”During the first half of 2025, our operational earnings and free cash flow improved driven by Learning. Net sales grew in Poland, the Netherlands and Italy, and this growth more than offset the expected lower sales in Spain ahead of the upcoming curriculum renewal in 2026. In Poland, the growth was mainly from our digital learning platform sales. Overall in Learning, our cost base improved as we continued to see the positive impacts of Program Solar. Together with the net sales growth, this improved Learning’s operational earnings for the first six months.

We continued to advance the use of AI in both businesses with a strong emphasis on its responsible use and human oversight. Across Learning, we are increasingly using AI-based tools to enhance efficiency in content creation and introducing new digital tools to the market. These included for example a new learning solution that personalises after-school studying by combining curriculum-based activities and interactive cognitive games. Our updated blended learning materials included, for example, the interactive Smartbook for three secondary school subjects in Poland. In Media Finland, the newsrooms have focused on automating news gathering processes and improving image tooling with AI. Automated translations and story drafting have been tested in public pilots. In radio, AI-generated localised weather forecasts are in daily use. The overall data capabilities have been improved to enable the use of AI-assisted reporting and analysis tools.

In Media Finland, subscription sales increased slightly driven by continued good development of the SVOD service Ruutu+. Also the digital news media subscriptions and +Kaikki, a bundle subscription including all of Media Finland's digital consumer products, continued to perform well. As we expected after the first quarter, the softness in the Finnish advertising market continued against a somewhat more demanding comparison of the second quarter of 2024. Our advertising sales decreased, mainly driven by lower TV advertising, including the impact of ending the reselling of a third-party TV channel advertising at the beginning of the year. Operational earnings were impacted in particular by the lower advertising sales, while we continue to expect operational EBIT to be relatively stable for the full-year.

Our free cash flow increased as a result of higher operational earnings in Learning and the lower financing costs of the Group, although being negative in line with the seasonal pattern of the business. The deleveraging of our balance sheet continued to progress well, and at its typical annual peak at the end of June, our Net debt / Adjusted EBITDA was 2.5 (2024: 2.9). This is well within the long-term target of < 3.0. In line with the annual seasonality of the learning business, the ratio is expected to improve further during the second half of the year.

The economic uncertainty has continued during recent months. As mentioned before, the US trade tariffs are not expected to have an impact on Sanoma's businesses or performance in the short term. As a significant part of our full-year operational earnings is dependent on the outcome of the third quarter high season in Learning and the development of the Finnish advertising market in July–December, we are keeping our Outlook for 2025 unchanged. We are in a good position to deliver on the third quarter high season in Learning, and to grow and improve our performance across the business.

For the past two years, we have been focused on increasing our profitability and free cash flow and strengthening our balance sheet. We have made good progress with these strategic priorities. Looking ahead, curriculum renewals in our major learning markets, particularly Poland and Spain, are expected to accelerate our organic net sales growth from 2026 onwards. In Media Finland, we are continuing, and accelerating, our successful digital transformation. We also aim to expand through valuecreating M&A in K12 learning services, while being committed to meeting our leverage and equity ratio targets and paying an increasing dividend, equal to 40–60% of our annual free cash flow. We are hosting a Capital Markets Day on 25 November 2025 to elaborate more on our growth path 2026–2030 (more information at Sanoma.com).

I would like to warmly thank all Sanoma employees for their dedication and strong commitment in supporting our customers in the best possible way and delivering these solid results.”

30 July 2025