1H 2026 Results

1H2026 results

Investor Presentation

Segrate , 30 July 2026Antonio Porro –CEO Alessandro Franzosi –CFO

AGENDA

1.1H 2026 Highlights 2.1H 2026 Results 3.FY 2026 Outlook

4.Annexes

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

Share2025

27.4%

May Jun. 1H 2026 2025 2026 2025 2026 2025Apr.

2026 20252Q

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” 82 5 4 6

+5.1%

+7.0%

4Retail 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

40.5 45.6

1H 25 1H 26415.9 389.5

1H 26 1H 25€ mnHighlights – 1H 26 Revenue Adjusted EBITDA +6.8% (+2.9% LFL)€ 5.1 mn

+12.5%

53.51.4

1H 25 1H 26Net profit € -2.1 mn13.6 14.8 1H 25 1H 26Adjusted EBIT € +1.1 mn

+8.3%

8.0 6.0

1H 25 1H 26EBIT

€ -2.0 mn

7.6 8.0

1H 25 1H 26Adjusted Net Income € +0.4 mn

+5.8%

+€3.4 million in

non-recurring

expenses

AGENDA

1.1H 2026 Highlights 2.1H 2026 Results 3.FY 2026 Outlook

4.Annexes

€ mnRevenue – 1H 26

1H 20251H 2026+15.0

7Business

Recurring

LFLLogistics impact on Retail e -commerce / €/$ exchange rate-3.7

M&A+15.1+3.9% LFL

recurringThe significant growth trend in the Book market and the contribution from acquisitions had a positive impact on the Group’s revenue performance

€ mnRevenue by Business Area – 1H 26

+6.8%

(+2.9% LFL)

+8.4+4.2 +3.7+11.5

Trade

BooksRetail DigitalCorporate & 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..

€ mnAdjusted EBITDA – 1H 26

1H 20251H 2026+2.8

9Business

Recurring

LFLMedia Grants-0.6

M&A+2.9+7.2% LFL

recurring

€ +5.7 mn..

€ mnAdjusted EBITDA by Business Area – 1H 26 € +5.1 mn

+12.5%

+2.0+1.2+0.7 +2.1

Trade

BooksRetail DigitalCorporate

& Interc.1H 2025 1H 2026

10-0.9

Education

Books-0.1

MediaHoepli Education

(€ 1.2 mn)Edilportale.com (€ 2.0 mn)- € 0.6 mn

grants

..

€ mnContinued LTM cash generation (1/2)

Ordinary

cash flow

LTM

Group NFP

trend

(no IFRS16)

11Dec. Mar. Jun. Sept. Dec.Net Debt

seasonality

31 Dec. – 30 June + 176.4+127.0+125.868.3 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 HoepliChange 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

€ mn

12Acquisitions/

DisposalsRestructuring

costs

TaxFinancial

charges*

CAPEXNWC and

provisions Adj.

EBITDA* NFP

30 June

2026NFP

30 June

2025

Extraordinary

Cash Flow

-68.0Ordinary Cash Flow +64.6Free Cash Flow

-3.4

143.9Others**

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

IFRS16-300.1FY 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

+0.2Change in

valuation of

derivatives

Of which, €1.5 million in CAPEX for the renovation of the headquartersContinued LTM cash generation (2/2) ..

AGENDA

1.1H 2026 Highlights 2.1H 2026 Results 3.FY 2026 Outlook

4.Annexes

14Education Books: 2026 Market Share Preview Provisional market shares as of July 20262.5% 2.5%32.5% 32.3%

OthersMondadori Group

(PF in 2025)+ =

34.7% 35.0%

Secondary school

Primary school

2025 2026E13.1%25.5%

13.3%25.6% 8.0% 8.1%

18.3% 18.4%

Outlook FY 26 - Guidance confirmed 15 Mondadori Group Target

2026

REVENUE

Adj. EBITDA

Ordinary Cash Flow ~ € 65/70 mnLow 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

BACK -UP

AGENDA

AnnexesBusiness Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media

Others

133.6 130.811.87.221.320.822.221.9

2026 2025Business 1H 26 – Trade Books 18 Revenue +4.7% Adj. EBITDA € +2.0 mn

180.0 188.4

Distribution and service (incl . ) Publishers 2.2% € mn RIP 2.4% (incl . )

Electa 65.7%22.720.7

2026 2025* Net intercompany

REVENUE

Adj.

