Pearson Investor Presentation Deck

Financial expectations Group Revenue Margins** Capex & product development Cash conversion Return on capital 2022 *Excluding OPM and strategic review **Adjusted operating margins £3,841m 12% £196m £357m 88% 8.7% 2023 Low-to mid-single digit growth* Mid-teens Capex reduces, reinvested into product development > 90% Improvement 2025 Mid-single digit (3-year CAGR 2022-25) Upper end of mid-teens Capex reduces, investment mix shifting towards product development > 90% Double digit £120M of cost efficiencies identified supporting margin expansion in 2023 16

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