Slide 1: Second Quarter 2026 Earnings Review
Second Quarter 2026 Earnings Review NYSE: WLY DEC 04, 2025
Slide 2: Safe Harbor Statement and Non-GAAP Financial Measures
SAFE HARBOR STATEMENT NON-GAAP FINANCIAL MEASURES This release contains certain forward-looking statements concerning the Wiley provides non-GAAP financial measures and performance results Company's operations, performance, and financial condition. Reliance should such as: not be placed on forward-l
Slide 3: Unleashing the Power of Science
Unleashing the Power of Science
Slide 4: Second Quarter Summary
Second Quarter Summary Strong Growth in Research and Continued AI Momentum; Market Headwinds in Learning 1 Delivering strong growth and momentum in Research with robust demand to publish, read, and license Building on our leadership position in AI with another LLM training agreement and corporate op
Slide 5: Market Softness in Learning
Market Softness in Learning 1H impacted by external factors 2H declines moderating but still soft ▪ Sharp inventory adjustments by Amazon ▪ Declines expected to moderate as inventories stabilize, but revenue expected to be down ▪ Softness in consumer spending ▪ Prioritizing to where we see upside, i
Slide 6: Delivering on our Fiscal 2026 Commitments
Delivering on our Fiscal 2026 Commitments OBJECTIVE STATUS Q2 PROGRESS ▪ Revenue growth: Research Publishing +7%; solid growth in CY25 subscriptions and early CY26 renewals steady; Author-Funded Open Access strong ▪ Leading indicators: Submissions (+28%) and Output (+12%) ▪ Global acceleration: Subm
Slide 7: Research: Resilience and Moat Continuing
Research: Resilience and Moat Continuing Peer review publishers set the global standard for scientific excellence Research content is must have for institutions and increasingly, corporations Publishing is essential for a researcher's career and for global recognition of scientific achievement Resea
Slide 8: Wiley's Competitive Advantages in an AI Economy
Wiley’s Competitive Advantages in an AI Economy Provides access to much of Big 3 publisher and Unique, longstanding world’s trusted scientific, differentiated by top position relationships with researchers, technical, and medical content in fast growing domains institutions, societies, and funders S
Slide 9: Three Growth Vectors
Three Growth Vectors Enabled by leading in core research Accelerated by use of AI technologies Content Platforms Markets • Journal portfolio and brand • Research Exchange Platform (REX): • Geographic and institutional expansion into fast-growing intelligent workflow and submission expansion into hig
Slide 10: AI Growth: Demand for Authoritative Content
AI Growth: Demand for Authoritative Content Licensing for AI Training Licensing for Subscription Knowledge Feed (First Wave/Content) (Second Wave/Platforms & Markets) ▪ Licensing agreements for large volumes of Wiley ▪ Subscription access to ‘knowledge feed’ of Wiley archival content for training AI
Slide 11: AI Growth: Demand for Differentiated Platforms
AI Growth: Demand for Differentiated Platforms AI Knowledge Nexus AI Gateway Content licensing service for publisher partners to support AI models and applications Content enrichment and distribution platform for AI models and applications 84% % of researchers using AI ▪ Content licensing service on
Slide 12: AI Growth: Transformative Publishing Platform
AI Growth: Transformative Publishing Platform Lead in Research Drive Growth from AI Drive Operational Excellence (Organic Revenue Growth) (Organic Revenue Growth) (Material Margin Expansion) Deliver Best-in-Class User Experience Improve Submissions Capture Automate Manual Workflows Attract New Autho
Slide 13: AI Strategic Partnerships: Developing the Ecosystem
AI Strategic Partnerships: Developing the Ecosystem Scaling through openness and partnerships with aggregators, institutions, and corporations Collaboration enables corporate customers to access our content via API directly within the AWS environment. Good momentum with signings and large pipeline o
Slide 14: Performance, Financial Position, Outlook
Performance Financial Position Outlook
Slide 15: Second Quarter Results
Second Quarter Results Strong earnings growth and margin expansion; Research growth offset by Learning Adj. Revenue* GAAP Diluted EPS Adj. EPS* Adj. EBITDA* ▼1% ▲14% ▲12% ▲8% $422M $0.84 $1.10 $115M *Adjusted Revenue, Adjusted EPS, and Adjusted EBITDA performance excludes divested businesses. Adjust
Slide 16: Research Performance
Research Performance (millions) Q2 2026 Change Change CC 1H 2026 Change Change CC Research Publishing $241 8% 7% $473 4% 3% Research Solutions $37 (5%) (6%) $87 18% 17% Total Revenue $278 6% 5% $560 6% 5% Adjusted EBITDA $93 14% 13% $173 8% 8% Adjusted EBITDA Margin 33.5% 30.9% ▪ Research Publishing
Slide 17: Learning Performance
Learning Performance (millions) Q2 2026 Change Change CC 1H 2026 Change Change CC Academic $87 (8%) (8%) $142 (8%) (8%) Professional $56 (16%) (16%) $116 (12%) (12%) Total Revenue $143 (11%) (11%) $258 (10%) (10%) Adjusted EBITDA $57 (14%) (14%) $89 (12%) (12%) Adjusted EBITDA Margin 40.1% 34.4% ▪ A
Slide 18: Operational Excellence and Continuous Improvement
Operational Excellence and Continuous Improvement Multi-year transformation to materially reduce cost base and drive further margin expansion Technology Transformation Cost Structure and Discipline AI-Driven Productivity ▪ Creating an AI and data-enabled ▪ Reduced Corporate Expenses by 18% ▪ Establi
Slide 19: Financial Position and Return to Shareholders
Financial Position and Return to Shareholders On track with $200M Free Cash Flow outlook and balancing reinvestment with returning cash ▪ Free Cash Flow (1H) use of $108 million improved 17% over prior year. FCF historically a use through 1H due to timing of annual subscription receipts. Wiley on tr
Slide 20: Fiscal 2026 Outlook
Fiscal 2026 Outlook Reaffirming earnings and cash flow guidance; narrowing revenue to lower end of range Metric Fiscal 2024 Fiscal 2025 Fiscal 2026 Outlook Adjusted Revenue $1,617M $1,660M Low-single digit growth* Adjusted EBITDA Margin 22.8% 24.0% 25.5% to 26.5% Adjusted EPS $2.78 $3.64 $3.90 to $4
Slide 21: Executive Summary
Executive Summary 1 Strong growth and momentum in Research from global demand to publish, read, and license, and our disciplined execution; enduring moat and well positioned for AI 2 Leadership position in AI continuing with another LLM training agreement; increasing momentum in corporate sector; pa
Slide 22: Thank you for joining us
Thank you for joining us For more information or follow-up: investors.wiley.com brian.campbell@wiley.com
Slide 23: Appendix - US GAAP to Non-GAAP Reconciliation
Appendix - US GAAP to Non-GAAP Reconciliation JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES (in USD thousands, except per share information) (unaudited) Reconciliation of US GAAP Earnings per Share to Non-GAAP Adjusted EPS Three Mon
Slide 24: Appendix – Net Income to Adjusted EBITDA
Appendix – Net Income to Adjusted EBITDA JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1)(2) RECONCILIATION OF US GAAP NET INCOME TO NON-GAAP EBITDA AND ADJUSTED EBITDA (in USD thousands) (unaudited) Three Months Ended Six Months Ended October 31, October 31, 2025 2024 2025 2024 Net Income $ 44