Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — Investor Day (November 2025)
99 slides from Sanoma Oyj's investor day presentation, Nov 25, 2025
Slide 1: Welcome to Sanoma: Growth powered by Learning
Welcome to Sanoma: Growth powered by Learning 25 November 2025
Slide 2: Today's speakers
Today’s speakers Sanoma Group Sanoma Learning Sanoma Media Finland Rob Kolkman Alejandro Castex Andrzej Kozłowski Sander de Groot Pia Kalsta Alex Green Charlotte Svensson Kirsi Harra-Vauhkonen Jenni Nummela 2 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 3: Agenda
Agenda 9.30- Opening remarks Our growth path 2026–2030 Kaisa Uurasmaa Rob Kolkman Learning growth drivers Alejandro Castex Andrzej Kozłowski Sander de Groot Charlotte Svensson Q&A on Learning Rob Kolkman Learning in practice Kirsi Harra-Vauhkonen 11:00 Break 11:30 Media Finland growth drivers Pia Ka
Slide 4: Our growth path 2026–2030
Our growth path 2026–2030 Rob Kolkman President & CEO 4 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 5: Sanoma at a glance
Sanoma at a glance Impacting the lives of millions of people everyday A leading European K12 learning #1 digital cross-media Sanoma Group content provider company in Finland Net sales Serving about Reaching 1,345m€ 25 million 96% Adjusted operating profit 180m€ students across of all Finns Net debt
Slide 6: Successful delivery on key 2024–2026 focus areas
Successful delivery on key 2024–2026 focus areas Improved profitability Strong free cash flow Significant balance improvement sheet deleveraging Learning Media Finland 20,2% 18,7% 19,2% 2,8 8,6% 155 8,2% 2,2 145 6,7% 2,0 105 148 147 153 40 48 49 640 569 536 2023 2024 LTM Q3 2023 2024 LTM Q3 2023 202
Slide 7: Growth powered by Learning
Growth powered by Learning Targeting multi-year, high quality earnings growth through 2030 7 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 8: Sanoma: Growth powered by Learning
Sanoma: Growth powered by Learning K12 education is a priority for parents, students and governments worldwide Unique A leading European ▪ Leader in blended learning: the teacher’s preferred approach K12 learning position content provider ▪ Best-in-class content and strong teacher relationships give
Slide 9: Sanoma: Growth powered by Learning
Sanoma: Growth powered by Learning Pathways to a high single-digit earnings growth outlook for the Group in 2026–2030 Financial Targets Unique A leading European Dutch distribution K12 learning Growth at Learning % sales expected to position content provider be around 40m€ Comparable net sales Mid s
Slide 10: Successful digital transformation further driven by AI and significant growth of the gambling market
Media Finland Successful digital transformation further driven by AI and significant growth of the gambling market Building on our leading position… …to drive the digital transformation forward… For our audiences Continuous Existing and new audiences, increased login rates digital 96% growth For our
Slide 11: Our growth is enhanced by AI
Our growth is enhanced by AI Responsibly harnessing AI across Sanoma Emphasising trust and human oversight as we work to unlock value, innovation and growth Step change in Increasingly New offerings and Engage support available to personalised enhanced learning teachers, students learning pathways i
Slide 12: AI creates great potential for personalised learning
AI creates great potential for personalised learning AI is a core We are ideally placed to We will deliver component in the deliver educational AI significant AI future of education products productivity gains Personalisation for students, greater AI Teacher and Student assistants Strict human exper
Slide 13: K12 education: A large and attractive market
K12 education: A large and attractive market K12 learning STICKY #1 content is a 5bn€ Teachers change materials market in Europe every 3-8 years #2 SUPPORTED Public spending on education is increasing #1 RESILIENT #1 #1 Education is a priority across economic cycles BARRIERS TO ENTRY High barriers t
Slide 14: Multiple levers to drive growth and value-creation in Learning
Multiple levers to drive growth and value-creation in Learning Drive continued organic growth with our Capture the curriculum best-in-class content, capturing the renewal cycles curriculum renewals in 2026–2030 and positive spending trends Drive further growth by shaping the Shape our market evoluti
Slide 15: Capture the curriculum renewal cycles
Capture the curriculum renewal cycles Market dynamics and a leading position support organic growth Learning content expenditure is set to increase Our blended learning content matches from 2026 due to curriculum renewal cycles teachers’ preferences K12 publishing market values in Sanoma’s key opera
Slide 16: Scale our opportunity
