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FULL-YEAR 2025 RESULTS 19 February 2026
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I Full-year 2025 results presentation I 19 February 2026 Contents 1. 2025 key figures 2. Performance by division 3. Group performance 4. Appendix 2
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2025 key figures
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I Full-year 2025 results presentation I 19 February 2026 CFFO(1) €558m +9% GROWTH, PROFITABILITY AND DELEVERAGING DELIVERED 1.Alternative performance measure (see Glossary at the end of the presentation for definition). 4 Net debt(1) €1,590m -€236m EBITA(1) €551m +8% CFAIT(1) €363m +39% Leverage ratio(1) 1.95x Revenue €9.6bn +4% reported +3% LFL
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Performance by division
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Lagardère Publishing 2025 performance
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I Full-year 2025 results presentation I 19 February 2026 France 32% Other Europe 5% Rest of the world 2%United States and Canada 28% Spain/Latam 7% United Kingdom(2) 26% PUBLISHING: SUSTAINED STRONG GROWTH OVER NUMEROUS YEARS 1.By origin. 2.Including Ireland, India, Australia and New Zealand. 3.Including Board Games. 7 General Literature 42% Other(3) 19% Education 10% Partworks 10% Illustrated Books 19% ▪ Revenue by geographic area(1)▪ Revenue by business 2025 revenue €3,001m +4.5% reported +2.7% LFL 2025 LFL variations ▪ France: +2%. Success of new Asterix and colouring books. Continued momentum in Literature with successful releases including Dan Brown’s The Secret of Secrets. Curriculum reforms in Education. ▪ US: +3%. Success of Stephenie Meyer’s Twilight anniversary editions, Callie Hart’s Brimstone and Quicksilver, and a solid backlist. ▪ UK: +3%. Strong release schedule, including Rebecca Yarros, Callie Hart and the new book from Robert Galbraith (The Hallmarked Man), and solid backlist sales fueled by Freida McFadden. ▪ Spain/Latam: -6%. End of curriculum reform in Spain. ▪ Partworks: +6%. Success of Warhammer Combat Patrol and Disney Novels. ▪ Board Games: +10%. Solid growth trajectory maintained. 2,598 2,748 2,809 2,873 3,001 2021 2022 2023 2024 2025 ▪ Revenue trend (€m)
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I Full-year 2025 results presentation I 19 February 2026 ▪ High level of EBITA and increase of margin driven by: • solid revenue growth and favourable sales mix; • effective cost management; • capital gains; • higher contribution from equity associates. 289 308 10.1% 10.3% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 250 260 270 280 290 300 310 2024 2025 PUBLISHING: SOLID EBITA AND HIGH LEVEL OF OPERATING MARGIN 8 ▪ EBITA (€m) and operating margin* (%) 2025 EBITA €308m +€19m +7% * Operating margin: EBITA / revenue
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I Full-year 2025 results presentation I 19 February 2026 330 361 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 250 270 290 310 330 350 370 2024 2025 PUBLISHING: STEADY CASH GENERATION 9 2025 cash flow from operations (CFFO) €361m ▪ Cash flow from operations - CFFO (€m) ▪ Increase in CFFO thanks to: • high level of profitability; • proceeds from the sale of real estate in Paris and the sale of a domain name.
