Sanoma (SAA1V) investor relations material

Executive summary

• Q3 adjusted operating profit rose to EUR 190.0m from EUR 172.4m; Q1–Q3 adjusted operating profit increased to EUR 236.4m from EUR 215.6m, led by Learning.

• 2026 adjusted operating profit guidance was narrowed to EUR 215m–EUR 225m, toward the higher end of the prior range; net sales guidance is EUR 1.30bn–EUR 1.32bn.

Financial highlights

• Q3 net sales were EUR 518.9m vs EUR 515.8m; Q1–Q3 net sales were EUR 1,074.7m vs EUR 1,076.7m, with comparable sales down 2%.

• Q3 operating profit was EUR 171.6m vs EUR 81.9m; Q1–Q3 operating profit was EUR 190.8m vs EUR 99.5m.

• Q1–Q3 result for the period was EUR 133.7m vs EUR 62.1m; adjusted EPS was EUR 0.92 vs EUR 0.76 and EPS was EUR 0.82 vs EUR 0.34.

• Q3 adjusted EBITDA was EUR 228.9m, with a 44.1% margin vs EUR 211.4m and 41.0%; Q1–Q3 adjusted EBITDA was EUR 358.4m, up 4%.

• Q1–Q3 free cash flow was EUR 43.2m vs EUR 63.0m, as working-capital needs and investment outlays offset higher earnings.

Outlook and guidance

• 2026 net sales guidance is EUR 1.30bn–EUR 1.32bn and adjusted operating profit guidance EUR 215m–EUR 225m; previous ranges were EUR 1.29bn–EUR 1.34bn and EUR 205m–EUR 225m.

• Full-year free cash flow is expected to grow moderately YoY; learning-content sales collections are concentrated in Q4.

• Learning’s 2026 adjusted operating profit margin is expected to improve clearly above 23%; Dutch distribution sales are expected to be ~EUR 40m lower in 2026.

• Guidance assumes increased demand for learning content from curriculum renewals and a relatively stable Finnish advertising market.