Long-term financial targets

SBU level targets

(Announced 17 December 2019)

Learning Target 31 Dec 2019
Comparable net sales growth 2-5% 0%
Operational EBIT margin excl. PPA 20-22% 21.7%
Sanoma Media Finland Target 31 Dec 2019
Comparable net sales growth +/-2% -2%
Operational EBIT margin excl. PPA 12-14% 12.0%

Group level targets

Key ratios Long-term target 31 Mar 2020
Net debt / Adjusted EBITDA < 2.5 3.0
Equity ratio 35-45% 25.2%
Dividend payout growing dividend,
40-60%

of free cash flow
58%*

*Dividend payout ratio for 2019

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