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H1 2026 RESULTS 28 July 2026
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CONTENTS H1 2026 results | 28 July 2026 Performance by division Group performance Conclusion Appendix 1 2 3 4 2
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PERFORMANCE BY DIVISION
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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 H1 2026 revenue €1,343m -0.4% reported +1.3% LFL ▪ Revenue trend (€m) ▪ Revenue by geographic area* ▪ Revenue by business * By origin. ** Including Ireland, India, Australia and New Zealand. *** Including Board Games, Sales & Distribution. 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 (Lakestone 2) 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 RECURRING EBIT H1 2026 results | 28 July 2026 ▪ Recurring EBIT (€m) and operating margin* (%) H1 2026 Rec. EBIT €107m * Operating margin: Recurring EBIT/Revenue. ** On a like-for- b (A H BI : € ). High Rec. EBIT, up slightly YoY: • Robust Rec. EBIT margin of 8.0%, confirming the sustained high level of profitability • Disciplined cost management offsetting adverse factors • . BI by € v H , on a like-for-like basis 10 107 . . . . . . . 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 ▪ Revenue trend (€m) ▪ Revenue by business H1 2026 revenue € ,978m +3.1% reported +3.3% LFL (1) By origin. A ( . ) A A v y ▪ Revenue by geographic area(1) 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 • Latam: +21%. Openings in ’ new airport APAC: +9% • Pacific: Solid DF performance in Auckland • North Asia: ongoing restructuring in mainland China 8
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LTR: RECORD RECURRING EBIT DESPITE FX HEADWINDS AND THE IMPACTS FROM MIDDLE EAST CONTEXT H1 2026 results | 28 July 2026 H1 2026 Rec. EBIT €1 1m ▪ Recurring EBIT (€m) and operating margin* (%) * Operating margin: Recurring EBIT/Revenue. ** On a like-for- b (A H BI : € ). Rec. EBIT up €3m with a stable margin of 4.1%: • Strong operating performance in North Am. and rigorous cost control in the different regions • Streamlining of North Asian operations • . BI by € (+ . ) v H , like-for-like basis 110 1 1 H H 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 ▪ Revenue trend (€m) H1 2026 revenue €115m +0.5% reported +3.2% LFL 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 v ▪ Revenue by business 11
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H1 2026 Rec. EBIT €5m ▪ Recurring EBIT (€m) LL: CONTINUED IMPROVEMENT IN RECURRING EBIT H1 2026 results | 28 July 2026 Improved recurring EBIT (+€4m): • Cost-cutting efforts • Strong performance from the Live Entertainment division +€15m 12
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GROUP PERFORMANCE
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REVENUE GROWTH DRIVEN BY ORGANIC DEVELOPMENTS (€m) +3% LFL ▪ Lagardère Publishing: + . ▪ Lagardère Travel Retail: +3.3% ▪ Lagardère Live: +3.2% ▪ 999 Games ▪ Amsterdam DF ▪ USD: -€ ▪ GBP: -€ ▪ AED: -€6m H1 2026 results | 28 July 2026 4,351 4,43 + + H v y H v 14
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H1 2026 REVENUE BY GEOGRAPHIC AREA(1) France 20% vs 21% in H1 2025 Asia-Pacific 5% vs 6% in H1 2025 United States and Canada 26% vs 27% in H1 2025 Eastern Europe 15% vs 14% in H1 2025 Western Europe(2) 29% vs 27% in H1 2025 Latin America, Middle East, Africa 5% vs 5% in H1 2025 €4,436m (1) By destination. / (2) Western Europe excluding France. H1 2026 results | 28 July 2026 15
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REC. EBIT GROWTH FUELLED BY ALL ACTIVITIES Record Recurring EBIT YoY (€m) H1 2026 results | 28 July 2026 Change in Group Recurring EBIT by business (€m) 5 1 33 H . BI H . BI b v v H BI * On a like-for-like basis. 16
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P&L (1) Alternative Performance Measure (APM). H1 2026 results | 28 July 2026 17 (€m) H1 2025 H1 2026 Revenue 4,351 4,436 Recurring EBIT(1) 225 233 EBITA(1) 217 223 Profit before finance costs and tax 209 214 Finance costs, net (63) (51) Interest expense on lease liabilities (57) (65) Income tax expense (42) (42) Profit for the period 47 56 Minority interests (23) (25) Profit – Group share 24 31
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CONTINUED GOOD CASH FLOW GENERATION Cash flow from operations(1) YoY (€m) H1 2026 results | 28 July 2026 58 70 H H + (1) Alternative performance measure (for definition see Glossary at the end of the presentation) 18
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SHARP NET DEBT REDUCTION OVER 1 MONTHS: +€ 01M (€m) +€3 8m(1) H1 2026 results | 28 July 2026 (1) Net cash generation: CFAIT after dividend paid to L. Travel Retail and L. Publishing minorities (2) CFFO: Cash flow from operations before income taxes paid. Alternative performance measure (see Glossary for definition at the end of the presentation) ▪ Kogan Page acquisition ▪ 999 Games and Amst. DF deferred payments ▪ Vendor loan reimbursement from Sportfive 19
