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H1 2026 RESULTS 28 July 2026
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Summary | H1 2026 RESULTS | 28 July 2026 Performance by division Group performance Conclusion Appendix 1. 2. 3. 4. 2
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Performance by division1.
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Lagardère Publishing
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LP: RESILIENT PERFORMANCE THANKS TO THE STRENGTH OF ITS DIVERSIFIED BUSINESSES | H1 2026 RESULTS | 28 July 2026 *By origin. **Including Ireland, India, Australia and New Zealand. ***Including Boardgames, Sales and Distribution. ▪ Revenue by business▪ Revenue by geographic area* H1 2026 revenue €1,343m -0.4% reported +1.3% LFL ▪ Revenue trend (€m) H1 2026 LFL variations: France: -1.6% • Growth in General Literature fuelled by the success of G. Musso (Le crime du paradis) and P. Lemaitre (Les Belles Promesses), together with strong momentum for Le livre de poche and Audiolib • Decline in Illustrated Books following the strong H1 2025 performance of S. Rivens (Lakestone2) and Stitch, along with the decline in travel guide sales UK: -1.2% • Challenging comparable following H1 2025 growth of +4%, driven by R. Yarros (Onyx Storm) • Robust backlist sales with F. McFadden (The Housemaid) and M. O'Farrell (Hamnet), as well as contributions from new releases by A. Oseman (Heartstopper Vol. 6) and F. Knapp (The Names) USA: +1.3% • Dynamic new release programme including S. Sorensen (Dire Bound / Fury Bound Deluxe editions), J. Patterson & V. Davis (Judge Stone) and A. Jimenez (The Night We Met) • Audiobook sales continued to support growth Spain/Latin America: +13%. • Spain: early start to the textbook campaign and continued growth in paperback • Latam: growth of both Education and Trade Partworks: +6.5%. Strong performance in Italy, Poland and Japan Board Games: +9%. Growth supported by the continued success of Flip 7 5
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LP: SOLID EBITA | H1 2026 RESULTS | 28 July 2026 ▪ EBITA (€m) and operating margin* (%) H1 2026 EBITA €105m * Operating margin: EBITA / revenue. ** On a like-for- b (A H BI A: € ). High EBITA, up slightly YoY: • Robust EBITA margin of 7.8%, confirming the sustained high level of profitability • Disciplined cost management offsetting adverse factors • EBITA by € v H , -for-like basis 100 105 . . . . . . . . . . . . H H 6
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Lagardère Travel Retail
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LTR: ROBUST GROWTH DESPITE THE GEOPOLITICAL AND ECONOMIC CONTEXT | H1 2026 RESULTS | 28 July 2026 (1) By origin. ▪ Revenue trend (€m) ▪ Revenue by geographic area1 H1 2026 revenue €2,978m +3.1% reported +3.3% LFL v y ▪ Revenue by business H1 2026 LFL variations: France: -4% • Indirect effects of the conflict in ME, works in some Roissy-CDG terminals and closure of certain stores • Duty Free growth thanks to upgrades to stores in Nice airport, , excluding wholesales to EDFP EMEA (excl. France): +4% • ME: -28%. Operations in Dubai, and JV in Abu Dhabi and in Saudi Arabia • Robust performances in Romania, UK, Italy, Germany, Czech Rep. and Spain • Africa:+28%. Openings in Cameroon and Rwanda Americas: +6% • North Am.: +5%. Strong sales momentum and network expansion, despite softer traffic trends in May and June • : + . ’ APAC: +9% • Pacific: Solid DF performance in Auckland • North Asia: ongoing restructuring in mainland China A ( . ) A A 8
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LTR: RECORD EBITA DESPITE FX HEADWINDS AND THE IMPACTS FROM MIDDLE EAST CONTEXT | H1 2026 RESULTS | 28 July 2026 ▪ EBITA (€m) and operating margin* (%) H1 2026 EBITA €111m * Operating margin: EBITA/revenue. ** On a like-for- b (A H BI A: € ). • Direct and indirect effects of the Middle East conflict • Strong operating performance in North America and rigorous cost control in the different regions • Reduced restructuring charges linked to finalisation of the streamlining of North Asian operations • EBITA increased by €2m vs H1 2025, on a like-for-like basis 9
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Lagardère Live
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LL: GROWTH DRIVEN BY THE COMPLEMENTARITY OF ACTIVITIES | H1 2026 RESULTS | 28 July 2026 H1 2026 revenue €115m +0.5% reported +3.2% LFL(1) ▪ Revenue trend (€m) v ( ) -for-like basis ▪ Revenue by business Lagardère Radio & Lagardère News • Weaker radio advertising market • Stable Europe 1 audience levels Lagardère Live Entertainment • Success of artist tours organised by L Productions • Record programme of events at venues in Paris and Arkéa Arena in Bordeaux 11
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LL: CONTINUED IMPROVEMENT IN EBITA | H1 2026 RESULTS | 28 July 2026 ▪ EBITA (€m) H1 2026 EBITA €3m (19) (1) 3 H H H Continued improvement in EBITA: • Cost-cutting efforts • Strong performance from the Lagardère Live Entertainment division +€ 12
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Prisma Media
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PRISMA: RESILIENT POSITIVE EBITA AMID ONGOING RESTRUCTURING | H1 2026 RESULTS | 28 July 2026 H1 2026 revenue €109m -24.5% reported -24.9% LFL H1 2026 EBITA €3m H1 2026 main achievements: ▪ Ongoing restructuring ▪ Divestiture of the luxury unit ▪ 13.58% minority stake sale to Vivendi ▪ Favourable ruling in the case against Google (no impact on H1 2026 earnings) ▪ Continued revenue decline across both print and digital: • Print circulation impacted by the structural downturn in the magazine market • Digital revenues affected by evolving digital consumption patterns and weaker online advertising demand ▪ EBITA stable: revenue decline offset by cost savings 14
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Group performance2.
