Alma Media Oyj ($ALMA)

Good morning, ladies and gentlemen, and welcome to this Interim Report Session of Alma Media's First Quarter 2026. My name is Elina Kukkonen, and I'm responsible of the Communications and Brand of Alma. We will begin with our presentation shortly. And as usual, the first to go on stage is our CEO, Mr. Kai Telanne. He will present the overall result of Alma Media's first quarter and highlight the performance of each of our business segments, Alma Career, Alma Marketplaces and Alma News Media. After Mr. Telanne, our CFO, Mrs. Taru Lehtinen, will present the financial position of Alma Media today. And then Mr. Telanne returns about the operating environment, our strategy going forward and the outlook. And then we are ready for the questions-and-answer session, and we will first take the questions here at the premises at Alma. And then we moderate the online questions with Mr. Teemu Salmi, our Director for Investor Relations. So welcome again, and thanks for joining us today. And with this short introduction, I welcome Mr. Telanne on stage.

Thank you, Elina. Good morning, everybody. It's time to wrap up the start of the year of Alma Media. Despite the turbulence in the surroundings all over the Europe, we have performed pretty well, I would say, more or less according to our plan. As noted here, profitability continues to strengthen and all the segments improved their results. Our revenues went up 5%; profitability, 19%. As said, all segments contributing nicely. Adjusted operating profit over EUR 20 million from last year's EUR 17 million. As usually, in our case, the digital revenues are driving the growth and the profitability. And in our case, digital revenues consisting mostly on classified revenues from the marketplaces and digital services from all over the company like Insights Services and around the classified services as add-on services. The share of the digital business is close to 86%, coming from the good growth of digital and the falling of print businesses. Because of the good profitability and the cash flow, our balance sheet and the capacity for further investments in the future are increasing and continue to strengthen. The leverage at 1.0 and equity ratio up to 53%. So this is the summary of the start of the year. And as I said all the businesses in 10 countries and in the beginning of this year, all the segments performed very good. Career Marketplaces revenue nicely up. Alma News Media, if we leave out the discontinued businesses on par compared to last year and the profitability up in every segment because of the growth, because of the good cost control, because of the portfolio management and so on. So this is a result of an intensive work inside the company and with the customers. On the right side of this slide, we can see where the revenue growth came from, like from the classified assets, 7% up, especially the digital services, 15% up from the last year. Let's take a deeper dive into the business segments, then I start from the Career. This is the structure of the company. So we continue as is from the start of this year. So we have 3 balanced segments. Just to remind you, Career, Marketplaces, and News Media, and I start from the Career. The Central European markets are not picking up too much, I would say. The German market is on a negative, I would say. But we have been able to increase our revenues and profitability slightly. So especially in Czech Republic, the market has been favorable and our revenues increased there and the invoicing have increased there, especially, and driven by the Czech good growth, our operating profit in the segment grew more than 14%. While the volumes are not increasing too much, our own initiatives around the product development and pricing and disciplined cost management are behind the good performance. We have still in place some extra costs. They are infra-related, ICT expenses, and they are mainly associated with the cloud migration that we have with the Career United initiative where we are building kind of common platform, common engine for the services. We have been able -- already able to lower our headcount, which have reduced the personnel expenses and that this is, of course, the biggest cost initiative there at the moment. We are in a good position and a good situation with the Career United project. So we have mostly finalized the project, but the system renewal and the cloud migration still will continue until the end of this year. And especially after that, we will see the gains and the cost efficiency gains will start to materialize as planned. So we are actually well in schedule with the project. So as we can see here, on the right side, the classified, they are already growing, which is a good start, a good sign of the market to gradually starting to pick up and especially our own initiatives with the productization and pricing are behind the good service development. We have disclosed this slide describing the differences between the revenues and invoicing, as