Company: GHC
Filing Date: 2025-03-26
Form Type: DEF 14A
Source: 0001193125-25-063218
Chunk: 54

Company: Graham Holdings Co
Filing Date: 2025-03-26
Form: DEF 14A
Chunk 54
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Column (f). The Total Shareholder Return (TSR) reflects the value as of each measurement date (December 31, 2024, 2023, 2022, 2021 and 2020) of an initial investment of $100 on December 31, 2019 in the Company’s Class B Common Stock. For purposes of the TSR, it has been assumed that quarterly dividends were reinvested.

Column (g). The Peer Group TSR reflects the value as of each measurement date (December 31, 2024, 2023, 2022, 2021 and 2020) of an initial investment of $100 on December 31, 2019 in a custom peer group index comprised of a composite group of education and television broadcasting companies weighted by market capitalization, which includes Adtalem Global

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Education Inc., Chegg, Inc., The E.W. Scripps Company, Grand Canyon Education Inc., Nexstar Media Group Inc., Gray Television Inc., New Oriental Education & Technology Group Inc., Pearson plc and Tegna Inc. For purposes of the Peer Group TSR it has been assumed that dividends were reinvested on a quarterly basis. Column (h).Reflects “Net Income” in the Company’s Consolidated Statements of Operations included in the Company’s Annual Reports on Form 10-Kfor each of the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. Column (i).The Company’s selected measure is “ Operating Income before Amortization and Impairments” reported as Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets in Note 19. Business Segments of the Company’s Financial Statements included in the Annual Reports on Form 10-Kfor each of the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. Financial Performance Measures As described in greater detail in the “Compensation Discussion and Analysis” in this Proxy Statement, the Company’s approach to executive compensation is designed to directly link pay to performance, attract, retain and motivate qualified, talented and diverse employees who are enthusiastic about the Company’s mission and culture, and reward executives for making decisions that will enhance the long-term value of the Company. The most important financial and non-financialmeasures used by the