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Lagardère Travel Retail 2025 performance
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I Full-year 2025 results presentation I 19 February 2026 TRAVEL RETAIL: RECORD REVENUE DRIVEN BY NEW CONTRACTS AND GROWTH IN EMEA 1. By origin. 11 France 17% EMEA (excl. France) 54% Americas 25% Asia-Pacific 4% Duty Free & Fashion 39% Dining 28% Travel Essentials 33% ▪ Revenue by geographic area(1) ▪ Revenue by business ▪ LFL revenue growth driven by: • robust performances in EMEA (+7%), France (+3%) and Americas (+3%); • successful openings (Auckland, Singapore, Albania, Cameroon, Benin and Rwanda). ▪ Strong contribution from Amsterdam-Schiphol airport duty free concession acquisition to reported top line since May. ▪ Positive sales momentum in the Duty Free segment driven by several openings over the year. ▪ North Asia turnaround well on track (-39%): LFL revenue growth of +6.5% excluding this region. 2025 revenue €6,133m +5.5% reported +4.4% LFL
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I Full-year 2025 results presentation I 19 February 2026 TRAVEL RETAIL: PROFITABLE EXPANSION AND OPTIMISED PERFORMANCE 12 ▪ Solid EBITA growth and increase in margin driven by: • China restructuring benefice; • operational performances in Americas and EMEA; • strict cost control; and • greater contribution from joint ventures. ▪ And despite: • costs related to remaining network streamlining in China, and closures in Iceland; and • the residual Covid government grant in the USA in the 2024 EBITA. 266 312 4.6% 5.1% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 180 200 220 240 260 280 300 320 2024 2025 ▪ EBITA (€m) and operating margin* (%) 2025 EBITA €312m +€46m +17% * Operating margin: EBITA / revenue
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I Full-year 2025 results presentation I 19 February 2026 TRAVEL RETAIL: SOLID CASH GENERATION 13 2025 cash flow from operations (CFFO) €224m ▪ Further improvement of CFFO in 2025 despite unfavourable change in WC linked to a high level of new openings. ▪ Stable cash conversion ratio. ▪ Cash flow from operations - CFFO (€m) 220 224 2024 2025
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Lagardère Live 2025 performance
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I Full-year 2025 results presentation I 19 February 2026 LIVE: CONTINUED TO GROW IN 2025 AMID A CHALLENGING ADVERTISING MARKET 1.On a like-for-like basis, i.e. excluding the impact of the sale of Paris Match. 15 2025 revenue €219m +1% LFL(1) -14% reported ▪ Lagardère Radio & Lagardère News • Lagardère Radio: continued expansion in audience numbers at Europe 1 in a difficult advertising market. • Lagardère News: revenue growth following the launch of Le JDNews, and continued momentum and success of the ELLE licence diversification strategy. ▪ Lagardère Live Entertainment • Success of concert tours organised by L Productions. • Record year at Arkéa Arena Bordeaux. ▪ Revenue by business News 24% Lagardère Live Entertainment & Other 41% Radio 35%
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I Full-year 2025 results presentation I 19 February 2026 LIVE: SHARP IMPROVEMENT IN EBITA AND CFFO 16 ▪ Strong upturn of EBITA (+€37m): • significant cost savings at Lagardère Radio & Lagardère News; • good performances at Lagardère Live Entertainment; • still impacted by asset write-offs and residual restructuring charges. ▪ Sharp improvement of CFFO (+€32m). -57 -20 2024 2025 ▪ EBITA (€m) -43 -11 2024 2025 ▪ Cash flow from operations - CFFO (€m) 2025 EBITA -€20m 2025 CFFO -€11m
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Prisma Media 2025 performance
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I Full-year 2025 results presentation I 19 February 2026 PRISMA: FRANCE’S #1 MAGAZINE GROUP ACROSS PRINT AND DIGITAL 18 2025 revenue €266m -9% reported -10% LFL ▪ Revenue trend linked to a fast-moving environment: • structural decline in the print distribution market; • shift in digital usage patterns impacting advertising revenues in H2 2025. ▪ Restructuring plans involving c. 300 people launched successively in June and December 2025 to maintain profitability. ▪ Change in governance and strategic actions undertaken: • strengthen celebrity magazines: acquisition in December 2025 of Ici Paris and France Dimanche; • refocus on core businesses and brands in 2026 with the contemplated sale of the Luxury magazines to Vivendi and contemporaneous acquisition of a minority stake (14%) by Vivendi.
