Q2 2026 Sanoma Oyj Earnings Call Transcript
Key Points
- Sanoma Oyj (STU:SNQB) reported solid first-half results, with a strong performance in the learning segment driven by growth in the Netherlands and Poland.
- The acquisition of Vizen Vivas is contributing positively to the company's top-line, adding $7 million in revenue.
- The company is on track to achieve a step change in adjusted operating profit for the full year, with a target margin of above 23%.
- Digital subscriptions in Media Finland continue to grow, offsetting declines in print, and events have shown improved profitability.
- Sanoma Oyj (STU:SNQB) has made strategic acquisitions, including Fluentbee in Poland, enhancing its digital learning offerings and expanding its reach to 2 million digital users.
- Advertising sales remain a challenge, with the market showing softness despite some early positive signs in June.
- Free cash flow is seasonally negative and reflects higher investments, with expectations for moderate growth weighted towards Q4.
- Leverage is at its seasonal peak due to hybrid repayment and acquisitions, though deleveraging is expected in the second half.
- There is uncertainty around the advertising market's recovery, which could impact the company's financial performance.
- The timing of curriculum changes and late ordering in markets like Spain and Italy have affected sales phasing, moving some revenue to Q3.
Good morning everyone and welcome to Sonoma's first half 26 results presentation. My name is Kaisa Urasma. I'm heading investor relations and sustainability at Sonoma.
We had a solid first half of the year and today the President and CEO Rob Kolkman and CFO Alex Green will represent the results.
After the presentation, we will have a Q&A session. We will first take questions from here at Sanama House. Please use the microphone.
We will then hand over to the telephone line if there are any further questions, and then you can also use the chat function for questions.
After the presentation, a recording will be available on our website.
With this, I would like to invite Rob on stage, please.
Thank you, Kaisa, and good morning. It's my pleasure to present the half-year results to you.
They are really solid first six-month results. And most importantly, the message today is we are on track for that
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