Slide 1: Increased operational EBIT driven by Learning
Half-Year Report 2025 Increased operational EBIT driven by Learning Rob Kolkman, President & CEO Alex Green, CFO
Slide 2: Increased operational EBIT driven by Learning
H1 2025 Increased operational EBIT driven by Learning Net sales Organic net sales Operational EBIT Free cash Net debt / development excl. PPA flow Adj. EBITDA 561m€ -1% 43m€ -52m€ 2.5 (2024: 563) (2024: 3%) (2024: 37) (2024: -58) (2024: 2.9) ▪ Net sales were stable with growth in Learning offsetting
Slide 3: Learning: Growth in net sales
LEARNING H1 2025 Growth in net sales ▪ Net sales grew by 3% to 281m€ (2024: 272) – Growth in the Netherlands, Italy and Poland more than offset the expected lower cycle in Spain – In Poland, digital platform sales continued to grow, supported by B2C demand – Discontinuation of low-value distribution
Slide 4: Learning: Operational earnings improved
LEARNING H1 2025 Operational EBIT excl. PPA Operational earnings improved m€ 19.8 % ▪ Operational EBIT excl. PPA improved to 19.4 % 19.4 % 19.3 % 28m€ (2024: 22) 19.1 % 19.2 % – Driven by net sales growth and a more digital sales mix 155 – Improved efficiency with Solar impacts increasingly visible
Slide 5: Media Finland: Lower advertising sales largely driven by TV
MEDIA FINLAND Q2 2025 Lower advertising sales largely driven by TV ▪ Net sales were 148m€ (2024: 152) – Subscription sales increased slightly driven by Ruutu+ – Advertising sales continued to decline driven by TV – Events sales grew due to higher number of festivals, but with lower attendance ➢ In 2
Slide 6: Media Finland: Earnings impacted by lower advertising sales
MEDIA FINLAND Q2 2025 Operational EBIT excl. PPA Earnings impacted by lower m€ advertising sales ▪ Operational EBIT excl. PPA decreased to 12m€ (2024: 14) 12.2 % – Lower advertising sales and weaker events performance 9.0 % 18 8.3 % – Earnings were supported by higher subscription sales and lower pa
Slide 7: Outlook for 2025 (unchanged)
Outlook for 2025 (unchanged) ▪ In 2025, Sanoma expects that the Group’s reported net sales will be 1.28‒1.33bn€ (2024: 1.34) ▪ The Group’s operational EBIT excluding PPA is expected to be 170‒190m€ (2024: 180) ▪ The outlook is based on the following assumptions: – Demand for learning content will be
Slide 8: Financials
8 Financials
Slide 9: Higher operational earnings in Learning
Q2 2025 Operational EBIT excl. PPA Q2 2025 vs. Q2 2024 Higher operational earnings m€ in Learning Learning + Positive sales mix 3 -1 0 + Improved cost base with lower paper and printing costs Media + Growth in digital subscription sales Finland + Lower paper and fixed costs ‒ Lower advertising sales
Slide 10: Improvement across income statement items
Improvement across income statement items ▪ Q2 IACs amounted to -4m€ (2024: -8) and consisted of Key income statement related items – Restructuring expenses of 6m€ incl. m€ Q2 2025 Q2 2024 H1 2025 H1 2024 costs related to Program Solar Operational EBIT excl. PPA 62.0 61.0 43.3 37.2 IACs -4.4 -8.4 -8
Slide 11: Continued progress in deleveraging the balance sheet
Continued progress in Net debt m€ deleveraging the balance sheet 3.3 Long-term ▪ Net debt and leverage significantly lower vs. target 2.9 2.9 <3.0 2.8 2.8 previous year 2.5 – Net debt / Adj. EBITDA improved to 2.5 2.4 2.4 2.2 (2024: 2.9), below the long-term target of < 3.0 ▪ Equity ratio at 38.5% (
Slide 12: Free cash flow improved in H1
Free cash flow improved Free cash flow m€ in H1 200 ▪ Free cash flow improved to -52m€ (2024: -58) in H1 150 + Higher operational earnings in Learning + Lower financing costs 100 + Lower investments in Learning 50 ‒ Working capital impacted by timing 0 ➢ Full-year free cash flow expected to increase
Slide 13: Save the Date: Capital Markets Day 2025
Save the Date Capital Markets Day 2025: Sanoma’s growth path 2026–2030 Tuesday 25 November 2025 Helsinki & virtual Next report: Interim Report Q3 2025 Thursday 30 October 13 Half-Year Report 2025
Slide 14: Q&A
Q&A
Slide 15: Appendix
Appendix
Slide 16: Sanoma in 2024
