Finland · Delayed Price · Currency is EUR Sanoma Oyj Earnings Call Transcripts
Fiscal Year 2026
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Adjusted operating profit rose in both learning and media, with stable net sales and strong cost control. The Vicens Vives acquisition strengthens the learning segment, while digital subscriptions offset weak advertising in media. Outlook remains positive, with significant growth expected in Q3.
Fiscal Year 2025
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Adjusted Operating Profit and Free Cash Flow improved in 2025, led by Learning, with higher margins and a proposed 8% dividend increase. 2026 guidance targets further profit growth, especially in Learning, while the advertising market is expected to remain challenging but stable.
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The group targets high single-digit organic earnings growth through 2030, driven by leading K-12 learning positions, curriculum renewals, personalized and AI-powered solutions, and Media Finland's digital transformation. The opening of the gambling market in 2027 is expected to provide a significant profit uplift, while disciplined M&A and a strong balance sheet support further expansion.
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Q3 saw improved operational EBIT and free cash flow, driven by learning content and digital subscriptions, while impairments were booked for Dutch distribution and Tampere plant closure. Full-year EBIT is expected at the higher end of guidance, with margin targets set to be exceeded.
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Operational EBIT improved in H1 2025, led by learning growth and cost efficiencies, while net sales remained stable as learning offset weaker Media Finland advertising. Outlook for 2025 is unchanged due to Q3 seasonality and advertising uncertainty, with free cash flow and leverage showing positive trends.
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Q1 saw improved operational EBIT and free cash flow, led by Learning growth in the Netherlands and Poland, while Media Finland faced continued advertising softness. Guidance for 2025 remains unchanged, with cost savings from program Solar starting to materialize and deleveraging progressing.
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2024 saw improved cash flow, higher learning margins, and a strategic focus on digital and K-12 education. The board proposed a EUR 0.39 dividend, updated executive incentives, and reappointed PwC as auditor. AI and sustainability remain key priorities.
Fiscal Year 2024
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Operational EBIT and free cash flow improved in 2024, with margin gains in both learning and media. 2025 guidance anticipates stable or slightly lower sales but improved margins, continued deleveraging, and a higher dividend, while risks remain around advertising market recovery.
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Solid Q3 and nine-month results with improved operational EBIT and free cash flow, driven by digital growth and cost efficiencies. Outlook narrowed to the higher end of guidance, with continued deleveraging and a EUR 27 million impairment related to Dutch distribution contracts.
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Earnings and operational EBIT improved in both Learning and Media, with strong digital growth and cost efficiencies. Guidance remains unchanged due to H2 seasonality and market uncertainties, while leverage and free cash flow improved year-on-year.