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SPRINGER NATURE H1 2026 RESULTS 5 August 2026 SPRINGER NATURE
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GOOD MOMENTUM CARRIED THROUGH H1 2026 1 Underlying (u/l): excludes effects from year-on-year changes in forei gn currencies and portfolio changes. 2 AOP (adjusted operating profit) is define d as the result from operations before gains /losses from the acquisi tion/dis posal of businesses/i nve s tments, amortis ation/depre ciati on and i mpairm e nt on acqui sition-related as sets and excepti onal items . Exceptional items relate to effects unusual in nature and occurring infrequently outside the ordinary course of busines s. • Underlying1 revenue growth of 6% and AOP2 growth of 8% • Revenue growth driven by Research (7%+) with continued strong publication growth supported by investment in Technology and AI • Free cash flow of €268m, up €64m. Leverage ratio 1.6x • FY 2026 outlook updated to c.6% underlying revenue growth and at least 30bps underlying AOP margin improvement 2
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RESEARCH REPRESENTS 79% OF H1 REVENUES AND 93% OF H1 AOP 3 H1 2026 group revenue by segments (Group revenue: €939.8m) H1 2026 group AOP by segments (Group AOP: €246.2m) Health 10% Research 79% Education 11% Health 6% Research 93% Education 1% Transactiona l 42% Contra cted 58% Research
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The 5,300-year-old remains of Ötzi the Iceman harbour living ancient microbes including copper age gut flora and ancient yeasts An AI-based robotic system capable of outperforming elite table tennis players, developed by Sony AI 4 Shrinking ice has unexpectedly made Svalbard’s polar bears healthier – but the effect is likely to be temporary HELPING RESEARCHERS UNCOVER NEW IDEAS AND SHARE DISCOVERIES Recent examples
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• 2026 renewals complete with almost 100% retention rate • 13% published article growth, exceeding market growth estimated at 8%. Growth across FOA, Nature and Springer portfolios • 19 new transformative agreements signed, driving OA uptake • 39 new journal launches including Nature Progress Oncology, Scientific Reviews, BMC Sustainability and Discover T elecommunications • More than 60% of YTD submissions were processed through SNAPP our AI- enabled publishing platform. Nature Research Assistant added Manuscript Adviser, helping researchers use AI to improve the scientific rigor of their manuscripts. Continued progress in AI-licensing (ARC3) • Growth in books with positive phasing in digital. July launch of Nature Books, combining research area expertise of in-house Nature editors with our leadership in academic books • Divestment of consumer media business announced increasing focus in our Research segment RESEARCH: REVENUE +7% DRIVEN BY STRENGTH IN JOURNALS (€m) RESEARCH Revenue and AOP fi gure s shown on a re ported basis , growth rate s are underlying (u/l). 5 Revenue AOP 731 748 220 229 +8% u/l H1 2026H1 2025 +7% u/l H1 2026H1 2025