Sanoma in 2024 Learning Media Finland Net sales 764m€ Net sales 581m€ NET SALES Non-print 46% Non-print 57% 1,345m€ Margin 19.2% Margin 8.2% NON-PRINT SALES 51% Net sales, m€ Net sales, m€ Netherlands Subscription OPERATIONAL EBIT MARGIN Spain Non-print advertising 13.4% Poland Italy Print advertisi
Slide 17: Unchanged long-term targets in both businesses
Unchanged long-term targets in both businesses… Learning Media Finland 25% 700 20% 800 600 15% 20% 500 10% 600 15% 400 5% 10% 400 300 0% 5% 200 -5% 200 134 148 147 132 96 0% 100 66 70 69 67 74 66 -10% 56 61 76 40 48 0 -5% 0 -15% 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2
Slide 18: Good progress towards the Group's ambitious long-term targets
…and good progress towards the Group’s ambitious long-term targets Our key long-term financial and sustainability targets (FY 2024 in brackets) Net debt / Equity Increasing Adj. EBITDA ratio dividend < 3.0 35−45% 40−60% (2.2) (45.0%) of free cash flow (44%) Employee Experience Management Reduction i
Slide 19: Group key figures Q2 2025
Group key figures Q2 2025 m€ Q2 2025 Q2 2024 Q2 2025 Q2 2024 Net sales 339.8 342.4 Average number of employees (FTE) 4,655 4,852 Operational EBITDA 107.2 104.4 Number of employees at the end of 4,845 4,963 margin 31.5% 30.5% the period (FTE) Operational EBIT excl. PPA 62.0 61.0 margin 18.3% 17.8% EB
Slide 20: Learning: Quarterly key figures
Learning: Quarterly key figures m€ Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Net sales 191.5 89.1 96.5 395.9 190.6 81.1 Operational EBITDA 76.5 -0.6 -4.3 178.9 72.2 -5.2 Operational EBIT excl. PPA 52.6 -24.4 -30.6 155.2 49.8 -27.6 margin 27.5% -27.4% -31.7% 39.2% 26.1% -34.0% IACs -2.3 -2.3 -5.9 -42.3 -5.
Slide 21: Current view on curriculum renewals in Learning's major operating countries
Current view on curriculum renewals in Learning’s Learning major operating countries content 79% of net sales ▪ Expected development of learning K12 publishing market values in Sanoma’s key in 2024 content sales in 2025−2027 is a operating countries indexed to 2020 function of changes in 150 Poland
Slide 22: Media Finland: Quarterly key figures
Media Finland: Quarterly key figures m€ Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Net sales 148.3 132.1 145.0 144.1 151.9 139.9 Operational EBITDA 33.4 28.8 32.7 35.3 34.5 29.9 Operational EBIT excl. PPA 12.4 8.1 8.5 17.6 13.7 7.7 margin 8.3% 6.2% 5.9% 12.2% 9.0% 5.5% IACs -1.8 0.2 -3.3 -1.5 -2.5 4.4 PPAs
Slide 23: Finnish advertising market development
Finnish advertising market development Finnish measured media advertising markets Q2 25 Q1 25 Q4 23 Q3 23 Q2 23 Q1 23 Newspapers 1% -12% -16% -17% -17% -20% Magazines -10% -19% -10% -12% -9% -12% TV -2% -4% -2% 3% 2% 3% Radio -3% -3% -3% -5% 3% -4% Online (excl. search and social media) -0% -2% -2%
Slide 24: Estimated amortisations of acquired intangible assets (PPA) of the Group
Estimated amortisations of acquired intangible assets (PPA) of the Group ▪ Acquired subsidiaries are consolidated using the Estimated amortisations of acquired intangible assets (PPA) 2025−2027 acquisition method, whereby the cost is allocated m€ to the acquired assets and liabilities assumed at the
Slide 25: Group debt portfolio, June 2025
Group debt portfolio, June 2025 External debt structure 1) Maturity profile of external debt m€, 30 June 2025 m€, 30 June 2025 100 147 169 150 565m€ 1) 32 269 100 119 50 150 2025 2026 2027 Term Loan 2022 RCF (fully unused) Term Loan 2022 Social Bond Social Bond Term Loan 2023 Term Loan 2023 Commerci
Slide 26: Largest shareholders
Largest shareholders 30 June 2025 Largest shareholders Holding by sector Number of % of Shareholders shares shares 1. Jane and Aatos Erkko Foundation 39,820,286 24.35 4% 13% 2. Holding Manutas Oy 21,870,000 13.37 Private companies 3. Langenskiöld Robin 12,273,371 7.50 17% 4. Seppälä Rafaela 7,654,74
Slide 27: Analyst coverage
Analyst coverage Danske Bank Markets Sami Sarkamies +358 10 546 8468 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 44 305 0
Slide 28: 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 29: 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