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FULL-YEAR 2025 RESULTS 19 February 2026
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Full-year 2025 results presentation I 19 February 2026 Performance by division2 2025 key figures1 Group performance3 Appendix4 CONTENTS 2
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2025 KEY FIGURES
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Full-year 2025 results presentation I 19 February 2026 GROWTH, PROFITABILITY AND DELEVERAGING DELIVERED 4 Rec. EBIT(1) €641m +8% CFFO(1) €573m +14% Revenue €9.4bn +5% reported +4% LFL Leverage ratio(1) 1.96x CFAIT(1) €367m +35% Net debt(1) €1.6bn -€255m (1) Alternative performance measure (see Glossary for definition at the end of the presentation). .
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PERFORMANCE BY DIVISION
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LAGARDÈRE PUBLISHING 2025 PERFORMANCE
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Full-year 2025 results presentation I 19 February 2026 General Literature 42% Other(3) 19% Education 10% Partworks 10% Illustrated Books 19% 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 7 2025 revenue €3,001m +4.5% reported +2.7% LFL 2,598 2,748 2,809 2,873 3,001 2021 2022 2023 2024 2025 ▪ Revenue trend (€m) ▪ Revenue by geographic area(1) 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. ▪ Revenue by business (1) By origin. / (2) Including Ireland, India, Australia and New Zealand. / (3) Including Board Games.
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Full-year 2025 results presentation I 19 February 2026 301 310 312 10.8% 10.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 250 320 2023 2024 2025 PUBLISHING: SOLID RECURRING EBIT AND HIGH LEVEL OF OPERATING MARGIN 8 ▪ Recurring EBIT (€m) and operating margin(1) (%) 2025 recurring EBIT €312m ▪ High level of recurring EBIT driven by: • solid revenue growth; • favourable sales mix; • effective cost management. (1) Operating margin: Recurring EBIT/Revenue.
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Full-year 2025 results presentation I 19 February 2026 330 361 0% 20% 40% 60% 80% 100% 120% 100 150 200 250 300 350 2024 2025 9 PUBLISHING: STEADY CASH GENERATION ▪ Cash flow from operations - CFFO (€m) 2025 cash flow from operations (CFFO) €361m ▪ 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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Full-year 2025 results presentation I 19 February 2026 France 17% EMEA (excl. France) 54% Americas 25% Asia-Pacific 4% TRAVEL RETAIL: RECORD REVENUE DRIVEN BY NEW CONTRACTS AND GROWTH IN EMEA 11 Duty Free & Fashion 39% Dining 28% Travel Essentials 33% ▪ Revenue by geographic area(1) ▪ Revenue by business 2025 revenue €6,133m +5.5% reported +4.4% LFL ▪ 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. (1) By origin.
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Full-year 2025 results presentation I 19 February 2026 TRAVEL RETAIL: PROFITABLE EXPANSION AND OPTIMISED PERFORMANCE 12 305 334 5.3% 5.5% 0.0 0.0 0.0 0.0 0.0 0.1 -20 30 80 130 180 230 280 330 380 2024 2025 2025 recurring EBIT €334m +€29m +10% ▪ Solid recurring EBIT growth and increase in margin driven by: • China restructuring benefice; • operational performances in Americas and EMEA; and • strict cost control. ▪ And despite: • the residual Covid government grant in the USA in the 2024 recurring EBIT. ▪ Recurring EBIT (€m) and operating margin(1) (%) (1) Operating margin: Recurring EBIT/Revenue.
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Full-year 2025 results presentation I 19 February 2026 TRAVEL RETAIL: SOLID CASH GENERATION 13 2025 cash flow from operations (CFFO) €224m 220 224 2024 2025 ▪ 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)
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LAGARDÈRE LIVE 2025 PERFORMANCE
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Full-year 2025 results presentation I 19 February 2026 LIVE: CONTINUED TO GROW IN 2025 AMID A CHALLENGING ADVERTISING MARKET 15 ▪ Revenue by business 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. News 24% Lagardère Live Entertainment & Other 41% Radio 35% (1) On a like-for-like basis, i.e. excluding the impact of the sale of Paris Match.
