Sanoma Oyj

“For example, the Group’s Learning business has, by its nature, an annual cycle with strong seasonality. Most net sales and earnings are accrued during the second and third quarters, while the first and fourth quarters are typically loss-making.”

Annual report 2025A · The company itself

“In 2026, Sanoma expects that the Group’s net sales will be EUR 1.29‒1.34 billion (2025: 1.30) and the Group’s adjusted operating profit will be EUR 205−225 million (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.”

Annual report 2025A · The company itself

“Privacy impacts on data subjects can be, for example, identity theft, damage to reputation, or loss of sense of trust. This pertains especially to some of the learning businesses, which process sensitive personal data of children.”

Annual report 2025A · The company itself

“We promote equality and provide an inspiring workplace with excellent opportunities to develop Inclusive learning Empowering learning of about 25 million students Sustainable media Trusted journalism and inspiring entertainment for all Finns Vital environment We act to protect the climate and build awareness of sustainability issues REMUNERATION ≡ ■ Inclusive learning: Within its learning business, Sanoma has a positive impact on its customers’ and end-users’ access to quality learning materials and education through printed and digital learning content, as well as digital learning and teaching platforms for primary, secondary and vocational education. Sanoma aims to co-create high-quality and motivating learning materials with teachers, to develop inclusive learning solutions that support diversity, accessibility and differentiation and to promote equal access to education.”

Annual report 2025A · The company itself

“Sanoma’s learning methods support diversity, personalisation and equal access to education.”

Annual report 2025A · The company itself

“By assisting in creation of high-quality, engaging materials and providing real-time feedback, Sanoma’s AI tools can help both teachers and students achieve better educational outcomes. Teachers can focus on creative and interactive teaching, while students benefit from instant guidance and clarification of complex concepts.”

Annual report 2025A · The company itself

“Sanoma utilises feedback from the stakeholders gained through, for example, the annual European Teacher Survey and focus groups to develop its Editorial guidelines according to teachers’ and students’ needs Learning-wide editorial guidelines are publicly available on Sanoma’s website, and local editorial guidelines are available in internal channels ▪ Through its learning business, Sanoma promotes access to education by cocreating inclusive and diverse learning materials to students and teachers In Learning, Sanoma launched in 2025 SBU-wide guidelines to manage the accessibility-related impact its learning materials have on teachers and students.”

Annual report 2025A · The company itself

“The guidelines represent Learning’s commitment to ensuring that digital learning products are usable for every student. In line with the guidelines, the design of learning methods and digital products must ensure compliance with WCAG 2.1 Level AA standards, incorporate accessible components from the Sanoma Learning Design System, present content in a clear and well-structured manner, and maintain full compatibility with assistive technologies.”

Annual report 2025A · The company itself

“Impacts of access to high-quality and inclusive learning products and services as well as impacts of digital accessibility on customers, especially students and teachers, are taken into account in Learning’s method creation process and included in its inclusive learning strategy.”

Annual report 2025A · The company itself

“On a continuing basis, Sanoma engages directly with teachers when co-creating and developing the learning materials.”

Annual report 2025A · The company itself

“The actions Sanoma takes to develop accessibility of its products and content are targeted to prevent potential negative impacts of lack of accessibility on end-users. The goal of these actions is to enhance accessibility for users across all communication needs, including speech, hearing, visual, motor, and cognitive functions.”

Annual report 2025A · The company itself

“In 2025, Sanoma also participated in the News Week, a joint media education theme week for schools and news media. The aim of the week is to encourage children and young people to engage with news media and raise the importance of critical media literacy.”

Annual report 2025A · The company itself

“In the learning business, significant groups of products and services offered include a portfolio of printed and digital learning products and services. Significant markets and customer groups served include primary, secondary and vocational education (K12) i.e., 6–18 year-old students. Primary customers are teachers and schools.”

Annual report 2025A · The company itself

“Sanoma’s resource inflows cover its printed products, such as newspapers, magazines and books.”

Annual report 2025A · The company itself

“In Learning, data helps teachers enhance learning outcomes, engagement and workflows, and supports students in optimising their individual learning paths.”

Annual report 2025A · The company itself

“Through its learning business, Sanoma advances access to education by co-creating – with teachers – learning materials that follow the local curriculum.”

Annual report 2025A · The company itself

“Learning offers schools learning materials that include a variety of digital learning assets to increase learning impact among all students and address barriers to learning through traditional formats.”

Annual report 2025A · The company itself

“Sanoma Learning is Europe's leading K12 learning company, serving about 25 million students across Europe. Our learning products and services enable teachers to develop the talents of every child to reach their potential. We offer printed and digital learning materials as well as digital learning and teaching platforms for K12, i.e. primary, secondary and vocational education, and we aim to continue to grow our business in Europe and beyond.”

Annual report 2025A · The company itself

“Significant markets and customer groups served include primary, secondary and vocational education (K12) i.e., 6–18 year-old students. Primary customers are teachers and schools. Sanoma has learning businesses in the Netherlands, Spain, Poland, Italy, Belgium, Finland, Sweden, Norway, Denmark, Germany and the UK.”

Annual report 2025A · The company itself

“It focuses on Sanoma’s business activities related to its learning and media businesses, and covers all of Sanoma’s operating countries.”

Annual report 2025A · The company itself

“Through its learning and media businesses, Sanoma impacts the lives of millions of people every day. The impacts on consumers and end-users inform and contribute to Sanoma’s strategy and business model.”

Annual report 2025A · The company itself

“In Learning, Sanoma processes personal data mostly as a ‘data processor’ on behalf of customers, i.e., schools and municipalities.”

Annual report 2025A · The company itself

“Attributable to the accelerating shift of media consumption towards digital channels and the successful implementation of its digital subscription strategy, Sanoma made a decision to close down the printing plant in Tampere with effect from the end of 2025.”

Annual report 2025A · The company itself

“In Media Finland, lower advertising sales were partially offset by growth in digital subscriptions.”

Annual report 2025A · The company itself

“Advertising sales declined driven mainly by lower TV and newsprint advertising.”