Scale our opportunity Well-placed to grow through M&A in K12 with a disciplined approach Routes Key criteria K12 focus 1 Markets Enter new geographic markets with blended learning Accelerate Market growth Significant leading headroom and 2 ability to Strength Enhance our position in current Drive sc
Slide 17: Growth opportunities across the business delivering increasing earnings in 2026–2030
Growth opportunities across the business delivering increasing earnings in 2026–2030 Solid net sales growth path 2026–2030 Learning Media Finland M&A High single- opportunity in Stable excl. gambling K12 learning digit organic Mid single-digit growth earnings growth 2026–2030 2025 Dutch Curriculum P
Slide 18: The future of K12 learning
The future of K12 learning 18 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 19: Capturing the growth opportunity from curriculum renewals
Capturing the growth opportunity from curriculum renewals Alejandro Castex Managing Director, Spain, Sanoma Learning 19 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 20: Uniquely placed in the Spanish market
Uniquely placed in the Spanish market Spain is a large and attractive market led by Santillana The market 700m€ 7.0m 17 market size for K12 K12 student regions and learning content population 5 languages Sanoma #1 60+ >70% market position years of of schools use experience Sanoma content 20 25 NOV 2
Slide 21: An opportunity to drive organic growth
An opportunity to drive organic growth What funding cycles and curriculum renewals mean for the classroom and for Sanoma Positive Learning spending New resources outlook to standards 2030 replaced Curriculum renewals Education & spend Funding increased cycles Classroom Assessment tools practices Sig
Slide 22: Capturing renewal cycles in Spain
Capturing renewal cycles in Spain Leveraging our market leading position and deep expertise in Spanish education 150 140 Drive adoption 130 Preparation New content Launch ready for begins for of new next funding next cycle 120 content cycle Drive final Preparation phase 110 for new adoption cycle 10
Slide 23: Winning the core
Winning the core Our new publishing plan and blended materials are informed by extensive research 5,000+ Spanish teachers surveyed Designed to address three main pain points identified by teachers: ▪ Lack of time ▪ Attention to diversity ▪ Reading comprehension
Slide 24: Shaping the Spanish market
Shaping the Spanish market Continuously innovating our core offering as well as expanding our offering with new solutions Innovating our core: A historic partnership Expanding our offering: Shaping change Transforming state school ELT* and reinforcing equality A new app helping students, families an
Slide 25: Scale and expertise enable us to capture curriculum renewals
Key takeaways Scale and expertise enable us to capture curriculum renewals – a key growth driver to 2030 Curriculum renewal cycles are a growth opportunity Market position, expertise and scale enables us to win Win with best-in-class blended content and additional capabilities 25 25 NOV 2025 San oma
Slide 26: Shaping the market with innovative digital solutions
Shaping the market with innovative digital solutions Andrzej J. Kozłowski Managing Director, Poland, Sanoma Learning 26 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 27: A market leader in Polish education
A market leader in Polish education Large and growing market with a strong demand for education The market 180m€ 5.9m >850k Market size for K12 K12 student Student/parent learning content population app subscriptions Sanoma #1 30+ 98% market position years of of schools use experience Sanoma conten
Slide 28: Education reform driving growth dynamics
Education reform driving growth dynamics The Polish Government is modernising education, focusing on digital literacy and language skills 150 Government Embracing Parents framework: digital tools spending 140 future-ready and online more on graduates platforms education 130 Key Trends 120 110 100 20
Slide 29: SMARTbook
SMARTbook For students Interactive, all-in-one hybrid learning tool ▪ 5-in-1 functionality ▪ Enables more flexible learning ▪ Helps students learn faster, easier and effective For teachers Streamlined, engaging lesson resource ▪ A new format for teaching ▪ Streamlines class preparation and lesson fl
Slide 30: Our parent and student assistant
Our parent and student assistant For parents & students >850k Creating clarity and Subscriptions supporting learning ▪ Access resources and information in 2025 ▪ Simplify organisation and administration ▪ Track and improve outcomes For teachers Closing the gap between home and school ▪ Real-time vis
Slide 31: Virtual Reality in the classroom
