M&A strategy: Focus on growth opportunities in K12 learning business
We are well-placed to grow through M&A in K12 with a disciplined approach.
We have significant headroom and ability to undertake M&A in one of three clear areas: either where it enlarges our geographic footprint in blended learning, where it would upweight our position in an existing geography or offering, or where it could take us into a logical Learning adjacency in geographies we know well.
We only look at opportunities that fit within our K12 focus and that are market leading in nature or support our market leading position. Our criteria also includes that opportunities are growing and profitable as well as display similar high barriers to entry that our current business has.
We will look at opportunities where we are confident they can accelerate our growth, drive scale for us through consolidation of the fragmented Learning market, and enhance returns for our shareholders.
Gambling market opening mid-2027
The Finnish gambling market will open up to a license model on 1 July 2027, bringing a significant uplift to the advertising market. According to the current plan, advertising will be permitted in the majority of the categories where we are present. We assume the first years to be peak years as advertisers will invest to build their brands and positions before stabilisation towards 2030, similar to other markets. We are well-positioned to capture the growth opportunity in a responsible way.