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I Full-year 2025 results presentation I 19 February 2026 PRISMA: EBITA IMPACTED BY TOP LINE TREND AND RESTRUCTURING COSTS 19 2025 EBITA -€43m ▪ EBITA sharp decline driven by top line trend and restructuring. ▪ Excluding non-recurring costs, EBITA remains positive: decline in revenue partially offset by cost reductions. 13 -43 2024 2025 ▪ EBITA (€m) 17 6 2024 2025 ▪ EBITA before restructuring costs (€m)
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Group performance
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I Full-year 2025 results presentation I 19 February 2026 2025 REVENUE TREND 21 310 187 - 113 9,235 9,619 2024 revenue Organic growth Scope effect Currency effect 2025 revenue ▪ Lagardère Publishing: +3% ▪ Lagardère Travel Retail: +4% ▪ Lagardère Live: +1% ▪ Prisma Media: -10% ▪ Sterling Publishing & 999 Games ▪ Amsterdam Duty Free ▪ Sale of Paris Match (€m) +€384m +4.2% ▪ USD: -€76m ▪ CAD: -€10m ▪ CNY: -€8m ▪ GBP: -€7m ▪ PLN: +€7m
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I Full-year 2025 results presentation I 19 February 2026 SOLID YEAR-OVER-YEAR EBITA GROWTH (*) Proforma figures, as published by Louis Hachette Group. 22 EBITA YoY (€m) 490 510 551 2023* 2024 2025 +€41m +€20m
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I Full-year 2025 results presentation I 19 February 2026 P&L 1. Alternative Performance Measure (APM). 23 (€m) 2024 2025 Change (%) Revenue 9,235 9,619 +4% Income from equity affiliates 4 20 x5 Restructuring costs (70) (90) +28% Other (27) (17) -37% EBITA(1) 510 551 +8% Profit before finance costs and tax 401 429 +7% Finance costs, net (149) (128) -14% Interest expense on lease liabilities (107) (116) +8% Income tax expense (93) (73) -22% Net result 52 112 x2.2 Non-controlling interests (39) (90) N/A Net result – Group share 13 22 x1.7
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I Full-year 2025 results presentation I 19 February 2026 350 512 558 2023* 2024 2025 +€162m CONTINUED STRONG CASH FLOW GENERATION 24 +€46m (*) Proforma figures, as published by Louis Hachette Group. Cash flow from operations YoY (€m)
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I Full-year 2025 results presentation I 19 February 2026 SHARP REDUCTION IN NET DEBT 1. Leverage ratio: net debt including liabilities related to minority put options/recurring EBITDA over a rolling 12 -month period. 2. CFAIT: Cash flow after interest and tax. 25 -1,826 558 -99 -96 -60 45 -144 32 -1,590 Net debt at 2024 YE CFFO Tax Interest, net Investments Divestments Dividends paid Other Net debt at 2025 YE (€m) CFAIT(2): €363m +€236m ▪ 999 Games, Routard, ▪ Amsterdam DF, ▪ Ici Paris, France Dimanche ▪ LHG shareholders: 59 ▪ LAG SA minorities: 32 ▪ LTR/LP minorities: 53 2.4x 1.95xLeverage ratio(1) Vendor loan reimbursement from Sportfive
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I Full-year 2025 results presentation I 19 February 2026 WELL-DIVERSIFIED FINANCING STRUCTURE 26 447 50 100 300 75 75 75 300 20 500 60 95 145 2026 2027 2028 2029 2030 Schuldscheindarlehen Bonds Bank loans Vivendi loan Commercial paper and other ▪ €500m bond (2030 maturity). ▪ €300m Schuldscheindarlehen private placements (2028-2030 maturity). ▪ Mixture of bank loans, private loans and bonds. ▪ Weighted average maturity: 2.9 years. ▪ Well-balanced maturity profile until 2030. Analysis of debt by maturity* Nominal value, in €m *: Debt, excluding put options
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Conclusion
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I Full-year 2025 results presentation I 19 February 2026 2026 KEY PRIORITIES 28 ▪ Consolidate our leading positions through solid execution of the strategy: • Keep strong growth momentum and strict cost discipline in an uncertain environment; • Disciplined Capex; • Seize bolt-on acquisition opportunities. ▪ Dividend policy reconfirmed: • Louis Hachette Group plans to distribute at least 85% of the dividends received as controlling shareholder of Lagardère SA. ▪ Dividend in respect of fiscal year 2025: • Proposed ordinary dividend of €0.06 per share; • To be submitted to Annual General Meeting vote (5 May 2026); • Ex-dividend date is proposed to be 7 May 2026, with a payment date as from 11 May 2026.