Virtual Reality in the classroom For students For teachers For Sanoma Unlocking a new New tools to explain Significant growth dimension of learning and inspire opportunity Used in 1,000+ ▪ Increased curiosity and engagement ▪ Immersive content reduces distractions ▪ Aligned to market trends and poli
Slide 32: Shaping the market with innovative digital solutions – a key growth driver to 2030
Key takeaways Shaping the market with innovative digital solutions – a key growth driver to 2030 #1 market position and expertise allows us to shape the market Curriculum renewal driving growth dynamics in school methods Innovation in digital & AI will be a key driver of growth 32 25 NOV 2025 San om
Slide 33: Personalised learning as a growth driver in the Netherlands
Personalised learning as a growth driver in the Netherlands Sander de Groot Managing Director, BeNe region, Sanoma Learning 33 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 34: Market leader in Dutch K12 education
Market leader in Dutch K12 education 67% of revenue is subscription based The market 450m€ Market size for K12 2.8m K12 student High Digital penetration learning content population (schools and home) Sanoma #1 140+ 95% Market position Years of schools use of experience Sanoma content 34 25 NOV 2025
Slide 35: K12 education is shifting towards personalised learning
K12 education is shifting towards personalised learning European K12 has been … and is shifting towards … as we have seen in transactional… personalised learning … more advanced markets ▪ Print-driven, transactional model ▪ Customer demand driving ▪ More choice for teachers / learners ▪ Textbooks as
Slide 36: Personalised learning is linked to better learning outcomes
Personalised learning is linked to better learning outcomes Meeting teacher needs Tailored to the needs AI as an enabler of students and accelerator Focus on improving learning Has grown to be an indispensable AI tools will enable teachers to outcomes, in the context of part of way of working in Dut
Slide 37: How personalised learning works for teachers…
How personalised learning works for teachers… Preparation of lessons to engage students to learn effectively Manuals Digital preparation and instruction 37 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 38: How personalised learning works for students…
How personalised learning works for students… Making full use of digital and print materials Workbooks Digital exercises 38 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 39: How personalised learning helps students & teachers
How personalised learning helps Math level students & teachers Exemption scan-test for assignment Testing and monitoring as based on test score a continuum to improve learning Scan outcomes Testing and dashboards Remediation Trainer Extra practise in adaptive trainers for students which need attenti
Slide 40: Personalised learning: for all learning methods
Personalised learning: for all learning methods 40 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 41: Personalised learning: for all learning methods
Personalised learning: for all learning methods 41 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 42: Blended, personalised learning in practice
Blended, personalised learning in practice Lijn 3 method 42 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 43: Personalised learning: for all learning methods
Personalised learning: for all learning methods 43 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 44: Biologie voor Jou
Biologie voor Jou For students All-in-one blended learning method ▪ Clear structure and practical learning path ▪ Experience the connections within biology topics ▪ Inspirational and motivational daily life context For teachers Streamlined, engaging lesson resource ▪ Proven method with evidence-base
Slide 45: Personalised learning is linked to better learning outcomes – and a key growth driver
Key takeaways Personalised learning is linked to better learning outcomes – and a key growth driver to 2030 Combination of printed and digital materials tailored to pupils’ needs… …To drive better learning outcomes... …Offering teachers greater flexibility with up-to-date content an innovative tools
Slide 46: Maximising the impact of productivity, innovations and AI
Maximising the impact of productivity, innovations and AI Charlotte Svensson Chief Operating Officer, Sanoma Learning 46 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 47: Continuing to build a scalable operating model
Continuing to build a scalable operating model Creating significant operating leverage… More efficient Opens for more growth Our centralised operating This foundation enables us model leverages the benefits from to respond to market needs increased scale while maintaining cost discipline … with succ
