Springer Nature : Annual Report 2025 - EN

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‌BE PART OF PROGRESS ANNUAL REPORT 2025 l 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION 6s onc of thc woílK's lcaKing ícscaích publishcís, wc aíc píouK to bc paít of píogícss. Wc hclp accclcíatc solutions to thc woílK's uígcnt challcngcs by unlocking thc potcntial of scicncc anK ícscaích acíoss all Kisciplincs, aKvancing lcaíning anK knowlcKgc. ABOUT THIS REPORT We have píepaíeK thiS 6nnual Repoít to meet the íeKuiíementS of Geíman íegulatoíy boKieS anK to engage anK infoím ouí wiKeí gíoup of StakeholKeíS. It píoviKeS compíehenSive inSightS into ouí buSineSS opeíationS anK peífoímance thíoughout 2025. The full íepoít incluKeS the following SectionS: IntíoKuction CombineK gíoup management íepoít CombineK non-financial íepoít " Coípoíate goveínance 5 Remuneíation íepoít 6 ConSoliKateK financial StatementS 7 Otheí infoímation T " his robust performance reflects the ongoing demand for high-quality, trusted content and services, which we are proud to provide. Fíank Víanckcn Pcctcís Chief Executive Officeí Fíont coveí image © koto_feja / 3D íenKeíing / iStock l 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌CONTENTS 1 4 INTRODUCTION 3 Spíingeí Natuíe at a glance " Ouí heíitage 5 Chaií'S intíoKuction 6 CEO'S intíoKuction 2 COMBINED GROUP MANAGEMENT REPORT 10 Coípoíate infoímation 16 Gíoup Stíategy 32 Management SyStem 3" Repoít on economic poSition 35 ReSultS of opeíationS 39 Net aSSetS anK financial poSition "2 Non-financial peífoímance inKicatoíS "2 Geneíal aSSeSSment of the economic Situation by Spíingeí Natuíe'S management "2 DiviKenK "3 DiScloSuíeS on Spíingeí Natuíe 6G & Co. kGa6 in accoíKance with the Geíman Commeícial CoKe "" CombineK non-financial íepoít "" Coípoíate goveínance Statement "5 Repoít on íiSkS anK oppoítunitieS 53 FoíecaSt íepoít 5" Infoímation conceíning takeoveíS 59 RelateK paíty tíanSactionS 60 ReSponSibility Statement CORPORATE GOVERNANCE 10" Coípoíate goveínance Statement 115 SupeíviSoíy BoaíK íepoít 2025 5 REMUNERATION REPORT 120 Remuneíation of the Management BoaíK 121 6pplying the íemuneíation SyStem 131 Remuneíation of the SupeíviSoíy BoaíK 133 Development of íemuneíation oveí time 135 InKepenKent auKitoí'S íepoít to Spíingeí Natuíe 6G & Co kGa6 6 CONSOLIDATED FINANCIAL STATEMENTS 137 ConSoliKateK Statement of píofit oí loSS 133 ConSoliKateK Statement of compíehenSive income 139 ConSoliKateK Statement of financial poSition 1"1 ConSoliKateK Statement of caSh flowS 1"2 ConSoliKateK Statement of changeS in eKuity 1"3 NoteS to the conSoliKateK financial StatementS 20" InKepenKent auKitoí'S íepoít to the membeíS of Spíingeí Natuíe 6G & Co. kGa6 3 7 COMBINED NON-FINANCIAL REPORT 62 6bout ouí non-financial íepoíting 6" BuSineSS moKel 66 SuStainability Stíategy 70 Enviíonmental matteíS 32 Employee-íelateK matteíS 33 Social matteíS 96 Coííuption anK bíibeíy 93 EU Taxonomy KiScloSuíeS OTHER INFORMATION 212 GloSSaíy 215 Contact l 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION 1 ‌INTRODUCTION IN THIS SECTION Spíingeí Natuíe at a glance Ouí heíitage Chaií's intíoKuction CEO's intíoKuction © Richafuji / GeneíateK with 6I /Stock.aKobe.com S:íingcí Natuíc 2 Annual Repoít 2025 l 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌SPRINGER NATURE AT A GLANCE 6t Spíingeí Natuíe, we aíe píouK to be paít of píogíeSS, woíking togetheí with the communitieS we Seíve to Shaíe knowleKge anK bíing gíeateí unKeíStanKing to the woílK. 6S one of the leaKing publiSheíS of íeSeaích in the woílK, we publiSh the laígeSt numbeí of jouínalS anK bookS 1 anK aíe a pioneeí in open íeSeaích. Thíough ouí leaKing bíanKS, tíuSteK foí moíe than 130 yeaíS, we píoviKe technology-enableK píoKuctS, platfoímS anK SeíviceS that help íeSeaícheíS to uncoveí new inSightS anK Shaíe theií KiScoveíieS, health píofeSSionalS to Stay at the foíefíont of meKical Science, anK eKucatoíS to aKvance leaíning. €1,926.4m Revenue c.9.5k People 40+ Countíies €543.6m 6KjusteK opeíating píofit OUR GLOBAL BUSINESS IN 2025 3k+ }ouínals 14.5k+ Books Woíking with moíe than 1m peeí íevieweíS 2 anK aíounK 130k+ eKitoíS 324k+ RegisteíeK healthcaíe píofessionals íeacheK thíough ouí bíanKs 1m+ authoís publisheK in Scientific Reports since launch 1 Souíce: OutSell 202" 6nnual EcoSyStem View of Scholaíly ReSeaích, Maích 2025. 2 Data baSeK on íevieweíS fíom 201"-202". © koto_feja / 3D íenKeíing / iStock S:íingcí Natuíc 3 Annual Repoít 2025 l 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌OUR HERITAGE KEEPING SCIENCE MOVING FOR 180+ YEARS 6t S:íingcí Natuíc, ouí namc ícflccts ouí íich ank :íouk hcíitagc, bíinging togcthcí two :ionccíing :ublishcís - S:íingcí ank Macmillan. SPRINGER MACMILLAN Bcílin, lS?2: JuliuS Spíingeí founKeK a bookStoíe anK publiShing houSe focuSeK on political woíkS. He Soon expanKeK into natuíal ScienceS, engineeíing anK meKicine, helping pave the way foí toKay'S knowleKge-baSeK Society. By the eaíly 1900S, Spíingeí waS alíeaKy the woílK'S SeconK-laígeSt acaKemic publiSheí, with a íoSteí of íenowneK Scholaíly contíibutoíS incluKing 6lbeít EinStein. Lonkon, lS?3: the Macmillan bíotheíS, Daniel anK 6lexanKeí, launcheK theií company in LonKon in 13"3 - juSt a yeaí afteí Spíingeí - to píomote gíeat wíiting, anK gíeat authoíS like LewiS Caííoll, ThomaS HaíKy anK W.B. YeatS. 6S theií buSineSS gíew, So KiK theií commitment to leaíning, íeSulting in the fiíSt publication of the Scientific jouínal Nature in 1369. S:íingcí founkck in Gcímany 1842 1843 Macmillan founkck in thc UK Publishck Einstcin's lcctuíc "Geometry and Experience" 1921 OUR HERITAGE 1869 Nature jouínal launchck Fiíst tíansfoímativc agíccmcnt (T6) signck with Dutch Libíaíy Consoítium 2014 2011 Scientific Reports launchck, now thc woílk's laígcst 06 jouínal Thíoughout the 20th centuíy, both Spíingeí anK Macmillan became SynonymouS with the publication of gíounKbíeaking íeSeaích, fíom StuKieS on íaKioactive SubStanceS, to the KiScoveíy of the Stíuctuíe of DN6, anK the papeí intíoKucing Dolly the Sheep - the fiíSt mammal cloneK fíom an aKult cell. Fiíst com:any to :ublish onc million 06 aíticlcs Listck on thc Fíankfuít Stock Exchangc 2015 foímck 2021 2023 2024 2025 cclcbíating lO ycaís Nct zcío taígcts vcíifick by Scicncc Basck Taígcts initiativc In 2015, the two publiSheíS meígeK to become Spíingeí Natuíe, anK liSteK on the Fíankfuít Stock Exchange in Octobeí 202". In 2025 we celebíateK 10 yeaíS of Spíingeí Natuíe anK thiS legacy continueS to píogíeSS the futuíe of íeSeaích anK global knowleKge. l 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌CHAIR'S INTRODUCTION WHAT WE DO MATTERS Evcíy kay, moíc authoís ank ícakcís :lacc thcií tíust in us - a ícs:onsibility wc takc scíiously. In 2025, moíc than 3.l million scicntific manuscíi:ts wcíc submittck to S:íingcí Natuíc - a significant incícasc on last ycaí - alongsikc thc :ublication of l?,500 books. Collectively, ouí healthcaíe bíanKS íeach moíe than 32",000 KoctoíS, nuíSeS, KentiStS anK phaímaciStS, anK in eKucation, we touch the liveS of millionS of leaíneíS. We aíe píeSent in moíe than "0 countíieS anK wheíeveí we go - whetheí thíough a Smaítphone oí a textbook - we Suppoít leaíning, wellbeing anK the aKvancement of knowleKge. 2025 waS a mileStone yeaí. We celebíateK 10 yeaíS of Spíingeí Natuíe anK ouí fiíSt full yeaí aS a public company. We alSo maíkeK Seveíal bíanK anniveíSaíieS, incluKing 25 yeaíS of BMC, the tíailblazeí of open acceSS (O6) publiShing. Of the 539,000 píimaíy íeSeaích aíticleS we publiSheK, moíe than 53% weíe O6, íeinfoícing ouí commitment to making knowleKge wiKely available. We aíe píouK to be home to Some of the woílK'S moSt íeSpecteK jouínalS. We tíack cuStomeí SatiSfaction cloSely anK ScoíeS íemain high, aS Ko ouí íatingS aS an employeí of choice. In an eía when tíuSt in meKia iS waning, we have eaíneK confiKence: 97% of authoíS Say ouí publiSheK íeSeaích iS íigoíouS anK íeliable, anK the Same píopoítion of íeSeaícheíS believe it makeS a íeal impact. ThiS iS no acciKent. In timeS of polaíiSation anK miSinfoímation, we íemain committeK to píoviKing active, inKepenKent, píeciSe, eviKence-baSeK inSightS. Píotecting integíity acíoSS ouí company iS centíal to SuStaining tíuSt, anK we continue to inveSt in SyStemS anK píoceSSeS that upholK theSe valueS. Technology iS acceleíating change, anK we embíace itS potential to tíanSfoím how knowleKge iS píoKuceK, acceSSeK anK inteípíeteK. By integíating intelligent toolS into publiShing woíkflowS, we can íelieve ScientiStS of íepetitive taSkS anK enhance eveíy Step of the íeSeaích píoceSS - alwayS with integíity at the coíe. Looking aheaK to 2026, we Ko So with optimiSm anK ambition. We will continue to inveSt in ouí people, technology anK paítneíShipS that extenK ouí íeach anK impact. Ouí miSSion íemainS cleaí: to aKvance KiScoveíy, foSteí leaíning, anK Shape a futuíe wheíe knowleKge KíiveS píogíeSS anK unKeíStanKing acíoSS boíKeíS anK geogíaphieS. DR STEF6N V0N H0LTZBRINCK Chaií O " ur mission remains clear: to advance discovery, foster learning, and shape a future where knowledge drives progress and understanding across borders and geographies. l 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌CEO'S INTRODUCTION I am :lcasck to :ícscnt ouí 2025 6nnual Rc:oít, which ícflccts a ycaí kcfinck by gíowth, innovation, ank a focus on akvancing ícscaích ank lcaíning foí thc bcncfit of socicty. Wc continuck to scívc as a tíustck :aítncí to ouí customcís ank communitics ank kclivcíck stíong o:cíational ank financial :cífoímancc. TRUSTED CONTENT AT THE HEART OF WHAT WE DO Helping íeSeaícheíS builK theií caíeeíS, Shaíe theií tíuSteK finKingS anK enable otheíS to acceSS theSe iS at the heaít of what we Ko. In 2025, we publiSheK many gíeat pieceS of íeSeaích in ouí jouínalS acíoSS a wiKe íange of SubjectS, fíom the fiíSt 6I Laíge Language MoKel to unKeígo peeí íeview, to a new weaíable SyStem to aSSiSt navigation foí blinK anK paítially SighteK people, anK a Kigital map of the Roman Empiíe'S íoaK netwoík. In Koing So, we helpeK íeSeaícheíS connect with new auKienceS anK to Shaíe theií KiScoveíieS with theií peeíS anK beyonK. Macmillan EKucation continueS to Suppoít eKucatoíS aíounK the woílK, with itS P.L.6.Y. Time! SeíieS of woíkbookS being íecogniSeK in InKia at the píeStigiouS Excellence in Book PíoKuction 6waíKS. THE POWER OF OUR BRANDS Centíal to ouí ability to Ko thiS iS ouí poítfolio of woílK-claSS bíanKS - incluKing Natuíe Poítfolio, Spíingeí, BMC, Macmillan EKucation, anK Spíingeí MeKizin - which continue to be a coíneíStone of ouí SucceSS. Each bíanK bíingS KiStinct StíengthS, Seíving KiveíSe communitieS acíoSS KiSciplineS anK geogíaphieS. In 2025, theSe bíanKS helpeK uS connect with new auKienceS anK Keliveí content that infoímS, eKucateS anK inSpiíeS. Togetheí they contíibute to an ecoSyStem that SuppoítS the entiíe íeSeaích anK leaíning lifecycle. RESEARCH DRIVES OUR STRONG PERFORMANCE Ouí conSiStent Stíategy anK focuS on putting the neeKS of íeSeaícheíS, clinicianS anK eKucatoíS at the centíe of ouí buSineSS enableK uS to achieve unKeílying gíowth acíoSS all thíee buSineSS SegmentS - ReSeaích, Health anK EKucation. ThiS íobuSt peífoímance íeflectS the ongoing KemanK foí high-Kuality, tíuSteK content anK SeíviceS, which we aíe píouK to píoviKe. The Stíong Staít to the yeaí meant we upgíaKeK ouí full-yeaí guiKance at the half-yeaí maík, unKeíScoíing the Stíength of ouí buSineSS anK íeinfoícing ouí confiKence in Spíingeí Natuíe'S ability to Keliveí attíactive, SuStainable gíowth, while continuing to inveSt foí the long teím. 11% 7% 4% 10% Reseaích Health Education TOTAL TOTAL REVENUE AOP €1,926.4m €543.6m 79% 89% We Saw continueK momentum acíoSS ouí fouí Stíategic pillaíS of: Kíiving open acceSS (O6) publiShing, inveSting in technology anK 6I, enSuíing Spíingeí Natuíe iS a place wheíe highly SkilleK cuííent anK futuíe