you have seen this before, while the invoicing curve is now above the revenue invoicing, that means that we have a good prospects for the coming revenue development for coming quarters and years as well. And then secondly, Alma Marketplaces, mainly the Finnish marketplaces, Insights Services segment, we have had a very good development for many quarters -- during many quarters already, and that has continued. Our revenue up 12% operating profit, almost 30%, 29% up. And as you can see from the middle of this slide, all the businesses were able to grow and the profitability as a combination of this growth and good cost control, up almost 30%. Last year's EBIT, EUR 27 million and revenues, EUR 27 million, now EUR 30 million and the EBIT from EUR 7.4 million to EUR 9.5 million. Very good. So I would say that half of the revenues -- the revenue growth came from organic initiatives and current growth and the second part from M&A transactions that we've done. Digital service nicely up around 17%. So the strategy of Alma and especially on the marketplaces segment is working as expected and according to our plan. The real estate growth was pretty good, especially in relation to current market situation. As we know in Finland, the housing market is on a very low side. Our commercial real estate marketplace, especially in Sweden, are performing extremely well. It contributed really, really good on this part. Digital housing transactions, we have this [ BS ] service, digital transaction service that is gaining popularity. So the market is moving more and more to digital transactional services. In mobility, our good product development and productization is working nicely. We had very steady performance despite the low or the poor development in the car market, our revenue up by 5.5%. That is good. And then the insights or the data-related insights services that we have invested in during the last years and quarters, nicely up 10% and supported with the Edilex Lakitieto acquisition that we did. So we have been able to integrate all the services nicely into the group, and that will pay off right now. And then with the acquisition of Effortia, the comparison services revenue expanded 26%. Digital service growth, 17%, classified growth, 11%, not a bad development in these circumstances. A few remarks on the underlying markets. This is not any surprise while the turbulence globally continues and the consumer confidence is on a very low level at the moment. The housing market has been declining. So we have awaited a pick up, but not happening at the moment. As you can see from here, 11% sold apartments down compared to the last year's first quarter and especially the newly built apartments market on a very low level. But on the lower part of the slide, we can see that there is increasing, I would say, sales pressure in the market, while our listings -- average listings in our services is up 8.5%. So there are houses for sale more than the demand side. And the reach of our services has been increasing all the time. So our position in the market with our services is really good, and that's a good sign also for coming quarters. And pretty much the same view on mobility market, quite stable on par with the last year on a very low level as we know. So the used car market has been more or less on par with the last year. There's a slight 3% growth in the new car market, which is, of course, very good, but not enough for the renewal or the renewing of the fleet in Finland. So that's it. We have a very good position here as well. And the marketplaces are working as expected and very good. And thirdly, Alma News Media, again, very good performance during this quarter, ninth consecutive improvement quarter-on-quarter. The market -- underlying market has not grown. As we know, the print market is declining. The ad market is declining, but we have performed better than the market in every sector here, especially, of course, the digital revenues on content side, 10% up. We have increased the market share on digital advertising as well. But then the very effective portfolio management with the discontinued print businesses and other cost control has contributed to the good profitability increase of 22%. I would say this is extremely good performance again in this segment. So there's a high demand for the journals, of course, while the world is more or less upside down at the moment, there's a lot to write about. And we have a good demand for our titles, which is, of course, important for this segment as well. As said, the market on the News Media side, underlying market is not favorable, but we have been fighting against this nicely. Luckily, the online advertising where we have the biggest exposure has been growing a little bit, and our growth has been even better than the overall market development. So that was the summary of the main achievements and the figures during the first quarter this year. Now I leave the floor for Taru, who will go through the financials in detail. Please.

