Springer Nature (SPG) Q4 2025 earnings summary

Executive summary

• Achieved 6.2% underlying revenue growth and 9.2% adjusted operating profit (AOP) growth for FY 2025, driven by strong Research performance and leadership in open access and AI adoption.

• Free cash flow increased by €79m to €298m, with leverage ratio reduced to 1.7x, supporting a proposed dividend of €0.83 per share.

• FY 2025 results exceeded or met upwardly revised guidance, with strong momentum entering 2026 and high renewal rates.

Financial highlights

• FY 2025 revenue reached €1,926.4m, up 6.2% underlying; adjusted operating profit was €543.6m, up 9.2% underlying, with a margin of 28.2%.

• Adjusted net income rose to €384.5m, adjusted EPS to €1.93; reported net income was €355.7m, reported EPS €1.79.

• Free cash flow improved to €298m, supporting a proposed dividend of €0.83 per share.

• Financial leverage reduced to 1.7x, within the 1.5x–2.0x target range.

• Adjusted operating profit margin improved by nearly 80 basis points to 28.2%.

Outlook and guidance

• FY 2026 guidance projects 5–6% underlying revenue growth and ~30 basis points margin improvement.

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

• Over 80% of contracts renewed, with robust submission growth and high visibility for 2026.

• On track to deliver midterm target of 100 basis points margin improvement one year early.