Group

  Target
Net debt / adj. EBITDA below 2.5
Dividend policy Increasing dividend 40–60% of free cash flow

Strategic Business Units

Growth at Learning Target
Comparable net sales Mid single-digit
Adjusted operating profit High single-digit
Growth at Media Finland Target
Comparable net sales Stable
Adjusted operating profit Low single-digit

Growth is measured annually with a 3-year CAGR (compound annual growth rate). Additional considerations on top of the above financial targets are:

  • In Learning, the Dutch distribution sales are expected to be around EUR 40 million lower in 2026, improving Learning margin clearly above 23% in 2026.
  • In Media Finland, substantial net sales (above EUR 20 million p.a.) and earnings growth, in addition to the above targets, is expected from the opening of the gambling market from 2027.