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Appendix
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I Full-year 2025 results presentation I 19 February 2026 OWNERSHIP STRUCTURE AS AT 31 DECEMBER 2025(1) 1.Expressed as percentage of share capital. 30 31% 60.4% 11.47% 14.41% of the voting rights 13.38% 8.40% of the voting rights 66.29% 69.89% of the voting rights Arnaud Lagardère Other shareholders 8.6% 8.86% 7.30% of the voting rights Listed on Euronext Listed on Euronext Growth Listed on Euronext 100%
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I Full-year 2025 results presentation I 19 February 2026 ESG PERFORMANCE IN 2025 Fostering a culture of impact Fostering a culture of trust Fostering a culture of talent Fostering a culture of openness In December 2025, Louis Hachette Group defined a common CSR strategy for all its activities, underpinned by the slogan “Cultures in motion”. This strategy incorporates both the Group's business lines and also the way in which they are operated, in a continuous drive towards sustainability. 4,13 tCO2e/FTE (emissions from Scopes 1 & 2, plus Scope 3 related to commuting and business travel). 91% of Group employees trained in anti-corruption measures. 91% of high-risk supplier spend assessed (mainly by EcoVadis). 47% of top executives are women. 29,018 audiobooks published in the Lagardère Publishing catalogue (up 11.5% compared to 2024). 98% of e-books accessible to people with disabilities (level 2). Louis Hachette Group received a first-time CDP Climate Change rating of B. In its inaugural assessment, Louis Hachette Group received an MSCI ESG Rating of BBB, reflecting performance across key environmental, social and governance factors. 31
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I Full-year 2025 results presentation I 19 February 2026 SUMMARY OF PERFORMANCE BY DIVISION 1.At constant scope and exchange rates 32 Q4 2025 revenue FY 2025 EBITAFY 2025 revenue 2025 main changes in scope (€m) Q4 2025 Reported change (%) Like-for-like change(1) (%) Lagardère Publishing 841 +5.3% +1.8% Lagardère Travel Retail 1,551 +5.6% +4.5% Lagardère Live 62 -4.6% +1.5% Total revenue – Lagardère 2,454 +5.3% +3.5% Prisma Media 65 -18.4% -19.7% Total revenue – LHG 2,519 +4.5% +2.7% ▪ Lagardère Publishing: acquisition of Sterling Publishing (Nov. 2024) and 999 Games (April 2025) ▪ Lagardère Travel Retail: acquisition of 70% of Schiphol DF activity (May 2025) ▪ Lagardère Live: disposal of Paris Match (October 2024) (€m) 2025 Reported change (%) Like-for-like change(1) (%) Lagardère Publishing 3,001 +4.5% +2.7% Lagardère Travel Retail 6,133 +5.5% +4.4% Lagardère Live 219 -14.4% +1.4% Total revenue – Lagardère 9,353 +4.6% +3.8% Prisma Media 266 -9.3% -10.2% Total revenue – LHG 9,619 +4.2% +3.3% (€m) 2024 2025 Reported change (€M) Reported change (%) Lagardère Publishing 289 308 +19 +6.6% Lagardère Travel Retail 266 312 +46 +17.3% Lagardère Live (57) (20) +37 N/A Total EBITA – Lagardère 498 600 +102 +20.5% Prisma Media 17 (43) -60 N/A LHG-SA 1 (6) -7 N/A Total EBITA – LHG 510 551 +41 +8.0%
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I Full-year 2025 results presentation I 19 February 2026 Q4 REVENUE TREND 33 68 101 -612,411 2,519 Q4 2024 revenue Organic growth Scope effect Currency effect Q4 2025 revenue ▪ Lagardère Publishing: +2% ▪ Lagardère Travel Retail: +5% ▪ Lagardère Live: +2% ▪ Prisma Media: -20% ▪ Sterling Publishing & 999 Games ▪ Amsterdam Duty Free ▪ USD: -€38m ▪ GBP: -€9m +€108m +4.5% (€m)
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I Full-year 2025 results presentation I 19 February 2026 2025 REVENUE BY GEOGRAPHIC AREA(1) 1.By destination. 2. Western Europe excluding France. 34 Asia-Pacific 5% vs 6% in 2024 United States and Canada 25% vs 26% in 2024 €9,619m Latin America, Middle East and Africa 5% vs 4% in 2024 Western Europe(2) 28% vs 27% in 2024 Eastern Europe 14% vs 13% in 2024 France 23% vs 24% in 2024
