Slide 1: Company Overview Fiscal Year 2026
Company Overview Fiscal Year 2026 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by McGraw Hill, Inc. (“McGraw Hill” or the “Company”). By accepting and using this presentation, the reader agrees to the terms and conditions set forth in the following paragraphs. The information contained in this presentation is for informational pur
Slide 3: Business Overview
Business Overview
Slide 4: A Global Leader in Information Solutions for Education
A Global Leader in Information Solutions for Education McGraw Hill is a Vertical Information Solutions Leader ✓ Data Moat ✓ Enriched Analytics and Insights ✓ Re-occurring Revenue Profile ✓ Predictable and Visible Revenue ✓ Premium Margin Profile Market Real Insurance & Financial End Healthcare Educa
Slide 5: Our mission statement
Our mission is to support the evolving needs of educators and learners around the world with trusted, high-quality content and digital solutions that use data and learning science to adapt to each student as they progress towards their goals. 5
Slide 6: Global Scale, Content Depth, Precision Learning
Global Scale Content Depth Precision Learning Delivering the right question at the right moment. TENS OF 100M+ 26B 190 THOUSANDS Active Curriculum Learning Interactions¹ Terabytes of Data of Titles in Library Licenses Students & educators Structured data interactions Mapped to Spanning across 100+ c
Slide 7: Key metrics and highlights
$2.1B $1.4B Revenue Digital Revenue • Trusted, Market-Leading Global Brand with Over 135-Year History • Leveraging Data Science and AI to Drive Innovation and Improve Learner Outcomes 80.9% 35.4% • Extensive Scale and Wealth of Data Across Gross Adj. EBITDA Margin1 Margin2 the Entire Learning Contin
Slide 8: Comprehensive Digital Solutions Drive Highly Predictable Revenue Streams
Comprehensive Digital Solutions Drive Highly Predictable Revenue Streams Paid Digital Users1 Evolution Digital Revenue Mix2 Evolution (%) Re-occurring Revenue Mix⁴ Evolution (%) >2x ~26M 83% 3 >1.8x 73% >2x 68% <40% 31% ~10M FY2015 FY2026 FY2015 FY2026 FY2015 FY2026 (1) Paid Digital Users represents
Slide 9: 135+ Years of Continued Commitment to Quality and Innovation
135+ Years of Continued Commitment to Quality and Innovation Decades Intellectual Property / Machine Learning and Personalized Insights and Workflow of Trust Content Moat Data Analytics Learning (AI) AI Reader, Scribe Innovation Product Launched New Open GenAI Solutions Reinvented Learning Enterpris
Slide 10: We Serve Three Large, Connected, and Attractive Markets Globally
We Serve Three Large, Connected, and Attractive Markets Globally K-12 Higher Education Professional Public School Private Undergraduate and Medical Institutional Graduate Districts Schools Graduate Institutions Institutions Libraries Institutions Customers District Medical School Faculty, School Pri
Slide 11: We Serve a Large, Essential Market With Strong Secular Tailwinds
We Serve a Large, Essential Market …With Strong Secular Tailwinds $5.5B • Highly Resilient and $9.3B Growing End Market $2.9B $30B TAM1 • Modernization of Learning Technology $12.3B • Demand for Data-Driven, Personalized Learning K-122 Higher Education3 Global Professional International Numerous Gro
Slide 12: Global Salesforce with Extensive Reach
Global Salesforce with Extensive Reach ~550 ~500 ~80 ~360 K-12 Higher Education Global Professional International GTM Professionals GTM Professionals GTM Professionals1 GTM Professionals >100 >80 90%+ 82% 94% Countries Served Languages of U.S. K-12 districts use of U.S. Higher Education of U.S. Medi
Slide 13: Our Predictable Growth Algorithm
Our Predictable Growth Algorithm K-12 Higher Education & Professional Other Strategic Levers M&A International New Customers # # Land & Expand / Solutions $5.5B Existing Customers TAM CTE3, Short Opportunity3 New Customers Courses, Global / Solutions HE - 114% NDR2 Medical Education Up-sell & GP - 1
Slide 14: Digital Ecosystem
Digital Ecosystem
Slide 15: McGraw Hill's Digital Education Ecosystem
McGraw Hill’s Digital Education Ecosystem Flagship Learning Solutions Pedagogically Proven Learning Experiences Shared Investment Across All Shared Capabilities Markets Enterprise Enabling Services Content & Data 15
Slide 16: Harnessing the Power of Content and Data
Harnessing the Power of Content and Data with Best-in-Class Product Development and Innovation to Drive Learning Outcomes Improved Learning Outcomes through Personalized Learning Stu de ion nt zat – L ili ea t –U >26B 190 TB rn >100M er ge Int Annual Learning Data sa Active Licenses tU era Interacti
Slide 17: Recent GenAI Innovation: AI Reader & Scribe
