Sanoma publishes an FAQ, which answers the most topical questions of the quarter. The quarterly FAQ is published before the silent period, which starts 30 days prior to the date of publishing an interim report or full-year results report.
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2026 is expected to be a growth year in learning content sales, driven by curriculum renewals in Spain and Poland. How is the demand starting to take shape?
In both countries, most of the orders come in during Q2 and the majority of the sales take place in Q3 as the schools start in August-September. In Poland, the public subsidy for this curriculum renewal was approved by the government in March. We are well prepared for the high season and things have progressed in line with our expectations.
The third quarter when the new school year starts is the high season in the K12 learning business. How does the expected learning content sales growth impact Learning’s seasonality between quarters in 2026 vs. 2025?
The net sales growth from the curriculum renewals will become visible mostly in Q3, when the new school year starts. While net sales split by quarter may vary compared to 2025, learning content sales are expected to grow in FY 2026 and result in strong adjusted operating profit growth as the Group’s Outlook for 2026 indicates.
In 2025, Learning’s net sales grew in Poland driven by digital platforms. How is this expected to develop in 2026?
In Poland, digital growth is expected to continue in 2026 although at a lower level compared to the launch year of 2025. In 2026, demand for learning content is also expected to increase driven by the primary school curriculum renewal, which was recently approved by the Polish government.
In April 2026, Sanoma strengthened its position in Spain by acquiring Vicens Vives, one of the major local learning content providers. How does this acquisition fit Sanoma’s Learning business?
The acquisition is in line with our strategy to grow our K12 learning business in current operating countries and to build on our existing scalable foundation. We have a well-established market leading position in Spain, and we continue to see great potential there, supported by the new funding cycle of the ongoing curriculum in 2026–2027 and the increasing demand for personalised learning.
How do you see the M&A headroom after the Vicens Vives acquisition?
Our M&A strategy remains unchanged, and we look to continue expanding our K12 learning business through acquisitions in current and new geographies. With regards our funding capacity, in the short-term we have approximately 300m€ headroom for M&A, which is consider well sufficient.
How has the advertising demand developed in Q2 2026?
According to Fifty5Blue (earlier Kantar), advertising demand in Finland declined by 15% in April and 2% in May. This soft start to the year (year-to-date -7%) is reflecting the continued overall uncertainty of the Finnish economy and has not been surprising.
As part of Outlook for 2026, you are expecting the advertising demand in Finland to be relatively stable (+/-2%). Has this changed based on January–February development?
No, this assumption has not changed.
According to the Outlook for 2026, Sanoma expects its adjusted operating profit to amount to EUR 205–225 million in 2026 (2025: 188). The mid-point of this range indicates a 14% earnings growth from last year. What are the main drivers for this?
The main drivers are in Learning, where we expect significant earnings and margin improvement mainly attributable to growth in learning content sales especially in Poland, Spain and the Netherlands, driven by curriculum renewals and the Vicens Vives acquisition.
Media Finland’s performance is expected to be relatively stable.
Sanoma is expecting Learning’s margin to improve to clearly above 23% in 2026 (2025: 20.4%). What are the drivers for this?
The expected significant earnings and margin improvement in Learning is mainly attributable to growth in learning content sales especially in Poland, Spain and the Netherlands, driven by curriculum renewals and the Vicens Vives acquisition. In addition, discontinuation of the low-value Dutch distribution business will reduce net sales by 40m€ with no earnings impact.
Sanoma updated its financial targets in November 2025 and aims to deliver high single-digit organic growth in the Group’s adjusted operating profit in 2026–2030, measured annually by a 3-year CAGR. What are the main drivers for earnings growth?
In Learning, we expect mid single-digit net sales growth in 2026–2030, driven by curriculum renewals, personalised learning and innovation, to deliver high single-digit growth in adjusted operating profit. In Media Finland, stable net sales is expected to result in low single-digit growth in adjusted operating profit. These targets don’t include the impact of potential future acquisitions or the impact of the gambling market opening, which is expected to bring substantial net sales and earnings growth in Media Finland from mid-2027.
