Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — Non-Deal Roadshow (September 2026)
53 slides from Sanoma Oyj's roadshow presentation, September 2026
Slide 1: Growth powered by Learning
Growth powered by Learning Roadshow presentation September 2026
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
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
Slide 4: Our growth path 2026–2030
Our growth path 2026–2030 4 SEPTEMBER 2026
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
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
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
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
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
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
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
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
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
Slide 14: Acquisition of Fluentbe strengthens our position in Poland
Acquisition of Fluentbe strengthens our position in Poland ▪ Fluentbe is a Polish online tutoring platform for language learning − Fluentbe offers AI-powered, personalised language learning for both individuals and enterprises − Net sales of approx. 6m€ in 2025 − Acquisition completed on 1 July ▪ Po
Slide 15: 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 16: 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€
Slide 17: 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
Slide 18: On track for the full-year step change in adjusted operating profit
On track for the full-year step change in adjusted operating profit Key factors influencing 2026 performance ▪ Growth in learning content sales especially in Poland, Spain and the Netherlands driven by curriculum renewals and the acquisitions so far in 2026 ▪ Discontinuation of Dutch distribution bu
Slide 19: 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,
Slide 20: Increasing free cash flow enabling higher dividends
Dividend per share Increasing free cash € flow enabling higher With new FCF definition, dividends 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 0.4
Slide 21: 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
Slide 22: Q2 2026 Financials
Q2 2026 Financials 22 SEPTEMBER 2026
Slide 23: Solid first six months
Solid first six months On track for the full-year step change in adjusted operating profit Net sales Comparable net sales Adjusted operating Free cash Net debt / development profit flow Adj. EBITDA 556m€ -2% 46m€ -73m€ 3.0 (2025: 561) (2025: -1%) (2025: 43) (2025: -68) (2025: 2.5) ▪ Net sales grew i
Slide 24: On track for the full-year step change in earnings
Learning Q1–Q3 Learning H1 20262025 Net sales by country On track for the full-year m€ step change in earnings ▪ Net sales increased to 290m€ (2025: 281) driven by H1 25 H1 26 – Strong growth in learning content sales in the 82 92 29 33 40 42 40 35 43 43 31 29 15 17 Netherlands – Growing digital pla
Slide 25: Delivered on all levers in H1 to drive growth in Learning
Delivered on all levers in H1 to drive growth in Learning More than 60 new learning methods Three acquisitions so far in 2026 published across markets ▪ Upper secondary in Sweden ▪ Fluentbe in Poland in July ▪ New mother-tongue and maths in the Netherlands − AI-powered digital language-learning ▪ Ne
Slide 26: Solid quarter with continued robust cost containment
Media Finland Q2 2026 Net sales by category Solid quarter with continued m€ robust cost containment Q2 25 ▪ Net sales amounted to 138m€ (2025: 148) Q2 26 – Stable subscription sales with growth in digital subscriptions offsetting the decline in print ▪ Continued solid development in number of 65 65
Slide 27: Earnings per share improved
Earnings per share improved m€ Q2 26 Q2 25 H1 26 H1 25 ▪ Q2 IACs amounted to -6m€ Adjusted operating profit 62.6 62.0 46.4 43.3 (2025: -4) and mainly consisted of costs related to IACs -6.3 -4.4 -11.5 -8.1 recent acquisitions and technology transformation PPAs -8.2 -8.7 -15.7 -17.6 Operating profit
Slide 28: Free cash flow in H1 reflected higher investments
Free cash flow Free cash flow in H1 0 m€ reflected higher investments -68 -73 ▪ Seasonally negative free cash flow, amounting to -73m€ (2025: -68) – Lower EBITDA incl. sales and -80 marketing costs ahead of the curriculum renewals 2025 EBITDA Invest- Working Financial Taxes Lease 2026 ments capital
Slide 29: Leverage was at its seasonal peak
Net debt Leverage was at its m€ seasonal peak 3.0 2.9 ▪ Net debt and leverage increased due 2.6 to 2.5 2.4 2.4 < 2.5x − The typical annual seasonality of the 2.2 target level learning business 2.0 − Repayment of the 150m€ hybrid bond 1.8 in March − Acquisition of Vicens Vives end of April ➢ Delevera
Slide 30: FY 2025 Financials
FY 2025 Financials 30 SEPTEMBER 2026
Slide 31: 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%) (
Slide 32: 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 215 221 139 140 136 125 106 101 63 59 64 64 40 38 ▪ Net sales amounted to 746m€ (2024: 764) − Growth in other learning content businesses more than offsettin
Slide 33: 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
Slide 34: 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
Slide 35: 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
Slide 36: 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
Slide 37: 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
Slide 38: 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:
Slide 39: 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
Slide 40: Appendix
Appendix
Slide 41: We have a unique sustainability profile
We have a unique sustainability profile Clear targets and solid ESG ratings Trustworthy Valued data sitive impact of people Po Target: Continuous Target: privacy and security Inclusive learning Employee training for our Empowering learning of Engagement employees about 25 million students Score 70–7
Slide 42: Group: Key figures
Group: Key figures m€ Q2 26 Q2 25 Net sales 334.7 339.8 Adjusted EBITDA 103.0 107.2 Margin 30.8% 31.5% Adjusted operating profit 62.6 62.0 Margin 18.7% 18.3% Operating profit 48.1 48.9 Result for the period 32.5 33.0 Free cash flow -34.5 -29.6 Equity ratio 29.7% 38.5% Net debt 775.8 659.0 Net
Slide 43: Learning: Key figures
Learning: Key figures m€ Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Net sales 197.1 92.4 88.3 376.8 191.5 89.1 Adjusted EBITDA 75.3 -0.3 -6.8 178.7 76.5 -0.6 Adjusted operating profit 52.1 -23.5 -31.4 155.0 52.6 -24.4 Margin 26.4% -25.4% -35.5% 41.1% 27.5% -27.4% IACs -3.4 -1.4 -7.7 -50.6 -2.3
Slide 44: Media Finland: Key figures
Media Finland: Key figures m€ Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Net sales 137.7 128.7 137.6 139.0 148.3 132.1 Adjusted EBITDA 30.1 29.3 33.0 34.7 33.4 28.8 Adjusted operating profit 13.0 10.0 8.8 19.7 12.4 8.1 Margin 9.4% 7.8% 6.4% 14.1% 8.3% 6.2% IACs 0.0 -0.5 -5.0 -29.7 -1.8
Slide 45: Finnish advertising market development 1/2
Finnish advertising market development 1/2 Finnish measured media advertising markets Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Newspapers -22% -12% -11% -10% -1% -12% Magazines -9% -12% -11% -18% -10% -19% TV -8% -13% -10% -4% -2% -4% Radio 2% 1% -1% 3% -3% -3% Online (excl. search and social 3% 4% -1% 0
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% TV (-5%) 1,261m€ Radio (-1%) 5% 58% Online incl. search and social media (+2%) Movies (+1%) Outdoor (+5%) Source:
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
Slide 48: Group debt structure
Group debt structure External debt structure Maturity profile of external debt m€, 30 June 2026 m€, 30 June 2026 30 60 220 Term Loan 2025 100 Social Bond 150 177 735m€ 1) Term Loan 2023 Commercial papers 300 Term Loan 2026 220 100 150 RCF 70 2026 2027 2028 2029 1) Excl. IFRS 16 liabilities Term Loan
Slide 49: Largest shareholders
Largest shareholders 30 June 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 4
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
Slide 51: Financial calendar 2026
Financial Interim Report Q3 2026 Wednesday, 28 October calendar 2026 51 SEPTEMBER 2026
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
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