Sanoma Oyj · OMXHEX:SANOMA
Sanoma Oyj — Q3 2025 Earnings Presentation
30 slides from Sanoma Oyj's earnings presentation, Oct 30, 2025
Slide 1: Interim Report Q1–Q3 2025
Interim Report Q1–Q3 2025 Solid quarter supporting improved operational EBIT for the first nine months Rob Kolkman, President & CEO Alex Green, CFO
Slide 2: Solid quarter supporting improved operational EBIT for the first nine months
Q1–Q3 2025 Solid quarter supporting improved operational EBIT for the first nine months Net sales Organic net sales Operational EBIT Free cash Net debt / development excl. PPA flow Adj. EBITDA 1,077m€ -3% 216m€ 86m€ 2.0 (2024: 1,103) (2024: -2%) (2024: 207) (2024: 77) (2024: 2.4) ▪ Net sales decreas
Slide 3: Multitude of initiatives across the business supporting our key growth drivers
Multitude of initiatives across the business supporting our key growth drivers Agreement with In Poland, successful Lijn3, renewed Good growth in Cambridge to improve launch of SMARTBook, blended content for Ruutu+ subscriptions English language combining textbook, early literacy driven by attractiv
Slide 4: Growth in learning content sales partially offsetting lower distribution
LEARNING Q1–Q3 2025 Growth in learning content sales partially offsetting lower distribution ▪ Net sales amounted to 658m€ (2024: 668) – Growth in other learning content businesses more than offsetting the last year of lower cycle in Spain and Poland – Strong growth in learning content sales in the
Slide 5: Operational earnings improved
LEARNING Q1–Q3 2025 Operational EBIT excl. PPA Operational earnings m€ improved ▪ Operational EBIT excl. PPA improved to 20,2 % 183m€ (2024: 178) 19,8 % 19,3 % 19,4 % 19,4 % – Higher share of learning content sales vs. low- 19,1 % 19,2 % value distribution and a more digital sales mix 155 155 – Impr
Slide 6: Lower advertising sales partially offset by growth in digital subscriptions
MEDIA FINLAND Q3 2025 Lower advertising sales partially offset by growth in digital subscriptions ▪ Net sales were 139m€ (2024: 144) – Subscription sales grew driven by good development in Ruutu+ – Lower advertising sales driven by TV (attributable to ending the reselling of third-party advertising)
Slide 7: Operational earnings increased
MEDIA FINLAND Q3 2025 Operational EBIT excl. PPA Operational earnings m€ increased ▪ Operational EBIT excl. PPA improved to 20m€ 14,1 % (2024: 18) 12,2 % – Growth in digital subscription sales – Lower paper, printing and distribution costs 9,0 % – Lower TV programming costs 8,3 % 5,9 % 6,2 % 5,5 % 2
Slide 8: Outlook for 2025 (narrowed)
Outlook for 2025 (narrowed) ▪ In 2025, Sanoma expects that the Group’s reported net sales will be 1.29‒1.31bn€ (2024: 1.34) ▪ The Group’s operational EBIT excluding PPA is expected to be 180‒190m€ (2024: 180) ▪ The narrowed outlook is based on the following assumptions: – Demand for learning content
Slide 9: Financials
Financials
Slide 10: Stable operational earnings for the quarter
Q3 2025 Operational EBIT excl. PPA Q3 2025 vs. Q3 2024 Stable operational earnings for m€ the quarter Learning + Higher share of learning content sales vs. low-value distribution 0 2 1 + Lower paper, printing and distribution costs – Lower net sales Media + Growing digital subscription sales 170 172
Slide 11: Improved operational EPS, impairments booked in Q3
Improved operational EPS, impairments booked in Q3 ▪ Q3 IACs increased to -83m€ (2024: -44) Key income statement related items – In Learning, recent decision to not m€ Q3 2025 Q3 2024 Q1–Q3 2025 Q1–Q3 2024 participate in multi-year distribution Operational EBIT excl. PPA 172.4 170.0 215.6 207.3 tend
Slide 12: Continued progress in deleveraging the balance sheet
Continued progress in Net debt m€ deleveraging the balance sheet Long-term ▪ Net debt significantly lower vs. previous year target 2,9 2,9 <3.0 2,8 2,8 and end of June 2,5 2,4 2,4 ▪ Net debt / Adj. EBITDA improved to 2.0 2,2 (2024: 2.4), below the long-term target of 2,0 < 3.0 ▪ Equity ratio at 43.1
Slide 13: Free cash flow improved
Free cash flow improved Free cash flow m€ 200 ▪ Free cash flow improved to 86m€ (2024: 77) in Q1–Q3 150 + Higher earnings + Lower financing costs 100 ‒ Higher TV programme investments vs. low 50 comparison ‒ Working capital movements 0 ▪ Full-year free cash flow expected to increase -50 further in 2
Slide 14: Capital Markets Day 2025: Sanoma's growth path 2026–2030
Save the Date Capital Markets Day 2025: Sanoma’s growth path 2026–2030 Time: Tuesday 25 November 2025 at 9:00–13:00 EET Place: Helsinki & virtual The Executive Management Team and members of the SBU Management Teams will share more insight into the future growth paths of Learning and Media Finland.
