Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — FY2024 Earnings Presentation
33 slides from Sanoma Oyj's earnings presentation, 2025
Slide 1: Full-Year Result 2024
Full-Year Result | 2024 )
Slide 2: Increased operational EBIT and strong free cash flow improvement
SANOMA CORPORATION, FULL-YEAR RESULT 2024 Increased operational EBIT and strong free cash flow improvement Q4 2024 ■ The Group’s operational EBIT excl. PPA improved to EUR 180.0 million (2023: 175.4). Earnings were relatively stable in Learning and grew in Media Finland driven by lower paper costs a
Slide 3: Outlook for 2025 and alternative performance measures
Outlook for 2025 In 2025, Sanoma expects that the Group’s reported net sales will be EUR 1.28‒1.33 billion (2024: 1.34). The Group’s operational EBIT excl. PPA is expected to be EUR 170−190 million (2024: 180). The outlook is based on the following assumptions: ■ Demand for learning content will be
Slide 4: Key indicators
Key indicators Net sales, m€ EUR million Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change 700 Net sales 241.5 253.4 -5% 1,344.8 1,392.9 -3% Operational EBITDA 1) 23.5 27.8 -16% 360.8 358.3 1% 600 Margin 1) 9.7% 11.0% 26.8% 25.7% 500 Operational EBIT excl. PPA 2) -27.3 -27.0 -1% 180.0 175.4 3% 400 Margi
Slide 5: President and CEO Rob Kolkman
President and CEO Rob Kolkman: ”In 2024, we made good progress on our strategic focus areas of increasing the profitability of Learning and Media Finland The Board proposes a dividend of EUR 0.39 (2023: 0.37) per share, corresponding to 44% of the 2024 free cash flow. This and deleveraging the Group
Slide 6: Financial review Q4 2024
Financial review Q4 2024 Net sales by SBU IACs, PPAs and reconciliation of operational EBIT excl. PPA EUR million Q4 2024 Q4 2023 Change EUR million Q4 2024 Q4 2023 Learning 96.5 100.4 -4% EBIT -46.9 -51.4 Media Finland 145.0 153.1 -5% Items affecting comparability (IACs) Other operations and elimin
Slide 7: Financial review FY 2024
Financial review FY 2024 Net sales by SBU IACs, PPAs and reconciliation of operational EBIT excl. PPA EUR million FY 2024 FY 2023 Change EUR million FY 2024 FY 2023 Learning 764.2 795.2 -4% EBIT 81.8 51.7 Media Finland 580.9 597.8 -3% Items affecting comparability (IACs) Other operations and elimina
Slide 8: Financial position and cash flow
Financial position Cash flow At the end of December 2024, net debt amounted to EUR 568.5 million (2023: 639.7). Net debt to adjusted EBITDA ratio The Group’s free cash flow improved to EUR 145.3 million (2023: 105.1) or EUR 0.89 per share (2023: 0.64). The improved to 2.2 (2023: 2.8), being within t
Slide 9: Progress in Program Solar in Learning
Progress in Program Solar in Learning On 26 October 2023, Sanoma announced that Sanoma Learning’s operational EBIT margin excl. PPA is expected to reach its long-term target level of 23% in 2026 (2023: 18.7%), supported by the new process and efficiency improvement program, Solar. Annual operational
Slide 10: Learning
Learning The learning business has, by its nature, an annual cycle with strong seasonality. Most net sales and earnings are accrued during the second and third quarters, while the first and fourth quarters are typically smaller in net sales and loss-making. Sanoma Learning is one of the global leade
Slide 11: Media Finland
Media Finland Q4 2024 Net sales of Media Finland decreased to EUR 145.0 million (2023: 153.1). Advertising sales declined as lower sales in TV and newsprint advertising were only partially offset by continued, although slightly slower, growth in digital. Subscription sales were Sanoma Media Finland
Slide 12: Personnel, Executive Management Team, Acquisitions and divestments
Personnel as members of the Board of Directors. Mika Ihamuotila informed that he does not stand for re-election to the Board. Consequently, the Nomination Committee proposed that Jannica Fagerholm and Timo Lappalainen be elected as new In January–December 2024, the average number of employees in ful
Slide 13: Sustainability, share capital and shareholders, acquisition of own shares
Sustainability In February 2024, Sanoma was awarded the leadership level score of A- in the global CDP Climate Change rating for the second consecutive year. In addition, Sanoma maintained a solid CDP Forest rating of B. CDP scoring is considered the gold Sanoma will publish its Sustainability Repor
Slide 14: Share trading and performance, Decisions of the Annual General Meeting
shares. The maximum sum to be used for the repurchase is EUR 5.9 million. The shares shall be acquired in public trading on members, and Klaus Cawén was elected as a new member of the Board of Directors. Pekka Ala-Pietilä was elected as the Nasdaq Helsinki Ltd. at the market price prevailing at the
Slide 15: Seasonal fluctuation, significant near-term risks and uncertainties
The AGM authorised the Board of Directors to decide on the issuance of new shares and the conveyance of the Company's The media markets in which the Group operates are highly competitive and include many regional, national and international own shares held by the Company (treasury shares) and the is
Slide 16: Dividend proposal, Financial reporting in 2025
certain magazines that were printed in multiple locations in Europe and processed in and distributed through a centralised logistics centre in Norway, as IACs in Media Finland’s result in 2023. In August 2024, the Supreme Administrative Court Dividend proposal rejected Sanoma’s application for permi
Slide 17: Reconciliation of operational EBIT excl. PPA