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Full-year 2025 results presentation I 19 February 2026 -26 -22 -5 2023 2024 2025 2025 recurring EBIT -€5m ▪ Recurring EBIT (€m) LIVE: SHARP IMPROVEMENT IN RECURRING EBIT AND CFFO 16 ▪ Strong upturn of recurring EBIT (+€17m): • significant cost savings at Lagardère Radio & Lagardère News; • good performances at Lagardère Live Entertainment. ▪ Sharp improvement of CFFO (+€34m). ▪ Cash flow from operations - CFFO (€m) -77 -46 -12 2023 2024 2025 2025 CFFO -€12m
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GROUP PERFORMANCE 17
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Full-year 2025 results presentation I 19 February 2026 2025 REVENUE TREND 18 (€m) 8,942 9,353 340 184 -113 2024 revenue Organic growth Scope effect Currency effect 2025 revenue +€411m +5% ▪ Lagardère Publishing: +3% ▪ Lagardère Travel Retail: +4% ▪ Lagardère Live: +1% ▪ Sterling Publishing & 999 Games ▪ Amsterdam Duty Free ▪ Sale of Paris Match ▪ USD: -€76m ▪ CAD: -€10m ▪ CNY : -€8m ▪ GBP: -€7m ▪ PLN: +€7m
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Full-year 2025 results presentation I 19 February 2026 SOLID YEAR-OVER-YEAR RECURRING EBIT GROWTH 19 Recurring EBIT YoY (€m) 520 593 641 2023 2024 2025 +€73m +€48m
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Full-year 2025 results presentation I 19 February 2026 P&L 20 (€m) 2024 2025 Change (%) Revenue 8,942 9,353 +5% Recurring EBIT(1) 593 641 +8% Profit before finance costs and tax 578 613 +6% Finance costs, net (138) (124) -10% Interest expense on lease liabilities (111) (122) +10% Income tax expense (127) (111) -13% Net result 202 256 +27% Non-controlling interests (34) (53) +56% Net result – Group share 168 203 +21% (1) Alternative Performance Measure (APM).
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Full-year 2025 results presentation I 19 February 2026 CONTINUED STRONG CASH FLOW GENERATION 21 CFFO YoY (€m) 331 504 573 2023 2024 2025 +€69m +€173m
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Full-year 2025 results presentation I 19 February 2026 573 -109 -96 -47 45 -148 -1,855 37 -1,600 Net debt at 2024 YE CFFO Tax Interest, net Investments Divestments Dividends paid Other Net debt at 2025 YE SHARP REDUCTION IN NET DEBT 22 ▪ 999 Games, Routard ▪ Amsterdam DF (€m) +€255m CFAIT(1): €367m ▪ LAG shareholders: 95 ▪ LTR/LP minorities: 53 ▪ Vendor loan reimbursement from Sportfive (1) CFAIT: Cash flow after interest and tax.
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Full-year 2025 results presentation I 19 February 2026 SOLID TRAJECTORY TOWARD LOWER DEBT LEVELS 23 3x 2.4x 1.96x 2023 2024 2025 Leverage ratio evolution(1) (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).
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Full-year 2025 results presentation I 19 February 2026 456 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 & Other WELL-DIVERSIFIED FINANCING STRUCTURE 24 Analysis of debt by maturity* Nominal value, in €m ▪ €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. *: Debt, excluding put options
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CONCLUSION 25
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Full-year 2025 results presentation I 19 February 2026 2026 KEY PRIORITIES 26 ▪ 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: • Lagardère group plans to maintain an attractive level of dividends. ▪ Dividend in respect of fiscal year 2025: • Proposed ordinary dividend of €0.67 per share; • To be submitted to Annual General Meeting vote (5 May 2026); • Ex-dividend date is proposed to be 6 May 2026, with a payment date as from 8 May 2026.
