Slides
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1H2026 results Investor Presentation Segrate, 30 July 2026 Antonio Porro – CEO Alessandro Franzosi – CFO
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AGENDA 1. 1H 2026 Highlights 2. 1H 2026 Results 3. FY 2026 Outlook 4. Annexes
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3 Trade Books Market- 1H 2026 Value data – Sell out (€ mln) Source: GfK, June 2026 (Week 26) +3.3% 1H: 5 Top Ten Titles … and the winner of the 80th Premio Strega 2026 27.0% Mondadori Market Share 2025 27.4% May Jun. 1H 2026 2025 2026 2025 2026 2025 Apr. 2026 2025 2Q 2026 2025 +5.1% Market +7.0% 1Q 2026 2025 +4.5% Very positive trend in the first part of the year, supported by resources from the “Library Fund” 8 2 54 6 +5.1% +7.0%
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4 Retail Performance in the Book Market – 1H 2026 Value data – Sell out (€ mln) Source: internal estimate on GfK figures in terms of market value, June 2026 (week 26) Books Market 6M 2026 Book Product Market Share 13.3% (-10 bps) Excellent performance of the physical channel (franchised and independent bookstores), supported by resources from the “Library Fund” -69.0% +7.7% +5.1% -1.2% +8.5% +4.6% PHYSICAL WEIGHT 67.0% ONLINE WEIGHT 33.0% ONLINE WEIGHT 1.2% PHYSICAL WEIGHT 98.8% -0.8 pt Market
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40.545.6 1H 251H 26 415.9 389.5 1H 26 1H 25 € mn Highlights – 1H 26 Revenue Adjusted EBITDA +6.8% (+2.9% LFL) € 5.1 mn +12.5% 5 3.51.4 1H 251H 26 Net profit € -2.1 mn 13.614.8 1H 251H 26 Adjusted EBIT € +1.1 mn +8.3% 8.06.0 1H 251H 26 EBIT € -2.0 mn 7.68.0 1H 251H 26 Adjusted Net Income € +0.4 mn +5.8% +€3.4 million in non-recurring expenses
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AGENDA 1. 1H 2026 Highlights 2. 1H 2026 Results 3. FY 2026 Outlook 4. Annexes
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€ mn Revenue – 1H 26 1H 2025 1H 2026 +15.0 7 Business Recurring LFL Logistics impact on Retail e-commerce / €/$ exchange rate -3.7 M&A +15.1 +3.9% LFL recurring The significant growth trend in the Book market and the contribution from acquisitions had a positive impact on the Group’s revenue performance
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€ mn Revenue by Business Area – 1H 26 +6.8% (+2.9% LFL) +8.4 +4.2 +3.7 +11.5 Trade Books Retail Digital Corporate & Interc.1H 2025 1H 2026 8 -2.8 Education Books +1.4 +4.7% Media +3.9% +4.8% LFL, excluding the impact of e- commerce logistics issue +28.9% +3.3% LFL +4.5% thanks to add-on sales +6.0% +1.2% LFL due to the earlier shipments to wholesalers . .
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€ mn Adjusted EBITDA – 1H 26 1H 2025 1H 2026 +2.8 9 Business Recurring LFL Media Grants -0.6 M&A +2.9 +7.2% LFL recurring € +5.7 mn. .
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€ mn Adjusted EBITDA by Business Area – 1H 26 € +5.1 mn +12.5% +2.0 +1.2 +0.7 +2.1 Trade Books Retail Digital Corporate & Interc.1H 2025 1H 2026 10 -0.9 Education Books -0.1 Media Hoepli Education (€ 1.2 mn) Edilportale.com (€ 2.0 mn) - € 0.6 mn grants . .
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€ mn Continued LTM cash generation (1/2) Ordinary cash flow LTM Group NFP trend (no IFRS16) 11 Dec. Mar. Jun. Sept. Dec.Net Debt seasonality 31 Dec. – 30 June + 176.4 +127.0 +125.8 68.3 64.0 62.3 65.1 61.7 64.6 mar-25 giu-25 set-25 dic-25 mar-26 giu-26 €33 million for the acquisition of Edilportale.com €15 million for the acquisition of Hoepli Change LTM + 43 mn (€58 million for M&A over the last 12 months) . . . . . . . .. . . . . Due to logistics issues in the period, lower e-commerce cash-in in the Retail area
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€ mn 12 Acquisitions/ Disposals Restructuring costs Tax Financial charges* CAPEX NWC and provisions Adj. EBITDA* NFP 30 June 2026 NFP 30 June 2025 Extraordinary Cash Flow -68.0 Ordinary Cash Flow +64.6 Free Cash Flow -3.4 143.9 Others** Dividends * Adj EBITDA. and FINANCIAL CHARGES before IFRS 16 ** Others include cash-out/in related to extraordinary taxes and associate charges -346.9 -84.8 IFRS16 -81.3 IFRS16 -300.1 FY 2025 6.7 5.9 20.9 20.8 6.9 7.3 2.9 1.8 0.2 0.2 3.5 3.6 41.1 39.5 -57.5 -6.3 -40.2 -4.1-21.4 -6.3-41.1 -10.5 +0.2 Change in valuation of derivatives Of which, €1.5 million in CAPEX for the renovation of the headquarters Continued LTM cash generation (2/2) . .
