Sanoma Oyj (FRA:SNQB) Q4 2025 Earnings Call Highlights: Strong Learning Segment Drives Profit …

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Thu, February 12, 2026 at 12:02 AM GMT+9 3 min read

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Sanoma Oyj (FRA:SNQB) reported an improvement in adjusted operating profit and free cash flow for 2025, driven by the learning segment.

The company achieved a significant deleveraging of its balance sheet, with leverage improving to 1.8 ahead of the repayment of the hybrid bond.

Sanoma Oyj (FRA:SNQB) proposed an 8% increase in dividends to $0.42 per share, reflecting confidence in its financial health.

The learning segment saw strong growth in digital platform sales in Poland, supported by B2C demand, and a 9% growth in learning content sales in the Netherlands.

The media segment experienced growth in digital subscriptions, particularly with Ruotu Plus, offsetting declines in print and TV advertising sales.

Negative Points

Net sales were impacted by the discontinuation of low-value learning material distribution contracts and lower advertising sales.

The advertising market remains challenging, with a decline in advertising sales driven by lower TV and news print advertising.

The company faced a tough economic environment in Media Finland, affecting overall performance.

There was a significant impact from the discontinuation of distribution contracts, resulting in a $25 million impact on learning.

The company anticipates a soft start to 2026 in the advertising market, with gradual improvement expected later in the year.

Q & A Highlights

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Q: Can you quantify the impact of the solar program on the 2025 figures? A: The impact was primarily on the cash side, with increased cash flow due to lower personnel costs. The actions taken were designed to achieve margins clearly above 23% in 2026, as per our guidance. The real benefits on volumes and production costs will be more evident from 2026 onwards. (CFO Alex Green)

Q: Regarding the digital platform growth in Poland, where are you in terms of market penetration, and how much room is there for continued growth? A: We have about a million subscribers on our digital solution in Poland, which provides a platform for offering more personalized learning and content directly to parents and students. There is significant opportunity for growth by continuously adding more products and solutions. (CEO Rob Kolkman)

Q: How are the curriculum renewal negotiations progressing in major markets like Spain and Poland, and what timing assumptions should we be aware of? A: In years with significant curriculum growth, costs precede revenue, involving personnel, sales, and marketing expenses. Our strong market position, typically #1 or #2, is our starting point for growth. Pre-sales activities are crucial in Q2, with major visibility in Q3. (CEO Rob Kolkman)

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Q: How do you plan to balance M&A versus higher dividend payouts, given the proposed dividend increase and tightened leverage targets? A: Our M&A ambitions remain unchanged, with around 300 million euros headroom for acquisitions. We aim to balance capital allocation between dividends, internal operations, and M&A without issues. (CFO Alex Green)

Q: What are the key uncertainties in the learning outlook, and why is there no profit growth penciled in for media? A: For learning, the key growth drivers are maintaining our strong market position and the performance of learning content sales, particularly during curriculum renewals. For media, the uncertainty lies in the advertising market’s performance, which remains challenging. We are prepared for a stable or slightly declining market. (CEO Rob Kolkman)

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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