Good afternoon, ladies and gentlemen, and welcome to this Interim Report Session of Alma Media's Second Quarter and First Half 2025. Today, we are live streaming from our Tampere office. My name is Elina Kukkonen, and I'm responsible for the Communications and Brand at Alma. We'll begin with the presentation shortly, and as usual, our CEO, Mr. Kai Telanne, will be the first to go on stage. He will provide an overview of our performance in the first half of 2025, covering all the business segments: Alma Career, Alma Marketplaces, and Alma News Media. After Mr. Telanne's presentation, our CFO, Mrs. Taru Lehtinen, will give us an overview and insights on the financial position of our financial position today. Mr. Telanne continues. He will return about the strategy going forward, our operating environment, and the outlook.
We conclude the session with the Q&A, and we first take the questions from our audience here in Tampere, followed by the online viewers. Our Director of Investor Relations, Mr. Teemu Salmi, will moderate the online questions. With this short introduction, warmly welcome to follow us. Mr. Telanne, please welcome.
Thank you very much, Elina, and good afternoon on my behalf as well. Sun is finally shining also in Finland and in Tampere. Meaning the weather, we have had quite a good speed in the business for quite a while. As you can see from the figures from the second quarter, our adjusted profit increased almost 9%, and happily, all the segments improved their performance and profitability. I would say actually that quite according to our own plan. For the group, revenue growth 4.5%, and as said, the operating profit 9% up. Revenues to almost EUR 84 million and profitability to EUR 21.1 million, 25% of revenues. The share of the digital business growing according to our own plan and schedule during the second quarter up to 86%, rolling 12 months around 85%. With the good profitability development, the leverage going down and the equity ratio going up as expected.
The biggest contribution to revenues came from Alma Marketplaces, as expected. As we knew from the previous quarter, we had some acquisitions supporting the nice organic growth and the operating profit mainly from Marketplaces and News Media. We'll come closer to this later. Digital business growing. The contribution by revenue classes on the right side on this slide, Classifieds now slightly growing 2.5%. The biggest growth came from digital services, halfly from organic, and then mainly from new services that we acquired to this part of the business. Advertising, in our case, slightly up. It seems that we gained market share during the second quarter, 2.1% up, mainly coming from digital or coming from digital advertising. Content 1.3% up. We'll come later to this. This comes from the digital subscriptions. Let's go deeper into the business segments then.
We have, as you know, we have three segments: Career, Marketplaces, and News Media. There's no news in this. We start from the Career. We have had difficulties in the European markets, mainly because of the very poor development of the GDPs and, of course, the disturbances in the global economy. More or less, there's no clear signs of recovery. We can come later to the forecast, but no clear signs yet in the labor markets, but quite a stable situation in the biggest markets of ours. In Czechia, we have had a stable development. In Slovakia, quite a difficult one. The Slovakia economy is suffering from their own decisions at the moment heavily. Of course, as we know, in the north part of Europe, like in Baltic countries and Finland, the labor market is on a very low level.
We have actually proceeded quite well in Finland with our new initiatives, and there's quite a good sign on that side. The revenues in this segment are slightly down. The profitability is slightly up because of the cost efficiency measures that we have done there. We have tried to mitigate the cost inflation, mainly the salary inflation around 10% in Central Europe, by decreasing the employee. At the same time, by decreasing the volume of the employees around 10% during this period. Our Classifieds slightly - 1.5%, and digital services slightly up, 2.7%. This is the big picture. The good thing here is that the Career United project with the cost initiatives on the table are proceeding as expected. We are waiting for intensified collaboration and productivity gains for that during the coming months and years.
The system renewal that we have in place at the moment is going as expected. That will be finalized by the end of next year. That is the time period when we wait for the overlapping cost to be removed. This is the picture for the invoicing revenue. As we have a little bit of differences here, the good sign here is that the invoicing curve, the blue one here, is above the revenue curve. That's something that we waited for. Not much, but slightly positive signs for the sales performance right now. Second, the Alma Marketplaces, which is the biggest contributor in Q2 for our revenue and profitability improvement, 16.5% organic revenue growth, half of that from organic growth around, and half from the acquisitions that we made, like Edilex Services.
