Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — Shareholder Meeting (May 2026)
22 slides from Sanoma Oyj's shareholder meeting presentation, May 7, 2026
Slide 1: Improved adjusted operating profit and free cash flow driven by Learning
2025 Improved adjusted operating profit and free cash flow driven by Learning Rob Kolkman, President & CEO Annual General Meeting 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€ Adjusted operating profit Serving about Reaching 188m€ 25 million 96% Net debt / Adj. EBITDA students across of
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 2023 20
Slide 4: Improved adjusted operating profit and free cash flow driven by Learning
FY 2025 Improved adjusted operating profit and free cash flow driven by Learning Net sales Comparable net Adjusted operating Free cash Net debt / 57% sales development profit margin flow Adj. EBITDA Learning 1,303m€ -3% 14.4% 160m€ 1.8 (2024: 1,345) 43% (2024: -2%) (2024: 13.4%) (2024: 145) (2024: 2
Slide 5: 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 6: 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 7: Growth in digital subscriptions partially offsetting lower advertising sales
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 throughout the Subscription Advertising Single copy and other year driv
Slide 8: 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 Target 2.0 1.8 ▪ Equity ratio at 47.1% (2024: 45.0%) 640 694 730 615 569 617 659 536 486 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25
Slide 9: Free cash flow continued to improve
Free cash flow continued to improve Free cash flow ▪ Free cash flow improved to 160m€ (2024: 145) m€ + Working capital movements + Lower financing costs + Higher earnings – Higher taxes paid, partially due to phasing between years ▪ 2025 free cash flow was 129m€ using the new 145 160 definition, w
Slide 10: 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 11: 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 12: Successful digital transformation further driven by AI and significant growth of the gambling market
Successful digital transformation further driven by AI and significant growth of the gambling market Pia Kalsta CEO, Media Finland
Slide 13: Strong brand portfolio resulting in a unique position in Finland
Strong brand portfolio resulting in a unique position in Finland Proud heritage, trusted brands, significant reach and a leading market position Journalism Entertainment 96% weekly reach (89% digital) ~80% direct traffic* 581m€ Net sales 2024 8.2% Adjusted operating profit margin 2024 * Direct traff
Slide 14: Robust platform to continue successful digital transformation and improve profitability
Robust platform to continue successful digital transformation and improve profitability Strong, sustainable ▪ Owned traffic and close customer relationships driven by trusted brands and original content Strong position built on ▪ Partner of choice for advertisers, offering high reach across media ca
Slide 15: We have succeeded in digital transformation with progress on all key fronts
We have succeeded in digital transformation with progress on all key fronts 2025 2015 89% Digital weekly reach, 15-74 y.o. 70 % Digital weekly reach, 15-74 y.o. 2025 Integrated business, shared 50% Digital-only subscriptions of total Fragmented 2015 8 % Digital-only subscriptions of total systems an
Slide 16: Continuing our successful digital transformation
Continuing our successful digital transformation Our focus areas Preparing for the Responsibly capturing media sales opening of the growth opportunities gambling market Value creation through Embracing AI as a driver for artificial intelligence productivity and innovation Growth in digital subscript
Slide 17: With AI, we are driving both productivity and innovation
With AI, we are driving both productivity and innovation Our approach to embedding AI across Media Finland’s operations Increased productivity releases time and resources to be re-invested in innovation and customer value Top-down: Output and process efficiency Automate roductivity Smarter, more int
Slide 18: Our growth path 2026–2030
Our growth path 2026–2030 Rob Kolkman
Slide 19: 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 20: 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 21: Growth powered by Learning
Growth powered by Learning High single-digit organic earnings growth outlook in 2026–2030 Positive impact on the lives of A leading European millions of Unique K12 learning content people every position provider day Targeting multi- Clear Shaping the future of growth K12 education year, high quality
Slide 22: Thank you!
Thank you!