Sanoma (1K) | Buy | Q1 in line, story building

Research evidence excerpt

Sanoma (1K) | Buy | Q1 in line, story building

#EstimatesRevision

Release date: 20 May 2026

Company research

Buy ESG profileSanoma

Finland | Media Beta Profile: MCap: EUR1.5bn

Target Price: EUR11.40 Change in TP: none Bloomberg: SANOMA FH Reuters: SANOMA.HE

Current Price: EUR9.13 Change in Sales: 1.1% 26E/1.8% 27E Free float 58.0%

Avg. daily volume (EURm) 1.8 Up/downside: 24.9% Change in Adj EBIT: 2.8% 26E/2.5% 27E

YTD abs performance -3.9%

Market data: 19 May 2026 Change in Adj. EPS: 5.8% 26E/3.6% 27E

52-week high/low (EUR) 11.14/8.81

Q1 in line, story building Price performance

Why this report?

Sanoma started the year broadly in line with expectations in a seasonally 11.5

small quarter for the Learning-heavy group. Recent Learning M&A and 11.0

strategic content acquisitions in Media Finland reinforce a more positive 10.5

outlook for 2026–27, with revenues set to expand after two consecutive 10.0

years of declines. This should drive a meaningful step-up in operating profit 9.5

and solid cash flow generation. At close to 5x EV/EBITDA, we believe the 9.0

valuation remains attractive. We reiterate our Buy rating and EUR11.40 8.5

May 25 Nov 25 May 26

target price.

Key findings Price Stoxx Europe 600 (rebased)

▪Q1 review: In a seasonally small quarter, Sanoma saw group revenue flat on an

organic basis, a sequential improvement from the 5–7% declines in Q3–Q4, as

Learning growth (4%) offset a softer start for Media Finland (-3%). The latter saw a FY to 31/12 (EUR) 12/26E 12/27E 12/28E

relatively soft start to the year in both advertising and subscription sales. Sales (m) 1,325.6 1,406.4 1,428.7

Adjusted operating profit improved by EUR3m YOY, mainly thanks to strong cost EBITDA adj (m) 401.3 445.9 461.1

control in Media Finland. EBIT adj (m) 223.8 247.8 259.2