Springer Nature (SPG) Q3 2025 earnings summary

Executive summary

• Achieved strong nine-month results with 5.9% underlying revenue growth and 9.9% increase in adjusted operating profit (AOP), led by the Research segment and supported by Health and Education.

• Free cash flow rose to €175 million, up €103 million year-over-year, and financial leverage improved to 1.9x.

• Full-year 2025 guidance for revenue and AOP reiterated, reflecting confidence in continued performance.

• Research remains the main growth driver, with journals and open access outperforming the market.

Financial highlights

• Reported revenue for 9M 2025 was €1,429 million, up 5.9% underlying from €1,369 million in 9M 2024.

• Adjusted operating profit reached €408 million, a 9.9% underlying increase from €380 million in 9M 2024.

• Free cash flow improved by €103 million to €175 million.

• Financial leverage reduced to 1.9x from 2.3x at year-end 2024.

• Group AOP margin expanded by 87 basis points to 28.6%.

Outlook and guidance

• Full-year 2025 revenue expected between €1,930 million and €1,960 million; AOP forecasted at €540–€560 million at constant 2025 FX rates.

• FX headwinds expected to reduce full-year revenue by €20 million and AOP by €9 million if current rates persist.

• Education revenue expected to deliver similar full-year underlying growth as seen in the first nine months.

• Health faces a challenging Q4 comparison, but research continues strong momentum.