Sanoma (SAA1V) Q1 2026 earnings summary

Executive summary

• Adjusted operating profit improved year-over-year in both learning and media segments, despite seasonally negative results, marking a solid start to 2026.

• Net sales remained stable at EUR 221.1 million, with growth in Learning (notably in the Netherlands, Poland, and Spain) offset by declines in Media Finland advertising.

• Free cash flow was stable at EUR -38.9 million, reflecting typical seasonality in the learning business.

• The acquisition of Vicens Vives in Spain was completed, strengthening the learning segment's position and supporting future growth.

• The outlook for the year remains unchanged, with significant growth expected in Q3, especially in learning.

Financial highlights

• Net sales: EUR 221.1 million (flat year-over-year); adjusted operating profit: EUR -16.1 million (up from EUR -18.8 million); adjusted EBITDA: EUR 26.5 million (margin 12.0%).

• Result for the period improved to EUR -24.1 million (Q1 2025: EUR -28.4 million).

• Free cash flow: EUR -38.9 million, reflecting seasonal patterns.

• Net debt/Adjusted EBITDA: 2.6, following hybrid bond repayment.

• Adjusted EPS: EUR -0.13 (improved from EUR -0.17).

Outlook and guidance

• 2026 net sales expected at EUR 1.29–1.34 billion; adjusted operating profit at EUR 205–225 million.

• Full-year outlook remains unchanged, with a step change in profit expected, driven by curriculum renewals and acquisitions.

• Adjusted operating profit margin is expected to exceed 23% for the year.

• Growth in digital subscriptions in media is expected to continue, while advertising remains uncertain.

• Demand for learning content to increase due to curriculum renewals; Finnish advertising market expected to remain stable.