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Sanoma (SAA1V) investor relations material
Sanoma Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Operational EBIT increased, mainly driven by growth and efficiency in the Learning segment, while Media Finland faced lower advertising sales, especially in TV, and weaker events.
Net sales remained stable at EUR 560.9 million for H1 2025, as Learning growth offset declines in Media Finland.
Free cash flow improved due to higher operational earnings and lower financial items, though it remained negative due to seasonal patterns in Learning.
Net debt/Adj. EBITDA improved to 2.5, below the long-term target of 3.0, reflecting continued deleveraging.
Strategic focus remains on profitability, free cash flow, and balance sheet strength, with growth expected from curriculum renewals and digital transformation.
Financial highlights
H1 2025 net sales: EUR 560.9 million (0% year-over-year); operational EBIT excl. PPA: EUR 43.3 million (+16%).
Q2 2025 operational EBIT excl. PPA: EUR 62.0 million (+2%); margin 18.3% (17.8%).
Free cash flow for H1 2025 improved to EUR -51.7 million (from EUR -58.2 million).
Net debt reduced to EUR 659.0 million (Q2 2024: EUR 730 million); equity ratio at 38.5%.
Dividend of EUR 0.39 per share for 2024 to be paid in three instalments in 2025.
Outlook and guidance
2025 outlook unchanged: net sales expected at EUR 1.28–1.33 billion (2024: 1.34 billion).
Operational EBIT excl. PPA forecasted at EUR 170–190 million (2024: 180 million).
Assumes stable demand for learning content and a relatively stable Finnish advertising market.
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