EUR million | Learning | Media Finland | Other operations/ eliminations | Total |
External net sales | 745.8 | 556.7 | 1,302.5 | |
Internal net sales | 0.0 | 0.2 | -0.2 | |
NET SALES | 745.8 | 556.9 | -0.2 | 1,302.5 |
Depreciation, amortisation and impairment losses | -174.3 | -110.5 | -1.2 | -286.0 |
OPERATING PROFIT | 60.8 | 7.5 | -19.7 | 48.6 |
ADJUSTED OPERATING PROFIT1 | 151.9 | 49.0 | -12.6 | 188.2 |
Share of results in associated companies | 0.1 | 0.1 | ||
Financial income | 5.9 | 5.9 | ||
Financial expenses | -30.3 | -30.3 | ||
RESULT BEFORE TAXES | 24.3 | |||
Income taxes | -4.5 | |||
RESULT FOR THE PERIOD | 19.9 | |||
Capital expenditure | 27.6 | 9.3 | 2.3 | 39.1 |
Goodwill 2 | 868.6 | 109.1 | -167.7 | 810.0 |
Equity-accounted investees | 3.7 | 3.7 | ||
Segment assets | 1,547.4 | 284.6 | -138.6 | 1,693.5 |
Other assets | 35.9 | |||
TOTAL ASSETS | 1,729.4 | |||
Segment liabilities | 250.5 | 189.7 | -26.3 | 414.0 |
Other liabilities | 584.6 | |||
TOTAL LIABILITIES | 998.5 | |||
Free cash flow1 | 113.0 | 62.3 | -15.6 | 159.7 |
Average number of employees (full-time equivalents) | 2,486 | 2,055 | 104 | 4,645 |
EUR million | Learning | Media Finland | Other operations/ eliminations | Total |
External net sales | 764.2 | 580.7 | 1,344.8 | |
Internal net sales | 0.2 | -0.2 | ||
NET SALES | 764.2 | 580.9 | -0.2 | 1,344.8 |
Depreciation, amortisation and impairment losses | -154.7 | -91.3 | -1.5 | -247.6 |
OPERATING PROFIT | 59.1 | 38.2 | -15.4 | 81.8 |
ADJUSTED OPERATING PROFIT1 | 146.9 | 47.5 | -14.4 | 180.0 |
Share of results in associated companies | 0.0 | 0.0 | ||
Financial income | 6.8 | 6.8 | ||
Financial expenses | -40.3 | -40.3 | ||
RESULT BEFORE TAXES | 48.4 | |||
Income taxes | -7.8 | |||
RESULT FOR THE PERIOD | 40.6 | |||
Capital expenditure | 30.3 | 7.2 | 0.2 | 37.7 |
Goodwill 2 | 868.2 | 109.3 | -167.7 | 809.8 |
Equity-accounted investees | 3.5 | 3.5 | ||
Segment assets | 1,659.7 | 338.9 | -152.5 | 1,846.0 |
Other assets | 33.1 | |||
TOTAL ASSETS | 1,879.1 | |||
Segment liabilities | 257.1 | 177.6 | -18.2 | 416.5 |
Other liabilities | 690.9 | |||
TOTAL LIABILITIES | 1,107.4 | |||
Free cash flow1 | 67.4 | 71.0 | 7.0 | 145.3 |
Average number of employees (full-time equivalents) | 2,612 | 2,109 | 100 | 4,820 |
EUR million | Finland | The Netherlands | Other EU countries | Other countries | Total |
External net sales | 620.3 | 214.7 | 458.0 | 9.5 | 1,302.5 |
Non-current assets | 383.6 | 422.7 | 668.2 | 10.3 | 1,484.8 |
EUR million | Finland | The Netherlands | Other EU countries | Other countries | Total |
External net sales | 639.8 | 220.8 | 472.2 | 12.0 | 1,344.8 |
Non-current assets | 432.3 | 484.4 | 698.0 | 11.9 | 1,626.6 |
Products and services | Nature of products and services, timing of satisfaction of performance obligations and significant payment terms |
Educational books | Educational books include revenue from publishing books for primary, secondary and vocational education. Revenue is recognised when the books are delivered to the customer (point-in-time). Revenue from books with a right of return is presented after deducting the estimated returns. Books are usually billed upon delivery and paid according to the payment terms on the invoices. |
Access to online learning platforms | Access to online learning platforms can either be sold separately or in combination with educational books. Revenue of access to online learning platforms is recognised over the period (over-time) the customer has access to the platform (usually during a school year). Access services are usually paid in advance in monthly, quarterly or annual instalments. |
Access to online teacher solutions and school management systems | Access to online teacher solutions and school management systems includes revenue of access to online platforms and applications for which revenue is recognised over the period (over-time) that the customer has access to the platform. |
Other | Other sales mainly include the physical distribution of learning materials. For learning materials sold, the revenue is recognised when they are delivered to the customer. For rental learning books, revenue is recognised over the period (over-time) that the customer rents the book. Other sales also include consultancy services in testing and assessment activities. This is considered a separate performance obligation which is recognised in revenue over time when the service is delivered. Testing and assessment services are billed and paid on a monthly basis. |
Products and services | Nature of products and services, timing of satisfaction of performance obligations and significant payment terms |
Advertising | Print advertising is generated through classical pages, classified ads (small advertisements categorised by topic) or plus propositions and inserts (flyers, cards, etc.). Revenue recognition is at issue date (point-in-time) of the magazine/newspaper. Revenue is the net price; discounts are subtracted. Discounts can be agency discounts, generic discounts or volume discounts. Advertising services are usually billed and paid on a weekly or monthly basis. |
TV and radio advertising mainly relates to spot advertising for both free-to-air (FTA) channels and video-on- demand (VOD) generated mainly from contracts with media agencies. Revenue is recognised when the commercial is broadcasted (point-in-time). Advertising services are usually billed and paid on a weekly or monthly basis. | |
Online and mobile advertising is generated through display sales (e.g. banners and buttons) and non-display sales, which is primarily branded content. Both display and non-display sales are recognised over-time, during the running time of the advertising campaign. Performance-based revenue is generated based on number of clicks and/or fee for leads generated through the Group\u2019s websites (affiliate sales). Performance-based revenue is recognised at a point-in-time. Advertising services are usually billed and paid on a weekly or monthly basis. | |
Subscription | Magazine and newspaper subscriptions include subscriptions to magazine and newspaper content in print, digital and bundle format. The subscription terms vary from a few months up to more than 12 months. A part of the subscriptions are continuous, and end only when the customer ends them. Revenue is recognised based on publication dates over the contract term (over-time). Contracts are ended after the contract term and renewals are agreed at regular prices, therefore treated as new contracts. New subscriptions are offered at full price or at a discount. Revenue is presented net of the granted discount. When a new subscription is made, the customer may be offered a free premium article. The article is considered a separate performance obligation for which the stand-alone selling price is recognised when the control of the product is transferred to the customer (point-in-time). For subscription bundles (combination of print, online and/or event), the separate products are identified as separate performance obligations. Revenue is recognised based on the issue dates of respective products during the contract term (over-time). Print subscriptions are usually paid in advance in monthly, quarterly or annual instalments. |
Video and audio subscriptions include consumer subscriptions to video-on-demand and audio-on-demand. Revenue is recognised over the length of the subscription term (over-time). Video and audio subscriptions are usually paid in advance in monthly instalments. | |
Single copy | Single copy sales relate to magazines and newspapers sold in kiosks, supermarkets and other retail channels. Retailers have a right of return for unsold copies. Revenue is recognised at the moment the products are delivered to the retailer (point-in-time), taking into account a provision for estimated returns. Single copy sales are usually billed and paid on a weekly or monthly basis. |
Other B2C sales | Other B2C sales consist of product sales, income from events (consumer part), newspaper consumer announcements and other consumer income. Revenue is recognised at a point-in-time. Other B2C sales are usually billed and paid on a monthly basis. |
Other B2B sales | Other B2B sales include printing sales, income from events (B2B part), film distribution, music sales, licensing, gift cards, service sales, commission sales and distribution sales. Based on the nature of the performance obligations, other B2B sales are recognised both at a point-in-time and over-time. Other B2B are usually billed and paid on a monthly basis. |
EUR million | Learning | Media Finland | Other operations/ eliminations | Total |
