Μake us preferred on Google Edison Investment Research is raising its price target for Alter Ego Media’s stock to 7.30 euros per share, up from 7.10 euros previously, following the announcement of the company’s strong financial results for the first half of 2026.
At the same time, it is increasing its EBITDA estimates for 2026-2028 by about 1%.
Edison notes that Alter Ego Media’s transformation strategy is now beginning to be clearly reflected in its financial performance. As it points out, management’s goal is to transform the company from a traditional media group with a high dependence on the advertising market into a broader Media & Entertainment group, with more diversified revenue sources and higher profitability. Already, the share of revenue generated by advertising fell to 83% in the first half, from 88% in 2025.
Strong growth and boost from publishing
The first-half results confirm, according to Edison, Alter Ego Media’s strong growth trajectory, with revenue increasing by about 25% to 74 million euros, EBITDA rising 47% to 25.1 million euros and operating profit more than doubling to 8.5 million euros. Edison attributes the performance to a combination of strong organic growth and the initial contribution from acquisitions completed during the second half of 2025 and the first half of 2026.
Particular emphasis is placed on publishing, which was the main factor behind the upward revision of forecasts. Advertising activity increased 49%, and by about 26% on an organic basis, prompting Edison to raise its estimate for organic growth in publishing advertising revenue in 2026 to 14%, from 6% previously. At the same time, the acquisitions of Newsit and TLife strengthened the group’s position in digital publishing.
Edison also highlights stronger profitability in broadcasting & content creation despite moderate revenue growth, as well as the first substantial contribution from the newly established Live Entertainment division, which generated 6.2 million euros in revenue and 1.5 million euros in EBITDA in the first half.
2026 and 2027 estimates
In terms of forecasts, Edison estimates that Alter Ego Media’s revenue will reach 172.5 million euros in 2026, with EBITDA of 68 million euros and net profit of 26 million euros. For 2027, it forecasts revenue of 179.3 million euros, EBITDA of 74.4 million euros and net profit of 32.9 million euros, while in 2028 the corresponding figures are expected to reach 190.5 million euros, 79.9 million euros and 37.4 million euros. Edison also forecasts a further increase in the EBITDA margin, from 38.3% in 2025 to 41.9% in 2028.
Finally, an important element of the analysis is that Edison is now also basing its valuation on its 2027 estimates, as 2026 does not yet reflect the full contribution of the group’s recent acquisitions.
Following its revised forecasts, Edison raises its estimated value for Alter Ego Media to 7.30 euros per share, from 7.10 euros previously.