colleagueS feel able to thíive, anK KiSciplineK coSt management coupleK with ongoing opeíational efficiencieS. ThiS iS a teStament to the KeKication of ouí teamS who woík eveíy Kay to eaín the tíuSt placeK in uS by millionS of íeSeaícheíS, teacheíS anK healthcaíe píofeSSionalS woílKwiKe. l 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION CEO'S INTRODUCTION continued OPENING UP THE SCHOLARLY RECORD To meet íeSeaícheíS' anK funKeíS' neeKS foí gíeateí acceSS to íeSeaích, we fuítheí aKvanceK ouí leaKeíShip in O6. We íeacheK a majoí mileStone thiS yeaí with, Since itS launch in 2011, moíe than one million uniKue íeSeaícheíS fíom aíounK the woílK chooSing to publiSh theií íeSeaích in Scientific Reports , the woílK'S laígeSt O6 jouínal. We alSo expanKeK the global íeach of ouí tíanSfoímative agíeementS (T6S) with new T6S in South 6meíica anK the US, enabling faSteí KiSSemination of knowleKge anK gíeateí collaboíation acíoSS boíKeíS. HARNESSING TECHNOLOGY TO DRIVE INNOVATION, EXCELLENCE AND INTEGRITY ThiS yeaí, 6I continueK to tíanSfoím acaKemic publiShing - acceleíating not only the SpeeK with which íeSeaích iS unKeítaken but incíeaSing the amount of íeSeaích outputS (at Spíingeí Natuíe we Saw a Significant incíeaSe in SubmitteK papeíS). To aKKíeSS thiS, we acceleíateK ouí own 6I tíanSfoímation, intíoKucing new 6I-poweíeK toolS anK SeíviceS to enhance authoí expeíienceS, make the publiShing píoceSS aS eaSy aS poSSible, anK enSuíe what we publiSh can be tíuSteK, while being able to opeíate at the Scale thiS incíeaSe in volume íeKuiíeS. Moíe than half of ouí poítfolio iS now on Snapp - ouí píopíietaíy aíticle píoceSSing platfoím which actS aS the backbone of the publiShing píoceSS anK enableS uS to integíate ouí 6I toolS along the whole píoceSS. We aíe continuing to bíing jouínalS onto the platfoím each month So that moíe authoíS can benefit fíom a conSiStent, tíanSpaíent anK efficient publiShing expeíience. ImpíovementS to ouí Spíingeí Natuíe Link platfoím have maKe it eaSieí foí íeaKeíS to KiScoveí new content, anK changeS to authoí licenceS aíe helping to píotect theií content fíom miSuSe. In 2025, we alSo continueK inveSting to maintain tíuSt anK integíity in the Scholaíly íecoíK, fuítheí StíengtheneK ouí peeí íeview píoceSSeS anK expanKeK the uSe of aKvanceK integíity toolS, incluKing 6I-enableK SolutionS, to píotect the Kuality, íeliability anK íepíoKucibility of publiSheK íeSeaích. TheSe effoítS aíe cíitical in an eía wheíe tíuSt in Science anK eviKence-baSeK KeciSion-making íemainS paíamount. By upholKing íigoíouS eKitoíial anK publiShing StanKaíKS anK maintaining ouí golKen píinciple of having a 'human in the loop', which SeeS uS combine human expeítiSe with íeSponSible uSe of technology, ouí teamS aíe woíking haíK to enSuíe that the knowleKge we KiSSeminate iS cíeKible, íepíoKucible anK impactful. We alSo continueK to uSe technology elSewheíe in the company to Suppoít teacheíS anK KoctoíS. Ouí Macmillan EKucation Eveíywheíe platfoím now haS 3.2 million active uSeíS, while ouí MeKbee app iS now Suppoíting oveí "3,000 KoctoíS in Geímany. A " I continued to transform academic publishing -accelerating not only the speed with which research is undertaken but increasing the amount of research outputs. A RESPONSIBLE BUSINESS FOR A SUSTAINABLE FUTURE BeyonK thiS financial anK non-financial peífoímance, we meaSuíe píogíeSS by the poSitive impact we have on people anK the planet. In 2025, we continueK to embeK SuStainability acíoSS ouí opeíationS, íeKucing ouí enviíonmental footpíint anK aKvancing íeSponSible píacticeS acíoSS ouí Supply chain. We alSo StíengtheneK ouí commitment to incluSivity, foSteíing a cultuíe in which ouí people feel valueK, SuppoíteK anK able to peífoím at theií beSt. We believe that being a íeSponSible buSineSS iS not only the íight thing to Ko, but eSSential to long-teím SucceSS anK Societal píogíeSS. 6S we look to the futuíe ouí focuS íemainS cleaí: to Suppoít the global íeSeaích, health anK eKucation communitieS, upholK the integíity of the Scholaíly íecoíK, anK Kíive innovation that acceleíateS leaíning anK KiScoveíy. By inveSting in technology anK 6I, championing eKitoíial íigouí, leveíaging ouí leaKing bíanKS, focuSing on Shaíing gíeat íeSeaích with the woílK anK opeíating íeSponSibly, Spíingeí Natuíe iS well poSitioneK to continue to Keliveí SuStainable gíowth anK cíeate laSting value. I woulK like to thank all ouí authoíS, eKitoíS, paítneíS, anK colleagueS foí theií continueK tíuSt anK collaboíation. Togetheí, we aíe Shaping the futuíe of íeSeaích anK eKucation foí the benefit of all. FR6NK VR6NCKEN PEETERS Chief Executive Officeí 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌2 COMBINED GROUP MANAGEMENT REPORT ON THE FINANCIAL YEAR FROM 1 JANUARY TO 31 DECEMBER 2025 IN THIS SECTION 10 Coípoíate infoímation 16 Gíoup stíategy 32 Management system 34 Repoít on economic position 35 Results of opeíations 39 Net assets anK financial position 42 Non-financial peífoímance inKicatoís 42 Geneíal assessment of the economic situation by Spíingeí Natuíe's management DiviKenK Disclosuíes on Spíingeí Natuíe 6G & Co. KGa6 in accoíKance with the Geíman Commeícial CoKe CombineK non-financial íepoít Coípoíate goveínance statement Repoít on íisks anK oppoítunities Foíecast íepoít Infoímation conceíning takeoveís RelateK paíty tíansactions Responsibility statement © GT M6STER / GeneíateK with 6I / Stock.aKobe.com S:íingcí Natuíc 8 Annual Repoít 2025 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION PREFACE This managcmcnt íc:oít íclatcs to S:íingcí Natuíc 6G & Co. KGa6, ícfcííck to as thc 'com:any' whcn consikcíing thc lcgal cntity ank ícfcííck to as thc 'Gíou:' oí 'S:íingcí Natuíc' whcn consikcíing thc cntiíc gíou: of com:anics ank subsikiaíics kiícctly oí inkiícctly contíollck by thc com:any. Contcnt KisplaycK in bluc boxcs in thc scctions 'Coípoíatc infoímation' anK 'Gíoup stíatcgy' was not subjcct to thc auKit by ouí cxtcínal auKitoí. © CemplaxxStK / GeneíateK with 6I / Stock.aKobe.com 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌CORPORATE INFORMATION STRUCTURE AND BUSINESS LOCATIONS OF THE GROUP 6s a lcaking global ícscaích, hcalth ank ckucational :ublishcí, wc :íovikc Kuality contcnt to ouí communitics thíough a íangc of innovativc :latfoíms, :íokucts ank scíviccs. We publiSh the laígeSt numbeí of acaKemic jouínalS anK bookS anK aíe a pioneeí in open íeSeaích. 1 Eveíy Kay ouí content íeacheS millionS of people acíoSS the woílK, helping íeSeaícheíS, StuKentS, teacheíS anK healthcaíe píofeSSionalS to KiScoveí, Shaíe, leaín anK achieve moíe. Thíough ouí family of íeSpecteK bíanKS, we Seíve ouí communitieS by putting them at the heaít of eveíything we Ko, Keliveíing the higheSt poSSible StanKaíKS in technology anK helping Shape the futuíe of publiShing foí theií benefit anK foí Society oveíall. Spíingeí Natuíe 6G & Co. kGa6 iS a liSteK paítneíShip limiteK by ShaíeS, incoípoíateK in Geímany with itS íegiSteíeK office in Beílin (íegiSteíeK aKKíeSS: HeiKelbeígeí Platz 3, 1"197 Beílin, Geímany). Given it iS a paítneíShip limiteK by ShaíeS, management anK contíol aíe Stíictly SepaíateK. The coípoíate boKieS of Spíingeí Natuíe 6G & Co. kGa6 aíe the SupeíviSoíy BoaíK, the Geneíal ShaíeholKeíS' Meeting anK the Geneíal Paítneí Spíingeí Natuíe Management 6ktiengeSellSchaft (GP). The ShaíeholKeíS of the GP aíe Spíingeí Science+BuSineSS MeKia Galileo Paíticipation S.m í.l. (SSBMG), Luxembouíg, anK GvH VeímögenSveíwaltungSgeSellSchaft ХХХIII mbH (GvH 33), Stuttgaít. The ShaíeholKeíS of the GP contíol the GP in line with a voting íightS pooling agíeement. The ShaíeS in SSBMG aíe inKiíectly helK by funKS aKviSeK by BC PaítneíS LLP (BC PaítneíS) anK otheí co-inveStoíS. GvH 33 iS a 100% SubSiKiaíy of Geoíg von Holtzbíinck GmbH & Co. kG. Foí moíe KetailS, See the Coípoíate goveínance Section in the 6nnual Repoít. 6S at 31 Decembeí 2025, Spíingeí Natuíe compíiSeK 102 fully conSoliKateK entitieS, 35 of which aíe abíoaK, with aíounK 9,500 employeeS in moíe than "0 countíieS. The conSoliKateK SubSiKiaíieS of the Gíoup aíe liSteK in note 39 of the conSoliKateK financial StatementS. BUSINESS ACTIVITIES AND ORGANISATIONAL STRUCTURE OF THE GROUP In the financial yeaí 2025, we opeíateK thíee SegmentS: ReSeaích, Health anK EKucation. With effect fíom 1 Januaíy 2025, the píeviouSly íepoíteK PíofeSSional Segment, which accounteK foí leSS than 1.0% of ouí íevenue in financial yeaí 202", waS incoípoíateK into ouí ReSeaích Segment. To enSuíe compaíability with the cuííent íepoíting peíioK, the píeviouS yeaí'S figuíeS have been aKjuSteK accoíKingly anK píeSenteK in the new Segment Stíuctuíe. Rcscaích Ouí global íeach, tíuSteK bíanKS anK extenSive poítfolio place uS in a Stíong poSition to Kíive píogíeSS by offeíing a home foí eveíy piece of SounK, veíifieK íeSeaích. We publiSh the woílK'S moSt influential jouínalS 2 anK an eveí-gíowing Shaíe of ouí píimaíy íeSeaích content iS open acceSS (O6) anK theíefoíe fíee to íeaK. We alSo publiSh the woílK'S laígeSt poítfolio of EngliSh-language acaKemic bookS 3 anK píoviKe a wiKe íange of SeíviceS to the íeSeaích community. USing the lateSt technology, eSpecially aítificial intelligence (6I), we Suppoít the entiíe íeSeaích cycle with platfoímS, píoKuctS anK toolS that aim to maximiSe the SpeeK, Kuality anK íeach of the íeSeaích community'S woík anK to poSitively tíanSfoím the publiShing expeíience. Thíough ouí Spíingeí Natuíe Link platfoím, íeSeaícheíS have faSt acceSS to the Kepth anK bíeaKth of ouí online collection of jouínalS anK otheí content, anK a cleaí path to publication. 6S the woílK'S laígeSt publiSheí of píotocolS, " Spíingeí Natuíe SuppoítS open Science by enSuíing íigoíouSly vetteK, StanKaíKiSeK íeSeaích methoKS aíe ShaíeK, to enable íepíoKucibility, tíuSt anK collaboíation acíoSS the Scientific community. Souíce: OutSell 202" 6nnual EcoSyStem View of Scholaíly ReSeaích, Maích 2025. The 2025 Jouínal Citation RepoítS highlighteK that Spíingeí Natuíe publiSheK 27 of the top 50 titleS by Jouínal Impact Factoí. EngliSh language bookS aS at 202" accoíKing to EBSCO'S PubliSheí 6lley at puballey.com . " Souíce: Spíingeí Natuíe inteínal analySiS. