*
ARNOLDO MONDADORI EDITORE S.p.A.
Share Capital Euro 67,979,168.40 Registered Office in Milan Administrative Offices in Segrate (Milan)
CONTENTS
Composition of Corporate Bodies 10 Mondadori Group Structure 11 Mondadori Group Organization Structure 12
DIRECTORS’ REPORT ON OPERATIONS AT 30 JUNE 2026 13
Mondadori Group’s Highlights in the First Half of 2026 14 Market Highlights and Main Economic Indicators of the Mondadori Group 16 Consolidated Financial Highlights for the First Half of 2026 17 Consolidated Financial Highlights in Second Quarter 2026 28 Performance by Business Area 36 Balance Sheet 57
Personnel 63
Significant Events During the First Six Months of 2026 65 Share buyback 67 Significant Events after 30 June 2026 67 Other Information 68 Glossary of Terms and Alternat ive Performance Measures Used 69 Business Outlook 71
MONDADORI GROUP CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2026 72
Consolidated Balance Sheet 73 Consolidated Income Statement 75 Consolidated Comprehensive Income Statement 76 Statement of Changes in Consolidated Equity 77 As at 31 December 2025 and 30 June 2026 Consolidated Statement of Cash Flows 79 Consolidated Statements of financial position pursuant to 81 CONSOB Resolution no. 15519 of 27 July 2006 Explanatory Notes 85 Certification of the condensed consolidated half-year financial statements pursuant to Article 154-bis paragraph 5 of Legislative Decree 58/1998 and Article 81-ter of CONSOB Regulation no. 11971 of 14 May 1999 as subsequently amended and supplemented 140
COMPOSITION OF
CORPORATE BODIES
CORPORATE OFFICES AND SUPERVISORY BODIES
Board of Directors*
CHAIRMAN
Marina Berlusconi
CEO
Antonio Porro
DIRECTORS
Pier Silvio Berlusconi
Elena Biffi**
Pietro Bracco**
Francesco Currò
Alessandro Franzosi
Paola Elisabetta Galbiati**
Danilo Pellegrino
Riccardo Perotta**
Cristina Rossello
Marina Rubini**
Board of Statutory Auditors*
CHAIRMAN
Sara Fornasiero
STANDING AUDITORS
Emilio Gatto***
Francesca Meneghel
ALTERNATE AUDITORS
Mario Civetta
Annalisa Firmani
* The Board of Directors and the Board of Statutory Auditors curr ently in office were appointed by the Shareholders' Meeting of 24 April
2024
** Independent Director
*** Emilio Gatto took over as Standing Auditor of Arnoldo Mondado ri Editore S.p.A. on 21 Decemb er 2024 to replace Ezio Simonell i, who resigned on that same date.
At 30 June 2026
Directors’ Report on Operations at 30 June 2026
14 Directors’ Report on Operations at 30 June 2026
Mondadori Group's
highlights in the first half of 2026
15 Directors’ Report on Operations at 30 June 2026
(Euro/millions)
Income Statement H1
2026 H1
2025 % Chg.
Revenue
415.9
389.5
6.8%
Adjusted EBITDA* 45.6 40.5 12.5%
EBITDA 40.8 39.2 4.1%
EBIT 6.0 8.0 (25.5%)
Adjusted EBIT** 14.8 13.6 8.3% Group's net profit 1.4 3.5 (59.0%) Adjusted Net Profit*** 8.0 7.6 5.8%
Business Areas
Revenue 415.9 389.5 6.8% Trade Books 188.4 180.0 4.7% Education Books 74.0 69.8 6.0% Retail 97.0 93.4 3.9% Digital 51.2 39.7 28.9% Media 35.1 33.6 4.2% Corporate & Shared Services 24.0 23.8 0.9% Intercompany (53.8) (50.0) 6.0% Adjusted EBITDA 45.6 40.5 12.5% Trade Books 22.7 20.7 9.8% Education Books 8.5 7.3 16.2% Retail 6.2 5.4 13.6% Digital 7.5 5.4 39.3% Media 6.9 7.0 (1.8%) Corporate & Shared Services (4.7) (4.1) n.s.
Intercompany (1.5) (1.3) n.s.
Balance Sheet
Group Equity Net
Invested Capital
Net Financial Position no IFRS 16 Net Financial Position IFRS 16 292.1
643.4
262.1
346.9 279.5
581.5
218.8
300.1 4.5%
10.6%
19.8%
15.6%
Operating and Financial Indicators Adj. EBITDA on Revenue (%) 11.0% 10.4% Net result on Revenue (%) 0.3% 0.9%
Human resources
End-of-year headcount 2,390 2,163 10.5% Changes in this report were calculated on amounts expressed in Euro thousands
* Gross operating profit before income and expenses of a non -ordinary nature
** EBIT excluding non -ordinary income and expense, depreciation and amortisation deriving from the purchase price allocation of the companies acqui red in the last five years and the impairment of intangible assets.
*** Adjusted Net Profit is calculated excluding income and expenses of a non -ordinary nature, depreciation and amortisation deriving from the purchase price allocation of the companies acquired in the last five years and the impairment of intangible assets net of the related tax effect. Any non -recurring tax expense/income is also excluded.
16 Directors’ Report on Operations at 30 June 2026
MARKET HIGHLIGHTS AND MAIN ECONOMIC INDICATORS OF
THE MONDADORI GROUP
During the first half of FY 2026, the Group continued to pursue the development of its core businesses, including through external lines, by completing the acquisition of a majority stake in Edilportale.com - which strengthened Mondadori Digital ’s competitive position as Italy’s leading publisher in social media and digital publishing , with leadership in the vertical segments offering the greatest market potential - and the acquisition of Hoepli’s school publishing business (now Hoepli Education ), through which the Education Books area further strengthened its leadership in the secondary school segment.
The current financial year was also characterised by a highly positive trend in the book market, which grew by over 5% in value compared with the previous year, supported by libraries’ access to government grants, from which the physical channel benefited.
These market dynamics positively affected the revenues of the Group’s publishing houses in the Trade Books area, which successfully confirmed their domestic leadership position with a market share of 27%. These objectives were achieved partly thanks to the high quality of the publishing plan and catalogue, thanks to which, during the period under review, the Group had 5 of the 10 best -sellers (in value) and won the 80th edition of the Strega Prize with “ I convitati di pietra ” by Michele Mari, published by Einaudi.
The Retail area also recorded growth of approximately 6% in Book product revenue during the half -year, despite the operational difficulties caused by the logistics disruption affecting replenishment of the MondadoriStore e-commerce channel in January. Excluding this effect, growth would have reached almost 9% , driven by the excellent performance of the physical network, where the Group’s market share in the Book category is approximately 20%.
With regard to the Education Books area, the insignificance of the results for the first half of the year should be noted, during which the business unit accounts for the costs of the operating structure and the development of textbooks marketed during the adoption campaign - completed in May - postponing most of the revenue associated with the sale of school textbooks to the second half of the year (in particular the third quarter).
The new Digital area recorded significant revenue growth of almost 30% , also thanks to the consolidation of Edilportale.com from January 2026.
The Media area reported growth in traditional print activities thanks to the increase in add -on sales recorded during the period under review, which more than offset the structural decline in circulation.
At consolidated level, in the first half of FY 2026, the Group achieved revenue growth of approximately 7% and overall results that provide greater visibility in support of confirming the outlook for FY 2026 , as discussed in greater detail below.
17 Directors’ Report on Operations at 30 June 2026
CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE FIRST HALF OF
2026
(Euro/millions) 2026 2025 % Change
Revenue 415.9
389.5
6.8%
Industrial product cost 130.7 31.4% 125.5 32.2% 4.2% Variable product costs 50.0 12.0% 48.5 12.5% 3.0% Other variable costs 74.2 17.8% 69.9 17.9% 6.1% Structural costs 36.5 8.8% 33.9 8.7% 7.8% Extended labour cost 84.1 20.2% 77.2 19.8% 9.0% Other expense (income) (5.1) (1.2%) (6.0) (1.5%) n.s.
Adjusted EBITDA 45.6 11.0% 40.5 10.4% 12.5%
Restructuring
1.4
0.3%
0.5
0.1%
201.9%
Extraordinary expense (income) 3.3 0.8% 0.8 0.2% 327.4%
EBITDA 40.8 9.8% 39.2 10.1% 4.1%
Depreciation and amortisation
26.3
6.3%
23.8
6.1%
10.2%
Depreciation and amortisation IFRS 16 8.6 2.1% 7.4 1.9% 16.3%
EBIT 6.0 1.4% 8.0 2.1% (25.5%)
Financial expense (income) 2.9
0.7%
2.5
0.7%
15.1%
Financial expense IFRS16 2.0 0.5% 1.6 0.4% 19.5% Financial expense (income) from the measurement of assets and liabilities 0.6 0.1% 0.1 0.0% n.s.
Expense (income) from investments (0.8) (0.2%) (0.4) (0.1%) n.s.
EBT 1.3 0.3% 4.1 1.1% (69.2%)
Tax expense (income)
(0.5)
(0.1%)
0.6
0.2%
n.s.
Minorities 0.3 0.1% — 0.0% n.s.
Group's net profit 1.4 0.3% 3.5 0.9% (59.0%) Cost of personnel includes costs for collaborations and temporary employment.
ALTERNATIVE PERFORMANCE MEASURES
This document, in addition to the conventional statements and financial measures required by IFRS, presents a number of reclassified statements and alternative performance measures in order to provide a better understanding of the operating and financial p erformance of the Group, the definition of which is explained in the section “Glossary of terms and alternative performance measures used”.
18 Directors’ Report on Operations at 30 June 2026
INCOME STATEMENT
REVENUE
415.9 389.5
6.8%
2026 2025
In the first half of 2026, consolidated revenue totalled € 415.9 million, showing growth of 6.8% compared with the same period of the previous year (€ 389.5 million in H1 2025). Like -for-like - resulting from the consolidation of MA Retail (1 December 2025), Edilportale.com (1 January 2026) and Hoepli Education (1 May 2026) - revenue growth came to approximately 3%.
In the Trade Books area, revenue amounted to € 188.4 million, up by 4.7% compared with the first half of 2025, driven by the strong performance of publishing revenue (+2.2%), supported by positive market trends during the period, as well as by the launch - in the fourth quarter of 2025 - of the concession relating to the manag ement of the bookshops at the Uffizi Gallery.
In the Education Books area, during the first six months of 2026, the school textbooks business recorded comprehensive revenue of € 74.0 million , up 6.0% on the first half of 2025; this change is mainly due to the contribution made by the consolidation of Hoepli Education and the bringing forward of restocking dynamics of top accounts.
In the first half of 2026, the Retail area recorded revenue of € 97.0 million, up by 3.9% compared with the corresponding period of the previous financial year, despite the loss of turnover caused by the disruption to logistics services affecting the e -commerce channel in January, which was subsequently resolved. Excluding this non-recurring e ffect, the Retail area would have recorded solid growth of 6.3% , confirming the strength of the Book product business in the physical channel.
The Digital area reported revenue of € 51.2 million , showing significant growth of 28.9% compared with the first half of the previous financial year, driven by the combined effect of the consolidation of Edilportale.com and the positive business performance, particularly in MarTech activities; organic growth in the half under review stood at 3.3% .
The Media area reported revenue of € 35.1 million , up by 4.2% compared with the first six months of 2025, due to growth in add -on sales recorded during the period under review (thanks to a couple of successful initiatives), which more than offset the structural decline in circulation.
19 Directors’ Report on Operations at 30 June 2026
REVENUE by Business Area
(Euro/millions) H1
2026 H1
2025 % Change
Trade Books
188.4
180.0
4.7%
Education Books 74.0 69.8 6.0% Retail 97.0 93.4 3.9% Digital 51.2 39.7 28.9% Media 35.1 33.6 4.2% Corporate & Shared Services 24.0 23.8 0.9% Total aggregated revenue 469.8 440.3 6.7% Intercompany (53.8) (50.8) 6.0% Total consolidated revenue 415.9 389.5 6.8%
20 Directors’ Report on Operations at 30 June 2026
EBITDA
45.6
40.5
€ +5.1 m
First half of 2026 First half of 2025
Adjusted EBITDA for the first half of FY 2026 amounted to € 45.6 million , an increase of 12.5% , or more than € 5 million , compared with € 40.5 million in the corresponding period of the previous financial year, driven in particular by the Trade Books and Digital areas, approximately half of which was generated by the companies acquired over the previous twelve months.
Specifically, the various business segments achieved the following results:
• the Trade Books area reported Adjusted EBITDA of € 22.7 million, up by approximately 10% , driven by the positive performance of publishing revenue together with a reduction in the percentage incidence of the variable cost structure;
• the Education Books area reported a result of € 8.5 million in the first six months of FY 2026, up by € 1.2 million compared with € 7.3 million recorded in the corresponding period of 2025, thanks to the contribution from the consolidation of Hoepli Education (€1.2 million) during May and June, when school publishing activities seasonally generate positive margins;
• despite the logistics disruptions experienced during the first quarter of the financial year, the Retail area confirmed the resilience of its business model. Adjusted EBITDA amounted to € 6.2 million in the first half of 2026, representing significant growth of approximately 14% compared with the same period of the previous financial year, driven by the excellent performance of the physical channel , which more than fully offset the decline in online turnover;
• in the first six months of the current financial year, the Digital area reported a result of € 7.5 million, up by 39.3% compared with the corresponding period of the previous financial year, due to the consolidation of
Edilportale.com;
• in the half -year under review, the Media area reported a result of € 6.9 million, in line with the same period of the previous financial year, despite the lower income from government grants (€ 0.6 million), thanks to the positive margins enjoyed by new add -on sales initiatives;
• the Corporate & Shared Services area recorded a negative margin of € 4.7 million, a downturn compared with the € -4.1 million in the first half of 2025, mainly due to the timing differences relating to the recovery of certain training costs financed for the whole Group.
21 Directors’ Report on Operations at 30 June 2026 Adj. EBITDA by business area
(Euro/millions) H1
2026 H1
2025
Change
Trade Books
22.7
20.7
2.0 Education Books 8.5 7.3 1.2 Retail 6.2 5.4 0.7 Digital 7.5 5.4 2.1 Media 6.9 7.0 (0.1) Corporate & Shared Services (4.7) (4.1) (0.6) Intercompany (1.5) (1.3) (0.3)
Total ADJUSTED EBITDA 45.6 40.5 5.1
40.8 39.2
€ +1.6 m
First half of 2026 First half of 2025
The Group’s reported EBITDA for the first half of FY 2026 amounted to € 40.8 million , representing a rise of approximately € 1.6 million compared with the same period of the previous financial year, despite higher non -
recurring costs recorded for approximately € 2.5 million, partly attributable to expenses relating to extraordinary transactions completed during the period under review and partly arising from the costs incurred for the migration project to new logistics operators and higher restructuring costs (particularly in the Corporate & Shared Services area) for approximately € 0.9 million.