EBITDAAdj. 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 .

Business 1H 26 – Education Books

19€ mn

Revenue +6.0% (+1.2% LFL) Adj. EBITDA € +1.2 mn 8.5 7.32026 2025

74.0 69.8

2026 2025

REVENUE

Adj.

EBITDAAdjusted EBITDA improved compared with the previous year, mainly due to the contribution from Hoepli EducationRevenue growth driven by the two-month consolidation of Hoepli Education and the earlier timing of shipments to wholesalers1.2

AGENDA

AnnexesBusiness Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media

Others

6.2 5.4

2026 202543.535.842.142.61.54.55.95.44.05.1

2026 202597.0

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 1H 26 – Retail Revenue +3.9 % (+4.8% LFL excluding the logistics impact)

REVENUE

Adj.

EBITDADirectly -owned

bookstoresFranchisedE-commerce93.4PoS network:

ongoing development and rationalisationAdj. 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 .21Almost 600 stores as of June 2026, including 88 directly operated stores +15

PoS58

112055

19 Other (Bookclub )

AGENDA

AnnexesBusiness Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media

Others

7.5 5.4

2026 2025Business 1H 26 – Digital

23REVENUE

Adj.

EBITDA€ mn

21.1 19.917.213.5 6.9

3.5 2.93.2

2.9 2026 2025Publisher advertisingSubscriptions/Memberships Adv MarTechAdj. 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 . OtherRevenue +28.9%

(+3.3% LFL)

Shop51.2

39.7

The new Business Unit consolidating

Edilportale:

€ 10.2 mn 2.0

AGENDA

AnnexesBusiness Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media

Others

25Media – 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 20262026 ADV Market Value: € 2,484 mn

-0.8%

1,669

133 71213167 59 TV Newspapers Magazines Digital Radio Direct Mail-1.6% -6.2% -6.0% +1.3 % -1.6% -8.9% 20252026Adv Market 5M 2026Adv Market

Magazines

Adv Market

Digital

Market

MarketFY 25

5M 261Q 26

FY 25

5M 261Q 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%

6.9 7.0

2026 2025Business 1H 26 – Media

26REVENUE

Adj.

EBITDA€ mn

18.7 19.9 7.1 4.0 7.57.4 1.72.2 2026 2025Add-on salesAdvertising

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.OtherRevenue +4.2%

- € 0.6 mn

contributions35.133.6

AGENDA

AnnexesBusiness Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media

Others

760

299 412425

165329748

291 346291164323

Trade Books Education Books Retail Digital Media Corporate &

Shared Services

June 26 June 252,0852,1632,390 June 24 June 25 June 261H26 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% yoyLFL

+2.7%

(Flat LFL)Group Headcount

Headcount byBU

+0.6%

38.744.2

2Q 25 2Q 26

21.9 24.3

2Q 25 2Q 26245.1225.1

2Q 26 2Q 25€mnHighlights –2Q 26 Revenue Adjusted EBITDA +8.9% (+4.6% LFL) +5.6 € mn

29EBIT

+2.4 € mn

16.5 17.7

2Q 25 2Q 26Net Profit +1.2 € mn25.0 28.6 2Q 25 2Q 26Adjusted EBIT +3.6 € mn

18.8 21.0

2Q 25 2Q 26Adjusted Net Profit +2.2 € mn

30Revenue & Adjusted EBITDA by Business Area 1H/2Q 26

31EBITDA / Adjusted EBIT by Business Area 1H/2Q 26

1H 2026

Profit & Loss 32 Extended Labor Cost includes costs related to collaborations and temporary employment.

2Q 2026

Profit & Loss 33 Extended Labor Cost includes costs related to collaborations and temporary employment.

June 2026

Balance Sheet

34

€ mn

35Revenues & 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 16.21Q 2Q 3Q 4Q FY

15.5 18.1 14.2 16.5 64.3 3.5 3.5 -0.7 -0.1 6.2

36Glossary

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 DEM60 64293 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 -curre nt financial liabilities included in the Net Financial Position) and Net Working Capital, which includes current assets (net of cash and cash equivalents and current fi nancial assets included in the Net Financial Position), and current liabilities (net of current financial liabilities included in the Net Financial Position).

Ordinary Cash Flow iscash 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).

Investor Relations

Nicoletta Pinoia

Tel: +39 02 7542 2632

invrel@mondadori.it

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