Sanoma Oyj · OMXHEX:SANOMA

Sanoma Oyj — Non-Deal Roadshow (June 2026)

53 slides from Sanoma Oyj's roadshow presentation, June 2026

1. Slide 1: Growth powered by Learning

   Growth powered by Learning Roadshow presentation May–June 2026

2. Slide 2: Sanoma in 2025

   Sanoma in 2025 Impacting the lives of millions of people everyday Sanoma Group Net sales A leading European K12 learning #1 digital cross-media content provider company in Finland 1,303m€ Non-print sales Serving about Reaching 51% 25 million 96% Adjusted operating profit 188m€ students across of all

3. Slide 3: Successful delivery on key 2024–2026 focus areas

   Successful delivery on key 2024–2026 focus areas Improved profitability Improved free cash flow Significant balance Media Finland sheet deleveraging Learning 20.4% 18.7% 19.2% 2.8 8.8% 160 8.2% 145 2.2 6.7% 1.8 105 148 147 152 40 48 49 640 569 486 2023 2024 2025 2023 2024 2025 2023 2024 2025 Dec 23

4. Slide 4: Our growth path 2026–2030

   Our growth path 2026–2030

5. Slide 5: Sanoma as an investment

   Growth powered by Learning Sanoma as an investment 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 re

6. Slide 6: Pathways to a high single-digit organic earnings growth for the Group in 2026–2030

   Pathways to a high single-digit organic earnings growth 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 single-digit lower in 2026, improvin

7. Slide 7: 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

8. Slide 8: K12 education: A large and attractive market

   K12 education: A large and attractive market The key characteristics of K12 make it different from other educational sectors 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

9. Slide 9: 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

10. Slide 10: 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

11. Slide 11: Shape the future of K12 education

    Shape the future of K12 education We have a clear outlook on the future of K12’s fundamentals and the expected role of AI Scenarios Sticking to fundamentals Evolution and optimisation More flexible schooling AI revolution Our outlook on the future of K12 education We have the Fundamentals  Schools

12. Slide 12: 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

13. Slide 13: Acquisition of Vicens Vives strengthens our position in Spain

    Acquisition of Vicens Vives strengthens our position in Spain  Vicens Vives is one of the major learning content providers in Spain − Net sales of 29m€ in 2025 − Product offering complements our current printed and digital offering  Spain is one of the largest K12 learning services markets in Euro

14. Slide 14: 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

15. Slide 15: Media Finland advertising sales to grow approx. by 20+m€ from the gambling market opening

    Media Finland Media Finland advertising sales to grow approx. by 20+m€ from the gambling 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€

16. Slide 16: Leveraging AI in our key business processes

    Media Finland Leveraging AI in our key business processes 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 creatives Impr

17. Slide 17: A step change in earnings growth in 2026 driven by Learning

    A step change in earnings growth in 2026 driven by Learning Key factors influencing 2026 performance  Growth in learning content sales especially in Poland, Spain and the Netherlands driven by curriculum renewals and the Vicens Vives acquisition  Discontinuation of Dutch distribution business will

18. Slide 18: Outlook for 2026

    Outlook for 2026 (unchanged since Feb 2026)  Sanoma expects that the Group’s net sales will be 1.29‒1.34bn€ (2025: 1.30)  The Group’s adjusted operating profit is expected to be 205‒225m€ (2025: 188)  The outlook is based on the following assumptions: − Demand for learning content will increase,

19. Slide 19: Dividend of 0.42€ per share paid for 2025

    Dividend per share Dividend of 0.42€ per € share​ paid for 2025 With new FCF definition, 53% payout for 2025 60%  A dividend of 0.42€ (2024: 0.39) per share paid for 2025​ 40% − Representing a total of approx. 68m€​ − Pay-out of 43% of FCF ​ 0.99 0.54 0.40 0.37 0.64 0.37 0.89 0.39 0.98 0.42  Paid

20. Slide 20: 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 opportunity in High single- Stable excl. gambling K12 learning digit organic Mid single-digit growth earnings growth 2026–2030 2025 Dutch Curriculum P