EBITDA by Business Area
(Euro/millions) H1
2026 H1
2025
Change
Trade Books
22.6
20.2
2.4 Education Books 7.4 7.2 0.1 Retail 4.9 5.3 (0.4) Digital 6.6 5.4 1.2 Media 6.8 7.0 (0.1) Corporate & Shared Services (6.0) (4.6) (1.4) Intercompany (1.5) (1.3) (0.2) Total EBITDA 40.8 39.2 1.6
22 Directors’ Report on Operations at 30 June 2026
EBIT
8.0
6.0
€ (2.0) m
First half of 2026 First half of 2025
The Mondadori Group’s EBIT for the first six months of FY 2026 was positive at € 6.0 million , a decrease of € 2.0 million compared with the first half of 2025, attributable to higher depreciation and amortisation of € 3.6 million, resulting from investments made during FY 2025 as well as higher lease costs (IFRS 16) related to the expansion of th e Retail area’s sales network.
Excluding extraordinary items and the amortisation resulting from the Purchase Price Allocation (PPA) of companies acquired over the last five years, Adjusted EBIT for H1 2026 would stand at € 14.8 million , compared to € 13.6 million in the previous year, thereby showing growth of approximately € 1 million .
EBIT by Business Area
(Euro/millions) H1
2026 H1
2025 Change
Trade Books
16.9
14.6
2.3 Education Books (4.1) (3.5) (0.7) Retail (3.4) (1.4) (2.0) Digital 3.6 3.4 0.2 Media 5.1 5.3 (0.1) Corporate & Shared Services (10.6) (9.1) (1.5) Intercompany (1.5) (1.3) (0.2) Total EBIT 6.0 8.0 (2.0)
23 Directors’ Report on Operations at 30 June 2026
ADJUSTED EBIT
14.8
13.6
€ +1.1 m
2026 2025
24 Directors’ Report on Operations at 30 June 2026
CONSOLIDATED RESULT BEFORE TAX
4.1
€ (2.9) m
1.3
2026 2025
The consolidated result before tax for the first half of FY 2026 was positive for € 1.3 million , down by € 2.9 million compared to the € 4.1 million of 30 June 2025, a trend that derives from the dynamic of the EBIT described previously and from an increase of € 1.2 million in financial expense arising:
• from a higher all -in cost of 2.30%, compared with 2.05% as at 30 June 2025,
• from a higher average level of debt following the acquisitions completed,
• from a higher IFRS 16 debt component of € 0.3 million, related to the expansion of the Retail area’s network of directly -owned bookstores (including following the acquisition of MA Retail) and
• from higher imputed costs of € 0.5 million, mainly related to the remeasurement of earn -out liabilities recognised in the financial statements
only partially offset by an improvement of € 0.4 million in the results of associates .
25 Directors’ Report on Operations at 30 June 2026
NET PROFIT
3.5
€ (2.1) m
1.4
2026 2025
The Group’s net profit as at 30 June 2026 , after minority interests, was positive for € 1.4 million , a decrease of approximately € 2 million compared with the € 3.5 million in the first half of FY 2025. Tax income for the period amounted to € 0.5 million, while at 30 June 2025, tax expense was € 0.6 million as a result of the higher pre -tax result.
Adjusted Net Profit , neutralised of all non -recurring items and amortisation deriving from the purchase price allocation (PPA) for the companies acquired in the last five years, net of the related tax effect, would be € 8.0 million, up by 6% compared to € 7.6 million for the first half of the previous year.
ADJUSTED NET PROFIT
8.0 7.6
€ +0.4 m
2026 2025
26 Directors’ Report on Operations at 30 June 2026
281.4
296.5
300.1
643.4
346.9 FINANCIAL RESULTS
NET INVESTED CAPITAL
The Group's Net Invested Capital at 30 June 2026 came to € 643.4 million , up by approximately 11% on the € 581.5 million at 30 June 2025, mainly due to the acquisition of the majority share of Edilportale.com, consolidated within the Digital area, the opening of directly operated stores and the acquisition of MA Retail, comple ted in December 2025, within the Retail area, as well as the consolidation of Hoepli Education from 1 May 2026.
The Group’s Net Working Capital amounted to € 112.9 million, an increase from € 102.7 million recorded as at 30 June 2025.
Net Fixed Assets amounted to € 585.4 million, up 9.5% compared with € 534.4 million as at 30 June 2025;
excluding the effects of IFRS 16, Net Fixed Assets amounted to € 507.7 million, an increase of over 10% compared with € 458.6 million as at 30 June 2025, again due to the changes in the sc ope of consolidation described above.
Consolidated equity at 30 June 2026 increased by approximately € 15 million compared with June 2025, despite the recognition of approximately € 40 million in dividends, reflecting the positive Group net profit of approximately € 52 million recorded over the last twelve months.
SOURCES
562.8
2026 2025
Equity
Net Financial Position IFRS 16
The Group’s Net Financial Position excluding IFRS 16 as at 30 June 2026 amounted to € -262.1 million (net debt), an increase compared with the € -218.8 million as at 30 June 2025, despite the continued positive cash generation delivered by the Group’s businesses over the previous twelve months, due to cash -outs related to the Group’s growth and development strategy and the paym ent of dividends to shareholders.
The IFRS 16 Net Financial Position at 30 June 2026, of € -346.9 million (net debt), had also increased compared to the € -300.1 million as at 30 June 2025, for the same phenomena.
27 Directors’ Report on Operations at 30 June 2026
CASH FLOW FROM ORDINARY OPERATIONS
64.6 65.1
30 June 2026 31 December 2025
Cash flow from ordinary operations (i.e. after financial expense and tax payments), totalled approximately € 65 million for the twelve months preceding 30 June 2026, in line with the cash generation achieved in FY 2025 and makes it possible to continue funding the Group’s inorganic growth strategy while delivering increasing remuneration to shareholders. This result is particularly positive considering the logistics disruption that adversely affected e -commerce channel revenue in the Retail area during the first half of 2026.
FREE CASH FLOW
44.0
-3.4
30 June 2026 31 December
2025
At 30 June 2026, non-ordinary cash flow was negative for approximately € 68.0 million , mainly due to outflows of approximately € 58 million relating to acquisitions completed over the last twelve months, approximately € 4 million in restructuring costs and approximately € 2 million in costs associated with the refurbishment of the Segrate headquarters.
Consequently, Free Cash Flow at 30 June 2026 was negative for € 3.4 million .
During FY 2026, dividends payable to shareholders in respect of the 2025 financial results were recognised, amounting to € 40.2 million . Half of this amount was distributed in May, with the remaining balance payable in November 2026, representing a 10% increase compared with the previous year.
28 Directors’ Report on Operations at 30 June 2026
CONSOLIDATED FINANCIAL HIGHLIGHTS IN SECOND QUARTER
2026
(Euro/millions) Q2 2026 Q2 2025 % Change
Revenue 245.1 225.1 8.9% Industrial product cost 71.1 29.0% 64.0 28.4% 11.1% Variable product costs 27.4 11.2% 27.5 12.2% (0.5%) Other variable costs 42.2 17.2% 40.8 18.1% 3.3% Structural costs 19.4 7.9% 17.3 7.7% 11.9% Extended labour cost 42.3 17.2% 38.6 17.1% 9.6% Other expense (income) (1.5) (0.6%) (1.8) (0.8%) n.s.
Adjusted EBITDA 44.2 18.1% 38.7 17.2% 14.4%
Restructuring
0.2
0.1%
0.3
0.1%
(37.3%)
Extraordinary expense (income) 2.2 0.9% 0.5 0.2% 320.3%
EBITDA 41.9 17.1% 37.9 16.8% 10.6%
Depreciation and amortisation
13.3
5.4%
12.2
5.4%
8.7%
Depreciation and amortisation IFRS 16 4.3 1.8% 3.8 1.7% 15.1%
EBIT 24.3 9.9% 21.9 9.7% 10.9%
Financial expense (income) 1.7
0.7%
1.5
0.7%
13.5%
Financial expense IFRS16 1.0 0.4% 0.9 0.4% 13.1% Financial expense (income) from the measurement of assets and liabilities 0.4 0.2% (0.1) 0.0% n.s.
Expense (income) from investments (0.9) (0.4%) (0.9) (0.4%) n.s.
EBT 22.1 9.0% 20.6 9.1% 7.5%
Tax expense (income) 4.2
1.7%
4.1
1.8%
3.2%
Net result for the period (group and non-controlling interests) 17.9 7.3% 16.5 7.3% 8.5%
Minorities
0.2
0.1%
—
0.0%
n.s.
Group's net profit 17.7 7.2% 16.5 7.3% 7.5% Cost of personnel includes costs for collaborations and temporary employment.
29 Directors’ Report on Operations at 30 June 2026
INCOME STATEMENT
REVENUE
245.1
225.1
8.9%
Q2 2026 Q2 2025
Consolidated revenue in the second quarter of 2026 amounted to € 245.1 million, representing significant growth of approximately 9% compared with the corresponding quarter of the previous financial year, driven in particular by the positive performance of the Book market and the consolidation of the recently acquired companies. On a like -for-like basis, growth would have been 4.6%, driven by the Trade Books and Retail areas .
In the Trade Books area, revenue recorded significant growth of 6.3% , driven by publishing performance, with publishing revenue increasing by approximately 2% in the quarter under review , as well as by the launch of the concession for the management of the bookshops at the Uffizi Gallery in Florence.
In the Education Books area, second -quarter revenue increased by approximately € 5 million, driven in particular by the consolidation of Hoepli Education in May and June (€ 3.4 million), following its acquisition on 30 April, as well as by a positive change attributable to the trend in replenishment orders from top accounts.
The Retail area, also benefiting from the positive performance of the market and related Book product sales in the quarter under review (+10.8%), recorded growth of almost 10% compared with the corresponding quarter of the previous financial year. This was driven in particular by the excellent performance of the network of directly -owned bookstores , further boosted by the contribution of the 10 MA Retail bookstores acquired at the end of 2025. On a like -for-like basis, growth would have been 8% .
The Digital area reported revenue of € 27.0 million, showing significant growth of 27.6% compared with the corresponding quarter of the previous financial year, driven by the combined effect of the consolidation of Edilportale.com and the positive performance of the Martech activities. Organic growth in the quarter under review stood at 1.6% .
The Media area recorded a 2.5% increase in revenue, mainly thanks to growth in add -on sales during the period under review, particularly in connection with a couple of initiatives that received a positive market response, which more than offset the structural decline in circulation.
.
30 Directors’ Report on Operations at 30 June 2026 REVENUE by Business Area (Euro/millions) Q2 2026 Q2 2025 % Change
Trade Books
99.2
93.2
6.3%
Education Books 66.2 61.2 8.3% Retail 50.8 46.3 9.7% Digital 27.0 21.2 27.6% Media 18.6 18.1 2.5% Corporate & Shared Services 12.3 12.1 1.7% Total aggregated revenue 274.0 251.7 8.8%
Intercompany (28.9) (26.6) 8.5% Total consolidated revenue 245.1 225.1 8.9%
ADJUSTED EBITDA
44.2
38.7
€ +5.6 m
Q2 2026 Q2 2025
Adjusted EBITDA for the second quarter of 2026 was € 44.2 million, an increase of 14.4% on the € 38.7 million recorded for Q2 of 2025.
More specifically, the various business segments achieved the following results:
• the Trade Books area reported adjusted EBITDA rising by € 1.1 million due to the higher margins deriving from the growth of publishing revenues during the period;
• the Education Books area recorded an increase in its margin of € 3.1 million , in line with the revenue trend, positively impacted by € 1.2 million from the consolidation of Hoepli Education, as well as by the earlier replenishment of top accounts;
• the Retail area showed essentially stable margins compared with the same quarter of the previous year, thanks to the strong performance of directly -owned bookstores, which offset the temporary loss of MA Retail
bookshops;
31 Directors’ Report on Operations at 30 June 2026 • in the second quarter of the current financial year, the Digital area reported a result of € 4.3 million, up by € 0.8 million compared with the same period of the previous financial year, due to the consolidation of
Edilportale.com;
• the Media area reported a margin of € 4.6 million , an increase of € 1.1 million compared with the same quarter of the previous year, driven in particular by the positive margins deriving from the new initiatives in the add -on sales segment;
• the Corporate & Shared Services area recorded a negative margin of € 2.7 million, a downturn compared with the € 0.5 million in the second quarter of 2025, due to the timing differences relating to the recovery of certain training costs financed for the whole Group.
Adj. EBITDA by business area
(Euro/millions)
Q2 2026
Q2 2025
Change
Trade Books
12.3
11.2
1.1 Education Books 23.6 20.5 3.1 Retail 3.4 3.1 0.2 Digital 4.3 3.5 0.8 Media 4.6 3.5 1.1 Corporate & Shared Services (2.7) (2.3) (0.5) Intercompany (1.2) (0.8) (0.3)
Total ADJUSTED EBITDA
44.2
38.7
5.6
41.9
37.9
€ +4.0 m
Q2 2026 Q2 2025
Comprehensive EBITDA for the quarter amounted to € 41.9 million (€ 37.9 million in Q2 2025), representing significant growth of € 4.0 million , or more than 10% , compared with the same period of 2025, despite higher non-recurring costs in the quarter under review arising from the extraordinary transactions completed during the period and one -off costs related to the migration of warehouses to the new logistics pr oviders.
32 Directors’ Report on Operations at 30 June 2026 EBITDA by Business Area (Euro/millions) Q2 2026 Q2 2025 Change
Trade Books
12.2
11.0
1.1 Education Books 22.6 20.5 2.1 Retail 2.4 3.0 (0.6) Digital 4.2 3.5 0.7 Media 4.6 3.5 1.1 Corporate & Shared Services (2.9) (2.7) (0.2) Intercompany (1.2) (0.8) (0.3)
Total EBITDA
41.9
37.9
4.0
33 Directors’ Report on Operations at 30 June 2026
EBIT
24.3
21.9
€ +2.4 m
Q2 2026 Q2 2025
The Mondadori Group’s EBIT for the second quarter of 2026, amounting to € 24.3 million, increased by € 2.4 million , showing the same operating trend already described compared with the same period of the previous year, despite higher depreciation and amortisation recognised in the period under review totalling € 1.7 million, deriving from both investments made in FY 2 025 and new openings of directly -owned bookstores in the Retail area (IFRS 16).
Neutralising the extraordinary items and the amortisation deriving from the allocation of the price for the companies acquired in the last five years (PPA), Adjusted EBIT for the second quarter of 2026 would have amounted to € 28.5 million, up € 3.5 million from € 25.0 million in the same quarter of the previous year.
EBIT by Business Area (Euro/millions) Q2 2026 Q2 2025 Change
Trade Books
9.4 8.0
1.4 Education Books 16.7 15.0 1.7 Retail (1.9) (0.3) (1.6) Digital 2.7 2.3 0.4 Media 3.7 2.7 1.1 Corporate & Shared Services (5.3) (5.0) (0.3) Intercompany (1.2) (0.8) (0.3)
Total EBIT
24.3
21.9
2.4
34 Directors’ Report on Operations at 30 June 2026
NET PROFIT
17.7
16.5
€ 1.2 m
Q2 2026 Q2 2025
The Group's net profit for the second quarter of 2026 , after minority interests, was positive at € 17.7 million , up by € 1.2 million compared with the same quarter of 2025, driven by a higher pre -tax result despite higher minority interests.