28.8% profitability, EUR 8.4 million coming from all interesting and important business areas like real estate, mobility, comparative services, and inside businesses. All the segments, businesses are proceeding as expected and according to our own plan. On the right side of this slide, you can see the revenue classes and notice that from advertising and digital services, especially, came the growth, which is one of the key investment focus areas at the moment for this segment. The underlying markets are not exactly picking up yet. Like houses and premises, there are slight signs of recovery for the used houses premises. Mobility, the same. Not a very good development with the new car sales and other services mitigating mostly the slightly disappointing market growth. The diverse revenue base now is really good for this segment to guarantee the future growth of revenues and profitability as well.
We have some slides from the market as well here to show you. This is the big picture of the housing market. The next slide, the mobility market. As you can see from here, there's been a really, really sad demand and situation in the market last year and quite many years already. There are some signs of recovery and quite a good, actually, activities in our sides as well. We are getting revenue, revenues growing, and the transactional revenues especially here. The mobility market as well. Very difficult situation with the new car. There has not been any big change and not to be seen, I would say, during this year. The used car market has been picking up.
The problem here is that from our point of view, when you don't get the new cars in the market, there will be a lack of used cars in the market and in our services as well. While the active listings are on a negative side because of the new car not coming into the market. Despite this, we got a very nice organic growth from that business. I forgot to say that, as we saw here, the very good growth in business premises, Marketplaces in Sweden especially, continued 26.4% growth in that sector on a high profitability level as well. The last but not least of the segments, the News Media, revenue on par, but adjusted for discontinued brands. The revenue increased slightly 2.2%. With a very good cost control, the adjusted operating profit nicely up around 20%. Digital business contributing to the revenues and the profitability as expected.
The share of the digital over 60% at the moment. The growth of digital almost 8%, mitigating the decline of print, 10% print decline. 2.9% cost savings mostly coming from discontinued brands. Of course, the declining printing and print-related costs like printing and distribution expenses. That is a really, really good thing. The demand for journalism, of course, continued as expected. There's so much happening around. We have a very good development on digital subscriptions like on Iltalehti Plus and Kauppalehti Talouselämä. We have more than 200,000 subscribers at the moment and growing. This was the picture of the segments. The sad thing, of course, is the Finnish advertising market still. As reported a few days ago, the demand on advertising in Finland is on a very low level. The total number change was around -5%. Especially the newspapers, as expected, around -14%, -15%.
Not a very good development for the online advertising as well. This is on a negative side. We seem to be gaining market share in Finland during this period with the 2% overall growth and a nice growth on digital. That's good. All right. That was my part from the start of this presentation. Now Taru will continue with the financials. Thank you.
Good afternoon also from my behalf. Again, in the second quarter, we were able to deliver steady top-line development and continue to step up in the profitability of the group while keeping the balanced financial position. Let me continue with the finance position and overview. Our interest-bearing net debt amounted to EUR 159 million at the end of June, which was EUR 10 million less than in June 2024, but EUR 26 million higher than it was at the end of March. We didn't pay any of our term loan during Q2, and we actually raised EUR 24 million in commercial papers as short-term loans to cover our dividend needs. We paid EUR 38 million dividend in April 2025. Our average interest rate was lower than in the previous year, 2.8%, which was mainly driven by the lower market interest, the benefits that we gained from the interest derivatives, and also the active refinancing activities.
Our balance sheet KPIs are also developing in the right directions, gearing amounting to 71% in Q2 and equity ratio 46%. We had a quite strong operating cash flow during Q2 2025, mainly driven by the operational result and also changes in working capital, offsetting some higher taxes paid during H1 2025. In the previous year, we had some tax refunds concerning 2024. The cash flow before financing after investments was also at a strong level, EUR 13.8 million compared to EUR 8.3 million in Q2 2024. There were some minor investments to the new businesses, Hilla Villas and Decade of Actions, included in the investment cash flow. Moving to the investments, we had quite a quiet quarter when it comes to the investments. Like already mentioned, there were these two small M&A actions, but they didn't play that big a role for the investment part.