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4,495 4,545 + + H y H REVENUE GROWTH DRIVEN BY ORGANIC DEVELOPMENTS | H1 2026 RESULTS | 28 July 2026 ▪ Lagardère Publishing: +1% ▪ Lagardère Travel Retail: +3% ▪ Lagardère Live: +3% ▪ Prisma Media: -25% ▪ 999 Games ▪ Amsterdam Duty Free (€m) +2% LFL ▪ USD: -€ ▪ GBP: -€ ▪ AED: -€6m 16
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H1 2026 REVENUE BY GEOGRAPHIC AREA(1) | H1 2026 RESULTS | 28 July 2026 (1) By destination. (2) Western Europe excluding France. Asia-Pacific 5% vs 5% in H1 2025 United States and Canada 26% vs 26% in H1 2025 €4,545m Latin America, Middle East and Africa 4% vs 5% in H1 2025 Western Europe(2) 28% vs 27% in H1 2025 Eastern Europe 15% vs 14% in H1 2025 France 22% vs 23% in H1 2025 17
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SOLID YEAR-OVER-YEAR EBITA DRIVEN EQUALLY BY TWO CORE BUSINESSES | H1 2026 RESULTS | 28 July 2026 * Corresponds to Lagardère Live, Prisma Media and Louis Hachette Group SA. ** On a like-for-like basis. EBITA YoY (€m) b b b v v v 200 220 218 H H H Change in Group EBITA YoY (€m) +€8m** 220 210 218 + + + BI A H BI A H b v v BI A H 18
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P&L | H1 2026 RESULTS | 28 July 2026 (1) Alternative Performance Measure (see Glossary at the end of the presentation for definition). (€m) H1 2025 H1 2026 Revenue 4,495 4,545 EBITA(1) 220 218 Profit before finance costs and tax 161 162 Finance costs, net (66) (55) Interest expense on lease liabilities (55) (61) Income tax expense (27) (30) Profit for the period 13 16 Minority interests (22) (24) Profit (loss) – Group share (9) (8) 19
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GOOD CASH FLOW GENERATION | H1 2026 RESULTS | 28 July 2026 +50% Cash flow from operations(1) YoY (€m) 1 2025 1 202 20(1) Alternative Performance Measure (see Glossary at the end of the presentation for definition).
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SHARP NET DEBT REDUCTION OVER 12 MONT S: +€232M | H1 2026 RESULTS | 28 July 2026 (€m) +€32 m(1,2) (1) CFAIT after dividend paid to Lagardère Travel Retail and Lagardère Publishing minorities ( ) : b . I € H the sale by LP of a property complex located at rue d'Assas in Paris and of a domain name ▪ Prisma transactions ▪ Vendor loan reimbursement from Sportfive ▪ Kogan Page acquisition ▪ 999 Games and Amst. DF deferred payments (1,958) (1,72 ) + + ( ) ( ) ( ) ( ) ( ) ( ) b I , v b . v A v H A b 21
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STRONG FINANCIAL PROFILE | H1 2026 RESULTS | 28 July 2026 , , , , , , . . . . . . 2.4x 1.95xLeverage ratio1 Steady and consistent debt reduction over years in €m 431 50 100 300 75 75 75 300 20 500 0 95 145 B B v Analysis of debt by maturity Nominal value, in €m • € b ( y) • € v ( -2030 maturity) • Mixture of bank loans, private loans and bonds • Weighted average maturity: 3 years • Well-balanced maturity profile until 2030 (1) Leverage ratio calculated as follows: net debt including liabilities related to minority put options/recurring EBITDA over a rolling 12-month period (see appendix for calculation of the ratio). 22
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Conclusion3.
