Slides
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Interim Report Q1–Q3 2026 Strong growth in adjusted operating profit Earnings Outlook for 2026 narrowed to the higher end Rob Kolkman, President & CEO Alex Green, CFO
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Delivering a step change in adjusted operating profit 2 Interim Report Q1–Q3 2026 Growth at Learning % Comparable net sales Mid single-digit Adjusted operating profit High single-digit Growth at Media Finland % Comparable net sales Stable Adjusted operating profit Low single-digit Solid balance sheet and returns Net debt / Adj. EBITDA < 2.5 Dividend policy Increasing dividend, 40−60% of annual free cash flow Growth is measured annually using a 3-year CAGR Additionally, substantial net sales (20+m€ p.a.) and earnings growth in Media Finland from opening of the gambling market mid 2027 Dutch distribution sales expected to be around 40m€ lower in 2026, improving Learning margin clearly above 23% in 2026 175 180 188 215–225 2023 2024 2025 Outlook for 2026 +14 – 20% Financial TargetsAdjusted operating profit m€
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3 Strong growth in adjusted operating profit Earnings Outlook for 2026 narrowed to the higher end Adjusted operating profit 236m€ (2025: 216) Net sales 1,075m€ (2025: 1,077) Comparable net sales development -2% (2025: -3%) Free cash flow 43m€ (2025: 63) Net debt / Adj. EBITDA 2.7 (2025: 2.0) ▪ The Group’s net sales were stable – In Learning, strong growth in content and platforms, especially in Poland – In Media Finland, net sales decreased mainly due to lower advertising sales ▪ Adjusted operating profit increased strongly driven by higher learning content sales in the largest markets and improved cost efficiency, improvement also in Media Finland ▪ Free cash flow expected to grow moderately for the full year ▪ Deleveraging resumed in Q3, leverage above last year level including hybrid bond repaymentand Vicens Vives acquisition ▪ Outlook for 2026 narrowed: – Net sales will be 1.30‒1.32bn€ (2025: 1.30) – Adjusted operating profit will be 215−225m€ (2025: 188) Interim Report Q1–Q3 2026
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More than 60 new learning methods published across markets this year Educational reform driving growth dynamics in Poland ▪ New generation of immersive primary textbooks for the new curriculum ▪ Combining print and digital learning experiences, and connecting to VR, in history, science and maths ▪ New maths method supporting the changes in the Dutch curriculum ▪ Resulting in an increase in market penetration ▪ Unified proposition across seven markets ▪ Combines our trusted content and pedagogical expertise to help teachers save time and differentiate teaching ▪ Co-created with more than 1,500 teachers Sanna launched as the common brand for AI Teacher Assistant Successful launches of new content in the Netherlands 4 Interim Report Q1–Q3 2026
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Strong growth in content and platforms esp. in Poland 5 189 118 119 94 53 57 28 157 147 140 88 55 53 27 Q1-Q3 25 Q1-Q3 26 Net sales by country m€ Learning Q1–Q3 2026 Interim Report Q1–Q3 2026 ▪ Net sales amounted to 667m€ (2025: 658) – 25% growth in Poland ▪ Renewed offering well received by teachers, supported by increased government textbook funding – In Spain, late government funding decisions resulted in lower change rate of materials in the market ▪ Sales cycle continued into October ▪ Contribution from Vicens Vives (21m€) – Solid growth in learning content sales in the Netherlands continued – Higher share of second-hand market ahead of curriculum renewal in Italy – A more digital sales mix in the Netherlands and Belgium results in more revenue recognised over the school year – Planned discontinuation of the low-value Dutch distribution contracts -40 27 22 Q1-Q3 2025 Dutch distribution Organic growth M&A Q1-Q3 2026 Net sales Q1–Q3 2026 vs. Q1–Q3 2025 m€ 667658
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Strong earnings improvement 6 Learning Q1–Q3 2025Learning Q1–Q3 2026 Interim Report Q1–Q3 2026 -24 53 155 -31 -23 52 172 19.4% 19.8% 20.2% 20.4% 20.4% 20.2% 22.4% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj. oper. profit 12 mr margin Adjusted operating profit m€ ▪ Strong improvement in adjusted operating profit to 200m€ (2025: 183) driven by – Higher learning content sales in largest markets, particularly in Poland and Spain – Benefits of increased scale became visible with net sales growth – Improved operational efficiency across main cost categories