We also continued to invest in our industry solution in mobility services as a CapEx investment, EUR 1.4 million as a total. The depreciations are a little bit higher than in the previous year in Q2, mainly driven by the increase of depreciation from the CapEx and partly also explained by the Edilex acquisition. No other major things in Q2. When it comes to the earnings per share, it was EUR 0.18 and was at the previous year level. While it was contributed quite nicely with the operating result, we have some negative effects in financial expenses. The fair value adjustment for the interest derivative was EUR 0.2 million, while it was the positive fair value adjustment in the previous year, EUR 0.5 million.
We also have some negative effects coming from the exchange rates due to the intercompany loans and also showing adjusted items amounting to EUR 1.2 million in Q2 2025, while only EUR 0.2 million in Q2 2024. However, the return on equity and return on investments is proceeding according to our plan and still keeping up the really strong level. Finally, let's review our business result against our long-term targets. Our top-line development is proceeding quite nicely at the moment. Our last 12-month revenue growth amounts to 3.8%, which is starting to get close to our long-term target, 5%. Approximately half of this growth is coming from the organic sources and half from the acquisition. Exchange rates don't play any role in the revenue development during 2025. I'm also happy to report that our adjusted operating margin reached 25% for the last 12 months now after Q2.
We actually now met our previous long-term profitability target, mainly driven by the active product decisions and our good development in the digital revenues, which actually are more profitable than those declining print businesses. Our leverage is also in the good level, 1.7%, which is well below our target range of 2.5%. A little bit higher than in the end of 2024 and after Q1 due to the dividend payments, but expected to develop in a similar way in the future. Thank you for your attention. Kai, your turn to continue.
Thank you, Taru. Let's have a brief look at the operating environment. Is there some changes in the view? It seems that not really. These are the latest European Commission forecasts from May. GDP is slightly growing, not too encouraging, I would say. Slight growth in all our markets. This kind of environment is okay, not too fast, not too slow, but in this kind of environment, we can do quite okay. Business inflation seems to be under control in every market, which is a good sign, of course, for the different kinds of investments and the unemployment. There's no big changes to be seen in the near future, not big changes. Even the turbulence in the geopolitics is going to continue. This is quite good. The drivers behind our businesses and the challenges in our operating environments are the same that we have had for quite a while.
I would say that the biggest challenges are, of course, the left and right ones, like lagging economic growth and the geopolitics, the turbulence in the markets. Those are more or less out of our hands. The changing consumer behavior and the regulation, they are under control, I would say, in our case. We are benefiting from the digitalization that will continue and even speed up. The regulations seem to be even easing a little bit, maybe. Anyway, under our control so that we can adjust our services into the changing regulatory environment. Strategy and outlook next. Our main goal, of course, is to gain or defend our number one position in the businesses and in the markets where we have decided to go or stay: recruitment, houses and premises, cars, news media, digital advertising, and so on. This is the key element of the strategy, of course, the target.
So far, we have been pretty successful in this. The strategy for continuing this journey is in place and seems to be working. The journey of the transformation continues from print to digital, from media to services. Now we are in a situation of integrating the digital platforms of ours to integrated platforms with our customers for being able to service all the customers more in a more personalized way and with the assist of the modern technology like AI. Of course, we've got to continue the track of doing profitable acquisitions or even divestments if needed during this strategy period, as seen before. We will actually continue to develop three business areas. First of all, the advanced marketplaces assisted by the modern AI, intelligent insight services, how to refine the data that we gather and sell it in a new way to all the customers that we have.
