Sanoma (SAA1V) Q3 2025 earnings summary

Executive summary

• Operational EBIT improved year-to-date, supported by efficiency gains, higher digital and learning content sales, and cost containment.

• Net sales declined 3–4% year-over-year to €1,077m for Q1–Q3, in line with guidance, mainly due to planned exits and lower advertising.

• Free cash flow and deleveraging progressed, with leverage reduced to 2.0 and free cash flow at €86.3m.

• Strategic decisions included discontinuing low-value Dutch distribution contracts and closing the Tampere printing plant in Finland.

• Dividend of €0.39/share for 2024 to be paid in three instalments.

Financial highlights

• Operational EBIT excl. PPA improved to €216m for Q1–Q3, with Q3 at €172.4m (+1% y/y).

• Free cash flow increased to €86.3m for Q1–Q3 (+13% y/y).

• Net debt reduced to €535.9m from €615.5m, with equity ratio at 43.1%.

• Impairments of €48m (Dutch distribution) and €30m (Tampere plant) booked in Q3.

• Q3 operational EPS: €0.73 (+4% y/y); Q1–Q3: €0.76 (+13% y/y).

Outlook and guidance

• 2025 net sales expected at €1.29–1.31bn (2024: €1.34bn); operational EBIT excl. PPA at €180–190m (2024: €180m).

• Assumes stable demand for learning content and advertising in Finland; Q4 faces uncertainty mainly due to the advertising market.

• 2025 free cash flow expected to increase from 2024’s €145m.