Annual report 2025A · The company itself

“Subscription sales grew throughout the year driven by good development in digital subscriptions, in particular the SVOD service Ruutu+.”

Annual report 2025A · The company itself

“Print news media consumption is transforming to digital channels and viewing time REMUNERATION ≡ of free-to-air (FTA) television is decreasing while online video-on-demand (VOD) consumption is increasing.”

Annual report 2025A · The company itself

“The demand for advertising derived from printed media has also been in decline in recent years as advertisers shift to digital channels, and this trend is expected to continue.”

Annual report 2025A · The company itself

“Tightening of consumer protection-related laws may necessitate the amendment of some consumer media sales business models, imposing additional costs on Sanoma and having an adverse effect on its profitability.”

Annual report 2025A · The company itself

“In Media Finland, risks associated with business and financial performance typically relate to advertising demand (B2B) and consumer spending (B2C).”

Annual report 2025A · The company itself

“A significant proportion of the Group’s net sales is derived from advertising in digital media, printed newspapers and magazines, television and radio, and from subscriptions and single copies sold to consumers.”

Annual report 2025A · The company itself

“Weakened confidence among Finnish consumers, impacted by the inflation and increased interest rates, may have an adverse impact on the demand for Media Finland’s products and services.”

Annual report 2025A · The company itself

“In the Media business, net sales and earnings are particularly affected by the development of advertising. Advertising sales are influenced, for example, by the number of newspaper and magazine issues published each quarter, which varies annually.”

Annual report 2025A · The company itself

“Possible weakening of the economy, for example due to geopolitical risks or high inflation, may increase the Group’s credit risk, although potential concentrations of credit risk are offset by the Group’s diversified operations and the fact that no individual customer or group of customers is material to the Group.”

Annual report 2025A · The company itself

“Data, especially personal data, is an essential part of Sanoma’s business. The impacts of privacy and information security on media customers and on teachers and students using learning platforms are taken into account in digital product development.”

Annual report 2025A · The company itself

“Human Rights, Article 12 related to Privacy No direct stakeholder involvement ▪ Despite Sanoma’s preventive measures, the use of personal data in its products and services may affect data subjects, for example through insufficient transparency, limited control over data usage, or due to information security incidents ▪ Risk that cybersecurity and data protection measures implemented internally or by third parties prove as insufficient and ineffective, exposing Sanoma to breaches, fines, and reputational damage Principles of Ethical Use of AI When using AI, Sanoma applies privacy and personal data protection principles and practices defined in its Privacy and Data Protection Policy and in the Principles of Ethical Use of AI.”

Annual report 2025A · The company itself

“Media Finland had a reasonably balanced business portfolio in 2025, with 59% (2024: 55%) of net sales attributable to the relatively stable B2C business, mainly subscriptions, and 41% (2024: 45%) to the B2B business.”

Annual report 2025A · The company itself

“For its B2B customers, Sanoma offers marketing opportunities to reach Finnish consumers.”

Annual report 2025A · The company itself

“In Media Finland, Sanoma mostly acts as a ‘data controller’ when handling personal data of customers and endusers.”

Annual report 2025A · The company itself

“Sanoma Media Finland principally generates consumer revenue from providing consumer magazines, newspapers, events, online services and SVOD (Subscription video on demand) and AOD (Audio on demand).”

Annual report 2025A · The company itself

“Risks with AI include misuse of the Group’s data and content.”

Annual report 2025A · The company itself

“Data is an increasingly essential part of Sanoma’s products and services in both Learning and Media Finland.”

Annual report 2025A · The company itself

“Sanoma holds large volumes of personal data, including the data of its own workforce as well as customers and end-users, such as media consumers, and students and teachers in Learning. This exposes Sanoma to privacy risks and requires it to consider carefully its processes for implementing data subject rights and demonstrating accountability for compliance with the GDPR.”

Annual report 2025A · The company itself

“Data, especially personal data, is an essential part of Sanoma’s business. The impacts of privacy and information security on media customers and on teachers and students using learning platforms are taken into account in digital product development.”

Annual report 2025A · The company itself

“Privacy risks are related to potential non-compliance with GDPR, especially personal data breaches, which could occur in systems built by Sanoma or delivered by third parties.”

Annual report 2025A · The company itself

“Human Rights, Article 12 related to Privacy No direct stakeholder involvement ▪ Despite Sanoma’s preventive measures, the use of personal data in its products and services may affect data subjects, for example through insufficient transparency, limited control over data usage, or due to information security incidents ▪ Risk that cybersecurity and data protection measures implemented internally or by third parties prove as insufficient and ineffective, exposing Sanoma to breaches, fines, and reputational damage Principles of Ethical Use of AI When using AI, Sanoma applies privacy and personal data protection principles and practices defined in its Privacy and Data Protection Policy and in the Principles of Ethical Use of AI.”

Annual report 2025A · The company itself

“Sanoma sets annual targets to enhance the management of material privacy risks, aligning plans with the company strategy and regulatory trends.”

Annual report 2025A · The company itself

“Sanoma has identified certain dependencies, which relate to the availability of paper and certified paper, posing a risk to Sanoma’s operations.”

Annual report 2025A · The company itself

“The risk of potentially rising paper prices is mitigated by diversifying paper supply.”

Annual report 2025A · The company itself

“In 2025, Sanoma purchased 37,504 tonnes of paper for its newspapers, magazines and books. Monitoring the volume of paper helps to decrease not only the resource use impacts, but also biodiversity and climate-related impacts associated with paper consumption.”

Annual report 2025A · The company itself

“E5-4-30 Paper bought and used for products and share of certified paper fibre 2025 2024 Overall total weight of paper used by Sanoma for own printing houses (newspapers) and for printed products production (magazines and books), tonnes 37,504 43,430 Share of certified paper fibre in paper bought % 100% 98% Reporting follows Sanoma’s financial accounting rules.”