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APPENDIX
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Full-year 2025 results presentation I 19 February 2026 OWNERSHIP STRUCTURE (AT 31 DECEMBER 2025) 28 66.29% Louis Hachette Group (69.89% of the voting rights) 6.98% Other (5.45% of the voting rights) 11.47% Qatar Holding LLC (14.41% of the voting rights) 13.38% Vivendi SE (8.40% of the voting rights) 1.88% Employee and Group Savings Plan investment funds (1.85% of the voting rights)
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Full-year 2025 results presentation I 19 February 2026 FOSTERING a culture of impact FOSTERING a culture of trust FOSTERING a culture of talent FOSTERING a culture of openness -27% reduction in tCO₂e/FTE since 2019 (Scopes 1 & 2 emissions & Scope 3 emissions related to business travel). 90% 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 (+11.5% compared to 2024). 98% of e-books accessible to people with disabilities (level 2). In December 2025, Louis Hachette Group, Lagardère's parent company, defined a common CSR strategy for all its activities, underpinned by the slogan “Cultures in motion”. This strategy embodies both the Group’s businesses and the way in which they are operated, and is now the framework within which Lagardère pursues its sustainability commitments ESG PERFORMANCE IN 2025 29 Lagardère’s ESG risk continues to improve, standing at 12.87 in 2025 (compared to 14.23 in 2024), a performance that places the Group 4th in its category. Lagardère scores 70/100, an improvement of 14 points.
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Full-year 2025 results presentation I 19 February 2026 SUMMARY OF PERFORMANCE BY DIVISION 30 (€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 2,454 +5.3% +3.5% (€m) 2025 Reported change (€m) Reported change (%) Lagardère Publishing 312 +2 +0.6% Lagardère Travel Retail 334 +29 +9.5% Lagardère Live (5) +17 N/A Total 641 +48 +8.1% (€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 9,353 +4.6% +3.8% ▪ Lagardère Publishing: acquisition of Sterling Publishing (Nov. 2024) and 999 Games (April 2025) ▪ Lagardère Travel Retail: acquisition of 70% of Amsterdam-Schiphol DF business (May 2025) ▪ Lagardère Live: disposal of Paris Match (October 2024) Q4 2025 revenue FY 2025 recurring EBITFY 2025 revenue FY 2025 main changes in scope (1) At constant scope and exchange rates.
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Full-year 2025 results presentation I 19 February 2026 Q4 REVENUE TREND 31 2,332 84 99 -61 2,454 Q4 2024 revenue Organic growth Scope effect Currency effect Q4 2025 revenue +€122m +5% ▪ Lagardère Publishing: +2% ▪ Lagardère Travel Retail: +5% ▪ Lagardère Live: +2% ▪ Sterling Publishing & 999 Games ▪ Amsterdam Duty Free (€m) ▪ USD: -€38m ▪ GBP: -€9m
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Full-year 2025 results presentation I 19 February 2026 2025 REVENUE BY GEOGRAPHIC AREA(1) 32 France 21% vs 22% in 2024 Asia-Pacific 5% vs 6% in 2024 United States and Canada 26% vs 27% in 2024 Eastern Europe 14% vs 13% in 2024 Western Europe(2) 29% vs 27% in 2024 Latin America, Middle East, Africa 5% vs 5% in 2024 €9,353m (1) By destination. / (2) Western Europe excluding France.
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Full-year 2025 results presentation I 19 February 2026 ANALYSIS OF NON-RECURRING/NON-OPERATING ITEMS 33 (€m) Lagardère Publishing Lagardère Travel Retail Lagardère Live 2025 2024 Recurring EBIT(1) 312 334 (5) 641 593 Income (loss) from equity-accounted companies 6 11 (1) 16 - Restructuring costs (14) (23) (6) (43) (72) Gains (losses) on disposals on PP&E and intangible assets 42 - - 42 (1) Impairment losses on PP&E and intangible assets (3) (18) (5) (26) (25) Gains (losses) on leases (excluding concessions) - - - - 3 Other EBITA items - 1 (1) - - EBITA(1) 343 305 (18) 630 498 Gains (losses) on disposals of businesses (1) (1) 5 3 114 Amortisation of acquisition-related intangible assets (14) (109) - (123) (123) Impairment losses on acquisitions 1 (7) - (6) (3) Purchase price adjustment - (1) - (1) (4) IFRS 16 impact on concession agreements - 109 - 109 96 Other - 1 - 1 - Profit before finance costs and tax 329 297 (13) 613 578 (1) Alternative Performance Measure (APM) – See Glossary.