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I Full-year 2025 results presentation I 19 February 2026 EBITA(1): FROM LAGARDÈRE TO LOUIS HACHETTE GROUP RECONCILIATION 1.Alternative Performance Measure (APM) – See Glossary. 35 (€m) Lagardère Publishing Lagardère Travel Retail Lagardère Live 2025 2024 Lagardère EBITA as published by Lagardère 343 305 (18) 630 498 IFRS 16 impacts for Lagardère included in opening balance sheet of Vivendi/LHG -7 -4 -3 (14) -20 Provisions, impairment and assets step-ups included in opening balance sheet of Vivendi/LHG -28 +11 - (17) +16 Other +1 1 +4 Lagardère EBITA as included in Louis Hachette Group 308 312 (20) 600 498 Prisma Media (43) 13 LHG SA (6) (1) Louis Hachette Group EBITA 551 510
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I Full-year 2025 results presentation I 19 February 2026 NON-RECURRING/NON-OPERATING ITEMS 1.Alternative Performance Measure (APM) – See Glossary. 36 (€m) Lagardère Publishing Lagardère Travel Retail Lagardère Live Prisma Media LHG-SA 2025 2024 Recurring operating profit (loss) 307 338 (9) 8 (6) 638 603 Income (loss) from equity-accounted companies 6 15 (1) - - 20 4 Restructuring costs (14) (23) (4) (49) - (90) (70) Gains (losses) on disposals on PP&E and intangible assets 12 - - - - 12 (1) Impairment losses on PP&E and intangible assets (3) (18) (6) (2) - (29) (25) Gains (losses) on leases (excluding concession) - - 1 - - 1 - Other EBITA items - - (1) - - (1) (1) EBITA(1) 308 312 (20) (43) (6) 551 510 Gains (losses) on disposals of businesses (1) (1) 5 (1) - 2 41 Amortisation of acquisition-related intangible assets (59) (131) (4) (1) - (195) (193) Impairment losses on acquisitions 1 - - - - 1 (4) Purchase price adjustments - (1) - - - (1) - IFRS 16 impact on concession agreements - 70 - - - 70 47 Other - - 1 - - 1 - Profit (loss) before finance costs and tax 249 250 (19) (45) (6) 429 401
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I Full-year 2025 results presentation I 19 February 2026 P&L 37 (€m) 2025 2024 Revenue 9,619 9,235 EBITA(1) 551 510 Gains (losses) on disposals of businesses and expenses related to acquisitions and disposals 2 41 Amortisation of acquisition-related intangible assets (195) (193) Impact of IFRS 16 on concession agreements 70 47 Purchase price adjustment (1) (4) Other 2 - Profit before finance costs and tax 429 401 Finance costs, net (128) (149) Interest expense on lease liabilities (116) (107) Income tax expense (73) (93) Profit for the period 112 52 Minority interests (90) (39) Profit - Group share 22 13 1.Alternative Performance Measure (APM) – See Glossary.
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I Full-year 2025 results presentation I 19 February 2026 ADJUSTED P&L 1.Before impairment losses. 38 (€m) 2024 2025 EBITA 510 551 Restructuring costs 70 90 Impairment losses on PP&E and intangible assets 25 29 Gains (losses) on disposal of PP&E and intangible assets 1 (12) Finance costs, net (149) (128) Interest expense on lease liabilities (15) (15) Income tax expense on adjusted profit (143) (131) Adjusted minority interests (126) (172) Adjusted profit – Group share 173 212 (€m) 2024 2025 Profit for the period 52 112 Restructuring costs 70 90 Gains (losses) on disposals (39) (18) Impairment losses on goodwill, PP&E, intangible assets and investments in equity-accounted companies 25 28 Amortisation of acquisition-related intangible assets and other acquisition-related expenses 197 199 IFRS 16 impact on concession agreements 45 31 Tax effects on the above transactions (51) (58) Adjusted profit(1) 299 384 Minority interests (126) (172) Adjusted profit – Group share(1) 173 212
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I Full-year 2025 results presentation I 19 February 2026 CASH FLOW RECONCILIATION 1.Alternative Performance Measure (APM) – See Glossary. 39 (€m) 2024 2025 Cash flow from operating activities 1,387 1,432 Repayment of lease liabilities (481) (543) Interest paid on lease liabilities (100) (119) Capex (294) (212) Cash flow from operations (CFFO)(1) 512 558 Income taxes paid (91) (99) Free cash flow(1) 421 459 Interest paid (177) (110) Interest received 17 14 Cash flow after interest and taxes (CFAIT)(1) 261 363
