Sanoma

Sanoma's Q1 performance was largely as expected, although Media Finland's improved margin was a positive surprise.

Sanoma published its Q1 earnings report this morning, which was slightly better than expected in terms of profitability for a first quarter that seasonally weighs on operating loss.

Sanoma publishes its Q1 report on Thursday at around 8:30 am EEST. We expect the company's revenue and operational result to have been in line with the comparison period.

The acquisition complements the Learning business offering in the Spanish market.

Sanoma's earnings growth outlook for the coming years is very good, as curriculum reforms are being implemented in the major operating countries for Learning, which has a strong market position in the European learning materials market, and the segment's efficiency has increased through operational improvements.

According to statistics published by Kantar, the volume of Finnish media advertising decreased by 2% year-on-year in February, and thus media advertising has cumulatively decreased by 4% in early 2026 compared to the corresponding period last year.