Finland | 64.3 | 556.9 | -0.2 | 621.0 |
The Netherlands | 214.8 | 214.8 | ||
Poland | 139.5 | 139.5 | ||
Spain | 125.1 | 125.1 | ||
Italy | 101.4 | 101.4 | ||
Belgium | 63.2 | 63.2 | ||
Other companies and eliminations | 37.5 | 37.5 | ||
Primary geographical markets | 745.8 | 556.9 | -0.2 | 1,302.5 |
Learning solutions | 647.2 | 0.0 | 647.2 | |
Advertising | 189.4 | -0.1 | 189.2 | |
Subscription | 263.7 | 0.0 | 263.7 | |
Single copy | 35.6 | 35.6 | ||
Other | 98.6 | 68.3 | 0.0 | 166.8 |
Major product lines/services | 745.8 | 556.9 | -0.2 | 1,302.5 |
Recognition at a point-in-time | 578.3 | 138.2 | -0.2 | 716.3 |
Recognition over-time | 167.5 | 418.7 | 586.2 | |
Timing of revenue recognition | 745.8 | 556.9 | -0.2 | 1,302.5 |
EUR million | Learning | Media Finland | Other operations/ eliminations | Total |
Finland | 59.4 | 580.9 | -0.2 | 640.1 |
The Netherlands | 220.8 | 220.8 | ||
Poland | 139.2 | 139.2 | ||
Spain | 135.6 | 135.6 | ||
Italy | 105.5 | 105.5 | ||
Belgium | 64.1 | 64.1 | ||
Other companies and eliminations | 39.6 | 39.6 | ||
Primary geographical markets | 764.2 | 580.9 | -0.2 | 1,344.8 |
Learning solutions | 634.2 | 634.2 | ||
Advertising | 214.8 | -0.2 | 214.6 | |
Subscription | 254.3 | 0.0 | 254.3 | |
Single copy | 37.0 | 37.0 | ||
Other | 130.0 | 74.8 | -0.1 | 204.7 |
Major product lines/services | 764.2 | 580.9 | -0.2 | 1,344.8 |
Recognition at a point-in-time | 608.3 | 149.9 | -0.2 | 758.0 |
Recognition over-time | 155.8 | 431.0 | 586.8 | |
Timing of revenue recognition | 764.2 | 580.9 | -0.2 | 1,344.8 |
2025 | 2024 | |||
EUR million | Contract assets | Contract liabilities | Contract assets | Contract liabilities |
1 Jan | 0.9 | 161.5 | 0.5 | 152.7 |
Revenue recognised that was included in the contract liability at the beginning of the period | -160.4 | -151.9 | ||
Increases due to cash received, excluding amounts recognised as revenue during the period | 176.8 | 160.6 | ||
Transfers from contract assets recognised at the beginning of the period to receivables | -0.9 | -0.5 | ||
Increase in contract assets due to fulfilled performance obligations not yet invoiced | 0.6 | 0.9 | ||
31 Dec | 0.6 | 177.9 | 0.9 | 161.5 |
EUR million | 2026 | > 2026 | Total |
Learning | 98.2 | 0.8 | 99.0 |
Media Finland | 78.9 | 78.9 | |
Total | 177.1 | 0.8 | 177.9 |
EUR million | 2025 | 2024 |
Sale of goods | 721.8 | 787.2 |
Rendering of services | 580.7 | 557.7 |
Total | 1,302.5 | 1,344.8 |
Products and services | Nature of products and services, timing of satisfaction of performance obligations and significant payment terms |
Educational books | Educational books include revenue from publishing books for primary, secondary and vocational education. Revenue is recognised when the books are delivered to the customer (point-in-time). Revenue from books with a right of return is presented after deducting the estimated returns. Books are usually billed upon delivery and paid according to the payment terms on the invoices. |
Access to online learning platforms | Access to online learning platforms can either be sold separately or in combination with educational books. Revenue of access to online learning platforms is recognised over the period (over-time) the customer has access to the platform (usually during a school year). Access services are usually paid in advance in monthly, quarterly or annual instalments. |
Access to online teacher solutions and school management systems | Access to online teacher solutions and school management systems includes revenue of access to online platforms and applications for which revenue is recognised over the period (over-time) that the customer has access to the platform. |
Other | Other sales mainly include the physical distribution of learning materials. For learning materials sold, the revenue is recognised when they are delivered to the customer. For rental learning books, revenue is recognised over the period (over-time) that the customer rents the book. Other sales also include consultancy services in testing and assessment activities. This is considered a separate performance obligation which is recognised in revenue over time when the service is delivered. Testing and assessment services are billed and paid on a monthly basis. |
Products and services | Nature of products and services, timing of satisfaction of performance obligations and significant payment terms |
Advertising | Print advertising is generated through classical pages, classified ads (small advertisements categorised by topic) or plus propositions and inserts (flyers, cards, etc.). Revenue recognition is at issue date (point-in-time) of the magazine/newspaper. Revenue is the net price; discounts are subtracted. Discounts can be agency discounts, generic discounts or volume discounts. Advertising services are usually billed and paid on a weekly or monthly basis. |
TV and radio advertising mainly relates to spot advertising for both free-to-air (FTA) channels and video-on- demand (VOD) generated mainly from contracts with media agencies. Revenue is recognised when the commercial is broadcasted (point-in-time). Advertising services are usually billed and paid on a weekly or monthly basis. | |
Online and mobile advertising is generated through display sales (e.g. banners and buttons) and non-display sales, which is primarily branded content. Both display and non-display sales are recognised over-time, during the running time of the advertising campaign. Performance-based revenue is generated based on number of clicks and/or fee for leads generated through the Group\u2019s websites (affiliate sales). Performance-based revenue is recognised at a point-in-time. Advertising services are usually billed and paid on a weekly or monthly basis. | |
Subscription | Magazine and newspaper subscriptions include subscriptions to magazine and newspaper content in print, digital and bundle format. The subscription terms vary from a few months up to more than 12 months. A part of the subscriptions are continuous, and end only when the customer ends them. Revenue is recognised based on publication dates over the contract term (over-time). Contracts are ended after the contract term and renewals are agreed at regular prices, therefore treated as new contracts. New subscriptions are offered at full price or at a discount. Revenue is presented net of the granted discount. When a new subscription is made, the customer may be offered a free premium article. The article is considered a separate performance obligation for which the stand-alone selling price is recognised when the control of the product is transferred to the customer (point-in-time). For subscription bundles (combination of print, online and/or event), the separate products are identified as separate performance obligations. Revenue is recognised based on the issue dates of respective products during the contract term (over-time). Print subscriptions are usually paid in advance in monthly, quarterly or annual instalments. |
Video and audio subscriptions include consumer subscriptions to video-on-demand and audio-on-demand. Revenue is recognised over the length of the subscription term (over-time). Video and audio subscriptions are usually paid in advance in monthly instalments. | |
Single copy | Single copy sales relate to magazines and newspapers sold in kiosks, supermarkets and other retail channels. Retailers have a right of return for unsold copies. Revenue is recognised at the moment the products are delivered to the retailer (point-in-time), taking into account a provision for estimated returns. Single copy sales are usually billed and paid on a weekly or monthly basis. |
Other B2C sales | Other B2C sales consist of product sales, income from events (consumer part), newspaper consumer announcements and other consumer income. Revenue is recognised at a point-in-time. Other B2C sales are usually billed and paid on a monthly basis. |
Other B2B sales | Other B2B sales include printing sales, income from events (B2B part), film distribution, music sales, licensing, gift cards, service sales, commission sales and distribution sales. Based on the nature of the performance obligations, other B2B sales are recognised both at a point-in-time and over-time. Other B2B are usually billed and paid on a monthly basis. |
EUR million | Learning | Media Finland | Other operations/ eliminations | Total |
Finland | 64.3 | 556.9 | -0.2 | 621.0 |
The Netherlands | 214.8 | 214.8 | ||
Poland | 139.5 | 139.5 | ||
Spain | 125.1 | 125.1 | ||
Italy | 101.4 | 101.4 | ||
Belgium | 63.2 | 63.2 | ||
Other companies and eliminations | 37.5 | 37.5 | ||
