 2.2 30.5 35.1 Shares in associated companies 4.4 3.4 5.7 Pension receivables, defined benefit plans 3.5 0.0 0.0 Other non ‑ current financial assets 3.2 3.7 4.1 Deferred tax assets 5.2 1.7 0.4 450.5 445.5 Current assets Inventories 3.6 0.8 0.7 Tax receivables 0.0 0.1 Trade and other receivables 3.6 36.8 36.2 Financial assets, short ‑ term 0.9 1.1 Cash and cash equivalents 3.2 32.5 42.5 71.1 80.6 Assets, total 521.6 526.1 MEUR 31 Dec 2025 31 Dec 2024 EQUITY AND LIABILITIES Share capital 45.3 45.3 Share premium reserve 7.7 7.7 Translation differences 1.0 -1.3 Invested non ‑ restricted equity fund 19.0 19.0 Retained earnings 175.3 161.8 Equity attributable to owners of the parent 3.8 248.3 232.5 Non ‑ controlling interest 1.1 2.3 Total equity 249.5 234.9 Non-current liabilities Deferred tax liabilities 5.2 17.3 17.5 Pension liabilities 3.5 0.2 0.2 Lease liabilities 3.3 25.5 30.3 Non ‑ current financial liabilities 3.3 129.8 147.8 173.0 195.9 Current liabilities Advances received 46.9 42.6 Income tax liability 5.7 3.0 Lease liabilities 3.3 8.0 7.1 Current financial liabilities 3.3 0.0 3.2 Trade and other payables 3.6 38.5 39.5 99.1 95.3 Liabilities, total 272.1 291.2 Equity and liabilities, total 521.6 526.1 Consolidated balance sheet ANNUAL REPORT 2025 85FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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73.8 -22.6 -61.4 81.3 -23.2 -67.9-80 -60 -40 -20 0 20 40 60 80 100 Cash flow from operating activities Cash flow from investments Cash flow from financing Cash flow 2024 2025 MEUR MEUR Note 1 January–31 December 2025 1 January–31 December 2024 Cash flow from operating activities Profit for the period 55.7 52.6 Adjustments 42.6 38.8 Change in working capital 2.5 -1.0 Dividends received 0.6 0.2 Interest received 0.1 0.2 Interest paid -5.5 -7.2 Taxes paid -14.8 -9.8 Net cash flow from operating activities 81.3 73.8 Investing activities Acquisitions of tangible assets -1.0 -1.2 Acquisitions of intangible assets -2.7 -3.3 Proceeds from sale of tangible and intangible assets 0.0 0.1 Other investments -0.2 0.0 Business acquisitions less cash and cash equivalents at the time of acquisition -19.3 -18.4 Proceeds from sale of businesses less cash and cash equivalents at the time of sale 0.0 0.1 Cash flows from/(used in) investing activities -23.2 -22.6 MEUR Note 1 January–31 December 2025 1 January–31 December 2024 Cash flow before financing activities 58.1 51.2 Financing activities Long ‑ term loans taken 0.0 0.0 Repayment of non ‑ current loans -20.0 -15.0 Current loans taken 24.0 8.0 Repayment of current loans -24.0 -8.0 Payments of lease liabilities -7.2 -7.0 Acquisition of own shares -2.5 -2.0 Dividends paid and capital repayment 3.8 -38.2 -37.4 Financing activities -67.9 -61.4 Change in cash and cash equivalent funds (increase + / decrease ‑ ) -9.8 -10.2 Cash and cash equivalents at beginning of period 3.2 42.5 52.4 Effect of change in foreign exchange rates -0.2 0.3 Cash and cash equivalents at end of period 3.2 32.5 42.5 Consolidated cash flow statement ANNUAL REPORT 2025 86FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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MEUR Note Share capital Share premium reserve Foreign curren- cy translation reserve Invested non-restricted equity fund Retained earnings Equity att- ributable to the owners of parent Non-controlling interest Total equity Equity 1 Jan 2025 45.3 7.7 -1.3 19.0 161.8 232.6 2.3 234.9 Profit for the period 55.4 55.4 0.3 55.7 Other comprehensive income Translation differences 2.3 2.3 2.3 It ems arising due to the redefinition of net defined benefit liability (or asset item) 0.0 0.0 0.0 Transactions with equity holders Dividends paid by parent -37.9 -37.9 -37.9 Share of subsidiaries’ dividends allocated to non ‑ controlling interests -0.3 -0.3 -2.8 -2.8 -2.8 Acquisition of own shares -2.5 -2.5 -2.5 Tax‑ like payments related to shares transferred in connection with the share ‑ ba‑ sed incentive scheme 0.0 0.0 0.0 Performance ‑ based proportion of the share ‑ based incentive scheme recognised for the financial year -2.7 -2.7 -2.7 Acquisitions and other changes in non ‑ controlling interests 4.7 4.7 4.7 Capital repayments -0.7 -0.7 -1.2 -1.9 Equity 31 Dec 2025 3.8 45.3 7.7 1.0 19.0 175.3 248.3 1.1 249.5 Equity 1 Jan 2024 45.3 7.7 0.5 19.1 147.7 220.3 2.5 222.8 Profit for the period 52.3 52.3 0.3 52.6 Other comprehensive income Translation differences -1.8 -1.8 -1.8 It ems arising due to the redefinition of net defined benefit liability (or asset item) 0.30 0.3 0.3 Transactions with equity holders Dividends paid by parent -37.0 -37.0 -37.0 Share of subsidiaries’ dividends allocated to non ‑ controlling interests -0.3 -0.3 Acquisition of own shares -2.0 -2.0 -2.0 Tax‑ like payments related to shares transferred in connection with the share ‑ ba‑ sed incentive scheme -2.6 -2.6 -2.6 Performance ‑ based proportion of the share ‑ based incentive scheme recognised for the financial year 3.4 3.4 3.4 Acquisitions and other changes in non ‑ controlling interests -0.3 -0.3 -0.3 -0.5 Capital repayments -0.1 -0.1 -0.1 Total equity 31 December 2024 3.8 45.3 7.7 -1.3 19.0 161.8 232.6 2.3 234.9 Consolidated statement of changes in equity ANNUAL REPORT 2025 87FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Accounting principles used in the consolidated financial statements Basic information on the Group Alma Media Corporation (1944757‑4) is an innovative group focusing on digital services and jo urnalistic media content. The company’s best‑ known brands are Kauppalehti, Talouselämä, Iltalehti, Etuovi.com, Nettiauto and Jobly. Alma Media generates sustainable growth from media to services, providing content and services that benefit users in their everyday lives, work and leisure time. Alma Media operates in 10 European countries. The Group’s parent company Alma Media Corporation is a Finnish public company established under Finnish law, domiciled in Helsinki at Alvar Aallon katu 3 C, PL 140, FI ‑ 00100 Helsinki, Finland. A copy of the consolidated financial statements is available online at www.almamedia.fi or from the parent company head office. The Board of Directors approved the financial statements for disclosure on 24 February 2026. According to the Finnish Limited Liability Companies Act, shareholders have the oppor‑ tunity to approve or reject the financial statements at the General Meeting of Shareholders held after publication. The figures in the financial statements are independently rounded. Accounting principles The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS). The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2025 have been applied. International Financial Reporting Standards refer to the standards and their interpretations approved for application in the EU in accordance with the procedure stipulated in EU regulation (EU) no 1606/2002 and embodied in Finnish accounting legislation and the statutes enacted under it. The notes to the consolidated financial statements also comply with Finnish accounting and company legislation. Alma Media publishes the Annual Report as an XHTML file in accordance with the European Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF require‑ ments, the primary financial statements and notes have been labelled with XBRL tags. The consolidated financial statements are based on the purchase method of accounting unless otherwise specified in the accounting principles below. The figures in the tables in the financial statements are presented in millions of euros except where presenting the figures at a greater level of accuracy is deemed to be appropriate. Changes in accounting principles The changes in IFRS standards that entered into effect in the financial year 2025 mainly con‑ sisted of amendments to existing standards, and they had no material effect on Alma Media’s consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, applicable for financial years beginning on or after 1 January 2027, will replace IAS 1 Presentation of Financial Statements. The standard will have an effect on the presentation of Alma Media Corporation's primary financial statements and notes. Alma Media Corporation has not identified any other new standards, amendments to stan‑ dards or interpretations published by the IASB that will be applied for the first time in report‑ ing periods beginning on or after 1 January 2025 and that are expected to have a significant impact on Alma Media Corporation’s result, financial position or presentation of the financial statements. Translation of items denominated in foreign currencies Figures in the consolidated financial statements are shown in euro, the euro being the func‑ tional and presentation currency of the parent company. Foreign currency items are entered in EUR at the rates prevailing at the transaction date. Monetary foreign currency items are translated into EUR using the rates prevailing at the balance sheet date. Non ‑ monetary for‑ eign currency items are measured at their fair value and translated into EUR using the rates ANNUAL REPORT 2025 88FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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prevailing at the balance sheet date. In other respects non‑monetary items are measured at th e rates prevailing at the transaction date. Exchange rate differences arising from sales and purchases are treated as additions or subtractions respectively in the statement of compre‑ hensive income. Exchange rate differences related to loans and loan receivables are taken to other finance income and expenses in the profit or loss for the period. The income statements of foreign Group subsidiaries are translated into EUR using the weighted average rates during the period, and their balance sheets at the rates prevailing on the balance sheet date. Goodwill arising from the acquisition of foreign companies is treated as assets and liabilities of the foreign units in question and translated into EUR at the rates prevailing on the balance sheet date. Translation differences arising from the consolidation of foreign subsidiaries and associated companies are entered under shareholders’ equity. Exchange differences arising on a monetary item that forms part of the reporting entity’s net investment in the foreign operation shall be recognised in the balance sheet and reclassified from equity to profit or loss on disposal of the net investment. Operating profit and EBITDA IAS 1 Presentation of Financial Statements does not include a definition of operating profit or gross margin. Gross margin is the net amount formed when other operating profit is added to net sales, and material and service procurement costs adjusted for the change in invento‑ ries of finished and unfinished products, the costs arising from employee benefits and other operating expenses are subtracted from the total. Operating profit is the net amount formed when other operating profit is added to net sales, and the following items are then subtracted from the total: material and service procurement costs adjusted for the change in inventories of finished and unfinished products; the costs arising from employee benefits; depreciation, amortisation and impairment costs; and other operating expenses. All other items in the profit or loss not mentioned above are shown under operating profit. Exchange rate differences and changes in the fair value of derivative contracts are included in operating profit if they arise on items related to the company’s normal business operations. Otherwise they are recognised in financial items. Adjusted items Adjusted items are income or expense arising from non‑recurring or rare events. Gains or lo sses from the sale or discontinuation of business operations or assets, acquisition ‑ related transaction costs and other items recognised through profit or loss, and gains or losses from restructuring business operations as well as impairment losses of goodwill and other assets are recognised by the Group as adjusted items. Adjusted items are recognised in the profit and loss statement within the corresponding income or expense group. Adjusted items are described in the Report by the Board of Directors. Accounting principles requiring management’s judgement and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS standards requires the management to make estimates and assumptions which may differ from actual results in the future. The management is also required to use its discretion as to the applica‑ tion of the accounting principles used to prepare the statements. The management of the Group makes judgement ‑ based decisions pertaining to the selection and application of the accounting principles used in the financial statements. This particularly applies in cases where the existing IFRS regulations allow for alternative methods of recogni‑ tion, measurement and presentation. Alma Media has identified subscription products and customer loyalty products in accor‑ dance with the provisions of IFRS 15. As the item prices of these products are not material, they are not treated as separate performance obligations based on the management’s assessment of materiality. The revenue derived from such products is recognised as part of the main products. According to IFRS 15 Revenue from Contracts with Customers, an entity shall recognise reve‑ nue when it satisfies a performance obligation by transferring a promised good or service to a customer. Alma Media’s exception to the revenue recognition practices required by IFRS 15 is the recognition of revenue from credit packages associated with the recruitment business. ANNUAL REPORT 2025 89FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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In credit package transactions, the customer buys credits against which Alma Media provides advertising sales services during the validity of the credits, subject to an agreed ‑ upon price list. According to the management’s assessment, recognising revenue evenly over the con‑ tract period instead of a revenue recognition model based on actual use leads to essentially the same outcome as recognising revenue based on the use of the credits. The estimates made in conjunction with preparing the financial statements are based on the management’s best assessments on the reporting period end date. The estimates are based on prior experience, as well as future assumptions that are considered to be the most likely on the balance sheet date with regard to issues such as the expected development of the Group’s economic operating environment in terms of sales and cost levels. The Group monitors the realisation of estimates and assumptions, as well as changes in the underlying factors, on a regular basis in cooperation with the business units, using both internal and external sources of information. Any changes to these estimates and assumptions are entered in the accounts for the period in which the estimate or assumption is adjusted and for all periods thereafter. Future assumptions and key sources of uncertainty related to estimates made on the balance sheet date that involve a significant risk of changes to the book values of the Group’s assets and liabilities during the following financial year are presented below. The management has considered these components of the financial statements to be the most relevant in this re‑ gard, as they involve the most complicated accounting policies from the Group’s perspective and their application requires the most extensive application of significant estimates and as‑ sumptions: for example, in the valuation of assets. In addition, the effects of potential changes to the assumptions and estimates used in these components of the financial statements are estimated to be the largest. The company’s management has assessed the potential impacts of the climate on accounting estimates and judgements. The management has assessed that climate ‑ related issues do not currently have a significant impact on the items presented in the financial statements. The management monitors changes in legislation and will update the assessment and judge‑ ment ‑ based decisions as necessary. The determination of the fair value of intangible assets in conjunction with business com‑ binations is based on the management’s estimate of the cash flows related to the assets in question. The determination of the fair value of liabilities related to contingent considerations arising from business combinations are based on the management’s estimate. The key vari‑ able in the change in fair value of contingent considerations is the estimate of future operating profit. Impairment tests: The Group tests goodwill and intangible assets with an indefinite useful life for impairment annually and reviews any indications of impairment in the manner described above. The amounts recoverable from cash ‑ generating units are recognised based on calcu‑ lations of their fair value. The preparation of these calculations requires the use of estimates. The estimates and assumptions used to test major goodwill items for impairment, and the sensitivity of changes in these factors with respect to goodwill testing is described in more detail in the note which specifies goodwill. Useful lives: Estimating useful lives used to calculate depreciation and amortisation also requires management to estimate the useful lives of these assets. The useful lives applied for each type of asset are listed in the notes under 2.2 Property, Plant and Equipment and 2.1 Intangible Assets. Other estimates: Other management estimates relate mainly to other assets, such as the current nature of receivables and capitalised R&D costs, to tax risks, to determining pension obligations and to the utilisation of tax assets against future taxable income. For leases that are valid with a reasonable level of certainty but have a short period of no‑ tice, the financial statements also include an assumption of the period of time the premises in question will be used in business operations. This estimate affects the balance sheet amount of lease liability for the leases for the premises in question. ANNUAL REPORT 2025 90FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Notes to the consolidated financial statements 1. Segments and operating profit 1.1 Information by segment Alma Media’s reportable segments consist of Alma Career, Alma Marketplaces and Alma News Media. Centralised services produced by the Group’s parent company, as well as cen‑ tralised support services for advertising and digital sales for the entire Group, are reported as non ‑ allocated items in segment reporting. The Group’s reportable segments correspond to the Group’s operating segments. Segment information is based on internal management reporting, which has been prepared in accor‑ dance with IFRS. Recruitment ‑ related services, such as Jobs.cz, Prace.cz, CV‑ Online, Profesia.sk, MojPosao. net, MojPosao.ba, Jobly, the Seduo online training service and Prace za rohem, are report‑ ed under the Alma Career segment. In addition to enhancing job advertising, Alma Career’s objective is to expand the business into new services to support the needs of job ‑ seekers and employers, such as job advertising ‑ related technology, digital staffing services and training. Alma Career operates in nine countries. The Alma Marketplaces segment consists of a broad product portfolio of dozens of consumer and corporate brands. The Alma Marketplaces segment includes marketplaces and systems in the housing, business premises and mobility verticals, comparison services, as well as services targeted at companies and professionals. Alma Marketplaces operates in Finland and Sweden. The business of the Alma Marketplaces segment includes Finland’s leading housing market‑ place Etuovi.com, the housing rental marketplace Vuokraovi.com and Objektvision, which is a marketplace for business premises rental that operates in Sweden. The segment also includes the automotive marketplaces Nettiauto, Autotalli.com and Nettimoto, as well as sales sys‑ tems that serve companies in the housing and automotive verticals. In addition, the segment includes comparison services, such as Autojerry, Urakkamaailma and Etua. The segment also offers professionals a comprehensive range of services related to company information, real estate information and law. Alma Marketplaces' competitiveness is based on the excellent reach of media and services as a digital network, the unique user data pool, and developing industry verticals. Alma News Media is a digital news media in the Finnish market and a pioneer in paid digital content. Alma News Media has Finland's leading digital advertising network. The Alma News Media business segment includes Iltalehti, which is Finland'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. The segments’ assets and liabilities are items used by the respective segments in their business operations The Group’s business is mainly divided between two geographical areas: Finland and the rest of Europe. Alma Career operates in Finland and in eight other European countries, principally the Czech Republic and Slovakia. The Alma Marketplaces segment's business operations are located in Finland and Sweden. The Alma News Media segment operates in Finland. 