Slide 1: Full-Year Result 2025
Full-Year Result 2025
Slide 2: Improved adjusted operating profit and free cash flow driven by Learning
SANOMA CORPORATION, FULL-YEAR RESULT 2025 Improved adjusted operating profit and free cash flow driven by Learning Q4 2025 FY 2025 ■ Net sales amounted to EUR 225.8 million (2024: 241.5) with lower net sales in both businesses. In Learning, net sales ■ Net sales amounted to EUR 1,302.5 million (2024
Slide 3: Outlook for 2026; Alternative performance measures
Outlook for 2026 In 2026, Sanoma expects that the Group’s net sales will be EUR 1.29‒1.34 billion (2025: 1.30) and the Group's adjusted operating profit will be EUR 205−225 million (2025: 188). The outlook is based on the following assumptions: ■ Demand for learning content will increase, driven by
Slide 4: Key indicators
Key indicators Net sales, m€ EUR million Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change 700 Net sales 225.8 241.5 -6% 1,302.5 1,344.8 -3% Adjusted EBITDA 1) 21.5 23.5 -8% 366.1 360.8 1% 600 Margin 1) 9.5% 9.7% 28.1% 26.8% 500 Adjusted operating profit 2) -27.4 -27.3 0% 188.2 180.0 5% 400 Margin 2) -1
Slide 5: President and CEO Rob Kolkman
President and CEO Rob Kolkman: ■ Good progress in our key strategic focus areas for 2024–2026 The deleveraging of our balance sheet continued in 2025. Our net debt decreased and leverage (net debt / adj. EBITDA) improved to 1.8 (2024: 2.2), being well within the updated target of < 2.5. We also refi
Slide 6: Financial review Q4 2025
Financial review Q4 2025 Net sales by SBU IACs, PPAs and reconciliation of adjusted operating profit EUR million Q4 2025 Q4 2024 Change EUR million Q4 2025 Q4 2024 Learning 88.3 96.5 -8% Operating profit -50.9 -46.9 Media Finland 137.6 145.0 -5% Items affecting comparability (IACs) Other operations
Slide 7: Financial review FY 2025
Financial review FY 2025 Net sales by SBU IACs, PPAs and reconciliation of adjusted operating profit EUR million FY 2025 FY 2024 Change EUR million FY 2025 FY 2024 Learning 745.8 764.2 -2% Operating profit 48.6 81.8 Media Finland 556.9 580.9 -4% Items affecting comparability (IACs) Other operations
Slide 8: Financial position; Cash flow
Financial position Cash flow At the end of December 2025, net debt amounted to EUR 486.1 million (2024: 568.5). Net debt to adjusted EBITDA ratio The Group’s free cash flow improved to EUR 159.7 million (2024: 145.3) or EUR 0.98 per share (2024: 0.89). The improved to 1.8 (2024: 2.2), being within t
Slide 9: Progress in Program Solar in Learning
Progress in Program Solar in Learning On 26 October 2023, Sanoma announced that Sanoma Learning’s adjusted operating profit margin (earlier operational EBIT margin excl. PPA) is expected to reach its long-term target level of 23% in 2026 (2025: 20.4%; 2024: 19.2%; 2023: 18.7%), supported by Solar, t
Slide 10: Learning
Learning The learning business has, by its nature, an annual cycle with strong seasonality. Most net sales and earnings are accrued during the second and third quarters, while the first and fourth quarters are typically smaller in net sales and loss-making. Sanoma Learning is Europe's leading K12 le
Slide 11: Media Finland
Media Finland Q4 2025 Net sales of Media Finland decreased to EUR 137.6 million (2024: 145.0) driven by lower advertising sales particularly in TV and newsprint. The development in TV advertising was partially attributable to ending the reselling of certain third-party TV Sanoma Media Finland is the
Slide 12: Personnel; Executive Management Team; Acquisitions and divestments
Personnel Growth at Learning % Comparable net sales Mid single-digit In January–December 2025, the average number of employees in full-time equivalents (FTE) was 4,645 (2024: 4,820). The Adjusted operating profit High single-digit average number of employees (FTE) per SBU was as follows: Learning 2,
Slide 13: Sustainability; Share capital and shareholders
Sustainability Share capital and shareholders In December 2025, Sanoma was awarded a place on the global CDP Climate A List for climate leadership, the global gold At the end of December 2025, Sanoma’s registered share capital was EUR 71.3 million (2024: 71.3), and the total number of standard for c
Slide 14: Seasonal fluctuation
The AGM resolved that a dividend of EUR 0.39 per share shall be paid. The dividend shall be paid in three equal instalments. ■ For members of the Shareholders’ Nomination Committee who reside in Finland: EUR 1,500 / Committee meeting The first instalment of EUR 0.13 per share was paid to a sharehold
Slide 15: Significant near-term risks and uncertainties
Significant near-term risks and uncertainties services to new distribution channels. Risks may arise if competitors are faster than the Group to adopt new technologies, such as generative AI and alternative forms of media or digital destinations, catering to both consumer and advertiser needs. Sanom
Slide 16: Dividend proposal; Financial reporting in 2026
Dividend proposal Financial reporting in 2026 On 31 December 2025, Sanoma Corporation’s distributable funds were EUR 309 million, of which profit for the year made up Sanoma will publish the following financial reports during 2026: EUR 36 million. Including the fund for non-restricted equity of EUR
Slide 17: Reconciliation of adjusted operating profit
Reconciliation of adjusted operating profit EUR million Q4 2025 Q4 2024 FY 2025 FY 2024 Operating profit -50.9 -46.9 48.6 81.8 Items affecting comparability (IACs) and PPA adjustments and amortisations Learning Impairments -1.0 -0.7 -50.0 -28.6 Capital gains/losses -0.4 Restructuring expenses -6.7 -
Slide 18: Reconciliation of adjusted EPS, comparable net sales growth and net debt
Reconciliation of adjusted EPS Reconciliation of comparable net sales growth EUR million Q4 2025 Q4 2024 FY 2025 FY 2024 EUR million Q4 2025 Q4 2024 FY 2025 FY 2024 Result for the period attributable to the equity Group holders of the Parent Company -42.2 -40.3 19.9 40.5 Net sales 225.8 241.5 1,302.