Annual report 2025A · The company itself

“In its newspapers, magazines and books, Sanoma prefers paper originating from certified and sustainably managed forests, i.e., from traceable, verified and legal sources. As part of the annual negotiations with the suppliers, information on the certification of the paper is evaluated.”

Annual report 2025A · The company itself

“Sanoma also engages with its suppliers, such as paper and print suppliers, to ensure the implementation of its climate transition plan.”

Annual report 2025A · The company itself

“On top of the key trends and market fluctuations over the last years, generative artificial intelligence (AI) has been introduced to the market, providing Learning both opportunities and uncertainties. AI applications may bring efficiency gains in core processes related to, for example, method creation and software development.”

Annual report 2025A · The company itself

“In learning content, AI provides opportunities for personalisation, underpinning the value of curated, high-quality content published and owned by Sanoma, albeit potentially adding competitive pressure.”

Annual report 2025A · The company itself

“In Media Finland, AI may provide opportunities for productivity improvements and possibilities to accelerate technology development, support journalism in reaching more audiences and enhance customer communication and experience.”

Annual report 2025A · The company itself

“AI advancements also pose risks to media brand trust by creating seemingly credible content or increasing the volume of AI-generated content that starts to compete with curated content.”

Annual report 2025A · The company itself

“At Sanoma, artificial intelligence (AI) is also used for, among other things, providing journalistic recommendations, personalised features in entertainment, and adaptive learning solutions. Applications of generative AI may bring opportunities related to efficiency, personalisation and support in delivering quality products, with risks including the misuse of the data and content.”

Annual report 2025A · The company itself

“In addition, the accelerating use of AI can increase the risk of how personal data is used to automate digital platforms and make decisions affecting individuals.”

Annual report 2025A · The company itself

“▪ Risk of inadequate oversight and governance of AI in creating learning and media content and digital solutions could lead to IP exposure, regulatory non-compliance, loss of market differentiation reflected in the loss of trust of Sanoma's customers, reputational damage and loss of revenue ▪ The risk that Sanoma mismanages its intellectual property rights (including trademarks, copyrights, and licensing agreements) by failing to protect or enforce its own IP or by infringing third-party rights, resulting in financial losses due to litigation costs, fines, lost royalty income, or loss of sales revenue, or weakened market position Anti- Harassment Standard Aims to ensure a safe and respectful working environment by prohibiting all forms of harassment, including sexual harassment, bullying, and discrimination.”

Annual report 2025A · The company itself

“With the critical capabilities needed in the future, for example related to AI, there may be even more competition for talent.”

Annual report 2025A · The company itself

“Across its operating markets, Sanoma Learning continued to focus on, and invest in developing best-in-class, inclusive and personalised K12 learning content and solutions.”

Annual report 2025A · The company itself

“This work is being enhanced by AI, always with a strong emphasis on its responsible use and human oversight.”

Annual report 2025A · The company itself

“In Media Finland, enhancing and investing in successful digital transformation both in news media and entertainment, largely supported by AI, remained a strategic focus area.”

Annual report 2025A · The company itself

“AI is an incremental element in enhancing growth and Sanoma continued to move forward with numerous AI initiatives in both Learning and Media Finland. Several new services empowered by AI were launched during the year, with a strong emphasis on its responsible use and human oversight.”

Annual report 2025A · The company itself

“Capital expenditure included in the Group’s free cash flow amounted to EUR 39.1 million (2024: 37.7) and mainly consisted of growth investments in digital platforms in Learning, as well as property, technology and other maintenance investments in Media Finland.”

Annual report 2025A · The company itself

“In both SBUs, Sanoma is aiming to harness the benefits of AI in new offerings to the customers and in increasing internal productivity, while emphasising trust and human oversight.”

Annual report 2025A · The company itself

“A key focus in 2025 was the strategic intention and application of artificial intelligence (AI) within Learning and Media Finland. The Board oversaw digitalisation, harmonisation and efficiency initiatives, conducted deep dives on AI and related solutions for both the Learning and Media business, explored growth opportunities, and reviewed Sanoma’s AI governance processes and policies.”

Annual report 2025A · The company itself

“By assisting in creation of high-quality, engaging materials and providing real-time feedback, Sanoma’s AI tools can help both teachers and students achieve better educational outcomes. Teachers can focus on creative and interactive teaching, while students benefit from instant guidance and clarification of complex concepts.”

Annual report 2025A · The company itself

“Journalists also use AI, for example, for drafting article summaries, transcribing interviews and searching large datasets. For consumers this means timely news and articles tailored to the readers’ individual interests and preferences. AI automation frees up journalists to focus on creative storytelling and investigative work, which leads to richer content for readers.”

Annual report 2025A · The company itself

“In 2025, Sanoma trained product teams on AI and how to assess potential risks that AI use may bring to customers and endusers. These trainings were related to the Group-wide AI Governance measures that Sanoma defined in 2024 to support AI use and prepare for the EU AI Act.”

Annual report 2025A · The company itself

“AI tools to support teachers and students In Learning, Sanoma develops AI tools that automate tasks like lesson planning, grading, and administration to save teachers time and enable them to focus on creative, personalised teaching. AI enables tailored instructions, allowing teachers to address individual student needs and learning styles. This supports more equitable learning outcomes and helps identify students who require additional support, fostering inclusion and reducing educational disparities.”

Annual report 2025A · The company itself

“As an expected outcome, the use of AI enables media organisations to improve personalisation and deliver news and articles for consumers that are tailored to individual reader interests and preferences. As AI can automate routine and repetitive tasks, journalists can focus on in-depth reporting and ensure readers receive timely, accurate updates on current events. In addition, journalists’ time is freed up to focus on creative storytelling and investigative work, which leads to richer content for readers.”

Annual report 2025A · The company itself

“We develop our methodologies based on deep teacher and student insight and truly understanding their individual needs. By combining our educational technologies and pedagogical expertise, we create learning products and services with the highest learning impact.”

Annual report 2025A · The company itself

“More specifically regarding AI, the policy advises on performing risk assessments in using third-party generative AI solutions to avoid leakage or infringements of Sanoma’s IPR, and to ensure there is no risk of infringement of third-party rights.”