Thank you, Kai, and welcome to follow our result info also from my behalf. Like Kai just presented, our business is performing well, and that is evidently shown also in our financial numbers and in financial position quite nicely. I will start with the balance sheet position, which is developing really nicely, and as planned. Our net debt -- reported net debt in the year-end last year was -- Q1, we ended up to EUR 98.6 million. We did not repay any financial loans during the first quarter other than small items of financial lease and the net debt development was mainly driven by the cash generation. So our cash increased by EUR 20 million compared to the previous year, and this was mainly driven by the operating cash flow and taking it during this quarter. But this means that our balance sheet was well prepared for the dividend payments that happened last week. Our balance sheet KPIs are developing really nicely. So gearing going down, ended up to 38% and equity ratio ended up to 53%. The average interest rate was stable compared to the previous year. So no surprises and good strong balance sheet. Then moving to cash flow. Our operating cash flow was EUR 28.9 million in Q1. So this is representing extremely good cash generation for our businesses during the first quarter. And as you can see from the graph right-hand side, there's like 2 major contributor to explaining the development. Of course, the good development in adjusted EBITDA contributed EUR 2.9 million, but of course, the changes in working capital also explaining the change. So there are several reasons behind the working capital development and the deferred revenue, so advanced payments received from customers explaining approximately EUR 1.5 million, which is showing like a good momentum in our invoicing development. So the invoicing is developing quite nicely there, maybe little bit smaller item than that -- our accounts payable position in end of 2025 was little bit lower. We are preparing for our safety implementation project and they were accounts payable in the year end and now this is like, back in track, so the accounts payable in a normal position. Little bit higher taxes state and this is mainly driven by taxes concerning the supplementary taxes for 2025. It is more like a tightening issue than indicating the business related factors. Cash flow after investments was also high level, EUR 28.2 million compared to previous year EUR 8.1 million and this is like explained by the investment activity was quite low during the Q1. The CapEx level was similar than in the previous year, so EUR 0.7 million, we did not have any access in that. Our depreciation, a little bit lower than the previous year. So exactly like we indicated in connection, the Q4 reporting. The PPA depreciation, EUR 600,000 below previous year and offsetting, of course, the CapEx depreciation, which were EUR 300,000 above previous year. Then moving to earnings, so earnings per share increased to EUR 0.19 compared to the previous year EUR 0.14. Of course, the strong operating result contributed nicely to this development, but it is also worth of mentioning out that adjusted items was really low during the first quarter, which means that the adjusted operating profit and reported operating profit are in the same financial items we have fair value change of our interest derivative, positive one, EUR 0.7 million compared to previous year, EUR 0.1 million and this of course of the increase of the long-term interest rate. And finally, I will shortly review our business performance and financial results compared to our long-term targets. So we have set 3 long-term targets, the revenue growth above 5%, adjusted operating profit above 30% and the leverage below 2.5 times range. Our revenue development are more or less in the level of our long-term target. The last 12-month revenue growth is 4.8%. And like you heard, in Q1, the organic revenue development was approximately 3%. And maybe it's worth of mentioning out that more or less or a little bit more than half of this organic revenue growth was driven by the Swedish and Czechia markets. And then the M&A contributed by 1.8%. The profitability also increased really nicely. And this is the continuous good cost discipline and a good and active product management and concentrating for the digital and better profitable products. And leverage reaching the 1.0 times, which is much lower than in the year-end, but maybe just worth mentioning out that, of course, the dividend payments will move this a little bit like it has done in the previous years. So that was all from me. And then giving back to Kai. Thank you.