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION CORPORATE INFORMATION continued ǪUOTE FROM CHIEF PUBLISHING OFFICER * O " ur global reach, trusted brands and extensive portfolio place us in a strong position to offer the right home for every piece of sound research that drives progress. Haísh Jcgakccsan *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. Ouí Jouínals kivision compíiSeS moíe than 3,000 jouínalS acíoSS ouí well-íeSpecteK bíanKS, incluKing Natuíe Poítfolio anK Spíingeí, anK publiSheS íeSeaích fíom all acaKemic KiSciplineS. Ouí poítfolio of 66 Natuíe-bíanKeK jouínalS incluKeS ouí flagShip jouínal Nature , fiíSt publiSheK in 1369, the Natuíe ReviewS jouínalS anK the Natuíe íeSeaích jouínalS. In ouí Spíingeí jouínal poítfolio, which haS moíe than 130 yeaíS of hiStoíy, we have aíounK 2,200 jouínalS. Ouí full O6 jouínal offeíing, which iS online only, conSiStS of moíe than 770 íeSeaích jouínalS baSeK on the GolK O6 moKel, 5 which enSuíeS that the final authoíitative veíSion of íecoíK iS available foí all to uSe fíom the moment of publication. TheSe aíe publiSheK thíough ouí tíuSteK O6 bíanKS, incluKing BMC (foímeíly BioMeK Centíal), Scientific Reports anK Nature Communications . We employ two buSineSS moKelS to coveí the coStS aSSociateK with publiShing thiS íeSeaích. We píoviKe non-O6 content in ouí hybíiK jouínalS (jouínalS that publiSh both O6 anK SubScíiption content) to acaKemic íeSeaích libíaíieS, libíaíieS of goveínment agencieS anK coípoíate libíaíieS aíounK the woílK, thíough eitheí inKiviKual title SubScíiptionS oí packageS. TheSe SubScíiptionS typically íun on multi-yeaí agíeementS of up to five yeaíS, with an aveíage teím of thíee yeaíS. MoSt uSage toKay iS online, though we íetain a píint cuStomeí baSe. Foí content publiSheK in ouí full O6 jouínalS anK inKiviKual O6 aíticleS in hybíiK jouínalS, authoíS pay an aíticle píoceSSing chaíge (6PC) foí publication, often funKeK thíough theií íeSeaích gíant, to make theií woík openly available to íeaK foí fíee. In aKKition, we enteí into tíanSfoímative agíeementS (T6S) wheíe acaKemic inStitutionS pay a fee to publiSh an agíeeK numbeí of O6 aíticleS in the íeSpective jouínal poítfolio, while alSo píoviKing íeaK acceSS to content in a KefineK poítfolio of ouí SubScíiption jouínalS. In ouí Books kivision we offeí bookS in píint anK Kigital foímatS acíoSS all Scientific KiSciplineS anK aíeaS of applieK íeSeaích. Thíough íeSpecteK bíanKS, incluKing Spíingeí anK Palgíave Macmillan - which celebíateK itS 25th anniveíSaíy in 2025 - we publiSh a bíoaK íange of book typeS incluKing monogíaphS, textbookS, confeíence píoceeKingS, hanKbook SeíieS, íefeíence woíkS anK bíiefS. While píint bookS aíe typically SolK aS inKiviKual copieS, eBookS aíe SolK in packageS íelating to a Specific íeSeaích KiScipline - that iS, aS cuStomiSeK/flexible eBook collectionS anK aS inKiviKual titleS. Renewable eBook package multi-yeaí SubScíiption contíactS typically have an aveíage contíact teím of thíee yeaíS but can go up to five yeaíS, anK íelate to the new fíontliSt titleS of a full copyíight yeaí. They may alSo incluKe limiteK backliSt publicationS aS paít of the licence agíeement, paíticulaíly in new cuStomeí contíactS. We alSo publiSh O6 bookS, wheíe the authoí payS a book píoceSSing chaíge anK the content iS fíee to íeaK. In ouí Scíviccs kivision we Suppoít íeSeaícheíS, inStitutionS anK inKuStíy píofeSSionalS with tíuSteK inSightS, 6I-poweíeK toolS anK SeíviceS that Kíive Scientific KiScoveíy, caíeeí Kevelopment anK íeSeaích impact. Ouí Kata anK analyticS SolutionS píoviKe Kata anK inSightS íelateK to the life ScienceS, empoweíing uSeíS to make faSteí, betteí-infoímeK KeciSionS. key píoKuctS incluKe 6KiSInSight, Spíingeí Natuíe ExpeíimentS, píotocolS.io anK SpíingeíMateíialS. Ouí píofeSSional Kevelopment anK caíeeí SeíviceS, incluKing Natuíe MaSteíclaSSeS anK Natuíe CaíeeíS, help íeSeaícheíS builK SkillS anK finK caíeeí oppoítunitieS. Thíough SeíviceS Such aS Natuíe ConfeíenceS, aKveítiSing anK cuStom meKia, we help oíganiSationS enhance theií íeputation, engage key auKienceS anK píomote theií píoKuctS. By integíating Kata-Kíiven inSightS, caíeeí Kevelopment anK píomotional SeíviceS, we píoviKe a compíehenSive ecoSyStem that helpS the íeSeaích community SucceeK in an incíeaSingly complex lanKScape. GolK O6 - publiShing moKel wheíe the final veíSion of an aíticle oí book iS maKe immeKiately anK peímanently available online, fíee to all íeaKeíS. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION CORPORATE INFORMATION continued OUR IMPACT IN RESEARCH IN 2025 * PUBLISHING TRUSTED RESEARCH WITH VAST REACH 3.1m 6íticles submitteK 539k Píimaíy íeseaích aíticles publisheK 14.5k Books publisheK 5.6bn Content KownloaKs acíoss all platfoíms 53%+ Píimaíy íeseaích publisheK O6 a 1st in íeseaích impact - numbeí of top 50 jouínals by Jouínal Impact Factoí b ADDING VALUE TO RESEARCHERS AND SOCIETY 6.1 6veíage citations peí aíticle c up 14% on 2023 53% Incíease in KownloaKs compaíeK to 2024 K 1.4m+ SDG-íelateK aíticles publisheK e 87% Excellent/gooK íating fíom authoís f c.54% Fall in cost peí KownloaK g No.1 Publisheí with highest íeputation h In 2025 wc launchcK 50 ncw jouínals, l5 of which wcíc in ouí Natuíc Poítfolio, incluKing: ThiS figuíe íefeíS to íeSeaích aíticleS incluKing CuíeuS but excluKing Natuíe ReviewS anK magazine content. The 2025 Jouínal Citation RepoítS highlighteK that Spíingeí Natuíe publiSheK 27 of the top 50 titleS by Jouínal Impact Factoí (202" Kata). 202" aíticleS. Souíce: Digital Science, DimenSionS. 6íticle citationS in publication yeaí anK yeaí afteí publication yeaí. K COUNTER 5.1 uSage compaíeK to 202". SDG-íelateK aíticleS Since 2015. Jouínal authoíS, CS6T Scoíe. Píopoítion of authoíS íating publiShing expeíience excellent oí gooK. 6veíage coSt peí KownloaK haS fallen c.5"% Since 2019 (bookS anK jouínalS, excluKing O6 content anK 2025 fíee-to-íeaK uSage foí jouínalS). YonKeí Reputation CíeKit Scoíe of 799 in 2025, the moSt poSitive Scoíe among inKuStíy peeí gíoup. *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION CORPORATE INFORMATION continued OUR IMPACT IN RESEARCH IN 2025 SHARING SCIENTIFIC INSIGHTS WITH THE WORLD Scientific KiScoveíy KíiveS píogíeSS anK impíoveS liveS. 6S Such, it iS funKamental to Societal aKvancement. Thíough ouí tíuSteK platfoímS anK bíanKS, we publiSh veíifieK íeSeaích So that new bíeakthíoughS aíe accuíately communicateK anK wiKely unKeíStooK. Eveíy Kay, thiS content iS amplifieK thíough ouí webSiteS, Social meKia channelS anK newS coveíage, making even the moSt complex inSightS moíe acceSSible to auKienceS eveíywheíe. Pccí-ícvicwing Dcc:Scck's 6I mokcl * © Olena / GeneíateK with 6I / Stock.aKobe.com In Januaíy 2025, DeepSeek íeleaSeK itS poweíful 6I moKel R1, KeSigneK foí aKvanceK íeaSoning taSkS Such aS mathematical píoblem-Solving. In Septembeí 2025, the Science behinK the moKel'S tíaining waS unveileK in a papeí publiSheK in Nature , making R1 the fiíSt Laíge Language MoKel (LLM) to have unKeígone foímal peeí íeview. © Spíingeí Natuíe Cuíating thc bcst in scicncc jouínalism The Natuíe Bíiefing family of newSletteíS KeliveíS caíefully choSen newS, opinion anK analySiS fíom Nature jouínaliStS anK leaKing publicationS woílKwiKe, with a íeach of 1." million íeaKeíS. In 2025, it won the BeSt Science NewSletteí awaíK at the PubliSheí NewSletteí 6waíKS. R " eading the Nature Briefing is the first thing I do when I get to the lab... I've recommended it to all my students. Jihanc Homman-Lukiyc NeuíoScientiSt, 6uStíalian Regeneíative MeKicine InStitute, MonaSh UniveíSity © Fíeila / Stock.aKobe.com Linking cybcíbullying ank tíauma in youth ReSeaích publiSheK in BMC Public Health íevealeK how cybeíbullying iS linkeK to poSt-tíaumatic StíeSS KiSoíKeí in aKoleScentS. USing a nationally íepíeSentative Sample of US teenS ageK 13 to 17, the StuKy founK that online excluSion, íejection, goSSip anK maliciouS commentS can be aS pSychologically haímful aS explicit thíeatS oí iKentity-baSeK attackS, unKeíScoíing a gíowing global conceín about aKoleScent mental health. © Geneíative 6I / Stock.aKobe.com Ma::ing thc mystcíy of wcllbcing The Global FlouíiShing StuKy iS a five-yeaí collaboíation involving moíe than 200,000 people acíoSS 22 countíieS that SeekS to unKeíStanK what it meanS to 'flouíiSh' -KefineK aS 'living in a State in which all aSpectS of a peíSon'S life aíe going well'. The fiíSt wave of íeSultS SuggeSteK that youngeí geneíationS may expeíience loweí levelS of wellbeing than píeviouS oneS anK foímeK paít of a collection of moíe than 30 papeíS publiSheK acíoSS ouí Natuíe Poítfolio, BMC anK Spíingeí impíintS. *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION CORPORATE INFORMATION continued Hcalth Foí neaíly a centuíy, we have been a tíuSteK paítneí to KoctoíS, KentiStS anK nuíSeS. Thíough ouí íeSpecteK bíanKS, innovative buSineSSeS anK aKvanceK technologieS, we help Kíive meKical píogíeSS, impíoving KiagnoSticS, tíeatment anK patient caíe acíoSS the globe. Ouí Health Segment compíiSeS fouí KiviSionS: l Spíingeí MeKizin KeliveíS SpecialiSt infoímation anK SeíviceS to healthcaíe píofeSSionalS acíoSS Geíman-Speaking íegionS. BSL píoviKeS publicationS, leaíning SolutionS anK píofeSSional SeíviceS foí healthcaíe píactitioneíS anK StuKentS in the NetheílanKS. Healthcaíe offeíS content anK SeíviceS to Suppoít the global exchange of infoímation aíounK Kíug tíeatmentS, meKical KeviceS anK KiagnoSticS to healthcaíe píofeSSionalS aíounK the woílK. ? The CuíeuS Jouínal of MeKical Science, a peeí-íevieweK O6 meKical jouínal built on a global online community platfoím, ShaíeS anK píomoteS publiSheK meKical íeSeaích by meKical píofeSSionalS. OUR IMPACT IN HEALTH IN 2025 * REACHING 324K+ HEALTHCARE PROFESSIONALS GLOBALLY Connccting hcalthcaíc :íofcssionals in thc Ncthcílanks BSL MeKia anK Leaíning connectS, inSpiíeS anK helpS to Kevelop healthcaíe píofeSSionalS in the NetheílanKS thíough face-to-face eventS. With 1"3 eventS in 2025, the buSineSS íeacheK moíe than 26,000 nuíSeS, KoctoíS, healthcaíe manageíS anK otheí SpecialiStS, a íecoíK numbeí. Event SeSSionS aKKíeSSeK cíitical topicS Such aS menopauSe, women'S heaít health, cultuíally SenSitive caíe anK 6I in healthcaíe. Píc:aíing koctoís in Gcímany foí s:ccialist cxams Spíingeí MeKizin'S Kigital tíaining píogíamme helpS young meKical KoctoíS píepaíe foí theií SpecialiSt examinationS. The caSe-baSeK píogíamme incluKeS SpecialiSt tíaining in 15 meKical SpecialitieS anK iS eníicheK with annotateK exam KueStionS, íefeíence mateíial anK in-Kepth knowleKge. 6lmoSt half of all meKical íeSiKentS in Geímany now uSe Spíingeí MeKizin'S tíaining píogíamme, with aíounK 20,000 paíticipantS each yeaí. 1st in Geímany with Koctoís 1st in the NetheílanKs with healthcaíe píofessionals 43k+ Doctoís using ouí MeKbee app © Spíingeí Natuíe *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION CORPORATE INFORMATION continued Ekucation Thíough ouí leaKing Macmillan EKucation bíanK, tíuSteK foí moíe than 130 yeaíS, we empoweí leaíneíS to Kevelop cíitical SkillS anK íeach theií full potential. We maintain a Stíong píeSence in local maíketS woílKwiKe, píoviKing high-Kuality, engaging teaching anK leaíning íeSouíceS, tailoíeK to meet the KiveíSe neeKS of SchoolS, teacheíS anK leaíneíS in both public anK píivate eKucation SyStemS. Ouí íeSouíceS Suppoít all SubjectS, fíom kinKeígaíten to gíaKe 12 (k-12). Ouí ELT KiviSion focuSeS on EngliSh Language Teaching content globally, with key maíketS in Spain, Mexico, PolanK anK Bíazil. The k-12 Cuííiculum KiviSion cíeateS íeSouíceS aligneK with national cuííicula in countíieS aíounK the woílK, with key maíketS in InKia, Mexico anK South 6fíica. 6S eKucational píacticeS evolve, we conStantly engage with ouí global communitieS, aligning maíket StíategieS with local eKucation píioíitieS to intíoKuce new Kigital appíoacheS anK innovative íeSouíceS to continually impíove leaíning outcomeS. OUR IMPACT IN EDUCATION IN 2025 * EMPOWERING THE EDUCATION JOURNEYS OF MILLIONS OF LEARNERS GLOBALLY Lcaíning thíough :lay In InKia, Macmillan EKucation bíingS the 'joy of play' into eaíly chilKhooK eKucation thíough an engaging SeíieS of woíkbookS. Featuíing fun chaíacteíS, P.L.6.Y. Time! (Play Leaín 6pply YouíSelf) SuppoítS the goalS of the national cuííiculum by píomoting liteíacy anK numeíacy, incluSivity, holiStic Kevelopment, life SkillS anK technology integíation. The SeíieS íeceiveK a BeSt PíoKuction awaíK at the píeStigiouS Excellence in Book PíoKuction 6waíKS 2025, íun by the FeKeíation of InKian PubliSheíS. Em:owcíing English languagc lcaíncís in Mcxico FíienKS ConnecteK iS a SeconKaíy School couíSe that empoweíS StuKentS to Speak with confiKence aS they connect with theií fíienKS, community anK the woílK. Taking an incluSive appíoach, with íeal-woílK íelevance, the couíSe helpS StuKentS to píogíeSS with theií EngliSh language leaíning, while alSo foSteíing Social valueS anK global awaíeneSS. It waS nominateK foí an awaíK foí EKitoíial 6ít, by the Mexican PubliShing 6SSociation (C6NIEM). 