Berlin-based academic publisher Springer Nature, which went public last fall, reported that underlying revenue (which excludes the impact of companies sold in the year) increased 5% in 2024 over 2023, rising to €1.85 billion ($2.02 billon) while adjusted operating profit increased 7%, to €512 million ($559 million).

"Our strong results demonstrate our ability to consistently deliver value for our communities while driving innovation in the academic publishing industry," said Springer Nature CEO Frank Vrancken Peeters in a statement. "We publish an ever-increasing amount of high-quality open access content and invest in technology and people to ensure we consistently outperform the market while growing responsibly and sustainably."

The Research segment continues to be the main driver of Springer Nature's growth. Research saw a 6% underlying revenue growth to €1.41 billion ($1.54 billion), "primarily due to the excellent performance of the OA [Open Access] Journals portfolio," according to the publisher. In 2024, Springer Nature passed a milestone by publishing 50% of its primary research articles open access for the first time.

"This achievement underscores the company's leadership in the transition to OA, providing greater value to the research community by enhancing the accessibility and impact of scientific research," said the publisher. "OA articles on average receive significantly more downloads, citations, and attention compared to non-OA articles."

The Education segment supported overall growth, with revenue increasing 3% on an underlying basis to €235 million ($256 million), driven by strong showings in India and South Africa. The Health segment’s revenue was €188 million ($205 million), which the publisher said was "broadly stable on an underlying basis compared to the previous year.'

Sales by region showed that the Americas accounted for 32% of revenue, while Europe/Middle East/Africa represented 40% of sales and the Asia/Pacific region accounted for 27% of sales.

AI inevitably featured in the company's statement. "Springer Nature continued to make significant investments in technology and AI to improve and accelerate the publishing process and ensure that the research it publishes is robust and can be trusted," the publisher said, noting that in 2024 its technology related investments totaled €177 million ($193 million). The publisher stressed that it "continues to adhere to clear principles when developing and using AI tools, including making sure that any decisions are always taken by a person."

"We are pleased with our business and financial performance in 2024, which reflects our strategic focus on high-growth areas and operational efficiency," said Springer Nature CFO Alexandra Dambeck in a statement. "Our strong free cash flow and reduced financial leverage position us well for future growth and continued investment in innovation for our communities."

On the basis of Springer Nature’s underlying performance in 2024 and updated foreign currency rates, revenue for 2025 is expected to be in the range of €1.89 billion to €1.93 billion (around $2 billion), and the adjusted operating profit margin to be at least at the level of 2024.

Springer Nature was formed in 2015 through the merger of Nature Publishing Group, Palgrave Macmillan, Macmillan Education and Springer Science+Business Media. Prior to its successful IPO last fall, attempts to go public in the past had failed.

A version of this story first appeared in the U.K. newsletter, BookBrunch.