Thank you, Taru. I will continue shortly and briefly with the operating environment. There's no big news as we know for anyone. These are the 4 challenges that we have to tackle like the economic growth as the biggest driver around us at the moment. Is there any recovery in sight? It depends on the view, the stance. But it seems that the consumer confidence will stay on a quite low side in Finland. Maybe in Central Europe, the situation will be a little bit better. And the consumer behavior following the development and the technology change that we have seen and so on. Regulation hopefully easing a little bit in the future. But right now, it seems that we have to have and fight with a very complex environment. And the geopolitics, you know, there's no news there, unfortunately. But this is the big picture in Finland. As I said, consumer confidence on the low side. It's going down. That's not good news for the house businesses, for example, or the new car businesses, as we know. Still, we are able to do quite a good business. Hopefully, this will change. The business confidence has actually developed a little bit during last quarters as we can see, if we leave out the construction, which is, of course, on a very low level. So this is the view at the moment. In other countries, the GDP forecasts are on a positive side. There might be some changes between the countries that is usual. I think the Finland situation is the worst, maybe the Slovakia as well where the political situation is difficult for the country to develop. But otherwise, this business environment, despite the turbulence is quite okay, I would say, if the inflation doesn't run out of the limits and the interest rates are not going to rise too much. The unemployment follows the previous ones, no big changes, the Finnish unemployment and the Swedish seem to be the worst. Despite the situation in unemployment in Sweden, the market is running like hell. As we have seen, the business is totally different than we have in Finland. A few words about the strategy. So we continue with a good path. So we integrate our businesses, single businesses to integrated platforms with the help of AI. So that is the initiative that we have at the moment in place. It's working pretty good like we planned. So on corporate level, we have 2 big initiatives that will go through all the businesses and segments, and they are AI and audience. So we drive audience across the businesses as good as possible and with the help of AI. This is the strategy. So we continue as disclosed, we transform the current businesses to AI-assisted businesses. We grow by increasing customer value and diversifying our revenue streams from media to services from print to digital and from digital to AI-assisted services as a combination of human intelligence and technology. And to drive the synergy, we have a very good plan and initiatives in place. We rely on our positions in the market, as we have noticed before in recruitment services, houses and premises, vehicles, news media and advertising and digital services -- Insights Services in Finland, we have a good position. And about the AI, last 2 years have been a time for increasing and concentrating on internal productivity that will, of course, continue. So we have not finalized that part. But at the same time, we are moving from internal focus to customer focus more or less to move the learnings that we have learned around the AI to improving customer experience. So the services that we provide at the moment and in the future, in the near future will be much, much better in breadth and quality that we have had and provided before. And to step to the Stage 3, we are not yet ready. There are some new initiatives, but totally new business models remain to be seen. But I'm pretty sure that in the market that, that will eventually happen. And the outlook for the year, we are cautious about the market. So with the growth, we will stay with our announced outlook. So the expectations for the revenue is quite cautious still. So we expect revenues to remain at last year's level, but the profitability will improve, as we have said and we have seen. So our own methods in transformation and the costs will improve the profitability, the portfolio management and those are helping us to go along with this outlook. So that's it. If you have any questions, I'm ready to answer. We have management team members here as well. And from the online, I think we have some questions as well. Now it's time for those.

This is Nikko Ruokangas from SEB. I have 3 questions, and I could continue on the topic you finished with the outlook. So could you discuss maybe the trends in your development and maybe the markets from the start of this year until where we are now? Have you seen any kind of changes post Iran war? And then you mentioned about that you are cautious about the market. So are you as cautious as you were in the beginning of the year? Or has this changed?

Well, in short term, there are no big differences in the market. So the newest events, like if you think about the nearest Iran situation, they have not in short term, reflected too much. But as we noticed that the consumer confidence had taken hit, as we noticed. So that's the new thing. And if that continues, that might affect on the housing and car businesses. The business confidence has improved, which actually relates to the development of like for the career. So the businesses seem to start to invest in people more than they have done for a while. So I would say that as a summary, no signs yet, no negative signs yet, but the confidence -- consumer confidence remains to be seen, how that reflects to the underlying businesses. So that's why we are a little bit cautious about the market. As we have seen, the car market has not really yet picked up. It started with the new cars, people set up, but the old car business is flat. And same with the houses and premises. It's actually pretty flat. No big news there. And that's it more or less.

Okay. I could maybe then continue on car market. As you mentioned, that they were roughly flat, but your listings there were down 10%, but sales up due to your own improvement actions, but could you maybe discuss a bit about the difference between the market being flat and your listings being down? What is behind that? And then on the other hand, how long do you think that you can kind of continue growing in the segment at this pace if the listing trend is like that?