Recent GenAI Innovation: AI Reader & Scribe McGraw Hill’s Holistic Approach to AI AI Reader: Helps students develop a deeper understanding of their course materials AI Capabilities Increases Time on Solution by >30%1 What AI is currently capable of doing Engages with Interactive Quizzes Fosters In-t
Slide 18: McGraw Hill AI Differentiation
McGraw Hill AI Differentiation 01 One Integrated Solution — 02 Trusted Content Is the 03 Real Learning Requires No Assembly Required Foundation of Effective AI Real Data The average school juggles 2,400+ tools AI without structure hallucinates. Effective Content alone isn't enough. McGraw Hill and 2
Slide 19: K-12 Business Overview
K-12 Business Overview
Slide 20: K-12 at a Glance
K-12 at a Glance Historical Revenue ($ in millions) Segment Overview $958 $970 $905 $884 $791 • Leading provider of information solutions in U.S. K-12, spanning Core, $584 Intervention, and Supplemental solutions – each with distinct value propositions • Personalized and flexible integrated learnin
Slide 21: Deep Relationships Driving Expansion Within Institutions
Deep Relationships Driving Expansion Within Institutions Large Cross-Sell Runway Within Installed Base (% of K-12 Customers, FY2025) • Broad embedded presence in 90%+ of U.S. K-12 83% of K-12 customers districts Core purchase Core solutions • Deep core curriculum relationships create natural entry f
Slide 22: Known Core Purchasing Schedules Drives Strong Predictability
Known Core Purchasing Schedules Drives Strong Predictability K-12 Core Market Size Predictable Purchasing Schedules Top 3 States (CA, FL, TX) All Other States • Varying core purchasing Strong Alignment with Core Subject Pipeline, Well-Positioned to Capitalize on Upcoming cycles across states predict
Slide 23: Higher Education Business Overview
Higher Education Business Overview
Slide 24: Higher Education at a Glance
Higher Education at a Glance Historical Revenue ($ in millions) Segment Overview $879 $783 $649 $664 $654 $702 • Leading provider of information solutions with high-quality products, GTM scale, and deep customer relationships • Innovative solutions that offer data-driven personalized learning experi
Slide 25: U.S. Higher Ed TAM and market share
Outpacing the Market with Runway for Continued Growth U.S. Higher Ed $12B Intl. TAM2 Prof. U.S. MPI Higher Ed Market Share Trend 2015 – May 20261 K-12 ~80% Higher Ed TAM Growth Drivers ~70% Enrollment All Others3 ~30% Pricing Sell-Through ~20% Inclusive Access models are boosting sell-through rates,
Slide 26: Inclusive Access Momentum
Inclusive Access Momentum… …Paired with Innovative Solutions Inclusive Access Net Sales ($M) >3x $398 ~30% CAGR with strong retention and expansion among professors $106 Releases digital product updates directly into pre-built instructor courses Replaces the cycle of textbook editions Provides acces
Slide 27: Behind Evergreen: Scale, Coordination, and Execution
Behind Evergreen: Scale, Coordination, and Execution Standing up Evergreen took full enterprise coordination – the kind of scale, alignment, and execution that’s nearly impossible to replicate BEST Accessibility Global Systems Technology & Data Quality Finance Services Program Digital Management Pla
Slide 28: Global Professional Business Overview
Global Professional Business Overview
Slide 29: Global Professional at a Glance
Global Professional at a Glance Historical Revenue ($ in millions) Segment Overview Digital Revenue • Global provider of trusted, high-stakes medical and engineering learning $148 $148 $153 $150 $150 $142 solutions • Subscription-based solutions serving students, professionals, and institutions $97
Slide 30: Global Professional Flagship Solutions
Global Professional Flagship Solutions We are a highly trusted source of information in “high consequence” professions Comprehensive online medical Expands leadership in medical Best-selling brand used by World renowned, interdisciplinary information resource, featuring learning resources through on
Slide 31: International Business Overview
International Business Overview
Slide 32: International at a Glance
International at a Glance Historical Revenue ($ in millions) Impact of FX Reported Segment Overview $201 $205 $180 $190 $4 $189 $165 $1 • McGraw Hill International sells products and solutions in Higher Ed and K-12 $(7) $2 $3 $(4) markets globally $186 $188 $200 $201 $187 $169 • Products typically o
Slide 33: Financial Overview
Financial Overview Vv
Slide 34: FY-2026 Highlights
$2.1B Revenue FY-2026 Highlights +0.1% Y/Y • FY26 results exceeded guidance $1.5B Re-occurring Revenue1 $1.4B Digital Revenue • Market share gains and strong business +5.8% Y/Y +5.5% Y/Y momentum • Digital and re-occurring revenue growth 80.9% Gross Profit Margin2 $1.7B RPO1 • Proprietary data