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Adjusted earnings improved 7 66 42 3167 40 35 Subscription Advertising Single copy and other Q3 25 Q3 26 Net sales by category m€ Media Finland Q3 2026 Interim Report Q1–Q3 2026 ▪ Net sales amounted to 141m€ (2025: 139) – Lower advertising sales driven by TV and print – Stable subscription sales with growth in Ruutu+ and digital news media subscriptions continuing to offset the decline in print – Higher events sales with higher number of festival visitors and a few individual concerts ▪ Adjusted operating profit improved to 22m€ (2025: 20) – Higher sales and improved performance of events – Lower paper, printing and distribution costs – Lower fixed costs – Higher TV programming costs due to timing Adjusted operating profit m€ 8 12 20 9 10 13 22 6.2% 8.3% 14.1% 6.4% 7.8% 9.4% 15.2 % Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adj. oper. profit Margin
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Outlook for 2026 (narrowed) ▪ Sanoma expects that the Group’s net sales will be 1.30‒1.32bn€ (2025: 1.30) ▪ The Group’s adjusted operating profit is expected to be 215‒225m€ (2025: 188) ▪ The outlook is based on the following assumptions: − Demand for learning content will increase, driven by curriculum renewals in some of the Group’s operating markets − The advertising market in Finland will be relatively stable Interim Report Q1–Q3 20268
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Financials 9 Interim Report Q1–Q3 2026
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172 17 2 -1 190 Q3 25 Learning Media Finland Other & Elim. Q3 26 10 Learning + Higher learning content sales esp. in Poland and Spain + Benefits of increased scale and improved operational efficiency – Lower sales in Italy and Belgium Media Finland + Higher sales and improved operational performance of events + Lower paper, printing and distribution & other fixed costs – Lower advertising sales – Higher TV programming costs mainly due to timing Adjusted operating profit Q3 2026 vs. Q3 2025 m€ Strong earnings improvement in Q3 Interim Report Q1–Q3 2026
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m€ Q3 26 Q3 25 Q1–Q3 26 Q1–Q3 25 Adjusted operating profit 190.0 172.4 236.4 215.6 IACs -10.4 -82.6 -22.0 -90.6 PPAs -8.0 -7.9 -23.7 -25.5 Operating profit 171.6 81.9 190.8 99.5 Net financial items -8.6 -6.1 -19.8 -18.8 Result before taxes 163.1 75.8 171.1 80.8 Income taxes -37.9 -18.3 -37.4 -18.7 Result for the period 125.2 57.6 133.7 62.1 Adjusted EPS, € 0.82 0.73 0.92 0.76 EPS, € 0.78 0.34 0.82 0.34 11 ▪ Q3 IACs amounted to -10m€ (2025: -83) and mainly consisted of costs related to recent acquisitions, a restructuring provision and technology transformation across operations ▪ Net financial items increased in Q3 and YTD − Average interest rate of external loans was stable at 3.6% (2025: 3.7%) in Q1–Q3 Earnings per share improved significantly Interim Report Q1–Q3 2026
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▪ Free cash flow amounted to 43m€ (2025: 63) in–Q3 + Higher EBITDA – Higher investments incl. timing of TV programming spend between years – Working capital movements with growth in learning content sales to be collected in Q4 – Sizable impact from the acquired Vicens Vives ▪ Second instalment of the dividend for 2025, 0.14€/share, was paid in September − Third instalment of 0.14€/share to be paid on 10 November ▪ 2026 full-year free cash flow expected to grow moderately vs. 2025 (129m€) 12 -80 -30 20 70 120 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Quarterly 12 mr Free cash flow m€ 2025 EBITDA Invest- ments Working capital Financial items Taxes Lease payments 2026 80 0 63 43 Free cash flow definition = Cash flow from operations – capital expenditure – payment of lease liabilities Free cash flow reflecting growth in learning content sales and acquisition Interim Report Q1–Q3 2026
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▪ Net debt decreased compared to the end of June 2026, but was higher compared to the previous year − Typical annual seasonality of the learning business − Repayment of the 150m€ hybrid bond in March − Acquisition of Vicens Vives end of April and Fluentbe early July − Increase in lease liabilities resulting from extension of rental agreements of main properties in Finland 13 615 569 617 659 536 486 686 776 716 2.4 2.2 2.4 2.5 2.0 1.8 2.6 3.0 2.7 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 Net debt Net debt / Adjusted EBITDA 150m€ hybrid bond, issued in March 2023 and repaid in March 2026, was booked as equity, and excluded from net debt and net financial items. Net debt m€ < 2.5x target level Deleveraging from theseasonal peak Interim Report Q1–Q3 2026