Annual report 2025A · The company itself

“It includes dedicated questions on general ethics, anti-bribery and corruption rules, competition law, privacy, security, AI, and compliance with supplier relationship management.”

Annual report 2025A · The company itself

“AI tutors are designed to help students through exercises, explain concepts, and encourage independent study. One example is a speech coach that helps practice pronunciation in a new language.”

Annual report 2025A · The company itself

“With the continued development of alternative forms of media, particularly free or paid digital media, the Group’s media businesses and the strength of its media brands depend on its continued ability to identify and respond to constantly shifting consumer preferences and industry trends, as well as its ability to develop new and appealing products and services in a timely manner.”

Annual report 2025A · The company itself

“The Editors-in-Chief and Sanoma’s Forum for the Editors-in-Chief develop the editorial culture at Sanoma, provide guidance, follow reader surveys and customer feedback and take part in public discussion on editorial independence, ethics and journalism.”

Annual report 2025A · The company itself

“Helsingin Sanomat, Aamulehti, Satakunnan Kansa and Ilta-Sanomat, have their own journalists’ instructions that complement the CMM’s Journalist’s Guidelines and guide ethical news work daily. Helsingin Sanomat’s principles for example explain why the work is done and how published information is verified.”

Annual report 2025A · The company itself

“Media Finland continuously develops accessibility in its services that provide audiovisual content.”

Annual report 2025A · The company itself

“To inspire reading enthusiasm among 13–25-year-olds, Media Finland supported Lukuboost campaign launched in October 2024 and concluded in January 2025.”

Annual report 2025A · The company itself

“Sanoma’s target is to promote an open democratic society and freedom of speech through its independent media, and to increase awareness, empathy and tolerance with its journalism.”

Annual report 2025A · The company itself

“We have leading brands and services, such as Helsingin Sanomat, Ilta-Sanomat, Aamulehti, Me Naiset, Aku Ankka, Nelonen, Ruutu, Supla and Radio Suomipop.”

Annual report 2025A · The company itself

“In the media business, significant groups of products and services offered for consumers include media products in multiple forms: printed and digital journalism including newspapers, magazines and digital platforms as well as entertainment through TV, video-on-demand (VOD), radio, audio-on-demand and events.”

Annual report 2025A · The company itself

“For Finnish consumers, Sanoma delivers independent journalism that supports freedom of expression and increases people’s awareness. Sanoma offers entertainment through TV and video, radio and audio as well as live events.”

Annual report 2025A · The company itself

“Sanoma’s resource inflows cover its printed products, such as newspapers, magazines and books.”

Annual report 2025A · The company itself

“In Media Finland, Sanoma uses data to improve its journalistic content, deliver personalised recommendations in media, drive customer-centric marketing, and improve customer experience of digital applications.”

Annual report 2025A · The company itself

“Through its media business, Sanoma promotes freedom of expression by delivering reliable information through multiple media platforms and following journalistic ethics.”

Annual report 2025A · The company itself

“Non-print sales are generated from subscriptions for online news, SVOD and AOD as well as advertising sales generated through TV, VOD, radio, online and mobile channels. Also revenue generated from events (both consumer income and other B2B revenue) is included in non-print sales.”

Annual report 2025A · The company itself

“Transparent climate action may offer the opportunity to enhance brand value and increase the demand for its products.”

Annual report 2025A · The company itself

“It focuses on Sanoma’s business activities related to its learning and media businesses, and covers all of Sanoma’s operating countries.”

Annual report 2025A · The company itself

“Through its learning and media businesses, Sanoma impacts the lives of millions of people every day. The impacts on consumers and end-users inform and contribute to Sanoma’s strategy and business model.”

Annual report 2025A · The company itself

“Sanoma engages with especially its paper and print suppliers, as this procurement category has been identified as a higher risk procurement category due to its nature of producing actual products.”

Annual report 2025A · The company itself

“Sanoma annually performs a supplier assessment on all of its print suppliers, collecting SEDEX, BSCI or SMETA third-party audit reports from its suppliers in addition to environmental data.”

Annual report 2025A · The company itself

“The paper and print supplier agreements include Sanoma’s Paper Procurement standard that sets environmental criteria related to the use of certified paper as well as recommendations to apply environmental and quality management systems.”

Annual report 2025A · The company itself

“As the majority of Sanoma’s supply chain emissions is generated in paper and print production, Sanoma focuses its emission reduction initiatives on these procurement categories.”

Annual report 2025A · The company itself

“Print sales are generated primarily from circulation sales, both subscriptions and single copy sales. In addition, print sales include advertising sales.”

Annual report 2025A · The company itself

“Transparent climate action may offer the opportunity to enhance brand value and increase the demand for its products.”

Annual report 2025A · The company itself

“Lack of active and transparent climate action can also be a risk and impact customer expectations, lead to adverse impacts on reputation and ultimately decreased demand.”

Annual report 2025A · The company itself

“On the other hand, Sanoma identifies an opportunity to enhance brand value and increase demand by actively promoting and developing robust and transparent climate and biodiversity actions.”

Annual report 2025A · The company itself

“Sanoma’s key topics for lobbying activities and its main positions are: ■ Improving learning outcomes (related to IRO Impact of access to high-quality and inclusive learning products and services): Sanoma promotes using (only) professionally produced education materials in education, increasing education investments per student as well as having strong copyright protection for using education materials in training AI. ■ Supporting the media’s operating conditions (related to IRO Impact of journalistic ethics and operations as a media company to freedom of expression): Sanoma promotes levelling the playing field with global platform giants, protecting its content with strong copyright, preventing unfair competition by national public service broadcaster and maintaining a lowered tax rate for media.”

Annual report 2025A · The company itself

“Changes in customer preferences, technology and industry trends In Learning, digital and blended (combined print and digital) learning materials, methods and platforms have gradually been gaining ground. Blended learning materials are seen to optimally support learning outcomes, and the usage of digital learning tools has continued to increase across most markets.”