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• Growth in DACH partially offset by a weaker performance in International Healthcare and the Netherlands • International Healthcare declined as economic and regulatory uncertainty impacted pharma marketing spending • The Netherlands faced a strong comparison with H1 2025 benefiting from a new edition of the Schlichting test • AOP underlying growth in line with revenues Revenue AOP (€m) Revenue • Growth led by Southern Africa, with good growth in Zimbabwe; early phasing of ordering patterns in Western Europe; and growth in India • Lower revenues in Argentina reflecting a large government order received in H1 2025 • AOP underlying growth in line with revenues HEALTH AND EDUCATION: CONTINUED UNDERLYING GROWTH (€m) HEALTH EDUCATION 6 +1% u/l AOP +4% u/l 90 90 15 15 5 2 +4% u/l Revenue and AOP fi gures show n on a reported basis , growth rates are underlying. 105 103 H1 2026H1 2025 H1 2026H1 2025 H1 2026H1 2025 H1 2026H1 2025 +1% u/l
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7SPECIAL FOCUS: LEADING IN OA - FULL OPEN ACCESS (FOA) JOURNALS Key brands lead the industry in quality and breadth of FOA content Est. 2010 1.2m citations in ‘25 #1 cited journal1 Est. 2011 by Nature 1m authors published since launch 1.1m citations in ‘25 #2 cited journal1 Est. 2000 as the first commercial OA publisher - 2008 acquired by Springer >300 journals across all areas of life sciences, health sciences and medicine Top 100 journals by Impact Factor2: Journal of Hematology and Oncology and Molecular Cancer Est. 2020 our newest imprint to serve all communities of research 80+ titles strong and growing, with more than 10 new journals p.a Est. 1842 >340 FOA journals 1st transformative agreement in 2015 Est. 2026 with two titles launched 77 specialist partner journals 1 SN Article Market Tracker (AMT), Scope: including non-WoS content, articles & reviews, Full OA (APC). 2 Impact Factor (IF) measures the average num ber of citations recei ved in a given year by articles published in a journal during the previous two years as publi shed in Clarivate Journal Ci tation reports (JCR). 2025 JCR publi shed June 2026. Around 800 FOA journals 26% share of FOA citations from 18% share of articles1 150 new FOA launches since Jan 2024
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A STRONG H1 2026 FINANCIAL PERFORMANCE Revenue €939.8m AOP €246.2m Free cash flow €268m Financial leverage2 1.6x AOP margin 26.2% €64m+ 0.1x- 8 Underlying change Underlying change 38bps1+7.7%+ Underlying change 1 Unde rlying g rowth is calculate d bas e d on the continuing portfoli o e xcluding Sc i e nti fic American for H1 2026 and H1 2025. A smaller loss at Sci enti fic American in H1 2026 was the main driver of 16bps positi ve benefit from scope to H1 2026 reported AOP margin. 2 Fina ncial leverage as of 30 June 2026 compa re d to 31 Dec ember 2025. 6.2%+
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DELIVERING STRONG GROWTH AND MARGIN EXPANSION Reported Underlying €m H1 2026 H1 2025 ’26 vs ’25 ’26 vs ’25 Research 748.0 730.7 2.4% 7.2% Health 89.9 90.4 (0.6%) 1.3% Education 102.8 105.5 (2.6%) 3.5% Group consolidation (0.8) (0.7) Group revenue 939.8 925.9 1.5% 6.2% 9 H1 2026 H1 2025 ’26 vs ’25 ’26 vs ’25 Research 228.7 219.6 4.1% 8.2% Health 15.3 15.4 (0.5%) 1.2% Education 2.3 5.5 (58.8%) 4.4% Group consolidation 0.0 0.1 Group adjusted operating profit 246.2 240.6 2.3% 7.7% % margin1 26.2% 26.0% 21bps 38bps1 1 Unde rlying change c alculated based on the conti nuing portfolio at 30 June 2026 which excludes Scientific American (SciAm). Reported AO P marg in saw a posi tive benefit from scope of 16bps in H1 2026.
