Springer Nature (SPG) Q3 2025 earnings summary

Executive summary

• 9M 2025 revenue grew 5.9% underlying to €1,428.7m and adjusted operating profit (AOP) rose 9.9% underlying to €408.3m, led by Research.

• Research growth was driven by journals and Full Open Access; efficiency initiatives and product mix also supported AOP growth.

• FY 2025 revenue and AOP guidance was reiterated.

Financial highlights

• Revenue was €1,428.7m versus €1,369.2m in 9M 2024, up 4.3% reported and 5.9% underlying.

• AOP was €408.3m versus €379.5m, up 7.6% reported and 9.9% underlying; AOP margin increased to 28.6% from 27.7%.

• Free cash flow rose €102.7m to €174.5m, supported by stronger operating performance and lower interest payments.

Outlook and guidance

• FY 2025 guidance reiterated: revenue €1,930m–€1,960m and AOP €540m–€560m, at constant 2025 FX rates and excluding currency and portfolio changes.

• At 5 November EUR/USD of 1.148, USD FX was estimated to reduce full-year revenue by ~€11m and AOP by ~€12m; other non-USD FX was expected to reduce revenue by ~€9m and add ~€3m to AOP.

• If current rates persist, full-year FX headwinds were estimated at €20m on revenue and €9m on AOP.