Reconciliation of operational EBIT excl. PPA Items affecting comparability (IACs) in results of associated companies EUR million Q4 2024 Q4 2023 FY 2024 FY 2023 EUR million Q4 2024 Q4 2023 FY 2024 FY 2023 EBIT -46.9 -51.4 81.8 51.7 Media Finland Fair value remeasurement of previously held equity int
Slide 18: Reconciliation of operational EPS, net sales growth, net debt
Reconciliation of operational EPS Reconciliation of comparable net sales growth EUR million Q4 2024 Q4 2023 FY 2024 FY 2023 EUR million Q4 2024 Q4 2023 FY 2024 FY 2023 Result for the period attributable to the equity Group holders of the Parent Company -40.3 -44.7 40.5 3.3 Net sales 241.5 253.4 1,34
Slide 19: Income statement by quarter
Income statement by quarter EUR million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 NET SALES 220.9 342.4 540.0 241.5 1,344.8 217.8 341.3 580.3 253.4 1,392.9 Other operating income 9.2 5.0 6.8 7.4 28.3 7.3 5.5 6.0 6.7 25.6 Materials and services -65.8 -98.4 -195.5
Slide 20: Net sales, EBIT and operational EBIT by SBU
Net sales by SBU EUR million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Learning 81.1 190.6 395.9 96.5 764.2 76.3 188.0 430.4 100.4 795.2 Media Finland 139.9 151.9 144.1 145.0 580.9 141.5 153.4 149.9 153.1 597.8 Other operations and eliminations -0.1 -0.1 0.0 0.0
Slide 21: Interim report (unaudited)
Interim report (unaudited) Accounting policies Sanoma Group prepares its Interim Report in accordance with IAS 34 'Interim Financial Reporting' while adhering to related IFRS standards and interpretations applicable within the EU on 31 December 2024. The accounting policies of the Interim Report, th
Slide 22: Consolidated income statement
Consolidated income statement Statement of comprehensive income EUR million Q4 2024 Q4 2023 FY 2024 FY 2023 EUR million Q4 2024 Q4 2023 FY 2024 FY 2023 NET SALES 241.5 253.4 1,344.8 1,392.9 Result for the period -40.3 -44.6 40.6 4.1 Other operating income 7.4 6.7 28.3 25.6 Materials and services -74
Slide 23: Consolidated balance sheet
Consolidated balance sheet EUR million 31 Dec 2024 31 Dec 2023 EUR million 31 Dec 2024 31 Dec 2023 ASSETS Deferred tax liabilities 100.1 116.0 Property, plant and equipment 37.4 40.3 Pension obligations 2.7 3.4 Right-of-use assets 123.1 144.2 Provisions 4.5 2.0 Investment property 2.9 2.9 Financial
Slide 24: Changes in consolidated equity
Changes in consolidated equity EUR million Equity attributable to the equity holders of the Parent Company Fund for invested Non- Share Treasury unrestricted Other Hybrid controlling Equity, capital shares equity equity Total bond interests total Equity at 1 Jan 2023 71.3 -5.2 209.8 419.2 695.1 7.0
Slide 25: Consolidated cash flow statement
Consolidated cash flow statement EUR million FY 2024 FY 2023 EUR million FY 2024 FY 2023 OPERATIONS FINANCING Result for the period 40.6 4.1 Proceeds from issue of hybrid bond (net of issuance costs) 148.9 Adjustments Purchase of treasury shares -1.9 Income taxes 7.8 16.5 Change in loans with short
Slide 26: Segment information
Segment information Segment information 1 January–31 December 2024 Other Media operations/ Sanoma reports two operating segments, which are its two strategic business units Sanoma Learning and Sanoma Media EUR million Learning Finland eliminations Total Finland. This is aligned with the way Sanoma m
Slide 27: Net sales disaggregation of revenue
Net sales Disaggregation of revenue In the following table, revenue is disaggregated by primary geographical market, major products/services lines and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the Group’s two operating segments, which a
Slide 28: Changes in PP&E; maturity of financial liabilities
Changes in property, plant and equipment and right of use assets Maturity of financial liabilities EUR million 31 Dec 2024 31 Dec 2023 EUR million 2025 2026 2027 2028 2029 2030− Total Carrying amount at 1 Jan 184.5 205.7 Loans from financial institutions 60.9 126.9 103.2 291.1 Increases 24.8 39.2 Bo
Slide 29: Acquisitions and divestments
Acquisitions and divestments Acquisitions in 2024 Acquisitions of non-controlling interests No acquisitions were conducted during 2024. EUR million FY 2024 FY 2023 Impact of business acquisitions on Group's assets and liabilities Acquisition cost 2.8 EUR million FY 2024 FY 2023 Book value of the acq
Slide 30: Divestments in 2024
Divestments in 2024 Cash flow from sale of operations On 2 April 2024, Sanoma divested Valopilkku to Fonecta Group. Valopilkku is one of Finland's best-known taxi booking EUR million FY 2024 FY 2023 applications with users all over Finland. Sales price 12.2 1.6 On 31 January 2024, Sanoma divested it
Slide 31: Disputes and litigations, contingent liabilities, derivative instruments
Contingent liabilities Disputes and litigations EUR million 31 Dec 2024 31 Dec 2023 On 8 June 2023, Sanoma announced that the Administrative Court had rejected the company’s appeal concerning the VAT payment decisions regarding the tax audits at Sanoma Media Finland Oy for the years 2015–2018. The c
Slide 32: Definitions of key indicators
Definitions of key indicators KPI Definition Reason to use KPI Definition Reason to use Comparable (or Complements reported net sales by reflecting the Interest-bearing liabilities (short or long-term Net sales (growth) adjusted for the impact of organic) net sales = underlying business performance
Slide 33: Sanoma Corporation
Sanoma Corporation Visiting address: Töölönlahdenkatu 2 00100 Helsinki Finland tel. +358 105 1999 sanoma.com