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ADJUSTED NET INCOME - STRONG OPERATING PERFORMANCE 10 • The adjusted financial result benefits from lower leverage and improved borrowing costs, more than offset by the impact of favourable currency translation effects on intragroup balances in H1 2025 which did not reoccur in the current period • The adjusted tax rate rose to 31.7% from 24.7% reflecting a one-off benefit in H1 2025 of €21.1m due to tax losses carried forward • Adjusted net income and adjusted EPS declined year-on- year. This reflects a normalisation of the tax rate and financial result against one-off benefits in H1 2025, rather than any change in operating momentum, which remained strong. 1 Attributable to ordinary equity holders of the parent; reconcili ation of adjusted earning s be fore tax to reported net income in the appendix. 2 Basic, based on the weighted average number of 198.9m ordinary shares outs tanding. €m H1 2026 H1 2025 ’26 vs ‘25 Adjusted operating profit 246.2 240.6 5.6 Adjusted financial result (39.7) (20.7) (19.0) Adjusted EBT 206.5 219.9 (13.4) Adjusted income taxes (65.5) (54.3) (11.2) Adjusted tax rate 31.7% 24.7% Non-controlling interests 0.0 0.2 (0.2) Adjusted net income1 141.0 165.8 (24.8) Adjusted EPS2 0.71 0.83 (0.12) Comparison to prior year impacted by FX and one -off benefits in H1 2025
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STRONG CASH FLOW PERFORMANCE IN H1 2026 1 Financial leverage is defined as net debt di vide d by LT M a dj. EB ITDA. Adj . EBITDA is defined a s EB ITDA before capita l ga i ns/los ses from the acquisition/disposa l of businesses/investments and exceptional ite m s. €m H1 2026 H1 2025 ’26 vs ‘25 Operating cash flow before income tax payments 453.9 429.9 24.0 Income tax payments (70.6) (78.3) 7.7 Net cash from operating activities 383.3 351.6 31.7 Investments (78.5) (87.9) 9.4 Lease repayments (11.2) (14.8) 3.6 Interest and fee payments (26.0) (45.0) 19.0 Free cash flow 267.6 203.8 63.8 • Operating cash flow increased by €24m • Free cash flow increased by €64m, driven by improved operating performance and lower interest payments • Reduced net interest due to reduced gross debt and lower interest rates • Leverage of 1.6x vs. our mid-term target range of 1.5x to 2.0x 11 Net debt €m and financial leverage1 Mid-term leverage target 1.5-2.0x 2.9 2.3 1.7 1.9 1.6 FY 2023 FY 2024 FY 2025 H1 2025 H1 2026 1,5941,967 1,240 1,1631,349
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FY 2026 OUTLOOK UPDATED AFTER STRONG H1 PERFORMANCE 12 1 Inc ludi ng a EUR/USD rate of $1.176 a s a t 31 December 2025. 2026 Guidance Group revenue Around 6% underlying growth (previously 5% to 6%) Group AOP At least 30bps underlying margin improvement (previously: around 30bps) FX: scenarios based on year end 2025 rates 1 imply an adverse impact of c.3.2% points on revenue growth and c.50bps on AOP margin
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KEY TAKEAWAYS Continued strong performance in H1 2026 Driving performance with leadership in OA and embracing AI Outlook 2026 updated 13 1 2 3
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DISCLAIMER This docum e nt, which has been prepared by Springer Nature AG & Co. KGaA (the “Com pany“, and together with its subsidiaries, the “Group”), is for inform ation purpos e s only and must not be relied upon for any purpos e. It does not purport to contain all inform ation required to evaluate the Company or the Group and/or its financial position or pros pects. This docum ent does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchas e , subscri be for or othe rwise ac qui re, any securities of the Company, nor sha ll it or any part of it form the basis of, or be relied upon, in connec tion with, or ac t as any induce m e nt or recommendation for, an investm ent decisi on. The inform ation contained in this docum ent (the “Information”) does not constitute legal, accounti ng, regulatory, taxati on or other advi ce. This docum ent is not di rected at, or intended for di stri bution to or us e by, any person or entity that is a citizen or resident or loc ated in any loc ality, state, country or othe r jurisdiction where suc h di stri bution, publi c ati on, availability or us e would