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 2025 and 2024: ANNUAL REPORT 2025 91FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Revenue MEUR 2025 Share of total, % 2024 Share of total, % Segments, Finland 213.5 65.3 200.3 64.2 Segments, Czech 61.8 18.9 59.5 19.0 Segments, other countries 51.8 15.8 52.5 16.8 Total 327.1 100.0 312.7 100.0 Operating profit MEUR 2025 Share of total, % 2024 Share of total, % Segments, Finland 34.6 44.6 34.5 46.8 Segments, Czech 32.3 41.5 27.9 38.0 Segments, other countries 23.8 30.6 22.3 30.4 Segments total 90.8 116.7 84.6 115.2 Non ‑ allocated * -13.0 -16.7 -11.2 -15.2 Total 77.8 100.0 73.4 100.0 * The non‑allocated operations comprise the common services produced by the parent company. Assets MEUR 2025 Share of total, % 2024 Share of total, % Finland 422.0 80.9 417.2 79.3 Other countries 99.6 19.1 108.8 20.7 Eliminations 0.0 0.0 0.0 0.0 Total 521.6 100.0 526.1 100.0 213.5 200.3 61.8 59.5 51.8 52.5 0 50 100 150 200 250 300 350 2025 2024 Revenue Other countries Czechia Finland MEUR 23.9 22.3 32.3 27.9 34.6 34.5 -13.0 -11.2 -20 0 20 40 60 80 100 2025 2024 Operating profit Non-allocated Finland Czechia Other countries MEUR ANNUAL REPORT 2025 92FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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16.8 0.0 327.1 312.7 -0.9 -1.4 2024 Alma Career Alma Marketplaces Alma News Media Shared services 2025 Chart TitleMEUR Change in revenue, 2024-2025 Revenue MEUR Alma Career Alma Mar- ketplaces Alma News Media Segments, total Non-allocated items and elimi- nations Group Financial year 2025 Revenue External revenue 106.8 115.1 105.1 326.9 0.2 327.1 Inter‑ segment revenue -0.5 0.1 1.2 0.8 -0.8 0.0 Segments total 106.3 115.1 106.3 327.7 -0.6 327.1 Financial year 2024 Revenue External revenue 107.5 98.2 106.6 312.3 0.4 312.7 Inter ‑ segment revenue -0.3 0.0 1.1 0.8 -0.8 0.0 Segments total 107.2 98.2 107.7 313.1 -0.4 312.7 Profit for the period MEUR Alma Career Alma Mar- ketplaces Alma News Media Segments, total Non-allocated items and elimi- nations Group Financial year 2025 EBITDA excluding adjusted items 45.5 44.0 18.8 108.3 -7.9 100.4 Depreciation, amortisation and impairment -2.6 -9.6 -1.6 -13.8 -4.5 -18.3 Adjusted operating profit/ loss 42.9 34.4 17.2 94.5 -12.4 82.1 Adjusted items -0.5 -2.3 -1.0 -3.7 -0.5 -4.3 Operating profit/loss 42.4 32.1 16.3 90.8 -13.0 77.8 Share of profit of associated companies 0.9 0.0 0.0 0.9 0.0 0.9 Net financial expenses 0.1 -0.4 -0.2 -0.5 -7.5 -8.0 Profit before tax and ap- propriations 43.4 31.7 16.1 91.2 -20.5 70.7 Income tax 0.0 -15.0 -15.0 Profit for the period 43.4 31.7 16.1 91.2 -35.5 55.7 5.9 1.7 -1.8 82.1 76.9 -0.6 2024 Alma Career Alma Marketplaces Alma News Media Shared services 2025 MEUR Change in adjusted operating profit, 2024-2025 ANNUAL REPORT 2025 93FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Profit for the period MEUR Alma Career Alma Market - places A lma News Media Reportable seg- ments total Non-allocated items and elimi- 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 Operating profit excluding adjusted items 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 appropriations 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 Assets and liabilities MEUR Alma Career Alma Market - places A lma News Media Segments, total Non-allocated items and elimi- nations Group Financial year 2025 Assets 85.9 283.4 72.0 441.3 77.0 518.2 Investments in associated companies and joint ventures 3.3 0.0 0.0 3.3 0.1 3.4 Assets, total 89.2 283.4 72.0 444.6 77.0 521.6 Liabilities, total 45.3 28.9 16.8 91.0 181.1 272.1 Capital expenditure 0.5 21.4 0.6 22.5 0.4 22.9 Financial year 2023 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 The assets not allocated to segments comprise financial assets and tax receivables. Liabilities not allocated to segments are financial and tax liabilities. ANNUAL REPORT 2025 94FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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1.2 Operating income 1.2.1 Revenue IFRS 15 includes a five-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue can be recognised over time or at a point in time, with the central criterion being the transfer of control. The revenue of marketplaces consists of display advertising and classified advertising revenue, as well as sales of digital services. Advertising revenue is recognised over time during the term of the advertisement. Revenue from the sales of advertisements with a long contract period (1–12 months) is recognised over the contract period. Advertising revenue consists of selling advertising space in the Group’s media and services, both online and in print. The performance obligations in marketplaces and media advertising are advertising online and in print publications, such as display advertising and classified advertising, and content marketing. Digital revenue from marketplaces and media is recognised over time, primarily based on the timing of the advertisement’s publication, while revenue from print advertising sales is recognised at a point in time, based on publication dates. Revenue from digital services is recognised over the contract period. Content revenue covers fees for content sold by the Group’s media. Content revenue is generated from the sale of content for both print and digital publications. Under content revenue, digital services and print pro- ducts are separate performance obligations, with print revenue recognised at a point in time, on the publication dates, and digital revenue recognised over time, during the term of the agreement, relative to calendar days. Other sales include the Alma Marketplaces segment’s book, event and training business and the sale of infor- mation services. Other revenue is recognised over time during the period in which the service is delivered. Alma Media also engages in business operations where Alma Media acts as an agent for services provided by external partners. In these cases, Alma Media does not have primary responsibility for the fulfilment of the contract. The net amount of consideration is recognised as revenue when the sales transaction occurs. Agency sales represent a small proportion of total revenue. Transaction prices are list prices or contractual customer-specific prices, less other items that reduce the amount of expected consideration, such as discounts granted. Alma Media’s contracts typically do not include variable amounts of consideration where the related uncertainty would only be resolved after the performance obligation has been fulfilled. Due to the nature of Alma Media’s products and services, returning them is not possible as a rule. Accordingly, no refund liabilities arise from their sale. When the period between the transfer of the product or service to the customer and the customer paying for it is one year or less, Alma Media app- lies the practical expedient by which it does not need to recognise a significant financing component nor adjust the transaction price for the effects of the time value of money. As a rule, the subscriptions associated with content revenue are paid at the start of the subscription period. As a rule, sales generated in other revenue categories are paid at the beginning of the contract period. Payments received from customers are treated as prepayments on the balance sheet, from where the prepayments are recognised as revenue as the performance obligations are transferred to customers; for example, based on the publication dates of the print products included in subscriptions. Alma Media has incremental costs of obtaining contracts, such as commissions on the sale of publications. Alma Media applies the practical expedient and does not recognise an asset from the costs incurred to obtain a contract. The costs would be recognised as expenses in one year or less. The balance sheet items related to contracts with customers are included in trade receivables, which are described in more detail in note 3.7, and in advances received, which totalled MEUR 46.9 (42.6) on 31 December 2025. 2025 MEUR Alma Career Alma Mar- ketplaces Alma News Media Segments, total Non-allocated items and elimina- tions* Group Classified 86.9 39.1 0.0 126.0 0.5 126.5 Advertising 3.1 10.1 46.3 59.5 -0.6 58.9 Digital services 11.4 56.5 0.0 67.9 -0.1 67.7 Content 0.0 0.0 50.8 50.8 50.8 Other 5.0 9.4 9.2 23.6 -0.4 23.2 Total 106.3 115.1 106.3 327.7 -0.6 327.1 * Other revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with respect to the consolidated financial statements. 2024 MEUR Alma Career Alma Mar- ketplaces Alma News Media Segments, total Non-allocated items and elimina- 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 45.9 0.0 56.6 -0.1 56.5 Content 50.6 50.6 50.6 Other 5.8 7.8 9.9 23.5 -0.2 23.3 Total 107.2 98.3 107.7 313.2 -0.6 312.7 * Other revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with respect to the consolidated financial statements. ANNUAL REPORT 2025 95FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
Page 96
1.2.2 Other operating income MEUR 2025 2024 Gains on sale of non ‑ current assets 0.1 0.2 Other operating income 0.3 0.2 Total 0.4 0.4 1.3.3 Employee benefits expense Employee benefits cover short-term employee benefits, other long-term benefits, benefits paid in connec- tion with dismissal and post-employment benefits. Short-term employee benefits include salaries and benefits in kind, annual holidays and bonuses. Other long- term benefits include, for example, a celebration, holiday or remuneration based on a long period of service. Benefits paid in connection with dismissal are benefits that are paid due to the termination of an employee’s contract and not for service in the company. Post-employment benefits comprise pension and benefits to be paid after termination of the employee’s contract, such as life insurance and healthcare. These benefits are classified as either defined contribution or defined benefit plans. The Group has both forms of benefit plans. The accounting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through profit or loss at the earlier of the following: when the plan is rearranged or downsized, or a when the entity recognises the related rearrangement expenses or bene- fits related to the termination of employment. MEUR 2025 2024 Wages, salaries and fees 98.6 96.0 Pension costs – defined contribution plans 14.4 14.0 Share ‑ based payment transaction expense 4.7 3.4 Other payroll‑ related expenses 9.5 8.8 Total 127.1 122.3 1.3 Operating expenses 1.3.1 Materials and services MEUR 2025 2024 Use of materials and supplies External services 33.8 34.9 Total 33.8 34.9 Materials and services 33.8 34.9 1.3.2 Research and development expenses The Group’s research and development costs in 2025 totalled MEUR 6.0 (15.4). MEUR 5.3 (5.5) was recognised in the income statement and development expenses of MEUR 0.7 (9.9) were capitalised on the balance sheet in 2025 (including transfers from purchases in progress). There were capitalised research and development expenses totalling MEUR 9.4 (13.1) on the balance sheet on 31 December 2025. ANNUAL REPORT 2025 96FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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62% 38% Personnel Finland International Average number of employees, calculated as full-time employees (excl. telemarketers) 2025 2024 Alma Career 591 678 Alma Marketplaces 389 345 Alma News Media 419 458 Shared operations 250 178 Total 1,649 1,660 Telemarketers on average 136 148 1.3.4 Other operating expenses Specification of other operating expenses by category: MEUR 2025 2024 Information technology and telecommunication 36.0 34.1 Business premises 2.4 2.8 Sales and marketing expenses 13.7 12.1 Administration and experts 6.9 6.5 Other employee costs 7.6 7.4 Other expenses 3.1 2.2 Total 69.8 65.0 1.3.5 Audit expenses EUR 1,000 2025 2024 Companies belonging to the Ernst & Young chain Audit 287.5 291.1 Tax consultation 25.8 25.0 Statutory reporting and opinions 57.3 68.1 Total 370.6 385.0 The non‑audit services provided by Ernst & Young Oy for Alma Media Group companies in the f inancial period 2025 totalled EUR 83.1 thousand. ANNUAL REPORT 2025 97FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
Page 98
1.4 Salaries, bonuses and share-based payments paid to management The reward scheme of the President and CEO of Alma Media Corporation and other senior management consists of a fixed monetary salary (monthly salary), fringe benefits (company car, bicycle and mobile telephone benefit), an incentive bonus related to the achievement of financial and operational targets (short ‑ term reward scheme) and a share ‑ based incentive scheme for key employees of the Group (long ‑ term reward scheme) as well as a pension benefit for management. 1.4.1 Salaries and bonuses paid to management Parent company President and CEO (Kai Telanne) EUR 1,000 2025 2024 Salaries and other short‑ term employee benefits 1,174.9 942.4 Post‑ employment benefits 552.0 499.9 Incentive schemes implemented and paid in the form of shares 1,329.3 1,045.8 Total 3,056.3 2,488.0 The figures in the table are presented on an accrual basis. In 2025, the salary and benefits paid to the President and CEO of the Group totalled EUR 2,963,310 (2024: EUR 2,692,415). Pension benefits of the President and CEO: In addition to statutory employment pension security, the President and CEO has a defined contribution group pension benefit. 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 fixed annual salary. The President and CEO’s retirement age is 60 years at the earliest. The pension is determined on the basis of the insurance savings accrued by the time of retirement. Retirement can be post‑ poned up to 70 years of age. In this case, the pension is determined on the basis of insurance savings adjusted according to the value development of the investment objects. Notice period of the President and CEO: The notice period of the President and CEO is six months. An additional contractual com‑ pensation equal to 12 months’ salary is paid if the employer terminates his contract without the President and CEO being in breach of contract. This compensation corresponding to the 12 ‑ month salary is not paid if the President and CEO resigns on his own initiative. Alma Media’s Board of Directors decides on the appointment and, as necessary, dismissal of the President and CEO. Other members of the Group Executive Team EUR 1,000 2025 2024 Salaries and other short‑ term employee benefits 2,673.9 2,593.1 Post‑ employment benefits 889.2 861.1 Incentive schemes implemented and paid in the form of shares 2,112.7 1,572.3 Total 5,675.8 5,026.5 The figures in the table are presented on an accrual basis. In 2025, the salary and benefits paid to the other members of the Group Executive Team totalled EUR 5,642,388 (2024: EUR 5,085,416). Board of Directors of Alma Media Corporation and benefits paid to its members EUR 1,000 2025 2024 Catharina Stackelberg ‑ Hammarén, Chair of the Board 95.2 86.8 Eero Broman, Deputy Chair 56.4 54.2 Heikki Herlin, member 45.9 41.8 Ari Kaperi, member 51.9 41.8 Marika Auramo, member since 10 April 2025 45.9 Hanna Kivelä, member since 10 April 2025 44.9 Alexander Lindholm, member 47.9 42.8 Peter Immonen, member until 10 April 2025 3.5 43.8 Esa Lager, member until 10 April 2025 4.5 48.8 Kaisa Salakka member until 10 April 2025 1.5 41.8 Total 397.6 401.8 ANNUAL REPORT 2025 98FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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The remuneration of the Board of Directors presented in the table is shown on an accrual basis. According to the resolution of the General Meeting, the benefits to the Board members are paid as shares of Alma Media Corporation. Salaries and benefits to the Board of Directors, the President and CEO, and other members of the Group Executive Team, total EUR 1,000 2025 2024 Salaries and other short‑ term employee benefits 4,246.5 3,937.3 Post‑ employment benefits 1,441.2 1,361.0 Incentive schemes implemented and paid in the form of shares 3,441.9 2,618.1 Total 9,129.6 7,916.4 1.4.2 Share-based retention and incentive schemes Share-Based incentive scheme (LTI 2019) In December 2018, the Board of Directors of Alma Media Corporation decided on changes to the share ‑ based, long ‑ term incentive scheme of the company’s top management. At the same time, the Board of Directors decided to establish a new share ‑ based long ‑ term incentive scheme for the other key employees of Alma Media Corporation. The new incentive scheme entered into effect from the beginning of 2019. In February 2022, the Board of Directors of Alma Media Corporation decided on the com‑ mencement of a new period under the long ‑ term share ‑ based incentive scheme for senior management (MSP 2022). The Board of Directors further decided on the commencement of a new period under the performance ‑ based share ‑ based incentive scheme aimed at middle management and selected key employees (PSP 2022). The rewards earned under the pro‑ gramme were paid in spring 2025. In February 2023, the Board of Directors of Alma Media Corporation decided on the com‑ mencement of a new period under the long ‑ term share ‑ based incentive scheme for senior management (MSP 2023). The Board of Directors further decided on the commencement of a new period under the performance ‑ based share ‑ based incentive scheme aimed at middle management and selected key employees (PSP 2023). In February 2024, the Board of Directors of Alma Media Corporation decided on the com‑ mencement of a new period under the long ‑ term share ‑ based incentive scheme for senior management (MSP 2024). The Board of Directors further decided on the commencement of a new period under the performance ‑ based share ‑ based incentive scheme aimed at middle management and selected key employees (PSP 2024). In February 2025, the Board of Directors of Alma Media Oyj decided on the commencement of a new period in the long ‑ term share ‑ based incentive plan for the Group Executive Team (MSP 2025). In addition, the Board decided on the commencement of a new period in the per‑ formance share plan targeted at middle management and selected key employees (PSP 2025). The Annual General Meeting of Alma Media Corporation held on 10 April 2025 authorised the Board of Directors to decide on the repurchase of a maximum of 824,000 shares in one or more lots, and further authorised the Board of Directors to decide on a share issue by trans‑ ferring shares in possession of the company to implement incentive programmes. Recognition of share-based incentives Share‑based incentives are recognised in their entirety as equity‑settled share‑based pay‑ m ent transactions. Share ‑ based incentives payable on the basis of incentive schemes are paid in shares in net amounts after deducting taxes from the amount payable in shares. The incentives are based on the market price of Alma Media’s share on the grant date and rec‑ ognised as an employee benefit expense over the vesting period with corresponding entries in equity. ANNUAL REPORT 2025 99FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Principal terms and conditions of the performance share plan: Instrument Performance Matching Plan MSP 2025 Performance Matching Share Plan PSP 2025 AGM date/Date of issuing 10 Apr 2025 10 Apr 2025 Maximum number of shares 965,600 306,000 Dividend adjustment No No Initial allocation date 26 Apr 2025 19 Feb 2025 Performance period begins 1 Jan 2025 1 Jan 2025 Performance period ends 31 Dec 2027 31 Dec 2027 Vesting date 28 Feb 2028 29 Feb 2028 Maximum contractual life, years 3.1 3.0 Remaining contractual life, years 2.2 2.2 Maximum number of people entitled to participate 10 90 Payment method Cash & share Cash & share Instrument Performance Matching Plan MSP 2023 Performance Matching Share Plan PSP 2022 Performance Matching Plan MSP 2022 AGM date/Date of issuing 4 Apr 2023 29 Mar 2022 29 Mar 2022 Maximum number of shares 630,000 290,000 528,000 Dividend adjustment No No No Initial allocation date 27 Apr 2023 16 Feb 2022 16 Feb 2022 Performance period begins 1 Jan 2023 1 Jan 2022 1 Jan 2022 Performance period ends 31 Dec 2025 31 Dec 2024 31 Dec 2024 Vesting date 28 Feb 2026 28 Feb 2025 28 Feb 2025 Maximum contractual life, years 2.8 3.0 3.0 Remaining contractual life, years 0.2 0.0 0.0 Maximum number of people entitled to participate 9 71 9 Payment method Cash & share Cash & share Cash & share Instrument Performance Matching Plan MSP 2024 Performance Matching Share Plan PSP 2024 Performance Matching Share Plan PSP 2023 AGM date/Date of issuing 4 Apr 2023 29 Mar 2022 4 Apr 2023 Maximum number of shares 840,000 284,000 290,000 Dividend adjustment No No No Initial allocation date 30 Apr 2024 5 Mar 2024 2 Mar 2023 Performance period begins 1 Jan 2024 1 Jan 2024 1 Jan 2023 Performance period ends 31 Dec 2026 31 Dec 2026 31 Dec 2025 Vesting date 28 Feb 2027 28 Feb 2027 28 Feb 2026 Maximum contractual life, years 2.8 3.0 3.0 Remaining contractual life, years 1.2 1.2 0.2 Maximum number of people entitled to participate 9 85 75 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 11.95 Share price at end of period, EUR 14.35 Dividend yield assumption, EUR 3.9 Valuation method Monte Carlo simulation Fair value on 31 December 2025, MEUR 6.9 Effect of the share-based incentive programme on the financial year’s result and financial position MEUR 2025 2024 Costs for the financial year, share ‑ based payments 4.7 3.4 Estimate of the total future share payable to the tax authorities of all current L TI incentive schemes after the financial period 11.8 7.0 ANNUAL REPORT 2025 100FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
Page 101
