Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — Q3 2026 Earnings Presentation
40 slides from Sanoma Oyj's earnings presentation, Oct 28, 2026
Slide 1: Interim Report Q1–Q3 2026
Interim Report Q1–Q3 2026 Strong growth in adjusted operating profit Earnings Outlook for 2026 narrowed to the higher end Rob Kolkman, President & CEO Alex Green, CFO
Slide 2: Delivering a step change in adjusted operating profit
Delivering a step change in adjusted operating profit Adjusted operating profit Financial Targets m€ Dutch distribution Growth at Learning % sales expected to +14 – 20% be around 40m€ Comparable net sales Mid single-digit lower in 2026, improving Learning Adjusted operating profit High single-digit
Slide 3: Strong growth in adjusted operating profit
Strong growth in adjusted operating profit Earnings Outlook for 2026 narrowed to the higher end Net sales Comparable net sales Adjusted operating Free cash Net debt / development profit flow Adj. EBITDA 1,075m€ -2% 236m€ 43m€ 2.7 (2025: 1,077) (2025: -3%) (2025: 216) (2025: 63) (2025: 2.0) ▪ The Gro
Slide 4: More than 60 new learning methods published across markets this year
More than 60 new learning methods published across markets this year Educational reform driving Successful launches of new Sanna launched as the common growth dynamics in Poland content in the Netherlands brand for AI Teacher Assistant ▪ New generation of immersive primary ▪ New maths method support
Slide 5: Learning Q1–Q3 2026: Strong growth in content and platforms esp. in Poland
Learning Q1–Q3 2026 Net sales by country Strong growth in content m€ and platforms esp. in Poland Q1-Q3 25 Q1-Q3 26 ▪ Net sales amounted to 667m€ (2025: 658) – 25% growth in Poland 119 189 157 118 147 140 ▪ Renewed offering well received by teachers, supported by 94 88 53 55 57 53 28 27 increased go
Slide 6: Learning Q1–Q3: Strong earnings improvement
Learning Q1–Q3 Learning Q1–Q3 2025 2026 Strong earnings Adjusted operating profit m€ improvement ▪ Strong improvement in adjusted operating profit to 200m€ (2025: 183) driven by 22.4% – Higher learning content sales in largest markets, particularly in Poland and Spain 20.2% 20.4% 20.4% 20.2% – Benef
Slide 7: Media Finland Q3 2026: Adjusted earnings improved
Media Finland Q3 2026 Adjusted earnings Net sales by category m€ improved Q3 25 Q3 26 ▪ Net sales amounted to 141m€ (2025: 139) – Lower advertising sales driven by TV and print – Stable subscription sales with growth in Ruutu+ and 66 67 42 40 31 35 digital news media subscriptions continuing to offs
Slide 8: Outlook for 2026 (narrowed)
Outlook for 2026 (narrowed) ▪ Sanoma expects that the Group’s net sales will be 1.30‒1.32bn€ (2025: 1.30) ▪ The Group’s adjusted operating profit is expected to be 215‒225m€ (2025: 188) ▪ The outlook is based on the following assumptions: − Demand for learning content will increase, driven by curric
Slide 9: Financials
Financials 9 Interim Report Q1–Q3 2026
Slide 10: Strong earnings improvement in Q3
Strong earnings improvement in Q3 Adjusted operating profit Q3 2026 vs. Q3 2025 Learning + Higher learning content sales esp. in Poland and m€ Spain + Benefits of increased scale and improved 2 -1 operational efficiency 17 – Lower sales in Italy and Belgium Media + Higher sales and improved operatio
Slide 11: Earnings per share improved significantly
Earnings per share improved significantly m€ Q3 26 Q3 25 Q1–Q3 26 Q1–Q3 25 ▪ Q3 IACs amounted to -10m€ Adjusted operating profit 190.0 172.4 236.4 215.6 (2025: -83) and mainly consisted of costs related to IACs -10.4 -82.6 -22.0 -90.6 recent acquisitions, a restructuring provision and PPAs -8.0 -7.9
Slide 12: Free cash flow reflecting growth in learning content sales
Free cash flow Free cash flow 80 m€ reflecting growth in learning content sales 63 and acquisition 43 ▪ Free cash flow amounted to 43m€ (2025: 63) in–Q3 0 + Higher EBITDA 2025 EBITDA Invest- Working Financial Taxes Lease 2026 ments capital items payments – Higher investments incl. timing of TV progr
Slide 13: Deleveraging from the seasonal peak
Net debt Deleveraging from m€ the seasonal peak 3.0 ▪ Net debt decreased compared to the 2.7 2.6 end of June 2026, but was higher 2.5 compared to the previous year 2.4 2.4 < 2.5x 2.2 target level − Typical annual seasonality of the 2.0 learning business 1.8 − Repayment of the 150m€ hybrid bond in Ma