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Further recognition of our ESG progress ▪ ISS Corporate Rating was upgraded to Prime B (earlier B-) ▪ Morningstar Sustainalytics ESG Risk Rating improved to 9.9 (earlier 10.9) − Indicating a negligible risk ▪ Low Carbon Leader status from Morningstar Sustainalytics, indicating strong performance on carbon risk and emissions management 14 Interim Report Q1–Q3 2026
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Q&A 15 Interim Report Q1–Q3 2026
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Financial calendar 2027 Full-Year Result 2026 Thursday, 18 February Interim Report Q1 2027 Wednesday, 28 April Half-Year Report 2027 Wednesday, 28 July Interim Report Q3 2027 Friday, 29 October ▪ Financial Statements and Directors’ Report for 2026 will be published during week 10 (starting 8 March 2027) ▪ AGM 2027 is planned to be held on Wednesday, 28 April 2027 16 Interim Report Q1–Q3 2026
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Appendix
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Sanoma in 2025 18 Interim Report Q1–Q3 2026 Impacting the lives of millions of people everyday A leading European K12 learning content provider Serving about 25 million students across Europe Net sales 746m€ Adjusted operating profit margin 20.4% (152m€) Non-print 47% #1 digital cross-media company in Finland Reaching 96% of all Finns every week Net sales 557m€ Adjusted operating profit margin 8.8% (49m€) Non-print 58% Sanoma Group Net sales 1,303m€ Adjusted operating profit 188m€ Dividend per share 0.42€ (43% of FCF) Net debt / Adj. EBITDA 1.8x Free cash flow 160m€ (129m€ with the new definition) All figures relate to FY25 Unique sustainability profile Non-print sales 51%
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Growth powered by Learning 19 Interim Report Q1–Q3 2026 Strong business fundamentals Positioned to deliver on both our growth ambition and dividend policy ▪ Successful digital transformation in Media Finland supported by significant growth from gambling market opening ▪ Quality and profitability of Media Finland enhances our ability to invest in Learning growth ▪ Robust balance sheet and strong free cash flow growth enables increasing dividends and M&A Optimal basis for growth Shaping the future of K12 education via multiple levers Well placed to grow Learning net sales in 2026–2030 ▪ Strong curriculum renewal cycle commencing in core markets ▪ Combining curriculum K12 learning expertise with AI unlocks significant opportunities in personalised learning ▪ Clear potential and pathway to consolidate a fragmented market Clear growth pathway A leading European K12 learning content provider K12 education is a priority for parents, students and governments worldwide ▪ Leader in blended learning: the teacher’s preferred approach ▪ Best-in-class content and strong teacher relationships give us significant competitive advantage ▪ Inclusive and personalised learning to help all students reach better education outcomes Unique position Sanoma as an investment
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Sanoma: Growth powered by Learning A leading European K12 learning content provider 20 Interim Report Q1–Q3 2026 Growth at Learning % Comparable net sales Mid single-digit Adjusted operating profit High single-digit Growth at Media Finland % Comparable net sales Stable Adjusted operating profit Low single-digit Solid balance sheet and returns Net debt / Adj. EBITDA < 2.5 Dividend policy Increasing dividend, 40−60% of annual free cash flow Financial Targets Growth is measured annually using a 3-year CAGR Additionally, substantial net sales (20+m€ p.a.) and earnings growth in Media Finland from opening of the gambling market mid 2027 Dutch distribution sales expected to be around 40m€ lower in 2026, improving Learning margin clearly above 23% in 2026 Strong business fundamentals Optimal basis for growth Shaping the future of K12 education via multiple levers Clear growth pathway Unique position A leading European K12 learning content provider Pathways to a high single-digit organic earnings growth for the Group in 2026–2030
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Growth opportunities across the business delivering increasing earnings in 2026–2030 21 Interim Report Q1–Q3 2026 2025 Dutch distribution Curriculum renewals Personalised learning & innovation Print B2B & B2C Digital B2B & B2C Gambling advertising 2030 Mid single-digit growth Stable excl. gambling Learning Media Finland Solid net sales growth path 2026–2030 Growth is measured annually using a 3-year CAGR M&A opportunity in K12 learning High single- digit organic earnings growth 2026–2030 Revenue increase Revenue decrease
