Long-term financial targets


  • Sanoma aims to pay increasing dividend, equal to 40-60% of annual free cash flow.
    • When proposing a dividend to the AGM, the Board of Directors will look at the general macro-economic environment, Sanoma’s current and target capital structure, Sanoma’s future business plans and investment needs as well as both previous year’s cash flows and expected future cash flows affecting capital structure.


  • Net debt / adjusted EBITDA < 2.5
    • Adjusted EBITDA = EBITDA excl. non-recurring items, where acquired operations are included and divested operations excluded, and where programming rights and prepublication rights have been raised above EBITDA.

Equity ratio

  • Equity ratio 35-45%