Advertising spend steady in Q3
Summary
- Finnish media advertising volume decreased by 1.5% year-on-year in September, with a 3% decline year-to-date due to a weaker start to the year.
- Online media advertising grew by 4%, while print media advertising fell by 5%, reflecting a structural decline in print and a digital transition.
- Advertising spend remained steady in Q3, aligning with economic trends, and no significant forecast changes are anticipated ahead of the Q3 reports.
- Media advertising trends significantly impact companies like Sanoma, Alma Media, and Keskisuomalainen, with varying revenue dependencies on advertising.
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Translation: Original published in Finnish on 10/23/2026 at 8:00 am EEST.
According to statistics published by Fifty5Blue, Finnish media advertising volume fell 1.5% year-on-year in September. The pace of decline has leveled off in recent months, but given the weaker start to the year, the market is down 3% year-to-date.
Online media continued its positive trend; structural drivers evident in print
Examining the market by media segment revealed the familiar bifurcated pattern, with online media growing and print media contracting. Advertising in print newspapers, which are in structural decline, fell 5% in September. Online media, by contrast, which benefits from the digital transition, grew 4%. Radio advertising grew slightly (+1%), while television advertising contracted clearly (-7%). Outdoor advertising, which had been growing for a long time, also fell 2% in September. Among advertiser groups, brand advertising fell by nearly 2% and classified advertising by as much as 9%, while retail advertising continued to grow, up 3% year-on-year.
Based on our calculations using the latest annual figures (2025), Finnish media advertising accounted for around 15% of Sanoma’s revenue and around 17% of Alma Media’s. For Keskisuomalainen, the figure is considerably higher, as media advertising accounted for 33% of the company's revenue (2025). Media advertising trends are therefore a relevant driver for these companies. Following the Kaleva transaction, media market trends no longer directly affect Ilkka’s operating figures, but Kaleva’s performance as an associate company does affect Ilkka’s EPS.
All in all, advertising spend held steady in Q3, which we believe is consistent with general economic trends, given the structural decline in print advertising. Positive domestic growth momentum is reflected in the performance of online media and retail advertising. Overall, advertising has developed very much in line with our expectations and, in our view, gives no grounds for material forecast changes ahead of the Q3 reports.
Development of Finnish media advertising
Source: Fifty5Blue, Inderes