21. Slide 21: Q1 2026 Financials

    Q1 2026 Financials

22. Slide 22: Improved adjusted operating profit in Learning and Media

    Improved adjusted operating profit in Learning and Media Net sales Comparable net sales Adjusted operating Free cash Net debt / development profit flow Adj. EBITDA 221m€ 0% -16m€ -39m€ 2.6 (2025: 221) (2025: 0%) (2025: -19) (2025: -38) (2025: 2.4)  Stable net sales were supported by growth in Learn

23. Slide 23: Learning Q1 2026: Adjusted operating profit improved while being seasonally negative

    Learning Q1–Q3 Learning Q1 20262025 Net sales by country Adjusted operating profit m€ improved while being seasonally negative Q1 25 Q1 26  Net sales increased to 92m€ (2025: 89) in a 41 42 15 16 7 9 8 8 7 7 7 7 5 5 seasonally small quarter – Growing learning content sales in the Netherlands, parti

24. Slide 24: Well-positioned for accelerated growth in Learning

    Well-positioned for accelerated growth in Learning Education reform driving Personalised learning driving A new funding cycle about to start growth dynamics in Poland growth in the Netherlands in Spain  The Polish government is  Introduction of Teacher Assistant  Leveraging our market leading mod

25. Slide 25: Media Finland Q1 2026: Improved adjusted operating profit

    Media Finland Q1 2026 Net sales by category Improved adjusted m€ operating profit Q1 25 Q1 26  Net sales amounted to 129m€ (2025: 132) – Continued growth in subscription sales, driven by Ruutu+ and digital news media subscriptions 66 67 46 42 20 20 – Lower advertising sales driven by TV and print S

26. Slide 26: Result for the period improved

    Result for the period improved m€ Q1 26 Q1 25  IACs amounted to -5m€ Adjusted operating profit -16.1 -18.8 (2025: -4) and included strategic development and IACs -5.3 -3.7 technology transformation PPAs -7.5 -8.8 costs across operations  Net financial items decreased Operating profit -28.9 -31.3 t

27. Slide 27: Free cash flow relatively stable

    Free cash flow Free cash flow m€ relatively stable 0  Seasonally negative free cash flow, -38 -39 amounting to -39m€ (2025: -38) + Lower taxes paid -50 – Working capital movements 2025 EBITDA Invest- Working Financial Taxes Lease 2026 ments capital items payments 120 70 20 -30 -80 Q1 24 Q2 24 Q3 24

28. Slide 28: Hybrid bond repayment reflected in leverage

    Net debt Hybrid bond m€ repayment reflected in leverage 2.9 2.9 2.6 2.5 2.4 2.4 < 2.5x  Repayment of the 150m€ hybrid bond 2.2 Target level in March and the typical annual 2.0 seasonality of the learning business 1.8 − Net debt / Adj. EBITDA increased to 2.6 (2025: 2.4), close to the target level o

29. Slide 29: FY 2025 Financials

    FY 2025 Financials

30. Slide 30: Improved adjusted operating profit and free cash flow driven by Learning

    Improved adjusted operating profit and free cash flow driven by Learning Net sales Comparable net Adjusted operating Adjusted operating Free cash Net debt / sales development profit profit margin flow Adj. EBITDA 1,303m€ -3% 188m€ 14.4% 160m€ 1.8 (2024: 1,345) (2024: -2%) (2024: 180) (2024: 13.4%) (

31. Slide 31: Learning FY 2025: Growth in learning content sales partially offsetting lower distribution

    Learning Q1–Q3 Learning FY 20252025 Net sales by country Growth in learning content m€ sales partially offsetting lower distribution 2024 2025 221 215 139 140 136 125 106 101 59 64 64 63 40 38  Net sales amounted to 746m€ (2024: 764) − Growth in other learning content businesses more than offsettin