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SOLID TRAJECTORY TOWARD LOWER DEBT LEVELS Changes in the leverage ratio(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). H1 2026 results | 28 July 2026 3.0 .5 . H H H 20
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(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) STRONG FINANCIAL PROFILE H1 2026 results | 28 July 2026 2.4x 1.96x YE Leverage ratio(1) Steady and consistent debt reduction in €m 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 21
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CONCLUSION
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SOLID RESULTS DESPITE CHALLENGING MACROECONOMIC AND GEOPOLITICAL CONDITIONS Rec. EBIT(1) € m + . CFFO(1) € m + Revenue € . bn + . like for like Leverage ratio(1) . Debt reduction over 12 months -€ Net debt(1) € . bn (1) Alternative performance measure (for definition see Glossary at the end of the presentation) H1 2026 results | 28 July 2026 23
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APPENDIX
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SUMMARY OF PERFORMANCE BY DIVISION ▪ Lagardère Publishing: acquisition of 999 Games (April 2025) ▪ Lagardère Travel Retail: acquisition of 70% of Schiphol DF activity (May 2025) Q 0 revenue H1 0 recurring EBITH1 0 revenue 2025/2026 main changes in scope (1) At constant scope and exchange rates. H1 2026 results | 28 July 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% +0.7% Lagardère group revenue 2,373 2,399 +1.1% +1.8% (€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 revenue 4,351 4,436 +2.0% +2.7% (€m) H1 2025 H1 2026 Change (€m) Reported change (%) Lagardère Publishing 106 107 +1 +0.9% Lagardère Travel Retail 118 121 +3 +2.5% Lagardère Live 1 5 +4 N/A Total recurring EBIT 225 233 +8 +3.6% 25
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NON-RECURRING/NON-OPERATING ITEMS (1) Alternative Performance Measure (APM) – See Glossary. H1 2026 results | 28 July 2026 (€m) Lagardère Publishing Lagardère Travel Retail Lagardère Live H1 2026 H1 2025 Recurring EBIT(1) 107 121 5 233 225 Income (loss) from equity-accounted companies 2 (3) - (1) 3 Restructuring costs (2) (4) (1) (7) (8) 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 concessions) - - - - Other EBITA items - 1 - 1 (1) Adjusted EBIT (EBITA)(1) 107 112 4 223 217 Gains (losses) on disposals of businesses - - 1 1 3 Amortisation of acquisition-related intangible assets (7) (54) - (61) (61) Impairment losses on acquisitions (1) (4) - (5) (6) Purchase price adjustment - - - - - IFRS 16 impact on concession agreements - 56 - 56 57 Other (1) - 1 - (1) Profit before finance costs and tax 98 110 6 214 209 26
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ADJUSTED P&L (1) Before impairment losses. H1 2026 results | 28 July 2026 (€m) H1 2025 H1 2026 Group recurring EBIT 225 233 Income (loss) from equity-accounted companies(1) +3 - Interest expense on lease liabilities (buildings and other leases) -6 -7 Finance costs, net -65 -51 Income tax expense on adjusted profit -55 -59 Adjusted minority interests -30 -29 Adjusted profit – Group share 72 87 (€m) H1 2025 H1 2026 Profit for the period 47 56 Restructuring costs +8 +7 Gains (losses) on disposals -4 -2 Impairment losses on goodwill, PP&E, intangible assets and investments in equity-accounted companies +8 +8 Amortisation of acquisition-related intangible assets +62 +62 IFRS 16 impact on concession agreements -7 +2 Tax effects on the above adjustements -12 -17 Adjusted profit +102 +116 Adjusted minority interests -30 -29 Adjusted profit – Group share 72 87 27
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CASH FLOW RECONCILIATION (1) Alternative Performance Measure (APM) – See Glossary. H1 2026 results | 28 July 2026 (€m) H1 2025 H1 2026 Cash flow from operating activities 483 498 Repayment of lease liabilities (249) (254) Interest paid on lease liabilities (61) (64) Capex (115) (110) Cash flow from operations (CFFO) (1) 58 70 Income taxes paid (44) (47) Free cash flow(1) 14 23 Interest paid (67) (63) Interest received 7 6 Cash flow after interest and taxes (CFAIT)(1) (46) (34) 28
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CONSOLIDATED BALANCE SHEET ( ) I €( ) - v v J , €( ) -term derivative assets at 31 Dec. 2025. ( ) I € - v v b € - v b J . , €( ) short- v v € -term derivative liabilities at 31 Dec. 2025. H1 2026 results | 28 July 2026 (€m) Dec. 31, 2025 June 30, 2026 Non-current assets 6,349 6,251 Investments in equity-accounted companies 151 142 Current assets 2,569 2,540 Cash and cash equivalents 632 431 TOTAL ASSETS 9,701 9,364 Total equity 1,022 1,003 Non-current liabilities 2,925 2,837 Non-current debt excl. put options(1) 1,708 1,695 Current liabilities 3,522 3,298 Current debt excl. put options(2) 524 531 TOTAL EQUITY AND LIABILITIES 9,701 9,364 (€m) Dec. 31, 2025 June 30, 2026 Cash and cash equivalents 632 431 Non-current debt(1) (1,708) (1,695) Current debt(2) (524) (531) TOTAL NET DEBT (1,600) (1,795) 29