In the second quarter of FY 2026, tax expense amounted to € 4.2 million, basically in line with the figure recorded for the same quarter of the previous financial year.
The Adjusted Net Profit for the second quarter of 2026 would have amounted to € 21 million, up 12 % from approximately € 19 million in the sa A.L.me quarter of the previous year.
35 Directors’ Report on Operations at 30 June 2026
36 Directors’ Report on Operations at 30 June 2026
PERFORMANCE BY BUSINESS AREA
37 Directors’ Report on Operations at 30 June 2026
Adjusted
EBITDA PERFORMANCE BY BUSINESS AREA
(Euro/millions) Revenue Depreciation and
amortisation, and
write -downs EBIT 1st half 2026 1st half 2025 1st half 2026 1st half 2025 1st half 2026 1st half 2025 1st half 2026 1st half 2025 1st half 2026 1st
half 2025
Trade Books
188.4
180.0
22.7
20.7
22.6
20.2
(5.7)
(5.6)
16.9
14.6
Education Books 74.0 69.8 8.5 7.3 7.4 7.2 (11.5) (10.7) (4.1) (3.5) Retail 97.0 93.4 6.2 5.4 4.9 5.3 (8.3) (6.7) (3.4) (1.4) Digital 51.2 39.7 7.5 5.4 6.6 5.4 (3.0) (2.0) 3.6 3.4 Media 35.1 33.6 6.9 7.0 6.8 7.0 (1.7) (1.7) 5.1 5.3
Corporate &
Shared Services 24.0 23.8 (4.7) (4.1) (6.0) (4.6) (4.6) (4.5) (10.6) (9.1) Intercompany (53.8) (50.0) (1.5) (1.3) (1.5) (1.3) — — (1.5) (1.3) Consolidated total 415.9 389.5 45.6 40.5 40.8 39.2 (34.9) (31.2) 6.0 8.0
The breakdown of business areas reflects the system used by Management to oversee Group performance, in accordance with IFRS 8.
EBITDA
38 Directors’ Report on Operations at 30 June 2026
TRADE BOOKS
Mondadori Libri S.p.A. is the Group company heading the activities in the Trade business unit of the Books
Area:
• publishing activities relating to the publication - both in print and digital formats (e -books and audiobooks) -
of fiction, non -fiction, children’s and miscellaneous titles of the publishing houses, through which the Group holds a leading position at national level . These activities are carried out through the brands Mondadori , Giulio Einaudi Editore , Piemme, Sperling & Kupfer, Frassinelli, Rizzoli, BUR, Silvio Berlusconi Editore, Fabbri Editori, Rizzoli Lizard and Mondadori Electa, De Agostini Libri and Star Comics, Italy’s leading comic publisher
and SE;
• the company A.L.I . - Agenzia Libraria International , operating in the distribution of books for third -party publishers, with a customer portfolio of more than 80 publishing houses, whose acquisition was functional to the vertical integration project along the book value chain;
• the company Star Shop Distribuzione (51% owned), whose operating activities include the distribution of third -party publishers through the comic bookshop channel, is accounted for under the Trade Books segment;
• the art and illustrated book publishing business, in which the Group operates with the brands Electa (specialised in visual arts, design and architecture) and Abscondita . The segment's activities include publishing of works on art, architecture, exhibition catalogues, museum guides and sponsor books in art publishing, as well as the management of museum concessions and the organization of exhibitions and cultural events;
• the publishing house Rizzoli International Publications , which operates on the US and UK markets with the brands Rizzoli, Rizzoli New York, Rizzoli Electa and Universe, with the Rizzoli Bookstore situated in New York, as well as Chelsea Green Publishing , a publishing house focused on sustainability topics. In 2025, Rizzoli International Publications UK was established and began publishing under the Universe brand in the United Kingdom.
Relevant market performance
In 2026, the Book market got off to a positive start, recording value growth of 5.1% 1, also thanks to libraries’ access to government grants. This growth benefited exclusively the physical channel, given that libraries are required to use the aforementioned grants to purchase books from local bookshops.
Breaking down performance across the various segments of the Trade publishing market , similar growth to that of the overall market (+4.9%) can be observed in the Miscellaneous segment, an even more significant increase (+20%) in the Comics segment - also mainly attributable to purchases made by libraries - and the continuation of a declin e, albeit less marked than in previous periods, in the Professional publishing segment ( -
2.0%).
In particular, the second quarter saw overall market growth of 7% , driven by all segments: the Miscellaneous segment increased by 6.4%, Comics grew by approximately 24%, while Professional publishing remained broadly stable, marking a reversal of the trend seen in previous quarters.
With regard to the product categories characterising the sector’s offering, the Non -Paperback format - which accounts for approximately 80% of the market - recorded value growth of 5.8% , while the Paperback segment posted more moderate growth of 1.2% compared with the first half of the previous financial year.
1 Source: GfK, June 2026
39 Directors’ Report on Operations at 30 June 2026
Against this market backdrop, the publishing houses of the Mondadori Group recorded value sell -out growth of 3.3% in the first half compared with the corresponding period of the previous financial year, driven in particular by the 4.5% increase recorded in the second quarter alone .
The Mondadori Group has maintained its national leadership with a market share of 27% at June 2026, broadly in line with the 27.4% recorded in June of the previous year, as shown in the chart below.
TRADE MARKET SHARES
6M 2026 6M 2025
Other
publishers
46.4 %
Feltrinelli
7.8 %
Mondadori
Group 27.0
%
Gems Group
10.9 %
Giunti
Group 7.9 %
Other
publishers
46.2 %
Feltrinelli
7.5 %
Mondadori
Group 27.4
%
Gems Group
10.5 %
Giunti Group
8.4 %
Source: GfK, June 2026 (in terms of value)
As evidence of the quality of its publishing offering, during the first six months of 2026 the Mondadori Group placed, as shown in the table below, 5 titles in the ranking of the ten best -selling books , and won the 80th edition of the Strega Prize with “ I convitati di pietra ” by Michele Mari, published by Einaudi.
40 Directors’ Report on Operations at 30 June 2026
Cuori magnetici. Love me love me. Tie -in edition. Vol. 1
Stefania S. SPERLING & KUPFER
7 Il gioco delle risate Pera Toons TUNUE’ 8 Il tempo del la la la Littizzetto Luciana MONDADORI 9 Francesco. Il primo italiano Cazzullo Aldo HARPERCOLLINS ITALIA 10 Kolchoz Carrère Emmanuel ADELPHI
The economic performance of the Trade Books Area
Trade Books
(Euro/millions) H1
2026 H1
2025
% Chg.
Revenue
188.4
180.0
4.7%
Adj. EBITDA 22.7 20.7 9.8%
EBITDA 22.6 20.2 11.8%
EBIT 16.9 14.6 15.8%
PPA effects 1.9 1.9 (4.3%) EBIT excl. PPA 18.7 16.5 13.8%
Revenue
Revenue for the first half of 2026 amounted to € 188.4 million , representing growth of almost 5% compared with the previous year, broken down as follows:
– the publishing houses as a whole recorded a positive performance, up 2.2% compared with the previous year, in line with the positive market trend;
– Rizzoli International recorded growth of +2.4% during the period under review, despite the negative impact of Euro/Dollar exchange rate movements (€ 1.2 million). At constant exchange rates, revenues would have increased by approximately 9% , driven by the positive performance of the catalogue and the New York bookstore, as well as the publishing and commercial development of Chelsea Green
Publishing;
– services and distribution activities for third -party publishers recorded slight growth compared with the first half of the previous financial year, thanks to the positive trend reported by the third -party
publishers managed;
– Electa recorded total revenue of € 11.8 million in the first half of FY 2026, up by 65.7% compared with € 7.2 million in the corresponding period of the previous financial year, driven by the launch of the concession for the Uffizi Gallery in Florence in the fourth quarter of 2025.
6 # Title Author Publisher 1 L’alba dei leoni. La saga dei Florio Auci, Stefania NORD 2 Cesare. La conquista dell'eternità Angela, Alberto MONDADORI 3 La sonnambula Pitzorno, Bianca BOMPIANI 4 L’ultimo segreto (The Secret of Secrets) Brown, Dan RIZZOLI 5 Il custode Niccolò Ammaniti EINAUDI
41 Directors’ Report on Operations at 30 June 2026
Trade Books Revenue
(Euro/millions) H1
2026 H1
2025 % Change
Publishing houses
133.6
130.8
2.2%
Electa/Abscondita (art, exhibitions and museums) 11.8 7.2 65.7% Rizzoli International 21.3 20.8 2.4% Distribution and other services 22.2 21.9 1.5% Intercompany (0.5) (0.7) n.s.
Total revenue 188.4 180.0 4.7%
Publishing houses : the Hardcover segment saw all the Group’s publishing houses release titles that were truly appreciated by readers. In particular:
• Mondadori : in Italian Fiction, “ Le ragazze di Tunisi ” by L. Bianchini; in Miscellaneous, G. Gotto with “ Ci basterà mangiare il vento ” and L. Littizzetto with “ Il tempo del la la la ”; in Non -Fiction, “ Pane e cannoni ” by F. Rampini;
in the Children’s segment, the “ KPOP Demon Hunters ” books. It is worth noting the good performance of the titles published in 2025 by Angela, Gotto and Follett and Calabresi.
• Einaudi : in Stile Libero, “ Il custode ” by N. Ammaniti, “ Le terme dell’indirizzo ” by C. Cassar Scalia and “ Figli” by M. de Giovanni; in Italian Fiction, “ Scrivere il cielo ” by R. Vecchioni; and in Non -Fiction, “ Una cosa spirituale ” by V. Brondi. There was an excellent response to the titles published in 2025, notably Michele Mari’s “ I convitati di pietra ” (winner of the Strega Prize), Pierantozzi (Strega Prize nominee) and Lingiardi.
• Rizzoli : in Non -Fiction, “ Il sistema colpisce ancora ” by A. Sallusti and L. Palamara and “ Le simmetrie nascoste ” by G. Parisi; in Italian Fiction, “ Serenata salentina ” by C. Fiorello; and in Miscellaneous, “ La luce del risveglio ” by F. Albanese. In the BUR segment, S. Andreoli’s “ Un’ottima famiglia ” performed particularly well. We also note the good performance of the titles published in 2025 by Brown, Psicoadvisor and Recchia.
• Sperling & Kupfer : in Italian fiction, we note “ Love me. Love me. Cuori magnetici ” by S. Stefania, in a special edition to mark the release of the film on the Amazon Prime Video platform, “ Game of Olympus. Catarsi ” by R. Hazel and “ Tears on my pen drive ” by B. Karim. It is also worth noting the good performance of the backlist of the three authors mentioned above.
• Piemme : in Foreign Fiction, “ Nessuna via d'uscita ” (“The Proving Ground”) by M. Connelly; in Italian Fiction, “La zolfatara ” by I. Di Liberto; and in Non -Fiction, “ Il ragionevole dubbio di Garlasco ” by S. Vitelli. In the Children’s segment, moreover, the publisher retained its leading position with the titles of Geronimo Stilton .
• Mondadori Electa : in Miscellaneous, “ L’orto semplice ” by B. Rossi and the good performance of the “Snack Club” series, including “ Snack club. Operazione K ”, should be noted.
• Silvio Berlusconi Editore : “La costituzione non è di sinistra ” by A. Polito and “ L’antidoto ” by Cerasa were published.
• De Agostini Libri : in Children’s books, we note the release of the seventh volume of “ Boys of Tommen ” by C.
Walsh and “ On wings of blood. Booklover approved ” by B. Boleyn, in Miscellaneous “ Atomic habits. Il workbook ” (The Atomic Habits Workbook) by L. Clear, for Utet “ Sempre troppo e mai abbastanza. Come la mia famiglia ha creato l'uomo più pericoloso del mondo ” (Too Much and Never Enough: How My Family Created the World’s Most Dangerous Man) by M. L. Trump. Good performance of the backlist of the series mentioned previously.
• StarComics : in the comics segment, the great success of the One Piece phenomenon is confirmed and the success of the Dragon Ball , Kagurabachi and Solo Leveling series is consolidated (the latter thanks to a limited edition).
42 Directors’ Report on Operations at 30 June 2026 Revenue from e-book and audiobook sales, accounting for approximately 7% of total publishing revenue , increased significantly by 8.5% compared with the first half of the previous year, driven in particular by the positive performance of audiobooks , with catalogue listening hours up 16% during the period.
In detail:
• the main e -book titles sold were “ Figli” by M. De Giovanni (Einaudi), “ Le terme dell’indirizzo ” by C. Cassar Scalia (Einaudi), “ L’ultimo segreto ” ("The Secret of Secrets") by D. Brown (Rizzoli), “ Nessuna via d’uscita ” ("The Proving Ground") by M. Connelly (Piemme), “ Il custode ” by N. Ammaniti (Einaudi) and “ Mandorla amara ” by C. Cassar Scalia (Einaudi). The e -book catalogue at 30 June 2026 counted over 26,900 titles;
• the most listened -to audiobook titles were “ Cesare ” by A. Angela (Mondadori), “ L’impero dell’alba ” ("Empire of the Dawn") by J. Kristoff (Mondadori) and “ Il custode ” by N. Ammaniti (Einaudi). The audiobook catalogue also expanded by approximately 250 titles (+6.7% compared with December 2025), reaching a total of approximately 3,650 titles produced.
Electa (including Abscondita and SE) recorded total revenue of € 11.8 million in the first half of FY 2026, up by 65.7% compared with € 7.2 million in the previous financial year. Museum -related activities benefited from the new concession for the bookshops at the Uffizi Gallery complex in Florence, the Venice Art Biennale, which was larger in scale than the Architecture e dition, and several major exhibitions, including “ Metafisica. Metafisiche ” at Palazzo Reale in Milan and “ Bernardo Bertolucci. Il Novecento ” in Parma.
Sales of books and merchandising at the bookshops under concession were very positive, particularly those of the Rome Colosseum; along with publishing, which increased thanks to the publication and sale of volumes dedicated to the exhibitions and certain s ponsored titles.
Rizzoli International (Rizzoli International Publications, Rizzoli UK, Rizzoli Bookstore, Chelsea Green Publishing) recorded consolidated revenue of approximately € 21.3 million in the first six months of FY 2026, up by 2.4% compared with the corresponding six -month period of 2025, despite the negative impact of the Euro/US dollar exchange rate trend, amounting to € 1.4 million. This growth was driven by the positive performance of the catalogue and the New York bookstore, th e publishing and commercial development of Chelsea Green Publishing (+27% compared with the corresponding period of 2025), and the recent launch of Rizzoli International UK in the UK market. Revenue in local currency increased by approximately 9% .
