Analyst Comment

Ad investments fell significantly in April

Summary

Media advertising in Finland decreased by 15% year-on-year in April, contributing to a 7% cumulative decline for the current year, with election advertising partly influencing the comparison period.
Print media and outdoor advertising saw significant declines, with newspapers down 34%, city and pickup papers 48%, and outdoor advertising 14%, while cinema advertising was the only media type to grow (+15%).
Media advertising accounted for significant portions of revenue for companies like Sanoma (15%), Alma Media (17%), and Keskisuomalainen (33%) in 2025, making its development a key driver for these companies.
The decline in April was expected due to election advertising and economic factors, but it was weaker than anticipated when adjusted for election advertising, with potential company-specific forecast adjustments to be reviewed closer to the Q2 earnings season.

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Translation: Original published in Finnish on 5/27/2026 at 7:40 am EEST.

According to statistics published by Fifty5Blue (formerly Kantar), the amount of media advertising in Finland decreased by as much as 15% year-on-year in April. Thus, media advertising has decreased by 7% cumulatively during the current year. The sharp decline in April was partly due to election advertising for the county and municipal elections that occurred during the comparison period, but the decline was still 8% even after adjusting for this.

Decline was widespread

When examined by media type, election advertising during the comparison period had a particular impact on changes in print media and outdoor advertising. Printed newspapers saw a decline of as much as 34%, city and pickup papers 48%, and magazines 5%, while outdoor advertising decreased by 14%. Television advertising also contracted sharply (-18%), and radio advertising decreased by 4% from the comparison period's level. In contrast, online media, which benefits from the digital transition, remained at around the same level as in the comparison period (-1%). Of all the media types, cinema advertising was the only one to grow (+15%). Meanwhile, among advertiser groups, brand advertising decreased by 17%, retail advertising by 13%, and classified advertising by 9%.

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 the development of the associate company Kaleva affects Ilkka's EPS.

In our view, the decline in media advertising in April was not very surprising, considering the election advertising that occurred in the comparison period and the economic development. Despite this, development was weaker than we expected at the total market level when adjusted for election advertising. We would, however, like to point out that the company-specific development of media businesses may differ from the overall market development, as the relative proportions of different media groups vary considerably between companies. In addition, monthly figures often show volatility. We will review any potential company-specific adjustments to our forecasts closer to the Q2 earnings season.