Changes during share plan period 1 Jan 2025 Performance Matching Plan MSP 2025 Performance Mat- ching Share Plan PSP 2025 Performance Mat- ching Plan MSP 2024 Performance Mat- ching Share Plan PSP 2024 Performance Matching Share Plan PSP 2023 Performance Matching Plan MSP 2023 Matching Share Plan MSP 2022 Performance Matching Share Plan PSP 2022 Total Outstanding at the beginning of the reporting period, pcs 717,200 266,000 238,000 455,134 439,115 216,000 2,331,449 Changes during the period Granted during the period 886,960 288,000 1,174,960 Forfeited during the period 12,000 12,000 10,000 34,000 Earned during the period 346,155 108,814 454,969 Expired during the period 92,960 107,186 200,146 31 Dec 2025 Outstanding at the end of the period, pcs 886,960 276,000 717,200 254,000 228,000 455,134 0 0 2,817,294 ANNUAL REPORT 2025 101FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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2 Tangible and intangible assets 2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the purchase price. the share of the non-controlling interest in the acquired entity and the purchaser’s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses. Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined. the product is technically feasible and economically viable. the product is expected to produce an economic benefit and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material. labour and testing as well as capitalised borrowing costs. if any. that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date. Patents. customer agreements. copyright and software licences with a finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead. these are tested annually for impairment. In Alma Media. intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. The useful lives of intangible assets are 3–10 years. MEUR Intangible rights Other intan- gible assets Advances. intangible Goodwill Total Financial year 2025 Acquisition cost 1 Jan 180.9 1.3 2.3 311.3 495.9 Increases 2.7 0.0 0.0 2.7 Acquisitions of business opera‑ tions 4.5 12.3 16.8 Decreases -2.8 0.0 -2.8 Exchange rate differences 1.4 0.8 2.2 Transfers between items 1.5 -1.5 0.0 0.0 Acquisition cost 31 Dec 188.2 1.3 0.8 324.4 514.9 Accumulated depreciation. amor‑ tisation and impairment 1 Jan 95.8 1.3 2.1 99.1 Accumulated depreciation in decreases and transfers -2.0 -2.0 Depreciation for the financial year 11.2 0.1 11.3 Impairment 0.4 0.4 Exchange rate differences 0.9 0.0 0.9 Accumulated depreciation. amortisation and impairments 31 Dec 106.3 1.4 2.1 109.8 Book value 1 Jan 85.4 0.0 2.3 309.1 396.8 Book value 31 Dec 84.9 0.0 1.0 322.5 408.3 Financial year 2024 Acquisition cost 1 Jan 169.4 1.6 6.9 300.1 478.1 Increases 1.4 1.9 3.3 ANNUAL REPORT 2025 102FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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MEUR Intangible rights Other intan- gible assets Advances. intangible Goodwill Total Acquisitions of business opera‑ tions 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 Allocation of intangibles with indefinite lives to cash-generating units The book value of intangible assets includes intangible rights totalling MEUR 62.8 which are not depreciated; instead. these rights are tested annually for impairment. In Alma Media. in‑ tangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. These non ‑ depreciated intangible rights are allocated to the cash ‑ generating units as follows: MEUR 2025 2024 Alma Career 16.7 16.3 Alma Marketplaces 35.7 34.2 Alma News Media 10.4 11.8 Assets with indefinite lives. total 62.8 62.2 ANNUAL REPORT 2025 103FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Allocation of goodwill to business operations: MEUR 2025 2024 A significant amount of goodwill has been allocated to the following cash ‑ ge‑ nerating units Alma Career 50.9 50.0 Alma Marketplaces 215.1 202.7 Alma News Media 56.3 56.3 Non-allocated goodwill 0.1 0.1 Total goodwill 322.5 309.0 Goodwill. intangible rights with indefinite useful lives and other long‑term assets are tested a t the level of cash generating units. In testing for impairment. the recoverable amount is the value in use. Impairment testing of goodwill and intangibles with indefinite lives On each balance sheet date. the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists. the recoverable amount of the asset is estimated. In addition. the recoverable amounts are assessed annually of goodwill. capitalised development costs for projects in progress and intangible assets with an indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell. or the value in use. The value in use refers to the estimated future net cash flows obtainable from the asset or cash-generating unit. discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-genera- ting unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impair- ment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impairment losses recognised on goodwill are never reversed. Following the model used before, estimated cash flows determined in the test are based on the Group’s strategic forecasts for the following three years confirmed by the Board of Directors and business units’ management. The years following this period are estimated by the management taking the business cycle into account. The calculations of value in use are based on a period of 5 years. The cash flow for the terminal year is determined on the basis of the cash flow of the most recent year of the forecast period and with 1% growth assump‑ tion. In addition to general economic factors, the main assumptions and variables used when determining cash flows for the media business are the growth assumptions for advertising and content sales in different market segments, the unit ‑ specific average cost of capital (discount rate), and the estimated development of revenue from marketplaces. The growth rate assumptions vary in different market segments and in different product categories. When evaluating growth, past events in the Group and the impact of business cycles are taken into account. The discount rate has been determined on a segment ‑ specific basis using the weighted aver‑ age cost of capital (WACC). The discount rate has been determined on a pre ‑ tax basis. The determination of the discount rate is based on the weighted average of the required returns on equity and interest‑ bearing debt. During the review period, the discount rate was updated based on market‑ specific data by an external, independent party. The calculations reflect a risk‑ adjusted WACC. where the asset beta is based on the median of a peer group and the capital structure (D/EV) on the industry ‑ average level of leverage as of the valuation date. In addition. a small company risk premium of approximately 1.0% has been applied. based on Alma Media’s market capitalisation as of the valuation date and the statistical analysis of small company risk premia conducted by Duff & Phelps.. Changes from 2024: No changes have been made to the cash‑generating units tested for the segments. New busi‑ n esses acquired within the Alma Marketplaces segment have been included in the cash ‑ gen‑ erating units subject to impairment testing. ANNUAL REPORT 2025 104FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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The most significant growth assumptions used in impairment testing Financial year 2024 Revenue growth assumption. % * Expense growth assumption. % * WACC before taxes. % Alma Career Finland, Czechia, the Baltic count- ries, Slovakia 3.7 0.5 10.8 Alma Marketplaces Finland, Sweden 4.8 4.3 9.2 Alma News Media Finland 2.0 2.2 9.3 Financial year 2024 Revenue growth assumption. % * Expense growth assumption. % * WACC before taxes. % Alma Career Finland, Czechia, the Baltic count- ries, Slovakia 4.8 0.7 11.15 Alma Marketplaces Finland, Sweden 4.1 2.7 9.6 Alma News Media Finland 0.9 0.1 9.7 * The growth assumptions are based on the annual averages for the period. Impairment losses and their allocation During the past financial year. the Group recognised MEUR 0.4 in impairment losses. which were allocated to trademarks. In the management’s view. there are no indications of impair‑ ment with regard to the other assets of Alma Media Group. During the previous financial year. the Group recognised MEUR 0.5 in impairment losses. which were allocated to other investments. Sensitivity analyses of impairment testing Goodwill allocated to new business areas, as well as goodwill arising from recent acqui‑ sitions, is more sensitive to impairment testing and, therefore, more likely to be subject to impairment loss when the above main assumptions change. In connection with the sensitivity analysis, the impact of an increase in the discount rate (at most 4%). a decrease in sales (at most 10%) and a decrease in the terminal year (at most 1%) on cash flows has been estimated. For the cash ‑ generating units. no somewhat probable change in the key assumptions would lead to the book value of a cash ‑ generating unit exceeding its value in use. The first imma‑ terial write ‑ downs of goodwill would take place in one CGU if the cash flow estimates for the CGU in question were to decrease by 54% or the discount rate were to increase by eight percentage points. The balance sheet value of associated companies is assessed in relation to the cash flow obtained from the companies (dividend income) in comparison to their net asset value or through other assessment of the company’s profit performance with respect to future cash flow estimates. Based on the analysis performed. the shares in associated companies do not include a risk of impairment. ANNUAL REPORT 2025 105FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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2.2 Property, plant and equipment Property, plant and equipment are measured at cost less depreciation, amortisation and impairment losses. The acquisition cost includes the costs arising directly from the acquisition of a tangible asset. In the event that a tangible asset comprises several components with different useful lives, each component will be recognised as a separate asset. Straight line depreciation is entered on the assets over their estimated useful lives. The estimated useful lives are: Buildings 30–40 y ears Structures 5 y ears Machinery and equipment 3–15 y ears The residual value and useful life of an asset are reviewed, at a minimum, at the end of each financial period and adjusted, where necessary, to reflect the changes in their expected useful lives. Gains and losses arising from the decommissioning and sale of tangible assets are recognised through profit and loss under other operating income and expenses. The gains or losses on sale are defined as the difference between the selling price and the remaining acquisition cost. MEUR Buildings and structures Machinery and equipment Other tangible assets Advance payments and purchases in progress Total Financial year 2025 Acquisition cost 1 Jan 78.4 6.5 2.2 0.2 87.3 Increases 1.0 1.0 0.4 0.0 2.2 Decreases -0.1 -0.4 -0.2 0.0 -0.7 Exchange rate differences 0.2 0.1 0.0 0.0 0.3 Transfers between items 0.0 0.2 0.0 -0.2 0.0 Acquisition cost 31 Dec 79.6 7.3 2.4 0.0 89.1 Accumulated depreciation, amortisation and impairment 1 Jan 43.5 5.0 0.3 48.9 Accumulated depreciation in decreases 0.0 -0.4 0.0 0.0 -0.4 Depreciation for the financial year 5.9 0.9 0.4 0.0 7.2 Exchange rate differences 0.0 0.1 0.0 0.0 0.1 Accumulated depreciation, amortisation and impairments 31 Dec 49.4 5.6 0.7 55.7 Book value 1 Jan 34.9 1.5 1.9 0.2 38.4 Book value 31 Dec 30.2 1.6 1.7 33.5 ANNUAL REPORT 2025 106FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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MEUR Buildings and structures Machinery and equipment Other tangible assets Advance payments and 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 2025 107FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Property, plant and equipment include right‑ of‑ use assets as follows*: MEUR Buildings Machinery and equipment Total Financial year 2025 Acquisition cost 1 Jan 77.0 4.4 81.4 Increases 1.0 0.7 1.7 Decreases -0.1 -0.1 Acquisition cost 31 Dec 78.0 5.1 83.0 Accumulated depreciation 1 Jan 42.8 3.6 46.4 Accumulated depreciation in decreases Depreciation for the financial year 5.7 0.9 6.6 Accumulated depreciation 31 Dec 48.4 4.3 52.6 Book value 31 Dec 29.6 0.8 30.5 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 * IFRS16 lease liabilities are discussed in note 3.3 ANNUAL REPORT 2025 108FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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3. Capital structure and financial expenses 3.1 Financial income and expenses Financial income presented by category of financial instrument MEUR 2025 2024 In terest income on held to maturity investments 0.1 0.2 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 Change in the fair value of interest rate and foreign currency derivative 0.1 0.5 Dividend income from assets measured at fair value through other comprehensi‑ ve income 0.2 0.2 Total 0.4 1.4 Financial expenses by category of financial instrument MEUR 2025 2024 In terest expenses from interest‑ bearing debts measured at amortised cost 4.8 7.4 Interest expenses from leases recognised on the balance sheet and measured at amortised cost 1.3 1.4 Foreign exchange gains and losses (loans and receivables) 1.9 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 0.2 Change in the fair value of interest rate and foreign currency derivative Changes in value of non ‑ current investments Other financial expenses 0.3 0.3 Total 8.4 9.1 3.2 Financial assets The Group’s financial assets are measured and classified according to IFRS 9 as follows: measured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items. The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date. Financial assets measured at amortised cost include trade receivables and other receivables. Impairment on trade receivables is recognised based on expected credit losses using the simplified approach described in Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expecta- tions of recovering the contractual cash flows. Indications that recovering the contractual cash flows cannot be reasonable expected to occur include a debtor experiencing considerable financial difficulties, the probability of bankruptcy, the failure to make payments or a payment being delayed by more than 180 days. Impairment losses recognised on trade receivables and contract assets are presented under other operating expenses in the income statement. Unquoted shares are measured at acquisition cost in the absence of a reliable fair value. Dividends received from shares are recognised in financial income when the right to the dividend is established. Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid investments. The Group has assessed that there are no material expected credit losses associated with cash and cash equivalents. The transaction date is generally used when recognising financial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash flows or when the Group has transferred a substantial portion of the risks and income to an external party. ANNUAL REPORT 2025 109FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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3.2.1 Other financial assets MEUR Balance shee t values 2025 Balance sheet values 2024 Non-current financial assets Assets measured at fair value through other comprehensive income Unquoted share investments, assets classified as held for sale 2.7 2.6 Assets measured at fair value through profit or loss Interest rate derivative 1.0 1.6 Total 3.7 4.1 Current financial assets Assets measured at fair value through profit or loss Interest rate derivative 0.9 1.1 Financial assets, total 0.9 1.1 Financial assets, total 4.5 5.3 Unquoted share investments are presented in the following table (Level 3): MEUR 2025 2024 A t beginning of period 2.6 2.6 Other increases 0.2 0.0 Decreases 0.0 At end of period 2.7 2.6 3.2.2 Cash and cash equivalents MEUR 2025 2024 Cash and bank accounts 32.5 42.5 Total 32.5 42.5 ANNUAL REPORT 2025 110FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combi- nations are based on the management’s estimate. The key variables in the change in fair value of contingent con- siderations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent conside- ration liabilities for the redemption of non-controlling interests is recognised in equity. Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial liabilities are measured at amortised cost. Financial liabilities are included in current and long-term liabilities and can be interest-bearing or non-interest bearing. Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner specified in IAS 23. Lease liabilities The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consideration in the cont- ract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards incidental to their ownership are recognised as a right-of-use assets and a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments • variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee’s incremental bor- rowing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. 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 contractual 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 financial expenses would be MEUR 0.3. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liabili- ty for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group’s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a signi- ficant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligations. ANNUAL REPORT 2025 111FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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The table describes the Group’s non‑current and current financial liabilities. MEUR 2025 2024 FINANCIAL LIABILITIES Non-current financial liabilities Financial liabilities measured at amortised cost Non ‑ current lease liabilities 25.5 30.3 Non ‑ current loans from credit institutions 125.0 145.0 Liabilities recognised at fair value through profit or loss Contingent consideration liabilities arising from the acquisition of business opera‑ tions 4.8 2.7 Other liabilities 0.1 0.1 Total 155.4 178.1 Current financial liabilities Based on amortised cost Lease liabilities 8.0 7.1 Short‑ term loans from credit institutions Liabilities recognised at fair value through profit or loss 3.2 Foreign currency derivatives 0.0 Contingent consideration liabilities arising from the acquisition of business opera‑ tions 3.2 Total 8.0 10.3 Financial liabilities total 163.4 188.4 The Group’s financial liabilities are denominated in euro and carry a variable interest rate. At the end of 2025, the Group’s interest‑ bearing liabilities consisted of a Term Loan and lease liabilities. The hedging of the interest rate risk is described in more detail in Note 3.7 Financial risks. The average payment ‑ based interest rate of the Group’s financial liabilities in 2025 was 3.1% (3.8% in 2024). Reconciliation of net debt MEUR Cash and cash equi- valents Lease liabilities within one year Lease liabilities after one year Loans within one year Loans after one year Total Net debt 1 Jan 2025 -42.5 7.1 30.3 145.0 140.0 Cash flows 10.0 -7.2 -20 -17.2 Change in IFRS 16 lease liability 1.0 1.0 Other non ‑ cash changes 8.1 -5.5 2.5 Net debt 31 Dec 2025 -32.5 8.0 25.5 0.0 125.0 126.0 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 2.2 Net debt 31 Dec 2024 -42.5 7.1 30.3 145.0 140.0 The Group has categorised items recognised at fair value through profit or loss according to the following hierarchy of fair values: MEUR 2025 2024 Level 2 Interest rate derivative 1.8 2.7 Foreign currency derivatives -0.0 Level 3 Contingent consideration liabilities arising from the acquisition of business operations -4.8 -5.9 Shares measured at fair value through comprehensive income 2.7 2.6 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active markets. Level 2 instruments’ fair values are, to a significant degree, based on inputs other than the quot‑ ed prices included in Level 1, but nevertheless on data that can be either directly or indirectly verified for the asset or liability in question. ANNUAL REPORT 2025 112FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Level 3 includes inputs concerning liabilities that are not based on observable market data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the ended finan‑ cial period and the previous financial period. The contingent consideration liabilities and liabilities related to the redemption of non ‑ con‑ trolling interests arose from acquisitions of business operations. They are based on the acquired businesses’ projected growth and profit performance during the period 2023–2027. Depending on individual agreements, the actual liabilities related to contingent consider‑ ations and the redemption of non ‑ controlling interests may vary. Based on the best available information, MEUR 4.8 in liabilities has been recognised in the financial statements on 31 December 2025 (MEUR 5.9 on 31 December 2024). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2025 31 Dec 2024 Fair value of the contingent consideration liability at the start of the period 5.9 7.0 New considerations 0.7 Considerations, settled in cash -3.8 -1.6 Change in fair value during the financial period * 2.0 0.5 Fair value of the contingent consideration liability at the end of the period 4.8 5.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy. The book values of financial liabilities correspond to their fair values. The table below separately describes the fair values of derivative contracts and the value of the underlying instruments. Derivative contracts MEUR 2025 2024 Interest rate derivative Fair value 1.8 2.7 Value of underlying instruments 80.0 80.0 Foreign currency derivative Fair value -0.0 Value of underlying instruments 7.9 ANNUAL REPORT 2025 113FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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The fair values of forward exchange contracts are determined using the market prices for contracts of similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using a method based on the present value of future cash flows, supported by market interest rates and other market information on the balance sheet date. The fair values correspond to the prices the Group would pay or recei- ve in an orderly transaction for the derivative contract in the prevailing market conditions on the balance sheet date. The maturity distribution of financial liabilities is described in more detail in Note 3.7. Financial risks Maturities of lease liabilities * MEUR 2025 2024 L ease liabilities – total minimum lease payments 2025 6.9 2026 7.5 7.1 2027 6.9 6.2 2028 5.8 5.1 2029 4.8 4.7 2030 3.6 Later 10.1 13.6 Total 38.8 43.6 Lease liabilities – present value of minimum lease payments 2025 7.4 2026 7.0 7.3 2027 6.2 5.3 2028 5.1 4.2 2029 4.1 3.7 2030 3.0 Later 8.0 9.6 Total 33.5 37.4 Financial expenses accruing in the future 5.3 6.2 * IFRS16 right-of-use assets are discussed in note 2.2. 