Long-term financial targets

SBU level targets

(Announced 17 December 2019)

Learning
Comparable net sales growth 2-5%
Operational EBIT margin excl. PPA 20-22%
Sanoma Media Finland
Comparable net sales growth +/-2%
Operational EBIT margin excl. PPA 12-14%

Group level targets

Key ratios Long-term target 31 Dec 2019
Net debt / Adjusted EBITDA < 2.5 2.7
Equity ratio 35-45% 30.5%
Dividend payout growing dividend,
40-60%

of free cash flow
58%

*Incl. the impact of the divestment of Media Netherlands

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