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Full-year 2025 results presentation I 19 February 2026 ADJUSTED P&L 34 (€m) 2024 2025 Group recurring EBIT 593 641 Loss from equity-accounted companies(1) 1 16 Interest expense on lease liabilities (buildings and other leases) (12) (13) Finance costs, net (138) (124) Income tax expense on adjusted profit (144) (137) Adjusted minority interests (48) (64) Adjusted profit – Group share 253 319 (€m) 2024 2025 Profit for the period 202 256 Restructuring costs 72 43 Gains (losses) on disposals (114) (48) Impairment losses on goodwill, PP&E, intangible assets and investments in equity-accounted companies 28 33 Amortisation of acquisition-related intangible assets 30 126 IFRS 16 impact on concession agreements - (1) Tax effects on the above transactions (17) (26) Adjusted profit(1) 301 383 Minority interests (48) (64) Adjusted profit – Group share(1) 253 319 (1) Before impairment losses.
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Full-year 2025 results presentation I 19 February 2026 CASH FLOW RECONCILIATION 35 (€m) 2024 2025 Cash flow from operating activities 1,369 1,440 Repayment of lease liabilities (454) (530) Interest paid on lease liabilities (119) (127) Capex (292) (210) Cash flow from operations (CFFO) (1) 504 573 Income taxes paid (81) (109) Free cash flow(1) 423 464 Interest paid (168) (110) Interest received 16 14 Cash flow after interest and taxes (CFAIT)(1) 271 367 (1) Alternative Performance Measure (APM) – See Glossary.
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Full-year 2025 results presentation I 19 February 2026 CONSOLIDATED BALANCE SHEET 36 (€m) 31 Dec. 2024 31 Dec. 2025 Non-current assets 6,321 6,349 Investments in equity-accounted companies 166 151 Current assets 2,641 2,569 Short-term investments and cash 393 632 TOTAL ASSETS 9,521 9,701 Total equity 1,091 1,022 Non-current liabilities 2,715 2,925 Non-current debt excl. put options(1) 1,768 1,708 Current liabilities 3,467 3,522 Current debt excl. put options(2) 480 524 TOTAL EQUITY AND LIABILITIES 9,521 9,701 Net debt of €1,600m (€1,855m at 31 Dec. 2024) (1) Including €(14)m in long-term derivative assets at 31 Dec. 2025, and €15m in long-term derivative liabilities at 31 Dec. 2024. (2) Including €(6)m in short-term derivative assets and €1m in short-term derivative liabilities at 31 Dec. 2025, and €(1)m in short-term derivative assets at 31 Dec. 2024.
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Full-year 2025 results presentation I 19 February 2026 LEVERAGE RATIO CALCULATION 37 (€m) 2024 2025 Group recurring EBIT(1) 593 641 Depreciation and amortisation of PP&E and intangible assets 196 203 Add-back of fixed rental expense – building and other items (88) (88) Cancellation of depreciation of right-of-use assets – building and other items 70 68 Dividends received from equity-accounted companies 18 11 Recurring EBITDA(1) 789 836 Net debt 1,855 1,600 Put on minorities 58 35 Net debt, including put on minorities 1,913 1,635 Leverage ratio 2.4x 1.96x (1) Alternative Performance Measure (APM) – See Glossary.