Yes. The listing is going down because of the market development. Like if we don't see the new cars coming into the market, so the supply into the marketplaces of the old cars won't increase like the fleet. Car fleet in Finland is getting older and older. I think it was about 13-point-something years at the moment, the age of the car fleet in Finland. So that is the biggest thing. There's no supply for the marketplaces at the moment. So we need the car market to renew to increase the supply more or less. But the visitor base is really, really good. Our development is a reason of 2 things: our productization and pricing. So that is more or less. And then, of course, on profitability, the ability to control the cost with the help of AI. And we've been able to manage the investments around the services, I mean, the system -- the digital systems around the segment or inside the segment pretty well. I don't see any kind of hitting the wall in near future. We have a very good plan inside the -- around the car business as well, ad services, transactional services, diversified revenue sources. So I expect the good development to continue. And the same with houses and premises.

Then one last from me related to Career and costs where your costs were down now in Q1 despite the IT costs being still elevated until the end of this year. So is this a development which we should expect to continue to see somewhat declining costs already this year and then, of course, the bigger chunk coming in next year, but should we expect also declining costs in the coming quarters in Career?

Yes. There are several reasons behind the good cost development and very interesting initiatives. But the main reason behind the cost cut was the personnel development. So we are 10% down with the amount of personnel inside the group, of the segment. And secondly, some marketing investments, a little bit less than we might have last year. So that's the main reasons. We will step-by-step decrease the Career United project-related cost, also other costs than the cloud migration cost. So I would say that if we can keep on the good track on controlling the cost in the group, the growth of the revenue will actually increase the profitability towards the targets that we have set.

Petri Gostowski from Inderes. Continuing on mobility, can you remind me of the new products in what have improved your growth there? And what's the impact of price increases? What's the magnitude we're talking about?

It's a combination of this, but we have Santtu Elsinen here, the segment head. So if you would like to go into the details a little bit more.

Yes. So overall, we have gone for a kind of a traditional good, better, best packaging, which is fairly typical for marketplaces. And the features within these packages have caused some of the customers move to higher price packages due that they require some of the features available there. This has partially affected it, and we are constantly bringing in new features to these packages and, of course, hope to see the same effect continue from the metal price packaging. The exact figures, we won't disclose out of this.

Then jumping to OviPro and the migration. Can you remind me of what's the schedule there? Are you in there or when would it be finished? And additionally, on the question, has all of your previous customers changed to the -- or will they change to the new platform?

Okay. So concerning OviPro migration, we have 3 big client projects ongoing where we are upgrading either the older version of our system TV or then they are migrating from other solutions that they have previously used. So these have eaten a significant amount of resources during the past few years. One of these projects is close to being ready. It's in the final thrones, so to speak. The second one is perhaps in the middle phase and one is just starting. In addition to this, we are, of course, migrating to smaller customers all the time. These are typically fairly automated processes. So it doesn't take that much of our personnel's time. But these big customers -- while these are the biggest players in the industry, they typically demand a lot of work as well. So the work will continue well into the '27.

Thirdly, on career and the invoicing. Looking at the invoicing trend, it seems that you would expect the revenues to continue at least on the similar growth trajectory that we saw in Q1. Is this the right assessment?

No, we don't speculate with the rate. But as the invoicing is being growing, we have a good chance for the growth of the revenues as well. That is clear. But then at the end of the day, we can't estimate how the market is working, but overall performance in those markets are pretty good. It's really important for us that the Czech market is growing and started to pick up where the biggest revenue growth in the start of the year came from.

Then we are happy to go to the online questions, and we have a bunch of them. Starting first from Pia Rosqvist-Heinsalmi from DNB Carnegie. Would you characterize your Q1 earnings as being in line with your expectations? Or were you surprised by the good earnings momentum?

No, in the ability of the personnel and the management in the company, I'm not surprised, but I'm pretty happy that this happened. So we have a long-term target of 5% growth or more, and we are closing to that. So in that sense, I have to be pretty happy. But on the other hand, we have investments. So we have invested into new businesses. As I said before, half of the growth came from new businesses as a result of previous transactions, M&A transactions and the other half came from organic growth. So in that sense, this is quite according to the plan and expectations.

Okay. Sanna Perala from Nordea Markets is asking specific on that. So can you name the main drivers behind the EBIT improvement in Q1 in the order of significance?