It is worth noticing that these targets are valid already in 2026 and this earnings growth level is also reflected in Sanoma’s Outlook for 2026. In Sanoma’s financial targets, growth is measured annually by using a 3-year CARG – in other words, Sanoma aims to deliver high single-digit growth in adjusted operating profit (measured by using a 3-year CAGR) annually during 2026–2030.
2026 is expected to be a growth year in learning content sales, driven by curriculum renewals in Spain and Poland. How is the demand starting to take shape?
In both countries, most of the orders come in during Q2 and the majority of the sales take place in Q3 as the schools start in August-September. In Poland, the public subsidy for this curriculum renewal has been approved by the government. All this is in line with our expectations.
The third quarter when the new school year starts is the high season in the K12 learning business. How does the expected learning content sales growth impact Learning’s seasonality between quarters in 2026 vs. 2025?
The net sales growth from the curriculum renewals will become visible mostly in Q3, when the new school year starts. While net sales split by quarter may vary compared to 2025, learning content sales are expected to grow in FY 2026 and result in strong adjusted operating profit growth as the Group’s Outlook for 2026 indicates.
In Q1 2025, Learning’s net sales grew in Poland driven by digital platforms. Part of this growth was driven by the launch of the platform to the B2C customers. How is this expected to develop in 2026?
In Poland, digital growth is expected to continue in 2026 although at a lower level compared to the launch year of 2025. In 2026, demand for learning content is also expected to increase driven by the primary school curriculum renewal, which was recently approved by the Polish government.
In March 2026, Sanoma acquired Mr. Chadd, a Dutch tutoring platform combining AI-based guidance with academically trained coaches. What is the role of AI in Sanoma’s learning business?
Across Learning, we see great opportunities for AI to enhance the way we support teachers and to significantly improve personalised learning for students. We believe that in K12 education, the teachers will stay at the helm and well-curated printed and digital learning content at the core, while AI enables increasing personalisation of learning and teaching.
How has the advertising demand developed in Q1 2026?
According to Fifty5Blue (earlier Kantar), advertising demand in Finland declined by 6% in January and by 2% in February 2026. This soft start to the year is reflecting the continued overall uncertainty of the Finnish economy and has not been surprising.
As part of Outlook for 2026, you are expecting the advertising demand in Finland to be relatively stable (+/-2%). Has this changed based on January–February development?
No, this assumption has not changed.
According to the Outlook for 2026, Sanoma expects its adjusted operating profit to amount to EUR 205–225 million in 2026 (2025: 188). The mid-point of this range indicates a 14% earnings growth from last year. What are the main drivers for this?
The main drivers are in Learning, where we expect significant earnings and margin improvement mainly attributable to growth in learning content sales especially in Poland, Spain and the Netherlands, driven by curriculum renewals.
Media Finland’s performance is expected to be relatively stable.
Sanoma is expecting Learning’s margin to improve to clearly above 23% in 2026 (2025: 20.4%). What are the drivers for this?
The expected significant earnings and margin improvement in Learning is mainly attributable to growth in learning content sales especially in Poland, Spain and the Netherlands, driven by curriculum renewals. In addition, discontinuation of the low-value Dutch distribution business will reduce net sales by 40m€ with no earnings impact.
Sanoma updated its financial targets in November 2025 and aims to deliver high single-digit organic growth in adjusted operating profit in 2026–2030, measured annually by a 3-year CAGR. What are the main drivers for earnings growth?
In Learning, we expect mid single-digit net sales growth in 2026–2030, driven by curriculum renewals, personalised learning and innovation, to deliver high single-digit growth in adjusted operating profit. In Media Finland, stable net sales is expected to result in low single-digit growth in adjusted operating profit. These targets don’t include the impact of potential future acquisitions of the impact of the gambling market opening, which is expected to bring substantial net sales and earnings growth in Media Finland from mid-2027.
It is worth noticing that these targets are valid already in 2026 and growth is measured annually by using a 3-year CARG – in other words, Sanoma expects to deliver high single-digit growth in adjusted operating profit (measured by using a 3-year CAGR) every year during 2026–2030, not only at the end or somewhere in the middle of this period.