Slide 48: AI is a driver for productivity gains
AI is a driver for productivity gains With human oversight, we see opportunities to power internal capabilities, reduce costs and free up time Content ▪ Expert steer as core principle to ensure high quality content creation ▪ Enabling accessibility and inclusive learning enhancement ▪ Deeper localis
Slide 49: AI can unlock the potential in personalised learning
AI can unlock the potential in personalised learning AI is a core component in We are ideally placed to deliver We will deliver significant the future of education educational AI products AI productivity gains Personalisation for students and AI Teacher and Student assistants Strict human expert ove
Slide 50: Product innovation in personalised learning
Product innovation in personalised learning Our new AI products to help teacher and improve learning outcomes for students For students: For teachers: AI student assistant AI teacher assistant roductivity Improves learning outcomes Saves teachers’ time P ▪ Personalised learning paths ▪ Exercise crea
Slide 51: An early snapshot of our AI product for teachers
An early snapshot of our AI product for teachers AI teacher assistant The problem Source of value Moving fast and we solve “under the hood” responsibly roductivity P Support teachers in time Combination of general Early access in 2026 across consuming tasks and purpose LLMs with Sanoma markets with
Slide 52: Delivering economies of scale and maximising the impact of AI
Key takeaways Delivering economies of scale and maximising the impact of AI for productivity and innovation Our centralised operating model leverages the benefits from increased scale AI is a driver for additional productivity gains We are launching trustworthy AI products in our markets 52 25 NOV 2
Slide 53: Learning in practice
Learning in practice Kirsi Harra-Vauhkonen Managing Director, Nordic region, Sanoma Learning 53 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 54: Successful digital transformation further driven by AI and significant growth of the gambling market
Successful digital transformation further driven by AI and significant growth of the gambling market Pia Kalsta CEO, Media Finland
Slide 55: Strong brand portfolio resulting in a unique position in Finland
Strong brand portfolio resulting in a unique position in Finland Proud heritage, trusted brands, significant reach and a leading market position Journalism Entertainment 96% weekly reach (89% digital) ~80% direct traffic* 581m€ Net sales 2024 8.2% Adjusted operating profit margin 2024 * Direct traff
Slide 56: Robust platform to continue successful digital transformation and improve profitability
Robust platform to continue successful digital transformation and improve profitability Strong, sustainable ▪ Owned traffic and close customer relationships driven by trusted brands and original content Strong position built on ▪ Partner of choice for advertisers, offering high reach across media ca
Slide 57: We have succeeded in digital transformation with progress on all key fronts
We have succeeded in digital transformation with progress on all key fronts 2025 2015 89% Digital weekly reach, 15-74 y.o. 70 % Digital weekly reach, 15-74 y.o. 2025 Integrated business, shared 50% Digital-only subscriptions of total Fragmented 2015 8 % Digital-only subscriptions of total systems an
Slide 58: Key market drivers shaping the media landscape
Key market drivers shaping the media landscape Consumer Business AI Regulatory behaviour models advancement changes High trust in Finnish Consumer willingness Maintaining trust and Gambling market journalism to pay remains high originality opening Demand for domestic Increasingly digital with Search
Slide 59: Continuing our successful digital transformation
Continuing our successful digital transformation Focus areas Drive digital subscription and Continuous digital growth advertising sales growth while optimising print and linear TV Embracing AI as a driver for AI driven value potential productivity and innovation Capturing advertising sales Gambling
Slide 60: Creating value with digital subscriptions
Creating value with digital subscriptions Jenni Nummela CCO, B2C and Commercial Development, Sanoma Media Finland 60 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 61: High-quality content and well-known brands that keep engaging audiences
High-quality content and well-known brands that keep engaging audiences 61 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 62: Subscription business now the largest part of Media Finland
Subscription We drive growth in digital subscription base business now the largest part of CAGR Media Finland, +6% driven by strong digital growth ▪ Nearly half of Media Finland’s net sales now comes from subscriptions, continuing the shift towards a more recurring and predictable net sales base ▪ A