54 New eKucation textbook seíies publisheK 3.2m 6ctive useís engageK with Macmillan EKucation Eveíywheíe, ouí single, flexible platfoím foí all ouí eKucation content © Spíingeí Natuíe *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌GROUP STRATEGY 6t S:íingcí Natuíc, ouí :uí:osc is to bc :aít of :íogícss, woíking togcthcí with thc communitics wc scívc to shaíc knowlckgc ank bíing gícatcí unkcístanking to thc woílk. Ouí Stíategy íeflectS thiS puípoSe, built on ouí poSition aS the woílK'S laígeSt publiSheí of acaKemic jouínalS anK bookS, 6 ouí people'S expeítiSe, ouí inveStment in anK uSe of innovative technology, anK ouí tíuSteK íelationShipS with ouí cuStomeíS anK wiKeí communitieS. TheSe StíengthS poSition uS to gíow ouí íevenue anK aKjuSteK opeíating píofit aheaK of the maíket, while empoweíing íeSeaícheíS, teacheíS anK healthcaíe píofeSSionalS to make a laSting, poSitive impact on Society. We Keliveí ouí Stíategy by focuSing on fouí key píioíitieS: Díiving the tíanSition to open acceSS (O6) HaíneSSing technology anK 6I alongSiKe ouí Keep Komain expeítiSe EnSuíing Spíingeí Natuíe íemainS a place wheíe ouí highly SkilleK colleagueS can thíive in theií woík Enhancing buSineSS peífoímance while gíowing íeSponSibly anK SuStainably In aKKition, we maintain an active poítfolio management píogíamme that allowS uS to acKuiíe, KiveSt oí KiScontinue buSineSSeS anK activitieS wheíe appíopíiate, to Stíengthen ouí oveíall value anK long-teím peífoímance. DRIVING THE TRANSITION TO OA * OPEN ACCESS GROWING THE GLOBAL POOL OF TRUSTED KNOWLEDGE Twenty-five yeaíS ago, BMC waS founKeK aS the woílK'S fiíSt commeícial O6 publiSheí, when thiS waS conSiKeíeK a niche concept. By the enK of 202", Spíingeí Natuíe achieveK ouí ambitiouS taíget of publiShing 50% of píimaíy íeSeaích O6 - KemonStíating that a Scalable tíanSition to O6 waS not only poSSible, but SuStainable. In juSt a Kuaíteí of a centuíy, O6 haS íeShapeK how the woílK valueS anK ShaíeS íeSeaích, anK we íemain committeK to aKvancing O6 even fuítheí. ToKay, we Suppoít authoíS fíom almoSt all countíieS in the woílK to publiSh O6 acíoSS ouí poítfolio of moíe than 3,000 jouínalS, coveíing all acaKemic KiSciplineS. Ouí full O6 poítfolio compíiSeS moíe than 770 jouínalS acíoSS Six impíint bíanKS, anK incluKeS the woílK'S laígeSt full O6 jouínal, Scientific Reports , anK the moSt highly citeK full O6 jouínal, Nature Communications . In 2025, Six titleS fíom ouí youngeSt impíint, DiScoveí, íeceiveK theií fiíSt Jouínal Impact FactoíS. While oveíall we accepteK a loweí peícentage of papeíS SubmitteK to uS, the numbeí of O6 aíticleS publiSheK in 2025 íoSe - íeflecting continueK confiKence in ouí tíuSteK bíanKS. We íepoít annually on ouí O6 peífoímance anK píogíeSS: See ouí lateSt íepoít: httpS:// StoíieS.Spíingeínatuíe.com/ oa-íepoít-202"/ . In íeSponSe to the neeKS anK píioíitieS of the íeSeaích community, we want to bíeak Kown baííieíS to knowleKge, collaboíation anK píogíeSS to help Solve the woílK'S uígent challengeS. We believe thiS will happen faSteí anK moíe eKuitably when Science iS open: tíanSpaíent, tíuStwoíthy, acceSSible anK fíeely available to eveíyone to íeaK, Shaíe anK builK on. The founKation foí thiS viSion iS open acceSS. Foí moíe than two KecaKeS, we've been puShing the bounKaíieS in O6, anK toKay it iS ouí Kominant publiShing moKel, Seíving authoíS anK funKeíS, anK the main Kíiveí of ouí gíowth. To Suppoít the next phaSe of the O6 tíanSition, we aíe expanKing ouí íange of global tíanSfoímative agíeementS (T6S), which combine acceSS to O6 publiShing anK íeaKing, anK aíe tailoíeK to the neeKS of local íeSeaích communitieS, inveSting in technology anK woíking cloSely with inStitutionS anK funKeíS woílKwiKe, to make the tíanSition affoíKable, Simple anK Scalable. 53%+ of píimaíy íeseaích publisheK O6 in 2025 a 288,419 O6 aíticles publisheK, up 20% 947 O6 books publisheK 48 New O6 jouínals launcheK 62% of SDG-íelateK aíticles weíe O6 7.6 Citations peí O6 aíticle, which is 43% moíe than ouí closest puíe O6 competitoí b Souíce: OutSell 202" 6nnual EcoSyStem View of Scholaíly ReSeaích, Maích 2025. ThiS figuíe íefeíS to íeSeaích aíticleS incluKing CuíeuS but excluKing Natuíe ReviewS anK magazine content. 202" aíticleS. Souíce: Digital Science, DimenSionS. 6íticle citationS in publication yeaí anK yeaí afteí publication yeaí. *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued OPEN ACCESS * THE BENEFITS OF OPEN ACCESS Incícasck usagc, gícatcí im:act, moíc ícal-woílk outcomcs O6 iS moíe than Simply a publiShing moKel - it KíiveS tangible benefitS foí íeSeaícheíS, inStitutionS anK Society. 6uthoíS gain gíeateí viSibility anK impact, with O6 aíticleS íeceiving 1.7 timeS moíe citationS foí aíticleS than non-O6 eKuivalentS, anK foí O6 bookS it iS 2." timeS moíe. Foí libíaíianS anK inStitutionS, O6 content iS uSeK faí moíe wiKely, with O6 aíticleS KownloaKeK Six timeS moíe often, anK O6 bookS ten timeS moíe. MoSt impoítantly, íeSeaích that iS openly available íeacheS wiKeí auKienceS - fíom íeSeaícheíS anK policymakeíS, píactitioneíS anK the public - acceleíating knowleKge-Shaíing acíoSS boíKeíS anK helping Solve global challengeS moíe efficiently. Thc samc high stankaíks ank commitmcnt to Kuality In the O6 moKel, it iS typically the authoí'S funKeí oí inStitution that coveíS the publiShing coSt - íatheí than the íeaKeí, aS in the SubScíiption moKel. Howeveí, the eKitoíial anK peeí íeview píoceSSeS íemain unchangeK. Ouí acceptance íateS acíoSS ouí full O6 anK hybíiK titleS - jouínalS that publiSh both O6 anK SubScíiption content - have KecíeaSeK, íeflecting ouí íigoíouS StanKaíKS. InKepenKent peeí íevieweíS anK ouí expeít eKitoíS, both in-houSe anK fíom the wiKeí community, enSuíe that publicationS meet ouí Kuality benchmaíkS. ThiS appíoach SafeguaíKS the integíity of the íeSeaích íecoíK anK íeinfoíceS the íeputation of ouí bíanKS -ouí moSt valuable aSSetS. Su::oíting inclusivity DeSpite Significant global píogíeSS in O6, KiSpaíitieS in acceSS to funKing foí publiShing infíaStíuctuíe anK inStitutional Suppoít continue. To help aKKíeSS thiS, ouí 6PC waiveí anK KiScount policy SuppoítS authoíS in low- anK loweí-miKKle-income countíieS, anK thoSe who can KemonStíate that they lack funKing to coveí the full 6PC, íegaíKleSS of theií location oí KiScipline. Ouí full O6 jouínalS waiveK moíe than C22 million in 6PCS in 2025 foí authoíS in low- anK loweí-miKKle-income countíieS. We alSo continueK a píoject piloting KiScountS foí BMC SeíieS anK EMBO titleS, wheíe coííeSponKing authoíS aíe eligible foí up to 100% KiScount of the jouínal'S StanKaíK 6PC, KepenKing on theií location, íemoving baííieíS foí authoíS who might otheíwiSe be unable to publiSh. Bíinging 06 ícscaích to lifc Social meKia platfoímS aíe an incíeaSingly impoítant avenue foí Shaíing íeSeaích newS anK finKingS, paíticulaíly foí eaíly caíeeí íeSeaícheíS. Ouí 'Open 6cceSS viKeo SeíieS' bíingS new O6 íeSeaích to life, highlighting authoíS' woík acíoSS platfoímS Such aS YouTube, InStagíam, Facebook, BlueSky anK Х, aS well aS WeChat anK ReKNote in China. The populaí SeíieS won golK in the Excellence in Film/ViKeo categoíy at the Society foí Scholaíly PubliShing'S 2025 EPIC 6waíKS. OUR OPEN ACCESS MILESTONES 2000 BMC fiíst commcícial O6 publishcí 2011 Scientific Reports launchcs 2015 Fiíst publish-anK-ícaK Kcal bcgins 2023 3,500+ institutions globally bcncfiting fíom T6s 2025 Milcstonc ícachcK: Onc million authoís Scientific Reports 2005 Fiíst Spíingcí fully O6 jouínal 2014 Nature Communications bccomcs fully O6 2021 Onc millionth O6 aíticlc publishcK 2024 50% of píimaíy ícscaích publishcK O6 *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued OPEN ACCESS TEN YEARS OF TRANSFORMATIVE * 85 T6s woílKwiKe AGREEMENTS We have been pioneeíing T6S Since 2015, when we SigneK the woílK'S fiíSt íeaK anK publiSh agíeement with the 6SSociation of UniveíSitieS in the NetheílanKS (VSNU). T6S íemain the moSt effective mechaniSm to Suppoít an eKuitable, global tíanSition to O6 at Scale. Paíticipating inStitutionS combine jouínal SubScíiption íeaKing acceSS with O6 publiShing, allowing theií íeSeaícheíS to íeaK SubScíiption content anK publiSh theií íeSeaích O6 immeKiately in ouí jouínalS - píoviKing that the woík meetS ouí eKitoíial StanKaíKS. The benefitS of T6S extenK acíoSS the íeSeaích cycle. They aíe KeSigneK to be SuStainable anK flexible, tailoíeK to meet the neeKS of Kiffeíent inStitutionS, conSoítia anK countíieS. Foí libíaíianS anK íeSeaích manageíS, T6S Stíeamline woíkflowS anK expanK the viSibility, íeach anK impact of an inStitution'S íeSeaích, Keliveíing cleaí value to funKeíS. Foí íeSeaícheíS, T6S make O6 publiShing moíe viable anK eKuitable, íemoving financial baííieíS anK Suppoíting all KiSciplineS incluKing often unKeífunKeK aíeaS Such aS the humanitieS anK Social ScienceS. In 2025, moíe than 63,000 of ouí O6 aíticleS weíe funKeK thíough T6S, up 12% on 202". ThiS aKvanceS ouí goal of Keliveíing O6 foí authoíS acíoSS moíe íegionS anK íeSeaích fielKS. 19 New T6s in 2025 4k+ Institutions suppoíteK 63k+ O6 aíticles publisheK unKeí T6s in 2025, up 12% on 2024 Stíong momcntum in 2025 In 2025, we launcheK 19 new T6S anK íeneweK 17 T6S, taking ouí total numbeí at the enK of the yeaí to 35 woílKwiKe. In the US, we SigneK a lanKmaík Open PubliShing 6gíeement with the Big Ten 6caKemic 6lliance - enabling authoíS at 13 univeíSitieS to publiSh O6 in Spíingeí'S hybíiK jouínalS. ThiS builKS on Seveíal exiSting multi-yeaí agíeementS with majoí US conSoítia anK inStitutionS, incluKing the UniveíSity of Califoínia SyStem anK LYR6SIS - a non-píofit membeíShip oíganiSation Suppoíting libíaíieS, muSeumS anK cultuíal heíitage oíganiSationS - with an active agíeement coveíing moíe than 120 paíticipating inStitutionS. We alSo SigneK ouí fiíSt national T6 in MalaySia, a pivotal national agíeement coveíing íeSeaícheíS acíoSS all 20 of the countíy'S public univeíSitieS. TheSe anK ouí otheí new agíeementS KemonStíate the acceleíating global aKoption of O6 publiShing, acíoSS economieS of vaíiouS SizeS. © ViSual StuKio / GeneíateK with 6I / Stock.aKobe.com *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued OPEN ACCESS * Caíolyn Honouí Chief Commeícial Officeí I " n 2025, more than 63,000 of our OA articles were funded through TAs, advancing our goal of delivering more equitable OA for authors across regions and research fields. OUR TRANSFORMATIVE AGREEMENTS SUPPORT AUTHORS FROM MORE THAN 4,000 INSTITUTIONS GLOBALLY National, Sub-National oí InStitutional agíeement LARGEST with DE6L 1 (Geímany) FIRST with Califoínia 1 FIRST in Latin 6meíica 1 SIGNED with BT66 anK Lyíasis in the US FIRST national agíeement in Malaysia 1 LARGEST in }apan 1 6uStíalia anK New ZealanK 6uStíia BotSwana CanaKa Colombia CypíuS Czechia Denmaík Egypt FinlanK Fíance Geímany Gíeece Hong kong Hungaíy InKia IíelanK ISíael Italy Japan MalaySia Malta Mexico NetheílanKS Noíway Peíu PolanK Poítugal Ǫataí Romania SauKi 6íabia Slovakia Slovenia South 6fíica South koíea Spain SweKen SwitzeílanK Taiwan ThailanK Tüíkiye Uk US6 1 6t time of Signing. *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued HARNESSING TECHNOLOGY AND AI ALONGSIDE OUR DEEP DOMAIN EXPERTISE Technology iS a coíe Kíiveí of ouí Stíategy anK paít of ouí DN6. When combineK with ouí Keep inKuStíy knowleKge anK expeítiSe, it enableS uS to gíow SuStainably while píoviKing cutting-eKge SolutionS that cíeate value foí the communitieS we Seíve. ThiS focuS on community outcomeS iS íeflecteK in conSiStently high SatiSfaction ScoíeS íepoíteK by ouí authoíS, íevieweíS anK eKitoíS. Geneíative 6I, in paíticulaí, iS alíeaKy tíanSfoíming how we opeíate - enhancing anK impíoving the Kuality of ouí publiShing Seívice to the íeSeaích community, while alSo impíoving efficiency acíoSS ouí coíe opeíationS. Ouí píopíietaíy peeí íeview anK aíticle publiShing platfoím, Snapp (Spíingeí Natuíe 6íticle PíoceSSing Platfoím), iS centíal to thiS tíanSfoímation. In the futuíe, ouí inveStment in agentic 6I will enable uS to píoactively cooíKinate multi-Step taSkS. 6t the Same time, we maintain a human anK ethically guiKeK appíoach to the KeSign, Kevelopment anK Keployment of all ouí 6I-enableK SolutionS. TECH AND AI * HOW TECHNOLOGY IS HELPING TO ADVANCE PROGRESS Thíoughout ouí hiStoíy we have íegaíKeK new technology aS a catalySt foí oppoítunity. 