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CFFO(1) € m + SOLID RESULTS DESPITE CHALLENGING MACROECONOMIC AND GEOPOLITICAL CONDITIONS | H1 2026 RESULTS | 28 July 2026 (1) Alternative Performance Measures (see Glossary at the end of the presentation for definition). Net debt(1) €1,72 m EBITA(1) € m +€ Debt reduction over 12 months -€ Leverage ratio(1) . Revenue € . bn + . like for like 24
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Appendix4.
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OWNERSHIP STRUCTURE (AS 30 JUNE 2026)(1) | H1 2026 RESULTS | 28 July 2026 33%(2) Live 11.47% 13.38% 65.73% 8.6% Listed on Euronext Listed on Euronext Growth Listed on Euronext 86.42% 13.58% Float : c. 60% Float : c. 8% A. Lagardère ( ) . ( ) I . 26
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SUMMARY OF PERFORMANCE BY DIVISION | H1 2026 RESULTS | 28 July 2026 (1) At constant scope and exchange rates Q2 202 revenue 1 202 EBITA 1 202 revenue 2025/2026 main changes in scope ▪ Lagardère Publishing: acquisition of 999 Games (April 2025) ▪ Lagardère Travel Retail: acquisition of 70% of Schiphol DF activity (May 2025) ▪ Prisma Media: acquisition of France Dimanche and Ici Paris (December 2025), sale of luxury unit (March 2026) (€m) Q2 2025 Q2 2026 Reported change(%) Like-for-like change(1)(%) Lagardère Publishing 726 728 +0.1% +1.1% Lagardère Travel Retail 1,586 1,613 +1.7% +2.2% Lagardère Live 61 58 -4.9% +0.4% Lagardère Group 2,373 2,399 +1.1% +1.8% Prisma Media 75 53 -29.3% -27.3% Louis Hachette Group 2,448 2,452 +0.2% +1.0% (€m) H1 2025 H1 2026 Reported change (%) Like-for-like change(1) (%) Lagardère Publishing 1,349 1,343 -0.4% +1.3% Lagardère Travel Retail 2,887 2,978 +3.1% +3.3% Lagardère Live 115 115 +0.5% +3.2% Lagardère Group 4,351 4,436 +2.0% +2.7% Prisma Media 144 109 -24.5% -24.9% Louis Hachette Group 4,495 4,545 +1.0% +2.0% (€m) H1 2025 H1 2026 Change (€m) Reported change (%) Lagardère Publishing 103 105 +2 +1.9% Lagardère Travel Retail 117 111 -6 -5.1% Lagardère Live (1) 3 +4 N/A Lagardère Group 219 219 - - Prisma Media 3 3 - - LHG-SA (2) (4) -2 N/A Louis Hachette Group 220 218 -2 -0.9% 27
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EBITA(1): FROM LAGARDÈRE TO LOUIS HACHETTE GROUP RECONCILIATION | H1 2026 RESULTS | 28 July 2026 (€m) Lagardère Publishing Lagardère Travel Retail Lagardère Live H1 2026 H1 2025 Lagardère EBITA as published by Lagardère 107 112 4 223 217 IFRS 16 impacts for Lagardère included in opening balance sheet of Vivendi /LHG (2) (1) (1) (4) (6) Provisions, impairment and asset step-ups included in opening balance sheet of Vivendi/LHG - - - - 8 Other - - - - - Lagardère EBITA as included in Louis Hachette Group 105 111 3 219 219 Prisma Media 3 3 LHG SA (4) (2) Louis Hachette Group EBITA 218 220 (1) Alternative Performance Measure (see Glossary at the end of the presentation for definition). 28
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NON-RECURRING/NON-OPERATING ITEMS | H1 2026 RESULTS | 28 July 2026 (€m) Lagardère Publishing Lagardère Travel Retail Lagardère Live Prisma Media LH Holding H1 2026 H1 2025 Recurring operating profit (loss) 105 120 4 4 (4) 229 225 Income (loss) from equity-accounted companies 2 (3) - - - (1) 9 Restructuring costs (2) (4) - (1) - (7) (11) Gains (losses) on disposals on PP&E and intangible assets - - - - - - - Impairment losses on PP&E and intangible assets - (3) - - - (3) (2) Gains (losses) on leases (excluding concession) - - - - - - - Other EBITA items - 1 (1) - (1) EBITA(1) 105 111 3 3 (4) 218 220 Gains on disposals of businesses - - 1 - - 1 3 Amortisation of acquisition-related intangible assets (30) (66) (2) - - (98) (98) Impairment losses on acquisitions - - - - - - - Purchase price adjustments - - - - - - - IFRS 16 impact on concession agreements - 40 - - - 40 36 Other - 1 - - - 1 - Profit (loss) before finance costs and tax 75 86 2 3 (4) 162 161 (1) Alternative Performance Measure (see Glossary at the end of the presentation for definition). 29