Slide 63: Growth in digital subscription sales continues in both news media and TV
Growth in digital subscription sales continues in both news media and TV News media Digital-only news subscription sales CAGR ▪ Ongoing transformation of news media subscription sales continues through strong digital growth +13% ▪ Future growth driven by growing subscription base, especially among y
Slide 64: Understanding different customer segments allows us to capture further growth
Understanding different customer segments allows us to capture further growth News media value creation levers 3 Print transformation Price =growth pockets consumers are willing 1 Premiumisation and personalisation to pay 2 New customers Print loyalists Digital loyalists Digital new customers Potent
Slide 65: Delivering new growth through productisation
Delivering new growth through productisation How we have created value through innovative productisation across our portfolio and platform IS Extra and +Kaikki ~100k subscribers Ruutu+ ~400k subscribers Subscription numbers are year-end 2025 estimates 65 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 66: Significant growth in advertising market from gambling market opening in 2027
Significant growth in advertising market from gambling market opening in 2027 66 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 67: Significant growth in advertising market from gambling market opening in 2027
Significant growth Domestic media market by segment in advertising €m 1,000 market from Media Finland the largest gambling market player with ~26% market share 800 opening in 2027 600 ▪ Domestic advertising market has been slightly declining for the past few years due to weak economic environment 40
Slide 68: Gambling market opening brings new customers and demand to the advertising market
Gambling market opening brings new customers and demand to the advertising market A significant change in the Finnish advertising market ▪ Gambling market is expected to open up to a license model in 2027, bringing a significant uplift to the advertising market ▪ According to the current plan, adver
Slide 69: Media Finland advertising sales to grow approx. by 20+m€ from the market opening
Media Finland advertising sales to grow approx. by 20+m€ from the market opening Media spend opportunity from gambling Expected gambling advertising market at opening advertising ▪ Estimated total incremental marketing spend from gambling companies 200m€ p.a., of which ~150m€ to be spent in advertis
Slide 70: We are well-positioned to capture the growth opportunity in a responsible way
We are well-positioned to capture the growth opportunity in a responsible way We are the partner of … while actively taking choice for advertisers… care of our consumers High reach Compliance Largest cross-media reach across Working closely with regulators to digital, TV and radio maintain brand saf
Slide 71: For media, AI is the latest phase of digital transformation
For media, AI is the latest phase of digital transformation Embracing AI presents a significant opportunity for Media Finland Latest phase in digital Frontrunner Defensible market transformation Generative AI drives down the Media and entertainment are frontrunners Finnish media is well-defended mar
Slide 72: With AI, we are driving both productivity and innovation
With AI, we are driving both productivity and innovation Our approach to embedding AI across Media Finland’s operations Increased productivity releases time and resources… Top-down: Output and process efficiency Automate roductivity Core products & Data-driven, process- P audiences Core based approa
Slide 73: Focus is to leverage AI in our key business processes
Focus is to leverage AI in our key business processes Unlocking AI benefits through reduced external spending and increasing time for value-adding work Initiatives News content Marketing Digital product B2B sales Benefits: creation content creation development More unique Increase core Make creative
Slide 74: Successful digital transformation further driven by AI and significant growth of the gambling market
Successful digital transformation further driven by AI and significant growth of the gambling market Financial Targets Continuous Drive digital subscription Dutch distribution digital and advertising growth Growth at Learning % sales expected to growth while optimising print be around 40m€ and linea
Slide 75: Aim to deliver high single-digit earnings growth in 2026–2030
Aim to deliver high single-digit earnings growth in 2026–2030 Alex Green CFO 75 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 76: Sanoma: Growth powered by Learning