Thirdly, inspiring media services that we develop even further. We concentrate on recruitment, real estate, mobility, media, and insights inside the three areas. The synergy comes from sharing the audience's data that we gather from the services, the advertising sales with the help of the newest technology available. This means that the strategy, three main steps will be there and continue. We transform the current services. We will continue diversifying the businesses into new products and revenue streams, accelerate the growth through M&A, and scale it as good as possible with the new geographies or new businesses with the good cooperation. No changes in the strategy so far and no need to do that. We are moving more and more to transactional services, like we have seen with the DIAS transactions in the houses and premises, 73% up from the last year.
The market is developing as we expected and to the direction where we are aiming at, which is, of course, very important, good for us. Finally, the AI in our strategy. As mentioned before and disclosed before, we have around 100 different kinds of initiatives and projects going on all over the place inside the company, concentrating on three changes. The first being increasing the internal productivity. This is, of course, the first step. How to get the tools at the use of every Alma Media for individual productivity, the team productivity, software content creation, and so on. How do we automate the internal processes, reporting, forecasting, planning, and so on? The next phase is how to improve the customer experience. We have already examples of very good improvements here, like AI-based features. There are some examples here as well from the second quarter.
How to enhance the customer-facing processes with the personalisation and self-service and so on. The most difficult part, of course, is the third stage and step, how to develop new business models from the learnings that we have, how to change the existing businesses and value chains, and how to create completely new ones. We are not yet there, but I'm pretty sure that that will eventually happen. Some examples of the AI innovations during the second quarter and the first half of this year. As seen here, we have ongoing development in every segment. All the time, something happening, a lot of initiatives and actions happening all over the place. Atmoskop, automatic summaries of employer feedback in Alma Career, page content generation in Teamio, automated video subtitles, and so on. These are only a few of the processes.
On Marketplaces, semantic search on Edilex, AI, intelligent legal content search for professionals, Autohuuto, AI-generated pros and cons for car listings, and so on. In the News Media, interactive AI chat in Iltalehti, AI-generated valet coverage, election assistant, and so on, AI product postcards, and much more. This is really, really interesting to see how fast this goes on and how excited the employees in Alma are at the moment around knowing and learning to use the AI and AI tools and to create the services for the benefit of our customers. Finally, the outlook for this year. As said, the geopolitical turbulence will continue, and we are quite cautious for the rest of the year because nobody knows what's going to really happen. We stay with the outlook that we announced in February. We expect our full-year revenue and operating profit to stay on last year's level.
There are some explanations on that. The geopolitics, the turbulence around us is going to continue, and that's the base for the current outlook for the year. That's it. Now I think we are ready for the Q&A. Thank you very much.
Yes, hello. It's Pia Rosqvist from Carnegie. A question regarding the guidance. I hear you, the uncertainty is big still, but given that your sales have grown by 4% for the first half and EBIT with 8%, I think, compared to the first half of last year, what are the main uncertainties or risks in your business that keep you from upgrading your guidance?
Yeah, that's a very good question. Thank you, Pia. I would say that we have two main risks at the moment around us. The first one is the European economic growth and the labor market development, especially in Central Europe, where we have the biggest markets. Last year's third quarter was really, really good or pretty good. We haven't seen clear signs of recovery from the labor market in Central Europe, in Finland, in Northern Europe. We didn't expect that to happen, but in Central Europe, we should have seen already, but we haven't. That's the biggest challenge, I would say, that do we, are we going to see the revenue growth that we would like to see? I'm pretty confident with the cost side, so we can do the job with the cost there. The second is the Finnish ad market.
There are big changes on a monthly basis going up and down. Now we had a very good period, the second quarter, and we have gained market share. The end of the quarter went pretty well. You never know. The customers of ours, I mean, the businesses to whom we are selling our advertising, they have not reported very good results so far. I'm not that confident of the things to change in Finland. Those are the ones. I'm really confident with the marketplaces going forward. According to the plan, it seems to be in place, and that's good. The News Media, otherwise, the content revenues, especially on the digital side, they are growing nicely and as expected. Of course, the advertising. I would say that the biggest worry would be on the Career, Central European revenue development, and the second one, the Finnish ad development, more or less.
