Polaris Media (POL) Q1 2026 earnings summary

Executive summary

• EBITDA rose 112% year-over-year to MNOK 54.5, the highest Q1 EBITDA since 2021, driven by digital development, subscription growth, and cost control in both Norway and Sweden.

• Digital user revenues and subscriptions grew significantly in both countries, with digital-only subscriptions now 76% of the base.

• Cost reductions of 2% year-over-year, especially in Sweden due to 2025 initiatives.

• Print advertising and distribution revenues declined, but digital revenues offset some impact.

• Several media houses received national and international awards for journalism and innovation.

Financial highlights

• Total operating revenues increased by 1% to MNOK 902.2, with user revenues up 6% and digital user revenues up MNOK 49 (+21%).

• EBITDA rose to MNOK 54.5 from MNOK 25.7 year-over-year, with adjusted EBITDA margin improving to 6% (from 3%).

• Operating costs decreased by 2% to MNOK 847.5.

• Net result after tax improved to -MNOK 13.6 from -MNOK 18.2.

• Cash flow from operations improved to MNOK 32 in Q1 and MNOK 225 for the last twelve months.

Outlook and guidance

• Continued strong user revenue and digital subscription growth expected, supported by investments in technology and AI.

• Print revenue decline anticipated to persist, but digital share now 53% of user revenues and 61% of ad revenues.

• Ongoing cost discipline and efficiency measures, especially in Sweden and distribution.

• Advertising market remains challenging with strong competition.

• Macroeconomic uncertainty remains high due to inflation and geopolitical tensions.