Primary geographical markets | 745.8 | 556.9 | -0.2 | 1,302.5 |
Learning solutions | 647.2 | 0.0 | 647.2 | |
Advertising | 189.4 | -0.1 | 189.2 | |
Subscription | 263.7 | 0.0 | 263.7 | |
Single copy | 35.6 | 35.6 | ||
Other | 98.6 | 68.3 | 0.0 | 166.8 |
Major product lines/services | 745.8 | 556.9 | -0.2 | 1,302.5 |
Recognition at a point-in-time | 578.3 | 138.2 | -0.2 | 716.3 |
Recognition over-time | 167.5 | 418.7 | 586.2 | |
Timing of revenue recognition | 745.8 | 556.9 | -0.2 | 1,302.5 |
EUR million | Learning | Media Finland | Other operations/ eliminations | Total |
Finland | 59.4 | 580.9 | -0.2 | 640.1 |
The Netherlands | 220.8 | 220.8 | ||
Poland | 139.2 | 139.2 | ||
Spain | 135.6 | 135.6 | ||
Italy | 105.5 | 105.5 | ||
Belgium | 64.1 | 64.1 | ||
Other companies and eliminations | 39.6 | 39.6 | ||
Primary geographical markets | 764.2 | 580.9 | -0.2 | 1,344.8 |
Learning solutions | 634.2 | 634.2 | ||
Advertising | 214.8 | -0.2 | 214.6 | |
Subscription | 254.3 | 0.0 | 254.3 | |
Single copy | 37.0 | 37.0 | ||
Other | 130.0 | 74.8 | -0.1 | 204.7 |
Major product lines/services | 764.2 | 580.9 | -0.2 | 1,344.8 |
Recognition at a point-in-time | 608.3 | 149.9 | -0.2 | 758.0 |
Recognition over-time | 155.8 | 431.0 | 586.8 | |
Timing of revenue recognition | 764.2 | 580.9 | -0.2 | 1,344.8 |
2025 | 2024 | |||
EUR million | Contract assets | Contract liabilities | Contract assets | Contract liabilities |
1 Jan | 0.9 | 161.5 | 0.5 | 152.7 |
Revenue recognised that was included in the contract liability at the beginning of the period | -160.4 | -151.9 | ||
Increases due to cash received, excluding amounts recognised as revenue during the period | 176.8 | 160.6 | ||
Transfers from contract assets recognised at the beginning of the period to receivables | -0.9 | -0.5 | ||
Increase in contract assets due to fulfilled performance obligations not yet invoiced | 0.6 | 0.9 | ||
31 Dec | 0.6 | 177.9 | 0.9 | 161.5 |
EUR million | 2026 | > 2026 | Total |
Learning | 98.2 | 0.8 | 99.0 |
Media Finland | 78.9 | 78.9 | |
Total | 177.1 | 0.8 | 177.9 |
EUR million | 2025 | 2024 |
Sale of goods | 721.8 | 787.2 |
Rendering of services | 580.7 | 557.7 |
Total | 1,302.5 | 1,344.8 |
EUR million | 2025 | 2024 |
Gains on sale of property, plant and equipment | 0.7 | 1.1 |
Gains on sale of Group companies and operations | 0.9 | 5.6 |
Gains on sale of investment property | 1.8 | |
Rental income from investment property | 0.1 | 0.1 |
Other rental income | 4.5 | 5.0 |
Government grants | 0.1 | 0.3 |
Other | 16.9 | 16.3 |
Total | 25.0 | 28.3 |
EUR million | 2025 | 2024 |
Losses on sales of Group companies and operations | -0.1 | -0.4 |
Operating costs of premises | -13.5 | -10.3 |
Rents | -2.8 | -3.8 |
Advertising and marketing | -52.0 | -55.4 |
Office and ICT expenses | -120.8 | -116.6 |
Professional fees | -29.7 | -30.1 |
Travel expenses | -6.6 | -7.2 |
Other | 10.0 | 8.4 |
Total | -215.6 | -215.4 |
EUR million | 2025 | 2024 |
Expense relating to short-term leases | -4.5 | -4.0 |
Expense relating to leases of low-value assets | 0.0 | 0.0 |
Expense relating to variable lease payments not included in lease liabilities | -0.6 | -1.1 |
EUR million | 2025 | 2024 |
Gains on sale of property, plant and equipment | 0.7 | 1.1 |
Gains on sale of Group companies and operations | 0.9 | 5.6 |
Gains on sale of investment property | 1.8 | |
Rental income from investment property | 0.1 | 0.1 |
Other rental income | 4.5 | 5.0 |
Government grants | 0.1 | 0.3 |
Other | 16.9 | 16.3 |
Total | 25.0 | 28.3 |
EUR million | 2025 | 2024 |
Wages, salaries and fees | -311.6 | -323.7 |
Equity-settled share-based payments | -3.9 | -2.5 |
Pension costs, defined contribution plans | -39.9 | -38.8 |
Pension costs, defined benefit plans | -0.9 | -0.8 |
Other social expenses | -30.1 | -29.2 |
Total | -386.5 | -395.0 |
EUR million | 2025 | 2024 |
Current service costs | -1.6 | -1.5 |
Net interest | 0.9 | 0.8 |
Administration costs | -0.2 | -0.2 |
Total | -0.9 | -0.8 |
EUR million | 2025 | 2024 |
Net defined benefit pension liabilities | 2.3 | 2.7 |
Net defined benefit pension assets | 42.4 | 30.6 |
Net defined benefit pension liability (asset) total | -40.0 | -27.9 |
EUR million | Defined benefit obligation | Fair value of plan assets | Total |
1 Jan 2025 | 138.8 | -166.7 | -27.9 |
Current year service cost | 1.6 | 1.6 | |
Interest cost/income | 4.4 | -5.3 | -0.9 |
Effect of settlements | -1.3 | 1.3 | |
Administration cost | 0.2 | 0.2 | |
Total recognised in the result for the period | 4.7 | -3.8 | 0.9 |
Remeasurement of the net defined benefit liability: | |||
Gains/losses arising from financial assumptions | -3.6 | -3.6 | |
Experience adjustments | -0.5 | -0.5 | |
Return on plan assets excluding interest income | -10.2 | -10.2 | |
Total recognised in other comprehensive income | -4.1 | -10.2 | -14.3 |
Contributions by the employer | 1.3 | 1.3 | |
Contributions by plan participants | 0.7 | -0.7 | |
Benefits paid from funds | -8.6 | 8.6 | |
31 Dec 2025 | 131.5 | -171.5 | -40.0 |
EUR million | Defined benefit obligation | Fair value of plan assets | Total |
1 Jan 2024 | 136.7 | -161.7 | -25.1 |
Current year service cost | 1.5 | 1.5 | |
Interest cost/income | 4.4 | -5.3 | -0.8 |
Effect of settlements | -0.1 | 0.1 | |
Administration cost | 0.2 | 0.2 | |
Total recognised in the result for the period | 5.8 | -5.0 | 0.8 |
Remeasurement of the net defined benefit liability: | |||
Gains/losses arising from financial assumptions | 7.8 | 7.8 | |
Experience adjustments | -2.7 | -2.7 | |
Return on plan assets excluding interest income | -10.0 | -10.0 | |
Total recognised in other comprehensive income | 5.2 | -10.0 | -4.8 |
Contributions by the employer | 1.1 | 1.1 | |
Contributions by plan participants | 0.3 | -0.3 | |
Benefits paid from funds | -9.2 | 9.2 | |
31 Dec 2024 | 138.8 | -166.7 | -27.9 |
EUR million | Finland | Belgium | Total |
Present value of funded obligations | 121.6 | 9.9 | 131.5 |
Fair value of plan assets | -163.9 | -7.6 | -171.5 |
Total | -42.3 | 2.2 | -40.0 |
EUR million | Finland | Belgium | Total |
Present value of funded obligations | 128.8 | 10.0 | 138.8 |
Fair value of plan assets | -159.4 | -7.4 | -166.7 |
Total | -30.6 | 2.6 | -27.9 |
% | 2025 | 2024 |
Equity instruments | 53.0 | 52.3 |
Bonds and debentures | 34.0 | 32.3 |
Other items | 11.5 | 14.3 |
Cash | 1.4 | 1.0 |
Total | 100.0 | 100.0 |
% | 2025 | 2024 |
Discount rate | 3.8 | 3.3 |
Expected future salary increase | 3.0 | 3.0 |
Expected future pension increases | 2.8 | 2.5 |
Year | 2025 | 2024 |
Longevity at age 65 for current pensioners | ||
Males | 22.9 | 21.4 |
Females | 27.2 | 25.4 |
Longevity at age 65 for current members aged 45 | ||
Males | 25.4 | 23.7 |
Females | 29.8 | 28.1 |
% | 2025 | 2024 | ||
Increase | Decrease | Increase | Decrease | |
Discount rate (0.5% movement) | -5.5 | 6.2 | -5.6 | 6.3 |
Expected future salary increase (0.5% movement) | 0.5 | -0.5 | 0.6 | -0.5 |
Expected future pension increases (0.5% movement) | 5.9 | -5.5 | 6.0 | -5.6 |
Future mortality (1 year movement) | 3.8 | -3.7 | 3.8 | -3.7 |
EUR million | 2025 | 2024 |
Paper costs | -28.8 | -35.4 |
Raw materials and supplies | -73.4 | -92.2 |
Purchased transport and distribution service | -87.5 | -91.8 |
Purchased printing | -58.3 | -61.4 |
Sales and commission costs | -18.6 | -18.4 |
Editorial subcontracting | -11.6 | -11.8 |
Royalties | -45.9 | -46.0 |
Other purchased services | -34.6 | -45.9 |
Other | -33.1 | -31.5 |
Total | -391.8 | -434.3 |
EUR million | 2025 | 2024 |
Losses on sales of Group companies and operations | -0.1 | -0.4 |
Operating costs of premises | -13.5 | -10.3 |
Rents | -2.8 | -3.8 |
Advertising and marketing | -52.0 | -55.4 |
Office and ICT expenses | -120.8 | -116.6 |
Professional fees | -29.7 | -30.1 |
Travel expenses | -6.6 | -7.2 |
Other | 10.0 | 8.4 |
Total | -215.6 | -215.4 |
EUR million | 2025 | 2024 |
Expense relating to short-term leases | -4.5 | -4.0 |
Expense relating to leases of low-value assets | 0.0 | 0.0 |
Expense relating to variable lease payments not included in lease liabilities | -0.6 | -1.1 |
EUR million | 2025 | 2024 |
Statutory audit | -1.3 | -1.2 |
Audit-related services | -0.3 | -0.1 |
Tax services | 0.0 | 0.0 |
Other non-audit services | -0.1 | -0.4 |
Total | -1.6 | -1.7 |
EUR million | 2025 | 2024 |
Amortisation of intangible assets | ||
Purchase price allocation amortisation | -33.3 | -36.7 |
Other amortisation of intangible assets | ||
Prepublication rights of learning materials | -48.1 | -46.4 |
Film and TV programming rights | -51.9 | -55.2 |
Other intangible assets | -34.1 | -32.2 |
Total | -167.4 | -170.6 |
