Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — Q1 2026 Earnings Presentation
34 slides from Sanoma Oyj's earnings presentation, May 7, 2026
Slide 1: Interim Report Q1 2026
Interim Report Q1 2026 Improved adjusted operating profit in Learning and Media Rob Kolkman, President & CEO Alex Green, CFO
Slide 2: 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 3: Learning: adjusted operating profit improved while being 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 9 7 8 8 7 7 7 7 5 5 seasonally small quarter – Growing learning content sales in the Netherlands, parti
Slide 4: 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 5: 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 6: Media Finland: 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 7: Financials
Financials 7 Q1 2026 Interim Report
Slide 8: Earnings improved in both businesses
Earnings improved in both businesses Adjusted operating profit Q1 2026 vs. Q1 2025 Learning + Growing learning content sales in the m€ Netherlands + Phasing between quarters in Spain + Growing digital platform sales in Poland Media + Growth in digital subscription sales Finland + Lower paper, printi
Slide 9: 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 10: Free cash flow relatively stable
Free cash flow Free cash flow 0 m€ relatively stable ▪ 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 11: 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 12: Our growth path 2026–2030
Our growth path 2026–2030 12 Q1 2026 Interim Report
Slide 13: 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 14: Outlook for 2026 (unchanged)
Outlook for 2026 (unchanged) ▪ 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, driven by curri
Slide 15: Q&A
Q&A 15 Q1 2026 Q1 2026 Interim Interim Report Report
Slide 16: Financial calendar 2026
Financial Half-Year Report 2026 Interim Report Q3 2026 Wednesday, 29 July Wednesday, 28 October calendar 2026 16 Q1 2026 Interim Report
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 – financial targets
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: 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 23: 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 24: Group: Key figures
Group: Key figures m€ Q1 26 Q1 25 Net sales 221.1 221.1 Adjusted EBITDA 26.5 26.0 Margin 12.0% 11.7% Adjusted operating profit -16.1 -18.8 Margin -7.3% -8.5% Operating profit -28.9 -31.3 Result for the period -24.1 -28.4 Free cash flow -38.9 -38.2 Equity ratio 34.5% 42.7% Net debt 685.8 617.
Slide 25: Learning: Key figures
Learning: Key figures m€ Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Net sales 92.4 88.3 376.8 191.5 89.1 Adjusted EBITDA -0.3 -6.8 178.7 76.5 -0.6 Adjusted operating profit -23.5 -31.4 155.0 52.6 -24.4 Margin -25.4% -35.5% 41.1% 27.5% -27.4% IACs -1.4 -7.7 -50.6 -2.3 -2.3 PPAs -6.5 -6.8 -6.9 -7.3
Slide 26: 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 27: Media Finland: Key figures
Media Finland: Key figures m€ Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Net sales 128.7 137.6 139.0 148.3 132.1 Adjusted EBITDA 29.3 33.0 34.7 33.4 28.8 Adjusted operating profit 10.0 8.8 19.7 12.4 8.1 Margin 7.8% 6.4% 14.1% 8.3% 6.2% IACs -0.5 -5.0 -29.7 -1.8 0.2 PPAs -1.0 -1.0 -1.0 -
Slide 28: Finnish advertising market development
Finnish advertising market development Finnish measured media advertising markets Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Newspapers -12% -11% -10% -1% -12% Magazines -12% -11% -18% -10% -19% TV -13% -10% -4% -2% -4% Radio 1l% -1% 3% -3% -3% Online (excl. search and social media) 4% -1% 0% -0% -2% Total marke
Slide 29: 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 30: 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 31: 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 32: Analyst coverage
Analyst Danske Bank Markets 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 33: 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 34: 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 34