Annual report 2025A · The company itself

“The shift to digital is expected to continue especially in the media business, which will support Sanoma’s climate transition. Accelerated digitalisation is expected to also increase energy consumption and, consequently, the demand for fossil-free energy.”

Annual report 2025A · The company itself

“A key focus in 2025 was the strategic intention and application of artificial intelligence (AI) within Learning and Media Finland. The Board oversaw digitalisation, harmonisation and efficiency initiatives, conducted deep dives on AI and related solutions for both the Learning and Media business, explored growth opportunities, and reviewed Sanoma’s AI governance processes and policies.”

Annual report 2025A · The company itself

“We promote equality and provide an inspiring workplace with excellent opportunities to develop Inclusive learning Empowering learning of about 25 million students Sustainable media Trusted journalism and inspiring entertainment for all Finns Vital environment We act to protect the climate and build awareness of sustainability issues REMUNERATION ≡ ■ Inclusive learning: Within its learning business, Sanoma has a positive impact on its customers’ and end-users’ access to quality learning materials and education through printed and digital learning content, as well as digital learning and teaching platforms for primary, secondary and vocational education. Sanoma aims to co-create high-quality and motivating learning materials with teachers, to develop inclusive learning solutions that support diversity, accessibility and differentiation and to promote equal access to education.”

Annual report 2025A · The company itself

“Sanoma also identifies a number of opportunities related to the adoption of renewable energy solutions and energy-efficiency measures, which may reduce costs related to energy usage. For example, AI optimisation of heating in facilities and the transitioning to renewable heating in Finland have already led to energy savings.”

Annual report 2025A · The company itself

“In own operations (Scope 1 and 2), limited investments are required for renewable and fossil-free energy adoption and energy efficiency improvements.”

Annual report 2025A · The company itself

“Media Finland had a reasonably balanced business portfolio in 2025, with 59% (2024: 55%) of net sales attributable to the relatively stable B2C business, mainly subscriptions, and 41% (2024: 45%) to the B2B business.”

Annual report 2025A · The company itself

“For advertisers, we are a trusted partner with insight, impact and reach.”

Annual report 2025A · The company itself

“Significant markets and customer groups served include Finnish consumers, as Sanoma reaches almost all Finns every week (according to Kantar Media Finland’s Mind consumer survey, carried out in the Kantar Forum panel on a continuous basis).”

Annual report 2025A · The company itself

“For B2B customers, Sanoma offers marketing solutions that contribute to economic growth.”

Annual report 2025A · The company itself

“For its B2B customers, Sanoma offers marketing opportunities to reach Finnish consumers.”

Annual report 2025A · The company itself

“Through combining media content and customer data, advertising revenue is generated by providing successful marketing solutions for our clients.”

Annual report 2025A · The company itself

“According to its dividend policy, Sanoma aims to pay an increasing dividend, equal to 40–60% of the annual free cash flow. When proposing a dividend to the AGM, the Board of Directors looks at the general macro-economic environment, Sanoma’s current and target capital structure, Sanoma’s future business plans and investment needs, as well as both the previous year’s cash flows and expected future cash flows affecting capital structure.”

Annual report 2025A · The company itself

“For its B2B customers, Sanoma offers marketing opportunities to reach Finnish consumers.”

Annual report 2025A · The company itself

“In Learning, earnings improved driven by the higher share of learning content sales as well as a more digital sales mix and consequently lower paper and printing costs.”

Annual report 2025A · The company itself

“Advertising declined by 14% in magazines, 9% in newspapers, 5% in TV, 1% in radio and 1% in online excluding search and social media (grew by 2% including search and social media).”

Annual report 2025A · The company itself

“The adverse earnings impact of lower advertising sales was more than offset by positive impact from growing digital subscription sales and lower paper, printing and distribution as well as TV programming costs.”

Annual report 2025A · The company itself

“Moreover, changes in the overall economic environment can affect Learning’s cost base, particularly the cost and availability of paper and printing, as well as of personnel.”

Annual report 2025A · The company itself

“Third-party suppliers in Sanoma’s value chain include, among others, technology solution and service providers, paper, print and logistics suppliers as well as content providers both for Learning and Media Finland.”

Annual report 2025A · The company itself

“Through its resource use, the availability and price of certified paper and renewable energy pose some risk for Sanoma and changes in them may potentially have an adverse impact on the Group’s business and financial performance.”

Annual report 2025A · The company itself

“This exposes Sanoma to environmental impacts through the use of resources. Key environmental impacts include the generation of GHG emissions as well as biodiversity impacts especially through the use of paper.”

Annual report 2025A · The company itself

“Key environmental impacts include the generation of GHG emissions as well as biodiversity impacts especially through the use of paper. The use of resources, especially paper, also generates dependencies and causes transition risks such as the availability of certified paper, availability of renewable energy and regulatory and customer demand risks.”

Annual report 2025A · The company itself

“Sanoma has identified actual negative impacts concerning labour standards related to working time, adequate wages and health and safety.”

Annual report 2025A · The company itself

“Moreover, changes in the overall economic environment can affect Learning’s cost base, particularly the cost and availability of paper and printing, as well as of personnel.”

Annual report 2025A · The company itself

“Sanoma uses freelancers to support its own editorial staff in content creation.”

Annual report 2025A · The company itself

“Recruiting and retaining skilled and motivated personnel may become increasingly difficult as a result of various factors, including a shortage of skills in the labour market and intensifying competition for talent.”

Annual report 2025A · The company itself

“In addition, Sanoma buys HR-related services to support the well-being of its employees through, for example, occupational healthcare services.”

Annual report 2025A · The company itself

“In B2B, Media Finland started to prepare for the opening of the gambling market in Finland in July 2027.”

Annual report 2025A · The company itself

“Changes in taxation as well as in the interpretation of tax laws and practices may have an effect on the operations of the Group or on its financial performance (e.g., value-added tax, VAT, applicable to Sanoma’s printed, digital and hybrid products).”