Slide 15: Q&A
Q&A
Slide 16: Financial reporting in 2026
Financial reporting in 2026 Full-Year Result 2025 11 February Interim Report Q1 2026 7 May Half-Year Report 2026 29 July Interim Report Q3 2026 28 October Financial Statements and Directors’ Report for 2025 week 14 AGM 2026 7 May 16 Interim Report Q1–Q3 2025
Slide 17: Appendix
Appendix
Slide 18: 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 19: Group key figures Q3 2025
Group key figures Q3 2025 m€ Q3 2025 Q3 2024 Q3 2025 Q3 2024 Net sales 515.8 540.0 Average number of employees (FTE) 4,676 4,858 Operational EBITDA 211.4 211.8 Number of employees at the end of 4,544 4,751 margin 41.0% 39.2% the period (FTE) Operational EBIT excl. PPA 172.4 170.0 margin 33.4% 31.5%
Slide 20: Learning: Quarterly key figures
Learning: Quarterly key figures m€ Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Net sales 376.8 191.5 89.1 96.5 395.9 190.6 81.1 Operational EBITDA 178.7 76.5 -0.6 -4.3 178.9 72.2 -5.2 Operational EBIT excl. PPA 155.0 52.6 -24.4 -30.6 155.2 49.8 -27.6 margin 41.1% 27.5% -27.4% -31.7% 39.2% 26.1% -34.0%
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€ Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Net sales 139.0 148.3 132.1 145.0 144.1 151.9 139.9 Operational EBITDA 34.7 33.4 28.8 32.7 35.3 34.5 29.9 Operational EBIT excl. PPA 19.7 12.4 8.1 8.5 17.6 13.7 7.7 margin 14.1% 8.3% 6.2% 5.9% 12.2
Slide 23: Finnish advertising market development
Finnish advertising market development Finnish measured media advertising markets Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Newspapers -10% 1% -12% -16% -17% -17% -20% Magazines -18% -10% -19% -10% -12% -9% -12% TV -4% -2% -4% -2% 3% 2% 3% Radio 3% -3% -3% -3% -5% 3% -4% Online (excl. search and soc
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 Q3 2025
Group debt portfolio Q3 2025 External debt structure 1) Maturity profile of external debt m€, 30 September 2025 m€, 30 September 2025 600 100 105 119 400 150 473m€ 1) 200 300 100 119 0 150 2025 2026 2027 Term Loan 2022 Social Bond Term loan 2022 RCF (fully unused) Term Loan 2023 Commercial papers So
Slide 26: Key factors influencing 2025 performance
Key factors influencing 2025 performance As published on 11 February 2025 Expected 2025 Long-term targets Learning financial impact y-o-y for SBUs unchanged ▪ Net sales: ▪ Organic growth − Growth in other learning content businesses more than offsetting the ▪ Lower net sales 2−5% last year of lower
Slide 27: Largest shareholders
Largest shareholders 30 September 2025 Largest shareholders Holding by sector Number of % of Shareholders shares shares 1. Jane and Aatos Erkko Foundation 39,820,286 24.4 3% 13% 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,
Slide 28: 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 29: 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 30: 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