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Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Sanoma
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Sanoma Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary7 May, 2026
Executive summary
Adjusted operating profit improved year-over-year in both learning and media segments, despite seasonally negative results, with stable net sales at EUR 221.1 million as learning growth offset weaker advertising in Finland.
Free cash flow was stable at EUR -38.9 million, reflecting typical seasonality, and leverage stood at 2.6x, close to the 2.5x target, following hybrid bond repayment.
The acquisition of Vicens Vives in Spain was completed, strengthening the learning segment's position and supporting future growth.
Outlook for the year remains unchanged, with significant growth expected in Q3, especially in learning.
Operating profit improved to EUR -28.9 million from EUR -31.3 million, with items affecting comparability totaling EUR -5.3 million.
Financial highlights
Net sales: EUR 221.1 million (flat year-over-year); adjusted operating profit: EUR -16.1 million (up 14% year-over-year); adjusted EBITDA: EUR 26.5 million (margin 12.0%).
Result for the period improved to EUR -24.1 million (Q1 2025: EUR -28.4 million); adjusted EPS: EUR -0.13 (Q1 2025: -EUR 0.17).
Free cash flow: EUR -38.9 million, reflecting seasonal patterns; free cash flow per share: EUR -0.24.
Net debt/Adjusted EBITDA: 2.6 (Q1 2025: 2.4), following hybrid bond repayment; net debt increased to EUR 685.8 million.
Average number of employees: 4,507, down 2% year-over-year.
Outlook and guidance
Full-year outlook unchanged; 2026 net sales expected at EUR 1.29–1.34 billion and adjusted operating profit at EUR 205–225 million.
Significant profit growth expected in Q3, especially in learning; step change in adjusted operating profit growth anticipated for 2026–2030, driven by learning.
Adjusted operating profit margin expected to exceed 23%, with Vicens Vives acquisition pushing expectations toward the higher end of guidance.
Demand for learning content to increase due to curriculum renewals; Finnish advertising market expected to remain stable.
Digital subscription growth in media expected to continue, while advertising remains uncertain.
Strategic impact of Vicens Vives in Spain
Mitigating TV and print advertising decline
AI Teacher Assistant rollout in seven markets
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Latest events from Sanoma
- Profitability and cash flow rose on Learning growth, with strong outlook and higher dividends.SAA1V
Investor presentation16 Mar 2026 - Profitability and cash flow rose in 2025, with 2026 profit growth expected from Learning.SAA1VQ4 202511 Feb 2026
- Strong H1 earnings, improved cash flow, and stable outlook despite ad market headwinds.SAA1VQ2 20243 Feb 2026
- Operational EBIT and free cash flow rose, with leverage at 2.4 and Dutch contract impairment booked.SAA1VQ3 202417 Jan 2026
- Improved profitability, digital growth, and a EUR 0.39 dividend mark a strong 2024.SAA1VAGM 202527 Dec 2025
- Learning growth and cost savings drove improved Q1 results, with 2025 outlook stable.SAA1VQ1 202524 Dec 2025
- Operational EBIT and free cash flow rose, with margin gains and lower leverage despite lower sales.SAA1VQ4 20249 Dec 2025
- High single-digit profit growth targeted via learning, digital, AI, and gambling market expansion.SAA1VCMD 202525 Nov 2025
- Learning growth and cost efficiency drove EBIT and deleveraging, offsetting ad market weakness.SAA1VQ2 202516 Nov 2025
Next Sanoma earnings date
Q2 202629 Jul, 2026
Sanoma
Next Sanoma earnings date
Q2 202629 Jul, 2026
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