Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — Q3 2025 Earnings Presentation
32 slides from Sanoma Oyj's earnings presentation, October 2025
Slide 1: Interim Report Q3 2025
Interim Report Q3 2025
Slide 2: Solid quarter supporting improved operational EBIT for the first nine months
SANOMA CORPORATION, INTERIM REPORT JANUARY–SEPTEMBER 2025 Solid quarter supporting improved operational EBIT for the first nine months Q3 2025 Q1–Q3 2025 ■ Net sales decreased in both businesses and the Group's net sales amounted to EUR 515.8 million (2024: 540.0). In ■ Net sales decreased to EUR 1,
Slide 3: Outlook for 2025 (narrowed)
Outlook for 2025 (narrowed) In 2025, Sanoma expects that the Group’s reported net sales will be EUR 1.29‒1.31 billion (2024: 1.34). The Group’s operational EBIT excl. PPA is expected to be EUR 180−190 million (2024: 180). The narrowed outlook is based on the following assumptions: ■ Demand for learn
Slide 4: Key indicators
Key indicators Net sales, m€ EUR million Q3 2025 Q3 2024 Change Q1–Q3 2025 Q1–Q3 2024 Change FY 2024 700 Net sales 515.8 540.0 -4% 1,076.7 1,103.4 -2% 1,344.8 Operational EBITDA 1) 211.4 211.8 0% 344.6 337.4 2% 360.8 600 Margin 1) 41.0% 39.2% 32.0% 30.6% 26.8% 500 Operational EBIT excl. PPA 2) 172.4
Slide 5: President and CEO Rob Kolkman
President and CEO Rob Kolkman: ”We had a solid third quarter in both Learning and Media Finland, which – combined with our good performance during the first During the third quarter, we made two important, yet difficult, decisions that strengthen the foundation for our future growth and half of the
Slide 6: Financial review Q3 2025
Financial review Q3 2025 Net sales by SBU IACs, PPAs and reconciliation of operational EBIT excl. PPA EUR million Q3 2025 Q3 2024 Change EUR million Q3 2025 Q3 2024 Learning 376.8 395.9 -5% EBIT 81.9 116.9 Media Finland 139.0 144.1 -4% Items affecting comparability (IACs) Other operations and elimin
Slide 7: Financial review Q1–Q3 2025
Financial review Q1–Q3 2025 Net sales by SBU IACs, PPAs and reconciliation of operational EBIT excl. PPA EUR million Q1–Q3 2025 Q1–Q3 2024 Change EUR million Q1–Q3 2025 Q1–Q3 2024 Learning 657.5 667.7 -2% EBIT 99.5 128.7 Media Finland 419.4 435.9 -4% Items affecting comparability (IACs) Other operat
Slide 8: Financial position and cash flow
Financial position Cash flow At the end of September 2025, net debt amounted to EUR 535.9 million (2024: 615.5) and the net debt to adjusted EBITDA The Group’s free cash flow improved to EUR 86.3 million (2024: 76.7) or EUR 0.53 per share (2024: 0.47). The improvement ratio improved to 2.0 (2024: 2.
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 (2024: 19.2%; 2023: 18.7%), supported by Solar, the process and efficiency improvement program. Annual op
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 Q3 2025 Net sales of Media Finland decreased to EUR 139.0 million (2024: 144.1) mainly driven by lower TV and newsprint advertising sales. The development in TV advertising was attributable to ending the reselling of certain third-party TV channel advertising Sanoma Media Finland is th
Slide 12: Personnel, acquisitions and divestments, events during the reporting period
Personnel The teachers also indicated a strong preference in using printed and digital materials together, and they see the benefits of digital tools, for example, on improved inclusiveness among different learners. In January–September 2025, the average number of employees in full-time equivalents
Slide 13: Share capital and shareholders
Share capital and shareholders The AGM resolved that a dividend of EUR 0.39 per share shall be paid. The dividend shall be paid in three equal instalments. The first instalment of EUR 0.13 per share was paid to a shareholder who was registered in the shareholder register of the At the end of Septemb
Slide 14: Seasonal fluctuation and significant near-term risks and uncertainties
■ For members of the Shareholders’ Nomination Committee who reside outside Finland: EUR 2,500 / Committee meeting Seasonal fluctuation where the member was present and EUR 1,500 / Committee meeting participated in; and Seasonal fluctuations in both Learning and Media Finland influence the Group’s ne
Slide 15: Financial reporting in 2026
in which Sanoma operates – most notably in Poland or Spain, but potentially also other markets – may also influence the connection with the completions of acquisitions and may be impaired in the future. In January–September 2025, impairments performance of Learning as a whole. Legislation related to
Slide 16: Reconciliation of operational EBIT excl. PPA