Slide 19: Income statement by quarter
Income statement by quarter EUR million Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES 221.1 339.8 515.8 225.8 1,302.5 220.9 342.4 540.0 241.5 1,344.8 Other operating income 5.4 7.7 5.5 6.5 25.0 9.2 5.0 6.8 7.4 28.3 Materials and services -61.2 -92.8 -174.1
Slide 20: Net sales, operating profit and adjusted operating profit by SBU
Net sales by SBU EUR million Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Learning 89.1 191.5 376.8 88.3 745.8 81.1 190.6 395.9 96.5 764.2 Media Finland 132.1 148.3 139.0 137.6 556.9 139.9 151.9 144.1 145.0 580.9 Other operations and eliminations 0.0 -0.1 0.0 -0.1
Slide 21: Interim report (unaudited)
Interim report (unaudited) Accounting policies Sanoma Group prepares its Interim Report in accordance with IAS 34 'Interim Financial Reporting' while adhering to related IFRS standards and interpretations applicable within the EU on 31 December 2025. The accounting policies of the Interim Report, th
Slide 22: Consolidated income statement; Statement of comprehensive income
Consolidated income statement Statement of comprehensive income EUR million Q4 2025 Q4 2024 FY 2025 FY 2024 EUR million Q4 2025 Q4 2024 FY 2025 FY 2024 NET SALES 225.8 241.5 1,302.5 1,344.8 Result for the period -42.3 -40.3 19.9 40.6 Other operating income 6.5 7.4 25.0 28.3 Materials and services -6
Slide 23: Consolidated balance sheet
Consolidated balance sheet EUR million 31 Dec 2025 31 Dec 2024 EUR million 31 Dec 2025 31 Dec 2024 ASSETS Deferred tax liabilities 77.3 100.1 Property, plant and equipment 37.0 37.4 Pension obligations 2.3 2.7 Right-of-use assets 71.3 123.1 Provisions 7.0 4.5 Investment property 2.0 2.9 Financial li
Slide 24: Changes in consolidated equity
Changes in consolidated equity EUR million Equity attributable to the equity holders of the Parent Company Fund for invested Non- Share Treasury unrestricted Other Hybrid controlling Equity, capital shares equity equity Total bond interests total Equity at 1 Jan 2024 71.3 -4.1 209.8 370.8 647.7 149.
Slide 25: Consolidated cash flow statement
Consolidated cash flow statement EUR million FY 2025 FY 2024 EUR million FY 2025 FY 2024 OPERATIONS FINANCING Result for the period 19.9 40.6 Purchase of treasury shares -4.0 -1.9 Adjustments Change in loans with short maturity 2.5 37.4 Income taxes 4.5 7.8 Drawings of other loans 110.0 249.2 Financ
Slide 26: Segment information
Segment information Segment information 1 January–31 December 2025 Other Media operations/ Sanoma reports two operating segments, which are its two strategic business units Sanoma Learning and Sanoma Media EUR million Learning Finland eliminations Total Finland. This is aligned with the way Sanoma m
Slide 27: Net sales
Net sales Disaggregation of revenue In the following table, revenue is disaggregated by primary geographical market, major products/services lines and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the Group’s two operating segments, which a
Slide 28: Changes in property, plant and equipment; Maturity of financial liabilities
Changes in property, plant and equipment and right of use assets Maturity of financial liabilities EUR million 31 Dec 2025 31 Dec 2024 Carrying Cash Carrying amount at 1 Jan 160.5 184.5 EUR million amount flow 1) 2026 2027 2028 2029 2030 2031− Total Increases 19.5 24.8 Loans from financial instituti
Slide 29: Acquisitions and divestments
Acquisitions and divestments Acquisitions in 2025 On 20 January 2025, Sanoma acquired a portfolio of learning materials for secondary and vocational education from Finnish Cash paid to obtain control, net of cash acquired publisher Edita Oppiminen Oy, a subsidiary of Edita Group, which has made a de
Slide 30: Divestments in 2025
Divestments in 2025 Cash flow from sale of operations On 28 February 2025, Sanoma divested its B2B website services business aimed at small and medium-sized enterprises to EUR million FY 2025 FY 2024 Tagomo Digital Oy. As a result of the divestment, eight employees were transferred to the buyer. Sal
Slide 31: Contingent liabilities; Disputes and litigations
Contingent liabilities Disputes and litigations EUR million 31 Dec 2025 31 Dec 2024 Sanoma has had a tax dispute concerning the treatment of value added tax (VAT) of certain magazines that were printed in multiple locations in Europe and processed in and distributed through a centralised logistics c
Slide 32: Definitions of key indicators
Definitions of key indicators KPI Definition Reason to use KPI Definition Reason to use The adjusted EBITDA used in this ratio is the 12- Comparable (or Complements reported net sales by reflecting the month rolling adjusted EBITDA, where acquired Net sales (growth) adjusted for the impact of One of
Slide 33: Sanoma Corporation
Sanoma Corporation Visiting address: Töölönlahdenkatu 2 00100 Helsinki Finland tel. +358 105 1999 sanoma.com