Sanoma: Growth powered by Learning Pathways to a high single-digit earnings growth outlook for the Group in 2026–2030 Financial Targets Unique A leading European Dutch distribution K12 learning Growth at Learning % sales expected to position content provider be around 40m€ Comparable net sales Mid s
Slide 77: We have a unique sustainability profile
We have a unique sustainability profile Clear targets and solid ESG ratings Trustworthy Valued data sitive impact people o o P f Target: Continuous Target: privacy and security Inclusive learning Employee training for our Empowering learning of Experience Index employees about 25 million students ab
Slide 78: In Learning, full benefits of increased scale becoming visible in 2026
In Learning, full benefits of increased scale becoming visible in 2026 Creating significant operating leverage with successful completion of Solar Program streams across key business operations and countries Benefits are split between program streams % Organisational ▪ Post-curriculum renewal optimi
Slide 79: Successful delivery on key 2024–2026 focus areas
Successful delivery on key 2024–2026 focus areas In 2026, profitability expected to improve further in both businesses Learning adjusted operating profit margin Media Finland adjusted operating profit margin % % Clearly above 23% 8,2% 8,6% 20,2% 19,2% 18,7% ▪ Curriculum renewals 6,7% ▪ Stabilisation
Slide 80: Growth opportunities across the business delivering increasing earnings in 2026–2030
Growth opportunities across the business delivering increasing earnings in 2026–2030 Solid net sales growth path 2026–2030 Learning Media Finland M&A High single- opportunity in Stable excl. gambling K12 learning digit organic Mid single-digit growth earnings growth 2026–2030 2025 Dutch Curriculum P
Slide 81: Long-term profitability driven by scale and AI productivity gains
Long-term profitability driven by scale and AI productivity gains Pathways to a high single-digit earnings growth outlook for the Group in 2026–2030 Learning adjusted operating profit Media Finland adjusted operating profit € € ▪ Net sales growth from ▪ Growth in digital B2C and curriculum renewals,
Slide 82: Sustained free cash flow growth
Sustained free cash Free cash flow flow growth m€ ▪ Benefits of Solar visible in increased free cash flow ▪ From 2026, lease payments will be 155 145 included in free cash flow to better reflect the amount of available cash Old − Related to property leases and definition 105 considered operational c
Slide 83: Increasing free cash flow enabling higher dividends
Increasing free cash Dividend per share flow enabling higher € With new FCF definition, dividends payout was 56% in 2024 ▪ Dividend policy unchanged: − Increasing dividend, 40–60% of annual free cash flow 60% ▪ The Board makes its dividend proposal in euros per share, and the 40% new free cash flow
Slide 84: Solid balance sheet supporting further growth
Solid balance sheet Net debt and leverage supporting further m€ growth 2,8 2,8 2,9 2,9 Significant deleveraging since 2,5 < 2.5x 2,4 2,4 CMD 2023 2,2 New target 2,0 ▪ Solid foundation supporting the new leverage target of below 2.5 also when repaying the hybrid bond in Q1 2026 and for future M&A − S
Slide 85: A healthy funding structure to support long-term growth
A healthy funding Maturity profile of external debt structure to support m€, 30 September 2025 long-term growth 600 Refinancing 100 400 underway 150 ▪ 150m€ Social Bond with a maturity of 200 3 years issued in September 2024 300 119 − First Social Bond issued by a corporate 0 in Finland 2025 2026 20
Slide 86: Well-placed to grow through M&A in K12 learning
Well-placed to grow through M&A in K12 learning Following our consistent M&A strategy and disciplined approach to support long-term targets Routes 2 Key criteria 1 Available M&A K12 focus headroom 1 Geographies Enter new geographies with blended learning 300+m€ in the short-term 1 Accelerate Market
Slide 87: Key financial takeaways
Key financial takeaways Sanoma: Growth powered by Learning Pathways to a high single-digit earnings growth outlook for the Group in 2026–2030 Increasing free cash flow enabling higher dividends Well-placed to grow through M&A in K12 learning supported by solid balance sheet 87 25 NOV 2025 San oma Ca
Slide 88: Closing words
Closing words Rob Kolkman President & CEO 88 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 89: Growth powered by Learning
Growth powered by Learning Positive High single-digit earnings growth outlook in 2026–2030 impact on the lives of millions of people every A leading European day Unique K12 learning content position provider Targeting multi- Clear Shaping the future of growth K12 education year, high quality pathway
Slide 90: Thank you!
