Sanoma Oyj : Roadshow presentation May-June 2021

Two focused and leading businesses poised for further growth

Roadshow presentation May-June 2021

Two focused and leading businesses poised for further growth

• We continue to grow Sanoma Learning, the leading European K12 learning business
• We are the leading cross-media company in Finland and continue our successful digital transformation ​
• We have 300-400m€ headroom for
  M&A and focus on growing our learning business​ further
• We pay a solid dividend
• Sanoma is a sustainable investment with learning and media having a positive impact on society​

2 Roadshow presentation May-June 2021

Our two focused and leading businesses in brief

LEARNING

Market leader in European K12 with strong digital footprint and benefits of scale

500m€		19.2%		~13%		>20m
Net sales		Oper. EBIT		Market share		students
		margin excl.
		PPA

• Best-in-classmaterials, blended methods and common digital platforms and technology across 11 European countries
• Successful expansion of Learning business footprint in recent years including Santillana in Spain, closed at end of 2020
• Long-termtarget: comparable net sales growth target 2-5% and 'above 23%' operational EBIT margin excl. PPA
• Increase value per student by moving towards a subscription model, with >50% subscription sales target by 2025 (2019: 25%) ensuring increasingly stable cash flows

MEDIA FINLAND

Finland's leading cross media company

563m€ 11.8% ~50% 97%

Net salesOper. EBITB2C revenue weekly reach

margin excl.

PPA

• Focus on news & feature, entertainment and B2B marketing solutions
• B2C revenue representing already over 50% of net sales, resulting in a more recurring revenue base
• Rapidly increasing digital subscriptions fueled by the corona
• Long-termtargets: stable comparable net sales (+/-2%) and improving profitability (12-14%)
• Important role in Finnish society: independent journalism and local entertainment
• Alma Media's Finnish regional news media business acquired on 30 April 2020

3 Roadshow presentation May-June 2021 All figures for FY 2020

We accelerated our transformation during 2020

≈ 800m€ invested

More than 400m€ new, highly profitable net sales acquired

	Four acquisitions	Regional news	Santillana, leading
	in K12 learning	media business	provider of K12
	services in 2019	in Finland	learning content
	Iddink | Itslearning |			in Spain; closed on
ACQUISITIONS	Clickedu | Essener			31 December
DIVESTMENTS	Media	Online classifieds
	Netherlands	business Oikotie

• 700m€ divestment proceeds received
• • 400m€ net sales divested

Two focused,

leading

businesses

with solid

profitability and

cash flows

300-400m€

headroom for

M&A

4 Roadshow presentation May-June 2021

Learning is now contributing close to 70% of Group earnings

We have a balanced net sales profile with…

Net sales by SBU

48%

52%

Learning Media Finland

…B2C more than half of our	Learning close to
media sales	70% of earnings
Group net sales by category, %	Operational EBIT excl. PPA by SBU

10% Other

30%	Non-print adv	~30%
	Print adv
11%
	B2C Single copy
8%
41%	~70%
B2C Subscriptions
			Learning		Media Finland

Pro forma incl. Santillana Spain as presented in Sanoma's stock exchange release on 8 March 2021

5 Roadshow presentation May-June 2021