Reconciliation of operational EBIT excl. PPA EUR million Q3 2025 Q3 2024 Q1–Q3 2025 Q1–Q3 2024 FY 2024 EBIT 81.9 116.9 99.5 128.7 81.8 Items affecting comparability (IACs) and PPA adjustments and amortisations Learning Impairments -49.0 -27.9 -49.0 -27.9 -28.6 Capital gains/losses -0.4 -0.4 Restruct
Slide 17: Reconciliations of operational EPS, comparable net sales growth and net debt
Reconciliation of operational EPS Reconciliation of comparable net sales growth EUR million Q3 2025 Q3 2024 Q1–Q3 2025 Q1–Q3 2024 FY 2024 EUR million Q3 2025 Q3 2024 Q1–Q3 2025 Q1–Q3 2024 Result for the period attributable to the equity Group holders of the Parent Company 57.5 83.9 62.0 80.8 40.5 Ne
Slide 18: Income statement by quarter
Income statement by quarter EUR million Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES 221.1 339.8 515.8 220.9 342.4 540.0 241.5 1,344.8 Other operating income 5.4 7.7 5.5 9.2 5.0 6.8 7.4 28.3 Materials and services -61.2 -92.8 -174.1 -65.8 -98.4 -195.5 -74.6 -434.3 Employ
Slide 19: Net sales, EBIT and operational EBIT by SBU
Net sales by SBU EUR million Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Learning 89.1 191.5 376.8 81.1 190.6 395.9 96.5 764.2 Media Finland 132.1 148.3 139.0 139.9 151.9 144.1 145.0 580.9 Other operations and eliminations 0.0 -0.1 0.0 -0.1 -0.1 0.0 0.0 -0.2 Total 221.1 339.8 515
Slide 20: 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 Accounting Standards and interpretations applicable within the EU on 30 September 2025. The accounting policies of the Interi
Slide 21: Consolidated income statement and comprehensive income
Consolidated income statement Statement of comprehensive income EUR million Q3 2025 Q3 2024 Q1–Q3 2025 Q1–Q3 2024 FY 2024 EUR million Q3 2025 Q3 2024 Q1–Q3 2025 Q1–Q3 2024 FY 2024 NET SALES 515.8 540.0 1,076.7 1,103.4 1,344.8 Result for the period 57.6 84.0 62.1 80.8 40.6 Other operating income 5.5
Slide 22: Consolidated balance sheet
Consolidated balance sheet EUR million 30 Sep 2025 30 Sep 2024 31 Dec 2024 EUR million 30 Sep 2025 30 Sep 2024 31 Dec 2024 ASSETS Deferred tax liabilities 78.1 102.3 100.1 Property, plant and equipment 37.5 37.5 37.4 Pension obligations 2.7 4.8 2.7 Right-of-use assets 77.7 128.1 123.1 Provisions 6.3
Slide 23: 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 2024 71.3 -4.1 209.8 370.8 647.7 149.
Slide 24: Consolidated cash flow statement
Consolidated cash flow statement EUR million Q1–Q3 2025 Q1–Q3 2024 FY 2024 EUR million Q1–Q3 2025 Q1–Q3 2024 FY 2024 OPERATIONS FINANCING Result for the period 62.1 80.8 40.6 Purchase of treasury shares -4.0 -1.9 Adjustments Change in loans with short maturity 67.8 36.9 37.4 Income taxes 18.7 21.6 7
Slide 25: Segment information
Segment information Segment information 1 January–30 September 2025 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
Slide 26: Net sales
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 27: Changes in PP&E and right of use assets; maturity of financial liabilities
Changes in property, plant and equipment and right of use assets Maturity of financial liabilities EUR million 30 Sep 2025 30 Sep 2024 31 Dec 2024 Carrying Cash EUR million amount flow 1) 2025 2026 2027 2028 2029 2030− Total Carrying amount at 1 Jan 160.5 184.5 184.5 Loans from financial institution
Slide 28: Acquisitions and divestments
Acquisitions and divestments Acquisitions in 2025 On 20 January 2025, Sanoma acquired a portfolio of learning materials for secondary and vocational education from Finnish Cash paid to obtain control, net of cash acquired publisher Edita Oppiminen Oy, a subsidiary of Edita Group, which has made a de
Slide 29: Divestments in 2025
Divestments in 2025 Cash flow from sale of operations On 28 February 2025, Sanoma divested its B2B website services business aimed at small and medium-sized enterprises to EUR million Q1–Q3 2025 FY 2024 Tagomo Digital Oy. As a result of the divestment, eight employees were transferred to the buyer.
Slide 30: Contingent liabilities and disputes and litigations
Contingent liabilities Disputes and litigations EUR million 30 Sep 2025 30 Sep 2024 31 Dec 2024 Sanoma has had a tax dispute concerning the treatment of value added tax (VAT) of certain magazines that were printed in multiple locations in Europe and processed in and distributed through a centralised
Slide 31: 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 = acquisitions and divestments und
Slide 32: Sanoma Corporation
Sanoma Corporation Visiting address: Töölönlahdenkatu 2 00100 Helsinki Finland tel. +358 105 1999 sanoma.com