Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — Debt Investor Presentation (May 2026)
52 slides from Sanoma Oyj's debt investor presentation, May 28, 2026
Slide 1: Growth powered by Learning
Growth powered by Learning Nordea Credit Bond Seminar 28 May 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€ Non-print sales Serving about Reaching 51% 25 million 96% Adjusted operating profit 188m€ students across of all
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: Our growth path 2026–2030
Our growth path 2026–2030
Slide 5: 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 6: Pathways to a high single-digit organic earnings growth for the Group in 2026–2030
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 single-digit lower in 2026, improvin
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 learning with a disciplined approach Routes 2 Key criteria 1 Available M&A K12 focus headroom 1 Geographies Enter new geographies with blended learning 300+m€ in the short-term 1 Accelerate Market growth 2 Typical synergies leading 10–20%
Slide 13: 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 14: Media Finland: digital transformation driven by AI and gambling market growth
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 15: Media Finland advertising sales to grow approx. by 20+m€ from the gambling market opening
Media Finland 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€
Slide 16: Leveraging AI in our key business processes
Media Finland 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 Impr
Slide 17: Aim to deliver high single-digit earnings growth in 2026–2030
Aim to deliver high single-digit earnings growth in 2026–2030
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: Long-term profitability driven by scale and AI productivity gains
Long-term profitability driven by scale and AI productivity gains Pathways to a high single-digit earnings growth outlook for the Group in 2026–2030 Learning adjusted operating profit Media Finland adjusted operating profit € € High single- digit growth* Low single- digit growth* Net sales growth
Slide 20: Sustained free cash flow growth
Sustained free cash Free cash flow flow growth m€ Expected free cash flow growth driven by − Benefits of Solar visible in increased free 155 cash flow already in 2025 145 − High single-digit organic earnings growth Old − Stable investments, including into AI definition 105 High single-digit orga
Slide 21: Increasing free cash flow enabling higher dividends
Dividend per share Increasing free cash € flow enabling higher With new FCF definition, dividends 53% payout for 2025 60% A dividend of 0.42€ (2024: 0.39) per share paid for 2025 40% − Representing a total of approx. 68m€ − Pay-out of 43% of FCF 0.99 0.54 0.40 0.37 0.64 0.37 0.89 0.39 0.98 0.4
Slide 22: 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 and the Vicens Vives acquisition Discontinuation of Dutch distribution business will
Slide 23: Outlook for 2026
Outlook for 2026 (unchanged since Feb 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,
Slide 24: Q1 2026 Financials
Q1 2026 Financials
Slide 25: Improved adjusted operating profit in Learning and Media
Improved adjusted operating profit in Learning and Media Net sales Comparable net sales Adjusted operating Free cash Net debt / development profit flow Adj. EBITDA 221m€ 0% -16m€ -39m€ 2.6 (2025: 221) (2025: 0%) (2025: -19) (2025: -38) (2025: 2.4) Stable net sales were supported by growth in Learn
Slide 26: Learning Q1 2026: adjusted operating profit improved while seasonally negative
Learning Q1–Q3 Learning Q1 20262025 Net sales by country Adjusted operating profit m€ improved while being seasonally negative Q1 25 Q1 26 Net sales increased to 92m€ (2025: 89) in a 41 42 15 16 7 9 8 8 7 7 7 7 5 5 seasonally small quarter – Growing learning content sales in the Netherlands, parti
Slide 27: Well-positioned for accelerated growth in Learning
Well-positioned for accelerated growth in Learning Education reform driving Personalised learning driving A new funding cycle about to start growth dynamics in Poland growth in the Netherlands in Spain The Polish government is Introduction of Teacher Assistant Leveraging our market leading mod
Slide 28: Media Finland Q1 2026: Improved adjusted operating profit
Media Finland Q1 2026 Net sales by category Improved adjusted m€ operating profit Q1 25 Q1 26 Net sales amounted to 129m€ (2025: 132) – Continued growth in subscription sales, driven by Ruutu+ and digital news media subscriptions 66 67 46 42 20 20 – Lower advertising sales driven by TV and print S
Slide 29: Result for the period improved
Result for the period improved m€ Q1 26 Q1 25 IACs amounted to -5m€ Adjusted operating profit -16.1 -18.8 (2025: -4) and included strategic development and IACs -5.3 -3.7 technology transformation PPAs -7.5 -8.8 costs across operations Net financial items decreased Operating profit -28.9 -31.3 t
Slide 30: Free cash flow relatively stable
Free cash flow Free cash flow m€ relatively stable 0 Seasonally negative free cash flow, -38 -39 amounting to -39m€ (2025: -38) + Lower taxes paid -50 – Working capital movements 2025 EBITDA Invest- Working Financial Taxes Lease 2026 ments capital items payments 120 70 20 -30 -80 Q1 24 Q2 24 Q3 24
Slide 31: Sanoma’s debt portfolio
Sanoma’s debt portfolio
Slide 32: Hybrid bond repayment reflected in leverage