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I Full-year 2025 results presentation I 19 February 2026 CONSOLIDATED BALANCE SHEET 1.Including €(14)m in long-term derivative assets as at 31 Dec. 2025, and €15m in long-term derivative liabilities as at 31 Dec. 2024. 2.Including €(6)m in short-term derivative assets and €1m in short-term derivative liabilities as at 31 Dec. 2025, and €(1)m in short-term derivative assets at 31 Dec. 2024. 40 (€m) 31 Dec. 2024 31 Dec. 2025 Non-current assets 9,068 9,018 Investments in equity-accounted companies 150 140 Current assets 2,735 2,633 Short-term investments and cash 422 633 TOTAL ASSETS 12,375 12,424 Total equity 2,976 2,800 Non-current liabilities 3,555 3,783 Non-current debt excl. put options(1) 1,768 1,707 Current liabilities 3,596 3,618 Current debt excl. put options(2) 480 516 TOTAL EQUITY AND LIABILITIES 12,375 12,424 Net debt of €1,590m (€1,826m at 31 Dec. 2024)
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I Full-year 2025 results presentation I 19 February 2026 LEVERAGE RATIO CALCULATION 41 (€m) 2024 2025 EBITA(1) 510 551 (-) Depreciation and amortisation of PP&E and intangible assets 199 204 (-) Impairment losses on PP&E and intangible assets 25 29 (-) Income (loss) from equity-accounted companies (4) (20) (-) Restructuring costs 70 90 (-) Gains (losses) on disposals on PP&E and intangible assets 1 (12) (+) Add-back of fixed rental expense – building and other items (96) (91) (-) Cancellation of depreciation of right-of-use assets – building and other items 84 83 (+) Dividends received from equity-accounted companies 18 11 Recurring EBITDA(1) 807 845 Net debt 1,826 1,590 Put on minorities 85 53 Net debt, including put on minorities 1,911 1,643 Leverage ratio 2.4x 1.95x 1.Alternative Performance Measure (APM) – See Glossary.
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I Full-year 2025 results presentation I 19 February 2026 DEBT MATURITIES 42 Nominal Values, excluding put options (€m) 2026 2027 2028 2029 2030 >5 years Total Undrawn credit facilities Bonds 20 3 - - 500 - 523 - Schuldscheindarlehen - - 60 95 145 - 300 - Bank loans 75 75 75 300 - - 525 - Commercial papers 295 - - - - - 295 - Loan from Vivendi SE - 50 100 300 - - 450 - Other 152 4 - - - 6 162 - Total 542 132 235 695 645 6 2,255 - Revolving bank credit facilities - - 75 700 - - - 775
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I Full-year 2025 results presentation I 19 February 2026 IFRS 16 – IMPACTS ON 2025 P&L, CF AND DEBT 1.Alternative Performance Measure (APM) – see Glossary. 2.Cancellation of fixed rental expense is equal to the repayment of the lease liability, the associated change in working capital and interest paid in the statement of cash flows. 43 (€m) 2024 2025 Recurring EBITDA(1) (3) (3) EBITA(1) (9) - Non-recurring/non-operating items +47 +70 Of which cancellation of fixed rental expense(2) – concession stores +485 +556 Of which depreciation of right-of-use assets – concession stores (438) (487) Of which gains and losses on leases - +1 Total EBIT +38 +70 Of which impact from concession stores +47 +70 Of which impact from buildings and other (9) - Finance costs, net (1) +1 Lease interest expense (107) (116) Of which impact from concession stores (92) (102) Of which impact from buildings and other (15) (14) Profit before tax (70) (45) Income tax expense 16 11 Profit for the period (54) (34) Of which impact from concession stores (35) (25) Of which impact from buildings and other (19) (9) Attributable to minority interests (22) (11) Profit – Group share (11) (23) (€m) 2024 2025 Cash flow from operating activities before changes in working capital +579 +648 Repayment of lease liabilities (481) (543) Interest paid on lease liabilities (100) (119) Changes in working capital from lease liabilities (4) (2) Cash flow from operations before changes in working capital (6) (16) Changes in working capital +6 +16 Income taxes paid - - Cash flow from operations - - Purchases of property, plant & equipment and intangible assets - - Disposals of property, plant & equipment and intangible assets - - Free cash flow(1) - - Purchases / (Disposals) of investment - - Cash flow from operations and investing activities - - Interest paid - - Dividend paid and other - - Change in net debt - - Net debt(1) - -
