Springer Nature AG (SPGG.DE): European Communacopia Conference — Key Takeaways

Goldman Sachs hosted investor meetings with Springer Nature IR at its European Communacopia Conference. Management expressed confidence in sustaining above-market growth in Research over the mid-term, driven by greater Open Access penetration (53% of articles published), the quality of its journal portfolio and the globalisation of research benefiting its diversified geographic footprint. The company reiterated its 2026 guidance, expecting ~6% underlying revenue growth and >30bps of group underlying adjusted operating profit margin improvement yoy. The US accounts for only ~12% of its articles published, with ~6% being federally funded. The OpenEvidence subscription agreement fits within its ARC3 AI data licensing strategy, particularly with author attribution and a recurring fee structure rather than a one-off payment, and the company is negotiating similar licensing agreements with other companies. Margins should continue to expand over the medium term on operating leverage, with 202