Depreciation of property, plant and equipment | ||
Rental books | -3.7 | -3.9 |
Other depreciation | -6.2 | -6.4 |
Total | -9.9 | -10.3 |
Depreciation of right of use assets | ||
Buildings | -24.0 | -26.3 |
Machinery and vehicles | -5.7 | -5.6 |
Total | -29.8 | -31.9 |
Impairment losses | -78.9 | -34.8 |
Total | -286.0 | -247.6 |
EUR million | 2025 | 2024 |
Amortisation of intangible assets | ||
Purchase price allocation amortisation | -33.3 | -36.7 |
Other amortisation of intangible assets | ||
Prepublication rights of learning materials | -48.1 | -46.4 |
Film and TV programming rights | -51.9 | -55.2 |
Other intangible assets | -34.1 | -32.2 |
Total | -167.4 | -170.6 |
Depreciation of property, plant and equipment | ||
Rental books | -3.7 | -3.9 |
Other depreciation | -6.2 | -6.4 |
Total | -9.9 | -10.3 |
Depreciation of right of use assets | ||
Buildings | -24.0 | -26.3 |
Machinery and vehicles | -5.7 | -5.6 |
Total | -29.8 | -31.9 |
Impairment losses | -78.9 | -34.8 |
Total | -286.0 | -247.6 |
EUR million | 2025 | 2024 |
Amortisation of intangible assets | ||
Purchase price allocation amortisation | -33.3 | -36.7 |
Other amortisation of intangible assets | ||
Prepublication rights of learning materials | -48.1 | -46.4 |
Film and TV programming rights | -51.9 | -55.2 |
Other intangible assets | -34.1 | -32.2 |
Total | -167.4 | -170.6 |
Depreciation of property, plant and equipment | ||
Rental books | -3.7 | -3.9 |
Other depreciation | -6.2 | -6.4 |
Total | -9.9 | -10.3 |
Depreciation of right of use assets | ||
Buildings | -24.0 | -26.3 |
Machinery and vehicles | -5.7 | -5.6 |
Total | -29.8 | -31.9 |
Impairment losses | -78.9 | -34.8 |
Total | -286.0 | -247.6 |
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.2 |
Interest income from financial assets measured at amortised cost | 1.5 | 2.1 |
Exchange rate gains | 4.1 | 3.9 |
Other financial income | 0.0 | 0.7 |
Financial income total | 5.9 | 6.8 |
Interest expenses from financial liabilities measured at amortised cost | -19.8 | -28.4 |
Interest expenses on leases | -4.8 | -6.0 |
Forward currency exchange contracts, no hedge accounting, change in fair value | 0.0 | 0.0 |
Fair value losses | 0.0 | |
Exchange rate losses | -3.7 | -3.7 |
Other financial expenses | -2.0 | -2.2 |
Financial expenses total | -30.3 | -40.3 |
Total | -24.4 | -33.4 |
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.2 |
Interest income from financial assets measured at amortised cost | 1.5 | 2.1 |
Exchange rate gains | 4.1 | 3.9 |
Other financial income | 0.0 | 0.7 |
Financial income total | 5.9 | 6.8 |
Interest expenses from financial liabilities measured at amortised cost | -19.8 | -28.4 |
Interest expenses on leases | -4.8 | -6.0 |
Forward currency exchange contracts, no hedge accounting, change in fair value | 0.0 | 0.0 |
Fair value losses | 0.0 | |
Exchange rate losses | -3.7 | -3.7 |
Other financial expenses | -2.0 | -2.2 |
Financial expenses total | -30.3 | -40.3 |
Total | -24.4 | -33.4 |
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.2 |
Interest income from financial assets measured at amortised cost | 1.5 | 2.1 |
Exchange rate gains | 4.1 | 3.9 |
Other financial income | 0.0 | 0.7 |
Financial income total | 5.9 | 6.8 |
Interest expenses from financial liabilities measured at amortised cost | -19.8 | -28.4 |
Interest expenses on leases | -4.8 | -6.0 |
Forward currency exchange contracts, no hedge accounting, change in fair value | 0.0 | 0.0 |
Fair value losses | 0.0 | |
Exchange rate losses | -3.7 | -3.7 |
Other financial expenses | -2.0 | -2.2 |
Financial expenses total | -30.3 | -40.3 |
Total | -24.4 | -33.4 |
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.2 |
Interest income from financial assets measured at amortised cost | 1.5 | 2.1 |
Exchange rate gains | 4.1 | 3.9 |
Other financial income | 0.0 | 0.7 |
Financial income total | 5.9 | 6.8 |
Interest expenses from financial liabilities measured at amortised cost | -19.8 | -28.4 |
Interest expenses on leases | -4.8 | -6.0 |
Forward currency exchange contracts, no hedge accounting, change in fair value | 0.0 | 0.0 |
Fair value losses | 0.0 | |
Exchange rate losses | -3.7 | -3.7 |
Other financial expenses | -2.0 | -2.2 |
Financial expenses total | -30.3 | -40.3 |
Total | -24.4 | -33.4 |
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.2 |
Interest income from financial assets measured at amortised cost | 1.5 | 2.1 |
Exchange rate gains | 4.1 | 3.9 |
Other financial income | 0.0 | 0.7 |
Financial income total | 5.9 | 6.8 |
Interest expenses from financial liabilities measured at amortised cost | -19.8 | -28.4 |
Interest expenses on leases | -4.8 | -6.0 |
Forward currency exchange contracts, no hedge accounting, change in fair value | 0.0 | 0.0 |
Fair value losses | 0.0 | |
Exchange rate losses | -3.7 | -3.7 |
Other financial expenses | -2.0 | -2.2 |
Financial expenses total | -30.3 | -40.3 |
Total | -24.4 | -33.4 |
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.2 |
Interest income from financial assets measured at amortised cost | 1.5 | 2.1 |
Exchange rate gains | 4.1 | 3.9 |
Other financial income | 0.0 | 0.7 |
Financial income total | 5.9 | 6.8 |
Interest expenses from financial liabilities measured at amortised cost | -19.8 | -28.4 |
Interest expenses on leases | -4.8 | -6.0 |
Forward currency exchange contracts, no hedge accounting, change in fair value | 0.0 | 0.0 |
Fair value losses | 0.0 | |
Exchange rate losses | -3.7 | -3.7 |
Other financial expenses | -2.0 | -2.2 |
Financial expenses total | -30.3 | -40.3 |
Total | -24.4 | -33.4 |
EUR million | 2025 | 2024 |
Income taxes on operational income | -28.8 | -23.1 |
Income taxes from previous periods | -0.6 | 0.2 |
Other taxes | -0.6 | 0.0 |
Change in deferred tax | 25.6 | 15.0 |
Tax expense in the income statement | -4.5 | -7.8 |
EUR million | 2025 | 2024 |
Result before taxes | 24.3 | 48.4 |
Tax calculated at (Finnish) statutory rate 20% | -4.9 | -9.7 |
Effect of different tax rates in the operating countries | -0.1 | 0.4 |
Non-taxable income | 5.5 | 3.7 |
Non-deductible expenses | -4.2 | -1.6 |
Tax relating to previous accounting periods | -0.4 | -0.8 |
Effect of joint ventures and associated companies | 0.2 | 0.2 |
Write down or non-recognition of deferred tax assets from losses | -0.3 | 0.5 |
Other items | -0.2 | -0.4 |
Income taxes in the income statement | -4.5 | -7.8 |
Effective tax rate, % | 18.3 | 16.1 |
Tax losses carried forward | Recognised deferred tax asset | Unrecognised deferred tax asset | ||||
EUR million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Expiry within five years | 1.7 | 0.5 | 0.0 | 0.3 | 0.1 | |
Expiry after five years | 2.9 | 1.5 | 0.0 | 0.2 | 0.3 | |
No expiry | 36.3 | 33.9 | 0.3 | 0.6 | 7.7 | 6.9 |
Total | 41.0 | 36.0 | 0.3 | 0.6 | 8.2 | 7.3 |
EUR million | At 1 Jan | Recorded in the income statement | Operations acquired/ sold | Recorded in other comprehensive income | Translation differences and reclassifications | At 31 Dec |
Deferred tax assets | ||||||
Tax losses carried forward and unused credits | 0.7 | 0.1 | 0.0 | 0.0 | 0.8 | |
PPE and intangible assets | 42.7 | -11.7 | 0.0 | 31.1 | ||
Inventories | 0.6 | 0.2 | 0.0 | 0.8 | ||
Trade and other receivables | 0.5 | -0.2 | 0.3 | |||
Provisions | 6.7 | 6.0 | 0.1 | -0.1 | 12.7 | |
Pension obligations, defined benefit plans | 0.3 | 0.1 | -0.1 | 0.3 | ||
Other items | 2.6 | 0.1 | 0.0 | 2.7 | ||
Total | 54.1 | -5.5 | 0.0 | -0.1 | 0.0 | 48.6 |
Offsetting of deferred tax assets and liabilities | -50.4 | -44.9 | ||||
Total | 3.8 | 3.7 | ||||
Deferred tax liabilities | ||||||
PPE and intangible assets | 141.7 | -30.6 | 0.0 | 0.1 | 111.2 | |
Inventories | 0.2 | -0.2 | ||||
Pension assets, defined benefit plans | 6.7 | -0.4 | 2.8 | 9.0 | ||
Other items | 1.9 | 0.2 | -0.1 | 2.0 | ||
Total | 150.5 | -31.0 | 0.0 | 2.8 | 0.0 | 122.2 |
Offsetting of deferred tax assets and liabilities | -50.4 | -44.9 | ||||
Total | 100.1 | 77.3 |
EUR million | At 1 Jan | Recorded in the income statement | Operations acquired/ sold | Recorded in other comprehensive income | Translation differences and reclassifications | At 31 Dec |
Deferred tax assets | ||||||
Tax losses carried forward and unused credits | 2.1 | -1.5 | 0.0 | 0.2 | 0.7 | |
PPE and intangible assets | 47.4 | -4.5 | 0.0 | -0.1 | 42.7 | |
Inventories | 0.2 | 0.2 | 0.2 | 0.6 | ||
Trade and other receivables | 0.2 | 0.3 | 0.0 | 0.5 | ||
Provisions | 5.0 | 1.6 | 0.0 | 6.7 | ||
Pension obligations, defined benefit plans | 1.2 | 0.0 | -0.4 | -0.5 | 0.3 | |
Other items | 2.5 | 0.2 | -0.2 | 2.6 | ||
Total | 58.5 | -3.6 | 0.0 | -0.4 | -0.4 | 54.1 |