3.4 Other leases Short-term leases with a term of less than 12 months and leases of low value, such as leases for ICT equip- ment, are treated as off-balance sheet liabilities. When the Group is the lessor, lease income is entered in the profit or loss on a straight-line basis over the lease term. The Group as the lessee Minimum lease payments payable based on other non ‑ cancellable leases: MEUR 2025 2024 Within one year 0.6 0.7 Within 1–5 years 0.7 0.8 Total 1.5 1.4 The Group as the lessor Minimum rental payments receivable based on other non ‑ cancellable leases: MEUR 2025 2024 W ithin one year 0.0 0.2 Within 1–5 years 0.0 0.2 Total 0.0 0.4 ANNUAL REPORT 2025 114FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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3.5 Pension obligations The Group has both defined contribution pension plans and defined benefit pension plans. The defined benefit pension plans comprise the Group’s old supplementary pension plans for personnel, which have already been discontinued and closed. The benefits associated with them include both supplementary pension benefits and death benefits. The Group’s defined benefit pension plans include both funded and un- funded pension plans. The unfunded pension plans are direct supplementary pension obligations, primarily for old employees who have already retired. The new supplementary pension benefits granted by the Group are defined contribution based pension plans. Obligations arising from defined benefit plans are calculated for each arrangement separately using the Proje- cted Unit Credit Method. Pension costs are recognised as expenses over the beneficiaries’ period of emplo- yment in the Group based on calculations made by authorised actuaries. The discount rate used in calculating the present value of the pension obligation is based on market yields on high quality corporate bonds issued by the company and, if this data is not available, on yields of government bonds. The maturity of corporate and government bonds and corresponds to a reasonable extent with the maturity of the pension obligation. The pension plan assets measured at fair value on the balance sheet date are deducted from the present value of the pension obligation to be recognised in the balance sheet. The net liabilities (or assets) associated with the defined benefit pension plan are recorded on the balance sheet. Service costs for the period (pension costs) and the net interest on the net liabilities associated with the defined benefit plan are recognised through profit or loss and presented under employee benefit expenses. Items (such as actuarial gains and losses and return on funded defined benefit plan assets) arising from the redefinition of the net liabilities (or assets) associated with the defined benefit plan are recognised in other comprehensive income in the period in which they arise. Present value of obligations and fair value of assets MEUR 2025 2024 P resent value of unfunded obligations 0.2 0.2 Present value of funded obligations 0.1 0.2 Fair value of assets -0.2 -0.2 Pension liability 0.2 0.2 The defined benefit pension obligation on the balance sheet is determined as follows: MEUR 31 Dec 2025 31 Dec 2024 Present value of obligations at start of period 0.4 0.7 Service cost during period 0.0 0.0 Interest cost 0.0 0.0 Actuarial gains and losses -0.0 -0.3 Restructuring of contracts -0.0 Payments of defined benefit obligations -0.1 -0.0 Present value of funded obligations at end of period 0.3 0.4 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 0.2 Net pension liability Pension liability 0.2 0.2 Pension asset 0.0 0.0 Net pension liability 0.2 0.2 The plan assets are invested primarily in fixed income or share‑based instruments, and they h ave an aggregate expected annual return of 3.0%. A more detailed specification of the plan assets is not available. The plan assets are considered to be included in the payment made to the insurance company. The assets are the insurance company’s responsibility and part of the insurance company’s investment assets. Accordingly, no specification of the assets can be presented. ANNUAL REPORT 2025 115FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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The defined benefit pension expense in the income statement is determined as follows MEUR 2025 2024 Service cost during period 0.0 0.0 Interest cost 0.0 0.0 Interest income 0.0 Restructuring of contracts -0.0 Actuarial gains and losses and adjustments -0.0 -0.3 Total -0.0 -0.3 Changes in liabilities shown on balance sheet MEUR 2025 2024 At beginning of period 0.2 0.5 Payments of defined benefit obligations -0.0 -0.0 Pension expense in income statement 0.0 0.0 Comprehensive income for the period -0.0 -0.3 Defined benefit pension liabilities on the balance sheet 0.2 0.2 A similar investment is expected to be made in the plan in 2026 as in 2025. Sensitivity analysis of the pension plan MEUR Pr esent value of pension obligation Change in present value of pension obligation, % Change of +0.5% ‑ p in the discount rate 0.3 -8.4 Change of +0.5% ‑ p in the salary increase assumption 0.1 0.1 Change of +0.5% ‑ p in the pension increase rate 0.4 7.2 The sensitivity analysis uses the same methods as the calculation of the pension obligation. Sensitivity is calculated for changes in the discount rate, the salary increase assumption, pension increases and the insurance company’s bonus index. Sensitivity has been calculated by changing one parameter at a time. Actuarial assumptions used % 2025 2024 Discount rate 3.5 3.1 Future salary increase assumption 3.0 3.0 Inflation assumption 2.0 2.0 Future increase in pension benefit 2.3 2.3 The duration of the pension plan is 8–12 years. The duration was calculated based on a dis‑ count rate of 3.5% (3.1%). Defined benefit plans expose the Group to several different risks, the most significant of which are the following: Asset volatility The calculation of the liabilities arising from the plans uses a discount rate based on the yield of bonds issued by the company. If the yield on the assets used for the plan is lower than this level, there will be a deficit. Inflation risk Some of the benefit obligations under the plans are tied to inflation, and higher inflation will lead to higher liabilities (although a ceiling for inflation adjustments has been set in most cases to protect the plan from unusually high inflation). Life expectancy As the majority of the obligations under the plans are related to providing lifelong benefits to the members, the expected increase in life expectancy will result in higher obligations under the plans. ANNUAL REPORT 2025 116FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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3.6 Working capital 3.6.1 Inventories Inventories are materials and supplies, work in progress and finished goods. Fixed overhead costs are capitalised to inventories in manufacturing. Inventories are measured at the lower of their acquisition cost or net realisable value. The net realisable value is the sales price expected to be received on them in the normal course of business less the estimated costs necessary to bring the product to comple- tion and the costs of selling. The acquisition cost is defined by the FIFO (first-in-first-out) method. Within Alma Media, inventories mainly consist of the products sold by the book business. MEUR 2025 2024 Finished products 0.8 0.7 Total 0.8 0.7 3.6.2 Trade and other receivables In recognising expected credit losses, the Group applies the simplified approach defined in IFRS 9, accor- ding to which a loss allowance based on lifetime expected credit losses is recognised for all trade receivables and contract assets. For the purposes of determining expected credit losses, trade receivables have been grouped on the basis of shared credit risk characteristics and delinquency in payment. Credit losses are recognised in other operating expenses. 31 Dec 2025 MEUR Current 5–30 days past due 31–120 days past due 121–180 days past due More than 180 days past due Total Expected loss rate 0.14% 0.92% 3.43% 32.99% 100% Gross carrying amount – trade receivables 22.5 3.1 0.8 0.0 0.9 27.2 Loss allowance 0.0 0.0 0.0 0.0 0.9 0.9 31 Dec 2024 MEUR Current 5–30 days past due 31–120 days past due 121–180 days past due More than 180 days 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 MEUR 2025 2024 T rade receivables 26.3 28.1 Receivables from associated companies Total 26.3 28.1 Receivables from others Prepaid expenses and accrued income 9.8 7.1 Other receivables 0.8 1.0 Total 10.6 8.1 Receivables, total 36.8 36.2 The book values of trade receivables, other current and non‑current receivables and other c urrent investments are estimated to correspond to fair values. The impact of discounting is not significant. ANNUAL REPORT 2025 117FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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The Group’s interest-bearing debt totalled MEUR 158.5 (182.4) on 31 December 2025. The inter‑ est‑ bearing debt consists of a Term Loan of MEUR 125 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 126.0 (140.0) on 31 December 2025. 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 0.3. 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 2025, 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 2025 was MEUR 1.8 (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 1.3. 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 2025, the average interest cost of the Group’s interest ‑ bearing liabilities was 3.1% (3.8%). Long-term capital funding To secure its long‑term financing needs, Alma Media uses capital market instruments, leasing or o ther financial arrangements. The table illustrates the maturity distribution of interest‑ b earing liabilities and other trade payables and short‑ term financial liabilities: 3.6.3 Trade payables and other liabilities The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not significant taking the maturity of the liabilities into account. The main items in accrued expenses and prepaid income are allocated wages, salaries and other employee expenses. MEUR 2025 2024 T rade payables 1.6 3.8 Owed to associated companies Trade payables 26.7 26.1 Other liabilities 10.2 9.6 Total 38.5 39.5 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. ANNUAL REPORT 2025 118FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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MEUR 31 Dec 2025 0–6 months 1 year 1–2 years 2–5 years Over 5 years Total Balance sheet value Loans from financial insti‑ tutions and interest 1.9 1.9 3.8 125.0 132.7 125.0 Contingent consideration liability 4.8 4.8 4.8 Lease liabilities 3.8 3.8 6.9 14.2 10.1 38.7 33.5 Trade payables 38.5 38.5 38.5 Total 44.2 5.7 15.5 139.2 10.1 214.68 201.8 MEUR 31 Dec 2024 0–6 months 1 year 1–2 years 2–5 years Over 5 years Total Balance sheet 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 deri‑ vative 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 Foreign exchange risks As an international company, Alma Media is exposed to various currency risks arising from fluctuations in exchange rates. Alma Media’s most significant currencies in addition to the euro are the Czech koruna, the Swedish krona and the US dollar. Transaction risk The transaction risk describes the impact of changes in foreign exchange rates on sales, pur‑ chases and balance sheet items denominated in foreign currencies Sales and purchases are mainly made in the operating currency of each Group company, which means that the trans‑ action risks of the Group’s cash flows from operating activities are moderate. For cash flows from financing activities, the transaction risk mainly arises from intra ‑ Group loans denomi‑ nated in the Czech koruna. The Group mainly hedges against transaction risks by operational means. Significant transaction risks that are known in advance are hedged. Translation risk A foreign exchange risk that arises from the translation of foreign investments into the func‑ tional currency of the parent company, the euro. The risk associated with translating long ‑ term net investments in foreign currencies is assessed on a regular basis. Should there be a clear and permanent risk of a currency devaluating, Group management may decide to hedge the company’s foreign currency exposure. There was no hedged open currency exposure related to translation risk on the balance sheet date. The Group’s open foreign currency derivatives on the balance sheet date are described in Note 3.3. Capital management risks Liquidity management 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 or 24 months. Alma Media agreed to exercise a 12 ‑ month extension option in December 2024 and to exercise a second extension option in December 2025. Following the exercise of the extension options, the matu‑ rity of the financing arrangement is 36 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 December 2025. 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 2025. Liquidity is assessed daily and liquidity forecasts are made at weekly, monthly and 12 ‑ month rolling intervals. On the balance sheet date, the company had a commercial paper programme of MEUR 100 in Finland. Within the programme, the company may issue commercial papers to a total value of MEUR 0–100. During the financial year, the Group took out MEUR 24.0 under the commercial paper programme and repaid MEUR 24.0. The commercial paper programme was unused on 31 December 2025. ANNUAL REPORT 2025 119FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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3.8 Information on shareholders’ equity and its management The Group classifies the instruments it has issued in either equity or liabilities (financial liabilities) based on their nature. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisi‑ tion of equity instruments are presented as a deduction from equity. If the Group acquires equity instruments of its own, their acquisition cost is deducted from equity. The following describes information on Alma Media Corporation’s shares and changes in 2025. Total number of shares Share capital, MEUR Share premium fund, MEUR Invested non-restricted equity fund, MEUR 1 Jan 2025 82,383,182 45.3 7.7 19.0 31 Dec 2025 82,383,182 45.3 7.7 19.0 The company has one share series and all shares confer the same voting rights, one vote per share. The shares have no nominal value. Book-entry securities system The company’s shares are registered in the book‑ entry system. Only such shareholders have the right to receive distributable funds from the company, and to subscribe to shares in conjunction with an increase in the share capital, 1) who are listed as shareholders in the shareholders’ register on the record date; or 2) whose right to receive payment is recorded in the book ‑ entry account of a shareholder listed in the shareholders’ register on the record date, and this right is entered in the shareholders’ register; or 3) whose shares, in the case of registered shares, are registered in their book ‑ entry account on the record date, and as required by section 28 of the Act on the Book-Entry System, the respective manager of the shares is listed on the record date in the shareholders’ register as the manager of said shares. Shareholders whose ownership is registered in the waiting list on the record date have the right to receive distributable funds from the company, and the right to subscribe to shares in conjunction with an increase in the share capital, provided they are able to furnish evidence of ownership on the record date. Credit risk The Group’s credit policy is described and documented in the Group credit management policy. The Group does not have significant risks of past due receivables because it has a large cus‑ tomer base and no individual customer will comprise a significant amount. During the financial year, credit losses of MEUR 0.6 (0.8) were recognised through profit or loss. These credit losses were caused by an unexpected change in customers’ economic environment. The maturity structure of trade receivables is presented in Note 3.6.2 Trade and other receivables. Capital management The aim of the Group’s capital management is to support business operations through an optimal capital structure and to secure normal business preconditions. The capital structure is influenced through dividend distribution, for example. The development of the Group’s capital structure is continuously monitored with gearing and equity ratio key figures. The financing arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt to EBITDA. The equity ratio must be at least 30% and the ratio of net debt to EBITDA must not exceed 3.5. The Group met the covenants on 31 December 2025, and there are no indications that the Group will have difficulties in meeting the covenants during the next 12 months. The following describes the values of these key figures in 2025 and 2024 as well as an itemisation of net debt and changes therein during the financial periods in question. Reconciliation of net debt MEUR 2025 2024 In terest‑ bearing long ‑ term liabilities 150.5 175.3 Short‑ term interest‑ bearing liabilities 8.0 7.1 Cash and cash equivalents 32.5 42.5 Net debt 126.0 140.0 Total equity 249.5 234.9 Gearing, % 50.5% 59.6% Equity ratio, % 52.6% 48.6% ANNUAL REPORT 2025 120FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Own shares Alma Media Corporation owns a total of 209,465 of its own shares, representing 0.3% of the total number of the company’s shares and related votes. The total registered number of Alma Media’s shares is 82,383,182, which carry 82,383,182 votes. Foreign currency translation reserve The translation differences fund comprises the exchange rate differences arising from the translation into EUR of the financial statements of the independent foreign units Share premium reserve In cases in which stock options have been decided during the time the previous Finnish Limited Liability Companies Act (29.9.1978/734) was in force, payments received for share subscriptions based on stock options have been recognised in share capital and the share premium reserve in accordance with the terms of the respective option programmes, less the transaction costs. Distributable funds The distributable funds of the Group’s parent company totalled EUR 182,390,270 on 31 December 2025. Dividend policy Alma Media aims to pay, on average, more than 50% of the profit for the period in dividends or capital repayments over the long term. Redemption of shares A shareholder whose proportional holding of all company shares, or whose proportional entitle‑ ment to votes conferred by the company shares, either individually or jointly with other share‑ holders, is or exceeds 33.3% or 50% is obligated on demand by other shareholders to redeem such shareholders’ shares. 3.8.1 Earnings per share Basic earnings per share are calculated by dividing the profit for the period attributable to the ordinary equity holders of the parent by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period. MEUR 2025 2024 Profit attributable to ordinary shareholders of parent 55.4 52.3 Number of shares (1,000 pcs) Weighted average number of shares for basic earnings per share 82,174 82,145 Incentive schemes 2,261 1,914 Diluted weighted average number of outstanding shares 84,435 84,059 Earnings per share (basic) 0.67 0.64 Earnings per share (diluted) 0.66 0.62 ANNUAL REPORT 2025 121FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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4. Consolidation 4.1 General principles of consolidation All subsidiaries are consolidated in the consolidated financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional purchase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit or loss at fair value on the last day of each reporting period. 4.2 Subsidiaries The Group’s parent and subsidiary relationships are as follows: Holding, % Share of votes, % Company Country 2025 2024 2025 2024 Parent company Alma Media Corporation Finland Alma Career BH d.o.o Bosnia and Herzegovina 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 Czechia s.r.o Czechia 100,0 100,0 100,0 100,0 Alma Career Estonia OÜ Estonia 100,0 100,0 100,0 100,0 Alma Career Latvia SIA Latvia 100,0 100,0 100,0 100,0 Alma Career Lithuania UAB Lithuania 100,0 100,0 100,0 100,0 Alma Career North Macedonia DOOEL Skopje North Macedonia 100,0 100,0 100,0 100,0 Alma Career Oy Finland 100,0 100,0 100,0 100,0 Alma Career Poland Sp. z.o.o Poland 100,0 100,0 100,0 100,0 Alma Career Slovakia s.r.o Slovakia 100,0 100,0 100,0 100,0 Alma Finanssipalvelut Oy Finland 100,0 100,0 100,0 100,0 Alma Media Finland Oy Finland 100,0 100,0 100,0 100,0 Digitaalinen asuntokauppa DIAS Oy Finland 80,5 80,5 80,5 80,5 Edilex Lakitieto Oy Finland 100,0 100,0 Effortia Oy Finland 100,0 100,0 Etua Oy Finland 100,0 100,0 100,0 100,0 Karenstock Oy Finland 100,0 100,0 100,0 100,0 Nelisa s.r.o Czechia 100,0 100,0 100,0 100,0 Objektvision AB Sweden 100,0 100,0 100,0 100,0 Suomen Tunnistetieto Oy Finland 100,0 75,0 100,0 75,0 Suoramarkkinointi Mega Oy Finland 100,0 100,0 100,0 100,0 ANNUAL REPORT 2025 122FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Subsidiaries discontinued during the financial year: Country Holding, % 2025 Holding, % 2024 Alma Career, spletno oglasevanje d.o.o. Slovenia 100.0 100.0 Itemisation of significant non-controlling interests in the Group: Subsidiary Country Holding, % 2025 Holding, % 2024 Digitaalinen asuntokauppa DIAS Oy Finland 19.5 19.5 Suomen Tunnistetieto Oy Finland 25.0 During the financial year 2025, Alma Media Corporation increased its shareholding in Suomen Tunnistetieto Oy. Alma Media acquired 25% of the company in 2021, 26% in 2023, 24% in 2024, and in 2025, the shareholding was increased to 100%. 