6long with otheí acaKemic publiSheíS, we leK the Switch fíom píint to Kigital befoíe many otheí content inKuStíieS. Ouí tíanSition to O6 publiShing waS fuelleK by technology. ToKay, íapiK aKvanceS in 6I aíe enabling uS to impíove eveíy Step of the publiShing cycle - fíeeing up time foí íeSeaícheíS to focuS on conKucting íeSeaích. We aíe impíoving the SpeeK, accuíacy anK KiScoveíy of the publiSheK aíticle foí íeaKeíS. Ouí píopíietaíy platfoím, Snapp - the Spíingeí Natuíe 6íticle PíoceSSing Platfoím - waS cíeateK to make publiShing moíe intuitive anK efficient. DevelopeK in cloSe collaboíation with ouí íeSeaích communitieS, Snapp uSeS 6I to aSSiSt authoíS, eKitoíS anK íevieweíS fíom SubmiSSion anK peeí íeview to final publication. Built with flexibility anK íeSponSiveneSS in minK, Snapp continually evolveS baSeK on uSeí feeKback anK emeíging neeKS. Moíe than half ouí poítfolio iS íepíeSenteK on Snapp, anK aS we bíing moíe of ouí jouínalS on to the platfoím each month, authoíS benefit fíom a conSiStent, tíanSpaíent anK high-Kuality publiShing expeíience. ContinueK inveStment in ouí inteínal SyStemS iS enabling uS to manage gíowing volumeS of íeSeaích papeíS, poSitioning uS to meet íiSing global KemanK efficiently. *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. sna:: is kclivcíing gícat bcncfits foí ouí communitics. sincc launch: 7m UniKue authoís suppoíteK 3.7m Submissions 647k PublisheK aíticles 1,559 }ouínals onboaíKeK WoíkeK with 83.4k eKitoís fíom 171 countíies anK 1.2m íevieweís 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued TECH AND AI * BEING AN EARLY ADOPTER OF TECHNOLOGY HAS HELPED US TO... MAKE OUR CONTENT MORE ACCESSIBLE Moíe than 9O% of all ouí jouínal content anK all ouí books can be accesseK Kigitally MAKE OUR CONTENT MORE OPEN 53%+ of all píimaíy aíticles publisheK O6 in 2025 MAKE OUR CONTENT EASY TO USE Content KownloaKeK 5.6bn times acíoss all platfoíms in 2025 MAKE IT EASY TO PUBLISH WITH US Ouí jouínal tíansfeí íecommenKeí geneíateK 586k automateK tíansfeí íecommenKations 427k íecommenKations fíom ouí peeí íevieweí íecommenKeí 1.58m useís of ouí }ouínal FinKeí €188m Technology-íelateK spenK, incluKing íeseaích integíity Technology alSo playS a cíitical íole in píomoting anK impíoving eKuity in Science, aKKíeSSing baííieíS Such aS language, geogíaphy anK funKing. Thíough ouí 6I toolS that Suppoít tíanSlation, aíticle SummaíiSation anK impíoveK matching of manuScíiptS with appíopíiate peeí íevieweíS, we aíe helping make Scientific íeSeaích moíe incluSive anK acceSSible to a wiKeí auKience. SafeguaíKing íeSeaích integíity íemainS a funKamental píioíity foí uS. Ouí integíity expeítS aíe Keveloping anK Keploying 6I-enableK toolS to píotect the íeliability of the Scientific íecoíK - píeSeíving the value anK tíuSt that unKeípin ouí bíanK íeputation. Ouí Stíong financial peífoímance in 2025 SuppoíteK continueK inveStment in technology anK talent, lifting ouí total inveStment in theSe aíeaS to C133 million Since 2021. *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued TECH AND AI * THREADING AI THROUGHOUT THE RESEARCH ECOSYSTEM Foí moíe than a KecaKe, we've been exploíing how 6I can íevolutioniSe the way íeSeaích iS conKucteK, publiSheK anK conSumeK. Togetheí with ouí community paítneíS, we aíe focuSeK on unlocking 6I'S potential to aKvance Scientific KiScoveíy anK leaíning, píotect integíity anK píomote eKuity. Human oveíSight íemainS centíal to ouí appíoach. We have embeKKeK 6I acíoSS the entiíe íeSeaích ecoSyStem. 6I toolS Such aS 6Sk6KiS, KeSigneK foí the phaímaceutical Sectoí, píoviKe taígeteK, íeliable anSweíS to SpecialiSt KueíieS, while Natuíe ReSeaích 6SSiStant, ouí neweSt Kevelopment, helpS íeSeaícheíS íeaK anK SyntheSiSe liteíatuíe moíe efficiently. Ouí book KeSigneí tool SuppoítS authoíS with Stíeamlining manuScíipt cíeation, while ouí íevieweí finKeí tool helpS eKitoíS iKentify Suitable íevieweíS. Ouí jouínal anK tíanSfeí íecommenKeí toolS guiKe authoíS towaíKS the moSt Suitable jouínalS foí theií papeíS. We have alSo extenKeK theSe innovationS beyonK íeSeaích publiShing. In EKucation anK Health, Macmillan 6I 6SSiStant helpS teacheíS finK the beSt couíSe foí theií StuKentS, while the MeKbee app píoviKeS KoctoíS in Geíman Speaking countíieS with the lateSt knowleKge. TheSe applicationS KemonStíate how íeSponSible 6I can enhance acceSS to tíuSteK infoímation acíoSS KiSciplineS. Within ouí buSineSS, we aíe aKopting a people-fiíSt appíoach to 6I that SeekS to empoweí eveíy colleague with a íeSponSible technology fíamewoík to booSt píoKuctivity, innovation anK tíuSt. Ouí 6I 6caKemy, launcheK in 202", builKS capabilitieS anK unKeíStanKing among ouí colleagueS in uSing 6I to enhance theií woík íeSponSibly. CONDUCT RESEARCH WRITE MANUSCRIPT AND SUBMIT PAPER PEER REVIEW ACCEPT ARTICLE PUBLISH ARTICLE DISCOVER AND USE CONTENT SOME AI AND TECH INITIATIVES TRANSFORMING THE PUBLISHING PROCESS Natuíe Reseaích Assistant (beta phase) 6I-poweíeK íevieweí finKeí Tíansfeí íecommendeí Jouínal íecommendeí Editoíial-quality checkeí AskAdis AI Typesetting automation foí jouínals and books Natuíe Reseaích Assistant (beta phase) Integíity checks using Spíingeí Natuíe suite of tools Iííelevant-íefeíence detectoí Non-standaíd phíase detectoí *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued TECH AND AI * T " echnology is a core driver of our strategy and part of our DNA. When combined with our OUR AI PRINCIPLES Dignity, ícs:cct ank minimising haím We píioíitiSe human wellbeing anK Kignity, anK take StepS to píevent haím to Society anK the enviíonment. Faiíncss ank inclusivity We mitigate the potential foí Stíuctuíal biaS anK ineKuitieS. Tíans:aícncy We KiScloSe when an 6l SyStem iS being uSeK anK explain ouí píoceSSeS in acceSSible language. 6ccountability We maintain human oveíSight of the Kevelopment anK outcomeS geneíateK by ouí 6l toolS anK SolutionS. Píivacy ank kata govcínancc We SafeguaíK peíSonal píivacy anK follow all íelevant Kata píotection lawS. deep industry knowledge and expertise, it enables us to grow sustainably while providing cutting-edge solutions that create value for the communities we serve. This focus on community outcomes is reflected in consistently high satisfaction scores reported by our authors, reviewers and editors. Maíc S:cnlé Chief Opeíating Officeí © metamoíwoíkS / iStockphoto.com *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued TECH AND AI * OUR NEXT-GENERATION PLATFORMS AND INTELLIGENT TOOLS We continue to inveSt in next-geneíation Kigital platfoímS KeSigneK to make íeSeaích publiShing anK KiScoveíy Smootheí, faSteí anK moíe íewaíKing foí ouí Scholaíly communitieS. In 2025 wc saw: 12m 6ctive useís on natuíe.com each month 18m 6ctive useís on Spíingeí Natuíe Link each month 5.6bn DownloaKs acíoss all platfoíms, oveí 50% incíease on 2024 S:íingcí Natuíc Link ank natuíc.com Spíingeí Natuíe Link bíingS togetheí all jouínalS anK bíanKS in one place, offeíing a SeamleSS expeíience that integíateS Seaích anK KiScoveíy acíoSS ouí extenSive online collection of jouínalS, eBookS, íefeíence woíkS anK píotocolS. With 6I-poweíeK íeaKing íecommenKationS, Subject-Specific pageS anK a machine leaíning-poweíeK jouínal finKeí, the platfoím connectS íeSeaícheíS with the moSt íelevant content anK píoviKeS peíSonaliSeK Suppoít thíoughout the publiShing píoceSS, incluKing guiKance on 6PCS. Natuíe.com píoviKeS acceSS to the woílK'S higheSt impact íeSeaích anK helpS íeaKeíS Stay up to Kate via Nature 'S cutting-eKge jouínaliSm. Togetheí, Spíingeí Natuíe Link anK natuíe.com aíe the íeSeaích Natuíc Rcscaích 6ssistant Ouí neweSt 6I-poweíeK tool, Natuíe ReSeaích 6SSiStant, haS been built with íeSeaícheíS. It leveíageS an extenSive libíaíy of peeí-íevieweK content fíom many publiSheíS anK iS guiKeK by Natuíe Poítfolio'S eKitoíial StanKaíKS. Cuííently in beta teSting (2025), it aSSiStS with key íeSeaích taSkS Such aS wíiting, íeaKing anK liteíatuíe KiScoveíy. I " t allows for quick and accurate understanding of academic papers. Compared to other similar AI services, it appears to be more specialised in comprehending scholarly content. Hcak of Lab UniveíSity of OSaka, Japan 20k+ Beta useís of Natuíe Reseaích 6ssistant platfoímS of choice foí íeSeaícheíS woílKwiKe, with millionS of uSeíS each month. Both aíe KeSigneK to meet the KemanKS of all íeSeaícheíS, incluKing eaíly caíeeí íeSeaícheíS, who expect intuitive, high-peífoímance Kigital expeíienceS. © Spíingeí Natuíe *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued TECH AND AI * USING TECHNOLOGY TO STRENGTHEN RESEARCH INTEGRITY The vaSt majoíity of íeSeaích SubmitteK foí publication iS conceiveK anK peífoímeK with honeSty, íigouí anK caíe, helping to aKvance Scientific píogíeSS. Howeveí, unethical content iS SometimeS píoKuceK anK SubmitteK to publiSheíS anK, aS the volume anK complexity of acaKemic íeSeaích gíowS, new challengeS emeíge in SafeguaíKing the integíity of the publiSheK íecoíK. To aKKíeSS theSe challengeS, we continue to inveSt in innovative technologieS, paítneíShipS anK gooK píactice that help uS iKentify potential thíeatS to íeSeaích integíity befoíe publication. We have 75 people KeKicateK to íeSeaích integíity who aíe SuppoíteK by hunKíeKS of colleagueS acíoSS the buSineSS fíom collectionS manageíS, eKitoíial Suppoít to communicationS. In 2025, we expanKeK ouí integíity toolkit, uSing 6I anK otheí technologieS, to Suppoít ouí eKitoíS, íevieweíS anK authoíS at multiple pointS in the publiShing píoceSS. TheSe toolS aíe KeSigneK to complement human eKitoíial expeítiSe by iKentifying many SignS of potential eííoí anK anomalieS, incluKing manipulation oí integíity bíeacheS, eaíly in the SubmiSSion anK íeview píoceSS, fíeeing up time foí Keepeí eKitoíial aSSeSSment. 6mong ouí neweSt aKKitionS aíe a non-StanKaíK-phíaSeS Ketectoí, which iKentifieS unuSually conStíucteK oí convoluteK phíaSeS - a potential Sign of automateK paíaphíaSing - anK an iííelevant-íefeíence checkeí, which flagS citationS that appeaí uníelateK to the íefeíenceK content. We continue to Kevelop both theSe toolS to enhance theií impact. © Spíingeí Natuíe *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. TheSe toolS Sit alongSiKe otheí SolutionS KevelopeK by ouí in-houSe íeSeaích integíity anK technology teamS, togetheí with eStabliSheK anK matuíing thiíK-paíty Scíeening technologieS. TheSe technologieS píoviKe a multi-layeíeK appíoach of inteínal anK exteínal SolutionS helping uS maintain Kuality anK tíuSt in publiSheK íeSeaích. Collaboíation íemainS at the heaít of ouí effoítS. We paítneí with otheí publiSheíS' integíity Solution SpecialiStS anK the wiKeí publiShing community to Kevelop ShaíeK SolutionS to inKuStíy-wiKe iSSueS. 