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I Full-year 2025 results presentation I 19 February 2026 IFRS 16 – IMPACT ON THE CONSOLIDATED BALANCE SHEET 44 (€m) 31 Dec. 2024 31 Dec. 2025 Non-current assets +2,582 +2,797 Right-of-use asset +2,545 +2,761 o/w concession stores +2,211 +2,462 o/w buildings and other +334 +299 Deferred tax asset +18 +28 Other non-current assets +24 +11 Investments in equity-accounted companies (5) (3) Current assets (5) (5) Short-term investments and cash - - TOTAL ASSETS +2,577 +2,792 (€m) 31 Dec. 2024 31 Dec. 2025 Total equity (33) (74) Non-current liabilities +2,146 +2,368 Lease liability – non-current +2,140 +2,364 o/w concession stores +1,862 +2,104 o/w buildings and other +278 +260 Deferred tax liabilities +6 +4 Non-current debt - - Current liabilities +464 +498 Lease liability – current +490 +516 o/w concession stores +403 +437 o/w buildings and other +87 +79 Other current liabilities (26) (18) Current debt - - TOTAL EQUITY AND LIABILITIES +2,577 +2,792
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I Full-year 2025 results presentation I 19 February 2026 DISCLAIMER 45 By reading this presentation, you agree to be bound by the following limitations and qualifications: This presentation is for information purposes only and does not constitute an offer or solicitation for the sale or purchase of any securities, any part of the business or assets described herein, or any other interests. It includes only summary information and does not purport to be comprehensive. The information contained in this presentation has not been independently verified. This presentation may contain forward-looking statements (including objectives and trends) with respect to the financial position, results of operations, strategy, expected future business and financial performance of Louis Hachette Group, which are based on management’s current views and assumptions. These data do not represent forecasts regarding Louis Hachette Group’s results or any other performance indicator, but rather trends or targets, as the case may be. When used in this presentation, words such as “anticipate”, “believe”, “estimate”, “expect”, “may”, “intend”, “predict”, “hope”, “can”, “will”, “should”, “is designed to”, “with the intent”, “potential”, “plan” and other words of similar import are intended to identify forward-looking statements. Such statements include, without limitation, projections for improvements in processes and operations, revenue and operating margin growth, cash flow, performance, new products and services, current and future markets for products and services and other trend projections as well as new business opportunities. Although Louis Hachette Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including without limitations: • general economic conditions (uncertainty related to geopolitics fuelled by recent US elections, the growing impact of climate change); • legal, regulatory, financial and governmental risks related to the businesses; • certain risks related to the media industry (including, without limitation, technological risks); • the cyclical nature of some of the businesses. These risk factors and uncertainties are further developed in the “risk factors” section of the Annual Report (available on the website of Louis Hachette Group, in the Shareholders and Investors’ section, and on the AMF's website). No representations or warranties, express or implied, are made as to, and no reliance should be placed upon, the fairness, accuracy, completeness or correctness of such forward-looking statements and Louis Hachette Group, or its affiliates, directors, advisors, employees and representatives, do not assume any liability whatsoever in this respect. Accordingly, we caution you against relying on forward-looking statements. The abovementioned forward-looking statements are made as of the date of this presentation and neither Louis Hachette Group nor any of its subsidiaries undertake any obligation to update or review such forward-looking statements or any other information that may be presented in this presentation to reflect new information, future events or otherwise, and any opinion expressed in this presentation is subject to change without notice. Consequently, neither Louis Hachette Group nor any of its subsidiaries are liable for any consequences that could result from the use of any of the abovementioned statements. This presentation may include certain information on specific transactions that shall be considered as projects only and may remain subject to certain approvals and other conditions. Due to rounding, numbers presented may not add up precisely to the totals provided.