4.3 Business combinations Subsidiaries acquired are consolidated from the time when the Group gains the right of control, and divest- ed subsidiaries until the Group ceases to exercise the right of control. All intra-Group transactions, receivables, liabilities and profits are eliminated in the consolidated financial statements. The distribution of the profit for the year between the parent company owners and non-controlling interest shareholders is shown in the state- ment of comprehensive income. The eventual non-controlling interest in the acquired companies is measured at fair value or to the amount corresponding to the share of the non-controlling interest based on the propor- tionate share of the specified net assets. The measurement method is defined for each acquisition separately. The comprehensive income is attributed to parent company shareholders and non-controlling shareholders, even if this were to lead to a negative portion being attributed to non-controlling shareholders. The amount of shareholders’ equity attributable to non-controlling shareholders is shown as a separate item in the balance sheet under shareholders’ equity. Changes in the parent company’s holding in a subsidiary that do not lead to a loss of control are treated as equity transactions. In conjunction with acquisitions achieved in stages, the previous holding is measured at fair value through profit or loss. When the Group loses control in a subsidiary, the remaining investment is measured at fair value through profit or loss on the date control in the subsidiary is lost, and the difference is recognised through profit or loss. Acquisitions that took place before 1 January 2010 are recognised according to the provisions valid at the time. Acquisitions in 2025 The Group carried out the following acquisitions in 2025: Business Acquisition date Acquired share Group share Alma Marketplaces segment Edilex Lakitieto Oy Online service 31 Jan 2025 100% 100% Effortia Oy Online service 29 Aug 2025 100% 100% ANNUAL REPORT 2025 123FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Alma Marketplaces In January 2025, Alma Media acquired 100% of the shares in Edilex Lakitieto Oy from Edita Group Oyj. The business has been reported as part of the Alma Marketplaces segment as of 1 February 2025. Had the company been consolidated as of 1 January 2025, the impact on revenue would have been MEUR 0.6, while the impact on operating profit would not have been material. During the period of consolidation, the acquisition has contributed MEUR 4.4 to revenue and MEUR 0.2 to operating profit. The acquired business’s pro forma revenue for the financial year 2024 amounted to approximately MEUR 8. As a result of the transaction, 51 employees of Edilex Lakitieto Oy transferred to the employment of Alma Media. Transaction costs related to the acquisition totalled MEUR 0.7. The acquisition expands Alma Media’s offering of legal content. Edilex Lakitieto Oy’s business comprises the Edilex legal information service, which is a comprehensive source of legal information for professionals in Finland. Edilex combines key legal sources and background materials into an integrated legal information service, including an extensive and up ‑ to ‑ date legislative database linked to case law, preparatory works and other legal materials, as well as a legal news service. In addition, the offering includes other online services, legal training, legal literature and law books and collections. Edilex Lakitieto Oy is also a service provid‑ er for the renewed Finlex online service, a public legal information service owned by the Ministry of Justice. The fair values recognised in the business combination related to intangible assets mainly comprise acquired customer contracts and the brand. The goodwill arising from the acquisi‑ tion reflects the expected synergies related to the acquired business as well as expectations of future business growth. The goodwill is not deductible for tax purposes. Consideration MEUR F air value Consideration, settled in cash 10.5 Cash and cash equivalents acquired (included in cash flow from investing activities) 0.4 Total consideration 10.2 The assets and liabilities recorded as a result of the acquisition were as follows: MEUR F air values entered in integration, total Property, plant and equipment 5.0 Intangible assets 0.0 Trade and other receivables 1.2 Cash and cash equivalents 0.4 Total assets acquired 6.6 Deferred tax liabilities 0.5 Trade and other payables 3.7 Total liabilities acquired 4.2 Acquired identifiable net assets at fair value, total 2.5 Group’s share of net assets 2.5 Goodwill at the time of acquisition, 31 January 2025 8.0 Goodwill on the reporting date, 31 December 2025 8.0 Annual amortisation of intangible assets related to acquisitions 0.3 ANNUAL REPORT 2025 124FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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In August 2025, Alma Media acquired 100% of the shares in Effortia Oy from Boston Information Group Ltd. The acquired business has been reported as part of the Alma Marketplaces segment as of 1 September 2025. Had the company been consolidated as of 1 January 2025, the impact on revenue would have been approximately MEUR 2.0 and the impact on operating profit MEUR 0.2. During the period of consolidation, the acquisition has contributed MEUR 1.1 to revenue and MEUR 0.4 to operating profit. The acquired business’s pro forma revenue for the financial year 2024 amounted to MEUR 1.7. As a result of the transaction, three employees of Effortia Oy transferred to the employment of Alma Media. Transaction costs related to the acquisition totalled MEUR 0.1. Effortia Oy provides consumer ‑ oriented digital comparison services, the best‑ known of which are Sähkövertailu.fi, VertaaEnsin.fi and Asuntojenmyynti.fi, which focuses on the comparison of real estate agents. Through the acquisition, Alma Media complements its offering of digital services for the consumer housing market and is better able to support customer acquisition for both real estate professionals and electricity companies. The services enable the pro‑ vision of high ‑ quality lead requests and the development of customers’ processes in close cooperation with Alma Media’s system development. The fair values recognised in the business combination related to intangible assets mainly comprise acquired customer contracts, information systems and the brand. The goodwill arising from the acquisition reflects the expected synergies related to the acquired business as well as expectations of future business growth. The goodwill is not deductible for tax purposes. Consideration MEUR F air value Consideration, settled in cash 5.2 Cash and cash equivalents acquired (included in cash flow from investing activities) 0.5 Total consideration 4.7 The assets and liabilities recorded as a result of the acquisition were as follows: MEUR F air values entered in integration, total Property, plant and equipment 2.7 Trade and other receivables 0.6 Cash and cash equivalents 0.5 Total assets acquired 3.7 Deferred tax liabilities 0.5 Trade and other payables 1.1 Total liabilities acquired 1.6 Acquired identifiable net assets at fair value, total 2.1 Group’s share of net assets 2.1 Goodwill at the time of acquisition, 29 August 2025 3.1 Goodwill on the reporting date, 31 December 2025 3.1 Annual amortisation of intangible assets related to acquisitions 0.3 ANNUAL REPORT 2025 125FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Consideration paid for acquisitions – cash flow MEUR 2025 2024 Paid cash less acquired cash: Cash consideration 16.1 20.3 Asset transfer tax and transaction costs 0.2 0.3 Contingent considerations paid during the financial year 3.8 1.6 Less acquired amounts Cash 0.9 3.9 Net cash flow – capital expenditure 19.3 18.4 In March 2025, Alma Media Oyj increased its ownership to 100% in Suomen Tunnistetieto Oy, whose DOKS service was launched in 2019. Alma Media Oyj increased its ownership in the company in stages: an initial 25% stake was acquired in summer 2021, the ownership increased to 51% in April 2023 and to 75% one year later. The share transaction carried out in early 2025, amounting to MEUR 3.4, represented the final stage of the acquisition. In March 2025, Alma Media Oyj’s subsidiary Alma Media Finland Oy acquired an ESG re‑ porting service targeted particularly at SMEs from Decade of Action Oy. The business was transferred to Alma Media Finland Oy on 1 April 2025. As a result of the acquisition, goodwill of MEUR 0.7 and contingent consideration payable of MEUR 0.2 were recognised. In November 2025, Alma Media’s subsidiary Alma Media Finland Oy acquired the Climatrix business from Direction Lab Oy. The Climatrix business provides digital tools for the assess‑ ment and reporting of physical climate risks. The business was transferred to Alma Media Finland Oy on 10 November 2025. As a result of the acquisition, goodwill of MEUR 0.4 and contingent consideration payable of MEUR 0.2 were recognised. In December 2025, Alma Media’s subsidiary Alma Media Finland Oy divested the Netello busi‑ ness. As a result of the transaction, Netello’s 17 employees transferred to the employment of the new owner.The transaction resulted in a loss of MEUR 0.9 for Alma Media, which has been reported as an adjusting item in the income statement Acquisitions in 2024 The Group carried out the following acquisitions in 2024: Business Acquisition date Acquired share Group 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% Alma Career In November, Alma Media’s subsidiary Alma Career Oy acquired 100% ownership of Nelisa s.r.o., a Czech company providing online recruitment services. Nelisa enables customers to purchase recruitment advertising in an automated manner by utilising programmatic buying. Through the acquisition, Alma Career is able to offer new targeting solutions for recruitment advertising and increase the number of channels available for advertising visibility. Nelisa operates in the Czech market, but the solutions offered by the company are scalable to other Alma Career operating countries. Nelisa’s revenue amounted to approximately MEUR 0.3 in 2023, and the company employs five people. Revenue for 2024 did not have a material impact on the figures of Alma Media Oyj. The goodwill recognised in the acquisition is not deductible for tax purposes. Consideration MEUR F air 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 ANNUAL REPORT 2025 126FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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The assets and liabilities recorded as a result of the acquisition were as follows: MEUR F air values entered in integration, total Property, plant and equipment 0.6 Trade and other receivables 0.1 Cash and cash equivalents 0.0 Total assets acquired 0.7 Deferred tax liabilities 0.1 Trade 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 acquisition date 29 August 2025 1.6 Goodwill at reporting date 31 December 2025 1.6 Annual amortisation of intangible assets related to acquisitions 0.0 Alma Marketplaces Alma Media acquired 100% of the share capital of Netwheels Oy, a software company oper‑ ating in the automotive industry, in order to strengthen its offering of car and mobility services for corporate customers. The majority shareholder of Netwheels Oy was Sanoma Media Finland Oy, and the shareholders also included eight Finnish operators in the automotive sector. The acquisition of Netwheels complements Alma Media’s car and mobility services offered to corporate customers. The transaction supports the development of the marketplace and systems business by streamlining vehicle purchasing and sales processes and by providing digital solutions for car dealers, importers, finance companies, application developers and other automotive industry participants. Netwheels Oy provides software to the automotive industry as a SaaS service. Netwheels Oy’s revenue amounted to approximately MEUR 8 in 2023, and the company employed 29 people who, as a result of the transaction, transferred to the Alma Media Group. The transac‑ tion was completed on 31 January 2024, after which, as of 1 February 2024, Netwheels Oy has been reported as part of the Alma Marketplaces business segment. Netwheels Oy’s impact on revenue in 2024 amounted to MEUR 8.9 and on operating profit to MEUR 2.3. The fair values recognised in the business combination related to intangible assets mainly comprise acquired customer contracts and the brand. The goodwill arising from the acquisition reflects the expected synergies related to the acquired business as well as expec‑ tations of future growth in the property marketplace business. The goodwill is not deductible for tax purposes. Consideration MEUR Fair value Consideration, settled in cash 18.3 Cash and cash equivalents acquired (included in cash flow from investing activities) 3.9 Total consideration 14.4 ANNUAL REPORT 2025 127FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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The assets and liabilities recorded as a result of the acquisition were as follows: MEUR F air values entered in integration, 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 acquisition date 31 January 2024 9.9 Goodwill at reporting date 31 January 2024 9.9 Annual amortisation of intangible assets related to acquisitions 0.7 The fair values recognised in the business combination related to intangible assets mainly comprise acquired customer contracts, the brand and internally developed information systems. The goodwill arising from the acquisition reflects the expected synergies related to the acquired business as well as expectations of future growth in the property marketplace business. ANNUAL REPORT 2025 128FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a significant controlling interest. A significant cont- rolling interest arises when the Group holds 20% or more of the company’s voting rights or over which the Group otherwise is able to exercise significant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement. which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrangement whereby the Group has rights to the net assets of the arrangement. whereas in a joint operation. the Group has rights to the assets. and obligations for the liabilities. relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any good- will arising from their acquisition. If the Group’s share of the associated company’s losses exceeds the book value of the investment. this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obligations with respect to the associated companies. The Group’s share of the results of its associated companies is shown as a separate item after operating profit. The Group’s share of its associated companies’ other changes in comprehensive income is recognised in the consoli- dated comprehensive income statement under other comprehensive income. MEUR 2025 2024 Investments in associated companies and joint ventures At beginning of period 5.7 4.4 Decreases -0.0 Share of results 0.9 1.3 Capital repayments received Dividends received -0.4 -0.1 Adjustment of the value of the share -2.8 At end of period 3.4 5.7 Further information on associated companies: Summary of financial information on associated companies and joint ventures (100%). MEUR Alma Career Other associated companies Year 2025 Current assets 7.8 Non ‑ current assets 13.5 Current liabilities 4.3 Non ‑ current liabilities 5.5 Revenue 16.2 Profit/loss for the period 3.6 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 11.4 0.1 Group’s share of net assets 2.9 0.1 Goodwill 0.5 Other adjustments Associated companies’ balance sheet value on the consolidated balance sheet 3.3 0.1 ANNUAL REPORT 2025 129FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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MEUR Alma Career Other associated companies Year 2024 Current assets 7.6 Non ‑ current assets 17.0 Current liabilities 4.6 Non ‑ current liabilities 0.0 Revenue 17.6 Profit/loss for the period 5.4 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 19.9 0.1 Group’s share of net assets 5.0 0.1 Goodwill 0.5 Other adjustments Associated companies’ balance sheet value on the consoli‑ dated balance sheet 5.7 0.1 Associated companies Segment Holding (%) Share of votes (%) Year 2025 Infostud 3 d.o.o. Alma Career 25.0 25.0 Kytöpirtti Oy Non-allocated 43.2 43.2 ANNUAL REPORT 2025 130FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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4.5 Related party transactions Alma Media Group’s related parties are its associated companies (see Note 4.4), the companies that they own and affiliated companies. The related parties also include the Group’s most significant shareholders. The largest shareholders are listed in the Report by the Board of Directors. Related parties also include the company’s management (the Board of Directors, the Presidents and the Group Executive Team). The employee benefits of management and other related party transactions between manage- ment and the company are detailed in Note 1.4. Sales of goods and services with related party members are based on the Group’s prices in force at the time of transaction. Related party transactions – associated companies MEUR 2025 2024 Sales of goods and services 0.0 Purchases of goods and services 0.2 0.3 Related party transactions – principal shareholders MEUR 2025 2024 Sales of goods and services 0.1 0.3 Purchases of goods and services 0.4 0.6 Trade, loan and other receivables 0.0 0.0 Trade payables 0.1 Related party transactions – corporations where management exercises influence MEUR 2025 2024 Sales of goods and services 0.3 0.3 Purchases of goods and services 0.3 0.3 Trade, loan and other receivables 0.0 0.0 Trade payables 0.0 0.0 ANNUAL REPORT 2025 131FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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5 Other notes 5.1 Income tax The tax expense in the profit or loss comprises the tax based on the company’s taxable income for the period together with deferred taxes. The tax based on taxable income for the period is the taxable income calculated on the applicable tax rate in each country of operation. The tax is adjusted for any tax related to previous periods. MEUR 2025 2024 C urrent income tax charge 17.2 15.6 Adjustments in respect of current income tax of previous years 0.1 0.0 Deferred taxes -2.3 -1.2 Total 15.0 14.4 Reconciliation of tax expenses in the income statement and tax calculated on the parent company’s tax rate (20.0%): MEUR 2025 2024 Profit before tax 70.7 67.0 Share of profit of associated companies -0.9 -1.3 Total 69.8 65.7 Tax calculated on the parent company’s tax rate of 20.0% 14.0 13.1 Impact of varying tax rates of foreign subsidiaries 0.7 0.3 Tax‑ free income -0.1 -0.2 Non ‑ tax‑ deductible expenses 0.5 1.2 Other items 0.0 0.0 Tax recognised in the income statement 15.0 14.4 Tax impacts of entries due to IAS 19 accounting principles are included in other comprehen‑ sive income. ANNUAL REPORT 2025 132FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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5.2 Deferred tax assets and liabilities Deferred tax assets and liabilities are recognised on all temporary differences between their book and actual tax values. Deferred taxes are calculated using the tax rates enacted by the balance sheet date. Ho- wever, the deferred tax liability is not recognised on the initial recognition of goodwill or if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. A deferred tax liability is recognised on non-distri- buted retained earnings of subsidiaries when it is likely that the tax will be paid in the foreseeable future. Deferred tax assets and liabilities are netted by the company when they relate to income tax levied by the same tax authority and when the tax authority permits the company to pay or receive a single net tax payment. Deferred taxes are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. For this purpose, the conditions for the recognition of deferred taxes are assessed on the final day of each reporting period. Changes in deferred taxes during 2025: MEUR 31 Dec 2024 Recognised in income statement Recognised in equity Acquired/sold subsidiaries 31 Dec 2025 Deferred tax assets Provisions 0.0 0.0 Pension benefits 0.0 0.0 0.0 Deferred depreciation 0.1 0.0 0.1 Right‑ of‑ use assets 7.1 -0.9 6.1 Other items 0.1 0.8 0.9 Total 7.2 -0.1 7.0 Taxes, net -6.8 -5.3 Deferred tax assets on the balance sheet 0.4 1.7 MEUR 31 Dec 2024 Recognised in income statement Recognised in equity Acquired/sold subsidiaries 31 Dec 2025 Deferred tax liabilities Accumulated depreciation differences 0.2 0.2 0.4 Business combinations 16.0 -1.3 0.0 0.5 15.3 Retained earnings of subsidia‑ ry companies 0.2 0.0 0.0 Lease liabilities 7.3 -0.8 6.5 Other items 0.6 -0.2 0.4 Total 24.3 -2.2 0.0 0.5 22.7 Taxes, net -6.8 -5.3 Deferred tax liabilities on the balance sheet 17.5 17.3 No deferred tax asset has been recognised on the confirmed losses of Group companies MEUR 2.2. The utilisation tax assets requires that the normal operations of such companies would generate taxable income. The losses expire in 2034 at the latest. ANNUAL REPORT 2025 133FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Changes in deferred taxes during 2024: MEUR 31 Dec 2023 Recognised in income state- ment Recognised in equity Acquired/sold 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 Loss for the period recognised in deferred tax 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 balance sheet 0.2 0.4 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 subsidiary companies 0.2 0.0 0.2 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 balan‑ ce sheet 17.0 17.5 ANNUAL REPORT 2025 134FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Parent company income statement (FAS) EUR Note 1 January–31 December 2025 1 January–31 December 2024 Revenue 6.1 33,711,159 29,301,686 Other operating income 6.2 5,200 8,599 Materials and services 6.3 420 180 Employee benefits expense 6.4 14,401,409 12,575,541 Depreciation, amortisation and impairment 6.5 868,788 629,812 Other operating expenses 6.6, 6.7, 6.8 29,926,448 25,812,924 Operating profit (loss) -11,480,706 -9,708,171 Financial income and expenses 6.9 49,976,769 31,205,054 Profit before appropriations and taxes 38,496,063 21,496,884 Appropriations 6.10 28,125,409 19,260,837 Income tax 6.11 -2,097,786 -192,628 Profit for the period 64,523,686 40,565,093 ANNUAL REPORT 2025 135FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Parent company balance sheet (FAS) EUR Note 31 Dec 2025 31 Dec 2024 ASSETS Non-current assets Intangible assets 6.12 1,135,751 1,418,922 Property, plant and equipment 6.13 1,780,411 2,031,005 Investments Holdings in Group companies 6.14 526,572,484 513,227,358 Other investments 6.14 1,398,560 1,248,560 Non ‑ current receivables 6.15 956,844 1,628,393 Non-current assets, total 531,844,050 519,554,239 Current assets Current receivables 6.15 45,682,307 27,555,703 Cash and cash equivalents 12,551,104 18,192,097 Current assets, total 58,233,411 46,305,635 Assets, total 590,077,461 565,859,874 EUR Note 31 Dec 2025 31 Dec 2024 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) 7,917,820 5,432,225 Profit for the period (loss) 64,523,686 40,565,093 Total equity 6.16 353,142,983 326,698,796 Accumulated appropriations 6.17 163,061 198,469 Liabilities Non ‑ current liabilities 6.18 125,100,608 145,108,684 Current liabilities 6.19 111,670,809 93,853,925 Liabilities, total 236,771,417 238,962,609 Shareholders’ equity and liabilities, total 590,077,461 565,859,874 ANNUAL REPORT 2025 136FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Parent company cash flow statement (FAS) EUR 1 January–31 December 2025 1 January–31 December 2024 Cash flow from operating activities Profit for the period 64,523,686 40,565,093 Depreciation, amortisation and impairment 868,788 629,812 Gains on sale of non ‑ current assets 0 -16,924 Net financial expenses (income statement) -49,726,009 -30,924,074 Income tax 2,097,786 192,628 Other adjustments -25,746,074 -14,980,435 Change in working capital: Change in trade receivables and other receivables -403,049 -2,944,035 Change in trade payables and other payables 596,200 -487,713 Dividend received 56,960,654 40,275,534 Interest received 281,667 21,916 Interest expenses paid and other finance expenses -7,516,312 -9,373,375 Taxes paid -1,110,116 2,140,246 Cash flow from operating activities 40,827,222 25,098,671 Capital expenditure Acquisitions of business operations -13,345,126 -20,037,030 Divestments of business operations 16,924 Capital repayments Acquisitions of tangible assets -210,558 -243,864 Acquisitions of intangible assets -124,464 -398,133 Other investments -150,000 Proceeds from sale of available ‑ for‑ sale financial assets -6,517,000 Net cash flows from/(used in) investing activities -20,347,148 -20,662,102 Cash flow before financing activities 20,480,074 4,436,569 EUR 1 January–31 December 2025 1 January–31 December 2024 Financing activities Repayment of non ‑ current loans -20,000,000 -15,000,000 Current loans taken 32,097,822 8,000,000 Repayment of current loans -27,550,731 -8,000,000 Acquisition of own shares -2,516,880 -1,988,456 Change in interest‑ bearing receivables 10,440,817 14,438,111 Group contributions received and paid 19,289,000 25,489,000 Dividends paid -37,881,095 -37,049,058 Net cash flows from/(used in) financing activities -26,121,067 -14,110,402 Change in cash and cash equivalent funds (increase +/decrease -) -5,640,993 -9,673,833 Cash and cash equivalents at beginning of period 18,192,097 27,865,930 Cash and cash equivalents at end of period 12,551,104 18,192,097 ANNUAL REPORT 2025 137FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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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 y ears Other intangible assets 5–10 y ears Intangible rights 5–10 y ears 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 e ffect. 