Annual report 2025A · The company itself

“The market development related to the opening of the gambling market in Finland in July 2027 may be unpredictable and may not materialise as expected.”

Annual report 2025A · The company itself

“In Media Finland, growth is expected from continuing digital transformation and advertising opportunities from the opening of the gambling market in July 2027.”

Annual report 2025A · The company itself

“For example, global financial markets have experienced, and may continue to experience, significant volatility and liquidity disruption, for example, due to unrest or wars, or geopolitical risks like trade wars and tariffs, which may adversely affect Sanoma’s funding costs and access to funding and ultimately affect Sanoma’s ability to finance its operations.”

Annual report 2025A · The company itself

“The general economic and political conditions in Sanoma’s operating countries, overall industry trends as well as the global political and geopolitical situation, including the unrest and wars in the Middle East, could influence Sanoma’s business activities and operational and financial performance.”

Annual report 2025A · The company itself

“The expanding global supply chain risks that are a combination of, for example, geopolitics, the post-pandemic situation, economic environment, high inflation, growing sustainability requirements and production factors, may result in much tighter supply market conditions, cost and availability concerns.”

Annual report 2025A · The company itself

“External threats including, but not limited to pandemics, terrorist attacks, strikes and weather conditions, could affect the Group’s businesses and employees, disrupting daily business activities.”

Annual report 2025A · The company itself

“For example, global financial markets have experienced, and may continue to experience, significant volatility and liquidity disruption, for example, due to unrest or wars, or geopolitical risks like trade wars and tariffs, which may adversely affect Sanoma’s funding costs and access to funding and ultimately affect Sanoma’s ability to finance its operations.”

Annual report 2025A · The company itself

“Business interruption, health and safety and physical climate-related hazards Operational disruption to the Group’s business may be caused by a major disaster and/or external threat that could restrict its ability to supply products and services to its customers, including potential disruptions, such as the availability of internet or energy in the Group’s main operating countries.”

Annual report 2025A · The company itself

“Functioning and reliable information and communication technology systems are integral to the Group’s businesses and operations. The systems include online services, digital learning platforms, VOD platforms, newspaper and magazine subscriptions, advertising and delivery systems, as well as various internal systems for production control, customer relations management and supporting functions.”

Annual report 2025A · The company itself

“Sanoma collaborates with various technology and digital suppliers as content use is increasingly shifting to digital platforms. Data centres provide the infrastructure needed to support the Company’s digital platforms, ensuring the availability, security, and performance of its online services.”

Annual report 2025A · The company itself

“Third-party suppliers in Sanoma’s value chain include, among others, technology solution and service providers, paper, print and logistics suppliers as well as content providers for both Learning and Media Finland. Sanoma’s daily business is dependent on its ability to identify sources of supply that meet its standards, although Sanoma is not dependent on any individual suppliers.”

Annual report 2025A · The company itself

“The Group is exposed to various health and safety and environmental risks, such as natural disasters and hazards following physical risks of climate change that are beyond Sanoma’s control and that could cause business interruption and result in costs.”

Annual report 2025A · The company itself

“Acute physical hazards like flooding, driven by increased severity of extreme weather events, may pose a risk to Sanoma’s facilities and warehouses. The risk is particularly related to damages to facilities due to floods and heavy rain in flooding risk locations.”

Annual report 2025A · The company itself

“Acute physical risks like flooding, driven by increased severity of extreme weather conditions, may pose a risk to Sanoma’s printing houses, facilities and warehouses. In particular, the risk relates to damages caused to facilities due to floods and heavy rain in high flooding risk locations.”

Annual report 2025A · The company itself

“This exposes Sanoma to environmental impacts through the use of resources. Key environmental impacts include the generation of GHG emissions as well as biodiversity impacts especially through the use of paper.”

Annual report 2025A · The company itself

“TV advertising in Finland is usually strongest in the second and fourth quarters. The events business in Finland is typically focused on the second and third quarters.”

Annual report 2025A · The company itself

“In 2026, Sanoma expects that the Group’s net sales will be EUR 1.29‒1.34 billion (2025: 1.30) and the Group’s adjusted operating profit will be EUR 205−225 million (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.”

Annual report 2025A · The company itself

“The acquisition of Edita supported net sales in Finland.”

Annual report 2025A · The company itself

“Significant markets and customer groups served include Finnish consumers, as Sanoma reaches almost all Finns every week (according to Kantar Media Finland’s Mind consumer survey, carried out in the Kantar Forum panel on a continuous basis).”

Annual report 2025A · The company itself

“Sanoma had in 2025 two printing houses in Finland, which are classified under C18.1.1 Printing of newspapers. The net revenue from printing houses is disclosed under Media Finland net sales category for print, which amounted EUR 236.4 million in 2025.”

Annual report 2025A · The company itself

“The double materiality process in relation to business conduct matters included sector-specific analysis of business activities, operations, functions, transactions as well as geographical areas where the business operates in relation to risk locations and where its impacts are most significant. As a result, procurement, as well as the sales teams in Poland and in countries where the sales happens through agents, such as Spain and Italy, have been identified as functions that are most at risk in respect of corruption and bribery.”

Annual report 2025A · The company itself

“Sanoma Media Finland is the leading cross-media company in Finland, reaching 96% of all Finns weekly. We provide information, experiences, inspiration and entertainment through multiple media platforms: newspapers, TV, radio, events, magazines, online and mobile channels.”

Annual report 2025A · The company itself

“In Learning, changes in e.g. the regulation related to education, digital platforms or AI could have a material effect on Sanoma’s commercial propositions, technology or content investment needs, or financial performance.”

Annual report 2025A · The company itself

“Regulatory changes and new guidance by authorities or regulatory enforcement actions regarding the use of consumer or cookie data, or the development or use of AI, could, therefore, have an adverse effect on Sanoma’s ability to utilise data in its business.”

Annual report 2025A · The company itself

“The EU’s AI Act entered into force in all 27 EU member states on 1 August 2024. The enforcement of the majority of its provisions will commence on 2 August 2026, and could potentially have some impacts on certain products of Learning.”