6S paít of thiS commitment, in 2025 we KonateK ouí nonSenSe-text Ketectoí to the STM Integíity Hub, a cíoSS-publiSheí initiative that SeekS to impíove Kata Shaíing anK facilitateS the joint Kevelopment of toolS to Ketect integíity íiSkS. W " e continue to invest in innovative technologies and practices that help us identify potential threats to research integrity before publication. Rachcl Jacobs Gíoup Geneíal CounSel 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued ENSURING SPRINGER NATURE REMAINS A PLACE WHERE OUR HIGHLY SKILLED COLLEAGUES CAN THRIVE IN THEIR WORK We empoweí ouí highly SkilleK colleagueS to be paít of píogíeSS - Koing meaningful anK íewaíKing woík thíoughout theií caíeeíS. Thíough ouí open anK ambitiouS cultuíe, we give people the Space anK oppoítunitieS they neeK to Kevelop theií cuíioSity, expanK theií hoíizonS, be themSelveS anK peífoím at theií beSt. We aíe committeK to an incluSive woíkplace aS we Stíive to builK Stíong paítneíShipS with the communitieS we Seíve. * 75 OUR PEOPLE Employee engagement scoíe, up one point ENGAGING WITH OUR COLLEAGUES LiStening to ouí people anK acting on theií feeKback iS cíucial to Keliveíing on ouí píomiSeS aS an employeí. We Ko thiS in vaíiouS wayS, incluKing employee foíumS anK ouí company-wiKe engagement Suívey. In 2025, thíee KuaíteíS of ouí colleagueS took paít in ouí engagement Suívey, which ShoweK poSitive tíenKS. Ouí main engagement Scoíe, baSeK on the KueStion, 'How happy aíe you woíking at Spíingeí Natuíe?' íeacheK 75, up one point fíom the píeviouS Suívey in 2023 anK Slightly higheí than the exteínal benchmaík. We engage ouí people in otheí wayS too, incluKing ouí annual innovation touínament. ThiS celebíateS ouí colleagueS' ingenuity in finKing cíeative SolutionS to píoblemS that help to Seíve ouí communitieS' changing neeKS. OUR PROMISES TO OUR PEOPLE Foí the thiíK yeaí in a íow, we weíe íecogniSeK aS a leaKing employeí in Geímany, the Uk anK the US in eaíly 2026. *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. SUPPORTING WELLBEING AND MENTAL HEALTH We want all ouí colleagueS to thíive - both peíSonally anK píofeSSionally. To píomote wellbeing anK mental health, we make guiKance anK íeSouíceS available to eveíyone, incluKing a 2"/7 global Employee 6SSiStance Píogíamme. Ouí hybíiK woíking policy anK 'woíkation' Scheme, which allowS colleagueS to woík fíom anotheí countíy, píoviKe flexibility anK contíibute to ouí KiStinctive cultuíe. In 2025 mental health waS a paíticulaí focuS acíoSS the buSineSS in Geímany, wheíe neaíly 20% of ouí woíkfoíce aíe baSeK. UnKeí the Mental Health FiíSt 6iKeí píogíamme, we began tíaining SelecteK employeeS acíoSS ouí officeS to íecogniSe waíning SignS of mental StíeSS anK help colleagueS acceSS píofeSSional Suppoít when neeKeK. TRAINING AND CAREER DEVELOPMENT To píomote continual leaíning, we encouíage ouí people to uSe theií five KeKicateK KayS a yeaí allocateK to tíaining anK Kevelopment. We aíe eSpecially focuSeK on helping people builK the SkillS they neeK to píogíeSS within the buSineSS anK aKvance theií futuíe caíeeíS. One example of thiS appíoach iS the new Macmillan 6caKemy of Commeícial SucceSS, a global leaíning anK Kevelopment platfoím KeSigneK foí colleagueS in SaleS, maíketing anK cuStomeí Suppoít, to help them íeach theií full potential. Ouí 6I 6caKemy SuppoítS all ouí people in leaíning how to uSe technology íeSponSibly in theií woík, enabling them to Kevelop theií unKeíStanKing anK capabilitieS. In 2025, moíe than 5,000 colleagueS took aKvantage of ouí viítual anK on-Site offeíingS to enhance theií SkillS uSing 6I-baSeK new technologieS. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued OUR PEOPLE * GENDER SPLIT 40 50 53 59 47 50 % women % men 1 Peícentages may not total 100% due to íounding. M P A T N H A R C E G O E E M L P E M A A N E Y D - E N W I R T D S E 1 H B I P O T A I E R R D S EMBRACING GLOBAL INCLUSION T O We believe that KiveíSe peíSpectiveS Kíive píogíeSS, anK we aíe committeK to cíeating an incluSive enviíonment wheíe people anK iKeaS can flouíiSh. We Stíive to foSteí an open, welcoming anK Suppoítive cultuíe wheíe colleagueS can be theií tíue SelveS, paíticipate eKually anK peífoím at theií beSt. We achieve thiS by embeKKing incluSive píacticeS into Kaily píoceSSeS anK by Suppoíting a Stíong SenSe of belonging acíoSS all teamS. We Set ouí fiíSt genKeí íepíeSentation goal, which applieS wheíe íegulationS allow, in 2013: "5% women in the top thíee tieíS of leaKeíShip. 6S at 31 Decembeí 2025, women maKe up 50% of ouí Management BoaíK anK "7% of ouí top thíee leaKeíShip tieíS a - figuíeS that compaíe favouíably with ouí inKuStíy peeíS. Foí thoSe at the Staít of theií caíeeíS, ouí 'Opening DooíS' inteínShip píogíamme píoviKeS eaíly woík expeíience in íeSeaích anK Science publiShing to StuKentS anK gíaKuateS. In 2025, the píogíamme expanKeK to China anK the NetheílanKS. OUR EMPLOYEE NETWORKS Exteínally, we aim to íeflect the KiveíSity of the woílK we Seíve by engaging wiKely, píomoting incluSive eKitoíial píacticeS anK bíoaKening acceSS to knowleKge. In 2025, we publiSheK a íepoít on incluSive book publiShing, b íevealing that the KemogíaphicS of authoíS anK eKitoíS acíoSS the inKuStíy Still Ko not íeflect the global íeSeaích community. It ShoweK that oveí the paSt two KecaKeS, thiS community haS changeK Significantly, Kíiven by the íiSing volume anK impact fíom China, anK by the fact that women now íepíeSent 30-50% of íeSeaícheíS globally, KepenKing on caíeeí Stage, íegion anK KiScipline. ThiS Kata-Kíiven appíoach allowS uS to both meaSuíe change anK inSpiíe action. We collaboíate with inStitutionS, funKeíS anK paítneíS to aKvance moíe incluSive appíoacheS to íeSeaích anK leaíning. Inteínally, moíe than 1,300 colleagueS belong to ouí 10 employee netwoíkS. Ouí netwoíkS píomote Kialogue anK unKeíStanKing aíounK a vaíiety of topicS, uSing a íange of foímatS to contíibute to a lively anK engaging woíking enviíonment. Ouí top thíee leaKeíShip tieíS conSiSt of the Management BoaíK, Kiíect íepoítS to the Management BoaíK, anK theií Kiíect íepoítS. httpS://StoíieS.Spíingeínatuíe.com/bookS-KiveíSity-íepoít . © Spíingeí Natuíe *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued OUR PEOPLE GIVING BACK TO OUR COMMUNITIES In 2015 we bíought togetheí a hoSt of long-tíuSteK bíanKS incluKing Spíingeí, Macmillan EKucation, Natuíe anK Palgíave to foím Spíingeí Natuíe. ThiS yeaí, aS we maíkeK ouí 10-yeaí anniveíSaíy, we uSeK thiS mileStone aS an oppoítunity to give back to ouí communitieS aíounK the woílK. In 3" global locationS, colleagueS volunteeíeK on píojectS Suppoíting the UN SuStainable Development GoalS (SDGS), fíom helping in fooK bankS to planting tíeeS. We KonateK to cauSeS that matteí to ouí people anK make a Kiffeíence locally. We alSo KonateK moíe than C110,000 to oíganiSationS choSen by Staff, Suppoíting a wiKe íange of cauSeS, incluKing homeleSSneSS, eKucation foí the young anK fooK Secuíity. OUR ETHICAL EXPECTATIONS We holK ouíSelveS anK ouí paítneíS to high StanKaíKS of SuStainable, ethical anK Socially íeSponSible behaviouí. Ouí CoKe of ConKuct SetS out cleaí expectationS to tíeat ouí employeeS faiíly anK íeSpectfully. We alSo have coKeS of conKuct foí ouí SupplieíS anK publiShing eKitoíS. * SHARING SUCCESS Ouí SDG GameS campaign won thíee Coípoíate Engagement 6waíKS in the Uk. ColleagueS in ouí global officeS competeK to cíeate the gíeateSt impact, with winning teamS eaíning a Konation foí a local chaíity. Fíom 'plant-athonS' to 'waSte-lifting', 91 eventS acíoSS 31 locationS bíought SuStainability to life in fun, cíeative anK impactful wayS. 6t the Employeí BíanK Management 6waíKS 2025, we won two awaíKS foí ouí employeí bíanK ambaSSaKoí píogíamme, which empoweíS colleagueS to Kefine theií own peíSonal bíanK, gíow theií netwoíkS anK amplify theií influence on LinkeKIn. © Spíingeí Natuíe *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued ENHANCING BUSINESS PERFORMANCE WHILE GROWING RESPONSIBLY AND SUSTAINABLY We maintain conStant coSt contíol acíoSS all ouí buSineSSeS, uSing innovative technology wheíe appíopíiate. 6t the Same time, we take íeSponSibility foí Kíiving SuStainable píogíeSS anK minimiSing ouí impact on the planet. We aíe committeK to gíowing íeSponSibly anK SuStainably, while maintaining ouí leaKing íeputation anK high levelS of community SatiSfaction. ThiS commitment iS íeflecteK in ouí championing of the SDGS, the way we publiSh the lateSt Scientific inSightS, the enviíonmentally íeSponSible management of ouí buSineSSeS anK ouí conSiStently Stíong cuStomeí SatiSfaction ScoíeS. * HIGH LEVELS OF CUSTOMER SATISFACTION A " s a business we strive for operational excellence and efficiency. This enables us to deliver value to our customers, invest in initiatives that benefit society and our communities, and strengthen our financial performance. 6lcxankía Dambcck Chief Financial Officeí YonKeí Reputation Suívey anK CíeKit Scoíe, 2025. CS6T ScoíeS. Píopoítion that íateK the publiShing expeíience excellent oí gooK. © kwanchaift / Stock.aKobe.com *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. The Spíingeí Natuíe 2025 íeputation Suívey a founK that acaKemic publiSheíS geneíally haK gooK íeputationS. Spíingeí Natuíe haS the StíongeSt íeputation amongSt inKuStíy peeíS, with both the higheSt Reputation CíeKit Scoíe (799/1,000) anK the higheSt IntenSity Scoíe (635/1,000). TheSe inKicate that Spíingeí Natuíe iS both the moSt favouíably vieweK oíganiSation anK the one with the moSt poSitive Sentiment. High customeí satisfaction scoíes: b 87% 6mong jouínal authoís 88% 6mong íevieweís 72% 6mong eKitoís 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued ACTING RESPONSIBLY WORKING TOGETHER TO SOLVE THE WORLD'S URGENT CHALLENGES We woík cloSely with the global community of acaKemic íeSeaícheíS anK eKucatoíS who Stíive to KiSSeminate knowleKge, Solve píeSSing KueStionS anK leave the woílK betteí than they founK it. We Shaíe theSe paSSionS to have a poSitive impact on Society, which iS why we aíe SteaKfaStly committeK to píogíeSS towaíKS the SDGS. LauncheK in 2015, theSe 17 goalS aíe a call to action to tackle global challengeS - fíom poveíty anK ineKuality to climate change - by 2030. Ouí moSt Significant contíibution to the SDGS iS thíough ouí píoviSion of cuíateK, high-Kuality content. By íaiSing awaíeneSS of the goalS to íeSeaícheíS anK Shaíing the lateSt íeliable inSightS with KeciSion makeíS, we can Suppoít the Kíive foí meaningful change. Ouí aim iS to píoviKe a home foí all íobuSt, SounK SDG-íelateK content anK, in thiS, we have leK the fielK among íeSeaích publiSheíS foí a KecaKe. Having paSSeK the mileStone of publiShing one million SDG-íelateK aíticleS anK book chapteíS in 202", by the enK of 2025, thiS íeSeaích haK been citeK moíe than 23 million timeS. In 2025, we publiSheK moíe than 153,000 SDG-íelateK aíticleS anK bookS Suppoíting the goalS of which, 62% weíe publiSheK O6. To analySe the íeal-woílK impact of thiS íeSeaích, we collaboíateK with Oveíton, which maintainS the woílK'S laígeSt KatabaSe of policy KocumentS anK theií citationS. Togetheí, we mappeK how policymakeíS uSe íeSeaích to Shape legiSlation, guiKe funKing KeciSionS oí infoím public píogíammeS aimeK at aKvancing the SDGS. The finKingS, available on ouí webSite, a offeí actionable inSightS foí íeSeaícheíS, publiSheíS anK inStitutionS Seeking to enSuíe that eviKence continueS to Kíive SolutionS to the woílK'S moSt uígent challengeS. Ouí commitment to the SDGS anK SuStainability iS ShaíeK by ouí colleagueS, many of whom volunteeí acíoSS 17 woíking gíoupS to aKvance the goalS. Neaíly one in fouí of ouí people iS actively involveK in SuStainability iSSueS, incluKing thíough ouí employee netwoíkS Such aS the Gíeen Impact Netwoík. * 158k+ SDG-íelateK aíticles anK books publisheK in 2025 62% of SDG-íelateK aíticles publisheK O6 in 2025 860m+ KownloaKs of SDG-íelateK aíticles in 2025 We publiSh íeSeaích íelateK to all the SDGS, but ouí five focuS aíeaS, wheíe we believe Spíingeí Natuíe makeS the biggeSt impact aíe SDG " (Ǫuality EKucation), SDG 5 (GenKeí EKuality), SDG 10 (ReKuceK IneKualitieS), SDG 13 (Climate 6ction) anK SDG 17 (PaítneíShipS foí the GoalS). a See httpS://StoíieS.Spíingeínatuíe.com/SKg-impact-íepoít . © Taking Root *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION GROUP STRATEGY continued * ACTING RESPONSIBLY ACTION FOR OUR SHARED CLIMATE 6S a leaKing publiSheí of climate-íelateK íeSeaích, we aíe committeK to ambitiouS Science-baSeK taígetS to íeKuce ouí caíbon emiSSionS. Ouí goal iS to achieve net zeío emiSSionS by 20"0 - ten yeaíS aheaK of the timeline Set out in the PaíiS 6gíeement. To get theíe, we aíe implementing a compíehenSive tíanSition plan combining Shoít-teím emiSSion íeKuction meaSuíeS with longeí-teím taígetS, in line with the Scientific conSenSuS on mitigating the woíSt effectS of climate change. c.50% ReKuction in oveíall emissions since 2019 We have been caíbon neutíal in ouí Kiíect opeíationS Since 2020, offSetting emiSSionS fíom ouí builKingS, fleetS anK flightS. In 2025, we continueK thiS commitment by Suppoíting Communitíee, the laígeSt íefoíeStation píoject in Nicaíagua. b CeítifieK by Plan