Slide 14: Further recognition of our ESG progress
Further recognition of our ESG progress ▪ ISS Corporate Rating was upgraded to Prime B (earlier B-) ▪ Morningstar Sustainalytics ESG Risk Rating improved to 9.9 (earlier 10.9) − Indicating a negligible risk ▪ Low Carbon Leader status from Morningstar Sustainalytics, indicating strong performance on
Slide 15: Q&A
Q&A 15 Interim Report Q1–Q3 2026
Slide 16: Financial calendar 2027
Financial Full-Year Result 2026 Interim Report Q1 2027 Thursday, 18 February Wednesday, 28 April calendar 2027 Half-Year Report 2027 Wednesday, 28 July Interim Report Q3 2027 Friday, 29 October ▪ Financial Statements and Directors’ Report for 2026 will be published during week 10 (starting 8 March 2
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: 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 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: 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 23: 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 24: 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 25: Group: Key figures
Group: Key figures m€ Q3 26 Q3 25 Net sales 518.9 515.8 Adjusted EBITDA 228.9 211.4 Margin 44.1% 41.0% Adjusted operating profit 190.0 172.4 Margin 36.6% 33.4% Operating profit 171.6 81.9 Result for the period 125.2 57.6 Free cash flow 116.6 130.7 Equity ratio 34.6% 43.1% Net debt 704.1 535.9 Net de
Slide 26: Learning: Key figures
Learning: Key figures m€ Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Net sales 377.6 197.1 92.4 88.3 376.8 191.5 89.1 Adjusted EBITDA 194.3 75.3 -0.3 -6.8 178.7 76.5 -0.6 Adjusted operating profit 171.8 52.1 -23.5 -31.4 155.0 52.6 -24.4 Margin 45.5% 26.4% -25.4% -35.5% 41.1% 27.5% -27.4% I
Slide 27: 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 28: Shape the future of K12 education
Learning 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 ▪
Slide 29: We shape the future of K12 education by helping all students reach their potential
Learning We shape the future of K12 education by helping all students reach their potential School More effective teaching Solid base from Teacher blended learning Teacher Better learning methods time outcomes for all that are teachers’ daily aids, saved students and long-term partnerships Student w
Slide 30: 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 31: 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 32: 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 33: Media Finland: Key figures
Media Finland: Key figures m€ Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Net sales 141.3 137.7 128.7 137.6 139.0 148.3 132.1 Adjusted EBITDA 37.6 30.1 29.3 33.0 34.7 33.4 28.8 Adjusted operating profit 21.5 13.0 10.0 8.8 19.7 12.4 8.1 Margin 15.2% 9.4% 7.8% 6.4% 14.1% 8.3% 6.2% IA
Slide 34: Finnish advertising market development
Finnish advertising market development Finnish measured media advertising markets Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Newspapers -7% -22% -12% -11% -10% -1% -12% Magazines -12% -9% -12% -11% -18% -10% -19% TV 0% -8% -13% -10% -4% -2% -4% Radio -2% 2% 1% -1% 3% -3% -3% Online (excl. search and
Slide 35: Estimated amortisations of acquired intangible assets (PPA) of the Group
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 36: Group debt structure
Group debt structure External debt structure Maturity profile of external debt m€, 30 September 2026 m€, 30 September 2026 60 107 220 Term Loan 2025 Social Bond 150 634m€ 1) Term Loan 2023 100 Commercial papers 300 220 Term Loan 2026 60 100 150 2026 2027 2028 2029 1) Excl. IFRS 16 liabilities Term L
Slide 37: Largest shareholders
Largest shareholders 30 September 2026 Largest shareholders Holding by sector Number of % of Shareholders shares shares 9% 1. Jane and Aatos Erkko Foundation 39,820,286 24.4 16% 2. Holding Manutas Oy 21,870,000 13.4 Private companies 3. Rr & Co Ab 19,928,117 12.2 4. Varma Mutual Pension Insurance Co
Slide 38: 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 39: 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 40: 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 40