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 market share of about 13%, digitalisation driving consolidation

  • 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

  • We are a focused media company with scale: news & feature, entertainment and B2B marketing solutions
  • Share of consumer income and subscriptions in both news and entertainment is increasing – B2C sales over 50% of total net sales
  • We have a 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 want to grow our learning business further through M&A

  • We have 300-400m€ headroom for M&A
  • Continued focus on K12 learning services in 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
  • Dividend proposal for 2021 is 0.54 €/ share, corresponding to 55% of adjusted free cash flow

  • Dividend yield 4.0% (as of 31 Dec 2021)

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
  • Sustainability is part of our DNA and an integral part of the business both in Learning and Media Finland

  • We continuously strive to improve our ESG performance – our ESG ratings improved significantly in 2021

Read more about our positive impact

Read more about Sanoma as a sustainable investment

Key facts 2021


Net sales


Operational EBIT excl. PPA


Operational EBIT margin excl. PPA


Free cash flow