Offsetting of deferred tax assets and liabilities | -53.0 | -50.4 | ||||
Total | 5.5 | 3.8 | ||||
Deferred tax liabilities | ||||||
PPE and intangible assets | 161.0 | -17.4 | 0.0 | -1.9 | 141.7 | |
Inventories | 0.0 | 0.0 | 0.2 | 0.2 | ||
Pension assets, defined benefit plans | 6.0 | 0.5 | 0.6 | -0.5 | 6.7 | |
Other items | 1.9 | -1.6 | 1.6 | 1.9 | ||
Total | 169.0 | -18.6 | 0.0 | 0.6 | -0.5 | 150.5 |
Offsetting of deferred tax assets and liabilities | -53.0 | -50.4 | ||||
Total | 116.0 | 100.1 |
2025 | 2024 | |
Result attributable to the equity holders of the Parent Company, EUR million | 19.9 | 40.5 |
Accrued interest on the hybrid bond | -12.0 | -12.0 |
Tax effect | 2.4 | 2.4 |
Net effect | -9.6 | -9.6 |
Weighted average number of shares on the market, thousands | 162,833 | 163,413 |
Earnings per share, EUR | 0.06 | 0.19 |
2025 | 2024 | |
Profit used to determine diluted earnings per share, EUR million | 19.9 | 40.5 |
Accrued interest on the hybrid bond | -12.0 | -12.0 |
Tax effect | 2.4 | 2.4 |
Net effect | -9.6 | -9.6 |
Weighted average number of shares on the market, thousands | 162,833 | 163,413 |
Effect of share plans, thousands | 692 | 227 |
Diluted average number of shares, thousands | 163,525 | 163,641 |
Diluted earnings per share, EUR | 0.06 | 0.19 |
EUR million | 2025 | 2024 |
Intangible assets | 4.0 | |
Inventories | 0.3 | |
Assets, total | 4.2 | |
Current liabilities | -3.9 | |
Liabilities, total | -3.9 | |
Fair value of acquired net assets | 0.3 | |
Acquisition cost | 1.3 | |
Fair value of acquired net assets | -0.3 | |
Goodwill from the acquisitions | 1.0 |
EUR million | 2025 | 2024 |
Acquisition cost | 1.3 | |
Decrease (+) / increase (-) in acquisition liabilities | 0.0 | 0.8 |
Cash paid to obtain control, net of cash acquired | 1.3 | 0.8 |
EUR million | 2025 | 2024 |
Property, plant and equipment | 0.0 | 0.0 |
Goodwill | 0.2 | 2.3 |
Other intangible assets | 0.9 | |
Inventories | 0.2 | |
Trade and other receivables | 0.2 | 2.7 |
Cash and cash equivalents | 0.0 | 6.6 |
Assets, total | 0.5 | 12.8 |
Deferred tax liabilities | 0.0 | |
Financial liabilities | 0.0 | -0.4 |
Trade and other payables | -0.2 | -4.5 |
Liabilities, total | -0.2 | -5.0 |
Derecognised non-controlling interest | -1.5 | |
Net assets | 0.3 | 6.3 |
Sales price | 1.1 | 12.2 |
Transaction fees paid | -0.1 | -0.7 |
Net result from sale of operations | 0.8 | 5.2 |
EUR million | 2025 | 2024 |
Sales price | 1.1 | 12.2 |
Cash and cash equivalents of divested operations | 0.0 | -6.6 |
Decrease (+) / increase (-) in receivables from divestment | -0.1 | |
Cash flow from sale of operations | 1.0 | 5.6 |
EUR million | Goodwill | Immaterial rights | Prepublication rights | Other intangible assets | Advance payments | Total |
Acquisition cost at 1 Jan | 811.9 | 543.4 | 570.4 | 708.5 | 34.9 | 2,669.1 |
Increases | 53.6 | 44.5 | 20.3 | 9.4 | 127.8 | |
Acquisitions of operations | 1.0 | 4.0 | 5.0 | |||
Decreases | -58.3 | -198.9 | -51.4 | -308.7 | ||
Disposal of operations | -0.2 | -0.2 | ||||
Reclassifications | -6.9 | -0.4 | 19.8 | -12.8 | -0.3 | |
Exchange rate differences | -0.5 | 0.3 | 2.0 | 0.5 | 0.1 | 2.2 |
Acquisition cost at 31 Dec | 812.1 | 532.1 | 417.5 | 701.6 | 31.5 | 2,494.9 |
Accumulated amortisation and impairment losses at 1 Jan | -2.1 | -384.4 | -434.1 | -392.5 | -0.1 | -1,213.2 |
Decreases, disposals and acquisitions | 0.0 | 58.3 | 198.9 | 51.4 | 308.6 | |
Amortisation for the period | -67.4 | -48.1 | -51.9 | -167.4 | ||
Impairment losses for the period | -11.6 | -0.7 | -41.0 | -53.4 | ||
Reclassifications | 7.3 | -7.2 | 0.0 | 0.1 | ||
Exchange rate differences | -0.2 | -1.3 | -0.3 | -1.8 | ||
Accumulated amortisation and impairment losses at 31 Dec | -2.1 | -398.0 | -285.4 | -441.5 | -0.1 | -1,127.1 |
Carrying amount at 31 Dec | 810.0 | 134.1 | 132.2 | 260.1 | 31.4 | 1,367.8 |
EUR million | Goodwill | Immaterial rights | Prepublication rights | Other intangible assets | Advance payments | Total |
Acquisition cost at 1 Jan | 860.0 | 529.4 | 541.2 | 682.7 | 45.4 | 2,658.6 |
Increases | 53.9 | 46.1 | 23.9 | 6.2 | 130.0 | |
Decreases | -46.5 | -16.1 | -2.9 | -65.6 | ||
Disposal of operations | -48.0 | -1.9 | -0.6 | -3.0 | -53.5 | |
Reclassifications | 8.5 | 8.2 | -16.7 | 0.0 | ||
Exchange rate differences | -0.1 | 0.1 | -0.2 | -0.3 | 0.0 | -0.4 |
Acquisition cost at 31 Dec | 811.9 | 543.4 | 570.4 | 708.5 | 34.9 | 2,669.1 |
Accumulated amortisation and impairment losses at 1 Jan | -47.8 | -360.0 | -402.8 | -315.3 | -1,125.8 | |
Decreases, disposals and acquisitions | 45.6 | 48.5 | 16.6 | 5.1 | 115.9 | |
Amortisation for the period | -70.4 | -46.4 | -53.7 | -170.6 | ||
Impairment losses for the period | -2.5 | -1.6 | -28.8 | -32.9 | ||
Reclassifications | 0.1 | -0.1 | 0.0 | |||
Exchange rate differences | 0.0 | 0.1 | 0.1 | 0.2 | ||
Accumulated amortisation and impairment losses at 31 Dec | -2.1 | -384.4 | -434.1 | -392.5 | -0.1 | -1,213.2 |
Carrying amount at 31 Dec | 809.8 | 159.0 | 136.2 | 316.0 | 34.8 | 1,455.9 |
EUR million | Goodwill | Immaterial rights | Prepublication rights | Other intangible assets | Advance payments | Total |
Acquisition cost at 1 Jan | 811.9 | 543.4 | 570.4 | 708.5 | 34.9 | 2,669.1 |
Increases | 53.6 | 44.5 | 20.3 | 9.4 | 127.8 | |
Acquisitions of operations | 1.0 | 4.0 | 5.0 | |||
Decreases | -58.3 | -198.9 | -51.4 | -308.7 | ||
Disposal of operations | -0.2 | -0.2 | ||||
Reclassifications | -6.9 | -0.4 | 19.8 | -12.8 | -0.3 | |
Exchange rate differences | -0.5 | 0.3 | 2.0 | 0.5 | 0.1 | 2.2 |
Acquisition cost at 31 Dec | 812.1 | 532.1 | 417.5 | 701.6 | 31.5 | 2,494.9 |
Accumulated amortisation and impairment losses at 1 Jan | -2.1 | -384.4 | -434.1 | -392.5 | -0.1 | -1,213.2 |
Decreases, disposals and acquisitions | 0.0 | 58.3 | 198.9 | 51.4 | 308.6 | |
Amortisation for the period | -67.4 | -48.1 | -51.9 | -167.4 | ||
Impairment losses for the period | -11.6 | -0.7 | -41.0 | -53.4 | ||
Reclassifications | 7.3 | -7.2 | 0.0 | 0.1 | ||
Exchange rate differences | -0.2 | -1.3 | -0.3 | -1.8 | ||
Accumulated amortisation and impairment losses at 31 Dec | -2.1 | -398.0 | -285.4 | -441.5 | -0.1 | -1,127.1 |
Carrying amount at 31 Dec | 810.0 | 134.1 | 132.2 | 260.1 | 31.4 | 1,367.8 |
EUR million | Goodwill | Immaterial rights | Prepublication rights | Other intangible assets | Advance payments | Total |
Acquisition cost at 1 Jan | 860.0 | 529.4 | 541.2 | 682.7 | 45.4 | 2,658.6 |
Increases | 53.9 | 46.1 | 23.9 | 6.2 | 130.0 | |
Decreases | -46.5 | -16.1 | -2.9 | -65.6 | ||
Disposal of operations | -48.0 | -1.9 | -0.6 | -3.0 | -53.5 | |
Reclassifications | 8.5 | 8.2 | -16.7 | 0.0 | ||
Exchange rate differences | -0.1 | 0.1 | -0.2 | -0.3 | 0.0 | -0.4 |
Acquisition cost at 31 Dec | 811.9 | 543.4 | 570.4 | 708.5 | 34.9 | 2,669.1 |
Accumulated amortisation and impairment losses at 1 Jan | -47.8 | -360.0 | -402.8 | -315.3 | -1,125.8 | |
Decreases, disposals and acquisitions | 45.6 | 48.5 | 16.6 | 5.1 | 115.9 | |
Amortisation for the period | -70.4 | -46.4 | -53.7 | -170.6 | ||
Impairment losses for the period | -2.5 | -1.6 | -28.8 | -32.9 | ||
Reclassifications | 0.1 | -0.1 | 0.0 | |||
Exchange rate differences | 0.0 | 0.1 | 0.1 | 0.2 | ||
Accumulated amortisation and impairment losses at 31 Dec | -2.1 | -384.4 | -434.1 | -392.5 | -0.1 | -1,213.2 |
Carrying amount at 31 Dec | 809.8 | 159.0 | 136.2 | 316.0 | 34.8 | 1,455.9 |
EUR million | Goodwill | Immaterial rights | Prepublication rights | Other intangible assets | Advance payments | Total |
Acquisition cost at 1 Jan | 811.9 | 543.4 | 570.4 | 708.5 | 34.9 | 2,669.1 |
Increases | 53.6 | 44.5 | 20.3 | 9.4 | 127.8 | |
Acquisitions of operations | 1.0 | 4.0 | 5.0 | |||
Decreases | -58.3 | -198.9 | -51.4 | -308.7 | ||
Disposal of operations | -0.2 | -0.2 | ||||
Reclassifications | -6.9 | -0.4 | 19.8 | -12.8 | -0.3 | |
Exchange rate differences | -0.5 | 0.3 | 2.0 | 0.5 | 0.1 | 2.2 |
Acquisition cost at 31 Dec | 812.1 | 532.1 | 417.5 | 701.6 | 31.5 | 2,494.9 |
Accumulated amortisation and impairment losses at 1 Jan | -2.1 | -384.4 | -434.1 | -392.5 | -0.1 | -1,213.2 |
Decreases, disposals and acquisitions | 0.0 | 58.3 | 198.9 | 51.4 | 308.6 | |
Amortisation for the period | -67.4 | -48.1 | -51.9 | -167.4 | ||
Impairment losses for the period | -11.6 | -0.7 | -41.0 | -53.4 | ||
Reclassifications | 7.3 | -7.2 | 0.0 | 0.1 | ||
Exchange rate differences | -0.2 | -1.3 | -0.3 | -1.8 | ||
Accumulated amortisation and impairment losses at 31 Dec | -2.1 | -398.0 | -285.4 | -441.5 | -0.1 | -1,127.1 |
Carrying amount at 31 Dec | 810.0 | 134.1 | 132.2 | 260.1 | 31.4 | 1,367.8 |
EUR million | Goodwill | Immaterial rights | Prepublication rights | Other intangible assets | Advance payments | Total |