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AGENDA 1. 1H 2026 Highlights 2. 1H 2026 Results 3. FY 2026 Outlook 4. Annexes
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14 Education Books: 2026 Market Share Preview Provisional market shares as of July 2026 2.5% 2.5% 32.5% 32.3% Others Mondadori Group (PF in 2025) + = 34.7%35.0% Secondary school Primary school 2025 2026E 13.1% 25.5% 13.3% 25.6% 8.0% 8.1% 18.3% 18.4%
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Outlook FY 26 - Guidance confirmed 15 Mondadori Group Target 2026 REVENUE Adj. EBITDA Ordinary Cash Flow ~ € 65/70 mn Low single-digit growth Low single-digit growth (profitability around 17%) Greater visibility on achieving guidance at the upper end of the expected ranges and estimates
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BACK-UP
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AGENDA Annexes Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others
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133.6 130.8 11.8 7.2 21.3 20.8 22.2 21.9 2026 2025 Business 1H26 – Trade Books 18 Revenue +4.7% Adj. EBITDA € +2.0 mn 180.0188.4 Distribution and service (incl. ) Publishers 2.2% € mn RIP 2.4% (incl. ) Electa 65.7% 22.7 20.7 2026 2025 * Net intercompany REVENUE Adj. EBITDA Adj. EBITDA is up by 9.8%, driven by higher publishing revenue and a lower incidence of variable costs. Publishing revenue grew by 2.2% due to: • the positive performance of the reference market; • a significant increase in digital product sales (+8.5%), in particular for audiobooks. Electa’s revenue has increased significantly thanks to the launch of the concession for the management of the Uffizi Gallery bookshops in Florence.
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Business 1H 26 – Education Books 19 € mn Revenue +6.0% (+1.2% LFL) Adj. EBITDA € +1.2 mn 8.5 7.3 2026 2025 74.0 69.8 2026 2025 REVENUE Adj. EBITDA Adjusted EBITDA improved compared with the previous year, mainly due to the contribution from Hoepli Education Revenue growth driven by the two-month consolidation of Hoepli Education and the earlier timing of shipments to wholesalers 1.2
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AGENDA Annexes Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others
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6.2 5.4 2026 2025 43.5 35.8 42.1 42.6 1.5 4.5 5.9 5.4 4.0 5.1 2026 2025 97.0 Revenue increased significantly—despite the contraction in the online channel—thanks to the excellent performance of the physical store network: • DOSs: +21.5% thanks to the consolidation of MA Retail (+10.8% LFL) • Franchising: +8% LFL (net of the MA Retail transfer) • StarShop comic stores: +9.6% Business 1H26 – Retail Revenue +3.9% (+4.8% LFL excluding the logistics impact) REVENUE Adj. EBITDA Directly-owned bookstores Franchised E-commerce 93.4 PoS network: ongoing development and rationalisation Adj. EBITDA +0.7 mn € mn EBITDA adjusted up 13.6% driven by the solid performance of the physical network - both DOSs and franchise stores - which more than offset the negative impact on the e-commerce channel. 21 Almost 600 stores as of June 2026, including 88 directly operated stores +15 PoS 58 11 20 55 19 Other (Bookclub)
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AGENDA Annexes Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others
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7.5 5.4 2026 2025 Business 1H26 – Digital 23 REVENUE Adj. EBITDA € mn 21.1 19.9 17.2 13.5 6.9 3.5 2.93.2 2.9 2026 2025 Publisher advertising Subscriptions/Memberships Adv MarTech Adj. EBITDA € +2.1 mn Adjusted EBITDA up 39.3%, mainly thanks to the consolidation of Edilportale.com. • Increase in advertising activities +28%; • continuation of the considerable development of MarTech (+5.9%) both in Italy and internationally (Germany, Austria and Eastern Europe); • significant increase in subscription revenue deriving from the consolidation of Edilportale.com; • contribution of the revenue generated by online and offline sales with the Archiproducts.com brand. Other Revenue +28.9% (+3.3% LFL) Shop 51.2 39.7 The new Business Unit consolidating Edilportale: € 10.2 mn 2.0
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AGENDA Annexes Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others
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25 Media – ADV Market 2026 Marginal decline in the advertising market in the first part of the year Source: Nielsen - Digital excluding Search, Social, Classified & OTT, May 2026 2026 ADV Market Value: € 2,484 mn -0.8% 1,669 133 71 213 167 59 TV Newspapers Magazines Digital Radio Direct Mail -1.6% -6.2% -6.0% +1.3% -1.6% -8.9% 2025 2026 Adv Market 5M 2026 Adv Market Magazines Adv Market Digital Market Market FY 25 5M 26 1Q 26 FY 25 5M 26 1Q 26 1.3% 4.5% -1.7% -6.0% -6.6% -8.6% -1.9% 4.7% 3.3% 6.7% 8.3% 6.2%