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ADJUSTED P&L | H1 2026 RESULTS | 28 July 2026 (€m) H1 2025 H1 2026 EBITA 220 218 Restructuring costs +11 +7 Impairment losses on goodwill, PP&E, intangible assets and investments in equity-accounted companies +2 +3 Gains (losses) on disposal of PP&E and intangible assets +1 - Finance costs, net -66 -56 Interest expense on lease liabilities -8 -7 Income tax expense on adjusted profit -52 -55 Adjusted minority interests -56 -58 Adjusted profit – Group share 52 52 (€m) S1 2025 S1 2026 Profit for the period 13 16 Restructuring costs +11 +7 Gains (losses) on disposals -4 -2 Impairment losses on goodwill, PP&E, intangible assets and investments in equity-accounted companies +2 +3 Amortisation of acquisition-related intangible assets and other acquisition-related expenses +99 +98 IFRS 16 impact on concession agreements +11 +14 Tax effects on the above adjustements -25 -26 Adjusted profit(1) 108 110 Minority interests in adjusted profit -56 -58 Adjusted profit – Group share(1) 52 52 (1) Alternative Performance Measure (see Glossary at the end of the presentation for definition). 30
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CASH FLOW RECONCILIATION | H1 2026 RESULTS | 28 July 2026 (€m) H1 2025 H1 2026 Cash flow from operating activities 484 513 Repayment of lease liabilities (254) (260) Interest paid on lease liabilities (58) (59) Capex (116) (110) Cash flow from operations (CFFO)(1) 56 84 Income taxes paid (33) (46) Free cash flow(1) 23 38 Interest paid (67) (63) Interest received 8 6 Cash flow after interest and taxes (CFAIT)(1) (36) (19) (1) Alternative Performance Measure (see Glossary at the end of the presentation for definition). (€m) H1 2025 H1 2026 Cash flow from operations (CFFO)(1) 56 84 Income taxes paid (33) (46) Free cash flow(1) 23 38 Interest paid (67) (63) Interest received 8 6 Cash flow after interest and taxes (CFAIT)(1) (36) (19) Dividend paid to LP minorities (8) (8) Dividend paid to LTR minorities (28) (28) Net operating cash generation (72) (55) 31
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CONSOLIDATED BALANCE SHEET | H1 2026 RESULTS | 28 July 2026 ( ) I €( ) - v v , €( ) -term derivative assets at 31 Dec. 2025. ( ) I € - v v b € - v b . , €( ) short- v v € -term derivative liabilities at 31 Dec. 2025. (€m) Dec. 31, 2025 June 30, 2026 Non-current assets 9,018 8,963 Investments in equity-accounted companies 140 131 Current assets 2,633 2,671 Cash and cash equivalents 633 432 TOTAL ASSETS 12,424 12,197 Total equity 2,800 2,763 Non-current liabilities 3,783 3,757 Non-current debt(1) 1,707 1,695 Current liabilities 3,618 3,519 Current debt(2) 516 463 TOTAL EQUITY AND LIABILITIES 12,424 12,197 (€m) Dec. 31, 2025 June 30, 2026 Cash and cash equivalents 633 432 Non-current debt(1) (1,707) (1,695) Current debt(2) (516) (463) TOTAL NET DEBT (1,590) (1,726) 32
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LEVERAGE RATIO CALCULATION | H1 2026 RESULTS | 28 July 2026 (1) Alternative Performance Measure (APM) (see Glossary at the end of the presentation for definition). (€m) H1 2025 H1 2026 EBITA(1) 519 549 (-) Depreciation and amortisation of PP&E and intangible assets 207 204 (-) Impairment losses on PP&E and intangible assets 28 29 (-) Income (loss) from equity-accounted companies (10) (10) (-) Restructuring costs 67 87 (-) Gains (losses) on disposals on PP&E and intangible assets 2 (12) (+) Add-back of fixed rental expense – building and other items (95) (92) (-) Cancellation of depreciation of right-of-use assets – building and other items 83 80 (+) Dividends received from equity-accounted companies 10 13 Recurring EBITDA(1) 811 848 Net debt 1,958 1,726 Minority put 84 56 Net debt, including minority put 2,042 1,782 Leverage ratio 2.5x 2.1x 12 rolling months 33
