Sanoma Corporation, Stock Exchange Release, 25 November 2025 at 8:00 a.m. EET
Sanoma updates its financial targets - aims to deliver high single-digit growth in the Group's adjusted operating profit in 2026- 2030
Sanoma's Board of Directors has decided to update the company's financial targets to reflect the Group's accelerated net sales and earnings growth outlook in 2026-2030. During the Capital Markets Day taking place today, Sanoma's management will elaborate further on the 2026-2030 growth paths of Learning and Media Finland, outlining the opportunities provided both by AI and through Sanoma's increased scale.
"We have made good progress during the past two years in increasing our profitability and free cash flow and strengthening our balance sheet", says Rob Kolkman, President and CEO of Sanoma. "Looking ahead, the accelerated growth outlook of both Learning and Media Finland is expected to deliver high single-digit growth in the Group's adjusted operating profit. In Learning, we have multiple levers to drive growth and value-creation. The curriculum renewals in our major learning markets, particularly Poland and Spain, are expected to accelerate our organic net sales growth in 2026-2030. We will drive further growth by shaping the evolution of K12 education towards personalised learning, embracing AI. We are also looking forward to accelerating growth through value-creating and strategically focused M&A", Kolkman continues.
"In Media Finland, we are continuing, and accelerating, our successful digital transformation, which will be driven by AI and significant advertising growth following the opening of the gambling market in 2027. We have adjusted the Group's leverage target to below 2.5 from the earlier below 3.0. Our capital allocation priorities remain unchanged: we are balancing an increasing dividend, robust headroom for further M&A and continued deleveraging of the balance sheet", Rob Kolkman concludes.
The financial targets for Learning and Media Finland are now:
| Growth at Learning | - |
| Comparable net sales | Mid single-digit |
| Adjusted operating profit | High single-digit |
| Growth at Media Finland | - |
| Comparable net sales | Stable |
| Adjusted operating profit | Low single-digit |
Growth is measured annually using a 3-year CAGR (compound average growth rate).
Separate considerations, in addition to the financial targets outlined above, are:
- In Learning, the Dutch distribution sales are expected to be around EUR 40 million lower in 2026, thus expected to improve Learning's adjusted operating profit margin clearly above 23% in 2026.
- In Media Finland, substantial net sales (above EUR 20 million p.a.) and earnings growth are expected from the opening of the gambling market from 2027.
The financial targets for Sanoma Group are now:
| Sanoma Group | |
| Net debt / Adj. EBITDA | below 2.5 |
| Dividend policy * | increasing dividend, 40- 60% of annual free cash flow |
* When proposing a dividend to the AGM, the Board of Directors will look at the general macro-economic environment, Sanoma's current and target capital structure, Sanoma's future business plans and investment needs as well as both previous year's cash flows and expected future cash flows affecting capital structure.
Target for the equity ratio will be discontinued.
Updates to selected Alternative Performance Measures
Sanoma changes the wording of selected non-IFRS Alternative Performance Measures (APMs) related to profitability, with no change to their definitions, as follows:
- Operational EBIT excl. PPA will be reworded as Adjusted operating profit,
- Operational EBITDA as Adjusted EBITDA, and
- Operational EPS as Adjusted EPS.
In addition, from 2026 onwards Sanoma is amending the definition of free cash flow to include payments of lease liabilities, as follows:
- Free cash flow = Cash flow from operations - capital expenditure - payment of lease liabilities
This change will enable free cash flow to better reflect the amount of cash available for profit distribution, as property leases are considered operational expenses. In 2024, the payments of lease liabilities amounted to EUR 32 million.
Sanoma's dividend policy remains unchanged; Sanoma aims to pay an increasing dividend, equal to 40-60% of annual free cash flow. The Board makes its dividend proposal in euros per share. The updated free cash flow definition does not change this consideration; however, it will be reflected as a higher payout ratio. With the updated free cash flow definition, the payout ratio of the dividend for 2024 would have been 56%, while it was 44% under the current definition.
Definitions of all APMs are available at Accounting policies.
Capital Markets Day 2025
Sanoma will host a Capital Markets Day today, Tuesday, 25 November 2025 at 9:30 - approx. 13:00 EET. Presentations will be given by the Executive Management Team (Rob Kolkman, President & CEO; Alex Green, CFO; and Pia Kalsta, CEO Sanoma Media Finland) as well as members of the Learning and Media Finland Management Teams.
The webcast is open for all and is accessible here. Questions can be submitted through the webcast platform.
The presentations will be held in English. Presentation materials will be available at Sanoma CMD 2025 at the beginning of the event and the recording after the event.
Additional information
Kaisa Uurasmaa, Head of Investor Relations and Sustainability, tel. +358 40 560 5601
Sanoma
Sanoma is an innovative and agile learning and media company impacting the lives of millions every day. Our Sustainability Strategy is designed to maximise our positive 'brainprint' on society and to minimise our environmental footprint. We are committed to the UN Sustainable Development Goals and signatory to the UN Global Compact.
Our learning products and services enable teachers to develop the talents of every child to reach their full potential. We offer printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education, and want to grow our business.
Our Finnish media provide independent journalism and engaging entertainment also for generations to come. Our unique cross-media position offers the widest reach and tailored marketing solutions for our business partners.
Today, we operate across Europe and employ close to 5,000 professionals. In 2024, our net sales amounted to approx. 1.3bn€ and our operational EBIT margin excl. PPA was 13.4%. Sanoma shares are listed on Nasdaq Helsinki. More information is available at sanoma.com.