32. Slide 32: Learning FY 2025: Adjusted operating profit improved

    Learning FY 2025 Adjusted operating profit Adjusted operating m€ profit improved 20.2% 20.4% 19.8% 19.3% 19.4% 19.1% 19.4% 19.2%  Adjusted operating profit improved to 152m€ (2024: 147) and margin to 20.4% (2024: 19.2%) − Higher share of learning content sales vs. low-value distribution and a more

33. Slide 33: Media Finland FY 2025: Growth in digital subscriptions partially offsetting lower advertising

    Media Finland FY 2025 Net sales by category Growth in digital m€ subscriptions partially offsetting lower advertising sales 2024 2025  Net sales were 557m€ (2024: 581) 254 264 215 189 112 104 − Good growth in subscription sales Subscription Advertising Single copy and other throughout the year driv

34. Slide 34: Media Finland FY 2025: Margin continued to improve

    Media Finland FY 2025 Adjusted operating profit Margin continued to m€ improve 14.2% 12.2%  Adjusted operating profit was 49m€ (2024: 48), margin improved to 8.8% (2024: 8.2%) 9.0% 8.4% − Growth in digital subscription sales 6.4% − Lower paper, printing and 5.5% 5.9% 6.1% distribution costs − Lower

35. Slide 35: FY adjusted EPS improved, higher IACs due to impairments

    FY adjusted EPS improved, higher IACs due to impairments m€ Q4 25 Q4 24 FY 25 FY 24  Q4 IACs amounted to -16m€ Adjusted operating profit -27.4 -27.3 188.2 180.0 (2024: -11) and included expenses related to a number IACs -15.7 -10.6 -106.3 -61.5 of strategic development PPAs -7.8 -9.0 -33.3 -36.7 pr

36. Slide 36: Free cash flow continued to improve

    Free cash flow Free cash flow m€ continued 190 200 170 to improve 150 130 145 160  Free cash flow improved to 160m€ 110 (2024: 145) 90 + Working capital movements 70 + Lower financing costs​ 0 50 2024 EBITDA Investments Working Financial Taxes 2025 + Higher earnings capital items – Higher taxes pai

37. Slide 37: Continued progress in deleveraging the balance sheet

    Net debt Continued progress m€ in deleveraging the balance sheet 2.9 2.9 2.8 2.5  Net debt and leverage significantly 2.4 2.4 < 2.5x lower vs. previous year 2.2 New target 2.0 − Net debt / Adj. EBITDA improved to 1.8 1.8 (2024: 2.2), below the updated target of < 2.5  Equity ratio at 47.1% (2024:

38. Slide 38: Refinancing improved the maturity of external debt

    Maturity profile of external debt Refinancing improved m€, 31 Dec 2025 the maturity of external debt 100 150 300 110  A 220m€ syndicated term loan was 2026 2027 2028 2029 signed in December 2025 RCF (fully unused) Social Bond Term Loan 2023 Term Loan 2025 − Maturity date is in March 2029 − Includes

39. Slide 39: Improvement in ESG profile with CDP Climate A list status

    Improvement in ESG profile with CDP Climate A list status  In December 2025, Sanoma was awarded CDP Climate A list status − The only learning company − One of 11 Finnish companies − Among the top 4% of approx. 20,000 companies scored  All ESG ratings improved or remained on a good level in 2025 −

40. Slide 40: Appendix

    Appendix

41. Slide 41: We have a unique sustainability profile

    We have a unique sustainability profile Clear targets and solid ESG ratings Trustworthy Valued data people Target: Continuous Target: privacy and security Inclusive learning Employee training for our Empowering learning of Engagement employees about 25 million students Score 70–75% & Responsible Sus

42. Slide 42: Group: Key figures

    Group: Key figures m€ Q1 26 Q1 25 FY 25 FY 24 Net sales 221.1 221.1​ 1,302.5 1,344.8 Adjusted EBITDA 26.5 26.0​ 366.1 360.8 Margin 12.0% 11.7%​ 28.1% 26.8% Adjusted operating profit -16.1 -18.8​ 188.2 180.0 Margin -7.3% -8.5%​ 14.4% 13.4% Operating profit -28.9 -31.3​ 48.6 81.8 Result for the period