Distribution activities and other services : revenue generated from book distribution activities and other services provided to third -party publishers in the first half of FY 2026 was slightly up on the corresponding period of the previous financial year due to the positive performance of the third party publishers distributed.
EBITDA
Adjusted EBITDA for the Trade Books area in the first half of FY 2026 amounted to € 22.7 million, up by 9.8% compared with € 20.7 million in the first six months of 2025, attributable both to higher margins generated by strong publishing performance and to a reduction in the percentage incidence of the variable cost structure.
43 Directors’ Report on Operations at 30 June 2026 Reported EBITDA – amounting to € 22.6 million – grew by € 2.2 million , due to the operating dynamics described above and lower non -recurring costs.
EBIT for the first half of FY 2026 amounted to € 16.9 million, up by more than 15% compared to € 14.6 million in the same half of FY 2025, confirming the operating trends already outlined.
44 Directors’ Report on Operations at 30 June 2026
EDUCATION BOOKS
Mondadori Education S.p.A. is the Group company heading the activities in the school textbooks and, to a lesser extent, university textbooks publishing , in the Books area.
The Mondadori Group covers the school textbooks segment through three publishing houses, Mondadori Education, Rizzoli Education and D Scuola , which produce textbooks, courses, teaching tools and multimedia content for every school level, from primary school to the first, middle and secondary schools and through to university (Mondadori Education and D Scuola), both with its own brands and thro ugh the distribution of third -
party publishers (mainly for the teaching of foreign languages).
On 30 April 2026, the Group completed the acquisition of the school publishing business of Hoepli S.p.A., pursuant to the agreement signed on 15 April. The transaction, the accounting and management effects of which take effect from the closing date, stren gthens the Group’s leadership in the Education segment through the integration of a long -established brand with strong synergies. In terms of School textbooks publishing, in FY 2025, the Mondadori Group publishing houses achieved a growing market share (adoptions) of 32.5% , or 35% including Hoepli Education and confirmed its leadership in the secondary school sector.
In addition to the traditional products in paper and digital formats, the companies’ range in the Education Books area also includes lines on transversal topics, such as inclusion, guidance, STEM, civic education, environment and digital citizenship, with a view to offering students and teachers teaching resources and tools that can help strengthen basic skills, reduce school abandonment and innovate teaching generally, in line with the objectives of the Italian National Recovery and Resilience Plan (PNRR) set for the educational system.
Thanks to the digital convergence project, the new integrated digital platform for the three publishing houses, Hub Scuola , is operative.
Relevant market performance
School textbook publishing experiences a typical seasonal performance that sees sales concentrated in the second half of the year following the adoption campaign: as a result, the relating market shares for 2026 are unavailable until late October, but are currently expected to decrease slightly considering all school cycles, with a decline seen in parti cular in the primary school segment and slight growth in secondary schools.
45 Directors’ Report on Operations at 30 June 2026 The economic performance of the Education Books Area
Education Books
(Euro/millions) H1
2026 H1
2025 Change
Revenue
74.0
69.8
4.2
Adj. EBITDA 8.5 7.3 1.2
EBITDA 7.4 7.2 0.1
EBIT (4.1) (3.5) (0.7)
PPA effects 1.7 1.7 0.0 EBIT excl. PPA (2.4) (1.8) (0.7)
Revenue
Also in relation to the seasonal nature of the Education business - which sees revenue from school textbook sales recognised in the second half of the year - revenue generated in the first half typically accounts for around one third of the full -year figur e and is not representative of the trend for the full year.
In the first half of 2026, the School textbooks business recorded total revenue of € 74.0 million , up 6.0% compared to the first half of 2025 (€ 69.8 million). This is mainly thanks to the contribution deriving from the May and June consolidation of Hoepli Education revenue of € 3.4 million.
Consolidated revenue for H1 2026 also benefited from a favourable timing effect resulting from earlier deliveries to top accounts.
EBITDA
Adjusted EBITDA for the Education Books area amounted to € 8.5 million in the first half of 2026, up from € 7.3 million in the same period of 2025. The contribution from the consolidation of Hoepli Education for May and June amounted to € 1.2 million.
In general, we note the insignificance of this result, which is due to the specified seasonal nature of the business, which sees the recognition during the first half of the operational structure costs and the costs for developing the textbooks marketed during the adoption campaign, which then draws to a close at the end of May.
Reported EBITDA for the first half of FY 2026 - amounting to € 7.4 million - was broadly in line with EBITDA for the same period of the previous financial year and includes negative extraordinary items relating to costs for the acquisition of Hoepli Education. EBIT , on the other hand, amounted to a loss of € 4.1 million , down from the € -3.5 million in the first half of 2025 due to higher amortisation of intangible assets relating to publishing investments made in connection with the reform of the first cycle of education, as provided for by the New National Guidelines.
46 Directors’ Report on Operations at 30 June 2026 Excluding the accounting effects arising from the Purchase Price Allocation process related to D Scuola, the operating result of the Education Books area stood at € ( -2.4) million, showing a performance consistent with what has already been described.
EBIT was also affected not only by the operating performance during the two months of consolidation of Hoepli Education, but also by the related ordinary depreciation and amortisation for the period. It should be noted that, as at the date of preparation of th is report, the Purchase Price Allocation (PPA) process pursuant to IFRS 3 was still ongoing. Therefore, the half -year operating result does not yet include the definitive impact arising from the amortisation of any specific intangible assets that will be i dentified as part of the transaction.
47 Directors’ Report on Operations at 30 June 2026
RETAIL
The Mondadori Group is present in the retail segment in Italy through Mondadori Retail, Star Shop Retail and MA Retail :
• in the physical market, Mondadori Store represents the most extensive bookstore network in Italy, with more than 500 outlets located in both major cities and smaller towns. Serving as genuine cultural hubs across the country, these stores operate under the Mondadori Bookstore brand (both directly managed and franchised), as well as through the Mondadori Bookstore | MA , Mondadori Duomo and Rizzoli Milano bookstores and the Starshop -branded comic book stores.
• on-line with the e -commerce website mondadoristore.it and the Bookclub formula.
It should be noted that on 1 December 2025 Mondadori Retail acquired a 51% stake in the new company MA Retail S.r.l. , into which 10 bookstores previously affiliated with Mondadori Retail’s franchise network were transferred. This number subsequently became 11 following a further store opening in December 2025 at the Jambo1 shopping centre of Trentola Ducenta (CE).
The development and maintenance policy for the physical network implemented in recent years also continued during the current financial year.
As regards directly -owned bookstores , which rose to 69 at the end of June 2026 including the MA Retail points of sale, the network’s renewal and development continued through:
• transformation of existing stores through transfer/downsizing/remodelling projects;
• the selective development of the network, based on a format that is now consolidated in terms of dimensions and value proposition, with a clear focus on the book product: specifically this included the opening of the Genoa Waterfront bookstore at the end o f March and the new Flagship Store on Corso Buenos Aires, in Milan, at the end of April, the Cagliari Fass Shopping Center bookstore in early June and the Livorno Levante bookstore in July.
As concerns franchisees , which are mainly neighbourhood bookshops located in small to medium -sized towns, the Group continued to progressively focus on the Bookstore format - medium -sized bookshops with significant turnover - through the opening of new stores and the refurbishment of existing ones .
For both directly managed and franchised channels , a significant number of openings are planned by year -end, bringing the total number of new bookstores inaugurated in 2026 to approximately 30 .
As at 30 June 2026, the Star Shop network of comic book stores comprised 20 directly managed outlets and 41 franchised stores.
Relevant market performance
At the end of the first half of 2026, the book market in Italy recorded growth of 5.1% 2 compared with the same period of the previous financial year. Within this context, a clear divergence emerged between the excellent performance of the physical channel (+8.5%) and the contraction of the on -line channel (estimated at -1.2%).
The growth of the publishing sector was supported by government measures, particularly the refinancing of the “ Library Fund ” for approximately € 60 million , through resources used primarily at local bookshops (independent stores and, to a lesser extent, franchised outlets), resulting in a temporary shift in the national sales channel mix.
2 Source: June 2026 GFK data (value), which includes the following channels: online, GD, bookstore chains and independent books tores
48 Directors’ Report on Operations at 30 June 2026
Against this backdrop, despite the aforementioned market dynamics and the impact of the logistics disruption described above, the Mondadori Group’s Retail area recorded 4.6% growth in book sales , based on sell -out data by value. As this increase was below the market average for the reasons outlined above, market share stood at 13.3% (-0.1% compared with the first six months of 2025).
The Group confirmed its leadership in the physical channel of the Trade book market, where its market share remained close to the 20% threshold.
Performance of the Retail Area
The Retail area’s financial results for the first half of 2026 confirmed the resilience and strength of its business model, which, despite temporary logistics issues, succeeded in improving revenue and profitability thanks to the excellent performance of its physical network .
Retail
(Euro/millions) H1 2026 H1 2025 % Change
Revenue
97.0
93.4 3.9%
Adj. EBITDA 6.2 5.4 13.6%
EBITDA 4.9 5.3 (7.3%)
EBIT (3.4) (1.4) n.s.
Revenue
In the first half of FY 2026, the Retail area recorded total revenue (Books and Extra -Books) of € 97.0 million , representing growth of 3.9% compared with the corresponding period of the previous financial year, despite the loss of revenue (estimated at approximately € 2.3 million) caused by the disruption, in January, of logistics services affecting the e -commerce channel, resulting from a di spute between the service provider and its subcontractor. Excluding this non -recurring effect, the Retail area would have recorded even more solid growth of 6.3% (€ +6.0 million), driven by the dynamism of the physical channel business.
The second quarter alone recorded growth of almost 10% compared with the corresponding quarter of the previous financial year, driven in particular by growth in the network of directly -owned bookstores, further boosted by the contribution of the 10 MA Retail bookstores acquired at the end of 2025. On a like -for-like basis, growth would have been 8% .
The continued commitment to developing and renewing the sales network, together with the strategic focus on the core business, enabled Mondadori Store bookstores to further strengthen their competitive positioning.
Revenue from book sales in the first six months of the current financial year increased by € 4.2 million ( +6.2% compared with June 2025 ); excluding the impact of the logistics disruption on the online channel, growth would have been significantly higher, at 8.8% (+€ 6.0 million).
49 Directors’ Report on Operations at 30 June 2026 The revenue trend by channel is as follows:
Revenue
(Euro/millions) H1
2026 H1
2025 % Change
Directly -owned bookstores
43.5
35.8
21.5%
Franchised bookstores 42.1 42.6 (1.1%) Online 1.5 4.5 (66.5%) Star Shop comic book stores 5.9 5.4 9.6% Store 93.0 88.3 5.3% Bookclub and other* 4.0 5.1 (21.4%) Total revenue 97.0 93.4 3.9%
An analysis of the sales by channel reveals:
• significant growth in revenue of directly -owned bookstores (+21.5% on the same period of the previous year).
Excluding the contribution of the Mondadori Bookstore | MA -branded bookstores, organic growth stood at a solid 10.8% , confirming the effectiveness of the direct network management strategies.
• a slight decline in franchised bookstores (-1.1% compared to the same period of the previous year). However, adjusting the figures for both the change in the scope of consolidation - the transition of the MA stores to direct management - and certain one -off stationery sales recorded in 2025, like-for-like performance would have been positive at 8.0% . This confirms the strength of the area’s affiliate network, which has grown steadily in recent years in terms of both the expansion of the store network and revenue growth.
• the significant decline in the online channel ( -66.5% compared with the same period of 2025), caused by the suspension of logistics services in January, with an estimated negative impact on revenue of approximately €
2.3 million;
• the positive revenue trend generated by the operation of Star Shop comic book stores, both directly managed and franchised , and its e -commerce website, supported by the positive performance of the comics market during the period under review;
• a decrease in revenue recognised under the “Bookclub and Other” item.
As far as the product categories are concerned:
– Books - the Mondadori Group’s core business - represented the main revenue component (accounting for approximately 80% of the total), recording significant overall growth (+6.2%) compared to the first six months of 2025;
– Extra -Book revenue showed a slightly negative trend ( -1.6% compared with the first half of 2025), mainly attributable to certain one -off stationery product sales recognised in the first half of the previous financial year. Excluding these, revenue would have increas ed by 9.8%.
50 Directors’ Report on Operations at 30 June 2026
EBITDA
In the first half of 2026, the Retail area recorded Adjusted EBITDA of € 6.2 million , representing significant growth of approximately 13.6% (€ 0.7 million) compared with the same period of the previous year. This increase was driven by the solid performance of the physical channel : the strong margins generated by physical stores, both directly managed and franchised, more than fully offset the decline in online revenue, which is structurally less profitable than the physical network.
Reported EBITDA , amounting to € 4.9 million, showed a slight decrease (€ -0.4 million) compared with the first half of 2025, due to higher extraordinary items relating to costs incurred for the change of logistics operator, as well as costs for the refurbishment of certain stores, totalling € 1.1 million.
Operating result (EBIT), amounting to € -3.4 million , decreased by € 2 million compared with the first half of 2025, due to higher depreciation and amortisation recognised during the period, arising from investments made in 2025, mainly in plant and IT development. This performance was also affected by high er depreciation arising from increased lease payments (IFRS 16) related to the expansion of the sales network.
51 Directors’ Report on Operations at 30 June 2026DIGITAL We note that:
•With effect from 1 January 2026, all digital activities held by Mondadori Media S.p.A. were transferred, as a result of an intragroup demerger, to the newly established Mondadori Digital S.p.A., wholly owned by the parent company Arnoldo Mondadori Editore S.p.A.;
•On 15 January 2026 , Arnoldo Mondadori Editore S.p.A. completed the acquisition of a 58.84% stake in Edilportale.com S.p.A., following the agreement signed and announced on 29 December 2025.
Edilportale.com is an international company specializing in content, services and platforms for the architecture, design and construction sectors, including through the Archiproducts brand. This company is consolidated within the Group’s Digital business area.
Mondadori Digital S.p.A. is the Group company that encompasses all businesses linked to the development of the brand media and digital activities taking a multichannel approach, and therefore includes:
•the complete management of leading websites and social profiles in the main vertical topics (Cooking, Health & Wellness, Feminine Gen Z, Young, Parenting), which since end 2024 also includes the brand Fatto in Casa da Benedetta and the optimisation of the related advertising space through external advertising agencies;
•the Social Agency business, in particular the talent agencies Zenzero and Power , which manage leading creators from the food and beauty & fashion worlds with the aim of developing their activities in the influencer marketing segment;
•the MarTech hub, consisting of Adkaora , present in Italy and Spain, specialising in mobile advertising, proximity marketing, performance marketing and conversational marketing solutions, which was joined in September 2025 by AD cube , an Italian AdTech start -up specialising in artificial intelligence applied to
advertising;
•the newly acquired Edilportale.com (58.84% of which is now held by the Parent Company, with the remaining 41.16% held by the company’s original founders);
•subscription management activities for magazines and daily newspapers, both for the Group's publications and those of third -party publishers, handled by Direct Channel . Added to this are services related to database management for third sector clients.