Thank you! 90 25 NOV 2025 Sanoma Capital Markets Day 2025
Slide 91: Appendix
Appendix 91 25 NOV 2025 San oma Capital Markets Day 202 5
Slide 92: Group: Key figures
Group: Key figures m€ Q3 2025 Q3 2024 m€ FY 2024 FY 2023 Net sales 515.8 540.0 Net sales 1,344.8 1,392.9 Operational EBITDA 211.4 211.8 Operational EBITDA 360.8 358.3 margin 41.0% 39.2% margin 26.8% 25.7% Operational EBIT excl. PPA 172.4 170.0 Operational EBIT excl. PPA 180.0 175.4 margin 33.4% 31.5
Slide 93: Learning: Quarterly key figures
Learning: Quarterly key figures m€ Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 FY 2024 Net sales 376.8 191.5 89.1 96.5 395.9 190.6 81.1 764.2 Operational EBITDA 178.7 76.5 -0.6 -4.3 178.9 72.2 -5.2 241.5 Operational EBIT excl. PPA 155.0 52.6 -24.4 -30.6 155.2 49.8 -27.6 146.9 margin 41.1% 27.5% -27.4%
Slide 94: Key market features in our major learning content countries
Key market features in our major learning content countries 2025 Annual spend per Sanoma market K12 student Public spend on Level of digitalisation Funding student Total annual spend position in learning population K12 as % of GDP mechanism primary/secondary content 4.6m 35/40€ 160m€ ▪ Primary via p
Slide 95: Media Finland: Quarterly key figures
Media Finland: Quarterly key figures m€ Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 FY 2024 Net sales 139.0 148.3 132.1 145.0 144.1 151.9 139.9 580.9 Operational EBITDA 34.7 33.4 28.8 32.7 35.3 34.5 29.9 132.5 Operational EBIT excl. PPA 19.7 12.4 8.1 8.5 17.6 13.7 7.7 47.5 margin 14.
Slide 96: Finnish advertising market development
Finnish advertising market development Finnish measured media advertising markets Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 FY 24 FY 23 Newspapers -10% 1% -12% -16% -17% -17% -20% -18% -13% Magazines -18% -10% -19% -10% -12% -9% -12% -10% -15% TV -4% -2% -4% -2% 3% 2% 3% 1% -4% Radio 3% -3% -3% -3%
Slide 97: Finnish advertising market structure 2024
Finnish advertising market structure 2024 Share of media advertising groups and development in 2024 (change % vs. 2023) Newspaper (-18%) 7% 3% 10% Freesheets (-22%) 2% 3% Magazines (-10%) 16% TV (+1%) 1,302m€ Radio (-2%) 5% Online incl. search and 55% social media (+3%) Movies (-7%) Outdoor (+3%) Fa
Slide 98: Disclaimer
Disclaimer The information above contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or future financial performance, including, but not limited to, expectations regarding market growth and development as well growth and profitability of Sanoma
Slide 99: Please contact our Investor Relations
Please contact our Investor Relations: Kaisa Uurasmaa, Head of IR & Sustainability +358 40 560 5601, kaisa.uurasmaa@sanoma.com ir@sanoma.com www.sanoma.com 99