John Wiley & Sons, Inc.

• Research growth: Strong demand to publish and output trends continue. Revenue grew 4%, with Research Publishing up 12% (including two months from Emerald) offsetting a prior-year AI licensing comparison in Research Solutions. Adjusted EBITDA margin rose 130 basis points.

• AI and data analytics momentum: AI licensing revenue totaled $14 million for the quarter. The pipeline continues to expand across model training, commercial licensing, and subscription knowledge feeds. Wiley became the only scientific publisher in the U.S. Department of Energy’s Genesis Mission and a founding data partner in CuspAI’s materials foundry. Wiley also launched its breakthrough Spectral Analysis API portfolio in the quarter, delivering "gold standard" chemical reference data directly into automated laboratory software pipelines.

Financial Summary Please see accompanying financial tables for more detail.

Research Segment

• Research Adjusted EBITDA of $87 million was up 9% (CC) including a $5 million contribution from Emerald. Adjusted EBITDA margin for the quarter rose 130 basis points to 29.6%.

Learning Segment

• Learning Adjusted EBITDA of $14 million was down 56% (CC) primarily reflecting revenue performance and mix.

Corporate Expenses “Corporate Expenses” are the portion of shared services costs not allocated to segments.

• Net Cash Used in Operating Activities was $55 million compared to $85 million in the prior year, reflecting the anticipated recovery in cash collection related to late Q4 renewal signings. Note, Wiley’s regular use of cash in the first half of the fiscal year is driven by the timing of cash collections for annual journal renewals, which are concentrated in Q3 and Q4.

• Free Cash Flow was a use of $70 million compared to a use of $100 million in the prior year. Capex was $14 million, down $1 million.

Metric

Fiscal 2025

Fiscal 2027 Outlook Organic Revenue Growth*

Low-to-mid single digit growth (Research: mid-single digit growth)

• Organic Revenue Growth - driven by expected core growth in Research and another strong year for AI and data analytics growth initiatives.

• Adjusted EBITDA Margin – reflecting anticipated cost savings and ongoing efficiency gains balanced with high-return, sustainable growth investment.