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 ANNUAL REPORT 2025 138FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Notes to the parent company’s financial statements 6.1 Revenue by market area MEUR 2025 2024 Finland 33.7 29.3 Total 33.7 29.3 6.2 Other operating income MEUR 2025 2024 Other income 0.0 0.0 Total 0.0 0.0 6.3 Materials and services MEUR 2025 2024 Materials and services 0.0 0.0 Total 0.0 0.0 6.4 Employee expenses MEUR 2025 2024 Wages, salaries and fees 11.9 10.7 Pension expenses 1.5 1.2 Other payroll‑ related expenses 0.9 0.7 Total 14.4 12.6 Average number of employees 97 96 Salaries and bonuses paid to management President and CEO 1.2 0.9 Other members of the Group Executive Team 2.7 2.6 Members of the Board of Directors 0.4 0.4 Total 4.2 3.9 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 2025 2024 Depreciation on tangible and intangible assets 0.9 0.6 Total 0.9 0.6 ANNUAL REPORT 2025 139FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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6.6 Other operating expenses MEUR 2025 2024 Information technology and telecommunication 17.2 15.8 Business premises 5.6 5.3 Other expenses 7.1 4.7 Total 29.9 25.8 6.7 Auditors’ fees EUR 1,000 2025 2024 Audit 153.7 190.4 Statutory reporting and opinions 56.0 68.1 Tax consultation 25.8 25.0 Total 235.5 283.5 The parent company's audit expenses include audit fees for the Finnish companies. 6.8 Research and development costs The Group’s research and development costs in 2025 totalled EUR 370,000 (EUR 1,125,090). In 2025, no research and development expenditure was capitalised on the balance sheet. There were capitalised research and developments costs totalling EUR 807,573 on the balance sheet on 31 December 2025. In 2024, EUR 589,090 in development expenses were capitalised on the balance sheet. 6.9 Financial income and expenses MEUR 2025 2024 Dividend income From Group companies 56.5 40.2 From associated companies 0.4 0.1 From others 0.0 0.0 Total 57.0 40.3 Other interest and financial income From Group companies 0.2 0.0 Fair value gain on financial assets at fair value through profit or loss 0.3 0.3 From others 0.0 0.0 Total 0.5 0.3 Impairment of non-current investments Impairment of non ‑ current investments 0.0 Total 0.0 Interest expenses and other financial expenses To Group companies -2.1 -1.6 To others -5.2 -7.7 Total -7.3 -9.3 Foreign exchange rate gains/losses Foreign exchange rate gains and losses -0.2 -0.1 Financial income and expenses, total 50.0 31.2 ANNUAL REPORT 2025 140FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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6.10 Appropriations MEUR 2025 2024 Difference between planned depreciation and depreciation made for tax purposes 0.0 0.0 Group contribution 28.1 19.3 Total 28,1 19,3 6.11 Income tax MEUR 2025 2024 Income tax from regular business operations -2.1 -0.2 Total -2.4 -0.2 6.12 Intangible assets MEUR Intangible rights Advance payments Total Financial year 2025 Acquisition cost 1 Jan 2.1 0.1 2.2 Increases 0.1 0.1 Decreases Transfers between items 0.1 -0.1 Acquisition cost 31 Dec 2.2 0.1 2.4 Accumulated depreciation, am ortisation and impairment 1 Jan 0.8 0.8 Accumulated depreciation in decreases Depreciation for the financial year 0.4 0.4 Accumulated depreciation 31 Dec 1.2 1.2 Book value 31 Dec 2025 1.0 0.1 1.1 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, am ortisation 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 ANNUAL REPORT 2025 141FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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6.13 Tangible assets MEUR Machinery and equipment Other tangible assets Advance payments Total Financial year 2025 Acquisition cost 1 Jan 0.6 2.3 0.0 2.9 Increases 0.2 0.0 0.2 Decreases -0.2 -0.2 Transfers between items 0.0 -0.0 Acquisition cost 31 Dec 0.6 2.3 0.0 2.9 Accumulated depreciation 1 Jan 0.4 0.5 0.8 Accumulated depreciation in decreases Depreciation for the financial year 0.1 0.2 0.3 Accumulated depreciation 31 Dec 0.5 0.6 1.1 Book value 31 Dec 2025 0.1 1.7 0.0 1.8 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 ANNUAL REPORT 2025 142FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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6.14 Investments MEUR Shares in Group companies Shares in associated companies Shares, other Total Financial year 2025 Acquisition cost 1 Jan 656.2 1.2 0.9 658.3 Increases 13.3 0.2 13.5 Decreases Transfers between items Acquisition cost 31 Dec 669.5 1.2 1.1 671.8 Accumulated depreciation, amortisation and impairm ent 1 Jan 143.0 0.9 143.9 Accumulated depreciation in decreases and transfers Impairment Accumulated depreciation, amortisation and impairments 31 Dec 143.0 0.9 143.9 Book v alue 31 Dec 2025 526.6 1.2 0.3 528.0 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 impairm ent 1 Jan 143.0 0.9 143.9 Accumulated depreciation in decreases and transfers Impairment Accumulated depreciation, amortisation and impairments 31 Dec 143.0 0.9 143.9 Book v alue 31 Dec 2024 513.2 1.2 0.1 514.5 ANNUAL REPORT 2025 143FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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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 Edilex Lakitieto Oy Helsinki 100.00 100.00 100.00 Effortia 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 100.00 100.00 100.00 Associated companies Infostud 3 d.o.o. Serbia 25.00 25.00 25.00 Kytöpirtti Oy Seinäjoki, Finland 43.20 43.20 43.20 In 2025, Alma Media Oyj acquired full ownership of Edilex Lakitieto Oy and Effortia Oy and increased its ownership in Suomen Tunnistetieto Oy from 75.0% to 100% through the acquisi‑ tion of an additional 25% shareholding. ANNUAL REPORT 2025 144FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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6.15 Receivables MEUR 2025 2024 Non-current receivables Interest rate derivatives 1.0 1.6 Non-current receivables, total 1.0 1.6 Current receivables Receivables from Group companies Trade receivables 1.5 0.0 Loan receivables* 38.0 21.4 Other receivables 0.2 Prepaid expenses and accrued income 1.1 Total 39.7 22.5 Receivables from others Trade receivables 0.0 0.2 Other receivables 0.1 0.1 Prepaid expenses and accrued income** 5.1 4.3 Total 5.2 4.6 Financial assets, current Interest rate derivatives 0.9 1.1 Total 0.9 1.1 Current receivables, total 45.8 28.1 * 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 2025 145FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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6.16 Shareholders’ equity MEUR 2025 2024 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 46.0 42.1 Dividend payment -37.9 -37.0 Acquisition of own shares -2.5 -2.0 Disposal of own shares 2.3 2.4 Retained earnings 31 Dec 7.9 5.4 Profit for the period 64.5 40.6 Non-restricted shareholders’ equity total 183.2 156.8 Total equity 353.1 326.7 MEUR 2025 2024 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 -0.8 -1.1 Profit from the previous year 7.9 5.4 Profit for the period 64.5 40.6 Total 182.4 155.7 6.17 Appropriations MEUR 2025 2024 Difference between planned depreciation and depreciation made for tax purposes 0.2 0.2 6.18 Non-current liabilities MEUR 2025 2024 Loans from credit institutions 125.0 145.0 Other non ‑ current liabilities 0.1 0.1 Total 125.1 145.1 ANNUAL REPORT 2025 146FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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6.19 Current liabilities MEUR 2025 2024 Loans from credit institutions Trade payables 0.1 0.5 Total 0.1 0.5 Liabilities to Group companies Trade payables 0.1 0.0 Other liabilities 100.6 88.9 Accrued expenses and prepaid income 4.8 0.0 Total 105.6 88.9 To others Other current liabilities 0.7 0.8 Accrued expenses and prepaid income 5.3 3.6 Total 6.0 4.4 Current liabilities total 111.7 93.9 Most of accrued expenses and prepaid income consist of allocated employee expenses. 6.20 Commitments and contingencies MEUR 2025 2024 Collateral for Group company’s commitments Guarantees 2.5 2.5 Other own commitments Rental commitments – within one year 5.3 5.4 Rental commitments – after one year 27.5 31.9 Rental commitments total 32.8 37.3 Total Guarantees 2.5 2.5 Other commitments 32.8 37.3 Commitments total 35.3 39.8 Alma Media has a MEUR 30 committed financing limit at its disposal, which was entirely un‑ used on 31 December 2025. The company also has a commercial paper programme of MEUR 100 in Finland. The commercial paper programme was entirely unused on 31 December 2025. 6.21 Derivative contracts MEUR 2025 2024 Interest rate derivative Fair value* 1.8 2.7 Nominal value 80.0 80.0 * 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 2025 147FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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The distributable funds of the Group’s par‑ ent company totalled EUR 182,390,270 on 31 December 2025. There were 82,383,182 shares carrying dividend rights. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.48 per share be paid for the financial year 2025. Based on the number of out‑ standing 82,173,717 shares on the balance sheet date 31 December 2025, the dividend payment totals EUR 39,443,384. Catharina Stackelberg-Hammarén Chair of the Board Eero Broman Deputy Chair of the Board Heikki Herlin Board member Marika Auramo Board member Alexander Lindholm Board member Hanna Kivelä Board member AUDITOR’S NOTE A report on the audit carried out has been submitted today. Helsinki, 24 February 2026 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, 24 February 2026 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. ANNUAL REPORT 2025 148FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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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, 2025. 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 • th e 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. • th e 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. ANNUAL REPORT 2025 149FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Key Audit Matter How our audit addressed the Key Audit Matter Valuation of Goodwill and brands with inde finite useful lives We refer to the Group’s accounting policies and the note 2.1 At the balance sheet date 31 December 2025, the value of goodwill amounted to EUR 322,5 million and the brands with indefinite useful lives to EUR 62,8 million representing 74 % of total assets and 154 % of total equity. The valuation of goodwill and brands with indefinite useful lives was a key audit matter as: • th e annual impairment test involves manage‑ ment judgments related to key assumptions used and; • th e goodwill and the brands with indefinite useful 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 brands with indefinite useful lives. Our audit procedures included, among others: • In volving internal valuation specialist to assist us in evaluating the methodologies, impairment cal‑ culations and underlying assumptions applied by management in impairment testing. • C omparing 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. • C hecking the mathematical accuracy of the under‑ lying calculations and comparing the discounted cash ‑ flows to Alma Media market capitalization. • C omparing the group’s 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: • ass essing 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; • iden tifying the nature of the revenues and identifi‑ cation of contract terms; • t esting the revenue recognized by tracing the infor‑ mation on sample basis to agreement documents and payments • ass essing the revenue recognized with substantive analytical procedures and • ass essing 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. ANNUAL REPORT 2025 150FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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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: • Iden tify 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. • O btain 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. • E valuate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • C onclude on the appropriateness of the Board of Directors’ and the Managing D irector’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. • E valuate 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. • P lan 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. ANNUAL REPORT 2025 151FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Other Reporting Requirements Information on our audit engagement We were first appointed as auditors by the Annual General Meeting on 5.4.2024 and our appointment represents a total period of uninterrupted engagement of 2 years. 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 24.2.2026 Ernst & Young Oy Authorised Public Accountant Firm Terhi Mäkinen Authorised Public Accountant ANNUAL REPORT 2025 152FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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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 (business identity code 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 report‑ ing period 1.1.–31.12.2025. 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), and 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). 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 requirement in the absence of requirements for the tagging of sustainability information in 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 Authorized 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 assurance has been provided for it for the first time for the reporting period 1.1.–31.12.2024. Assurance for the comparative information has been provided only for the reporting period 1.1.–31.12.2024. Our opinion is not modified in respect of this matter. Authorized 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 Authorized Group Sustainability Auditor applies International Standard on Quality Management ISQM 1, which requires the Authorized Sustainability Audit Firm to design, imple‑ ment and operate a system of quality management including policies or procedures regard‑ ing 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 responsible for: • th e 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‑ fied, ANNUAL REPORT 2025 153FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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• th e 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, and for • s uch 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 the fact that reporting of this type of information involves estimates and assumptions, as well as measure‑ ment and assessment 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. When reporting future ‑ related information in accordance with the ESRS standards, the company’s management must present assumptions regarding possible future events and disclose the company's potential future actions related to these events, as well as prepare future ‑ related information based on these assumptions. The actual outcome is likely to differ, as predicted events often do not 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: • Iden tify 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. • D esign 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: • W e have interviewed the management of the group as well as key personnel responsi‑ ble for collecting and reporting of the information included in the group sustainability statement. • T hrough interviews, we gained an understanding of the group’s control environment related to the group sustainability reporting process. • W e evaluated the implementation of the company's double materiality assessment process in relation to the requirements of the ESRS standards, as well as whether the information provided from the double materiality assessment is in material respects in accordance with the ESRS standards. ANNUAL REPORT 2025 154FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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• W e assessed whether the group sustainability statement in material respects meets the requirements of the ESRS standards regarding material sustainability topics: – W e have tested the accuracy of the information presented in the group sustainability statement by comparing the information on a sample basis to the documentation and records prepared by the company and assessed whether they support the informa‑ tion included in the group sustainability statement. – W e have on a sample basis performed analytical assurance procedures and related inquiries, recalculations and inspected documentation, as well as tested data aggre‑ gation to assess the accuracy of the group sustainability statement. • R egarding EU Taxonomy data, we gained an understanding of the process by which a company has defined taxonomy ‑ eligible economic activities, and we assessed the com‑ pliance of the information provided. Helsinki 24.2.2026 Ernst & Young Oy Authorized Sustainability Audit Firm Terhi Mäkinen Authorized Sustainability Auditor ANNUAL REPORT 2025 155FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT FINANCIAL STATEMENTS
