Sanoma updates its financial targets – aims to deliver high single-digit growth in the Group’s adjusted operating profit in 2026–2030

Core Viewpoint - Sanoma has updated its financial targets, aiming for high single-digit growth in adjusted operating profit from 2026 to 2030, driven by accelerated net sales and earnings growth in its Learning and Media Finland segments [1][2]. Group Financial Targets - The financial targets for Learning include mid single-digit growth in comparable net sales and high single-digit growth in adjusted operating profit [4]. - For Media Finland, the targets are stable comparable net sales and low single-digit growth in adjusted operating profit [4]. Growth Drivers - In Learning, curriculum renewals in key markets like Poland and Spain are expected to enhance organic net sales growth from 2026 to 2030, alongside a shift towards personalized learning and AI integration [2]. - Media Finland is set to benefit from a digital transformation and significant advertising growth, particularly with the anticipated opening of the gambling market in 2027 [3][6]. Financial Metrics - The Group's net debt to adjusted EBITDA target has been revised to below 2.5 from below 3.0 [3][5]. - The updated dividend policy aims for an increasing dividend, representing 40-60% of annual free cash flow [5][9]. Changes in Performance Measures - Sanoma will amend the definition of free cash flow to include lease liabilities, which will better reflect cash available for profit distribution [8][9]. - The payout ratio for dividends is expected to increase, with the 2024 payout ratio projected at 56% under the new definition, compared to 44% previously [9].