Well, the biggest contributor was marketplaces, as we know. And in there, the houses and premises, Swedish Commercial Premises is a very big contributor as we've noticed good cost control in every segment and the start -- the digital service growth all over the place in every segment, especially in the marketplaces, but also in the career segment, like the add-on services. Supporting the start of the growth in career of Central Europe and Central regions revenue growth on traditional classified marketplace -- recruitment marketplace. That's the thing. So it's a nice balanced combination of revenue growth and good cost control.

Okay. Pia Rosqvist-Heinsalmi is also asking, given the good start of the year and you're keeping your '26 guidance unchanged, what are the key risks to your '26 guidance and performance?

Well, the market. So we have a very solid plan and own program initiatives and work in place inside the company. So I'm not afraid of our capability to perform and to execute. So the biggest risk is, of course, the market development and not the near mark, I would say that the global situation, the nearest, the inflation, the interest rates that will, of course, affect to Finnish consumer confidence and maybe the business confidence as well. So the market development is the biggest. Our own ability to execute is really good.

Okay. This is related to the same. This is from Sanna Perala. Given the good start of the year, how should we look at your EBIT guidance and if this continues, is 19% growth within your guidance range? Last year growth was 7%. And what could be the biggest negative drivers to slow down the growth pace?

We don't speculate with the exact numbers of the EBIT. We just say that is it growing or not? And we have said that it is growing. You can speculate if you want. But we are really confident that we can improve with the profitability. Is it this level or not. But I repeat my last words about the markets and the revenues. So we have to be really cautious and careful with the market expectations. And that's why the revenue outlook is a little bit careful.

Okay. Let's dig deeper to the segments, starting from career, and this is from Sanna Perala also. Career margin improved clearly despite double costs still running. What specific actions have you done there?

Productization is one of the main driver. And of course, in Czech Republic, the market has been picking up. So the revenues in the classic recruitment classified marketplace has been increasing, added on with the good sales in add-on services. So the Czech development has been the biggest issue there. The Finnish business is improving really nicely as well. It's a smaller one. The Croatian business is suffering from the lack of service I would say, employees or supply of the employees inside the country and so on. So I would say that the Czech market and the productization pricing initiatives as we have done also in Finland has been the biggest actually issue there.

And I think you already answered the next question is also from Sanna on Career. Was the good development driven mainly by Czechia or did the productization pricing actions work in other regions, too?

So the Czech business unit is -- has started in the first place, the productization initiatives. So they are furthest ahead inside the segment and the regions. And the others will follow. So it is mainly because of the Czech good performance.

This is from Pia Rosqvist-Heinsalmi, continuing on the same issue. Are there any specific sectors or segments that are driving the growth in Career in the Czech Republic?

As far as I know, it comes from all over the industries. So far, all the big customers are starting to be more active, and we have been able to serve all the customers very well with the add-on services as well. So that's my knowledge, best knowledge at the moment.

Okay. Then moving to News Media. This is from Sanna. In News Media, how much more cost flexibility do you still have here if ad markets remain soft?

Well, the most cost reductions that we have had have come from the portfolio management initiatives like the discontinuation of some unprofitable or poorly growing print businesses and titles. So we've been able to get rid of those print-related costs of those titles, which is behind this good development, but also the current ongoing businesses, we've been really, really careful with the cost increases. And of course, the initiatives around the AI will improve the efficiency that we are doing. We have been able to buy less services outside of the company, especially on the content side and so on. So it remains to be seen how flexible we will be in the future, but knowing the execution ability and the power inside the segment and one of our attitude toward the cost, the I'm really pretty confident on this issue as well.

Okay. This is from Sanna also. Digital subscriptions and digital content revenues, how should we think about churn dynamics? And are you prioritizing ARPU uplift or further subscription growth?