be contrary to law or regulation or which would require any regis tration or licens ing within such jurisdiction. Pers ons into whos e possess ion this docum ent com e s should inform themselves about, and observe, any such restrictions. No representation, warranty or unde rtaking, express or implied, is made by the Company or any com pany of the Group as to, and no reliance should be placed on, the fairness , accuracy, com pleteness or correctness of the Informati on or the opinions contained therein or any othe r statement made or purported to be made in connec tion with the Company or the Group, for any purpos e whatsoe ver, including but not limited to any investm e nt considerations. No responsibility, obligati on or liabili ty whatsoever, whether arising in tort, contract or otherwise, is or will be accepted by the Company or any of its di rectors, officers, employees, shareholders, advi sers or agents or any other person for any loss, cos t or damage hows oever arising from any us e of the Informati on, or for any errors , omissions or miss tatements in the Informati on. In addition, no duty of care or othe rwise is owed by the Company or any of its di rectors, officers, employees, shareholders, advi sers or agents to recipients of the inform ation or any other person in relation to the Informati on. The Informati on is unaudited. In providi ng ac cess to the Informati on, nei ther the Company nor any of its di rectors, officers, employees, shareholders, advi sers or agents or any other person undertakes any obligati on to provide any additional inform ation or to update the Informati on or to correct any inaccurac i e s in any suc h Informati on, including any financial data or forward-looki ng statements. The Informati on should be considered in the context of the circumstanc es prevailing at the tim e and has not been, and will not be, updated to reflect material deve lopments which may occur after the date thereof. Parts of the Informati on, including market data and trend inform ation, may be based on or taken from inform ation and stati stics from external sources. Whi le the Company believes that each of these external publi cati ons, studi es and surveys has been prepared by a reputable sourc e, the Company has not indepe nde ntly veri fied the data contained therein and any inclusion he rein should not be interpreted as an endorsement or as a confirmati on by the Compa ny or any othe r person of the accuratenes s of this inform ation. All statements in this docum ent attributable to third party industry experts represent the Company's interpretation of data, research opinion or viewpoints publi shed by suc h industry experts, and have not been revi e we d by them. Each publi c ati on of suc h industry experts spe aks as of its original publi c ati on date and not as of the date of this docum e nt. In addition, certain of the industry, market and com petitive position data contained in the Informati on com e from the Company’s own internal research and estim ates based on the know ledge and experience of the Company’s management in the markets in which the Company and the other members of the Group operate. Whi le the Company believe s that suc h research and estim ate s are reasonable, they, and their unde rlying methodolog y and assum pti ons, have not been veri fied by any indepe nde nt sourc e for ac curacy or com pleteness and are subject to change and correction without notice. Accordi ngly, reliance should not be placed on any of the industry, market or com petitive position data contained in the Informati on. This docum e nt may include forward looki ng statements. Forward looki ng statements are statements that are not historical facts and may be identi fied by words such as “plans”, “targets”, “aims”,“ believes ”, “expects”, “anticipates ”, “intends ”, “estimates”, “wi ll”, “may”, “continues”, and simi lar expressions. These forward-looki ng statements reflec t, at the tim e made, the Company’s beliefs, intentions and current targets/aims concerning, among othe r things, the Company’s or the Group’s results of operations, financial condition, liquidity, pros pects, growth and strategies. Forward looki ng statements include statements regarding objectives, goals , strategies, outlook and growth pros pects; future plans, events or performance and potential for future growth; liquidity, capital resource s and capital expenditures; economic outlook and industry tre nds; deve lopments of the Company’s or the Group’s markets; the impa ct of regulatory initiati ves; and the strength of the Company’s or any other member of the Group’s com petitors. Forward looki ng statements involve ris ks and uncertainties because they relate to events and depend on circumstances that may or may not oc cur in the future. The forward-looki ng statements in the Informati on are based upon various assum pti ons, many of which are based, in turn, upon further assum pti ons, including without limitation, management’s examination of historical operating tre nds, data contained in the Company’s records (and those of other members of the Group) and other data available from third parties. Althoug h the Company believe s that these assum pti ons were reasonable when made, these assum pti ons are inhere ntly subject to significant known and unknown ris ks, uncertainties, conti ngencies and othe r important factors which are di fficult or impos sible to predict and are beyond its control. Forward looki ng statements are not guarantees of future performance and suc h ris ks, uncertainties, conti ngencies and othe r important fa ctors could cause the ac tual outcomes and the results of operations, financial condition and liquidity of the Company and othe r members of the Group or the industry to di ffer materially from those results expressed or implied in the Informati on by suc h forward looki ng statements. No representation or warranty is made that any of these forward- looki ng statements or fore casts will com e to pass or that any fore cast result will be ac hieved. Undue influence should not be give n to, and no relianc e should be placed on, any forward-looki ng statement. This docum e nt include s certain alternative financial measure s not presente d in ac corda nce with IFRS. These financial measure s are not measure s of financial performance in ac corda nce with IFRS and may exclude items that are significant in understanding and assessing the Company's financial results. They may not be com parable to simi larly titled measures presented by other com pani es , which may be defined and calculated di fferently, and should not be considered in isolation or as an alternative to financia l measure s dete rmined in ac cordance with IFRS. You are cautioned not to place relianc e on any non-IFRS financial measure s , adjustments thereto and ratios include d he rein. Regarding the definition of the alternative performance measures adjusted operating profit, underlying adjusted operating profit margin, net financial debt, free cas h flow and underlying change, the Company refers to the correspondi ng definition [on page 39 of the 2024 Annual Report unde r the he ading s “Key performance indicators” and “Other financial performance indicators,” which is available on the Compa ny’s investor relations webs ite.
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Appendix
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Q2 2026 16 Reported Underlying €m Q2 2026 Q2 2025 ’26 vs ’25 ’26 vs ’25 Research 388.1 375.7 3.3% 7.2% Health 49.1 49.3 (0.3%) 0.9% Education 51.5 51.0 1.0% 3.7% Group consolidation (0.3) (0.4) Group revenue 488.4 475.6 2.7% 6.2% Q2 2026 Q2 2025 ’26 vs ’25 ’26 vs ’25 Research 128.5 120.2 7.0% 8.5% Health 10.5 10.8 (3.4%) (2.1%) Education 0.4 1.7 (75.1%) (30.7%) Group consolidation 0.1 0.0 Group AOP 139.5 132.7 5.1% 7.4% % margin1 28.6% 27.9% 65bps 34bps 1 Unde rlying change c alculated based on the conti nuing portfolio at 30 June 2026 which excludes Scientific American (SciAm).
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QUARTERLY BREAKDOWN OF UNDERLYING GROWTH FOR 2025 - 2026 Underlying revenue growth % Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 FY ’25 Q1 ’26 Q2 ’261 Research 6.7 7.1 7.3 8.6 7.4 7.2 7.2 Health 4.3 3.7 4.7 (0.9) 2.7 1.8 0.9 Education (0.7) 6.5 (2.0) 1.2 0.8 3.3 3.7 Group revenue 5.6 6.7 5.5 6.8 6.2 6.2 6.2 17 1 Underlying g rowth in Q2 2026 i s calculated based on the continuing portfolio excluding Scientific American for the full year.