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I Full-year 2025 results presentation I 19 February 2026 GLOSSARY (1/3) 46 Louis Hachette Group uses alternative performance measures which serve as key indicators of the Group's operating and financial performance. These indicators are tracked by the Executive Committee in order to assess performance and manage the business, as well as byinvestors in order to monitor the Group's operating performance, along with the financial metrics defined by the IASB. In the context of the first-time application of IFRS 16 – Leases, effective 1 January 2019, the Group has elected to retain its existing alternative performance measures with certain modifications, in particular the neutralisation of pure accounting effects and distortions created by the new standard on the concession's businesses. From 1 January 2019, these indicators are monitored by the Executive Committee to assess operating performance and manage the business, along with the financial metrics defined by the IASB. These indicators are calculated based on accounting items taken from the consolidated financial statements prepared under IFRS. ▪ Recurring EBIT. The Group’s main performance indicator is recurring operating profit of fully consolidated companies, which is calculated as follows: Profit before finance costs and tax excluding: • income (loss) from equity-accounted companies before impairment losses; • gains (losses) on disposals of assets; • impairment losses on goodwill, property, plant and equipment, intangible assets and investment in equity-accounted companies; • net restructuring costs; • items related to business combinations: - acquisition-related expenses, - gains and losses resulting from purchase price adjustments and fair value adjustment due to changes in control, - amortisation of acquisition-related intangible assets; • specific major disputes unrelated to the Group's operating performance; • items related to leases and finance sub-leases: - cancellation of fixed rental expense(1) on concession agreements, - depreciation of right-of-use assets on concession agreements, - gains and losses on leases. 1. Cancellation of fixed rental expense is equal to the repayment of the lease liability, the associated change in working capit al and interest paid in the statement of cash flows.
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I Full-year 2025 results presentation I 19 February 2026 GLOSSARY (2/3) 47 ▪ The like-for-like change in revenue is calculated by comparing: • revenue for the period adjusted for companies consolidated for the first time during the period and revenue for the prior period adjusted for consolidated companies divested during the period; • revenue for the period and revenue for the prior period adjusted based on the exchange rates applicable in the previous period. ▪ Operating margin is calculated by dividing recurring EBIT of fully consolidated companies (recurring EBIT) by revenue. ▪ Adjusted earnings before interest and income taxes (EBITA) corresponds to EBIT before gains or losses arising on disposals of businesses and acquisition-related costs, the amortisation of intangible assets acquired through business combinations and the impairment on goodwill and other intangible assets acquired through business combinations, other income and charges related to transactions with shareholders as well as items related to concession agreements (IFRS 16). ▪ Recurring EBITDA over a rolling 12-month period is calculated as recurring operating profit of fully consolidated companies (Group recurring EBIT) plus dividends received from equity- accounted companies, less depreciation and amortisation charged against property, plant and equipment and intangible assets, amortisation of the cost of obtaining contracts, and the cancellation of fixed rental expense(1) on property and other leases, plus recurring EBITDA from discontinued operations. ▪ Free cash flow is calculated as cash flow from operations before changes in working capital, the repayment of lease liabilities and related interest paid, changes in working capital and income taxes paid plus net cash flow relating to acquisitions and disposals of property, plant and equipment and intangible assets. ▪ CFFO (Cash flows from operations) are calculated by deducting income taxes paid from free cash flow. ▪ CFAIT (Cash flow after interest and taxes) are calculated by adding the interest paid and received to free cash flow. ▪ Net debt is calculated as the sum of the following items: short-term investments and cash and cash equivalents, financial instruments designated as hedges of debt, non-current debt and current debt excluding liabilities related to minority put options. 1. Cancellation of fixed rental expense is equal to the repayment of the lease liability, the associated change in working capit al and interest paid in the statement of cash flows.
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I Full-year 2025 results presentation I 19 February 2026 GLOSSARY (3/3) 48 ▪ Adjusted profit – Group share is calculated on the basis of profit for the period, excluding non-recurring/non-operating items, net of the related tax and of minority interests, as follows: Profit for the period excluding: • gains (losses) on disposals of assets; • impairment losses on goodwill, property, plant and equipment, intangible assets and investments in equity-accounted companies; • net restructuring costs; • items related to business combinations: - acquisition-related expenses, - gains and losses resulting from purchase price adjustments and fair value adjustments due to changes in control, - amortisation of acquisition-related intangible assets; • specific major disputes unrelated to the Group's operating performance; • tax effects of the above items; • non-recurring changes in deferred taxes; • items related to leases and finance sub-leases: - cancellation of fixed rental expense(1) on concession agreements, - depreciation of right-of-use assets on concession agreements, - interest expense on lease liabilities under concession agreements, - gains and losses on leases; • adjusted profit attributable to minority interests: profit attributable to minority interests adjusted for minorities' share in the above items. 1. Cancellation of fixed rental expense is equal to the repayment of the lease liability, the associated change in working capit al and interest paid in the statement of cash flows.