Well, I might want to continue. But my knowledge is that our understanding is that we try to balance the volume and the prices and the ARPU because if you push hardly with the prices against the market, you will definitely increase the churn that will eventually happen. And then you have a huge task to get back to the normal. So we have to carefully balance with the volume and ARPU and the prices. And that's what the company, according to my knowledge, do very effectively at the moment. It's a highly professional work to be on -- behind the steering wheel, of course. But again, an understanding about the customers with the help of AI, with the good data that will bring the results as planned. I don't know if you Teemu, you want to continue or was this clear enough?

No, I guess that you took almost emptied the bank, but I just wanted to add to your first comment that, of course, the traditional from print to digital declines our cost base of printing and delivery. So that is happening all the time. So there is still potential, of course, because we still have print.

Yes, that's right. So like we have in Kauppalehti, Iltalehti print titles, the print costs will diminish in hand-in-hand with the volume of the business going down between 5% to 10% depending on the quarter. So that is, of course, one part of the good cost control. And we have to be really, really alert with those costs, so that they don't remain in any case inside the company while the volume is going down. Yes.

Okay. So far, I think we have 3 more questions to go. From Sanna, this is concerning M&A opportunities. So you are big on scaling AI across your operations at the moment, but how actively are you currently screening larger M&A opportunities? Are there any attractive targets in the market?

The management is, of course, working all the time actively finding the ways of going also into the bigger targets. But as we have said before and discussed with the investors, so we can do this kind of big moves every fifth year around with the balance sheet and the -- in terms of the balance sheet and our ability. So as we know, we have at the moment around between EUR 200 million, EUR 300 million to take new debt. And then you have to think about that, what can you achieve with that. And of course, we can maybe use equity market as well if we need. So actually, we are closing to the situation that the big moves are available for us.

Also from Pia, Alma Media becoming increasingly data-driven. What kind of input cost price inflation do you expect related to data you need to buy?

Well, I would say that there are some data that seems to be affected with the cost inflation more than others. So remains to be seen. But then the other thing is that how costly the use of AI will be in the future also. We haven't seen that yet. So we have to be able to manage the use of AI very good and carefully better than the market on average in order to be competitive. So that's a combination of achievable data and the price of the achievable data and the cost of using the AI to use the data. But Santtu Elsinen can continue from this.

Yes. So this actually relates a bit to the earlier question about mobility revenues, not to a large extent, but we have multiple different data sources ranging from our own, from customers' data, which is, of course, only used by them and then from data source that we acquire from commercial or public entities. We are, to my knowledge, at least the largest buyer of [indiscernible] largest data in Finland. [indiscernible] price increases have been in line with the inflation, so around to 3%, I would say, depending on the services. But we are also a very large Traficom data customer concerning vehicles. And Traficom had increased their prices first at the beginning of July last year and then the second time at the beginning of March this year. These were significant raises amounting to from 10% to 20% in pricing. And we pass this through, of course, to the clients. So in that sense, what was asked, it doesn't affect our margins per se, it increases the revenue a bit. This has not had a significant effect on the mobility revenues, but a small impact, I would say.

Yes. So the or the business idea, of course, to try to refine the data that we buy into high-quality services and add-on value into the main idea is not just to buy data and push it as is further. That's not the business, right?

Okay. Final question, and this might be a little bit more mysterious one, but let's see if you can find it out what to answer. This is from Pia Rosqvist-Heinsalmi. With your new updated services, is there a risk for increased churn given your pricing and productization changes?

With the new services, a risk of increased churn?

New updated services, yes, risk for increased churn given your pricing and productization changes.

No. We have to be careful, of course. Whatever you do, you have to have a good sense of the market and the sentiment and the appetite of the customers. So you have to -- you don't need -- you should not be stupid and rude, but intelligent. So I would say that that's about balancing the supply and demand. And if the demand is on the low side, you can put or increase the prices too much as we know. Well, that's how the customers behave like we behave as a person. So you have to have a professional approach in order to balance the supply and demand and manage your pricing in that sense. And that's what we do. No big worries. I understand that we have a good understanding of the market and the need for the customers.

Thank you. No more questions.

My pleasure. So that was the summary and the questions. So thank you very much for your attention, and I hope you have a very fantastic rest of the week. Thank you very much.