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On track for the full-year step change in adjusted operating profit 22 ▪ Growth in learning content sales especially in Poland, Spain and the Netherlands driven by curriculum renewals and the acquisitions so far in 2026 ▪ Discontinuation of Dutch distribution business will reduce net sales by approx. 40m€ ▪ Adjusted operating profit margin improving to clearly above 23% ▪ Continuing growth in digital subscription sales more than offsetting decline in print ▪ Relatively stable advertising sales; growth in digital offsetting lower print and TV ▪ Continuous efficiency improvement Key factors influencing 2026 performance Interim Report Q1–Q3 2026
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Responsible business practices Target:All employees participating in annual conduct trainings Trustworthy data Target: Continuous privacy and security training for our employees Valued people Target: Employee Engagement Score 70–75% Vital environment Science-based climate targets 2030: -42% own operations* -38% in value chain* We have a unique sustainability profile 23 Interim Report Q1–Q3 2026 Clear targets and solid ESG ratings * Compared to 2021 baseline. Own operations referring to Scope 1 & 2 and value chain Scope 3. Scope 3 target boundary purchased goods and services, fuel and energy related activities and transportation and distribution. Inclusive learning Empowering learning of about 25 million students & Sustainable media Trusted journalism and inspiring entertainment for all Finns Positive impact of Upright net impact (scale limitless negative to 100%) +73% Sustainalytics (scale 100-0, lower score = lower risk)9.9 ISS (scale D to A+) Prime B CDP Climate (scale D- to A)A S&P Global ESG (scale 0-100) 58 Selected main targets. All targets available here.
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Our growth is enhanced by AI 24 Interim Report Q1–Q3 2026 Responsibly harnessing AI across Sanoma Emphasising trust and human oversight as we work to unlock value, innovation and growth Engage in Learning Engage in Media Increased depth and breadth of our unique content Smarter, intuitive, interactive, and more personalised products Step change in support available to teachers, students and parents Increasingly personalised learning pathways and resources Increased customer value New offerings and enhanced learning outcomes Productivity everywhere Automation, faster marketing asset production, rapid product creation and testing… Faster development cycles, improved workflows... Unlocking value, time and resource to focus on customer value
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Group: Key figures 25 Interim Report Q1–Q3 2026 m€ Q3 26 Q3 25 Net sales 518.9 515.8 Adjusted EBITDA 228.9 211.4 Margin 44.1% 41.0% Adjusted operating profit 190.0 172.4 Margin 36.6% 33.4% Operating profit 171.6 81.9 Result for the period 125.2 57.6 Free cash flow 116.6 130.7 Equity ratio 34.6% 43.1% Net debt 704.1 535.9 Net debt / Adj. EBITDA 2.6 2.0 Adjusted EPS, € 0.82 0.73 EPS, € 0.78 0.34 Average number of employees, FTE 4,708 4,676 Number of employees at the end of the period, FTE 4,755 4,544
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Learning: Key figures 26 Interim Report Q1–Q3 2026 m€ Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Net sales 377.6 197.1 92.4 88.3 376.8 191.5 89.1 Adjusted EBITDA 194.3 75.3 -0.3 -6.8 178.7 76.5 -0.6 Adjusted operating profit 171.8 52.1 -23.5 -31.4 155.0 52.6 -24.4 Margin 45.5% 26.4% -25.4% -35.5% 41.1% 27.5% -27.4% IACs -3.3 -3.4 -1.4 -7.7 -50.6 -2.3 -2.3 PPAs -6.9 -7.2 -6.5 -6.8 -6.9 -7.3 -7.3 Operating profit 161.5 41.5 -31.3 -45.9 97.6 43.1 -34.0 Capital expenditure 8.4 9.4 7.5 7.4 7.0 7.1 6.2 Average number of employees (FTE) 2,607 2,545 2,459 2,486 2,499 2,498 2,488
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Current view on curriculum renewals in Learning’s major operating countries 27 Interim Report Q1–Q3 2026 Learning content expenditure is set to increase from 2026 due to curriculum renewal cycles Our blended learning content matches teachers’ preferences Content created in partnership with teachers to match local curriculums Embracing a blend of high-quality printed and digital content formats Blended methods support learning outcomes, student motivation and save teachers’ time Learning content is core to our growth More than 80% of net sales in 2025 K12 publishing market values in Sanoma’s key operating countries Indexed to 2020 70 80 90 100 110 120 130 140 150 160 170 180 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Netherlands Poland Belgium Finland Sweden Spain Italy Total Sanoma Learning market