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Full-year 2025 results presentation I 19 February 2026 DEBT MATURITIES 38 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 161 4 - - - 6 171 - Total 551 132 235 695 645 6 2,264 - Revolving bank credit facilities - - - 700 - - - 700
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Full-year 2025 results presentation I 19 February 2026 IFRS 16 – IMPACTS ON 2025 P&L, CASH FLOWS AND DEBT 39 (€m) 2024 2025 Recurring EBITDA(1) (3) (3) Group recurring EBIT(1) +16 +16 Income from equity-accounted companies(2) - +6 Non-recurring/non-operating items +85 +104 Of which cancellation of fixed rental expense(3) – concession stores +485 +554 Of which depreciation of right-of-use assets – concession stores (391) (447) Of which restructuring costs and impairment of right-of-use assets (14) (5) Of which gains and losses on leases +5 +2 Total EBIT +101 +126 Of which impact from concession stores +95 +115 Of which impact from buildings and other +6 +11 Finance costs, net (1) +1 Lease interest expense (111) (122) Of which impact from concession stores (99) (109) Of which impact from buildings and other (12) (13) Profit before tax (11) +5 Income tax expense +3 - Profit for the period (8) +5 Of which impact from concession stores (3) +6 Of which impact from buildings and other (5) (1) Attributable to minority interests - - Profit – Group share (8) +5 (€m) 2024 2025 Cash flow from operating activities before changes in working capital +570 +641 Repayment of lease liabilities (454) (530) Interest paid on lease liabilities (119) (127) Changes in working capital from lease liabilities (4) +1 Cash flow from operations before changes in working capital (7) (15) Changes in working capital +7 +15 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) - - (1) Alternative Performance Measure (APM) – see Glossary. / (2) Before impairment losses. (3) 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.
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Full-year 2025 results presentation I 19 February 2026 IMPACT OF IFRS 16 ON THE CONSOLIDATED BALANCE SHEET 40 (€m) 31 Dec. 2024 31 Dec. 2025 Non-current assets +2,355 +2,630 Right-of-use asset +2,282 +2,557 o/w concession stores +2,007 +2,297 o/w buildings and other +275 +260 Deferred tax asset +71 +68 Other non-current assets +15 +11 Investments in equity-accounted companies (13) (6) Current assets +3 (2) Short-term investments and cash - - TOTAL ASSETS +2,358 +2,628 (€m) 31 Dec. 2024 31 Dec. 2025 Total equity (211) (199) Non-current liabilities +2,111 +2,340 Lease liability – non-current +2,105 +2,334 o/w concession stores +1,831 +2,074 o/w buildings and other +274 +260 Deferred tax liabilities +5 +5 Non-current debt - - Current liabilities +458 +487 Lease liability – current +484 +506 o/w concession stores +398 +430 o/w buildings and other +86 +76 Other current liabilities (26) (19) Current debt - - TOTAL EQUITY AND LIABILITIES +2,358 +2,628
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Full-year 2025 results presentation I 19 February 2026 DISCLAIMER 41 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 Lagardère SA, which are based on management’s current views and assumptions. These data do not represent forecasts regarding Lagardère SA’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 Lagardère SA 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, 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, particularly generative AI); • 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 (the current versions and available on the website of Lagardère SA, 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 Lagardère SA, 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 Lagardère SA 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 Lagardère SA 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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Full-year 2025 results presentation I 19 February 2026 GLOSSARY (1/3) 42 Lagardère uses alternative performance measures which serve as key indicators of the Group's operating and financial performa nce. These indicators are tracked by the Executive Committee 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 c ertain modifications, in particular the neutralisation of pure accounting effects and distortions created by the new standard on the concession's busi nesses. From 1 January 2019, these indicators are monitored by the Executive Committee to assess operating performance and manage the busi ness, along with the financial metrics defined by the IASB. These indicators are calculated based on accounting items taken from the cons olidated financial statements prepared under IFRS. A dedicated presentation relating to the impacts of IFRS 16 on the alternative performance indicators was held on 12 February 2019 and is available on the Lagardère website (http://www.lagardere.com/fichiers/fckeditor/File/Relations_investisseurs/Publications/2019/IFRS16/2019_Session_IFRS_16.pdf ) ▪ 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 capital and interest paid in the statement of cash flows.
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Full-year 2025 results presentation I 19 February 2026 GLOSSARY (2/3) 43 ▪ 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 per iod 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 perio d. ▪ 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 goo dwill 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 to free cash flow the interest paid and received. ▪ Net debt is calculated as the sum of the following items: short-term investments and cash and cash equivalents, financial instruments des ignated 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.
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Full-year 2025 results presentation I 19 February 2026 GLOSSARY (3/3) 44 ▪ 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 capital and interest paid in the statement of cash flows.