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Corporate Governance Statement 2025 ANNUAL REPORT 2025 156FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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158 167 174 Corporate Governance Statement of Alma Media Corporation The Shareholders’ Nomination Committee Internal control and risk management s ystems in financial reporting 159 168 177 Alma Media Group President & CEO and Group Executive Team of Alma Media Corporation Auditing 160 172 Board of Directors of Alma Media Corporation Insider Management Contents ANNUAL REPORT 2025 157FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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Corporate Governance Statement In 2025, Alma Media Corporation fully com‑ plied with the Finnish Corporate G overnance Code for listed companies (Corporate Governance 2025), effective as of 1 January 2025. 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 a vailable on Alma Media’s website: www.almamedia.fi/en/ investors/governance/ corporate ‑ g overnance. The Audit Committee of Alma Media Corporation’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 2025 158FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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Alma Media Group Responsibility 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 Directors; 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, fi‑ nancial 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 re‑ cruitment business and complementary ser‑ vices that respond to the needs of jobseekers and employers in 9 European countries. The Alma Marketplaces segment is Alma Media’s digital marketplaces and information services segment operating in Finland and Sweden. It provides leading housing mar‑ ketplaces, commercial real estate services and mobility marketplaces. The segment also serves professionals in the housing and automotive markets with sales systems and offers extensive comparison and B2B services. In addition, Alma Marketplaces de‑ livers comprehensive digital information and legal services for professionals, including the Business Insights and Legal Insights solutions. Alma News Media is a pioneer in digital news and subscription ‑ based business, supported by Alma Media’s extensive digital advertising network. The segment comprises Finland’s largest digital news media outlet, Iltalehti, the leading business news media Kauppalehti, as well as other journalistic brands of Alma Media, such as Talouselämä, Tekniikka & Talous and Arvopaperi. Alma News Media operates in Finland. Alma Media’s joint sales organisation (Alma Media Solutions) is a sales and development organisation serving advertiser customers across the Group’s business segments. ANNUAL REPORT 2025 159FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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Board of Directors of Alma Media Corporation The Shareholders’ Nomination Committee 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 appointment of members of the Board. The Annual General Meeting decides on the remuneration and travel allowanc‑ es of the members of the Board of Directors. The Board Diversity Policy sets out the principles con‑ cerning the diversity of the Board of Directors. The principles are available in their entirety on the Alma Media website at 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 management, strategy, acquisitions and corporate governance. The members of the Board of Directors shall represent diverse expertise and qualifications 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 repre‑ sented on the Board of Directors. The Company considers that the principles set for Board diversity have been well implemented, and that the back‑ ground, experience, competence, as well as the age and gender distribution of the Board members have supported the Company’s business success and its further devel‑ opment. Both genders are represented on the Board in a balanced manner, with the proportion of the underrepre‑ sented gender being 40%. Composition of the Board and shareholdings of members The Annual General Meeting 2025 elected the following members to the Board of Directors: Catharina Stackelberg-Hammarén, Eero Broman, Marika Auramo, Heikki Herlin, Hanna Kivelä, Alexander Lindholm, and Ari Kaperi. The Chair of the Board was Catharina Stackelberg-Hammarén and the Deputy Chair was Eero Broman. Catharina Stackelberg-Hammarén Chair of the Board of Directors Born: 1970 M.Sc. (Econ.) Finnish citizen, female Senior Vice President, Knowit Insight Oy Member of the Board 2009–, Chair of the Nomination and Compensation Committee Essential work experience • Mark eting Clinic Oy: Founder and Executive Chair 2019–2022 • Mark eting Clinic Oy: Founder and CEO 2004–2019 • C oca ‑ Cola Finland: Managing Director 2003–2004 and 2000–2002 • C oca ‑ Cola AB: Managing Director 2002–2003 • C oca ‑ Cola Nordic & Baltic Division: Marketing Director (Copenhagen) 2000 • C oca ‑ Cola Finland: Consumer Marketing Manager 1996–2000 • S entra plc: Marketing Manager 1994–1996 Principal positions of trust • Harvia O yj: member of the Board 2023–, Deputy Chair of the Board 2024 ‑ 2025, Chair of the Board of Directors 2025– • R oyal Unibrew A/S: member of the Board 2019– Independent of the company and its significant shareholders Shareholding on 31 December 2025 37,060 Alma Media Corporation shares ANNUAL REPORT 2025 160FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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CEO of Broman Yhtiöt Oy Deputy Chair of the Board Member of the Board 2022–, Member of the Audit Committee until 10.4.2025 Essential work experience • B roman Yhtiöt Oy: CEO 2019– • Mo tonet Oy: CEO 2007–2016 • B roman Group Ltd: Director of Administration 1987–1995 • B roman Group Ltd: Vice President 1995–2016 Principal positions of trust • B roman Group Ltd: Vice Chair of the Board 2022–, Chair of the Board 2013–2021, member of the Board 1987– • Mo tonet Oy: member of the Board 2007– • S uomalainen Kirjakauppa Oy: member of the Board 2013– • E ventio Group: Chair of the Board 2019–2025 • V arma Mutual Pension Insurance Company: member of the Supervisory Board 2018– • O tava: Member of the Board 2025– Independent of the company, but not independent of its significant shareholder Shareholding on 31 December 2025 368,026 Alma Media Corporation shares Chair of the Board of Mariatorp Oy Member of the Board 2022–, Member of the Nomination and Compensation Committee Essential work experience • Maria torp Oy: CEO, Chair of the Board 2017– • T ekir Oy: Communication Expert 2023–2024 • F reelancer: editor, producer 2015–2017 Principal positions of trust • R einvent Yellow: member of the Board 2018– • R iikka Herlin Foundation: Chair of the Board 2017– • IPR.V C: Member of the Board 2024– • S iltala Publishing: member of the Board 2024– Independent of the company, but not independent of its signific ant shareholder Shareholding on 31 December 2025 19,465 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, male Heikki Herlin Born: 1990 Bachelor of Political Sciences Finnish citizen, male CEO Vodafone Business Member of the Board 2025–, Member of the Nomination and Compensation Committee Essential work experience • S AP: Chief Business Officer, EMEA 2024, Interm Regional Pres‑ ident, EMEA 2023, Chief Operating Officer, EMEA 2021–2023, Managing Director, SAP Nordic & Baltic Region, 2019 ‑ 2021, SVP Global Chief Operation Officer 2017-2019, General Manager EMEA 2015–2017, Head of Innovation Sales, Nordic & Baltic 2014–2015, Country Manager, Finland 2010 ‑ 2014 Principal positions of trust • D igital Workforce Services: Member of the Board 2021– • Q t Group: Member of the Board 2023– Member of the Board's Remuneration and Nomination Committee Independent of the company and its significant shareholders Shareholding on 31 December 2025 1,341 Alma Media Corporation shares Marika Auramo Born: 1967 eMBA, BBA Finnish citizen, female ANNUAL REPORT 2025 161FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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Fujitsu Finland and Estonia, Managing Director, VP, 2022– Member of the Board 2025–, Member of the Audit Committee Essential work experience • G oogle: Sector Lead, Netherlands and Booking.com 2017– 2021, interim Country Manager Google Finland 2014–2017 • A nders Inno Oy: VP, CCO; Partner and Board Member 2012–2013 • T alentum Plc: Vice President, Customer relationships and R&D 2010–2012, Director, Nordic Online & IT 2007–2010 Principal positions of trust • L indström Group: Vice Chair of the Board 2022– • Ex cellence Finland: Vice Chair of the Board 2022– • T echnology Industry Finland: Vice Member of the Board 2022–2025, Vice Chair of the Board 2026– • C onfederation of Finnish Industries (EK): Member of the Board 2026– • D igipooli: Chair of the Board 2025–2026 Independent of the company and its significant shareholders Shareholding on 31 December 2025 1,341 Alma Media Corporation shares Otava Group, CEO 2010– Member of the Board 2018–, Member of the Audit Committee Essential work experience • Y htyneet Kuvalehdet / Otavamedia: CEO 2008–2012 • Y htyneet Kuvalehdet: Publishing Director 2005–2007 • Y htyneet Kuvalehdet: Sales Director 2001–2004 Principal positions of trust • Y htyneet Kuvalehdet Oy/Otavamedia Oy: member of the Board/Chair 2008– • O tava Publishing Company Ltd: Chair of the Board 2010– • S uomalainen Kirjakauppa Ltd: Chair of the Board 2011– • S toria Oy: Chair of the Board 2013– • S torytel AB: member of the Board 2023– Independent of the company, but not independent of its significant shareholder Shareholding on 31 December 2025 10,060 Alma Media Corporation shares Hanna Kivelä Born: 1974 M.Sc. Tech., MBA Finnish citizen, female Alexander Lindholm Born: 1969 BBA Finnish citizen, male Member of the Board 2024–, Chair of the Audit Committee Essential work experience • Nor dea: Head of Group Credit Risk Management 2017–2022, Chief Risk Officer 2009–2017, Head of International and Ins titutional Banking 2008–2009 • Nor dea: member of Group Executive Management 2008–2016 • Nor dea: Country Senior Executive, Finland 2009–2022 • Nor dea: 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 • T ampere Energia Oy: Chair of the Board 2023– • C ancer Foundation Finland: member of the Board 2024– • Nor dea: Chair/Vice Chair of Nordea Group's finance companies 2015– • C apMan Plc: Member of the Board 2025 ‑ In dependent of the company and its significant shareholders Shareholding on 31 December 2025 2,830 Alma Media Corporation shares Ari Kaperi Born: 1960 M.Sc. (Econ.) Finnish citizen, male ANNUAL REPORT 2025 162FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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Chair of the Board of WIP Asset Management Oy 2005‑ Memb er of the Board 2018 – 10 April 2025, Chair of the Nomination and Compensation Committee until 10 April 2025 Essential work experience • WIP A sset Management Oy: Chair of the Board 1995 ‑ 2001 and 2005 ‑ , Managing Director 2002 ‑ 2005 Principal positions of trust • Maria torp Oy: Member of the Board 2015 ‑ • W ipunen varainhallinta Oy: Member of the Board 2005 ‑ • D asos Capital Oy: Member of the Board 2010 ‑ • F insilva Oyj: Member of the Board 2015 ‑ • S tiftelsen Svenska Handelshögskolan: Member of the Board 2019 ‑ In dependent of the company, but not independent of its signifi‑ cant shareholder Shareholding on 10 April 2025 8,719 Alma Media Corporation shares Member until 10 April 2025 Peter Immonen Born: 1959 M.Sc. (Econ.) Finnish citizen, male Member of the Board 2014 ‑ 10 April 2025 C hair of the Audit Committee until 10 April 2025 Essential work experience • O utokumpu Group: deputy CEO 2011 ‑ 2013 • O utokumpu Group: Chief Financial Officer (CFO) 2005-2013 • O utokumpu Group: Director, Financing and Administration 2001 ‑ 2004, Director Financing 1995 ‑ 2000, Vice President 1991 ‑ 1994 • K ansallis‑ Osake ‑ Pankki: various expert and managerial positions (Head Office foreign operations and the London branch)1984-1990 Principal positions of trust • S ATO Oyj: Member of the Board 2016 ‑ , Chair of the Board 2015 ‑ 2016, Vice Chair of the Board 2014 ‑ 2015 • Ilkk a Oyj: Member of the Board 2011 ‑ 2025, Vice Chair of the Board 2014 ‑ 2025 • GR K Infra Oy: Member of the Board 2020 ‑ In dependent of the company, but not independent of its signifi‑ cant shareholder Shareholding on 10 April 2025 22,544 Alma Media Corporation shares Member until 10 April 2025 Esa Lager Born: 1959 LL.M., M.Sc. (Econ.) Finnish citizen, male Illusian Founder Office, Director 2025- Member of the Board 2022 ‑ 10 April 2025 Essential work experience • W olt: VP, Product Management 2022–2024 • U nity: Director, Research Labs 2020–2022 • U nity: Director, Product Management 2016–2020 • U nity: Senior Product Manager 2015–2016 • O mniata: Director, Product Management 2015 and Director, Data Analytics 2014 • C omptel: General Product Director 2013–2014 and Director, Analytics Technical Sales 2012 • X tract: Vice President, Professional Services 2006–2012 and Project Manager 2005–2006 Principal positions of trust • R emedy Entertainment: member of the Board 2022– • Hiv e Helsinki: member of the Board 2022– Independent of the company and its significant shareholders Shareholding on 10 April 2025 4,414 Alma Media Corporation shares Member until 10 April 2025 Kaisa Salakka Born: 1979 M.Sc. (Econ.) Finnish citizen, female ANNUAL REPORT 2025 163FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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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, and Alexander Lindholm, are also assessed to be independent of the com‑ pany’s significant shareholders. The Board members are assessed to be dependent of the company’s significant shareholders based on the following grounds: Eero Broman is a member of the Board of Otava Ltd., Heikki Herlin is the Chair of the Board of Directors of Mariatorp Oy, 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 Association. 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 per‑ formance through monthly reports and other information provided by the Group's manage‑ ment. 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: • c onfirming the Group’s strategy and objectives, monitoring their implementa‑ tion, and, if required, initiating corrective action; • c onsidering and approving the interim reports, the financial statements and the sustainability report; • appr oving strategically significant corpo‑ rate and real estate acquisitions and dis‑ posals as well as investments according to separate investment instructions; • de ciding on Alma Media Corporation’s capital financing programmes and oper‑ ations according to a separate treasury policy; • appr oving Alma Media Corporation’s dividend policy and submitting a divi‑ dend proposal to the General Meeting of Shareholders; • ann ually reviewing the main risks associat‑ ed 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; • appr oving the principles for the advance approval of non ‑ audit services provided by the auditor; • appoin ting and, if required, dismissing the President and CEO; • de ciding 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; • c onfirming the company’s organisation based on the CEO’s proposal; • c onfirming the terms of employment of the CEO’s direct subordinates based on the CEO’s proposal; • b ased on the President and CEO’s proposal, confirm the appointment and dismissal of the Editors ‑ in ‑ Chief of news‑ papers and magazines with significant revenue and circulation; • h olding a meeting with the company’s auditors at least once a year; • de ciding on matters that are exceptional and have wide ‑ ranging consequences; • makin g 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; • c onsidering 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; • r epresenting the company and entitling individuals to represent the company, as well as deciding on procurations; • appr oving the principles underlying the donation of sums to good causes. The Board’s Charter is available in full on the Alma Media website: 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 neces‑ sary. Most meetings are connected with the publication of the company’s financial state‑ ments and interim reports. Part of the meet‑ ings 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 2025, the Board met 11 times. The attendance of each member is shown in the table below. Assessment of the Board’s performance In 2025, the Board of Directors evaluated its performance and working methods through self ‑ assessment. ANNUAL REPORT 2025 164FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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Name Role Attendance at Board meetings Catharina Stackelberg‑Hammarén C hair 11 Eero Broman Deputy Chair 10 Marika Auramo Member since 10 April 2025 8 Heikki Herlin Member 11 Peter Immonen Member until 10 April 2025 3 Ari Kaperi Member 11 Hanna Kivelä Member since 10 April 2025 8 Esa Lager Member until 10 April 2025 3 Alexander Lindholm Member 11 Kaisa Salakka Member until 10 April 2025 3 evaluating and monitoring the financial reporting process and financial state‑ ments reporting, including compliance with standards concerning financial statements; monitoring the auditing process; approving, in accordance with the principles confirmed by the company’s Board of Directors, or giv‑ ing 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 monitoring signifi‑ cant financial, financing and tax risks; and monitoring the company’s fiscal position. The committee also monitors the procedures related to the digital reporting of sustainabili‑ ty information, as well as the identification of data reported in accordance with sustain‑ ability reporting standards. The committee reviews significant findings made by the statutory auditors and sustain‑ ability assurance providers, as well as man‑ agement’s responses thereto. In addition, the duties of the Audit Committee include, among other things, approving, in accor‑ dance with the principles confirmed by the Board of Directors, or authorising the Chair of the Audit Committee to pre‑approve, all non‑audit services provided by the auditor that are not prohibited services, including their scope and estimated fees, as well as monitoring significant financial, financing and tax risks. The Audit Committee is required to process the company's central approval and op‑ erational instructions for investments and funding, for example. In addition, the Audit Committee monitors processes and risks related to IT security and processes any mes‑ sages received through the Group’s ethical reporting – the whistleblowing channel. The Audit Committee also monitors and evalu‑ ates the independence of the auditor and, in particular, the auditor’s provision of non ‑ audit services. 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 exper‑ tise and experience in the tasks of the Audit Committee as well as the company’s operat‑ ing 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 10 April 2025, the members of the Audit Committee were Ari Kaperi, Alexander Lindholm and.Hanna Kivelä. Ari Kaperi Permanent committees The Board of Directors has established two permanent committees: the Audit Committee 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 Board of Directors has appointed the Audit Committee to monitor the company’s internal control systems. The work of the Audit Committee includes tasks such as eval‑ uating compliance with laws and regulations; ANNUAL REPORT 2025 165FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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was the Chair of the Audit Committee. The Audit Committee’s meetings are attend‑ ed by the company’s Auditor, the Group’s Chief Financial Officer and General Counsel. Matters to the Committee are presented by the CFO. The Charter of the Audit Committee is avail‑ able in full on the Alma Media website: www. almamedia.fi/en/investors/governance/ board ‑ of‑ directors. The Audit Committee met six times in 2025. The attendance of each member is shown in the table below. Name Role Attendance at Audit Committee meetings Esa Lager Chair until 10 April 2025 2 Eero Broman Member until 10 April 2025 2 Ari Kaperi Member, Chair since 10 April 2025 6 Alexander Lindholm Member since 10 April 2025 4 Hanna Kivelä Member since 10 April 2025 3 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 10 April 2025, Catharina Stackelberg- Hammarén, Heikki Herlin, and Marika Auramo were elected as members of the Nomination and Compensation Committee. Catharina Stackelberg-Hammarén 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. Name Role Attendance at Nomination and Compensation Committee meetings Peter Immonen Chair until 10 April 2025 2 Alexander Lindholm Member until 10 April 2025 2 Catharina Stackelberg ‑ Hammarén Member, Chair since 10 April 2025 4 Heikki Herlin Member since 10 April 2025 2 Marika Auramo Member since 10 April 2025 1 The Charter of the Nomination and Compensation Committee is available in full on the Alma Media website: www. almamedia.fi/en/investors/governance/ board ‑ of‑ directors The Nomination and Compensation Committee met four times in 2025 to con‑ sider matters according to its Charter. The attendance of each member is shown in the table below. ANNUAL REPORT 2025 166FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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The Shareholders’ Nomination Committee The 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 2025 is present‑ ed in the table. The Shareholders’ Nomination Committee met two times during its term of office in 2025–2026: in November 2025 and in January 2026. All members of the Nomination Committee attended all of the meetings. On 27 January 2026, the Shareholders’ Nomination Committee issued a proposal to the Annual General Meeting to be held on 9 April 2026. 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 2025: 0 Alma Media Corporation shares Chair Timo Aukia Born: 1973, M.Sc. (Econ.) Managing Director, Jaakko Aukia Oy Shareholding on 31 December 2025: 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 2025: 19,465 Alma Media Corporation shares Member Rami Vehmas Born: 1975, MBA Chief Equities Officer, Ilmarinen Mutual Pension Insurance Company Shareholding on 31 December 2025: 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 2025: 37,060 Alma Media Corporation shares Expert member during the term 2025–2026 ANNUAL REPORT 2025 167FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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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 • K ustannus Oy Aamulehti: Managing Director 2001–2005 • K ustannus Oy Aamulehti: Deputy Managing Director 2000–2001 • K ustannus Oy Aamulehti: Marketing Director 1999–2000 • S uomen Paikallissanomat Oy: Marketing Director 1996–1999 • K ustannus Oy Aamulehti: Marketing Manager 1993–1996 • K ustannus Oy Aamulehti: Sales Manager 1991–1993 • K ustannus Oy Aamulehti: Research Manager 1990–1991 • Nokian P aperi Oy: Product Manager 1989–1990 Principal positions of trust • T eleste Corporation: Member of the Board 2008– • ETLA E conomic Research: Member of the Board 2023– • S ara Hildén Foundation, Chair of the Board 2023– • R obit Plc: Member of the Board 2024– Shareholding on 31 December 2025 392,333 Alma Media Corporation shares Kai Telanne Born: 1964 M.Sc. (Econ.) President & CEO and Group Executive Team of Alma Media Corporation The 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 ‑ d ay management of the company in accordance with the guidelines and instructions of the Board of Directors. The President and CEO is responsible for the company’s ac‑ counts conforming to legislation and its assets being reliably managed. The President and CEO must supply all the infor‑ mation necessary for the appropriate working of the Board of Directors to the Board or any of its members. The President and CEO may undertake matters that are exceptional or have wide ‑ ranging consequences with regard to the scope and nature of the company’s business only through authorisation by the Board of Directors or in cir‑ cumstances 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 2025 comprising Santtu Elsinen (Executive Vice President, Alma Marketplaces); Vesa ‑ Pekka Kirsi (Executive Vice President, Alma Career); Juha ‑ Petri Loimovuori (Executive 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 Lehtinen (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 2025. ANNUAL REPORT 2025 168FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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Executive Vice President, Alma Career In the current position 2021– Member of the Group Executive Team 2019– Essential work experience • F onecta 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 • O penbit Oy/Tanla Solutions Ltd.: Vice President, Sales 2008–2011 • Nokia C orporation: Head of Nokia Games Publishing 2004–2007, Senior Manager Games Application Forum Nokia 2002–2004 • R iot Entertainment Ltd: Head of Product Development and Publishing Director 2000–2002 • He wlett-Packard Oy: Program Manager 1998–2000 • D ava Ltd: Product Marketing Manager 1996–1998 Principal positions of trust • S alama BidCo Oy: member of the Board 2022– • S alama TopCo Oy: member of the Board 2022– Shareholding on 31 December 2025 18,140 Alma Media Corporation shares Executive Vice President, Alma Marketplaces In the current position 2024– Member of the Group Executive Team 2016– Essential work experience • A lma Media Corporation: Senior Vice President, Alma Consumer 