Acquisition cost at 1 Jan | 860.0 | 529.4 | 541.2 | 682.7 | 45.4 | 2,658.6 |
Increases | 53.9 | 46.1 | 23.9 | 6.2 | 130.0 | |
Decreases | -46.5 | -16.1 | -2.9 | -65.6 | ||
Disposal of operations | -48.0 | -1.9 | -0.6 | -3.0 | -53.5 | |
Reclassifications | 8.5 | 8.2 | -16.7 | 0.0 | ||
Exchange rate differences | -0.1 | 0.1 | -0.2 | -0.3 | 0.0 | -0.4 |
Acquisition cost at 31 Dec | 811.9 | 543.4 | 570.4 | 708.5 | 34.9 | 2,669.1 |
Accumulated amortisation and impairment losses at 1 Jan | -47.8 | -360.0 | -402.8 | -315.3 | -1,125.8 | |
Decreases, disposals and acquisitions | 45.6 | 48.5 | 16.6 | 5.1 | 115.9 | |
Amortisation for the period | -70.4 | -46.4 | -53.7 | -170.6 | ||
Impairment losses for the period | -2.5 | -1.6 | -28.8 | -32.9 | ||
Reclassifications | 0.1 | -0.1 | 0.0 | |||
Exchange rate differences | 0.0 | 0.1 | 0.1 | 0.2 | ||
Accumulated amortisation and impairment losses at 31 Dec | -2.1 | -384.4 | -434.1 | -392.5 | -0.1 | -1,213.2 |
Carrying amount at 31 Dec | 809.8 | 159.0 | 136.2 | 316.0 | 34.8 | 1,455.9 |
EUR million | 2025 | 2024 |
Sanoma Learning | 700.9 | 700.4 |
Sanoma Media Finland | 109.1 | 109.3 |
CGUs, total | 810.0 | 809.8 |
The average terminal growth rate used in calculation of the recoverable amount, % | 2025 | 2024 |
Sanoma Learning | 2.5 | 2.5 |
Sanoma Media Finland | -1.1 | -1.1 |
The average discount rate used in calculation of the recoverable amount, % | 2025 | 2024 |
Sanoma Learning | 8.1 | 7.4 |
Sanoma Media Finland | 8.2 | 8.5 |
EUR million | Land and water | Buildings and structures | Machinery and equipment | Rental books | Other tangible assets | Advance payments | Total |
Acquisition cost at 1 Jan | 0.4 | 6.6 | 139.2 | 54.4 | 29.4 | 3.1 | 233.2 |
Increases | 3.7 | 3.0 | 2.9 | 2.1 | 11.8 | ||
Decreases | 0.0 | -4.8 | -3.5 | -0.1 | -8.3 | ||
Disposal of operations | 0.0 | 0.0 | |||||
Reclassifications | 1.2 | 2.4 | -3.2 | 0.4 | |||
Exchange rate differences | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | |
Acquisition cost at 31 Dec | 0.4 | 6.6 | 139.4 | 54.0 | 34.7 | 2.0 | 237.1 |
Accumulated depreciation and impairment losses at 1 Jan | -0.1 | -1.4 | -130.1 | -45.4 | -18.7 | -195.8 | |
Decreases, disposals and acquisitions | 0.0 | 4.0 | 2.4 | 0.1 | 6.5 | ||
Depreciation for the period | 0.0 | -3.5 | -3.7 | -2.6 | -9.9 | ||
Impairment losses for the period | -0.3 | -0.7 | 0.0 | -1.0 | |||
Reclassifications | 0.1 | 0.1 | |||||
Exchange rate differences | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
Accumulated depreciation and impairment losses at 31 Dec | -0.1 | -1.4 | -130.0 | -47.4 | -21.2 | -200.1 | |
Carrying amount at 31 Dec 2025 | 0.3 | 5.1 | 9.4 | 6.6 | 13.5 | 2.0 | 37.0 |
EUR million | Land and water | Buildings and structures | Machinery and equipment | Rental books | Other tangible assets | Advance payments | Total |
Acquisition cost at 1 Jan | 0.4 | 6.6 | 141.4 | 54.5 | 28.8 | 0.3 | 232.0 |
Increases | 3.0 | 3.7 | 0.8 | 3.2 | 10.6 | ||
Decreases | -3.9 | -3.7 | -0.3 | -7.9 | |||
Disposal of operations | -1.6 | -0.1 | -1.7 | ||||
Reclassifications | 0.3 | 0.2 | -0.4 | 0.1 | |||
Exchange rate differences | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | |
Acquisition cost at 31 Dec | 0.4 | 6.6 | 139.2 | 54.4 | 29.4 | 3.1 | 233.2 |
Accumulated depreciation and impairment losses at 1 Jan | -0.1 | -1.3 | -131.1 | -42.6 | -16.5 | -191.7 | |
Decreases, disposals and acquisitions | 5.0 | 1.9 | 0.3 | 7.2 | |||
Depreciation for the period | 0.0 | -4.0 | -3.9 | -2.4 | -10.3 | ||
Impairment losses for the period | 0.0 | -0.9 | -0.9 | ||||
Reclassifications | 0.0 | 0.0 | -0.1 | ||||
Exchange rate differences | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | ||
Accumulated depreciation and impairment losses at 31 Dec | -0.1 | -1.4 | -130.1 | -45.4 | -18.7 | -195.8 | |
Carrying amount at 31 Dec 2024 | 0.3 | 5.2 | 9.1 | 9.0 | 10.7 | 3.1 | 37.4 |
EUR million | 2025 | 2024 |
Depreciation for the period | ||
Buildings | -24.0 | -26.3 |
Machinery | -2.1 | -2.2 |
Vehicles | -3.7 | -3.4 |
Total | -29.8 | -31.9 |
EUR million | 2025 | 2024 |
Carrying amount | ||
Buildings | 63.9 | 98.3 |
Machinery | 0.0 | 17.3 |
Vehicles | 7.3 | 7.5 |
Total | 71.3 | 123.1 |
EUR million | 2025 | 2024 |
Materials and supplies | 5.3 | 5.9 |
Work in progress | 0.2 | 0.1 |
Finished products/goods | 31.6 | 37.1 |
Other | 1.2 | 1.9 |
Total | 38.3 | 45.0 |
EUR million | 2025 | 2024 |
Financial assets at amortised cost | ||
Other receivables | 0.4 | 1.1 |
Advance payments | 0.8 | |
Net defined benefit pension assets1 | 42.4 | 30.6 |
Total | 42.7 | 32.6 |
EUR million | 2025 | 2024 |
Financial assets at amortised cost | ||
Trade receivables1 | 90.5 | 108.5 |
Other receivables | 2.1 | 2.9 |
Financial assets at fair value | ||
Derivatives2 | 0.0 | 0.1 |
Accrued income | 13.9 | 13.3 |
Advance payments | 12.4 | 9.2 |
Other receivables | 8.4 | 7.8 |
Total | 127.2 | 141.7 |
EUR million | Restructuring provisions | Other provisions | Total |
At 1 Jan 2025 | 6.9 | 3.3 | 10.2 |
Exchange rate differences | 0.0 | 0.0 | 0.0 |
Increases | 2.4 | 6.9 | 9.3 |
Amounts used | -2.5 | -3.6 | -6.1 |
Unused amounts reversed | -0.5 | -1.0 | -1.5 |
At 31 Dec 2025 | 6.2 | 5.7 | 11.9 |
EUR million | 2025 | 2024 |
Non-current | 7.0 | 4.5 |
Current | 4.9 | 5.7 |
Total | 11.9 | 10.2 |
EUR million | 2025 | 2024 |
Non-current | ||
Accrued expenses | 0.5 | 0.4 |
Advances received | 0.4 | 0.5 |
Other financial liabilities at amortised cost | 1.3 | 1.8 |
Total | 2.3 | 2.7 |
Current | ||
Trade payables | 36.5 | 57.3 |
Other liabilities | 45.3 | 39.6 |
Derivatives1 | 0.0 | |
Accrued expenses | 137.5 | 142.0 |
Advances received | 0.2 | 0.6 |
Total | 219.5 | 239.4 |
Total | 221.8 | 242.1 |
EUR million | 2025 | 2024 |
Non-current | ||
Accrued expenses | 0.5 | 0.4 |
Advances received | 0.4 | 0.5 |
Other financial liabilities at amortised cost | 1.3 | 1.8 |
Total | 2.3 | 2.7 |
Current | ||
Trade payables | 36.5 | 57.3 |
Other liabilities | 45.3 | 39.6 |
Derivatives1 | 0.0 | |
Accrued expenses | 137.5 | 142.0 |
Advances received | 0.2 | 0.6 |
Total | 219.5 | 239.4 |
Total | 221.8 | 242.1 |
EUR million | 2025 | 2024 |
Non-current | ||
Accrued expenses | 0.5 | 0.4 |
Advances received | 0.4 | 0.5 |
Other financial liabilities at amortised cost | 1.3 | 1.8 |
Total | 2.3 | 2.7 |
Current | ||
Trade payables | 36.5 | 57.3 |
Other liabilities | 45.3 | 39.6 |
Derivatives1 | 0.0 | |
Accrued expenses | 137.5 | 142.0 |
Advances received | 0.2 | 0.6 |
Total | 219.5 | 239.4 |
Total | 221.8 | 242.1 |
EUR million | Land and water | Buildings and structures | Total |
Acquisition cost at 1 Jan | 2.8 | 0.2 | 3.0 |
Decreases | -0.9 | -0.9 | |
Acquisition cost at 31 Dec | 1.9 | 0.2 | 2.1 |
Accumulated depreciation and impairment losses at 1 Jan | 0.0 | 0.0 | |
Accumulated depreciation and impairment losses at 31 Dec | 0.0 | 0.0 | |
Carrying amount at 31 Dec 2025 | 1.9 | 0.2 | 2.0 |
Fair values at 31 Dec 2025 | 6.7 | 0.2 | 6.9 |
EUR million | Land and water | Buildings and structures | Total |
Acquisition cost at 1 Jan | 2.8 | 0.2 | 3.0 |
Acquisition cost at 31 Dec | 2.8 | 0.2 | 3.0 |
Accumulated depreciation and impairment losses at 1 Jan | 0.0 | 0.0 | |
Accumulated depreciation and impairment losses at 31 Dec | 0.0 | 0.0 | |
Carrying amount at 31 Dec 2024 | 2.8 | 0.2 | 2.9 |
Fair values at 31 Dec 2024 | 8.5 | 0.2 | 8.8 |
EUR million | 2025 | 2024 |
Investment property, no rental income | 0.0 | 0.0 |
EUR million | 2025 | 2024 |
Rental income of investment property | 0.1 | 0.1 |
EUR million | 2025 | 2024 |
Interests in joint ventures | 1.9 | 1.9 |
Interests in associated companies | 1.8 | 1.7 |
Total | 3.7 | 3.5 |
EUR million | 2025 | 2024 |
Carrying amount at 1 Jan | 1.9 | 1.8 |
Share of total comprehensive income | 0.9 | 0.9 |
Dividends received | -0.8 | -0.8 |
Carrying amount at 31 Dec | 1.9 | 1.9 |
EUR million | 2025 | 2024 |
Carrying amount at 1 Jan | 1.7 | 1.8 |
Share of total comprehensive income | 0.1 | 0.0 |
Other changes | -0.1 | |
Carrying amount at 31 Dec | 1.8 | 1.7 |
EUR million | 2025 | 2024 |
Other investments, non-current | 2.9 | 2.9 |
EUR million | 2025 | 2024 |
Non-current financial liabilities at amortised cost | ||
Loans from financial institutions | 210.0 | 218.5 |
Bonds | 149.5 | 149.2 |
Lease liabilities | 78.0 | 104.1 |
Non-current financial liabilities at fair value through profit or loss | ||
Other liabilities | 0.0 | 0.0 |
Total | 437.6 | 471.9 |
Current financial liabilities at amortised cost | ||
Loans from financial institutions | 50.6 | |
Commercial papers | 39.9 | 37.4 |
Lease liabilities | 28.2 | 29.7 |