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Shape the future of K12 education 28 Interim Report Q1–Q3 2026 We have a clear outlook on the future of K12’s fundamentals and the expected role of AI ▪ Schools and classrooms are the anchor ▪ Teacher at the helm, leveraging blended materials ▪ Our high-quality blended learning materials are enhanced and personalised through AI, catering increasing diversity ▪ Expansion of remote learning creates new business opportunities in B2C ▪ The most inclusive, personalised and transformative era of K12 education is here Our outlook on the future of K12 education Fundamentals of K12 learning remain AI creates new growth opportunities Scenarios Sticking to fundamentals Evolution and optimisation More flexible schooling AI revolution Challenges ▪ Learning outcomes are declining ▪ Shortage of teachers ▪ More complex and diverse classroom dynamics We have the expertise and content to seize the opportunity Improving learning outcomes Each child gets a fair chance Learning
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We shape the future of K12 education by helping all students reach their potential 29 Interim Report Q1–Q3 2026 Better learning outcomes for all students Positive impact on society, democracy and economy School Teacher Student Parent More effective teaching Teacher time saved Increased student engagement Effortless parental support ~5bn€ 10+bn€Market size in Europe Above impacts supported by Sanoma Learning European Teacher Survey 2026 Learning Solid base from blended learning methods that are teachers’ daily aids, and long-term partnerships with schools Exciting growth opportunities from personalisation through AI allowing us to extend from the classroom to home tutoring
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Scale our opportunity 30 Well-placed to grow through M&A in K12 with a disciplined approach Accelerate growth Drive scale through consolidation Enhance shareholder returns Key criteria K12 focus Market leading Supporting our net sales and earnings targets High barriers to entry Markets Enter new geographic markets with blended learning Adjacencies Enter adjacent offerings in current markets Strength Enhance our position in current markets and offerings 1 2 3 Routes Significant headroom and ability to execute across three M&A routes Interim Report Q1–Q3 2026
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Acquisition of Fluentbe strengthens our position in Poland ▪ Fluentbe is a Polish online tutoring platform for language learning − Fluentbe offers AI-powered, personalised language learning for both individuals and enterprises − Net sales of approx. 6m€ in 2025 − Acquisition completed on 1 July ▪ Poland is one of the largest K12 learning services markets in Europe with ~6 million students − Great potential from the curriculum renewals in 2026–2027 and increasing demand for personalised learning − Fluentbe’s AI-powered offering provides us an entry into the large and fast-growing Polish tutoring market − It can be combined with our local K12 expertise, strong brand and the base of more than 2 million digital users ▪ The acquisition is in-line with our strategy to grow in K12 learning − Building on our existing scalable foundation in a current operating country − Supporting Learning’s financial targets for net sales and adjusted operating profit growth (see appendix, p. 20) 31 Interim Report Q1–Q3 2026
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▪ Vicens Vives is one of the major learning content providers in Spain − Net sales of 29m€ in 2025 − Product offering complements our current printed and digital offering ▪ Spain is one of the largest K12 learning services markets in Europe with ~7 million students − We have a well-established market leading position − Great potential from the new funding cycle of the ongoing curriculum in 2026–2027 and increasing demand for personalised learning ▪ The acquisition is in-line with our strategy to grow in K12 learning − Building on our existing scalable foundation in a current operating country − Supporting Learning’s financial targets for net sales and adjusted operating profit growth (see appendix, p. 20) ▪ Transaction details − EV 40m€ and EV/EBITDA 6.8x − Completed on 30 April 32 Interim Report Q1–Q3 2026 Acquisition of Vicens Vives strengthens our position in Spain
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Media Finland: Key figures 33 Interim Report Q1–Q3 2026 m€ Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Net sales 141.3 137.7 128.7 137.6 139.0 148.3 132.1 Adjusted EBITDA 37.6 30.1 29.3 33.0 34.7 33.4 28.8 Adjusted operating profit 21.5 13.0 10.0 8.8 19.7 12.4 8.1 Margin 15.2% 9.4% 7.8% 6.4% 14.1% 8.3% 6.2% IACs -3.8 0.0 -0.5 -5.0 -29.7 -1.8 0.2 PPAs -1.0 -1.0 -1.0 -1.0 -1.0 -1.5 -1.6 Operating profit 16.7 11.9 8.5 2.7 -11.1 9.1 6.8 Capital expenditure 1.3 1.9 1.6 2.7 1.6 2.3 2.7 Average number of employees (FTE) 1,992 1,979 1,941 2,055 2,074 2,053 2,005