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FX SENSITIVITY1 FRAMEWORK 18 1 More than 60% of USD revenues are contracte d wi th revenues typically re cognised at the rate at the date of invoi c i ng during the renewa l sea s on. Hence the weighted average rate used to convert USD revenues to reporte d Euros i s heavily i nfluenced by the rates i n the renew al season, in Q4 of the prior year and Q1. Currency EUR USD GBP JPY Group revenue split c.45% c.40% <5% c.3-4% Revenue impact No impact +/- 1 USD cent results in > €7m +/- 1 GBP pence results in c.€1m +/- 5 JPY result in c.€2m AOP impact No impact +/- 1 USD cent results in > €5m +/- 1 GBP pence results in c.-€2-3m +/- 5 JPY result in c.€1.5m • Average EUR/USD rate for 2025 $1.13 • Effective EUR/USD rate1 for SN 2025 USD revenues c.$1.10 reflecting a stronger USD in the 2025 renewal season • At year end 2025 rates, including a EUR/USD rate of $1.176, the effective EUR/USD rate anticipated for 2026 would be c.$1.17 • Education revenues are potentially impacted by FX rates in Mexico, Poland, South Africa, Argentina, Brazil and India 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.14 1.16 1.18 1.20 1.22 01/24 04/24 07/24 10/24 01/25 04/25 07/25 10/25 01/26 04/26 EUR/USD FX rate 2024 to 2026 Key renewal period
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RECONCILIATION OF ADJUSTED EBT TO REPORTED NET INCOME 19 1 Basic, based on the weighted average number of 198.9m ordinary share s outs tanding. €m H1 2026 H1 2025 Adjusted earnings before tax 206.5 219.9 Adjustments (exceptional items) - - Gains/losses from the acquisition/disposal o f businesses/investments (5.6) 0.7 Amo rtisation/depreciation and impairment on acquisition-related assets (46.0) (48.7) Earnings before tax 154.9 171.9 Adjusted income taxes (65.5) (54.3) Tax effect on adjustments (exceptional items) - - Tax effect on gains/losses from the acquisition/disposal of businesses/investments 0.5 (0.4) Tax effect on amortisation and impairment of acquisition-related assets 11.4 12.0 Deferred tax income on tax rate change Germany - - Income taxes (53.6) (42.7) Net result for the period 101.3 129.2 Non-controlling interests 0.0 0.2 Net result for the period attributable to ordinary equity holders of the parent 101.3 129.4 EPS1 0.51 0.65
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RECONCILIATION OF AOP TO RESULTS FROM OPERATIONS 20 €m H1 2026 H1 2025 Adjusted operating profit 246.2 240.6 Adjustments (exceptional items) - - Gains/losses from the acquisition/disposal o f businesses/investments (5.6) 0.7 Amo rtisation/depreciation and impairment on acquisition-related assets (46.0) (48.7) Results from operations 194.6 192.6
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INCOME STATEMENT Consolidated statement of profit and loss €m H1 2026 H1 2025 ’26 vs ‘25 Revenue 939.8 925.9 13.9 Other o perating income 59.1 44.0 15.0 Internal co sts capitalised 14.5 22.0 (7.5) Change in inventories 7.9 0.7 7.2 Cost of materials (84.9) (76.8) (8.1) Ro yalty and license fees (66.0) (64.8) (1.2) Perso nnel costs (362.4) (349.4) (13.0) Other o perating expenses (167.8) (166.0) (1.8) Income from associates and other investments (0.1) 0.0 (0.1) Gains/(losses) from the acquisition/disposal of businesses/investments (5.6) 0.7 (6.3) EBITDA 334.3 336.2 (1.9) Amortisation and impairment of intangible assets (125.8) (129.2) 3.4 Depreciation and impairment of property, plant and equipment and right-of-use assets (13.9) (14.4) 0.5 Result from operations 194.6 192.6 2.0 Financial result (39.7) (20.7) (19.0) EBT 154.9 171.9 (17.0) Income taxes (53.6) (42.7) (10.9) Net result for the period 101.3 129.2 (27.9) 21 Figures subj e ct to rounding.