Thank you. To Career, I think you, in conjunction with the Q1 report, said you had a clear plan to improve profitability, and profitability, you did well now in the second quarter. What are the actions in addition to personnel cuts you have in plan?
The biggest cost on the Career side, they are personnel, technology, and marketing, more or less. These are the three ones. We had to touch on all of these, more or less. The marketing, you can touch into the marketing if the market is favorable. You have the visitors, and the companies are using the service, so you don't need to market that much. It seems that we don't need to increase the market cost, so there is some room still available. On the personnel side, I would say that we try to at least stay on the current level or to go a little bit lower. I don't see a development in the near future where the employee numbers would increase. The cost inflation on the salary inflation is not anymore the kind they used to have there, but there is still.
We have to touch on the personnel cost as well. The technology, of course, they are the biggest possibilities in the long run, meaning that by the end of 2026, we're going to get rid of the extra costs. While we have finalized the Career United project, we have more than 3,000 servers running the current businesses, and we are moving to the Amazon Cloud at the moment. That will, of course, help us with the cost side, one of the key elements of the structure. That's it. Those are the three ones.
Thank you. If I still can continue on Career, I think in Q1, you commented on some early signs of recovery at large clients starting to recruit. In the Q2 report, I think there's a step back, and that's in Slovenia. Is the environment so fragile still?
That's true. Actually, there are quite big differences in countries. A couple of years, we have had a very good development in Croatia. Now Croatia is slowing down, and we had negative development in Croatia in revenues, slightly negative. We have had difficulties in the Czech Republic during last year's because of the turbulence in the market, and the big customers have been cautious. Now it seems that in Czech, the big customers are activating. They started to be more active, meaning that in June, for example, the sales were picking up. We have problems in Slovakia. We all know where the Slovakian problems are coming from. It's from the FICO and the difficulties in the environment there. The companies are there really cautious. There's a clear decline in sales and revenues. The labor market is on a negative side at the moment there.
In the Baltics, the situation has not gone worse, but not changed much. In Finland, it's been on a very low level already. The good signs are coming from Czech more or less at the moment. I've seen from the invoicing figures, we are slightly on a positive side at the moment, but not enough, I would say. That's why we have to be a little bit conservative with our forecast for the coming months as well.
Thank you. I'll continue in a while.
Thank you. This is Nikko Ruokangas from SEB. I think that we could continue on Career a bit still and the savings you made. How much of these were related to the Career United project, which you commented that you will likely finalize by the end of 2026? As you mentioned, there were personnel, technology, marketing savings, and then the Career United service savings. How would you kind of think that what of these are the biggest opportunities to save from going forward?
Yeah, I would say that all of the labor cuts, meaning 10% of the staff from the Career segment, are related more or less to the Career United project. There are actually no that big changes in the businesses that would end up to redundancies or labor cuts. There are some businesses that we have actually discontinued, these kind of smallish services, of course. From now on, I would say that in the current markets, in the current businesses, the ongoing businesses, the cost efficiency measures are more or less all related to the Career United project. If they are coming from the labor, if they are coming from the technology or even from the marketing where we have a common base of products and services that would help us with the costs.
How big share of the total Career United savings have we already been seeing in your reporting?
I would say that we haven't seen anything more or less. I mean, the balance is on the negative side while we have these extra costs. We have cut personnel by 10%. That is actually what we've been doing. On the other hand, we have a lot of other OpEx for the project and all the extra technology costs. We have even the double costs, we have the cloud costs, we have the software development costs, and so on. We are clearly on the negative side on the cost base with the project.
Thank you. On marketplaces and especially real estate, where you saw again a strong growth, what services grew there? Sweden was naturally strong, but how did the development in Finland go? Do you think that this kind of growth can be continued going forward?