In May 2026, the Mondadori Group retained its position as Italy’s top digital publisher :
•on the web with 14 brands and approximately 32.4 million average unique users per month 3, with a reach of about 68%;
•in social media with a fan base of around 147 million users and 131 profiles .
Relevant market performance In the first five months of FY 2026, the advertising market (excluding search, social, classified and OTT) recorded a slight decrease of 0.8% compared with the previous financial year, juxtaposed by the digital segment posting growth of approximately 1% 4.
3 Source: Comscore and social insights, June 2026 4 Source: Nielsen, May 2026
52 Directors’ Report on Operations at 30 June 2026 Performance of the Digital Area
Digital
(Euro/millions) H1
2026 H1
2025 % Chg.
Revenue
Adjusted EBITDA
EBITDA
EBIT
51.2
7.5 6.6
3.6
39.7
5.4 5.4
3.4
28.9%
39.3%
22.4%
6.0%
In the first half of FY 2026, the Digital area recorded revenue of € 51.2 million, reporting significant growth of almost 30% compared with the previous financial year, driven by the combined effect of the change in scope -
linked to the consolidation of Edilportale.com - and strong business performance, particularly in MarTech activities. Organic growth in the first half stood at 3.3% .
Digital
(Euro/millions) H1
2026 H1
2025 % Chg.
Publisher advertising
MarTech advertising
Subscriptions and memberships Shops (on/off -line) Other revenue and royalties
17.2
21.1
6.9 2.9
3.2
13.5
19.9
3.5 0.1
2.9
27.5%
5.9%
99.2%
n.s.
12.4%
Total revenue 51.2 39.7 28.9%
In particular, the following should be highlighted:
• the significant growth in advertising sales of approximately 28% , mainly attributable to the consolidation of
Edilportale.com;
• the positive performance of the MarTech segment (+ 5.9% ), driven both by growth in activities in Italy - mainly in the Performance segment, which grew thanks to new customers and the introduction of the WhatsApp offering and the new Traffic Boost product - and by international expansion (in Germany, Austria an d Eastern
Europe);
• the significant increase in subscription revenue, entirely attributable to the consolidation of Edilportale.com, excluding which the Digital area would have remained broadly stable;
• the contribution of approximately € 1.6 million from revenue generated by on -line and off -line design product sales activities and interior design services under the Archiproducts.com brand ;
• the significant growth in revenue generated from rights arising from the publication of books under the “Fatto in casa da Benedetta ” brand in the newsstand channel.
53 Directors’ Report on Operations at 30 June 2026
EBITDA
Adjusted EBITDA of the Digital area came to € 7.5 million in the first half of FY 2026, showing growth of 39.3% compared to the same period of the previous year (€ +2.1 million), attributable to the consolidation of Edilportale.com.
EBITDA amounted to € 6.6 million , up € 1.2 million compared with € 5.4 million in the first six months of FY 2025, due to the recognition during the period under review of higher non -recurring costs attributable to costs relating to the acquisition of Edilportale.com.
EBIT was positive at € 3.6 million , representing a slight increase (+€ 0.2 million) compared with the corresponding half -year period of the previous financial year, despite the change in scope resulting in an increase of approximately € 1 million in depreciation and amortisation.
54 Directors’ Report on Operations at 30 June 2026
MEDIA
Mondadori Media S.p.A. is the Group company that encompasses all activities related to the development of media brands and traditional print operations, including in particular the publication of magazines and related advertising sales, as well as the management and sale of add -on products bundled with magazines.
During 2026, the Mondadori Group confirmed its position as one of the leading players in the Italian magazine segment, with 11 titles and 7 million readers5 and a market share (in terms of circulation) of 20.4% , slightly up from June 2025 (20.2%)6. Considering the combined digital and print audience of the area’s activities, the number of unique users was approximately 13.4 million7.
Relevant market performance
The relevant markets in the first five months of FY 2026 performed as follows:
• the advertising market (excluding search, social, classified and OTT) recorded an overall decline of 0.8% compared with the previous year, including a 6% decrease in the magazine segment8;
• the magazines circulation market declined by 9.8%9;
• the add -on and collectables market contracted by 5.6%10 .
Performance of the Media Area
Media
(Euro/millions) H1
2026 H1
2025 % Chg.
Revenue
Adjusted EBITDA
EBITDA
EBIT
35.1
6.9 6.8
5.1
33.6
7.0 7.0
5.3
4.2%
(1.8)%
(2.1)%
(2.7)%
Revenue generated by traditional print activities grew by approximately 4% , thanks to the increase in add -on sales recorded during the period under review, which more than offset the structural decline in circulation.
5 Source: Audipress I, 2026 6 Internal source: Press di, May 2026, in terms of value 7 Source: Audicom, March 2026 (estimate of deduplicated unique users calculated by linking the full measurement of Digital editorial consumption with the Print measurement) 8 Source: Nielsen, May 2026 9 Internal source: Press di, May 2026, in terms of value 10 Internal source: Press di, May 2026, in terms of value
55 Directors’ Report on Operations at 30 June 2026
Media
(Euro/millions) H1
2026 H1
2025 % Change
Circulation
Add-on sales
Advertising
Other revenue
18.7
7.1 7.5
1.7
19.9
4.0 7.4
2.2
(6.2%)
76.1%
1.2%
(22.5%)
Total revenue 35.1 33.6 4.2%
In particular:
• circulation (newsstand sales + subscriptions) declined by 6.2%, representing a better performance than the trend in the reference market;
• add-on sales of merchandise and books, DVDs and CDs attached to Mondadori magazines recorded significant growth compared with the previous financial year, pursuing the trend already recorded during the first quarter of the year, driven by Book and Gift products, parti cularly linked to two initiatives launched early during the current financial year: the Fatto in Casa da Benedetta books and the “ Auto di papà ” model cars
collection;
• print advertising remained essentially stable thanks to sales for the Interni brand and the Festival di Sanremo event linked to the TV Sorrisi e Canzoni brand.
EBITDA
The Media area's Adjusted EBITDA for the first six months of FY 2026 amounted to € 6.9 million , in line with the figure reported for the same period of the previous year, despite lower income from government grants (€ 0.6 million). Performance was supported by the positive margins generated by new add -on sales initiatives, particularly those launch ed during the second quarter of the current financial year.
EBITDA amounted to € 6.8 million , compared with € 7.0 million in FY 2025, in line with the above in the absence of non -recurring items.
EBIT was therefore positive at € 5.1 million , reflecting the trend described above compared with the first half of 2025.
56 Directors’ Report on Operations at 30 June 2026
CORPORATE & SHARED SERVICES
The Corporate & Shared Service segment includes - besides the Group's top management organizations - the Shared Services functions providing services to Group companies and the different business areas.
These services are mainly associated with activities regarding Administration, Management Control and Planning, Treasury and Finance, Purchasing, IT, Human Resources, Logistics, Legal and Corporate Affairs, and External and Institutional Relations.
Revenue , which mainly consist of remuneration for services provided to subsidiaries and associates, was basically steady in first half of FY 2026 versus the same period of 2025.
The Adjusted Gross Operating Margin for the area was negative at € 4.7 million, showing a decline compared to € -4.1 million in the first half of FY 2025, mainly due to timing differences in respect of the recovery of certain financed training costs that the holding company has paid for the whole Group.
If we also include non -ordinary items, comprehensive EBITDA showed a downturn of € 1.4 million compared with the previous year, due to the higher restructuring costs.
The area’s EBIT , amounting to € -10.6 million, declined similarly by € 1.5 million compared with the corresponding period of the previous financial year (€ -9.1 million in 2025) as a result of the factors described above, as depreciation and amortisation remained broadly in line with H1 2025.
Corporate & Shared Services
(Euro/millions) H1
2026 H1
2025
Change
Revenue
24.0
23.8
0.2
Adj. EBITDA (4.7) (4.1) (0.6)
EBITDA (6.0) (4.6) (1.4)
EBIT (10.6) (9.1) (1.5)
57 Directors’ Report on Operations at 30 June 2026
STATEMENTS OF FINANCIAL POSITION
The Mondadori Group’s Net Financial Position (excluding IFRS16) as at 30 June 2026 reflected net debt of € 262.1 million, an increase compared with € 218.8 million as at 30 June 2025 , despite the continued positive cash generation delivered by the Group’s businesses over the previous twelve months, due to cash -outs related to the Group’s growth and development strategy and the payment of dividends to shareholders.
IFRS 16 Net Financial Position amounted to € 346.9 million compared with € 300.1 million as at 30 June 2025.
The greater debt is due not only to what was just described, but also to the increase of the IFRS 16 debt component of approximately € 4 million, r eflecting the Retail area, both due to the organic development of the network of directly -owned bookstores and to the consolidation of MA Retail.
Net financial position (Euro/millions) 30 June 2026 31 December 2025 30 June 2025
Cash and cash equivalents
32.5
56.7
20.5
Assets (liabilities) from derivative financial instruments 1.2 0.9 1.0 Other financial assets (liabilities) (34.9) (11.8) (31.4) Loans (short and medium/long term) (260.9) (131.4) (209.0) Net financial position excluding IFRS16 (262.1) (85.7) (218.8) Financial payables IFRS 16 (84.9) (88.8) (81.3) Total net financial position (346.9) (174.5) (300.1)
The overall credit lines available to the Group at 30 June 2026 amounted to € 593.2 million , € 351.4 million of which committed.
The Group’s short -term loans, amounting to € 241.8 million, € 135.0 million of which drawn down at 30 June 2026, include overdraft credit lines on current accounts, advances subject to collection and “hot money” flows.
The Committed credit facilities granted by leading banks consist of:
• pool loan for € 162.5 million, stipulated in May 2021 and maturing on 31 December 2026;
• bilateral RCF loan contract for € 50.0 million, stipulated in July 2024 and maturing on 30 July 2029;
• a bilateral amortising term loan agreement, entered into in September 2024 for an amount of € 50 million, maturing on 27 September 2029, of which € 38.9 million remained outstanding as at 30 June 2026;
• Bullet Bilateral Term Loan contract for € 50.0 million, stipulated in December 2024 and maturing on 29
December 2028;
• bilateral RCF loan contract for € 50.0 million, stipulated in June 2026 and maturing on 26 June 2031.
In June and July, the credit facilities maturing in 2026 (€ 168.0 million) were refinanced through the execution of four Revolving Credit Facility (RCF) agreements with the Group’s main relationship banks, each with a five -
year term and an amount of € 50 m illion, for a total of € 200 million.
58 Directors’ Report on Operations at 30 June 2026
An analysis of the Cash Flow of the 12 months prior to 30 June 2026, compared to FY 2025, is provided below:
11 Final maturity: repayment of the final instalment of € 15.8 million, maturing on 31 December 2026; the exposure is fully hedg ed at a fixed rate ( -0.086%) 12 Bullet loan, coming to maturity on 31 December 2026 13Final maturity: repayment of the final instalment of € 21.7 million, maturing on 31 December 2026. The exposure is hedged at a fixed rate ( -0.098%) for € 20.0 million and at a variable rate for € 1.7 million.
14 Bullet loan, coming to maturity on 30 July 2029 15 Maturities: 7 equal half -yearly instalments of € 5.55 million, from 30 September 2026 until 27 September 2029; the exposure is fully hedged at a fixed rate
(2.303%)
16 Bullet maturity on 29 December 2028; exposure is fully hedged at fixed rate (2.139%) 17 Bullet loan, coming to maturity on 26 June 2031
(Euro/millions)
Facilities Of which unused Of which
with interest
rate hedge
Pool 2021
Term Loan A
15.811
—
15.8
RCF 125.012 125.0 —
Acquisition Line C 21.713 20.0 Total 162.5 125.0 35.8
Bilateral RCF Loan July 2024
50.014
50.0
Amortising Bilateral Term Loan 38.915 38.9 Bullet Bilateral Term Loan 50.016 50.0 Bilateral RCF Loan June 2026 50.017 50.0 Total Committed Lines 351.4 225.0 124.7 Total Uncommitted Lines 241.8 106.8
Total credit lines available 593.2 331.8 124.7
59 Directors’ Report on Operations at 30 June 2026 € millions 30 June 2026 FY 2025
Initial NFP IFRS 16 (300.1) (173.0) Financial liabilities application of IFRS 16 (81.3) (81.2) Initial NFP NO IFRS 16 (218.8) (91.8) Adjusted EBITDA (NO IFRS 16) 143.9 140.2 NWC and provisions (10.5) (10.7)
CAPEX NO IFRS16 (41.1) (39.5)
Cash flow from operations 92.3 90.0 Financial income (expense) no IFRS16 (6.3) (5.4) Tax (21.4) (19.5) Cash flow from ordinary operations 64.6 65.1 Restructuring (4.1) (3.4) Purchase/disposal (57.5) (9.9) Other income and expenditure (6.3) (7.8) Cash flow from extraordinary operations (68.0) (21.1) Free cash flow (3.4) 44.0 Shareholder dividends (40.2) (36.5) Tot. cash flow (43.5) 7.5 Change in valuation of derivatives 0.2 (1.3) Net financial position excluding IFRS16 (262.1) (85.7) IFRS 16 effects in the period (3.4) (7.6) Final net financial position (346.9) (174.5)
Cash generation over the twelve months under review is structured as follows.
◦ Ordinary cash flow was positive at € 64.6 million . In particular, operating cash flow amounted to € 92.3 million , up from € 90 million in 2025, despite higher investments (€ 41.1 million versus € 39.5 million in 2025) and higher cash outflows for tax and finance costs, which absorbed almost € 28 million, up from € 25 million in 2025. It should be noted that the disruption arising from the change of logistics operators had a negative impac t on e -commerce channel revenue in the Retail area during the first half of 2026, with the related cash receipts expected to be deferred to the second half of the financial year.
◦ Cash flow from non -ordinary operations as of 30 June 2026 LTM was negative at € 68.0 million and
mainly includes:
▪ acquisitions for approximately € 58 million , mainly comprising consideration for the
acquisition of:
• 58.84% of Edilportale.com (including the earn -out payable to the sellers) for approximately € 33 million,
• the school publishing business of Hoepli for approximately € 15 million,
• 51% of MA Retail (including the liability relating to the call option over the
remaining 49%)
• and a minority stake in AD cube , an Italian AdTech start -up specialising in artificial intelligence applied to advertising;
▪ restructuring costs of € 4.1 million;
60 Directors’ Report on Operations at 30 June 2026 ▪ extraordinary investments, mainly relating to the refurbishment and upgrading of the Group’s headquarters in Segrate for approximately € 1.5 million , as well as to the management of the transition to new logistics service providers for all the Group’s business areas.
As a result, Free Cash Flow generated by the Group in the twelve months preceding 30 June 2026 amounted to € -3.4 million , before accounting for the € 40.2 million in dividends on the FY 2025 result (of which 50% already distributed in May 2026).
The following table provides a breakdown by business area of the € 41.1 million invested by the Group over the twelve months under review, an increase compared with 2025.