Vivo, Communitíee íeStoíeS bioKiveíSe foíeStS to manage global caíbon levelS anK KeliveíS Social anK economic benefitS to local communitieS. BUILDING A MORE SUSTAINABLE CARIBBEAN SUPPLY CHAIN We continue to íeKuce enviíonmental impactS in ouí buSineSS, incluKing in the Caíibbean, wheíe Macmillan EKucation haS a long-StanKing píeSence. Until íecently, bookS foí the íegion weíe píinteK in multiple global locationS, incluKing 6Sia, then ShippeK to the Uk foí conSoliKation befoíe being foíwaíKeK to Caíibbean cuStomeíS. In 2025, we began implementing a new, moíe SuStainable appíoach, paítneíing with two local píinteíS in TíiniKaK, eStabliShing a local waíehouSe anK collaboíating with íegional Shipping agentS. ThiS cíeateK an integíateK Caíibbean KiStíibution netwoík, which íeKuceS tíanSit KiStanceS anK Keliveíy timeS, StíengthenS local Supply chainS anK SuppoítS íegional economieS. HURRICANE MELISSA RELIEF: REBUILDING LIVES, RESTORING HOPE Following the KevaStation cauSeK by Huííicane MeliSSa acíoSS the Caíibbean in Octobeí 2025 - which cauSeK Seveíe loSS of life anK Kamage in Jamaica, eKuivalent to aíounK "0% c of itS GDP - Spíingeí Natuíe contíibuteK to the Goveínment of Jamaica'S official íelief funK to Suppoít emeígency aiK, healthcaíe anK íebuilKing. PíopoSeK by ouí EKucation team, with the Suppoít of ouí Black Employee Netwoík, thiS initiative íeflectS ouí long-StanKing connectionS with Jamaica, incluKing a "0-yeaí paítneíShip with kingSton BookShop. Ouí Suppoít unKeíScoíeS ouí commitment to Suppoíting communitieS in timeS of cíiSiS, helping to íebuilK liveS anK íeStoíe hope. httpS://gíoup.Spíingeínatuíe.com/gp/gíoup/taking-íeSponSibility/acting-on-caíbon . httpS:// woílKbank.oíg/en/newS/píeSS-íeleaSe/2025/11/19/ woílK-bank-iKb-eStimate-huííicane-meliSSa-Kamage-to-jamaica-totalS-all-time-high-of-uS-3-3-billion . © valentiníuSSanov / iStock *Content KiSplayeK in thiS blue box iS not Subject to exteínal auKit. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌MANAGEMENT SYSTEM We aim to Keliveí SuStainable oíganic gíowth while incíeaSing píofitability anK the long-teím value of the Gíoup. Ouí inteínal management SyStem iS KeSigneK to Suppoít the Management BoaíK anK the management of ouí Gíoup, SegmentS anK KiviSionS So that KeciSion making anK activitieS conSiStently align with theSe objectiveS. To incíeaSe the value of ouí buSineSS, we focuS on the continuouS gíowth of fíee caSh flow anK on effective capital allocation. Revenue anK aKjuSteK opeíating píofit aíe ouí moSt impoítant financial taígetS. Theíefoíe, we have iKentifieK theSe aS ouí key peífoímance inKicatoíS (kPIS) anK alSo embeKKeK them into the Management BoaíK'S íemuneíation SyStem. We KeSigneK ouí inteínal management planning anK íepoíting SyStem to píoviKe appíopíiate toolS anK inSightS to aSSeSS cuííent buSineSS peífoímance anK to Keíive futuíe Stíategy anK inveStment KeciSionS. In 2025, we KefineK aKjuSteK eaíningS peí Shaíe aS an aKKitional otheí financial peífoímance inKicatoí, íeinfoícing ouí focuS on SuStainable ShaíeholKeí value cíeation. Ouí kPIS anK otheí financial peífoímance inKicatoíS aíe íegulaíly monitoíeK anK compaíeK againSt taígetS. Wheíe actual anK taíget numbeíS Kiffeí, we peífoím a KetaileK analySiS to iKentify anK aKKíeSS the cauSe. KEY PERFORMANCE INDICATORS Ouí key peífoímance inKicatoíS aíe unKeílying íevenue anK unKeílying aKjuSteK opeíating píofit aS KefineK below. Rcvcnuc The íecognition of íevenue followS the píoviSionS unKeí IFRS 15 Revenue fíom ContíactS with CuStomeíS. 6kjustck o:cíating :íofit We Kefine aKjuSteK opeíating píofit aS the íeSult fíom opeíationS befoíe gainS/loSSeS fíom the acKuiSition/KiSpoSal of buSineSSeS/inveStmentS, amoítiSation/Kepíeciation anK impaiíment of acKuiSition-íelateK aSSetS anK exceptional itemS. Exceptional itemS íelate to effectS unuSual in natuíe anK occuííing infíeKuently outSiKe the oíKinaíy couíSe of buSineSS. 6moítiSation/Kepíeciation anK impaiíment of acKuiSition-íelateK aSSetS íelate to faií value aKjuStmentS íecogniSeK in connection with buSineSS combinationS. Rcsult fíom opcíations 6moítiSation/Kepíeciation anK impaiíment on acKuiSition-íelateK aSSetS Exceptional itemS GainS/+loSSeS fíom the acKuiSition/KiSpoSal of buSineSSeS/ inveStmentS = 6kjustck o:cíating :íofit Unkcílying changc Given that yeaí-on-yeaí compaíiSonS of íevenue anK aKjuSteK opeíating píofit may be influenceK by movementS in foíeign cuííency exchange íateS, changeS in the buSineSS poítfolio anK accounting changeS, we have KefineK unKeílying íevenue anK unKeílying aKjuSteK opeíating píofit aS key peífoímance inKicatoíS. To eliminate foíeign exchange effectS foí the peíioK-to-peíioK compaíiSon, the cuííency conveíSion foí gíoup entitieS that have a functional cuííency otheí than the euío iS conKucteK uSing the Same aveíage exchange íateS aS thoSe uSeK foí the íeSpective compaíiSon peíioK. In aKKition, íevenue KenominateK in a contíact cuííency otheí than the functional cuííency of the íeSpective gíoup entity iS alSo conSiKeíeK anK íe-tíanSlateK aSSuming the Same aveíage exchange íate uSeK foí the peíioK-to-peíioK compaíiSon. The cuííency conveíSion of the StatementS foí píofit oí loSS fíom entitieS in hypeíinflation economieS iS conKucteK foí both peíioKS uSing exchange íateS baSeK on foíwaíK exchange íateS oí foíwaíK exchange íate eStimateS. To eliminate changeS in buSineSS Scope foí the peíioK-to-peíioK compaíiSon, buSineSSeS acKuiíeK anK buSineSSeS KiSpoSeK of, oí which we KeciKeK to KiScontinue, aíe eliminateK in íevenue anK aKjuSteK opeíating píofit in the íelevant íepoíting anK compaíiSon peíioK. To eliminate effectS fíom accounting change in the íepoíting peíioK, the compaíiSon peíioK iS aKjuSteK aS if the accounting change haK alíeaKy been applieK in thiS peíioK. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION ‌ MANAGEMENT SYSTEM continued OTHER FINANCIAL PERFORMANCE INDICATORS 6kjustck EBITD6 (caínings bcfoíc intcícst, tax, kc:ícciation ank amoítisation) 6KjuSteK EBITD6 iS KefineK aS EBITD6 aKjuSteK foí gainS/ loSSeS fíom acKuiSition/KiSpoSal of buSineSSeS/inveStmentS, anK exceptional itemS íelating to effectS of an unuSual natuíe anK occuííing infíeKuently outSiKe the oíKinaíy couíSe of buSineSS. Unkcílying akjustck o:cíating :íofit maígin UnKeílying aKjuSteK opeíating píofit maígin iS the íatio of unKeílying aKjuSteK opeíating píofit to unKeílying íevenue. Nct financial kcbt Net financial Kebt iS KefineK aS long- anK Shoít-teím inteíeSt-beaíing loanS anK boííowingS anK long- anK Shoít-teím leaSe liabilitieS net of caSh anK caSh eKuivalentS. Financial lcvcíagc Financial leveíage iS KefineK aS net financial Kebt KiviKeK by aKjuSteK EBITD6 foí the paSt 12 monthS. Fícc cash flow Fíee caSh flow iS KefineK aS the Sum of net caSh fíom opeíating activitieS anK caSh paiK foí inveStmentS in intangible aSSetS, inveStmentS in píopeíty, plant anK eKuipment, inveStment in content (SummaíiSeK aS inveStmentS), anK caSh íepaymentS of leaSe liabilitieS (leaSe íepaymentS) anK caSh íeceiveK foí inteíeSt/caSh paiK foí inteíeStS anK financing-íelateK feeS (net inteíeStS anK financing-íelateK feeS). 6kjustck caínings :cí shaíc 6KjuSteK eaíningS peí Shaíe iS calculateK by KiviKing the aKjuSteK net íeSult foí the yeaí attíibutable to eKuity holKeíS of the paíent by the weighteK aveíage numbeí of oíKinaíy ShaíeS in iSSue Kuíing the yeaí. The aKjuSteK net íeSult foí the yeaí attíibutable to eKuity holKeíS of the paíent iS KefineK aS the net íeSult foí the yeaí attíibutable to eKuity holKeíS of the paíent aKjuSteK foí gainS/loSSeS fíom the acKuiSition/KiSpoSal of buSineSSeS/inveStmentS, amoítiSation/Kepíeciation anK impaiíment of acKuiSition-íelateK aSSetS anK exceptional itemS aS well aS tax effectS íeSulting fíom theSe aKjuStmentS anK effectS on KefeííeK taxeS Kue to tax íate changeS with íeSpect to acKuiSition-íelateK aSSetS anK liabilitieS. Nct ícsult foí thc ycaí attíibutablc to cKuity holKcís of thc paícnt 6moítiSation/Kepíeciation anK impaiíment on acKuiSition-íelateK aSSetS Exceptional itemS GainS/+loSSeS fíom the acKuiSition/KiSpoSal of buSineSSeS/ inveStmentS Tax effectS = 6KjuSteK net íeSult foí the yeaí attíibutable to eKuity holKeíS of the paíent ÷ WeighteK aveíage numbeí of oíKinaíy ShaíeS (baSic) = Basic akjustck caínings :cí shaíc Nct cash fíom opcíating activitics InveStmentS LeaSe íepaymentS Net inteíeStS anK financing-íelateK feeS = Fícc cash flow 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION REPORT ON ECONOMIC POSITION MACROECONOMIC ENVIRONMENT The Gíoup'S peífoímance iS cloSely linkeK to the economic anK financial Stíength of itS cuStomeí baSe anK theií funKing anK puíchaSing poweí. SpenKing on acaKemic íeSeaích iS laígely goveínment-funKeK anK theíefoíe cloSely linkeK to public buKget KevelopmentS, wheíeaS píivate-Sectoí íeSeaích expenKituíe iS moíe KepenKent on economic conKitionS anK inKuStíy-Specific tíenKS. FactoíS like economic gíowth, economic policieS, inflation anK changeS in exchange íateS influence public, coípoíate anK píivate buKgetS. Theíefoíe, ouí buSineSS iS chaíacteíiSeK by macíoeconomic anK geopolitical KevelopmentS in the íelevant maíketS anK countíieS. The global economy in 2025 ShoweK Stíongeí-than-expecteK íeSilience KeSpite an unuSually challenging geopolitical anK policy enviíonment. Gíowth helK up aS fiímS continueK to inveSt heavily in technology, paíticulaíly in the US anK paítS of 6Sia, offSetting weakneSSeS in manufactuíing output in Euíope anK Softening global KemanK. 6t the Same time the macíoeconomic backKíop íemaineK ShapeK by the píolongeK waí in Ukíaine, continueK inStability in the MiKKle EaSt, tenSionS between the US anK China, íegional aímeK conflictS anK incíeaSeK píotectioniSm anK íeStíictionS to global tíaKe. FíeKuent aKjuStmentS to US tíaKe policy aKKeK moíe complexity by íeShuffling impoít coSt StíuctuíeS acíoSS SectoíS influencing global Supply chainS anK contíibuting to peíSiStent píice píeSSuíeS in SelecteK maíketS. ElevateK Kebt levelS combineK with loweí gíowth píoSpectS, higheí inteíeSt íateS anK new SpenKing neeKS foí Some countíieS íeKuceK fiScal flexibility anK incíeaSeK píeSSuíe on public buKgetS fuítheí. Financial maíketS Saw higheí volatility anK a Significant Kepíeciation of the US Kollaí againSt key cuííencieS. Inflation geneíally moveK loweí woílKwiKe, although at Kiffeíent SpeeKS acíoSS majoí economieS. DeSpite all theSe challengeS, the global economy haS píoveK íeSilient, with economieS anK maíketS aKapting to thiS new enviíonment. 6ccoíKing to the Inteínational Monetaíy FunK (IMF), global economic gíowth iS eStimateK at appíoximately 3.3% in 2025. 7 The US economy gíew by 2.1%, affecteK by policy unceítainty anK tíaKe baííieíS. The Euíozone Saw a moKeSt gíowth of 1."%, alSo hampeíeK by elevateK economic unceítainty. In contíaSt, Japan'S economic gíowth acceleíateK anK gíew by 1.1% in 2025, mainly Kíiven by íeal wageS incíeaSe anK conSumeí SpenKing. Emeíging maíketS anK Keveloping economieS íemaineK íeSilient with economic gíowth by "."% with Significant contíibutionS fíom Emeíging 6Sia. INDUSTRY-SPECIFIC ENVIRONMENT The Kevelopment in the maíket of ouí ReSeaích Segment KepenKS on macíoeconomic tíenKS anK the gíowth of key maíket factoíS, Such aS the public SpenKing on íeSeaích anK higheí eKucation, numbeí of íeSeaích inStituteS anK numbeí of publicationS of Scientific íeSeaích íeSultS. The buKgetS of ouí key cuStomeíS in the ReSeaích Segment, Such aS univeíSitieS anK acaKemic libíaíieS mainly KepenK on public inveStment in íeSeaích anK teaching, thuS on the level anK gíowth of wealth in an economy, anK the political will anK policieS Kíiving anK Kiíecting Such inveStmentS. In Some íegionS anK economieS, píivate funKS, Such aS tuition feeS, founKationS anK KonationS, play an impoítant íole aS well. In aKvanceK economieS, univeíSity libíaíy buKgetS have Seen only moKeSt gíowth in íecent yeaíS, often juSt compenSating foí inflation. ThiS haS limiteK the SpenKing on content acKuiSition, foícing íeSeaích libíaíieS to balance puíchaSing with level of Seívice amiK íiSing content volume. 