Yeah. The market has not grown very much as we've seen. It's a slightly growing market, but the transactional businesses are growing nicely. Like for in our case, I would say that all the businesses of our houses and premises segment were growing during the second quarter, whether transactional businesses or traditional businesses, meaning that the classifieds were growing, the advertising was growing, the transactional businesses like DS was growing more than 70%. The housing-related insight services were growing. They were coming from some of them from the regulative changes, so regulation pushing the market forward and so on. We had nice growth. Of course, the biggest contribution came from the commercial premises and especially from Sweden, like 26% or something growth. All parts of that business are running smoothly at the moment.
Okay. Great. Thank you. That's all from me at this point.
Thank you.
Hi, Sanna Perälä from Nordea. One more question to add to my colleagues, and that's regarding the advertising sales in Q2, which grew for the first time since, I don't know how many quarters. You also mentioned that the market is very, very fragile and uncertain. Could you give us some more color behind the growth and should we expect the situation to stabilize with your advertising sales, even if the market remains uncertain?
Very tricky, tricky question. I would say that the organization is doing an extremely good job at the moment. There's a good speed and the clock rate with the teams all over the place. It seems that we've succeeded a little bit better with the direct sales in different areas, but also with the programmatic that's been quite difficult, more or less, mostly based on maybe geopolitics and the overall situation in Europe and in the market. It's really difficult to estimate what's going to happen with the programmatic. We have had that and taken that more under control. We have investigated the possibilities and the price levels and our services as well so that we adjusted a little bit into the market. We have still difficulties in some main focus areas of ours, like we have seen, but they are market-related difficulties, like cars.
We are really strong in car advertising and in car marketing, car business overall in Finland. While there is no new car growth in the business, there is no growth in the new car advertising as well. The growth comes from quite a broad base of our customers at the moment. Of course, the housing market for the new houses or premises is quite on a standstill situation, so there is not too much from that side as well.
All right. Thank you. I had no more questions.
Hi, Joona Harjama from OP. Thanks for the presentation. I have a question regarding your cost plan A and B. You have said earlier that you have the cost plan B in place, but the approach might differ slightly in each segment. I would like to ask if you could elaborate a bit on the mindset in different segments when going into the second half of the year from the cost plan perspective. Of course, you discussed already the Career a bit, but a summary for.
Very good question. There are differences between the segments and between the businesses inside the segments, of course. I would say that while the business in Marketplaces at the moment is supported by the market development slightly, it's a little bit easier than with the Career segment at the moment from a market perspective, meaning that you have to innovate new cost-cutting sources in the Career segment that you might not need to do at the moment in the marketplaces. You have room to invest like we do in marketing in the marketplaces at the moment while there are demands in the market. In Career, there is not that much demand, so you can't actually invest too much. You have to be very careful with the costs. Of course, on the news side, the same applies.
Where we have increasing demand, like on the digital subscription-based market, we are investing into that and developing heavily as expected, like for the Iltalehti Plus or Kauppalehti Talouselämä or other digital businesses. Then cutting costs from the declining businesses, like from the print business, which is natural. We get, of course, volume-based costs. We get rid of printing and distribution from the print side. There are differences. You are absolutely right. All the segments and all the businesses have their own plans at the moment. The target is, of course, to reach the targets that we have set to the businesses, and they will do that.
Okay, thanks. That's all from me.
If I can continue still, it's Pia from Carnegie. Maybe a more general question on, you mentioned in the presentation the intelligent insights, something which you have invested in and acquired Edilex. How do you ensure that your offering is competitive and compelling? I mean, in today's world of AI and aggregating data, there's a lot of competition. How do you make sure that you have the most attractive content and that your customers are willing to pay for it?
Yeah. First of all, we have this kind of customer intimacy strategy, meaning that we are concentrating on the local content and with the Finnish language, more or less. For the Finnish customers, if you're talking about Finland, local customers for their needs, for their benefit. The big question is, of course, how to guarantee the quality of the data and the services, the intelligence of the services. That's where we concentrate on. The promise is that we have the best data, we have the best insight service for the customers. From a competition point of view, that is actually quite a heavy target to reach. If you are like an international company, you have to invest quite a lot in order to reach the position that we have at the moment, and that is increasing.
