Sanoma Corporation, Stock Exchange Release, 8 May 2024 at 8:30 EET

Sanoma Corporation, Interim Report 1 January–31 March 2024: Improved performance in a seasonally small quarter

This release is a summary of Sanoma’s Interim report 1 January–31 March 2024. The complete report is attached to this release and is also available at

Q1 2024

  • Net sales amounted to EUR 221 million (2023: 218). Net sales grew in Learning mainly as a result of earlier ordering and were stable in Media Finland. The Group’s organic net sales growth was 5% (2023: 1%).
  • Operational EBIT excl. PPA increased to EUR -24 million (2023: -31) while being seasonally negative. Earnings improved in both Learning and Media Finland.
  • EBIT was EUR -31 million (2023: -43). Items affecting comparability (IACs) were positive and amounted to EUR 2 million (2023: -2). Purchase price allocation adjustments and amortisations (PPAs) were EUR 9 million (2023: 10).
  • Operational EPS was EUR -0.20 (2023: -0.23).
  • EPS was EUR -0.18 (2023: -0.25).
  • Free cash flow improved to EUR -44 million (2023: -68), although negative as is typical for the seasonally small first quarter. The improvement was driven by higher operational earnings and active working capital management.
  • Net debt/Adj. EBITDA was 2.9 (2023: 3.2), being below the long-term target level of ‘below 3.0’.
  • On 17 April 2024, the Annual General Meeting decided that a dividend of EUR 0.37 per share (2022: 0.37) shall be paid for 2023 in three instalments. The first instalment of EUR 0.13 was paid on 26 April, the second instalment of EUR 0.13 will be paid in September and the third instalment of EUR 0.11 in November.
  • In January 2024, Sanoma announced two small divestments: Stark in Learning and Netwheels in Media Finland.

Outlook for 2024 (unchanged)

In 2024, Sanoma expects that the Group’s reported net sales will be EUR 1.29‒1.34 billion (2023: 1.4). The Group’s operational EBIT excl. PPA is expected to be EUR 160−180 million (2023: 175).

Regarding the operating environment, Sanoma expects that:

  • The advertising market in Finland will decline slightly.
  • The development in the economies of the Group’s operating countries is expected to be relatively stable.

President and CEO Rob Kolkman:

”We had a good start to the year. The positive impact of active cost containment measures, lower paper prices and carefully implemented price increases have enhanced performance and operational earnings in both Learning and Media Finland. I would like to warmly thank all our teams for their dedication and effort in supporting our customers in the best possible way and delivering solid results.

In Learning, the first quarter is always seasonally small, this time with some earlier ordering most notably in the Netherlands and Belgium. In Spain, the positive impact of the ending curriculum renewal was still somewhat visible in Q1, while on the full-year level the lower curriculum cycle is expected to result in lower net sales, as communicated earlier. Despite higher operational earnings in the first quarter, we continue to expect Learning’s FY 2024 operational EBIT margin excl. PPA to be relatively stable compared to 2023.

The implementation of the process and efficiency improvement program, Solar, has proceeded according to our plans across all streams. We are optimising our processes in Spain and Poland post the recent curriculum renewals and increasingly leveraging benefits of scale in content creation across our markets. The harmonisation of our digital platforms continues with the optimisation of product development and maintenance. This is implemented for example through outsourcing and nearshoring to lower cost countries.

The 2024 Sanoma Learning European Teacher Survey, which engaged nearly 10,000 teachers, shows stable and consistent value placed on high-quality learning materials throughout our markets, with 84% of the teachers agreeing that our learning materials help them in improving learning outcomes. Also, blended learning materials (i.e., a combination of printed and digital) are preferred by almost all teachers (95%), and over 90% concur that personalisation is essential for better learning outcomes.

In Media Finland, subscription sales grew because of the good development in digital. This was driven especially by the SVOD service Ruutu+, whose subscription base is now above 370,000. On the news media side, we launched IS Extra,

a subscription-based digital tabloid, in February. It has started in line with our expectations and is a good example of our customer focused initiatives. Driven by a solid performance in online and radio, our total advertising sales were stable in an overall declining market. We see volatility in the advertising markets continuing, and our expectations for the advertising demand and Media Finland’s financial performance for FY 2024 remain intact.

Our free cash flow improved mainly due to higher earnings and continued active working capital management in both businesses. We continue to expect the FY 2024 free cash flow to be similar to 2023. At the end of March, our leverage (net debt / adjusted EBITDA) and equity ratio were at their long-term target levels.

Our Outlook for 2024 and strategic focus areas remain unchanged. In the mid-term, we are working to reach the long-term profitability (operational EBIT margin excl. PPA) target of 23% by 2026 in Learning, supported by our increased scale and Program Solar, and to accelerate digitalisation and improve profitability towards the long-term target in Media Finland.”

Key indicators

EUR millionQ1 2024Q1 2023ChangeFY 2023
Net sales220.9217.81%1,392.9
Operational EBITDA 1)21.211.781%358.3
Margin 1)9.6%5.4% 25.7%
Operational EBIT excl. PPA 2)-23.7-30.723%175.4
Margin 2)-10.7%-14.1% 12.6%
Result for the period-27.6-39.831%4.1
Free cash flow-43.7-67.936%105.1
Equity ratio 3)42.0%40.6% 42.5%
Net debt694.1756.5-8%639.7
Net debt / Adj. EBITDA2.93.2-10%2.8
Operational EPS, EUR 1)-0.20-0.2312%0.39
EPS, EUR-0.18-0.2526%-0.03
Free cash flow per share, EUR-0.27-0.4236%0.64
Average number of employees (FTE)4,8345,054-4%5,119
Number of employees at the end of the period (FTE)4,8175,070-5%5,017

1) Excluding IACs
2) Excluding IACs and purchase price allocation adjustments and amortisations (PPAs)
3) Advances received included in the formula of equity ratio were EUR 135.3 million in Q1 2024 (2023: 131.6).

Analyst and investor conference

An analyst and investor conference will be held in English by the President and CEO Rob Kolkman and CFO Alex Green at 11:00 EET at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki.

The conference can be followed as a live webcast at
Management presentation is followed by a Q&A session. Questions can be placed through the webcast chat function or by phone. To ask questions by phone, the participant is required to register at After the registration you will receive the phone number and conference ID to access the conference. If you wish to ask a question, please press *5 on your telephone keypad to enter the queue.

An on-demand replay of the webcast will be available shortly after the conference at

Interview opportunities for media by Teams or by phone are available after the conference. Media representatives are asked to book interviews via Communications Director Marcus Wiklund,

Additional information
Kaisa Uurasmaa, Head of Investor Relations and Sustainability, tel. +358 40 560 5601

Sanoma is an innovative and agile learning and media company impacting the lives of millions every day. Our Sustainability Strategy is designed to maximise our positive ‘brainprint’ on society and to minimise our environmental footprint. We are committed to the UN Sustainable Development Goals and signatory to the UN Global Compact.

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

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.

Today, we operate in twelve European countries and employ more than 5,000 professionals. In 2023, our net sales amounted to approx. 1.4bn€ and our operational EBIT margin excl. PPA was 12.6%. Sanoma shares are listed on Nasdaq Helsinki. More information is available at