CapEx by Sector of Activity 30 June 2026
LTM 2025
FY
Trade Books
6.7 5.9
Education Books 20.9 20.8 Retail 6.9 7.3 Digital 2.9 1.8 Media 0.2 0.2 Corporate & Shared Services 3.5 3.6 Total 41.1 39.5
61 Directors’ Report on Operations at 30 June 2026 The Group’s statement of financial position at 30 June 2026 is summarised below and compared with that at the same date of the previous year.
€ millions 30 June 2026 30 June 2025 % Change
Trade receivables
196.9
183.8 7.1%
Inventory 184.4 176.5 4.5% Trade payables 250.0 241.4 3.6% Other assets/ (liabilities) (18.4) (16.2) n.s.
Net working capital 112.9 102.7 9.9%
Intangible assets
437.8
394.4
11.0%
Property, plant and equipment 51.6 47.9 7.7% Investments 18.3 16.2 12.9% Net fixed assets with no rights of use IFRS16 507.7 458.6 10.7%
Assets from rights of use IFRS16
77.7
75.9
2.4%
Net fixed assets with rights of use IFRS16 585.4 534.4 9.5%
Provision for risks
24.1
27.0
(10.5%)
Post -employment benefits 30.7 28.7 7.3% Provisions 54.9 55.6 (1.3%)
Net invested capital 643.4 581.5 10.6%
Share Capital
68.0
68.0 —%
Reserves 222.7 208.1 7.0% Profit (loss) for the year 1.4 3.5 n.s.
Group shareholders’ equity 292.1 279.5 4.5%
Minority shareholders' equity 4.4 1.9
134.0%
Equity 296.5 281.4 5.4%
Net financial position excluding IFRS16
262.1
218.8
19.8%
Net Financial Position IFRS 16 84.9 81.3 4.4% Net financial position 346.9 300.1 15.6%
Sources 643.4 581.5 10.6%
62 Directors’ Report on Operations at 30 June 2026 The Group’s Net Invested Capital at 30 June 2026 came to € 643.4 million , up by 10.6% on the € 581.5 million at 30 June 2025, mainly as a result of:
▪ the acquisition of the majority share of Edilportale.com ▪ the acquisition of the Hoepli Education school publishing business, as well as
▪ the opening of new stores in the Retail area and the impact of the acquisition of MA Retail.
• Net Working Capital amounted to € 112.9 million , an increase compared with € 102.7 million as at 30 June of the previous year, reflecting growth in trade receivables of approximately € 13 million, not offset by an equivalent trend in trade payables; inventory , amounting to € 184.4 million, recorded an increase of 4.5% compared with 30 June 2025, mainly attributable to the change in scope in the two periods.
• Intangible assets, amounting to € 437.8 million, increased by approximately € 44 million compared with 30 June 2025, attributable to the companies acquired over the previous 12 months.
• Tangible assets increased by approximately € 4 million, reflecting investments made for the opening of new stores and the acquisition of MA Retail in the Retail area and the impact of the consolidation of Edilportale.com in the Digital area.
• Right -of-use assets recorded an increase as a result of the acquisitions described above and the opening of new stores by the Retail business unit.
• The value of equity investments increased by approximately € 2 million as a result of investments made during the last twelve months relating to the minority stake in AD Cube and in the start -ups selected by the PLAI incubator in its second cycle of operat ions.
• Provisions (provisions for risks and post -employment benefits) were basically steady versus 30 June 2025.
Consolidated equity as at 30 June 2026, amounting to € 296.5 million , confirms the significant level of capitalisation achieved by the Group, of approximately € 52 million and increased by € 15 million (+5.4%) compared with 30 June of the previous financial year, despite the recognition of approximately € 40 million in dividends.
63 Directors’ Report on Operations at 30 June 2026
PERSONNEL
HEADCOUNT
Group employees – on both permanent and fixed -term contracts – amounted to 2,390 , up by 10.5% versus 2,163 resources at 30 June 2025 (+227 units).
Excluding the impact of changes in scope - specifically, the acquisitions in the Digital area of Edilportale.com, in the Retail area of the company MA Retail (owner of 10 stores) and in the Education Books area of Hoepli Education - the Group’s workforce would have increased by approximately 1% compared with June 2025.
Group employees at 30 June 2026:
Headcount by Business Area 30 June 2026 30 June 2025
% Change
Trade Books
760 748
1.6%
Education Books 299 291 2.7% Retail 412 346 19.1% Digital 425 291 46.0% Media 165 164 0.6% Corporate & Shared Services 329 323 1.9% Total 2,390 2,163 10.5%
In the Trade Books area, headcount increased by 1.6% compared with the same period of the previous year, due to the opening of Electa bookshops following the award of the concession for the Uffizi Gallery in Florence.
In the Education Books area, headcount increased by 2.7%, but would have remained broadly stable excluding the acquisition of Hoepli’s school publishing business.
Headcount in the Retail area increased by 19.1% as a result of the acquisition of MA Retail, completed at the end of the year, which led to the integration of 10 bookstores into the directly -owned bookstore network and therefore of approximately 50 employees. Excluding these emp loyees, headcount would have increased by approximately 4% compared with June 2025, attributable to the opening of several directly managed stores.
The Digital area recorded a significant increase in headcount of 46.0%, driven by the consolidation of the newly acquired Edilportale.com (and its 134 employees), without which the digital activities segment would have shown a stable trend compared with the correspon ding period of the previous financial year.
The Media area reported a stable headcount trend during the period under review.
Headcount in the Corporate & Shared Services area showed a slight increase, resulting from the inclusion of the Edilportale.com staff functions. Excluding these, headcount would have shown a slight decrease compared with the same date of the previous financial year, despite the effect of the strengt hening of headcount in the IT area.
64 Directors’ Report on Operations at 30 June 2026
€ millions 2026 2025 % Change
Cost of enlarged personnel
(before restructuring)
84.1
77.2 9.0%
The cost of personnel in the first half of FY 2026 amounted to € 84.1 million, up by 9.0% compared with the corresponding period of FY 2025: it should be noted that, of the € 6.9 million increase in the cost of personnel recorded by the Group in the first half of FY 2026 compared with the corresponding period of 2025, approximately € 4.9 milli on was attributable to changes in scope between the two periods. Excluding these effects, organic growth would have been 2.6%.
65 Directors’ Report on Operations at 30 June 2026
SIGNIFICANT EVENTS IN THE FIRST HALF OF 2026
Below are the main extraordinary transactions and the most important events that took place in the first half of 2026.
On 1 January 2026 , an intra -group spin -off came into effect, transferring the digital activities previously held by Mondadori Media S.p.A. to the newly established Mondadori Digital S.p.A., a wholly owned subsidiary of Arnoldo Mondadori Editore S.p.A.
The new structure aligns with Mondadori Group’s corporate organisation, which maintains a distinct management perimeter for each business area: Trade Books, Education Books, Retail and, as of 1 January 2026 Media and, naturally, Digital.
Mondadori Digital’s assets establish it as the leading Italian publisher in social media and digital, boasting a portfolio of top brands in the highest -value verticals, a fanbase of 125 million people both in Italy and abroad, and over 33 million monthly a ctive users.
Positioning itself as the publisher of Italian excellence, Mondadori Digital leads in sectors such as food, well -
being and lifestyle, engaging targeted audiences thanks to multimedia content across all digital channels -
including websites, social media, a nd connected TV. These audiences are accessible through advertising solutions such as video advertising, branded content, influencer marketing, and a wide range of innovative services, including MarTech solutions.
Specifically, Mondadori Digital now includes assets and companies such as:
• leading brands in their respective sectors, including GialloZafferano, also present in the U.S. market, The Wom, MypersonalTrainer, Webboh, Studenti and NostroFiglio;
• the controlling stake in Fatto in Casa da Benedetta, which owns all intellectual property rights and the right to use the image of Benedetta Rossi, Italy’s leading food blogger;
• social agencies Zenzero and Power, which manage top food, wellness and lifestyle sector creators in the influencer marketing segment;
• the MarTech hub, consisting of AdKaora, which operates in Italy, Spain and Latin America, Hej!, specialised in mobile advertising and conversational marketing solutions, has recently expanded with an investment in the start -up AD cube, which focuses on art ificial intelligence applied to advertising;
• the company Direct Channel, a leader in the management of subscription services, which also provides database management and business intelligence systems to the non -profit sector.
The spin -off of Mondadori Media’s digital activities into Mondadori Digital was implemented with continuity of accounting values and no impact on the consolidated financial statements, reflecting a net balance of € 38.7 million.
On 15 January 2026 , Arnoldo Mondadori Editore S.p.A. completed the acquisition of a 58.84% stake in Edilportale.com S.p.A., following the agreement signed and announced on 29 December 2025. Edilportale.com is an international company specializing in content, services and pl atforms for the architecture, design and construction sectors, including through the Archiproducts brand.
The transaction, paid entirely in cash on closing, amounted to € 31.2 million, reflecting an Enterprise Value (100%) of € 50 million and an estimated average net financial position of € 3 million.
66 Directors’ Report on Operations at 30 June 2026 The acquisition of Edilportale.com - consolidated as of 1 January 2026 - also includes an earn -out of approximately € 2.9 million payable to the sellers conditional upon achievement of predefined profitability growth targets for the 2027 financial year.
On 25 March 2026 , the Mondadori Group submitted to the Liquidator, appointed on 10 March 2026 by the Shareholders’ Meeting of Hoepli S.p.A., an offer for the acquisition of the business unit relating to the school textbook publishing activities of the historic Italian pub lishing house.
On 15 April 2026 , the Mondadori Group announced that, following the submission of the offer announced on 25 March, and after discussions with the Liquidator, an agreement had been signed for the acquisition of the school textbook publishing business unit of Hoepli S.p.A..
On 30 April 2026 , in execution of the agreement signed on 15 April 2026, the Mondadori Group completed the acquisition of the business unit relating to the school publishing activities of Hoepli S.p.A.
On 21 April 2026 , the Company’s Shareholders’ Meeting approved the financial statements as at 31 December 2025.
The Shareholders’ Meeting resolved, in line with the proposal of the Board of Directors previously disclosed on 19 March, to distribute a unit dividend - to be paid in two equal instalments - totalling € 0.154 gross of statutory withholding taxes, for each outstanding ordinary share (net of treasury shares) as of the respective record dates, representing a 10% increase compared with the previous financial year.
Moreover, the Shareholders' Meeting resolved on the following items on the agenda:
• Report on remuneration policy and compensation paid
• Renewal of the authorization to purchase and dispose of treasury shares
• Adoption of the 2026 –2028 Performance Share Plan
• Adoption of the 2026 Short -Term Incentive Plan (MBO).
67 Directors’ Report on Operations at 30 June 2026
PURCHASE OF TREASURY SHARES
At 30 June 2026 , Arnoldo Mondadori Editore S.p.A. held 606,884 treasury shares, equal to 0.23% of the share capital . It is recalled that during the first half of FY 2026, purely to service the current Performance Share Plan, a total of 700,000 treasury shares were purchased on the market, while a total of 634,762 shares were assigned to beneficiaries of the 2023/2025 P erformance Share Plan.
SIGNIFICANT EVENTS AFTER 30 J UNE 2026
No significant events occurred after the end of the first half of 2026.
68 Directors’ Report on Operations at 30 June 2026
OTHER INFORMATION
During the 2026 financial year, the Mondadori Group did not carry out any research and development activities.
At the date of these financial statements, the Company neither holds nor held during the financial year any shares in parent companies, either directly or through trust companies or nominees.
RELATED PARTY TRANSACTIONS
In compliance with the provisions set out in Article 5, paragraph 8, and Article 13, paragraph 3, of the “Regulation in the matter of transactions with related parties” issued by CONSOB through Resolution 17221 of 12 March 2010 and subsequent amendments (t he “CONSOB Regulation”), the following is reported relating to the period of reference:
• no transactions of greater significance with related parties were concluded;
• no changes or developments relating to the transactions with related parties illustrated in the most recent Annual Report are reported that had a significant impact on the Company’s equity or performance in the year of reference.
Also with reference to the provisions of Article 2427 of the Italian Civil Code, paragraph 22 -bis, it is hereby noted that transactions carried out with related parties are conducted on terms equivalent to market conditions.
Transactions entered into with Mondadori Group companies were of a commercial nature and - as regards the intragroup current account, managed by Arnoldo Mondadori Editore S.p.A., in which subsidiaries participate with both debit and credit balances (referred to as “cash pooling”) - of a financial nature.
Further details are found in the Notes to the Consolidated Financial Statements.
Adhesion to the legislative simplification process adopted by CONSOB resolution No.
18079 of 20 January 2012. Disclosure pursuant to art. 70, par. 8, and art. 71, par. 1 -
bis, of CONSOB Regulation No. 11971/99 as subsequently amended
On and with effect from 13 November 2012, the Board of Directors of Arnoldo Mondadori Editore S.p.A., pursuant to Article 3 of CONSOB Resolution no. 18079 of 20 January 2012 and in relation to the provisions set out in Article 70, par. 8, and Article 71, p ar. 1 -bis of CONSOB Regulation no. 11971/1999, resolved to avail itself of the faculty of waiving the obligation of disclosure envisaged by the aforementioned CONSOB Regulation on the occasion of significant transactions relative to mergers, spin -off and c apital increases through contribution of assets in nature, acquisitions and transfers.
69 Directors’ Report on Operations at 30 June 2026
GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE
MEASURES USED
This document, in addition to the statements and conventional financial measures required by IFRS, presents a number of reclassified statements and alternative performance measures, in order to provide a better understanding of the operating and financial performance of the Group. These statements and measures should not be considered as a replacement of those required by IFRS. With regard to these figures, in accordance with the recommendations contained in CONSOB Communication no. 6064293 of 28 July 2006, and in CONSOB Communication no. 0092543 of 3 December 2015, as well as with the 2015/1415 ESMA guidelines on alternative performance measures (“Non -GAAP Measures”), explanations are given on the criteria adopted in their preparation and the relevant notes to the items appearing in the mandatory statements.
Specifically, the alternative measures used include:
Gross Operating Profit (EBITDA) : net profit for the period before income tax, other financial income and expense, amortisation, depreciation and write -downs of fixed assets. The Group also provides information on the percentage of EBITDA on net sales. EBITDA measured by the Group allows operating results to be compared with those of other companies, net of any effects from financial and tax items, and of depreciation and amortization, which may vary from company to company for reasons unrelated to general operating performance.
Adjusted gross operating profit (adjusted EBITDA) : gross operating profit as explained above, net of income and expense of a non -ordinary nature such as:
• income and expense from restructuring, reorganization and business combinations;
• clearly identified income and expense not directly related to the ordinary course of business;
• any income and expense from non -ordinary events and transactions as set out in CONSOB Communication DEM6064293 of 28/07/2006.