2023–2024 • A lma Media Corporation: Chief Digital Officer (CDO) 2016–2023 • T alentum Oyj: Business Development Director, member of extended Group Management Team 2012–2016 • T rainers’ House Oyj: Vice President, Business Development, member of the Management Team 2011–2012 • S atama Interactive Oyj: Director, Business Development, 2005–2010 • Q uartal Oy: Chair of the Board of Directors 2000–, CEO 2011–, Busi‑ ness Development Director 1998–2005, Creative Director 1997–1998 • K auppamainos Bozell Oy: Director, Digital media, 1997 • S pecialist positions at advertisement agencies and the media, 1994–1996 Principal positions of trust • D igia Corporation: member of the Board of Directors and Audit Com‑ mittee 2018–, Chair of the Nomination Committee 2023–, Chair of the Audit Committee 2023– • D igital and Population Data Services Agency: member of the Advisory Board 2023– • Me diapooli: Chair of the Management Team 2023–2025, Member of the Management team 2026– Shareholding on 31 December 2025 58,240 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 • R aisio plc: Executive Vice President and General Counsel, member of the Executive Committee 2003–2007 • R aisio plc: Executive Vice President, HR and Legal; General Counsel, member of the Executive Committee 2001–2003 • R aisio plc: Legal Counsel, Chemicals and Benecol divisions 1997–2001 • A ttorney ‑ at‑ Law 1990–1997 Principal positions of trust • Memb er of the Securities Market Association’s Market Practice Committee, 2026–, • S ecurities Market Association, Member of the Takeover Board 2019–2025 Shareholding on 31 December 2025 44,567 Alma Media Corporation shares Mikko Korttila Born: 1962 Master of Laws, Master of Laws trained on the bench, eMBA ANNUAL REPORT 2025 169FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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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 • A lma Media Corporation: Marketing Director, Alma Media Solutions, 2015–2018 • K auppalehti Oy: Marketing Manager, 2006–2015 • G ant/Profashion Oy: Product Manager, 2006 • C Mor e Entertainment / Canal+, Sweden: Marketing Manager 2006 • K ustannus Oy Aamulehti: Marketing Manager, 2003–2006 • K ustannus Oy Aamulehti: Specialist positions, 1999–2003 Principal positions of trust • Me dia 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 2025 32,892 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 • A lma Media Corporation: Senior Vice President, Alma Media Solutions 2015– • K auppalehti Ltd: Director, Sales and Marketing 2013–2015 • Il talehti Oy: Director, Sales and Marketing 2008–2013 • Il talehti Oy: Director, Customer Relations 2006–2008 • Il talehti Oy: Sales Manager 2004–2006 Principal positions of trust • P ihlajalinna: member of the Board 2023– Shareholding on 31 December 2025 81,857 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 • A lma Talent: Director, Head of Alma Talent Services 2021–2023 • A lma Talent: Director, Head of Alma Talent Information Services 2019–2020 • A lma Media Corporation: Director, Reporting & Planning 2017–2019 • A lma Media Corporation: Group Financial Manager 2011–2017 • A lma Media Corporation: Group Reporting Manager 2008–2010 • E rnst & Young Oy: Auditor 2001–2008 Principal positions of trust • Memb er of the Finance Committee of the Finnmedia, 2024– Shareholding on 31 December 2025 17,000 Alma Media Corporation shares Taru Lehtinen Born: 1977 M.Sc. (Econ.) ANNUAL REPORT 2025 170FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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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 • A lma Talent Oy: Managing Director 2016–2024 • A lma Media Corporation: Director, Kauppalehti Group, 2006–2015 • A lma Media: Director, Media Sales 2004–2006 • K ustannus Oy Aamulehti: Director, Media Sales 2002–2006 Principal positions of trust • F innmedia: Deputy Chair of the Board 2024–, Member of the Board, Chair of the committee for labour market issues 2017–2024 Shareholding on 31 December 2025 135,506 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 • K ONE Oyj: Chief Technology Architect 2020–2023 • Helv ar Oy: Chief Technology Officer 2017–2020, Chief Digital Officer 2016–2017 • HER E Technologies GmbH: Vice President, Map Platform Services 2013–2015 • Nokia In c.: Vice President, Services R&D 2010–2013, Director of Technology Strategy & Architecture 2008–2009 • Nokia O yj: Head of Software Technology 2004–2007, mobile services product development roles 1997–2003 Principal positions of trust • F innmedia: Member of the Technology Committee Shareholding on 31 December 2025 13,000 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 • A lma Career Oy: Head of HR 2021–2023 • A lma Career Oy: HR Manager 2018–2021 • F-S ecure Oy: HR Manager 2010–2018 • Nokia S iemens Networks Oyj: HR Consultant 2007–2010 • Nokia O yj: HR Consultant 2006–2007 Principal positions of trust – Shareholding on 31 December 2025 1,000 Alma Media Corporation shares Merja Ristilä Born: 1970 M.Sc. (Econ.) ANNUAL REPORT 2025 171FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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Insider Management Alma Media Corporation’s Board of Directors approved Alma Media Group’s current Guidelines for Insiders on 24 April 2025. 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 Markets 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 guidelines issued by the Finnish Financial Supervisory 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 project insiders. 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 publication 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 publica‑ tion date (“extended closed window”). The extended closed window also applies to per‑ sons 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 anon‑ ymous. 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 compa‑ ny’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. ANNUAL REPORT 2025 172FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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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 included in Alma Media’s related parties. Pursuant 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 subsidiaries as well as the other executives of the Group and the Group’s key shareholders who exercise control or significant influence over the decision ‑ mak‑ ing processes relating to the finances and business of the parent company or signifi‑ cant 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. ANNUAL REPORT 2025 173FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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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 op‑ erations, 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 poli‑ cy and the protection of business ‑ critical data. Business 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 principles of responsible marketing and reliable journalism, which ensure transpar‑ ency 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 ANNUAL REPORT 2025 174FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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accounting manual, finance and investment policy, acquisition guidelines and internal control. Alma Media Group follows the International Financial Reporting Standards (IFRS) ap‑ proved 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 re‑ sponsible for the monitoring and observance 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 Corporation’s financial reporting process and one of the company’s significant mea‑ sures 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 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 re‑ covery. The continuity plan is updated when significant changes in the operating environ‑ ment 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 finan‑ ANNUAL REPORT 2025 175FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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cial obligations. Credit risk, in turn, occurs when customers, suppliers or partners are unable to meet their financial obligations. Operational 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 (cli‑ mate 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 responsi‑ bilities of Alma Media Corporation’s finan‑ cial 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. ANNUAL REPORT 2025 176FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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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 Accountant 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 2025 elected Authorised Public Accountants Ernst & Young Oy as the company’s auditors, with Terhi Mäkinen, Authorised Public Accountant, as the prin‑ cipal auditor. Ernst & Young is the auditor of the majority of the subsidiaries of Alma Media Group. Alma Media Group’s auditing fees for 2024 amounted to EUR 287 480. In addition, the auditing firm Ernst & Young charged the Group a total of EUR 83,109 in fees for other services in the 2025 financial year. Ernst & Young has served as the Group’s auditor since 2024. ANNUAL REPORT 2025 177FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT CORPORATE GOVERNANCE STATEMENT
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Remuneration Report 2025 ANNUAL REPORT 2025 178FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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180 183 From the Chairman Comparison data 181 184 Key remuneration principles Remuneration of the Board of Directors 182 186 Deviation from the Remuneration Policy and clawback of remuneration Remuneration of the President and CEO Contents ANNUAL REPORT 2025 179FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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From the Chairman Dear shareholders, The year 2025 was a period of positive development for Alma Media. Despite a subdued operating environment, the com‑ pany’s revenue increased and operating profit reached a record level. Approximately half of the revenue growth was generat‑ ed through acquisitions, while revenue also grew organically, particularly in the Marketplaces segment. To strengthen its position as a leading pro‑ vider of platform ‑ based solutions, the com‑ pany continued to invest in digital growth, international expansion, and the utilisation of technology and artificial intelligence. Geopolitical and trade policy tensions, together with weak consumer confidence in Finland, contributed to ongoing economic uncertainty, which had a negative impact on the sales of new homes and cars. The re‑ cruitment market remained subdued across Alma Media’s markets; however, signs of recovery were seen during 2025 in the Czech Republic, which is the largest market within the Career segment. At the same time, inflation slowed to close to the ECB’s target level and interest rates began to decline, easing financial conditions and supporting economic recovery also in Finland. Principles of remuneration Alma Media’s remuneration systems are based on aligning the interests of manage‑ ment and shareholders. The objective is to commit management to the company through long ‑ term share ownership and to ensure sustainable growth in shareholder value over the long term. At the Annual General Meeting held in 2025, following a proposal by the Shareholders’ Nomination Committee, it was decided to increase the annual remuneration of the members of the Board of Directors. For the term of office ending at the Annual General Meeting in 2026, the annual remuneration shall be as follows: EUR 75,700 (previous‑ ly EUR 68,800) for the Chair of the Board, EUR 48,400 (previously EUR 44,000) for the Deputy Chair, and EUR 39,400 (previously EUR 35,800) for other Board members. The short ‑ term incentive scheme for the President and CEO was based, among other factors, on the development of adjusted op‑ erating profit and sustainability targets. The long ‑ term incentive scheme is based on total shareholder return, earnings per share, and sustainability targets. The reward is paid in shares, which strengthens the link between remuneration and the development of the company’s value. A significant portion of the President and CEO’s total remuneration con‑ sists of variable remuneration components rather than fixed salary, ensuring a close alignment between strategy and remunera‑ tion. In 2025, the total remuneration paid to the President and CEO, including pension ben‑ efits (supplementary pension and statutory earnings ‑ related pension), amounted to EUR 2,963,310, of which variable remuneration accounted for 61%. This Remuneration Report has been prepared in accordance with the EU Shareholder Rights Directive (SHRD) and complies with the Finnish Corporate Governance Code 2025. Catharina Stackelberg-Hammarén Chair of the Nomination and Compensation Committee ANNUAL REPORT 2025 180FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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Key remuneration principles In accordance with its strategy, Alma Media builds sustainable growth by taking ad‑ vantage of the opportunities presented by the digital transformation. The objective is to increase shareholder value through revenue growth and improved profitability. Alma Me dia 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 2025 for Finnish listed companies, and the EU amendment directive concern‑ ing shareholder rights (SHRD II), in spring 2022. The Remuneration Policy is available in full on Alma Media’s website at www. almamedia.fi/en/investors/governance/ remuneration. ANNUAL REPORT 2025 181FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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Deviation from Alma Media’s Remuneration Policy and clawback of remuneration in 2025 Temporary deviations from Alma Media’s Remuneration Policy may be made if such a deviation is necessary to ensure the long ‑ t erm interests of Alma Media. The assess‑ ment 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 shareholder 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 Remuneration Policy in 2025. 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 2025 182FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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Comparison figures on the remuneration of the management and employees and Alma Media’s financial performance 2021–2025 Alma Media’s digital businesses achieved strong development and profitability rose to a record ‑ high level in 2025. 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 2021 2022 2023 2024 2025 Average fees paid to a member of the Board of Directors 49,533 46,650 52,829 50,225 56,800 Basic salary + benefits paid to the President and CEO (excluding pension benefits) 552,988 577,935 573,529 610,544 598,280 Year‑ on ‑ year change, % 5.6% 4.5% -0.8% 6.5% ‑ 2.0% Total other remuneration paid to the President and CEO 442,390 2,401,031 1,685,820 1,581,998 1,812,998 Year‑ on ‑ year change, % ‑ 64.5% 442.7% -29.8% ‑ 4.6% 14.6% Average employee salary* 53,257 56,129 55,036 56,906 58,210 Adjusted operating profit (MEUR) 61.1 73.4 73.6 76.9 82.1 Digital business growth, % 33.9% 17.7% 0.6% 7.0% 6.6% Share price (end of the year) 10.82 9.40 9.60 11.0 14.35 Dividend 0.35 0.44 0.45 0.46* 0.48** * 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 2025 are based on the short ‑ term incentive scheme’s per‑ formance period 2024 and the long ‑ term performance period 2022–2024. ANNUAL REPORT 2025 183FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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Remuneration of the Board of Directors in 2025 Fees paid to the members of the Board of Directors for their work on the Board and its committees in 2025 (EUR) The 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 com‑ pany 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 Nasdaq OMX Helsinki. The acquired shares cannot be transferred until the recipient’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 as pend‑ ing insider transactions, the annual remuner‑ ation shall be paid in cash. * 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 Compensation Committee Fees total Annual fee Annual fee paid in shares, no. of shares* Meeting fees 2025 Catharina Stackelberg ‑ Hammarén Chair 75,700 2,578 16,500 3,000 95,200 2025 Eero Broman Deputy Chairman 48,400 1,648 7,000 1,000 56,400 2025 Heikki Herlin Member 39,400 1,341 5,500 1,000 45,900 2025 Peter Immonen Member, until 10 April 2025 0 0 1,500 2,000 3,500 2025 Ari Kaperi Member 39,400 1,341 5,500 7,000 51,900 2025 Esa Lager Member, until 10 April 2025 0 0 1,500 3,000 4,500 2025 Alexander Lindholm Member 39,400 1,341 5,500 2,000 1,000 47,900 2025 Kaisa Salakka Member, until 10 April 2025 0 0 1,500 1,500 2025 Marika Auramo Member, since 10 April 2025 39,400 1,341 6,000 500 45,900 2025 Hanna Kivelä Member, since 10 April 2025 39,400 1,341 4,000 1,500 44,900 The meeting fees of the members of the Board of Directors are paid in cash. Board members’ travel expens‑ es shall be reimbursed in accordance with Alma Media’s travel policy. ANNUAL REPORT 2025 184FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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At the Annual General Meeting held in 2025, it was resolved, based on a proposal by the Shareholders’ Nomination Committee, to increase the annual fees of the members of the Board of Directors. For the term of office ending at the Annual General Meeting in 2026, the following annu‑ al fees shall be paid: EUR 75,700 (previously EUR 68,800) per year to the Chair of the Board, EUR 48,400 (previously EUR 44,000) per year to the Deputy Chair, and EUR 39,400 (previously EUR 35,800) per year to the other members of the Board. • T he travel expenses of Board members will be compensated in accordance with the company’s travel policy. The attendance fees for each meeting are • do ubled for (i) members living outside Finland in Europe or (ii) meetings held outside Finland in Europe; and • triple d for (i) Members residing outside Europe or (ii) meetings held outside Europe. In the financial year 2025, the fees paid to the Board members totalled EUR 397,600 (401,800). All fees paid to the Board members during the financial year 2025 were in accordance with Alma Media’s Remuneration Policy. ANNUAL REPORT 2025 185FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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Remuneration of the President and CEO in 2025 The total remuneration paid to Alma Media’s President and CEO in 2025, including pen‑ sion contributions (supplementary pension + statutory pension), amounted to EUR 2,963,310. The share of variable remuneration, consist‑ ing of short ‑ term and long ‑ term incentive schemes, accounted for 61.2 per cent of the President and CEO’s total remunera‑ tion, while the share of fixed annual sal‑ ary, including pension benefits (statutory earnings ‑ related pension and supplementary pension), amounted to 38.8 per cent. The remuneration of the President and CEO in 2025 complied with Alma Media’s remuner‑ ation 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 (L TI). 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 2025. Variable remuneration components: Short-term remuneration The main elements of the short‑ term incentive bonus scheme of Alma Media’s President and CEO were based on three cri‑ teria: 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 ‑ o ff 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. Variable remuneration components Pension benefits Fixed annual salary (including taxable fringe benefits) Short-term incentive bonuses paid Share-based incentive bonuses paid Supplementary and statutory pension contri- butions Total President and CEO 598,280 456,775 1,356,223 552,033 2,963,310 The rate of achievement of the targets of the President and CEO’s short ‑ term incentive scheme in 2024 was 79.2% and the bonus of EUR 456,775 was paid in March 2025. In 2025, the rate of achievement of the targets was 84.02% and the bonus of EUR 496,798 will be paid in March 2026. In 2025, the rate of achievement of the criteria of the short ‑ term incentive scheme was 81.1% for the profit target, 88.75% for the strategic objectives and 95% for the ESG component. ANNUAL REPORT 2025 186FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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Long-term remuneration The President and CEO’s long‑term incen‑ tiv e is based on the share ‑ based incentive scheme L TI 2019, which has a three ‑ year performance period. In March 2025, the President and CEO was paid share ‑ based incentive rewards un‑ der the MSP 2022 programme. The gross number of shares received by the President and CEO from the incentive programmes amounted to 118,245 shares, corresponding to a value of EUR 1,356,223. 2022 MSP 2023 MSP 2024 MSP 2025 MSP Total Maximum 150,000 180,000 280,000 320,000 930,000 shares Performance indicators 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%) EPS (45%), total shareholder return (TSR) (40%), ESG (15%) Rate of achievement Revenue growth (39%), EPS (94%), total shareholder return (TSR) (72%) EPS (0%), total shareholder return (TSR) (85,1%), ESG (88,80%) Performance period 2022–2024 2023–2025 2024–2026 2025–2027 Year of payment 2025 2026 2027 2028 Amount earned 118,245* * The share-based incentive reward was transferred to the President and CEO on a net basis, calculated using the average market price of EUR 11.47 on the payment date of 5 March 2025. In accordance with the Board’s share own‑ ership recommendation, the President and CEO is expected to retain ownership of at least half of the net shares received from the company’s share ‑ based incentive schemes until the value of the shareholding in Alma Media corresponds to at least one year’s fixed gross annual salary. The long ‑ term incentive scheme is subject to a transfer restriction, and the President and CEO may transfer or otherwise dispose of the shares only in accordance with the terms and conditions of the incentive programme. ANNUAL REPORT 2025 187FINANCIAL STATEMENTS REPORT BY THE BOARD OF DIRECTORS YEAR 2025 CORPORATE GOVERNANCE STATEMENT REMUNERATION REPORT REMUNERATION REPORT
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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, firstname.lastname@almamedia.fi, almamedia@almamedia.fi