Current financial liabilities at fair value through profit or loss | ||
Other liabilities | 0.0 | 0.0 |
Total | 68.2 | 117.7 |
Total | 505.8 | 589.6 |
EUR million | Non-current financial liabilities | Current financial liabilities | Lease liabilities | Total | Non-current other liabilities | Total |
1 Jan 2025 | 367.8 | 88.0 | 133.9 | 589.6 | 3.7 | 593.4 |
Cash flows | 110.0 | -166.2 | -31.1 | -87.3 | -0.2 | -87.5 |
Disposal of operations | 0.0 | 0.0 | 0.0 | |||
Exchange rate differences | 0.2 | 0.2 | 0.0 | 0.2 | ||
Other non-cash movements1 | -118.2 | 118.2 | 3.3 | 3.3 | -0.5 | 2.7 |
At 31 Dec 2025 | 359.6 | 40.0 | 106.2 | 505.8 | 3.0 | 508.8 |
1 Jan 2024 | 249.4 | 301.4 | 154.9 | 705.6 | 3.3 | 709.0 |
Cash flows | 169.0 | -263.2 | -31.9 | -126.1 | 0.6 | -125.6 |
Disposal of operations | -0.4 | -0.4 | -0.4 | |||
Exchange rate differences | 0.1 | 0.1 | 0.0 | 0.1 | ||
Other non-cash movements1 | -50.6 | 49.8 | 11.3 | 10.5 | -0.1 | 10.3 |
At 31 Dec 2024 | 367.8 | 88.0 | 133.9 | 589.6 | 3.7 | 593.4 |
EUR million | 2025 | 2024 |
Floating-rate loans | 249.9 | 306.5 |
Fixed-rate loans | 149.5 | 149.2 |
Total | 399.5 | 455.7 |
Average duration, years | 0.8 | 1.0 |
Average interest rate, % | 3.7 | 4.3 |
Interest sensitivity, EUR million1 | 2.1 | 2.6 |
EUR million | Amount of limits | Unused credit lines |
Syndicated RCF | 300.0 | 300.0 |
Syndicated and bilateral term loans | 320.0 | 110.0 |
Bond | 150.0 | |
Commercial paper programmes | 1,100.0 | 1,060.1 |
Current account limits | 42.8 | 42.8 |
2025 | 2024 | |||||||
EUR million | Carrying amount | Cash flow1 | Undrawn from limits | Total | Carrying amount | Cash flow1 | Undrawn from limits | Total |
Loans from financial institutions | 210.0 | 227.5 | 410.0 | 637.5 | 269.1 | 291.1 | 300.0 | 591.1 |
Bonds | 149.5 | 162.0 | 162.0 | 149.2 | 168.0 | 168.0 | ||
Commercial paper programmes | 39.9 | 40.0 | 40.0 | 37.4 | 37.5 | 37.5 | ||
Lease liabilities | 106.2 | 113.1 | 113.1 | 133.9 | 133.9 | 133.9 | ||
Other interest-bearing liabilities | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | ||
Trade payables and other liabilities2 | 83.0 | 83.0 | 83.0 | 99.6 | 99.6 | 99.6 | ||
Derivatives | ||||||||
Inflow (-) | -20.6 | -20.6 | 0.0 | -16.7 | -16.7 | |||
Outflow (+) | -0.1 | 20.7 | 20.7 | 0.0 | 16.6 | 16.6 | ||
Total | 588.7 | 625.8 | 410.0 | 1,035.8 | 689.2 | 730.0 | 300.0 | 1,030.0 |
EUR million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031\u2212 | Total |
Loans from financial institutions | 6.9 | 106.2 | 3.5 | 110.9 | 227.5 | ||
Bonds | 6.0 | 156.0 | 162.0 | ||||
Commercial paper programmes | 40.0 | 40.0 | |||||
Lease liabilities | 31.6 | 30.1 | 34.4 | 6.6 | 3.8 | 6.5 | 113.1 |
Other interest-bearing liabilities | 0.1 | 0.1 | |||||
Trade payables and other liabilities1 | 83.0 | 83.0 | |||||
Derivatives | |||||||
Inflow (-) | -20.6 | -20.6 | |||||
Outflow (+) | 20.7 | 20.7 | |||||
Total | 167.7 | 292.3 | 37.9 | 117.6 | 3.8 | 6.5 | 625.8 |
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030\u2212 | Total |
Loans from financial institutions | 60.9 | 126.9 | 103.2 | 291.1 | |||
Bonds | 6.0 | 6.0 | 156.0 | 168.0 | |||
Commercial paper programmes | 37.5 | 37.5 | |||||
Lease liabilities | 28.7 | 26.8 | 26.2 | 35.8 | 6.6 | 9.8 | 133.9 |
Other interest-bearing liabilities | 0.0 | 0.0 | |||||
Trade payables and other liabilities1 | 99.6 | 99.6 | |||||
Derivatives | |||||||
Inflow (-) | -16.7 | -16.7 | |||||
Outflow (+) | 16.6 | 16.6 | |||||
Total | 232.6 | 159.7 | 285.4 | 35.8 | 6.6 | 9.8 | 730.0 |
EUR million | 2025 | 2024 |
Forward currency exchange contracts | ||
Positive fair values | 0.1 | |
Negative fair values | -0.1 | |
Total | -0.1 | 0.1 |
2025 | 2024 | |||||||
EUR million | Gross | Weighted average loss rate (%) | Impairment | Net | Gross | Weighted average loss rate (%) | Impairment | Net |
Not due | 74.1 | 0.9 | -0.7 | 73.4 | 77.7 | 0.6 | -0.5 | 77.2 |
Past due 1\u201330 days | 7.7 | 1.0 | -0.1 | 7.6 | 12.4 | 0.5 | -0.1 | 12.4 |
Past due 31\u2013120 days | 9.4 | 2.5 | -0.2 | 9.2 | 18.3 | 2.7 | -0.5 | 17.8 |
Past due 121\u2013180 days | 0.5 | 48.3 | -0.3 | 0.3 | 1.4 | 31.0 | -0.4 | 1.0 |
Past due 181\u2013360 days | 0.5 | 49.0 | -0.3 | 0.3 | 0.7 | 37.1 | -0.3 | 0.5 |
Past due more than 1 year | 1.3 | 124.1 | -1.6 | -0.3 | 2.9 | 110.2 | -3.2 | -0.3 |
Total | 93.5 | -3.1 | 90.5 | 113.5 | -5.0 | 108.5 |
EUR million | 2025 | 2024 |
Interest-bearing liabilities | 505.8 | 589.6 |
Cash and cash equivalents | 19.7 | 21.1 |
Total | 486.1 | 568.5 |
EUR million | 2025 | 2024 |
Cash in hand and at bank | 17.7 | 12.3 |
Deposits | 2.0 | 8.8 |
Total | 19.7 | 21.1 |
EUR million | 2025 | 2024 |
Cash and cash equivalents in the balance sheet | 19.7 | 21.1 |
Bank overdrafts | -0.6 | |
Total | 19.7 | 20.5 |
Number of shares | Share capital and funds, EUR million | |||||||||
All shares | Treasury shares | Total | Share capital | Treasury shares | Fund for invested unrestricted equity | Hybrid bond | Total | |||
At 1 Jan 2024 | 163,565,663 | -298,045 | 163,267,618 | 71.3 | -4.1 | 209.8 | 149.1 | 426.1 | ||
Purchase of treasury shares | -266,199 | -266,199 | -1.9 | -1.9 | ||||||
Shares delivered | 214,554 | 214,554 | 3.0 | 3.0 | ||||||
At 31 Dec 2024 | 163,565,663 | -349,690 | 163,215,973 | 71.3 | -3.0 | 209.8 | 149.1 | 427.2 | ||
Purchase of treasury shares | -453,801 | -453,801 | -4.0 | -4.0 | ||||||
Shares delivered | 10,814 | 10,814 | 0.1 | 0.1 | ||||||
At 31 Dec 2025 | 163,565,663 | -792,677 | 162,772,986 | 71.3 | -6.8 | 209.8 | 149.1 | 423.3 |
Number of shares | Share capital and funds, EUR million | |||||||||
All shares | Treasury shares | Total | Share capital | Treasury shares | Fund for invested unrestricted equity | Hybrid bond | Total | |||
At 1 Jan 2024 | 163,565,663 | -298,045 | 163,267,618 | 71.3 | -4.1 | 209.8 | 149.1 | 426.1 | ||
Purchase of treasury shares | -266,199 | -266,199 | -1.9 | -1.9 | ||||||
Shares delivered | 214,554 | 214,554 | 3.0 | 3.0 | ||||||
At 31 Dec 2024 | 163,565,663 | -349,690 | 163,215,973 | 71.3 | -3.0 | 209.8 | 149.1 | 427.2 | ||
Purchase of treasury shares | -453,801 | -453,801 | -4.0 | -4.0 | ||||||
Shares delivered | 10,814 | 10,814 | 0.1 | 0.1 | ||||||
At 31 Dec 2025 | 163,565,663 | -792,677 | 162,772,986 | 71.3 | -6.8 | 209.8 | 149.1 | 423.3 |
EUR million | 2025 | 2024 |
Contingencies for own commitments | ||
Pledges | 0.3 | 0.8 |
Other items | 34.3 | 24.3 |
Total | 34.6 | 25.1 |
Other commitments | ||
Royalties | 0.4 | 0.5 |
Commitments for acquisitions of intangible assets (film and TV programming rights included) | 46.6 | 46.0 |
Other items | 78.5 | 97.5 |
Total | 125.6 | 143.9 |
Total | 160.1 | 169.0 |
EUR million | 2025 | 2024 |
Not later than 1 year | 3.2 | 3.5 |
1\u20135 years | 6.1 | 3.3 |
Total | 9.3 | 6.8 |
Transaction values for the year | Balance as at 31 December | |||
EUR million | 2025 | 2024 | 2025 | 2024 |
Sale of goods and services | ||||
Entities controlled by management personnel | 0.7 | 0.0 | ||
Joint ventures | 0.1 | 0.1 | 0.0 | 0.0 |
Associates | 0.6 | 0.8 | 0.0 | |
Total | 1.4 | 0.9 | 0.0 | 0.0 |
Purchase of goods and services | ||||
Entities controlled by management personnel | 0.0 | |||
Associates | 0.0 | 0.1 | 0.0 | |
Total | 0.0 | 0.1 | 0.0 |
Plan | Performance Share Plan | Restricted Share Plan | |||||||||||
Instrument | Performance Share Plan 2021\u22122023 | Performance Share Plan 2022\u22122024 | Performance Share Plan 2023\u22122025 | Performance Share Plan 2024\u22122026 | Performance Share Plan 2025\u22122027 | Restricted Share Plan 2021\u22122023 | Restricted Share Plan 2022\u22122024 | Restricted Share Plan 2023\u22122025 | Restricted Share Plan 2024\u22122026 | Restricted Share Plan 2025\u22122027 | Total / Average | ||
Initial amount, gross pcs (includes share and cash portions) | 495,000 | 540,000 | 750,000 | 964,500 | 922,500 | 25,000 | 20,000 | 41,000 | 40,000 | 38,000 | 3,836,000 | ||
Initial allocation date | 9.2.2021 | 13.4.2022 | 19.4.2023 | 18.4.2024 | 14.4.2025 | 9.2.2021 | 13.4.2022 | 19.4.2023 | 18.4.2024 | 14.4.2025 | |||
Vesting date / reward payment at the latest | 30.4.2024 | 30.4.2025 | 30.4.2026 | 30.4.2027 | 30.4.2028 | 30.4.2024 | 30.4.2025 | 30.4.2026 | 30.4.2027 | 30.4.2028 | |||
Maximum contractual life, yrs | 3.2 | 3.0 | 3.0 | 3.0 | 3.0 | 3.2 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | ||
Remaining contractual life, yrs | Expired | Expired | 0.3 | 1.3 | 2.3 | Expired | Expired | 0.3 | 1.3 | 2.3 | 1.4 | ||
Number of persons at the end of the reporting year | 234 | 227 | 209 | 5 | 3 | 1 | |||||||
Payment method | Equity and cash | Equity and cash | Equity and cash | Equity and cash | Equity and cash | Equity and cash | Equity and cash | Equity and cash | Equity and cash | Equity and cash |