43. Slide 43: Learning: Key figures

    Learning: Key figures m€ Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 FY 25 FY 24 Net sales 92.4 88.3 376.8​ 191.5​ 89.1​ 745.8 764.2 Adjusted EBITDA -0.3 -6.8 178.7​ 76.5​ -0.6​ 247.8 241.5 Adjusted operating profit -23.5 -31.4 155.0​ 52.6​ -24.4​ 151.9 146.9 Margin -25.4% -35.5% 41.1%​ 27.5%​ -27.4%​ 20.4% 19.2%

44. Slide 44: Media Finland: Key figures

    Media Finland: Key figures m€ Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 FY 25 FY 24 Net sales 128.7 137.6 139.0​ 148.3​​ 132.1​​ 556.9 580.9 Adjusted EBITDA 29.3 33.0 34.7​ 33.4​​ 28.8​​ 129.8 132.5 Adjusted operating profit 10.0 8.8 19.7​ 12.4​​ 8.1​​ 49.0 47.5 Margin 7.8% 6.4% 14.1%​ 8.3%​​ 6.2%​​ 8.8% 8.2% I

45. Slide 45: Finnish advertising market development 1/2

    Finnish advertising market development 1/2 Finnish measured media advertising markets Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 FY 25 FY 24 Newspapers -12% -11% -10% -1% -12% -9% -18% Magazines -12% -11% -18% -10% -19% -14% -10% TV -13% -10% -4% -2% -4% -5% 1% Radio 1l% -1% 3% -3% -3% -1% -2% Online (excl. sear

46. Slide 46: Finnish advertising market development 2/2

    Finnish advertising market development 2/2 Share of media advertising groups and development in 2025 (change % vs. 2024) Newspaper (-9%) 7% 9% 2% Freesheets (-1%) 2% Magazines (-15%) 16% 1,261m€ TV (-5%) Radio (-1%) 5% 58% Online incl. search and social media (+2%) Movies (+1%) Outdoor (+5%) Source:

47. Slide 47: Estimated amortisations of acquired intangible assets (PPA)

    Estimated amortisations of acquired intangible assets (PPA) Estimated amortisations of acquired intangible assets (PPA) 2026−2028 m€ of the Group 35  Acquired subsidiaries are consolidated using the 30 acquisition method, whereby the cost is allocated to the acquired assets and liabilities assumed

48. Slide 48: Group debt structure

    Group debt structure External debt structure Maturity profile of external debt m€, 31 Mar 2026 m€, 31 Mar 2026 135 100 220 Term loan 2025 150 603m€ 1) Social Bond 100 Term Loan 2023 300 Commercial papers 220 150 2026 2027 2028 2029 RCF (fully unused) Social Bond Term Loan 2023 Term Loan 2025 1) Excl

49. Slide 49: Largest shareholders

    Largest shareholders 31 March 2026 Largest shareholders Holding by sector Number of % of Shareholders shares shares 1. Jane and Aatos Erkko Foundation 39,820,286 24.4 4% 10% 2. Holding Manutas Oy 21,870,000 13.4 Private companies 3. Langenskiöld Robin 12,273,371 7.5 18% 4. Seppälä Rafaela 7,654,746

50. Slide 50: Analyst coverage

    Analyst Danske Bank Markets Sami Sarkamies, +358 10 546 8468 coverage DNB Carnegie Pia Rosqvist-Heinsalmi, +358 9 6187 1232 Inderes Petri Gostowski, +358 40 821 5982 Kepler Cheuvreux Kristoffer Carleskär, +44 207 621 5149 Nordea Sanna Perälä, +358 40 779 0845 OP Corporate Bank Joona Harjama, +358 44

51. Slide 51: Financial calendar 2026

    Financial Half-Year Report 2026 Wednesday, 29 July calendar 2026 Interim Report Q3 2026 Wednesday, 28 October 51 MAY–JUNE 2026

52. Slide 52: 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

53. Slide 53: 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 53

Sanoma — Non-Deal Roadshow (June 2026) on 6ix