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IFRS 16 – IMPACTS ON 2025 P&L, CF AND DEBT | H1 2026 RESULTS | 28 July 2026 (1) Alternative Performance Measure (APM(see Glossary at the end of the presentation for definition).. (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. (€m) H1 2025 H1 2026 Recurring EBITDA(1) -1 -3 EBITA(1) +7 +8 Non-recurring/non-operating items +57 +56 Of which cancellation of fixed rental expense (2) – concession stores +268 +279 Of which depreciation of right-of-use assets – concession stores -212 -224 Of which gains and losses on leases +1 +1 Total EBIT +66 +63 Of which impact from concession stores +59 +55 Of which impact from buildings and other +7 +8 Finance costs, net - -2 Lease interest expense -57 -65 Of which impact from concession stores -50 -65 Of which impact from buildings and other -7 -7 Profit before tax +9 -4 Income tax expense -1 +1 Profit for the period +8 -3 Of which impact from concession stores +8 -2 Of which impact from buildings and other - -1 Attributable to minority interests - - Profit – Group share +8 -3 (€m) H1 2025 H1 2026 Cash flow from operating activities before changes in working capital +310 +319 Changes in working capital from lease liabilities -3 -4 Repayment of lease liabilities -249 -254 Interest paid on lease liabilities -61 -64 Cash flow from operations before changes in working capital -3 -3 Changes in working capital +3 +3 Income taxes paid - - Capex, net - - Free cash flow(1) - - Purchases / (Disposals) of investments - - Cash flow from operations and investing activities - - Interest paid - - Dividend paid and other - - Change in net debt - - Net debt(1) - - 34
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IFRS 16 – IMPACT ON THE CONSOLIDATED BALANCE SHEET | H1 2026 RESULTS | 28 July 2026 (€m) Dec. 31, 2025 June 30, 2026 Non-current assets +2,797 +2,676 Right-of-use asset +2,761 +2,639 o/w concession stores +2,462 +2,352 o/w buildings and other +299 +287 Deferred tax asset +28 +33 Other non-current assets +11 +8 Investments in equity-accounted companies -3 -4 Current assets -5 - Cash and cash equivalents - - TOTAL ASSETS +2,792 +2,676 (€m) Dec. 31, 2025 June 30, 2026 Total equity -74 -91 Non-current liabilities +2,368 +2,267 Lease liability – non-current +2,364 +2,263 o/w concession stores +2,104 +2,007 o/w buildings and other +260 +256 Deferred tax liabilities +4 +4 Non-current debt - - Current liabilities +498 +500 Lease liabilities – current +516 +515 o/w concession stores +437 +438 o/w buildings and other +79 +77 Other current liabilities -18 -15 Current debt - - TOTAL EQUITY AND LIABILITIES +2,792 +2,676 35
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DISCLAIMER | H1 2026 RESULTS | 28 July 2026 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 ’ current views and assumptions. These data do not represent forecasts regarding Louis Hachette ’ results or any other performance indicator, but rather trends or targets, as the case may be. When used in this presentation, words such as “ ”, “b v ”, “ ”, “ ”, “ y”, “ ”, “ ”, “ ”, “ ”, “ ”, “ ”, “ designed ”, “ the ”, “ ”, “ ” 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, 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 “ ” section of the Annual Report (available on the website of Louis Hachette Group, in the Shareholders and I v ’ 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 neither Louis Hachette Group, nor 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. 36
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GLOSSARY (1/3) | H1 2026 RESULTS | 28 July 2026 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 Management in order to assess performance and manage the business, as well as by investors 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 Management 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. ▪ BI . ’ y , s 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 capital and interest paid in the statement of cash flows. 37
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GLOSSARY (2/3) | H1 2026 RESULTS | 28 July 2026 ▪ 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 expense1 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 flow from operations) is calculated by deducting income taxes paid from free cash flow. ▪ CFAIT (Cash flow after interest and taxes) is 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 capital and interest paid in the statement of cash flows. 38
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GLOSSARY (3/3) | H1 2026 RESULTS | 28 July 2026 ▪ 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 expense1 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 capital and interest paid in the statement of cash flows. 39