Annual report 2025A · The company itself

“Sanoma’s most significant climate and biodiversity impacts derive from greenhouse gas emissions caused by resources, i.e., energy and materials, used in its value chain.”

Annual report 2025A · The company itself

“The expected growth in Learning may increase printing‑related emissions if mitigation measures are not successfully implemented, which may pose a risk to achieving Sanoma’s emission reduction targets.”

Annual report 2025A · The company itself

“Sanoma mitigates climate-related risks through its ambitious climate strategy and by developing sustainability together with its stakeholders.”

Annual report 2025A · The company itself

“Accelerated digitalisation is expected to also increase energy consumption and, consequently, the demand for fossil-free energy.”

Annual report 2025A · The company itself

“Through its resource use, the availability and price of certified paper and renewable energy pose some risk for Sanoma and changes in them may potentially have an adverse impact on the Group’s business and financial performance.”

Annual report 2025A · The company itself

“E1-5 AR 34 Energy and fuel consumption2 Energy consumption and mix 2025 2024 (1) Fuel consumption from coal and coal products (MWh) (2) Fuel consumption from crude oil and petroleum products (MWh) 9,402 12,264 (3) Fuel consumption from natural gas (MWh) (4) Fuel consumption from other fossil sources (MWh) (5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 2,548 3,232 (6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 11,950 15,496 Share of fossil sources in total energy consumption (%) 30% 33% (7) Consumption from nuclear sources (MWh) 16,722 18,482 Share of consumption from nuclear sources in total energy consumption (%) 42% 39% (8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)”

Annual report 2025A · The company itself

“Sanoma mitigates climate-related risks through its ambitious climate strategy and by developing sustainability together with its stakeholders.”

Annual report 2025A · The company itself

“The use of resources, especially paper, also generates dependencies and causes transition risks such as the availability of certified paper, availability of renewable energy and regulatory and customer demand risks.”

Annual report 2025A · The company itself

“Sanoma’s key topics for lobbying activities and its main positions are: ■ Improving learning outcomes (related to IRO Impact of access to high-quality and inclusive learning products and services): Sanoma promotes using (only) professionally produced education materials in education, increasing education investments per student as well as having strong copyright protection for using education materials in training AI. ■ Supporting the media’s operating conditions (related to IRO Impact of journalistic ethics and operations as a media company to freedom of expression): Sanoma promotes levelling the playing field with global platform giants, protecting its content with strong copyright, preventing unfair competition by national public service broadcaster and maintaining a lowered tax rate for media.”

Annual report 2025A · The company itself

“Further, these include the uncertainty related to trade tariffs, international cooperation and their impact on global economic development, which could have a potential indirect impact on Sanoma’s operational or financial performance through, for example, inflation, interest rates, consumer confidence and spending, public spending, advertising demand and/or disrupted trade flows.”

Annual report 2025A · The company itself

“Cost inflation may continue to have some impact on Sanoma’s operating costs.”

Annual report 2025A · The company itself

“The expanding global supply chain risks that are a combination of, for example, geopolitics, the post-pandemic situation, economic environment, high inflation, growing sustainability requirements and production factors, may result in much tighter supply market conditions, cost and availability concerns.”

Annual report 2025A · The company itself

“Sanoma engages with especially its paper and print suppliers, as this procurement category has been identified as a higher risk procurement category due to its nature of producing actual products.”

Annual report 2025A · The company itself

“Sanoma annually performs a supplier assessment on all of its print suppliers, collecting SEDEX, BSCI or SMETA third-party audit reports from its suppliers in addition to environmental data.”

Annual report 2025A · The company itself

“In addition, Sanoma is exposed to potential cyberattacks or data breaches resulting from unauthorised or accidental loss of, or access to personal data managed by Sanoma or by third parties processing data on Sanoma’s behalf.”

Annual report 2025A · The company itself

“The risks can be divided into physical risks, such as fire, sabotage and equipment breakdown, and logical risks, such as information security risks, including the increasing threat of malware and cyberattacks, hacking of personal data or other sensitive data assets, and employee or software failure.”

Annual report 2025A · The company itself

“In particular, this risk is seen to relate to sustainability, compliance, intellectual property rights (IPR), data protection, digital transformation, consumer protection, accessibility and AI.”

Annual report 2025A · The company itself

“One of these risks is related to increased complexity and costs due to compliance with enhanced emissions- and sustainabilityreporting obligations and regulations. Regulations, such as the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD), require extensive data collection, data management and reporting infrastructure.”

Annual report 2025A · The company itself

“Further, these include the uncertainty related to trade tariffs, international cooperation and their impact on global economic development, which could have a potential indirect impact on Sanoma’s operational or financial performance through, for example, inflation, interest rates, consumer confidence and spending, public spending, advertising demand and/or disrupted trade flows.”

Annual report 2025A · The company itself

“In addition, Sanoma’s ambitious climate targets and positive sustainability performance enable the availability of cost-efficient financing. By aligning its climate strategy with the Science Based Targets initiative (SBTi) and incorporating these KPIs into its financing, Sanoma can benefit from reduced interest costs when meeting its emission reduction targets.”

Annual report 2025A · The company itself

“The introduction or delay, pace, scope and timing of changes in education-related legislation, or their reflections in public educational spending, in the markets in which Sanoma operates – most notably in Poland or Spain, but potentially also other markets – may also influence the performance of Learning as a whole.”

Annual report 2025A · The company itself

“In general, long- and mid-term cyclicality associated with the performance of Learning relate to the development of public and private education spending especially during curriculum renewals, and may affect the demand of Learning content year-onyear.”

Annual report 2025A · The company itself

“This category includes emissions from vehicles and ships distributing materials to both owned printing houses and to printing suppliers. This category also includes delivering products to customers in both businesses: in Learning, from printing supplier to warehouse and warehouse to customers, and in Media Finland, newspapers from owned printing houses to customers and magazines from printing supplier to warehouse and from warehouse to customer.”