(Euro/thousands) 2026 2025 Gross Operating Profit - EBITDA (as shown in the financial statements) 40,839 39,217 Restructuring costs under “Cost of personnel" 1,441 477 Expenses related to acquisition and sale of companies and business units, sundry expense (income) and cost of services 3,281 768 Adjusted Gross Operating Profit - Adjusted EBITDA (as shown in the Directors' Report on Operations) 45,560 40,462
With regard to adjusted EBITDA in the first six months of financial year 2025 , the following items were excluded from EBITDA, included in the income statement:
• Restructuring costs for a total amount of € 477 thousand, included in “Cost of personnel”;
• Expense of a non -ordinary nature for a total of € 768 thousand, included in “Cost of services”.
70 Directors’ Report on Operations at 30 June 2026 With regard to adjusted EBITDA in the first six months of financial year 2026 , the following items were excluded from EBITDA, included in the income statement:
• Restructuring costs for a total amount of € 1,441 thousand, included in “Cost of personnel”;
• Expense of a non -ordinary nature for a total of € 3,281 thousand, included in “Cost of services”.
Operating result (EBIT) : net profit for the period before income tax, and other financial income and expense.
Adjusted operating profit (EBIT Adjusted) : this is represented by the operating result, as defined above, excluding income and expense of non -ordinary nature, as defined previously, depreciation and amortisation deriving from the Purchase Price Allocation of companies acquired in the last five ye ars, and the write -downs of intangible assets.
Operating profit (EBT) : EBT or consolidated result before tax is the net profit for the period before income tax.
Net Profit adjusted : this is the net profit excluding income and expense of non -ordinary nature, amortisation and depreciation deriving from the purchase price allocation of companies acquired in the last five years and write -downs of intangible assets net of the related tax effect and gross of any non -recurring tax expense/income.
Net invested capital : 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 ca sh 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).
Cash flow from operations : adjusted EBITDA, as explained above, plus or minus the decrease/(increase) in working capital in the period, minus capital expenditure (CAPEX/Investment).
Cash flow from ordinary operations : cash flow from operations as explained above, net of financial expense, tax paid in the period, and income/expense from investments in associates.
Cash flow from non -ordinary operations : 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).
Total Cash Flow : the sum of cash flow from ordinary and non -ordinary operations in the reporting period (including payment of dividends, if any).
71 Directors’ Report on Operations at 30 June 2026OUTLOOK FOR THE YEAR In light of the positive results achieved in the first half of the year and the continued strength of the Book market during the period under review, the Group confirms the guidance previously announced for the 2026 financial year .
The consolidation of the recently acquired Hoepli Education business for the period from May to December is expected to support the achievement of the Group's financial and operating targets at the upper end of the previously announced guidance range.
Income Statement
•Low single -digit revenue growth.
•Low single -digit growth in Adjusted EBITDA , with margins remaining broadly stable at around 17% , supported by ongoing efficiency initiatives across all business areas. Once fully implemented, these multi -
year measures are expected to increase structural optimisation, enhance operational efficiency, and strengthen cash generation over the medium term .
Cash Flow and Net Financial Position The Group is expected to confirm its significant cash generation capacity with an Ordinary Cash Flow in the range of € 65 to 70 million .
For the Board of Directors
The Chairman
Marina Berlusconi
72 Mondadori Group Consolidated Financial Statements at 30 June 2026Mondadori Group
Consolidated Financial
Statements at 30 June
2026
73 Mondadori Group Consolidated Financial Statements at 30 June 2026CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Assets
(Euro/thousands) 30/06/2026 31/12/2025 Intangible assets 437,768 399,348 Land and building 2,778 4 Plant and equipment 13,945 14,622 Other fixed assets 34,897 36,061 Property, plant and equipment 51,620 50,687 Assets from rights of use 77,667 82,312 Equity -accounted investees 16,552 15,617 Other investments 1,768 1,310 Total investments 18,320 16,927 Non -current financial assets 2,927 2,904 Pre-paid tax assets 55,846 55,365 Other non -current assets 1,349 1,564 Total non -current assets 645,496 609,107 Tax receivables 15,037 17,375 Other current assets 97,559 77,926 Inventory 184,391 152,285 Trade receivables 196,915 165,142 Other current financial assets 1,194 876 Cash and cash equivalents 32,504 56,660 Total current assets 527,601 470,264 Discontinued or discontinuing operations — — Total Assets 1,173,098 1,079,371
74 Mondadori Group Consolidated Financial Statements at 30 June 2026Liabilities (Euro/thousands) 30/06/2026 31/12/2025 Share Capital 67,979 67,979 Treasury shares (1,257) (1,530) Other reserves and profit/loss carried forward 223,960 210,775 Profit (Loss) for the year 1,429 54,030 Group equity 292,110 331,253 Share capital and reserves attributable to non -controlling interests 4,358 2,260 Total Equity 296,468 333,513 Provisions 24,146 25,533 Post -employment benefits 30,744 28,495 Non-current financial liabilities 92,719 94,746 Financial liabilities IFRS 16 68,270 73,010 Deferred tax liabilities 37,435 39,258 Other non -current liabilities 2,271 2,200 Total non -current liabilities 255,586 263,241 Income tax payables 1,327 12,306 Other current liabilities 147,203 138,875 Trade payables 249,957 264,262 Payables to banks and other financial liabilities 205,963 51,379 Financial liabilities IFRS 16 16,594 15,795 Total current liabilities 621,044 482,617 Liabilities disposed or being disposed of — — Total liabilities 1,173,098 1,079,371
75 Mondadori Group Consolidated Financial Statements at 30 June 2026CONSOLIDATED INCOME STATEMENT (Euro/thousands) Notes 2026 2025 Revenue from sales and services 25 415,964 389,511 Decrease (increase) in inventory 17 (27,680) (15,222) Cost of raw and ancillary materials, consumables and goods 26 97,632 78,587 Cost of services 27 226,352 219,334 Cost of personnel 28 80,918 73,156 Sundry expense (income) 29 (2,097) (5,561)
EBITDA 40,839 39,217
Amortisation and impairment loss on intangible assets 9 20,681 18,698 Depreciation and impairment loss on property, plant and equipment 10 5,601 5,147 Amortization/depreciation and impairment loss of assets from rights of use 11 8,594 7,390
EBIT 5,963 7,982
Financial expense (income) 30 5,504 4,242 Expense (income) from investments 12 (813) (398) Result before tax 1,272 4,138 Income tax 31 (482) 601 Result from continuing operations 1,754 3,537 Result from discontinued or discontinuing operations — — Net profit 1,754 3,537
Attributable to:
- Non -controlling interests 325 49
- Parent Company shareholders 1,429 3,488 Net earnings per share (in Euro units) 32 0.005 0.013 Diluted net profit per share (in Euro units) 32 0.005 0.013
76 Mondadori Group Consolidated Financial Statements at 30 June 2026CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Euro/thousands) 2026 2025 Net profit 1,754 654
(14)
254
(61)
— — — 19
(1) 3,537
(2,802)
(114)
(1,250)
— 300
— — —
(137)
36 Items reclassifiable to income statement Profit and loss deriving from the conversion of currency denominated financial statements of foreign companies Other profit (loss) from equity -accounted investees Effective part of profit/(loss) on cash flow hedge instruments Profit and loss deriving from held -for-sale assets (fair value) Tax effect on other profit (loss) reclassifiable to income statement Items reclassified to income statement Effective part of profit/(loss) on cash flow hedge instruments Profit and loss deriving from held -for-sale assets (fair value) Tax effect on other profit (loss) reclassifiable to income statement Items not reclassifiable to income statement Actuarial profit (loss) Tax effect on other profit (loss) not reclassifiable to income statement Total other profit (loss) net of tax effect 850 (3,967) Total net profit (loss) 2,604 (430)
Attributable to:
- Non -controlling interests 371 46
- Parent Company shareholders 2,233 (476) For the Board of Directors
The Chairman
Marina Berlusconi
77 Mondadori Group Consolidated Financial Statements at 30 June 2026Share
Capital
Share
Capital CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 DECEMBER 2025 AND 30 JUNE 2026
(Euro/thousands) Notes Treasury shares Performance
Share
Reserve Reserve for
cash flow
hedge Fair value
reserve
Balance at 01/01/2025 67,979 (1,544) 2,260 2,830 — -Allocation of result
-Dividends payment
-Change in
consolidation scope
-Transactions on
treasury shares
-Performance share 1,803
-Other changes
-Comprehensive
profit (loss)— — — (1,024) — Balance at 31/12/2025 19 67,979 (1,530) 4,063 1,806 — (Euro/thousands) Notes Treasury shares Performance
Share
Reserve Reserve for
cash flow
hedge Fair value
reserve
Balance at 01/01/2026 67,979 (1,53 0) 4,063 1,806 — -Allocation of result
-Dividends payment
-Change in
consolidation scope
-Transactions on
treasury shares 273 -Performance share 17
-Other changes
-Comprehensive
profit (loss)— — — 193 — Balance at 30/06/2026 19 67,979 (1,257) 4,080 1,999 — 14
78 Mondadori Group Consolidated Financial Statements at 30 June 2026Currency
reserve
Currency reserve Post -employment
discounting
reserve
Post -employment
discounting
reserve Profit (loss) for
the period
Profit (loss) for the period Other
reserves Total
Other
reserves Total
For the Board of Directors
The Chairman
Marina Berlusconi Total Group
equity Minority
shareholders’
equity
(522) 119 205,310 54,030 331,253 2,260 333,513 54,030 (54,030) — — (40,171) (40,171) (241) (40,412) — — 1,837 1,837
273 273
1,478 1,495 1,495 (2,973) (2,973) 130 (2,843) 658 (29) (18) 1,429 2,233 371 2,604 136 90 217,656 1,429 292,110 4,358 296,468 Total Group
equity Minority
shareholders’
equity
2,504 495 181,330 60,211 316,066 1,015 317,081 60,211 (60,211) — — (36,498) (36,498) (172) (36,670) — — —
14 14
837 2,640 2,640 (590) (590) 617 25 (3,026) (376) 20 54,030 49,623 800 50,423 (522) 119 205,310 54,030 331,253 2,260 333,513
79 Mondadori Group Consolidated Financial Statements at 30 June 2026CONSOLIDATED STATEMENT OF CASH FLOWS (Euro/thousands) 30/06/2026 30/06/2025 Net profit 1,754 3,537
Adjustments
Depreciation and amortisation, and write -downs 34,876 31,235 Income taxes for the period (482) 601 Performance Shares 1,495 1,955 Provisions (utilization) and post -employment benefits 9,152 6,302 Capital loss (gain) from the disposal of intangible assets, property, plant and equipment, investments (31) 3 Capital loss (gain) from the measurement of financial assets — — (Income) expense of equity -accounted investees (813) (398) Net financial expense on loans, leases and derivative transactions 4,906 5,135 Other non -monetary adjustments to assets held for sale — — Cash flow generated from operations 50,857 48,370 (Increase) decrease in trade receivables (28,906) (10,342) (Increase) decrease in inventory (31,839) (8,804) Increase (decrease) in trade payables (6,470) (21,001) Income tax payments (12,141) (25,161) Advances and post -employment benefits (1,298) (975) Net change in other assets/liabilities (21,1 17) (32,343) Cash flow generated from (absorbed by) assets held for sale — — Cash flow generated from (absorbed by) operations (50,91 4) (50,256 ) Price collected (paid) net of cash transferred/acquired (44,746) — (Purchase) disposal of intangible assets (16,025) (14,725) (Purchase) disposal of property, plant and equipment (7,715) (10,682) (Purchase) disposal of investments — (578) (Purchase) disposal of financial assets (64) 220 Cash flow generated from (absorbed by) assets held for sale — — Cash flow generated from (absorbed by) investing activities (68,550) (25,765) Net change in financial liabilities 131,189 18,018 Payment of net financial expense on loans and transactions with derivatives (2,270) (3,225) Net refund leases (10,068) (8,627) Interest on leases (1,958) (1,639) (Purchase) disposal of treasury shares (1,495) (1,008) Dividends distributed (20,086 ) (18,249) Cash flow generated from (absorbed by) assets held for sale — — Cash flow generated from (absorbed by) financing activities 95,31 2 (14,730) Increase (decrease) in cash and cash equivalents (24,15 2) (90,751) Cash and cash equivalents at beginning of the period 56,660 111,289 Cash and cash equivalents end of period 32,50 8 20,538 For the Board of Directors
The Chairman
Marina Berlusconi
80 Mondadori Group Consolidated Financial Statements at 30 June 2026
81 Mondadori Group Consolidated Financial Statements at 30 June 2026CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
PURSUANT TO CONSOB REGULATION no. 15519 OF 27 JULY
2006
Assets
(Euro/thousands) 30/06/2026 of which
related
parties
(note 35) 31/12/2025 of which
related
parties
(note 35)
Intangible assets 437,768 — 399,348 — Land and building 2,778 — 4 — Plant and equipment 13,945 — 14,622 — Other fixed assets 34,897 — 36,061 — Property, plant and equipment 51,620 — 50,687 — Assets from rights of use 77,667 — 82,312 — Equity -accounted investees 16,552 — 15,617 — Other investments 1,768 — 1,310 — Total investments 18,320 — 16,927 — Non-current financial assets 2,927 2,013 2,904 2,363 Pre-paid tax assets 55,846 8,608 55,365 8,952 Other non -current assets 1,349 — 1,564 — Total non -current assets 645,497 10,621 609,107 11,315
Tax receivables
Other current assets
Inventory
Trade receivables
Other current financial assets Cash and cash equivalents 15,037
97,559
184,391
196,915
1,194
32,504 1,001
147 —
12,498
290
— 17,375
77,926
152,285
165,142
876
56,660 1,099
147 —
15,661
92 —
Total current assets 527,601 13,936 470,264 16,999 Discontinued or discontinuing operations — — — — Total Assets 1,173,098 24,557 1,079,371 28,314
82 Mondadori Group Consolidated Financial Statements at 30 June 2026
Liabilities
(Euro/thousands)
30/06/2026 of which
related
parties
(note 35)
31/12/2025 of which
related
parties
(note 35)
Share Capital
67,979
67,979
Treasury shares (1,257) — (1,530) — Other reserves and profit/loss carried forward 223,960 — 210,775 — Profit (Loss) for the year 1,429 — 54,030 — Group equity 292,110 — 331,253 —
Share capital and reserves attributable to non -controlling
interests
4,358
—
2,260 —
Total Equity 296,468 — 333,513 —
Provisions
24,146
—
25,533
— Post -employment benefits 30,744 — 28,495 — Non-current financial liabilities 92,719 — 94,746 — Financial liabilities IFRS 16 68,270 — 73,010 — Deferred tax liabilities 37,435 — 39,258 — Other non -current liabilities 2,271 — — — Total non -current liabilities 255,586 — 261,041 —
Income tax payables
1,327
12,306
10,323
Other current liabilities 147,203 59 141,076 79 Trade payables 249,957 6,777 264,262 6,609 Payables to banks and other financial liabilities 205,963 — 51,379 — Financial liabilities IFRS 16 16,594 — 15,795 — Total current liabilities 621,044 6,836 484,817 17,011
Liabilities disposed or being disposed of — — — — Total liabilities 1,173,098 6,836 1,079,371 17,011
83 Mondadori Group Consolidated Financial Statements at 30 June 2026
CONSOLIDATED INCOME STATEMENT PURSUANT TO CONSOB
RESOLUTION NO. 15519 of 27 JULY 2006
(Euro/thousands)
2026 of
which
related
parties
(note 35) of which
non-
recurring
(income)
expense
(note 34)
2025 of
which
related
parties
(note 35) of which
non-
recurring
(income)
expense
(note 34)
Revenue from sales and services
415,964
29,339
—
389,511
28,830
— Decrease (increase) in inventory
(27,680)
— —
(15,222)
— — Cost of raw and ancillary materials, consumables and goods 97,632 411 — 78,587 9 — Cost of services 226,352 12,072 — 219,334 6,841 — Cost of personnel 80,918 (87) — 73,156 (111) — Sundry expense (income) (2,097) 15 (5,561) — —
EBITDA 40,839 16,928 — 39,217 22,091 —
Amortisation and impairment loss on intangible assets 20,681 — — 18,698 — — Depreciation and impairment loss on property, plant and
equipment
5,601
— —
5,147 —
— value of assets for rights 8,594 — — 7,390 — —
EBIT 5,963 16,928 — 7,982 22,091 —
Financial expense (income) 5,504 (46) — 4,242 (60) — Expense (income) from other investments (813) — (398) — — Result before tax 1,272 16,974 — 4,138 22,151 — Income tax (482) (1,950) 601 (1,950) — Result from continuing operations 1,754 18,924 — 3,537 24,101 — Profit/(loss) from discontinued operations or discontinuing operations — — — — — — Net profit 1,754 18,924 — 3,537 24,101 —
Attributable to:
- Non-controlling interests 325 — — 49 — —
- Parent Company shareholders 1,429 18,924 — 3,488 24,101 —
84 Mondadori Group Consolidated Financial Statements at 30 June 2026
85 Mondadori Group Consolidated Financial Statements at 30 June 2026
EXPLANATORY NOTES
1. General information
The core business of Arnoldo Mondadori Editore S.p.A. and of its directly or indirectly owned companies (hereinafter referred to as the “Mondadori Group” or the “Group”) is the publishing of books and magazines.