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LEVERAGE RATIO CALCULATION (1) Alternative Performance Measure (APM) – See Glossary. H1 2026 results | 28 July 2026 (€m) H1 2025 H1 2026 Group recurring EBIT(1) 606 650 Depreciation and amortisation of PP&E and intangible assets 204 203 Add-back of fixed rental expense – building and other items (86) (88) Cancellation of depreciation of right-of-use assets – building and other items 70 65 Dividends received from equity-accounted companies 10 13 Recurring EBITDA(1) 805 843 Net debt 1,996 1,795 Minority put 57 35 Net debt, including minority put 2,053 1,830 Leverage ratio 2.55x 2.2x 12 rolling months 30
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IFRS 16 – IMPACTS ON 2025 P&L, CASH FLOWS AND DEBT (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. H1 2026 results | 28 July 2026 (€m) H1 2025 H1 2026 Recurring EBITDA(1) -1 -3 Group recurring EBIT(1) +7 +8 Income from equity-accounted companies (2) +2 -1 Non-recurring/non-operating items +57 +56 Of which cancellation of fixed rental expense (3) – concession stores +268 +279 Of which depreciation of right-of-use assets – concession stores -212 -224 Of which restructuring costs and impairment of right-of-use assets - - 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 -58 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 Repayment of lease liabilities -249 -254 Interest paid on lease liabilities -61 -64 Changes in working capital from lease liabilities -3 -4 Cash flow from operations before changes in working capital -3 -3 Changes in working capital +3 +3 Income taxes paid - - Cash flow from operations - 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) - - 31
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IMPACT OF IFRS 16 ON THE CONSOLIDATED BALANCE SHEET H1 2026 results | 28 July 2026 (€m) Dec. 31, 2025 June 30, 2026 Non-current assets +2,630 +2,525 Right-of-use asset +2,557 +2,456 o/w concession stores +2,297 +2,202 o/w buildings and other +260 +254 Deferred tax asset +68 +68 Other non-current assets +11 +8 Investments in equity-accounted companies -6 -7 Current assets -2 Cash and cash equivalents TOTAL ASSETS +2,628 +2,525 (€m) Dec. 31, 2025 June 30, 2026 Total equity -199 -203 Non-current liabilities +2,340 +2,241 Lease liability – non-current +2,334 +2,237 o/w concession stores +2,074 +1,980 o/w buildings and other +260 +257 Deferred tax liabilities +5 +4 Non-current debt - Current liabilities +487 +487 Lease liabilities – current +506 +503 o/w concession stores +430 +430 o/w buildings and other +76 +73 Other current liabilities -19 -16 Current debt - - TOTAL EQUITY AND LIABILITIES +2,628 +2,525 32
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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 A, b ’ v . epr A’ or any other performance indicator, but rather trends or targets, as the case may be. W , “ ”, “b v ”, “ ”, “ ”, “ y”, “ ”, “ ”, “ ”, “ ”, “ ”, “ ”, “ ”, “ ”, “ ”, “ ” y -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, 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. v “ ” A ( v rsions and available on the website of Lagardère SA, in the I v ’ , A ' b ). 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 Lagardère SA 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 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. DISCLAIMER H1 2026 results | 28 July 2026 33
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Lagardère 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 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 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. 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. G ’ y , 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 adjustments 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. GLOSSARY (1/3) (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. H1 2026 results | 28 July 2026 34
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▪ 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 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 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 designated as hedges of debt, non- current debt and current debt excluding liabilities related to minority put options. GLOSSARY (2/3) H1 2026 results | 28 July 2026 35
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▪ 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. GLOSSARY (3/3) (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. H1 2026 results | 28 July 2026 36