• On track to deliver the step change in the Group’s adjusted operating profit for 2026; Outlook for 2026 unchanged
  • Well-positioned for high season growth in Learning
  • Three acquisitions in Learning so far in 2026

”We had a solid first six months, and we are on track to deliver the step change in the Group's adjusted operating profit for 2026. Learning's high season in the third quarter is decisive, and we enter it continuing to benefit from our scale and disciplined cost management across the business.

Learning's net sales grew, even after absorbing approximately EUR 15 million of sales phasing into the third quarter from late curriculum renewal and ordering decisions mainly in Spain and Italy. Growth came from learning content sales in the Netherlands, digital platform sales in Poland and the contribution from Vicens Vives. Adjusted operating profit was stable for the first half, reflecting the sales phasing and approximately EUR 8 million of higher sales and marketing investments in Spain and Poland ahead of their curriculum renewals. We expect these to convert into margin as those renewals take effect in the second half. We are on track to deliver an adjusted operating profit margin clearly above 23% in Learning for the full year.

We go into the high season well prepared, having published more than 60 new learning methods across our markets. Sweden is already delivering strong growth from the upper secondary curriculum renewal. In the Netherlands, new mother-tongue and maths materials have been well received; in Italy our new maths material for secondary education has already sold well. In Spain, we have renewed our flagship series, launching Construyendo Nuevos Mundos, as the next generation of the successful Construyendo Mundos series. In Poland, our renewed offering for the educational reform is selling well, supported by the 20% increase in government textbook funding.

We continued to strengthen our leading position in K12 across Europe through three acquisitions so far in 2026 – in Spain, Poland and the Netherlands – each adding scale in a market where we already operate, in line with our strategy (more information about the acquisitions on p. 10). The most recent acquisition, Fluentbe in Poland, completed in early July, adds AI-powered digital language-learning capability with cross-selling potential across our existing base of more than 2 million digital users.

AI is an increasingly integral part of how we work both in Learning and Media, and we always emphasise its responsible use and human oversight. In Learning, AI enhances our personalised learning offering and supports teachers in their daily work. Our AI Teacher Assistant helps teachers create exercises, tests, lesson plans and other materials grounded in our trusted content and pedagogy. Launched earlier this spring in seven markets, 88% of the first group of teachers who used it found the materials comparable to or better than their own. We have also continued to develop our AI Student Assistant, integrating capabilities from the recent Mr. Chadd acquisition. In Media Finland, AI is supporting faster digital product development and enabling journalists to uncover and use data in ways that were not previously possible, contributing to distinctive, high-quality journalism. Together with the production companies, we are exploring ways to enhance storytelling and production capabilities across video and TV.

Media Finland’s adjusted operating profit improved even as net sales declined on continued soft advertising demand and fewer events than a year ago. Subscription sales were stable with growth in digital subscriptions offsetting the decline in print, while solid development in the number of subscriptions continued across products. We are pleased with the performance of the events, supported by our refined portfolio and successful line-ups that attracted a higher number of visitors throughout the summer season. The Finnish advertising market showed some encouraging signs towards the end of the quarter. The improvement in Media Finland’s adjusted operating profit was driven by continued robust cost containment and improved profitability of events.

Our free cash flow was negative in the first half, in line with the seasonal pattern of the business. The development also reflected the higher sales and marketing costs in Learning as well as higher investments across the business, including the timing of TV programming spend. For the full-year 2026, we expect free cash flow to grow moderately compared to 2025 (EUR 129 million) and to be more weighted towards the fourth quarter than last year.

Our net debt and leverage (net debt / adjusted EBITDA) were at their seasonal peak and increased from the previous year. This was mainly due to the refinancing of the EUR 150 million hybrid bond with senior debt in March and the acquisition of Vicens Vives at the end of April. We expect deleveraging to resume towards the end of the year, supported by positive and growing free cash flow generation in the second half.

Our positive impact and robust sustainability progress received further recognition during the summer. In June, we were for the first time included in the TIME magazine and Statista’s list of the World’s Most Sustainable Companies and in July, our score in S&P Global Corporate Sustainability Assessment improved by three points to 58/100, positioning us among the top companies within our industry.

We enter the second half well positioned, with the third quarter decisive for Learning and the development of the Finnish advertising market the key variable for Media Finland. Based on our performance to date and current visibility, we keep our Outlook for 2026 unchanged, indicating a significantly improving adjusted operating profit compared to 2025.

We continue to focus on capturing exciting growth opportunities across our business, increasing our adjusted operating profit over 2026–2030 and creating long-term value for our stakeholders. I would like to warmly thank all Sanoma employees for delivering this solid performance, and for their continued commitment and passion in supporting our customers