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Sanoma is an innovative and agile learning and media company with two business segments: Learning and Media Finland. Learning's educational products and services reach 25 million students in K-12 education in 12 European countries. Media Finland has Finland's leading multichannel media offering (digital and print newspapers, magazines, TV and streaming services, and radio and audio services), through which it reaches 97% of Finns every week, enabling effective marketing solutions for corporate clients. The company's operations have a positive impact on the lives of millions of people every day.
Sanoma's Learning profitability increased significantly year-on-year in Q3, reflecting the company's efforts to boost efficiency and the market's growth turnaround.
Although Sanoma’s third quarter fell somewhat short of expectations due to timing-related factors, profitability in the Learning business developed in line with expectations.
Sanoma's Q3 result was below our estimate, but the reason appears to be largely timing-related. As we expected, the company raised the lower end of its earnings guidance.
The quarter is particularly interesting, as the extensive efficiency measures previously worked on by the company are expected to have raised Learning's profitability and, consequently, group earnings to a new level.
According to statistics published by Fifty5Blue (formerly Kantar), the volume of Finnish media advertising decreased by nearly 1% in July year-on-year.
Sanoma's Q2 operating result, which remained at the comparison period's level, was below our estimate, which we believe was primarily due to timing factors in the learning business.
Sanoma maintained its full-year 2026 guidance following a stable second quarter. The company enters the peak season for its Learning business from a strong position, making its execution during this period critical for the remainder of the year.
Sanoma's Q2 earnings, published this morning, were approximately at the same level as the comparison period, thus falling short of estimates that anticipated slight earnings growth.
