Analyst Comment

Development of advertising investments has been sluggish in early 2026

By Petri GostowskiCo. Head of Research

Summary

Media advertising in Finland decreased by 4% year-on-year in March, with a similar decline observed in Q1 compared to the previous year, according to Fifty5Blue statistics.
Print newspaper advertising saw a significant decline of 14%, while television and radio advertising decreased by 11% and 6%, respectively; however, online and outdoor advertising grew by 3% and 5% year-on-year.
Media advertising is a significant revenue driver for companies like Sanoma, Alma Media, and Keskisuomalainen, with varying impacts due to their different media category shares.
The overall media advertising performance in early 2026 has been weaker than expected, but company-specific developments may differ due to uneven growth across media categories.

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Translation: Original published in Finnish on 4/28/2026 at 7:51 am EEST.

According to statistics published by Fifty5Blue (formerly Kantar), the amount of media advertising in Finland decreased by 4% year-on-year in March. Thus, media advertising decreased by 4% in Q1 compared to the corresponding period last year.

Online and outdoor advertising remained on a growth trajectory

Examined by media type, the contraction was strong in print newspapers, in line with market trends, where advertising declined by 14% from the comparison period. Television advertising also contracted sharply (-11%), and radio advertising decreased by 6% from the comparison period. In contrast, online media, which benefits from the digital transition, grew by 3% year-on-year, and outdoor advertising also maintained a clear growth rate (5%). Among advertiser groups, brand advertising decreased by 9%, but retail advertising grew by 5% and classified advertising grew by 3% from 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 the development of the associate company Kaleva affects Ilkka's EPS.

Based on first-quarter statistics, media advertising has continued its downward trend in the early part of the year. This is not a big surprise given the economic development, but overall, the performance in the early part of the year has been slightly weaker than we expected. 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 Q1 earnings previews.