Now we are, of course, heavily applying and deploying the AI to assist, to integrate our data and services into our customers' platforms, being the AI-assisted end-to-end solutions. The Edilex AI is one of the good examples that we are aiming at. It's hard work. So far, the train is running smoothly.
Thank you. With regards to customer churn, have you seen any increase in customer churn from a competition perspective?
Not in the inside side. I would say that the business-to-business side is a bit different. If you are talking about the consumer side, like these kind of media services, like Iltalehti Plus or that kind of relevant similar services, that is, of course, quite common that when you increase the marketing efforts and the competition increases, the churn will increase. This is like a magazine, traditional magazine business, more or less. If you push the market, the churn will continue. It's about how to manoeuvre with the churn. What can you do in order to decrease the churn when you have reached some kind of problems? So far, we have been quite good at that. The AI is of huge help with processing the subscription and the audience, of course, and overall. Of course, we use the Alma network heavily.
We have a huge synergy, leveraging the businesses inside the company from media to media, service to media, and so on, back and forth. That's the strategy. We have quite a big benefit with the marketing and, of course, with the technology as well.
All right. Thank you. Finally, if I can return to your target setting, you have a target to exceed 30% in EBIT margin, and you're now at 25%. Can you discuss the bridge in reaching this 30%? I mean, we have heard about the double cost from the Career United project, but how much do you calculate from other sources, sales growth, higher prices from M&A, et cetera?
I won't reveal the strategy completely, but yes, we have it in our strategy. We will actually try to reach the 30% target in three years. That's our aim, and that comes from the revenue growth and from the transformation that is going to continue. The businesses are transforming from low profitability businesses to higher profitability businesses with the help of AI and from all the segments. I mean, the target is to improve the profitability of all the businesses. I've talked about this earlier many times, but we have plenty of room in every segment to develop. That comes from the cost side, and that comes from the revenue side. The efficiency of the operations will increase with the help of AI. That's one thing. The revenue growth will continue on the businesses, on the areas where we are in insights, Marketplaces, and digital media.
We will continue the growth into new geographical areas and new businesses by diversifying the businesses into new services. That's where it comes from. We have a solid plan, I guarantee you.
Thank you.
Okay. We move on to the online questions. We have two questions regarding Swedish commercial properties from Petri Gostowski, Inderes . Lately, you have been highlighting the growth of Objektv ision, where you seem to have a good momentum. Can you give me some idea of the current size of the business? What share of the real estate business growth is driven by Objektv ision?
What share of the?
Real estate business growth is driven by Objektv ision.
Objektv ision, the revenue growth, as we've seen, 26% growth in revenues is remarkable, of course, and a very, very big part of the segment or the business area growth. We are not disclosing the profitability of different services, but the Swedish market is quite hot. Even the housing market at the moment is not that hot just right now. There's a lot of demand of these kind of services, and we are doing an extremely good job. The service is working and running pretty well for these purposes that they are used for. We have a very good plan there as well. We are going to invest quite a lot into the business development in the commercial premises side, not only in Sweden, but also in Finland and other places as well.
Thank you. Final question from Petri Gostowski actually goes to Taru. Taru, was there some special items in your working capital, or what was the driver of working capital tying up on Q2?
Yes, actually, no single factor explaining the development of working capital. More or less, this kind of normal monthly fluctuations. Taking into account our advanced receipt from the customers, it's amounted approximately EUR 51 million at the end of June. It was a little bit higher than in the previous year, mainly explained by the Edilex acquisitions. It's good to understand that actually the starting point for this year, the level of advanced payments in the beginning of January, was a little bit lower than in the previous year, which explains partly the development of networking capital increase, approximately EUR 1 million.
Okay. Thank you very much. I don't know more online questions.
Okay. In that case, I thank you all very much for your time and interest and for the audience here as well. We're going to end this part of this event and head to a concert, don't we? Yeah. Thank you very much. Have a nice summer.