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Finnish advertising market development 34 Interim Report Q1–Q3 2026 Finnish measured media advertising markets Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Newspapers -7% -22% -12% -11% -10% -1% -12% Magazines -12% -9% -12% -11% -18% -10% -19% TV 0% -8% -13% -10% -4% -2% -4% Radio -2% 2% 1% -1% 3% -3% -3% Online (excl. search and social media) 4% 3% 4% -1% 0% 0% -2% Total market 0% -4% -4% -4% -3% -1% -3% Source: Fifty5Blue (earlier Kantar), Media Advertising Trends, September 2026 Total market also includes media groups not relevant to Sanoma
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▪ Acquired subsidiaries are consolidated using the acquisition method, whereby the cost is allocated to the acquired assets and liabilities assumed at their fair value on the date of acquisition ▪ With regard to the acquisition of new assets, the Group assesses the expected useful life of the intangible right and determines the useful life on the basis of the best knowledge available on the assessment date ▪ Amortisation is calculated using the straight-line method ▪ In FY 2026, the PPA is estimated to total to approx. 31m€ (excl. the acquisitions completed so far in 2026) ▪ More information about the accounting policies related to intangible assets can be found in the Financial Statements 2025 Estimated amortisations of acquired intangible assets (PPA) of the Group 35 Interim Report Q1–Q3 2026 Estimated amortisations of acquired intangible assets (PPA) 2026−2028 m€ Actual Actual Actual Est Est Est 0 5 10 15 20 25 30 35 Q1 2026 Q2 2026 Q3 2026 Q4 2026 2026 2027 2028 Est
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Group debt structure 36 Interim Report Q1–Q3 2026 Maturity profile of external debt m€, 30 September2026 60 300 150 100 220 2026 2027 2028 2029 Term Loan 2026 RCF Social Bond Term Loan 2023 Term Loan 2025 220 150 100 107 60 Term Loan 2025 Social Bond Term Loan 2023 Commercial papers Term Loan 2026 634m€ 1) External debt structure m€, 30 September 2026 1) Excl. IFRS 16 liabilities The chart shows the nominal values of the instruments
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Largest shareholders 37 Interim Report Q1–Q3 2026 30 September 2026 Shareholders Number of shares % of shares 1. Jane and Aatos Erkko Foundation 39,820,286 24.4 2. Holding Manutas Oy 21,870,000 13.4 3. Rr & Co Ab 19,928,117 12.2 4. Varma Mutual Pension Insurance Company 5,788,352 3.5 5. Ilmarinen Mutual Pension Insurance Company 4,810,000 2.9 6. Helsingin Sanomat Foundation 4,701,570 2.9 7. Noyer Alex 3,213,277 2.0 8. Elo Mutual Pension Insurance Company 2,251,458 1.4 9. Bernardin-Aubouin Lorna 1,852,470 1.1 10. The State Pension Fund 1,640,000 1.0 10 largest shareholders, total 105,875,530 64.7 Nominee registered 9,830,544 6.0 Other shareholders 47,859,589 29.3 Total number of shares 163,565,663 100.00 Total number of shareholders 28,703 16% 18% 10% 15% 31% 9% Private companies Financial and insurance institutions Public sector organisations Households Non-profit organisations Foreigners Holding by sectorLargest shareholders
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Analyst coverage Danske Bank Markets Sami Sarkamies, +358 10 546 8468 DNB Carnegie Pia Rosqvist-Heinsalmi, +358 9 6187 1232 Inderes Petri Gostowski, +358 40 821 5982 Kepler Cheuvreux Kristoffer Carleskär, +44 207 621 5149 Nordea Sanna Perälä, +358 40 779 0845 OP Corporate Bank Joona Harjama, +358 44 305 0793 SEB Nikko Ruokangas, +358 9 6162 8684 38 Interim Report Q1–Q3 2026
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Disclaimer The information above contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or future financial performance, including, but not limited to, expectations regarding market growth and development as well growth and profitability of Sanoma. In some cases, such forward- looking statements can be identified by terminology such as “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of those terms or other comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the forward-looking statements, possibly to a material degree. All forward-looking statements included herein are based on information presently available to Sanoma and, accordingly, Sanoma assumes no obligation to update any forward-looking statements, unless obligated to do so pursuant to an applicable law or regulation. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Sanoma or otherwise to engage in any investment activity. 39 Interim Report Q1–Q3 2026
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Please contact our Investor Relations: Kaisa Uurasmaa, Head of IR & Sustainability +358 40 560 5601, kaisa.uurasmaa@sanoma.com ir@sanoma.com www.sanoma.com 40