Changes | Performance Share Plan | Restricted Share Plan | |||||||||||
Performance Share Plan 2021\u22122023 | Performance Share Plan 2022\u22122024 | Performance Share Plan 2023\u22122025 | Performance Share Plan 2024\u22122026 | Performance Share Plan 2025\u22122027 | Restricted Share Plan 2021\u22122023 | Restricted Share Plan 2022\u22122024 | Restricted Share Plan 2023\u22122025 | Restricted Share Plan 2024\u22122026 | Restricted Share Plan 2025\u22122027 | Total | |||
1 Jan 2024 | |||||||||||||
Outstanding at the beginning of the reporting period | 387,277 | 514,344 | 696,864 | 16,000 | 10,875 | 41,000 | 1,666,360 | ||||||
Changes during the period | |||||||||||||
Granted | 940,800 | 9,000 | 32,500 | 982,300 | |||||||||
Forfeited | 5,093 | 514,344 | 99,201 | 3,412 | 622,050 | ||||||||
Exercised | 382,184 | 16,000 | 398,184 | ||||||||||
31 Dec 2024 | |||||||||||||
Outstanding at the end of the period | 0 | 0 | 597,663 | 937,388 | 0 | 0 | 19,875 | 41,000 | 32,500 | 0 | 1,628,426 | ||
1 Jan 2025 | |||||||||||||
Outstanding at the beginning of the reporting period | 0 | 0 | 597,663 | 937,388 | 0 | 0 | 19,875 | 41,000 | 32,500 | 0 | 1,628,426 | ||
Changes during the period | |||||||||||||
Granted | 906,075 | 7,500 | 12,500 | 926,075 | |||||||||
Forfeited | 6,500 | 76,476 | 1,500 | 84,476 | |||||||||
Exercised | 19,875 | 19,875 | |||||||||||
31 Dec 2025 | |||||||||||||
Outstanding at the end of the period | 0 | 0 | 591,163 | 860,912 | 904,575 | 0 | 0 | 41,000 | 40,000 | 12,500 | 2,450,150 |
EUR | 2025 | 2024 |
Share price at grant | 9.59 | 6.94 |
Share price at the end of the reporting period | 9.50 | 7.67 |
Expected dividends pa. | 0.39 | 0.34 |
Fair value of the equity-settled portion at grant | 8.47 | 5.58 |
EUR million | 2025 | 2024 |
Expenses for the financial year | 4.2 | 3.1 |
of which equity-settled | 3.9 | 2.9 |
Liabilities arising from share-based payments at the end of the period | 0.5 | 0.2 |
Number of performance shares and restricted shares | ||||||||
Remuneration (EUR 1,000) | Number of shares on 31 Dec 2025 | Performance and restricted share plan costs (EUR 1,000) | Performance Share Plan 2023\u221220251 | Performance Share Plan 2024\u221220261 | Performance Share Plan 2025\u221220271 | Restricted Share Plan 2023\u22122025 1 | Restricted Share Plan 2024\u22122026 1 | |
Board of Directors | ||||||||
Pekka Ala-Pietil\u00e4, Chair | 147 | 15,000 | ||||||
Klaus Caw\u00e9n, Vice Chair | 95 | 6,200 | ||||||
Julian Drinkall | 93 | |||||||
Rolf Grisebach | 101 | 12,000 | ||||||
Anna Herlin | 79 | 1,000 | ||||||
Sebastian Langenski\u00f6ld | 90 | 645,963 | ||||||
Eugenie van Wiechen | 84 | |||||||
Jannica Fagerholm | 54 | 4,000 | ||||||
Timo Lappalainen | 52 | |||||||
Mika Ihamuotila (until 29 April 2025) | 26 | |||||||
Total | 821 | 684,163 | ||||||
President and CEO | ||||||||
Rob Kolkman | 1,107 | 87,059 | 722 | 78,000 | 171,622 | 117,600 | ||
Total | 1,107 | 87,059 | 722 | 78,000 | 171,622 | 117,600 | ||
Executive Management Team | ||||||||
Alexander Green | 19,696 | 75,010 | 127,112 | 87,200 | 10,000 | 20,000 | ||
Pia Kalsta | 37,410 | 20,020 | 55,114 | 45,300 | ||||
Total | 1,316 | 57,106 | 869 | 95,030 | 182,226 | 132,500 | 10,000 | 20,000 |
Number of performance shares and restricted shares | ||||||||
Remuneration (EUR 1,000) | Number of shares on 31 Dec 2024 | Performance and restricted share plan costs (EUR 1,000) | Performance Share Plan 2022\u221220241 | Performance Share Plan 2023\u221220251 | Performance Share Plan 2024\u221220261 | Restricted Share Plan 2023\u22122025 1 | Restricted Share Plan 2024\u22122026 1 | |
Board of Directors | ||||||||
Pekka Ala-Pietil\u00e4, Chair | 150 | 15,000 | ||||||
Klaus Caw\u00e9n, Vice Chair (as of 17 April 2024) | 64 | 6,200 | ||||||
Julian Drinkall | 92 | |||||||
Rolf Grisebach | 98 | |||||||
Anna Herlin | 78 | 1,000 | ||||||
Mika Ihamuotila | 80 | 150,000 | ||||||
Sebastian Langenski\u00f6ld | 89 | 645,963 | ||||||
Eugenie van Wiechen | 77 | |||||||
Nils Ittonen, Vice Chair (until 17 April 2024) | 33 | |||||||
Denise Koopmans (until 17 April 2024) | 33 | |||||||
Total | 792 | 818,163 | ||||||
President and CEO | ||||||||
Rob Kolkman | 1,227 | 87,059 | 454 | 78,000 | 123,000 | |||
Total | 1,227 | 87,059 | 454 | 78,000 | 123,000 | |||
Executive Management Team | ||||||||
Alexander Green | 19,696 | 75,010 | 91,100 | 10,000 | 20,000 | |||
Pia Kalsta | 47,410 | 20,020 | 39,500 | |||||
Total | 1,492 | 67,106 | 521 | 95,030 | 130,600 | 10,000 | 20,000 |
Parent Company holding, % | Sub-group\u2019s Parent Company holding, % | Group holding, % | Book value in Parent Company, EUR million | |
Subsidiaries of Parent Company | ||||
Sanoma Media Finland Ltd, Finland1 | 100.0 | 100.0 | 170.4 | |
Sanoma Pro Ltd, Finland1 | 100.0 | 100.0 | 670.5 | |
Subsidiaries of Sanoma Learning B.V. | ||||
Bureau ICE B.V., The Netherlands | 100.0 | |||
L.C.G. Malmberg B.V., The Netherlands | 100.0 | |||
Uitgeverij Van In N.V., Belgium | 100.0 | |||
Iddink Group B.V., The Netherlands | 100.0 | |||
Gelukskoffer Scholen B.V., The Netherlands | 100.0 | |||
Subsidiaries of Sanoma Media Finland Ltd | ||||
Sanomala Oy, Finland | 100.0 | 100.0 | ||
Sanoma Tekniikkajulkaisut Oy, Finland | 60.0 | 60.0 | ||
Oy Suomen Tietotoimisto - Finska Notisbyr\u00e5n Ab, Finland | 75.4 | 75.4 | ||
Kaiku Entertainment Oy, Finland | 100.0 | 100.0 | ||
Sanoma Manu Oy, Finland | 100.0 | 100.0 | ||
Subsidiaries of Sanoma Pro Ltd | ||||
Nowa Era Sp. z.o.o., Poland | 100.0 | 100.0 | ||
Sanoma Learning B.V., The Netherlands | 100.0 | 100.0 | ||
Sanoma Utbildning AB, Sweden | 100.0 | 100.0 | ||
Tutorhouse Oy, Finland | 100.0 | 100.0 | ||
itslearning AS, Norway | 100.0 | 100.0 | ||
Sanoma Educaci\u00f3n, S.L., Spain | 100.0 | 100.0 | ||
\u00cdtaca, S.L., Spain | 100.0 | 100.0 | ||
Sanoma Italia S.p.A, Italy | 100.0 | 100.0 | ||
Subsidiaries of Sanoma Educaci\u00f3n S.L. | ||||
Grup Promotor D\u00b4Ensenyement i Difusi\u00f3 en Catal\u00e1, S.L., Spain | 100.0 | |||
Edicions Voramar, S.A., Spain | 100.0 | |||
Ediciones Grazalema, S.L., Spain | 100.0 | |||
Parent Company holding, % | Sub-group\u2019s Parent Company holding, % | Group holding, % | Book value in Parent Company, EUR million | |
Edicions Obradoiro, S.L., Spain | 100.0 | |||
Zubia Editoriala, S.L., Spain | 100.0 | |||
Clickart, Taller De Comunicacio, S.L., Spain | 100.0 | |||
Subsidiaries of itslearning AS | ||||
itslearning UK Ltd, United Kingdom | 100.0 | |||
itslearning AB, Sweden | 100.0 | |||
itslearning GmbH, Germany | 100.0 | |||
itslearning A/S, Denmark | 100.0 | |||
itslearning M\u00fcnchen GmbH, Germany | 100.0 | |||
Subsidiary of Nowa Era Sp. z.o.o. | ||||
Vulcan Sp. z.o.o., Poland | 100.0 | |||
Subsidiaries of Iddink Group B.V. | ||||
Sanoma SchooLogica B.V., The Netherlands | 100.0 | |||
Iddink Learning Materials B.V., The Netherlands | 100.0 | |||
Iddink Spain S.L.U, Spain | 100.0 | |||
Subsidiaries of Oy Suomen Tietotoimisto - Finska Notisbyr\u00e5n Ab | ||||
STT Bureau Australia PTY Limited, Australia | 100.0 | |||
840.9 |
Parent Company holding, % | Sub-group\u2019s Parent company holding, % | Group holding, % | Book value in Parent Company, EUR million | |
Sanoma Corporation | ||||
Valkeakosken Yhteistalo Oy, Finland | 21.9 | 21.9 | 0.2 | |
Sanoma Media Finland Ltd | ||||
Story House Egmont Oy Ab, Finland | 50.0 | 50.0 | ||
Platco Oy, Finland | 33.3 | 33.3 | ||
Beely Oy, Finland | 30.6 | 30.6 | ||
Suomen Nettikirpputorit Oy, Finland | 0.0 | 0.0 | ||
Jakeluyhti\u00f6 Suomi Oy, Finland | 33.3 | 33.3 | ||
Oy Suomen Tietotoimisto - Finska Notisbyr\u00e5n Ab | ||||
Retriever Suomi Oy, Finland | 49.0 | |||
L.C.G. Malmberg B.V. | ||||
Methodeonderzoek V.O.F., The Netherlands | 25.0 | |||
A.S.S.U. Adressenbestand Samenwerkende Schoolboeken Uitgevers V.O.F, The Netherlands | 50.0 | |||
0.2 |
Parent Company holding, % | Sub-group\u2019s Parent company holding, % | Group holding, % | Book value in Parent Company, EUR million | |
Sanoma Corporation | ||||
Valkeakosken Yhteistalo Oy, Finland | 21.9 | 21.9 | 0.2 | |
Sanoma Media Finland Ltd | ||||
Story House Egmont Oy Ab, Finland | 50.0 | 50.0 | ||
Platco Oy, Finland | 33.3 | 33.3 | ||
Beely Oy, Finland | 30.6 | 30.6 | ||
Suomen Nettikirpputorit Oy, Finland | 0.0 | 0.0 | ||
Jakeluyhti\u00f6 Suomi Oy, Finland | 33.3 | 33.3 | ||
Oy Suomen Tietotoimisto - Finska Notisbyr\u00e5n Ab | ||||
Retriever Suomi Oy, Finland | 49.0 | |||
L.C.G. Malmberg B.V. | ||||
Methodeonderzoek V.O.F., The Netherlands | 25.0 | |||
A.S.S.U. Adressenbestand Samenwerkende Schoolboeken Uitgevers V.O.F, The Netherlands | 50.0 | |||
0.2 |