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BALANCE SHEET 22 Consolidated statement of financial position €m 30 June 2026 31 Dec 2025 Goodwill 1,268.1 1,253.2 Other intan gible assets 2,741.9 2,754.7 Pr operty, plan t an d equipment 101.0 102.0 Righ t-of-use assets 72.4 68.3 Investmen t in associates 5.6 6.8 Other non -curren t fin ancial assets 26.9 24.9 Deferr ed tax assets 17.4 14.8 Non-current a ssets 4,233.2 4,224.9 Inventories 38.7 31.5 Trade receivables 369.9 323.4 Current income tax assets 30.0 31.2 Other curren t fin ancial assets 12.6 38.7 Other curren t n on-financial assets 78.2 65.6 Cash and cash equivalents 272.4 269.7 Current assets 801.8 760.1 Tota l assets 5,035.0 4,984.9 30 June 2026 31 Dec 2025 Sh are cap ital 198.9 198.9 Capital reserves 2,017.9 2,017.9 Other accumulated equity 1 (256.8) (292.9) Retained earnings 1 38.8 102.6 Shareholders' equity 1,998.8 2,026.4 Non-contro lling in terests 0.5 2.1 Equity 1,999.3 2,028.5 Pr ovisions for p ensio ns and oth er long-term employee benefits 125.8 132.7 Interest -bearing loans and b orrowings 1,344.0 1,424.8 Lease liabilities 69.2 66.9 Other non -curren t p rovisions 6.2 5.2 Other non -curren t fin ancial liabilities 4.1 2.0 Deferr ed tax liabilities 615.3 616.3 Non-current liabilities 2,164.7 2,247.8 Interest -bearing loans and b orrowings 5.0 1.8 Lease liabilities 16.9 16.6 Current pro visions 24.8 18.9 Trade payables 101.2 121.3 Current income tax pay ables 8.4 16.3 Other curren t fin ancial liabilities 172.9 185.2 Other curren t n on-financial liab iliti es 34.5 36.3 Contract liab ilities 507.5 312.3 Current liabilities 871.0 708.6 Tota l equity and liabilities 5,035.0 4,984.9 Figures subj e ct to rounding. 1Pre s e ntati on amended in ac cordance with statement of changes i n e qui ty.
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CASH FLOW STATEMENT 23 Figures subj e ct to rounding. Cash flow statement €m H1 2026 H1 2025 ’26 vs ’25 EBITDA 334.3 336.2 (1.9) Non-cash expenses and income/other 28.9 (0.0) 28.9 Change in non-current provisions and non-current receivables (7.2) (10.2) 3.0 Change in working capital 97.8 103.8 (6.0) Income tax payments (70.6) (78.3) 7.7 Net cash from operating activities 383.3 351.6 31.7 Cash paid for investments in intangible assets (6.6) (13.1) 6.5 Cash paid for investment in content (68.6) (71.5) 2.9 Cash paid for investments in property, plant and equipment (3.4) (3.4) (0.0) Cash paid for investments in consolidated business (net of acquired cash) (3.8) (1.2) (2.6) Divestment of businesses and non-current assets 0.8 3.5 (2.7) Cash received for interest 5.0 5.1 (0.1) Net cash from investing activities (76.6) (80.5) 4.0 Capital increase and related fees - (1.6) 1.6 Cash paid for interest and financing-related fees (31.0) (50.1) 19.1 Cash repayment of financial liabilities to third parties (100.3) (150.0) 49.7 Dividends paid to equity holders of the parent (165.1) (25.9) (139.2) Dividends paid to non-controlling interests (0.5) (0.0) (0.5) Acquisition of non-controlling interests - (1.3) 1.3 Cash repayments of lease liabilities (11.2) (14.8) 3.6 Net cash from financing activities (308.0) (243.7) (64.3) Change in cash and cash equivalents (1.3) 27.3 (28.6) Foreign exchange rate difference 4.0 (25.2) 29.2 Cash and cash equivalents at beginning of the period 269.7 300.1 (30.4) Cash and cash equivalents at end of the period 272.4 302.2 (29.8)
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FINANCIAL RESULT 24 € m H1 2026 H1 2025 Financial expenses Interest expenses (39.4) (55.0) Other financial expenses (69.0) (116.5) Total financial expenses (108.5) (171.5) Financial income Interest income 5.4 6.3 Other financial income 63.4 144.5 Total financial income 68.8 150.8 Financial result (39.7) (20.7) Figures subj e ct to rounding.
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REPORTED INCOME TAXES 25 €m H1 2026 H1 2025 ’26 vs ’25 Earnin gs before taxes (EBT) 154.9 171.9 (17.0) Current inco me taxes (63.0) (68.7) 5.7 Deferred income taxes 9.3 26.0 (16.7) Total income taxes (53.6) (42.7) (10.9) Figures subj e ct to rounding.
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