Analyst Comment

Ad investment development recovered slightly in February

By Petri GostowskiCo. Head of Research

Summary

In February, Finnish media advertising volume decreased by 2% year-on-year, with a cumulative decline of 4% in early 2026 compared to the same period last year, according to Kantar statistics.
Online, radio, and outdoor advertising saw growth, with radio increasing by 12% and outdoor by 11%, while print newspapers and television advertising experienced significant contractions.
Media advertising accounted for 15% of Sanoma's, 17% of Alma Media's, and 33% of Keskisuomalainen's revenue in 2025, highlighting its importance as a revenue driver for these companies.
The overall decline in media advertising in early 2026 was slightly faster than anticipated, but company-specific developments may vary due to differing media category shares and growth rates.

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Translation: Original published in Finnish on 03/24/2026 at 07:10 am EET

According to statistics published by Kantar, the volume of Finnish media advertising decreased by 2% year-on-year in February, and thus media advertising has cumulatively decreased by 4% in early 2026 compared to the corresponding period last year.

Online, radio and outdoor advertising grew

Examined by media type, the contraction was strong in print newspapers, in line with market trends, where advertising decreased by 10% from the comparison period. Television advertising also contracted sharply (-16.4%), while radio advertising increased by as much as 12% year-on-year. Online media, which benefits from the digital transition, grew by just over 4% year-on-year in February, while outdoor advertising, which has been on a growth trajectory, increased by 11%. Among advertiser groups, brand advertising decreased by 2%, retail advertising contracted by 3%, while classified advertising was on par with the comparison period.

According to our calculations, based on the latest published annual figures (2025), Finnish media advertising accounted for around 15% of Sanoma's and around 17% of Alma Media's revenue. For Keskisuomalainen, the figure is significantly higher, as media advertising accounted for 33% of the company's revenue (2025). Thus, the development of media advertising is a relevant driver for the companies. As a result of Ilkka's acquisition of Kaleva, the development of the media market does not directly affect its operating figures, but through its associate company, Kaleva's development affects Ilkka's EPS.

Based on January-February statistics, media advertising development has continued its downward trend in the early part of the year. Considering the economic development, this is not a big surprise, but overall, the rate of decline in the early part of the year has been slightly faster than we anticipated. However, we would like to remind you that the company-specific development of media businesses may differ from the overall market development, as the relative shares of different media categories vary significantly between companies, and the growth of media categories is very unevenly distributed. We will review the need to change company-specific forecasts in connection with the upcoming company reports.