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Polaris Media (POL) investor relations material
Polaris Media Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Adjusted EBITDA rose 54% year-over-year to MNOK 101 in Q4 2025, driven by strong digital growth and cost reductions, especially in Sweden.
EBIT improved to MNOK 20 from -3 in Q4 2024, reflecting profit growth in both Norwegian and Swedish media houses.
Digital user revenues grew 24% year-over-year in Q4, with digital subscriptions up 12% to 494,600, now 75% of total subscriptions.
Board proposes a dividend of NOK 3.30 per share for 2025, reflecting a solid financial position.
New data platform launched to support investigative journalism and AI-based product development.
Financial highlights
Q4 2025 adjusted EBITDA: MNOK 101 (up 54% from Q4 2024); full-year adjusted EBITDA: MNOK 310, up 6%.
Q4 EBIT: MNOK 20 (-3), driven by profit growth in both Norwegian and Swedish media houses and Swedish distribution.
Q4 digital user revenues up 24%; total user revenues up 7%; ad revenues down 8%, but digital ad revenues up 2%.
Underlying operating costs reduced by 4% year-over-year in Q4.
Q4 revenues: MNOK 961 (963), flat year-over-year; full-year revenues: MNOK 3,651 (3,650).
Outlook and guidance
Positioned for further growth in 2026, with a significantly lower cost base after 2025 restructuring.
2026 outlook marked by geopolitical uncertainty, but expected interest rate cuts in Norway and stable rates in Sweden may support real wage growth.
Continued strong user revenue growth expected in Norway; targeted initiatives in Sweden.
Ongoing investments in product development, technology, and AI to drive digital growth.
Paper-based ad and user revenues expected to continue structural decline; digital share of revenues rising.
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