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6.9 7.0 2026 2025 Business 1H26 – Media 26 REVENUE Adj. EBITDA € mn 18.7 19.9 7.1 4.0 7.5 7.4 1.7 2.2 2026 2025 Add-on sales Advertising Circulation Adj. EBITDA € -0.1 mn Adjusted EBITDA remained stable despite €0.6 million lower income from government grants, thanks to the positive margin contribution from new add-on sales initiatives. Increase in revenue thanks to the positive commercial results of two joint sales initiatives that more than offset the structural decline in circulation (-6.2%): the Fatto in Casa da Benedetta books and the “Auto di papà” model cars. Other Revenue +4.2% - € 0.6 mn contributions 35.1 33.6
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AGENDA Annexes Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others
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760 299 412 425 165 329 748 291 346 291 164 323 Trade Books Education Books Retail Digital Media Corporate & Shared Services June 26 June 25 2,085 2,163 2,390 June 24 June 25 June 26 1H26 Headcount Evolution 28 +46.0% (Flat LFL) +1.6% +19.1% (+4.6% LFL) +1.9% (-1.9% LFL) +10.5% June 26 vs June 25 +1.0% yoy LFL +2.7% (Flat LFL) Group Headcount Headcount by BU +0.6%
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38.744.2 2Q 252Q 26 21.924.3 2Q 252Q 26 245.1 225.1 2Q 26 2Q 25 € mn Highlights – 2Q 26 Revenue Adjusted EBITDA +8.9% (+4.6% LFL) +5.6 € mn 29 EBIT +2.4 € mn 16.517.7 2Q 252Q 26 Net Profit +1.2 € mn 25.028.6 2Q 252Q 26 Adjusted EBIT +3.6 € mn 18.821.0 2Q 252Q 26 Adjusted Net Profit +2.2 € mn
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30 Revenue & Adjusted EBITDA by Business Area 1H/2Q 26
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31 EBITDA / Adjusted EBIT by Business Area 1H/2Q 26
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1H 2026 Profit & Loss 32 Extended Labor Cost includes costs related to collaborations and temporary employment.
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2Q 2026 Profit & Loss 33 Extended Labor Cost includes costs related to collaborations and temporary employment.
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June 2026 Balance Sheet 34
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€ mn 35 Revenues & Adj. EBITDA – 2025 Quarter Restatement 2025 MEDIA & DIGITAL Breakdown Restatement REVENUES Adj. EBITDA 1Q 2Q 3Q 4Q FY 18.6 21.1 18.3 24.7 82.7 2.0 3.5 2.6 8.2 16.2 1Q 2Q 3Q 4Q FY 15.5 18.1 14.2 16.5 64.3 3.5 3.5 -0.7 -0.1 6.2
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36 Glossary EBITDA is equal to net results before interest. tax. depreciation and amortization. Adjusted EBITDA is EBITDA, as explained above, net of income and expenses of a non-ordinary nature such as (i) income and expenses from restructuring, reorganization and business combinations; (ii) clearly identified income and expenses not directly related to the ordinary course of business; (iii) as well as any income and expenses from nonrecurring events and transactions as set out in Consob communication DEM6064293 of 28/07/2006. EBIT net result for the period before income tax, and other income and expenses. Adjusted EBIT EBIT net of income and expenses of a non-ordinary nature, amortization derived from Purchase Price Allocation of the last 5 years and depreciation/impairment. EBT net result for the period before income tax. Adjusted Net Profit the net result before income and expenses of a non-ordinary nature, amortization derived from Purchase Price Allocation of the last 5 years and depreciation/impairment, net of related fiscal effects and gross of non-recurring fiscal income and expenses. Net Invested Capital is equal to the algebraic sum of Fixed Capital, which includes non-current assets and non-current liabilities (net of non-current financial liabilities included in the Net Financial Position) and Net Working Capital, which includes current assets (net of cash and cash equivalents and current financial assets included in the Net Financial Position), and current liabilities (net of current financial liabilities included in the Net Financial Position). Ordinary Cash Flow is cash flow from operations as explained above, net of financial expenses, taxes paid in the period. and income/expenses from investments in associates. Non ord. Cash Flow cash flow generated/used in transactions that are not considered ordinary, such as company restructuring and reorganization, share capital transactions and acquisitions/disposals Free Cash Flow the sum of Cash Flow from ordinary and non-ordinary operations in the reporting period (excluding payment of dividends, if any).
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Investor Relations Nicoletta Pinoia Tel: +39 02 75422632 invrel@mondadori.it https://twitter.com/gruppomondadori https://www.linkedin.com/company/gruppomondadori https://www.facebook.com/GruppoMondadori https://www.instagram.com/gruppomondadori https://www.youtube.com/c/GruppoMondadori Mondadori Group IR app (available on Google Play & App Store)