Springer Nature AG & Co KgaA：1H26：调整后EBIT超预期3%，FY26指引上调

研报英文原文证据摘录

M

Update

August 5, 2026 06:49 AM GMT

Springer Nature AG & Co KgaA | Europe

Morgan Stanley & Co. International plc+

David Nolan

Equity Analyst

1H26: 3% adj. EBIT beat, FY26

guidance raised

Ed Young

Equity Analyst

Springer Nature AG & Co KgaA (SPGG.DE, SPG GR)

Media & Entertainment | Germany

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

Overweight

In-Line

€26.90

€18.62

€24.65-14.70

€3,703

€1,016

€4,862

* = GAAP or approximated based on GAAP

6.2% underlying revenue growth for 1H versus consensus 5.6%. 1H underlying adj.

EBIT grew 7.7% and was 2.0%/2.8% above MSe/consensus

Research division +7.2% underlying in 1H (vs. 7.2% in Q1), Health +1.3% underlying,

Education +3.5% underlying.

FY26 guidance raised to c. 6% underlying revenue growth and at least 30bps of

underlying AOP margin expansion, from 5–6% and c. 30bps previously

At c. 0.8x PEG on MSe, we think valuation remains clearly attractive. We expect

the stock to outperform today

Summary. Springer Nature has delivered a strong 1H26, with revenue of €939.8m,

up 6.2% underlying versus MSe/consensus at 5.9%/5.6%. Adj. EBIT of €246.2m grew

7.7% underlying and was 2.0%/2.8% ahead, with the 26.2% margin representing

38bps of underlying expansion. Within the mix, research remained the main driver.

Reported revenue was broadly in line, but underlying growth of 7.2% exceeded MSe/

consensus at 7.0%/6.9%, while adj. EBIT was 2%/3% ahead as c. 13% article

publication growth (market growing at 8%), operating leverage and efficiency

measures supported a 30.6% margin. Nearly all 2026 contract renewals have also

now been completed. Education revenue was 4%/5% ahead of MSe/consensus,

while Health was broadly in line. FCF of €267.6m was c. 30% above MSe, supported

by the operating performance and lower interest payments, although with some

…