Our learning products and services enable teachers to develop the talents of every child to reach their full potential. We offer printed and digital course materials as well as digital learning and teaching platforms for primary, secondary and vocational education, and want to grow our business across Europe.

Our Finnish media provide independent journalism and engaging entertainment also for generations to come. Our unique cross-media position offers the widest reach and tailored marketing solutions for our business partners.

Key investment highlights

We continue to grow Sanoma Learning, the leading European K12 learning business

  • We focus on K12 (= primary, secondary and vocational) learning services, which have high barriers to entry due to local nature of the business
  • We are the leading player in a highly fragmented European market with a market share of about 13%
  • Long-term financial targets:
    • Comparable net sales growth 2-5%
    • Operational EBIT margin excl. PPA above 23%

Read more about our learning business

We are the leading cross-media company in Finland and continue our successful digital transformation

  • Focused media company with scale: news & feature, entertainment and B2B marketing solutions
  • Increasing share of consumer income and subscriptions in both news and entertainment - B2C sales now about 50% of total net sales
  • Proven track record of a successful digital transformation
  • Long-term financial targets:
    • Comparable net sales growth +/-2%
    • Operational EBIT margin excl. PPA 12-14%

Read more about our media business

We have 300-400m€ headroom for M&A and focus on growing learning business further

  • Continued focus on European K12 learning services; ongoing consolidation driven e.g. by digitalisation in a fragmented market
  • Entering new geographies and expanding our offering in current markets both in learning content and digital platforms
  • Highly synergistic, bolt-on acquisitions in the media business in Finland could be considered

Read more about our recent acquisitions and divestments

We pay a solid dividend

  • Dividend policy: Sanoma aims to pay an increasing dividend, equal to 40-60% of annual free cash flow
  • Payout ratio in 2019 was 58% (2018: 58%)
  • Dividend yield 4.1% (as of 30 Nov 2020)

Read more about our dividend policy and development of dividends

Sanoma is a sustainable investment with learning and media having a positive impact on society

  • Sanoma Sustainability program focuses on six themes:
    • Inclusive learning
    • Sustainable media
    • Trustworthy data
    • Vital environment
    • Valued people
    • Responsible business practices
  • We have an AA rating in MSCI ESG Rating (scale AAA-CCC)

Read more about our positive impact

Key facts 2020


Net sales


Operational EBIT excl. PPA


Operational EBIT margin excl. PPA


Free cash flow