Annual report 2025A · The company itself

“Logistics partners are used to transfer the materials to warehouses. Paper, print and logistics procurement are categories with the most significant environmental impacts.”

Annual report 2025A · The company itself

“Sanoma’s printed products are produced either in its own operations, i.e., newspaper printing houses in Finland, or by upstream printing suppliers used for books and magazines. This exposes Sanoma to environmental impacts through the use of resources.”

Annual report 2025A · The company itself

“Third-party suppliers in Sanoma’s value chain include, among others, technology solution and service providers, paper, print and logistics suppliers as well as content providers for both Learning and Media Finland. Sanoma’s daily business is dependent on its ability to identify sources of supply that meet its standards, although Sanoma is not dependent on any individual suppliers.”

Annual report 2025A · The company itself

“For example, book printing suppliers have recruited more employees and invested in automation equipment to reduce the overtime of their workers.”

Annual report 2025A · The company itself

“Possible weakening of the economy, for example due to geopolitical risks or high inflation, may increase the Group’s credit risk, although potential concentrations of credit risk are offset by the Group’s diversified operations and the fact that no individual customer or group of customers is material to the Group.”

Annual report 2025A · The company itself

“The key materials are the paper, printing inks, printing plates, wetting additives and washing solvents used in the production, which Sanoma reports for its own operations, i.e., for the two printing houses it owns in Finland. In addition, Sanoma purchases paper, which is delivered to upstream value chain printing partners, who then produce Sanoma’s books and magazines. In 2025, Sanoma purchased 37,504 tonnes of paper for its newspapers, magazines and books.”

Annual report 2025A · The company itself

“Sanoma collaborates with various technology and digital suppliers as content use is increasingly shifting to digital platforms. Data centres provide the infrastructure needed to support the Company’s digital platforms, ensuring the availability, security, and performance of its online services.”

Annual report 2025A · The company itself

“▪ Risk of inadequate oversight and governance of AI in creating learning and media content and digital solutions could lead to IP exposure, regulatory non-compliance, loss of market differentiation reflected in the loss of trust of Sanoma's customers, reputational damage and loss of revenue ▪ The risk that Sanoma mismanages its intellectual property rights (including trademarks, copyrights, and licensing agreements) by failing to protect or enforce its own IP or by infringing third-party rights, resulting in financial losses due to litigation costs, fines, lost royalty income, or loss of sales revenue, or weakened market position Anti- Harassment Standard Aims to ensure a safe and respectful working environment by prohibiting all forms of harassment, including sexual harassment, bullying, and discrimination.”

Annual report 2025A · The company itself

“E1-5 AR 34 Energy and fuel consumption2 Energy consumption and mix 2025 2024 (1) Fuel consumption from coal and coal products (MWh) (2) Fuel consumption from crude oil and petroleum products (MWh) 9,402 12,264 (3) Fuel consumption from natural gas (MWh) (4) Fuel consumption from other fossil sources (MWh) (5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 2,548 3,232 (6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 11,950 15,496 Share of fossil sources in total energy consumption (%) 30% 33% (7) Consumption from nuclear sources (MWh) 16,722 18,482 Share of consumption from nuclear sources in total energy consumption (%) 42% 39% (8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)”

Annual report 2025A · The company itself

“External threats including, but not limited to pandemics, terrorist attacks, strikes and weather conditions, could affect the Group’s businesses and employees, disrupting daily business activities.”

Annual report 2025A · The company itself

“In Learning, earnings improved driven by the higher share of learning content sales as well as a more digital sales mix and consequently lower paper and printing costs.”

Annual report 2025A · The company itself

“In addition, the weakening of the euro against main currencies, including the US dollar, may increase the cost of the goods and services Sanoma buys in currencies other than euro (e.g., hosting and TV content) and poses a risk to Sanoma’s financial performance, albeit part of the currency transaction risk is hedged with forward contracts.”

Annual report 2025A · The company itself

“Driven by new product launches and market share gains, learning content sales grew in the Netherlands and partially mitigated the planned discontinuation of low-value distribution contracts.”

Annual report 2025A · The company itself

“In Poland, digital platform sales grew, mitigating the impact of the lower learning content cycle.”

Annual report 2025A · The company itself

“Net sales were lower in Spain ahead of the curriculum renewal upcoming in 2026.”

Annual report 2025A · The company itself

“Although legislation related to learning is typically country specific, which limits the magnitude of said risk at the Group level, Sanoma faces an increased legislative risk in Poland and Spain, both of which are large markets and where broad or abrupt education-related legislative changes could have a material effect on Learning.”

Annual report 2025A · The company itself

“In Learning, Sanoma’s growth strategy in the coming years is based on upcoming curriculum renewals, in particular in Spain and Poland, the introduction of new personalised learning products and services to the markets and leveraging its increased benefits of scale.”

Annual report 2025A · The company itself

“Sanoma has learning businesses in the Netherlands, Spain, Poland, Italy, Belgium, Finland, Sweden, Norway, Denmark, Germany and the UK.”

Annual report 2025A · The company itself

“It focuses on Sanoma’s business activities related to its learning and media businesses, and covers all of Sanoma’s operating countries.”

Annual report 2025A · The company itself

“The double materiality process in relation to business conduct matters included sector-specific analysis of business activities, operations, functions, transactions as well as geographical areas where the business operates in relation to risk locations and where its impacts are most significant. As a result, procurement, as well as the sales teams in Poland and in countries where the sales happens through agents, such as Spain and Italy, have been identified as functions that are most at risk in respect of corruption and bribery.”

Annual report 2025A · The company itself

“To follow up on Sanoma’s impact and to better understand the use of various learning materials and tools in each operating country, Sanoma annually conducts a European Teacher Survey (ETS).”

Annual report 2025A · The company itself

“Information about geographical areas 2024 Finland The Netherlands Other EU countries Other countries Total 639.8 220.8 472.2 12.0 1,344.8 432.3 484.4 698.0 11.9 1,626.6 External net sales and non-current assets are reported based on where the company is domiciled.”

Annual report 2025A · The company itself