Slide 35: Attractive Growth Profile Driven by Digital Mix Shift
Attractive Growth Profile Driven by Digital Mix Shift $ in millions | FYE 3/31 Total Revenue Re-occurring Revenue1 Digital Revenue ~6% ~10% ~9% FY21 – FY26 CAGR FY21 – FY26 CAGR FY21 – FY25 CAGR $ 2,101 $ 2,103 $ 1,948 $ 1,960 $ 1,790 $ 1,545 $1,541 $1,457 $ 1,434 $ 1,359 $1,315 $ 1,255 $1,223 $ 1,1
Slide 36: Revenue by Segment
Revenue by Segment $ in millions | FYE 3/31 K-12 Higher Education $958 $970 $905 $884 $879 $791 $783 $649 $664 $654 $702 $584 FY2021 FY2022¹ FY2023 FY2024 FY2025 FY2026 FY2021 FY2022¹ FY2023 FY2024 FY2025 FY2026 % 57% 55% 57% 61% 62% 70% 78% 79% 81% 83% 85% 84% Re-occurring2 % 43% 42% 43% 47% 44% 49
Slide 37: Premium Margin Profile
Premium Margin Profile $ in millions | FYE 3/31 Gross Profit¹ Adj. EBITDA2 % Gross % Adj Profit 78% 76% 79% 80% 81% EBITDA 35% 32% 33% 35% 35% • Expanding margin profile driven Margin1 Margin2 by scale and efficient operations % Digital 59% 59% 64% 65% 68% Revenue $1,679 $1,702 • Continued digital m
Slide 38: Key Cash Flow Items
Key Cash Flow Items $ in millions Fiscal Year • Highly cash generative business Year Ended March 31, • Academic purchasing cycles and 20221 2023 2024 2025 2026 upfront cash collections drive cash flow timing Net Cash Flow from Operating $206 $257 $236 $646 $331 Activities • Favorable working capital
Slide 39: Balance Sheet & Liquidity
Balance Sheet & Liquidity $ in millions Net Debt $ 3,436 $ 3,430 $ 3,335 Net Debt / Adjusted EBITDA $ 2,888 5.4x 5.5x $ 2,379 5.1x 4.0x 3.2x As of March 31, As of March 31, As of March 31, As of March 31, As of March 31, 20221 2023 2024 2025 2026 Cash and Cash $296 $181 $204 $390 $254 Equivalents To
Slide 40: Medium-Long Range Framework
Medium-Long Range Framework Medium-Long Term FY2023A FY2024A FY2025A FY2026A Targets Revenue Growth 8.8% 0.7% 7.2% 0.1% 5%+ Re-occurring Revenue 62.8% 67.1% 69.3% 73.0% 75%+ (% of Total Revenue) Digital Revenue 58.9% 64.0% 64.7% 68.0% 75%+ (% of Total Revenue) Gross Margin1 76.1% 78.6% 79.9% 80.9% 8
Slide 41: People
People v
Slide 42: Experienced Management Team
Experienced Management Team Philip Moyer Bob Sallmann David Cortese Tracey Tiska David Stafford President and Chief Executive Vice President Executive Vice President Executive Vice President Executive Vice President, Executive Officer and Chief Financial and Chief Digital and Chief Human General Cou
Slide 43: Empowering Learners, Educators and Institutions to Unlock Their Potential
Empowering Learners, Educators and Institutions to Unlock Their Potential at Every Stage of the Learning Journey 01 Trusted, Market-Leading Global Brand with Deep Expertise in Learning Science 02 Leading Suite of Digital Solutions Across the Entire Learning Continuum 03 Agile Content Model Supported
Slide 44: Appendix
Appendix | y~4 X ‘ = 2 ig , a . - arRoy he ™ SA _ : on r < ~
Slide 45: Gross Profit and Gross Margin Reconciliation
Gross Profit and Gross Margin Reconciliation1 $ in millions Fiscal Year Year Ended March 31, 20222 2023 2024 2025 2026 Revenue $1,790 $1,948 $1,960 $2,101 $2,103 (-) Cost of Sales (394) (465) (420) (422) (401) (excludes Depreciation and Amortization) Gross Profit $1,397 $1,483 $1,540 $1,679 $1,702 G
Slide 46: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $ in millions Fiscal Year Year Ended March 31, 1 2022 2023 2024 2025 2026 Net Income (Loss) $(619) $(404) $(193) $(86) $35 Interest Expense (Income), Net 217 278 326 293 207 Income Tax Provision (benefit) (20) (50) 25 96 8 Depreciation, Amortization and Product Develop
Slide 47: Terms: Re-occurring Revenue, Transactional Revenue and RPO
Terms: Re-occurring Revenue, Transactional Revenue and RPO Re-occurring Revenue includes revenue from offerings that are generally sold as digital subscriptions and multi-year print products. Revenue from digital subscriptions, which are paid for at the time of sale or shortly thereafter, is recogni
Slide 48: Terms: EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
Terms: EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are presented because our management uses them to assess our performance. We believe they reflect the underlying trends and indicators of our business and allow management to focus on the mos
Slide 49: Investor Relations Contacts
Investor Relations Contacts Investor.Relations@mheducation.com Danielle Kloeblen Senior Vice President, Investor Relations & Treasurer Zack Ajzenman Senior Director, Finance & Investor Relations Lizzie Kenter Senior Manager, Finance & Investor Relations 49