Net debt Hybrid bond m€ repayment reflected in leverage 2.9 2.9 2.6 2.5 2.4 2.4 < 2.5x Repayment of the 150m€ hybrid bond 2.2 Target level in March and the typical annual 2.0 seasonality of the learning business 1.8 − Net debt / Adj. EBITDA increased to 2.6 (2025: 2.4), close to the target level o
Slide 33: A healthy funding structure to support long-term growth
A healthy funding structure to support long-term growth External debt structure Maturity profile of external debt m€, 31 Mar 2026 m€, 31 Mar 2026 135 100 220 Term loan 2025 150 603m€ 1) Social Bond 100 Term Loan 2023 300 Commercial papers 220 150 2026 2027 2028 2029 RCF (fully unused) Social Bond Te
Slide 34: We have a unique sustainability profile
We have a unique sustainability profile Clear targets and solid ESG ratings Trustworthy Valued data people Target: Continuous Target: privacy and security Inclusive learning Employee training for our Empowering learning of Engagement employees about 25 million students Score 70–75% & Responsible Sus
Slide 35: We provide access to essential education across our target population
We provide access to essential education across our target population of about 25 million K12 students Sanoma Learning content creation model 72% 80% 84% of teachers agree that our learning of teachers agree that our learning of teachers agree that our learning materials help engage their students m
Slide 36: Our solutions support diversity, accessibility and differentiation
Our solutions support diversity, accessibility and differentiation Digital content and platforms should be usable for a wide range of people with disabilities, while everyone is seen to benefit from better accessibility Our learning materials are enhanced to increase learning impact among all st
Slide 37: Our Social Bond Framework is built around the positive impact of education
Our Social Bond Framework is built around the positive impact of education Rationale Sanoma’s Framework is aligned to most recent ICMA Social Bond Principles 2023 Sanoma’s Social Bonds aim to promote access to essential 2. Process for 3. Management of 1. Use of Proceeds 4. Reporting 5. External Re
Slide 38: Allocation and impact of the 150m€ Social Bond
Allocation and impact of the 150m€ Allocation of proceeds m€ Social Bond Contributing to the UN SDG 4: Education Eligibility criteria − Development and maintenance of inclusive learning solutions 33% Printed and digital learning materials Digital learning and teaching platforms − Acquisition
Slide 39: Appendix
Appendix
Slide 40: Group: Key figures
Group: Key figures m€ Q1 26 Q1 25 FY 25 FY 24 Net sales 221.1 221.1 1,302.5 1,344.8 Adjusted EBITDA 26.5 26.0 366.1 360.8 Margin 12.0% 11.7% 28.1% 26.8% Adjusted operating profit -16.1 -18.8 188.2 180.0 Margin -7.3% -8.5% 14.4% 13.4% Operating profit -28.9 -31.3 48.6 81.8 Result for the period
Slide 41: Learning: Key figures
Learning: Key figures m€ Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 FY 25 FY 24 Net sales 92.4 88.3 376.8 191.5 89.1 745.8 764.2 Adjusted EBITDA -0.3 -6.8 178.7 76.5 -0.6 247.8 241.5 Adjusted operating profit -23.5 -31.4 155.0 52.6 -24.4 151.9 146.9 Margin -25.4% -35.5% 41.1% 27.5% -27.4% 20.4% 19.2%
Slide 42: In Learning, full benefits of increased scale becoming visible in 2026
In Learning, full benefits of increased scale becoming visible in 2026 Creating significant operating leverage with successful completion of Solar Program streams across key business operations and countries Benefits are split between program streams % Organisational Post-curriculum renewal optimi
Slide 43: Key market features in our major learning content countries
Key market features in our major learning content countries 2025 Annual spend per Sanoma market K12 student Public spend on Level of digitalisation Funding student Total annual spend position in learning population K12 as % of GDP mechanism primary/secondary content 4.6m 35/40€ 160m€ Primary via p
Slide 44: Media Finland: Key figures
Media Finland: Key figures m€ Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 FY 25 FY 24 Net sales 128.7 137.6 139.0 148.3 132.1 556.9 580.9 Adjusted EBITDA 29.3 33.0 34.7 33.4 28.8 129.8 132.5 Adjusted operating profit 10.0 8.8 19.7 12.4 8.1 49.0 47.5 Margin 7.8% 6.4% 14.1% 8.3% 6.2% 8.8% 8.2% I
Slide 45: Finnish advertising market development 1/2
Finnish advertising market development 1/2 Finnish measured media advertising markets Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 FY 25 FY 24 Newspapers -12% -11% -10% -1% -12% -9% -18% Magazines -12% -11% -18% -10% -19% -14% -10% TV -13% -10% -4% -2% -4% -5% 1% Radio 1l% -1% 3% -3% -3% -1% -2% Online (excl. sear
Slide 46: 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% 1,261m€ TV (-5%) Radio (-1%) 5% 58% Online incl. search and social media (+2%) Movies (+1%) Outdoor (+5%) Source:
Slide 47: 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 48: Group debt structure
Group debt structure External debt structure Maturity profile of external debt m€, 31 Mar 2026 m€, 31 Mar 2026 135 100 220 Term loan 2025 150 603m€ 1) Social Bond 100 Term Loan 2023 300 Commercial papers 220 150 2026 2027 2028 2029 RCF (fully unused) Social Bond Term Loan 2023 Term Loan 2025 1) Excl
Slide 49: Largest shareholders
Largest shareholders 31 March 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
Slide 50: Financial calendar 2026
Financial Half-Year Report 2026 Wednesday, 29 July calendar 2026 Interim Report Q3 2026 Wednesday, 28 October 50 MAY 2026
Slide 51: 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 52: 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 52