Springer Nature (SPG) Q1 2026 earnings summary

Executive summary

• Achieved 6% underlying revenue growth and 9% adjusted operating profit (AOP) growth year-over-year in Q1 2026, driven primarily by the Research segment and open access journals.

• Free cash flow increased by EUR 46 million to EUR 204 million, and leverage improved to 1.5x net debt to EBITDA, at the lower end of the target range.

• Full-year 2026 outlook reaffirmed, expecting continued sustainable growth, industry outperformance, and focus on open access leadership and AI integration.

Financial highlights

• Reported revenue reached EUR 451.4 million, up 6.2% underlying from Q1 2025; adjusted operating profit was EUR 106.7 million, up 8.6% underlying.

• Free cash flow rose to EUR 204.4 million, a EUR 46.4 million increase year-over-year, supported by operational delivery and lower interest payments.

• Underlying AOP margin improved by around 50-53 basis points, ahead of full-year guidance of 30 basis points.

• Operating cash flow before tax payments increased by EUR 5 million; net cash from operating activities up EUR 13.5 million.

Outlook and guidance

• Full-year 2026 guidance reiterated: underlying revenue growth of 5%-6% and AOP margin improvement of around 30 basis points.

• Free cash flow for the year expected to increase or exceed AOP growth.

• FX scenarios based on year-end 2025 rates imply a c.3.2% adverse impact on revenue growth and c.50bps on AOP margin.