Slide 1: Half-Year Report 2026: Solid first six months
Half-Year Report 2026 Solid first six months On track for the full-year step change in adjusted operating profit Rob Kolkman, President & CEO Alex Green, CFO
Slide 2: 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 3: 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 4: 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 5: 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 6: Financials
Financials 6 Half-Year Report 2026
Slide 7: Q2 earnings stable
Q2 earnings stable Adjusted operating profit Q2 2026 vs. Q2 2025 Learning + Higher learning content and lower distribution m€ sales + Vicens Vives acquisition -1 1 1 – Higher sales and marketing costs in Poland and Spain ahead of the curriculum renewals (~5m€ in Q2 and ~3m€ in Q1) – Sales phasing of
Slide 8: 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 9: 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 10: 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 11: Further recognition of our ESG progress
Further recognition of our ESG progress ▪ Sanoma was included in the TIME magazine and Statista’s list of the World’s Most Sustainable Companies − The ranking covered more than 5,000 companies worldwide, of which 750 were selected − Evaluation on sustainability commitments, reporting transparency, e
Slide 12: Our growth path 2026–2030
Our growth path 2026–2030 12 Half-Year Report 2026
Slide 13: 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 14: Outlook for 2026
Outlook for 2026 (unchanged) ▪ 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, driven by curri
Slide 15: Q&A
Q&A 15 Q1 2026 Half-Year Interim Report 2026 Report
Slide 16: Financial calendar 2026
Financial Interim Report Q3 2026 Wednesday, 28 October calendar 2026 16 Half-Year Report 2026
Slide 17: Appendix
Appendix
Slide 18: 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 19: Growth powered by Learning
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 20: Sanoma: Growth powered by Learning
Sanoma: Growth powered by Learning 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 s
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: 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 23: 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 24: 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 25: 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 26: Current view on curriculum renewals in Learning's major operating countries
Current view on curriculum renewals in Learning’s major operating countries 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 operating countries 180 170 N
Slide 27: 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 28: 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 29: 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 30: Finnish advertising market development
Finnish advertising market development 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% -0
Slide 31: 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 32: 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 33: 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 34: Analyst coverage
Danske Bank Markets Analyst 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 35: 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 36: 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 36