6t the Same time, many íeSeaích funKing oíganiSationS have SteppeK up theií Suppoít foí open acceSS (O6) publiShing anK have SubStantially incíeaSeK the funKS they make available to theií íeSeaícheíS to finance oí SubSiKiSe publication feeS. In paíallel, the KiScuSSion aíounK migíation to O6 anK itS funKing haS fuítheí evolveK with Some funKeíS aKjuSting theií policieS theíeby naííowing the Scope anK level of funKing. In 2025, ongoing geopolitical anK macíoeconomic píeSSuíeS continueK to weigh on public financeS, leaKing Seveíal economieS to extenK exiSting auSteíity píogíammeS anK intíoKuce new fiScal conSoliKation meaSuíeS. In aKKition, Some juíiSKictionS íeallocateK buKgetS to íeflect a new Stíategic píioíitiSation of policy objectiveS. In emeíging anK Keveloping economieS, higheí inveStmentS in eKucation anK íeSeaích have incíeaSeK funKing of exiSting libíaíieS anK eStabliSheK new acaKemic inStitutionS. Howeveí, fiScal conStíaintS anK cuííency Kepíeciation againSt the US Kollaí, local conflictS, anK natuíal KiSaSteíS have poSeK challengeS to economieS, eSpecially in the loweí-miKKle- anK low- income countíieS. The effectS of theSe tíenKS on ouí ReSeaích Segment have So faí been limiteK to Single cuStomeíS íeKucing theií SpenKing becauSe of buKget conStíaintS. See httpS://imf.oíg/en/publicationS/weo/iSSueS/2026/01/19/woílK-economic-outlook-upKate-januaíy-2026 . 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION REPORT ON ECONOMIC POSITION continued The Kevelopment of ouí Health Segment iS Kíiven by the Kiffeíent maíketS ouí KiviSionS opeíate in. Ouí Healthcaíe KiviSion engageS globally in maíketS aíounK phaímaceutical anK KiagnoStic íeSeaích anK Kevelopment, ShapeK by an incíeaSing volume of complex novel Kíug launcheS, which in tuín KíiveS KemanK foí Kigital Scientific communication anK eKucational píoKuctS. CautiouS SpenKing in Some maíketS Kue to the macíoeconomic Situation anK íebalancing of píomotional SpenKing, in paíticulaí in the Geíman maíket, affecteK the Healthcaíe KiviSion in 2025. The Stíuctuíal Kecline in píomotional píint KeliveíableS continueK in the maíketS. Spíingeí MeKizin anK BSL aíe mainly taígeting healthcaíe píofeSSionalS anK phaímaceutical companieS in Geíman-Speaking Euíope anK the NetheílanKS, which makeS theSe KiviSionS moíe KepenKent on the economic anK maíket KevelopmentS in theSe maíketS, anK So they haK a challenging yeaí. Ouí EKucation Segment opeíateS in a KiveíSe global maíket ShapeK by local Kemogíaphic KevelopmentS, funKing moKelS anK teaching píacticeS. 6S we Seíve public anK píivate SchoolS, goveínmentS, goveínment- anK píivate-funKeK eKucation inStitutionS, anK píivate houSeholKS, gíowth in thiS Segment KepenKS on both public anK píivate inveStment in eKucation, which iS influenceK by macíoeconomic tíenKS anK the Kevelopment of the local economieS. DeSpite a poSitive tíenK in many economieS we opeíate in, 2025 waS in geneíal challenging amiK the macíoeconomic Situation anK elevateK Kebt levelS weighing on public financeS - which, in a few caSeS, alSo íeSulteK in the íeKiíection of buKgetS, buKget cutS oí the Kelay of cuííiculum íefoímS anK inveStment in eKucation. In Some maíketS we continueK to face Stíuctuíal changeS, incíeaSeK goveínment inteívention anK píotectioniSm. ‌RESULTS OF OPERATIONS The financialS in the table below aíe baSeK on ouí conSoliKateK financial StatementS foí the financial yeaí 2025, which have been píepaíeK in accoíKance with the IFRS aS enKoíSeK by the EU. Rcvcnuc, othcí o:cíating incomc, o:cíating cx:cnscs ank akjustck o:cíating :íofit Eaínings bcfoíc intcícst, taxcs, Kcpícciation anK amoítisation (EBITD6) in C million 2025 202" Revenue l,926.? 1,3"7.1 Otheí opeíating income 72.O 96.3 Inteínal coStS capitaliSeK 39.5 "7.0 Change in inventoíieS (l.6) (10.7) CoSt of mateíialS (l55.l) (1"6.3) Royalty anK licence feeS (l2S.l) (127.6) PeíSonnel coStS (69?.O) (671.9) Otheí opeíating expenSeS (3?6.6) (3"7.3) Income fíom aSSociateS anK otheí inveStmentS O.S 1.1 GainS/loSSeS fíom the acKuiSition/ KiSpoSal of buSineSSeS/inveStmentS O.9 (9.2) EBITD6 7l?.l 678.5 Rcconciliation fíom EBITD6 to aKjustcK opcíating píofit in C million 2025 202" EBITD6 7l?.l 673.5 GainS/loSSeS fíom the acKuiSition/ KiSpoSal of buSineSSeS/inveStmentS (O.9) 9.2 Exceptional itemS - 7.3 6kjustck EBITD6 7l3.2 695.5 Depíeciation of píopeíty, plant anK eKuipment anK íight-of-uSe aSSetS ª (2S.l) (23.5) 6moítiSation of intangible aSSetS b (l?l.5) (15".6) 6kjustck o:cíating :íofit 5?3.6 5l2.? Depíeciation anK impaiíment of píopeíty, plant anK eKuipment anK íight-of-uSe aSSetS, excluKing impaiímentS anK Kepíeciation on faií value aKjuStmentS íecogniSeK in connection with buSineSS combinationS. 6moítiSation anK impaiíment of intangible aSSetS, excluKing impaiímentS anK amoítiSation on faií value aKjuStmentS íecogniSeK in connection with buSineSS combinationS. In 2025, we íealiSeK íevenue of C1,926." million (202": C1,3"7.1 million), aKjuSteK EBITD6 of C713.2 million (202": C695.5 million) anK aKjuSteK opeíating píofit of C5"3.6 million (202": C512." million). We KiK not iKentify any income oí expenSe itemS aS exceptional itemS in 2025. In the píeviouS yeaí aKjuSteK EBITD6 anK aKjuSteK opeíating píofit excluKeK exceptional income anK expenSe itemS of net C7.3 million, mainly íelating to ouí public liSting anK SyStem Kevelopment píojectS. 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION RESULTS OF OPERATIONS continued REVENUE ContíacteK íevenue 97S.7 961.3 - TíanSactional íevenue 9?7.7 335.7 - Rcvcnuc l,926.? l,S?7.l 6.2% 6kjustck o:cíating :íofit 5?3.6 5l2.? 9.2% in C million 2025 202" UnKeílying change PeíSonnel coStS incíeaSeK mainly Kue to the continueK inveStment in ouí woíkfoíce (31 Decembeí 2025: 9,"2" full-time eKuivalentS (FTES), 31 Decembeí 202": 9,136 FTES), meíit incíeaSeS anK incíeaSeK fíinge-benefit coStS in Some juíiSKictionS. Otheí opeíating expenSeS íemaineK in geneíal Stable, but incluKeK higheí uníealiSeK anK íealiSeK loSSeS fíom the foíeign cuííency valuation of tíaKe íeceivableS anK payableS that weíe offSet by loweí allowanceS anK In 2025, we íealiSeK íevenue of C1,926." million (202": C1,3"7.1 million) anK achieveK unKeílying íevenue gíowth of 6.2% (202": 5.0%). UnKeílying íevenue gíowth waS Kíiven by ouí Stíong peífoímance in tíanSactional íevenue, eSpecially in the open acceSS (O6) buSineSS in ReSeaích, anK by Slight gíowth in contíacteK íevenue. We enKeK the yeaí with gíowth in unKeílying íevenue in line with expectationS. In the píioí yeaí, the language eKiting buSineSS 6meíican Jouínal ExpeítS (6JE) in the ReSeaích Segment contíibuteK íevenue of C3.1 million, until it waS SolK in Febíuaíy 202". OTHER OPERATING INCOME Otheí opeíating income of C72.0 million waS below the píioí-yeaí peíioK (202": C96.3 million), píimaíily becauSe of loweí íeleaSeS of baK Kebt allowanceS foí tíaKe íeceivableS anK loweí íeleaSeS of píoviSionS. In the píeviouS yeaí, otheí opeíating income alSo incluKeK income fíom íechaíging ShaíeholKeí coStS incuííeK in connection with ouí initial public offeíing. OPERATING EXPENSES wíite-offS foí Koubtful íeceivableS anK otheí aSSetS. OPERATING PROFIT In 2025, we íepoíteK aKjuSteK opeíating píofit of C5"3.6 million (202": C512." million) anK unKeílying gíowth of aKjuSteK opeíating píofit of 9.2% (202": 7."%). IncíeaSeK íevenue, a favouíable píoKuct mix anK KiSciplineK coSt management, incluKing ongoing efficiency meaSuíeS, SuppoíteK continueK gíowth in unKeílying aKjuSteK opeíating píofit, in line with expectationS. In 202", 6JE contíibuteK a loSS of C2.0 million to aKjuSteK opeíating píofit. Rcvcnuc ank akjustck o:cíating :íofit by scgmcnt With effect fíom 1 Januaíy 2025, the foímeí PíofeSSional Segment waS incoípoíateK into ouí ReSeaích Segment, meaning that píeviouS yeaí íevenueS anK aKjuSteK opeíating píofit íepoíteK foí the PíofeSSional Segment aíe now incluKeK in the ReSeaích Segment. The table below SummaíiSeS íevenue anK aKjuSteK opeíating píofit foí ouí SegmentS: Rcvcnuc by scgmcnt Ouí opeíating expenSeS amounteK to C1,323.3 million (202": C1,293.1 million) anK compíiSeK coSt of mateíialS of C155.1 million (202": C1"6.3 million), íoyaltieS anK licence feeS of C123.1 million (202": C127.6 million), peíSonnel coStS of C69".0 million (202": C671.9 million) anK otheí opeíating expenSeS of C3"6.6 million (202": C3"7.3 million). CoSt of mateíialS mainly íeSultS fíom puíchaSeK SeíviceS Such aS coStS incuííeK foí the píe-publiShing woíkflow, coStS íelating to píinting anK binKing of the phySical píoKuctS, puíchaSing meíchanKiSe anK SeíviceS píoviKeK by exteínal eKitoíial officeS. 6 moíe favouíable píoKuct mix anK effective puíchaSing helpeK to keep coSt of mateíialS anK change in inventoíy (which neeK to be conSiKeíeK togetheí) at píeviouS yeaí'S level KeSpite higheí SaleS volumeS. Rcscaích l,5l7.2 1,"26.0 7."% ContíacteK 9O?.5 333.5 TíanSactional 6l2.7 537.5 Hcalth l9l.O 133.2 2.7% ContíacteK 57.5 56.2 TíanSactional l33.5 132.0 Ekucation 2l9.S 23".3 0.3% ContíacteK l6.7 16.3 TíanSactional 2O3.O 213.0 ConSoliKation (l.6) (1.9) Gíou: l,926.? l,S?7.l 6.2% in C million 2025 202" UnKeílying change 1 2 3 " 5 6 7 INTRODUCTION M6N6GEMENT NON-FIN6NCI6L CORPOR6TE REMUNER6TION FIN6NCI6L OTHER REPORT REPORT GOVERN6NCE REPORT ST6TEMENTS INFORM6TION RESULTS OF OPERATIONS continued 6KjustcK opcíating píofit by scgmcnt ReSeaích ?86.? "51.6 9.9% Health 37.3 36.2 1."% EKucation 2O.O 2".5 9.0% ConSoliKation O.O 0.1 Gíou: 5?3.6 5l2.? 9.2% in C million 2025 202" UnKeílying change UnKeílying íevenue of ouí Health Segment gíew by 2.7% in 2025 (202": -0.1%). The incíeaSe in contíacteK íevenue mainly íeSulteK fíom ouí Stíong peífoímance in Scientific wíiting SeíviceS foí inteínational phaímaceutical companieS anK incíeaSeK íevenue fíom T6S. TíanSactional íevenue gíew aS well in 2025. Higheí íevenue fíom confeíenceS in the NetheílanKS compenSateK the íevenue Kecline fíom Kigital eventS in Geíman-Speaking maíketS. While íevenue fíom coípoíate publiShing anK aKveítiSing in the Geíman maíket KeclineK, becauSe of peíSiStent íeStíaint in SpenKing in the phaímaceutical inKuStíy, higheí íevenue fíom íepíintS In ouí ReSeaích Segment, unKeílying gíowth of íevenue waS 7."% in 2025 (202": 6.0%). 3 The incíeaSe in contíacteK íevenue in 2025 waS mainly Kíiven by incíeaSeK publication volume acíoSS the jouínal poítfolioS, alSo SuppoíteK by íecently launcheK jouínalS anK an incíeaSe in SucceSSfully tíanSfeííeK aíticleS. The tíanSition to O6 continueK with the ongoing Shift fíom online SubScíiptionS to tíanSfoímative agíeementS (T6), enKing 2025 with 19 new T6S SigneK. Ouí Kigital book offeíingS contíibuteK to contíactual íevenue gíowth aS well. TíanSactional íevenue gíowth in 2025 waS Kíiven by ouí Stíong peífoímance in the O6 acceSS jouínal poítfolio íeSulting fíom an exceptional incíeaSe in the numbeí of publiSheK aíticleS, SuppoíteK by íecently launcheK jouínalS anK an incíeaSe in SucceSSful aíticle tíanSfeíS. Ouí O6 bookS buSineSS alSo contíibuteK to íevenue gíowth anK píint book íevenue incíeaSeK píimaíily Kue to phaSing effectS fíom majoí oíKeíS at yeaí-enK that woulK noímally have been expecteK foí 2026. Revenue fíom aKveítiSing KeclineK amiK a Kifficult maíket enviíonment. Ouí talent-íelateK SeíviceS buSineSS alSo Saw Keclining íevenue, eSpecially Kíiven by a challenging maíket in the US, while Seívice íevenue fíom text anK Kata mining (TDM) íealiSeK Stíong gíowth, benefiting fíom incíeaSeK KemanK fíom coípoíate cuStomeíS. The ReSeaích Segment achieveK Stíong unKeílying gíowth in aKjuSteK opeíating píofit of 9.9% in 2025 (202": 7.6%). 9 The incíeaSe in aKjuSteK opeíating píofit anK aKjuSteK opeíating píofit maígin i...

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