Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — Non-Deal Roadshow (March 2026)
44 slides from Sanoma Oyj's roadshow presentation, March 2026
Slide 1: Improved adjusted operating profit and free cash flow driven by Learning
Improved adjusted operating profit and free cash flow driven by Learning Roadshow presentation March 2026
Slide 2: 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 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: The Board proposes a dividend of 0.42€ per share
Dividend per share The Board proposes € a dividend of 0.42€ With new FCF definition, per share 53% payout for 2025 60% ▪ The Board proposes a dividend of 0.42€ (2024: 0.39) per share to be 40% paid for 2025 − Representing a total of approx. 68m€ − Pay-out of 43% of FCF 0.99 0.54 0.40 0.37 0.64 0
Slide 5: Our growth path 2026–2030
Our growth path 2026–2030 5 MARCH 2026
Slide 6: 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 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: 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 14: Media Finland advertising sales to grow approx. by 20+m€ from the gambling market opening
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€ to be spent in
Slide 15: Leveraging AI in our key business processes
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 Improve time- Impr
Slide 16: Outlook for 2026
Outlook for 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, driven by curriculum renewa
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 ▪ Discontinuation of Dutch distribution business will reduce net sales by 40m€ ▪ Adjus
Slide 18: 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 19: Thank You!
Thank You! 19 MARCH 2026
Slide 20: Financial calendar 2026
Financial Interim Report Q1 2026 Half-Year Report 2026 Thursday, 7 May Wednesday, 29 July calendar 2026 Interim Report Q3 2026 Wednesday, 28 October Financial Statements and Directors’ Report for 2025 Week 14 (starting 30 March) AGM 2026 Planned to be held on Thursday, 7 May 20 MARCH 2026
Slide 21: FY 2025 Financials
FY 2025 Financials 21 MARCH 2026
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 −
Slide 31: Appendix
Appendix
Slide 32: 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 33: 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 34: 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 Experience Index employees about 25 million students abov
Slide 35: Group: Key figures
Group: Key figures m€ Q4 25 Q4 24 m€ FY 25 FY 24 Net sales 225.8 241.5 Net sales 1,302.5 1,344.8 Adjusted EBITDA 21.5 23.5 Adjusted EBITDA 366.1 360.8 Margin 9.5% 9.7% Margin 28.1% 26.8% Adjusted operating profit -27.4 -27.3 Adjusted operating profit 188.2 180.0 Margin -12.1% -11.3% Margin 14.4% 13.
Slide 36: Learning: Key figures
Learning: Key figures m€ Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 FY 25 FY 24 Net sales 88.3 376.8 191.5 89.1 96.5 395.9 190.6 81.1 745.8 764.2 Adjusted EBITDA -6.8 178.7 76.5 -0.6 -4.3 178.9 72.2 -5.2 247.8 241.5 Adjusted operating profit -31.4 155.0 52.6 -24.4 -30.6 155.2 49.8 -27.
Slide 37: Media Finland: Key figures
Media Finland: Key figures m€ Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 FY 25 FY 24 Net sales 137.6 139.0 148.3 132.1 145.0 144.1 151.9 139.9 556.9 580.9 Adjusted EBITDA 33.0 34.7 33.4 28.8 32.7 35.3 34.5 29.9 129.8 132.5 Adjusted operating profit 8.8 19.7 12.4 8.1 8.5 17.6 13.7
Slide 38: Finnish advertising market development 1/2
Finnish advertising market development 1/2 Finnish measured media advertising markets Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 FY 25 FY 24 Newspapers -11% -10% -1% -12% -16% -17% -17% -20% -9% -18% Magazines -11% -18% -10% -19% -10% -12% -9% -12% -14% -10% TV -10% -4% -2% -4% -2% 3% 2% 3% -5%
Slide 39: 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 40: Estimated amortisations of acquired intangible assets (PPA)
Estimated amortisations of acquired intangible assets (PPA) Estimated amortisations of acquired intangible assets (PPA) 2025−2028 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 41: Largest shareholders
Largest shareholders 31 December 2025 Largest shareholders Holding by sector Number of % of Shareholders shares shares 1. Jane and Aatos Erkko Foundation 39,820,286 24.4 4% 12% 2. Holding Manutas Oy 21,870,000 13.4 Private companies 3. Langenskiöld Robin 12,273,371 7.5 18% 4. Seppälä Rafaela 7,654,7
Slide 42: 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 43: 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 44: 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 44