The Group also carries out retailing activities through directly -owned and franchised stores located across Italy.
Mondadori’s business areas offer products and services that harness cutting -edge digital technology, thus expanding the sales portfolio.
Arnoldo Mondadori Editore S.p.A., with registered office in Via Gian Battista Vico 42, Milan (Italy), and headquarters in Strada privata Mondadori, Segrate/Milan, is listed on the STAR segment of the Electronic Stock Market (MTA) of Borsa Italiana S.p.A..
The publication of the consolidated financial statements of the Mondadori Group for the period ended 30 June 2026 was authorized by the Board of Directors’ resolution of 30 July 2026.
2. FORM AND CONTENT
The consolidated half -year financial report includes the condensed consolidated half -year financial statements, prepared in compliance with the provisions set out in IAS 34 and Article 154 -ter of the Finance Consolidation Act and, therefore, does not inclu de all the supplementary information required for the full -year report, and should be read jointly with the Group's consolidated reports at 31 December 2025 and 30 June 2025.
The following criteria were adopted in the drafting of these financial statements:
• in the consolidated statements of financial position, current and non -current assets and current and non -
current liabilities are shown separately;
• in the consolidated income statement, the analysis of costs is performed on the basis of the nature of costs, since the Group deems this method more representative than a presentation by function;
• the consolidated comprehensive income statement contains revenue and cost items that are not recognized under income (loss) for the period as required or allowed by the IAS/IFRS accounting standards;
• the consolidated statement of cash flows was prepared using the indirect method.
Regarding the requirements of CONSOB Resolution no. 15519 of 27 July 2006, specific supplementary tables were prepared to highlight significant transactions with “Related parties” and “Non -recurring transactions”.
The amounts shown in the tables and in these notes are expressed in Euro thousands unless otherwise stated.
86 Mondadori Group Consolidated Financial Statements at 30 June 2026
3. CONSOLIDATION PRINCIPLES AND SCOPE
Changes in consolidation scope
During the first half of 2026, the Mondadori Group completed the following extraordinary transactions:
• the spin -off of the digital activities managed directly and through the associates of Mondadori Media S.p.A.
into Mondadori Digital S.p.A., effective from 1 January;
• in January, it completed the acquisition of a 58.84% stake in Edilportale.com S.p.A., an international company specializing in content, services and platforms for the architecture, design and construction sectors, mainly through the Archiproducts brand;
• in April, it acquired the school publishing business of Ulrico Hoepli S.p.A.
Preparation criteria
The Mondadori Group's condensed consolidated half -year financial statements have been prepared on a going concern basis. The Group's financial situation and medium -term prospects allow it to maintain a positive attitude towards future developments, albeit in an economic scenario still impacted by the international geopolitical scenario, characterised by the conflicts between Russia and Ukraine and between the United States and Iran, as well as by tensions in the Middle East.
The same accounting policies as those used in preparing the annual financial statements for the year ended 31 December 2025 have been adopted. Reference should be made to those financial statements for full details.
The Group has not adopted in advance any new standards, interpretations or amendments issued but not yet in force.
Changes in accounting standards
Below are the amendments to the accounting standards, which apply for the first time in 2026 and which had no impact on the Group's condensed consolidated half -year financial statements:
Classification and Measurement of Financial Instruments —Amendments to IFRS 9 and IFRS 7
The Amendments include:
• clarifications on the requirements for the recognition and derecognition of financial assets and liabilities. In particular, a financial liability is derecognised from the financial statements on the “settlement date”, and an accounting policy choice is in troduced (subject to certain conditions) for the derecognition from the financial statements of financial liabilities settled through an electronic payment system before the settlement date;
• further guidance on how to assess contractual cash flows for financial assets with environmental, social and governance (ESG) and similar features;
• clarifications on the meaning of “non -recourse features” and the characteristics of contractually linked
instruments;
• the introduction of disclosure requirements for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI).
These changes had no significant impact on the Group’s financial statements.
87 Mondadori Group Consolidated Financial Statements at 30 June 2026
4. SEGMENT INFORMATION
The information required by IFRS 8 is supplied taking into account the Group’s organisational structure, divided into business units in terms of products sold and services rendered and, consistently with the corporate reporting, is used by the Top Manageme nt in the definition of corporate strategies and plans, as well as in the valuation of investment opportunities and allocation of resources.
The business areas identified are: Trade Books, Education Books, Retail, Media, Digital and Corporate & Shared Services.
Following the establishment of Mondadori Digital S.p.A., the sub -holding company for the Group’s digital activities, and the subsequent acquisition of control of Edilportale.com S.p.A., taking into account the new organisational structure, business respons ibilities and quantitative thresholds for disclosure purposes under IFRS 8, the Media area, which in the presentation provided in the 2025 Annual Financial Report comprised both traditional publishing activities and digital activities, has been divided fro m 2026 into the Media area, which includes traditional publishing activities, and the Digital area, which includes digital activities.
To provide comparative economic and financial data, the figures published in the 2025 Annual Financial Report and the 2025 Half -Year Financial Report have been appropriately restated.
5. USE OF ESTIMATES
The drafting of these condensed consolidated half -year financial statements and the notes required the use of estimates and assumptions by the Directors, which have an impact on the value of assets and liabilities and on the disclosures relating to potenti al assets and liabilities at closing, based on the application of the IAS/IFRS accounting standards.
Estimates are based on the current status of information available, are reviewed periodically, and the effects are reflected in the income statement.
The most significant estimates refer to:
Goodwill, intangible assets with indefinite useful life and other non -current assets
The value of goodwill of intangible assets with indefinite useful life and other non -current assets with finite useful life (for the latter, in the presence of indications of impairment loss) is assessed by comparing the book value of the individual assets or the smallest Cash Generating Unit that generates its own cash flows with their recoverable value, represented by the higher of fair value, less costs to sell, and value in use. This process involves, inter alia, the use of methods such as discounted ca sh flow and the royalty method, together with the related assumptions.
Depreciation and amortisation
The useful life of tangible and intangible assets is determined by the Directors when the asset is purchased. The Group regularly assesses any changes in technology, market conditions and expectations of future events that could have an impact on the usefu l life and duration of amortization/depreciation.
88 Mondadori Group Consolidated Financial Statements at 30 June 2026 Write -down of advances to authors
The Group estimates the amount of the advances paid to authors to be written down, as they are considered non-recoverable, based on analyses carried out both for published literary works and those to be published.
Write -down of inventory
The Group estimates the amount of inventory to subject to impairment loss based on specific analyses ascertaining finished product marketability and the relevant turnover rates, and, for orders in progress, the Group considers the relevant risk of failed c ompletion.
Provision for bad debts
The recoverability of receivables is measured by taking account of the risk of non -payment, ageing and losses on receivables expected to arise on the receivables.
Returns to receive
In the publishing sector, books and magazines are subject to the terms of the sale -or-return agreement, under which unsold books and magazines are returned to the publisher in accordance with predetermined terms.
Therefore, at the end of each reporting period the Group measures the quantities that are expected to be returned in the following years: this estimate is based on historical statistics and takes account also of the level of circulation and any other eleme nts that may affect the quantities of books and magazines returned.
Provision for risks
Allocations made for costs for legal, tax and arbitration disputes are based on complex estimates that take account of the likelihood of losing the disputes.
Post -employment benefits
Allocations made in favour of employees and agents are based on actuarial assumptions: any changes in the underlying assumptions may have significant effects on the provisions.
Income tax
Income tax (both current and deferred) is calculated based on the applicable rates in each individual country in which the Group operates, according to a prudent interpretation of currently applicable tax laws.
6. BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition of control of Edilportale.com S.p.A.
The transaction
On 15 January 2026, the Mondadori Group completed the acquisition of 58.84% of the share capital of Edilportale.com S.p.A., a company operating internationally in the development of content, services and platforms for the architecture, design and construct ion markets, including through the Archiproducts brand.
89 Mondadori Group Consolidated Financial Statements at 30 June 2026 The consideration for the transaction, including the price adjustment arising from the company’s net financial position at the acquisition date, amounted to € 31,265 thousand.
The share purchase agreement also provides for an earn -out upon the achievement of financial targets relating to FY 2027.
Cost of acquisition
The total cost of the transaction amounted to € 34,061 thousand, excluding ancillary costs of € 780 thousand, of which € 31,165 thousand was paid at the acquisition date, € 100 thousand was paid in July 2026 and € 2,795 thousand represented the estimated e arn-out.
No shares or similar instruments were issued, nor derivatives as acquisition cost items.
Acquisition of Edilportale.com S.p.A.
(Euro/thousands)
Acquisition cost of Edilportale.com S.p.A. 34,061 Cash used for acquisition:
• payments made (31,165) • payments deferred (2,895) • net financial position of Edilportale.com S.p.A. (including IFRS 16
liabilities) 1,311
Net cash flows absorbed by acquisition (32,749)
Goodwill was determined in accordance with IFRS 3, albeit on a provisional basis, as the Purchase Price Allocation process had not yet been completed as at the date of this Half -Year Financial Report.
Minority interests were valued in proportion to the minority interest in the assets of the acquired company.
The operating and financial effects of the acquisition of Edilportale.com S.p.A., under IFRS 3, reflected in the consolidated financial statements of the Mondadori Group from the acquisition date, concurrent to the acquisition of control over the acquired company.
90 Mondadori Group Consolidated Financial Statements at 30 June 2026 Amounts in Euro thousands Current amounts at acquisition date Purchase price
allocation
Fair value
Goodwill — — — Trademarks 7 — 7 Other intangible assets 1,075 — 1,075 Intangible assets 1,082 — 1,082 Investment property — — — Land and building 2,829 — 2,829 Plant and equipment 7 — 7 Other fixed assets 1,027 — 1,027 Property, plant and equipment 3,863 — 3,863 Investments 457 — 457 Non-current financial assets 23 — 23 Pre-paid tax assets 254 — 254 Total non -current assets 5,696 — 5,696
Tax receivables
569 —
569 Other current assets 4,411 — 4,411 Inventory 1,437 — 1,437 Trade receivables 2,435 — 2,435 Other current financial assets — — — Cash and cash equivalents 3,740 — 3,740 Total current assets 12,593 — 12,593 Discontinued or discontinuing operations — — — Total assets 18,288 — 18,288 0 Provisions 500 0 500 Post -employment benefits 2,241 0 2,241 Non-current financial liabilities 10 0 10 Financial liabilities IFRS 16 0 0 0 Deferred tax liabilities 25 0 25 Total non -current liabilities 2,776 0 2,776 0 Income tax payables 0 0 0 Other current liabilities 7,728 0 7,728 Trade payables 880 0 880 Payables to banks and other financial liabilities 2,442 0 2,442 Financial liabilities IFRS 16 0 0 0 Total current liabilities 11,050 0 11,050 Liabilities disposed or being disposed of 0 0 0 Total liabilities 13,826 0 13,826
Net acquired assets
4,462
0
4,462
Minority shareholders' equity -1,837 0 -1,837 Price paid -34,061 0 -34,061 Difference to allocate -31,435 0 -31,435
91 Mondadori Group Consolidated Financial Statements at 30 June 2026 Acquisition of Ulrico Hoepli S.p. A.’s school publishing business unit
The transaction
On 30 April 2026, Hoepli Education S.r.l., a company specifically established by Mondadori Education S.p.A., acquired the business comprising the assets and liabilities relating to the school publishing activities of Ulrico Hoepli S.p.A.
The consideration for the transaction, including the price adjustment arising from the net working capital of the business unit at 30 April 2026, amounted to € 14,464 thousand.
Cost of acquisition
The total cost of the transaction amounted to € 14,464 thousand, excluding ancillary costs of € 350 thousand, of which € 13,867 thousand was paid at the acquisition date and € 597 thousand was paid in July 2026.
Acquisition of Ulrico Hoepli S.p.A.’s school publishing business unit
(Euro/thousands)
Acquisition cost of Ulrico Hoepli S.p.A.’s school publishing business unit (14,464)
Cash used for acquisition:
• payments made (13,867) • payments deferred (597) • net financial position of the Ulrico Hoepli S.p.A. school publishing business (including IFRS 16 liabilities)
Net cash flows absorbed by acquisition (14,464)
Goodwill was determined in accordance with IFRS 3, albeit on a provisional basis, as the Purchase Price Allocation process had not yet been completed as at the date of this Half -Year Financial Report.
The operating and financial effects of the acquisition of the school publishing business unit of Ulrico Hoepli S.p.A., under IFRS 3, reflected in the consolidated financial statements of the Mondadori Group from the acquisition date, concurrent to the acqu isition of control over the acquired company.
0
92 Mondadori Group Consolidated Financial Statements at 30 June 2026Amounts in Euro thousands Current amounts at acquisition date Purchase price allocation Fair value Goodwill — — — Trademarks — — — Other intangible assets 6 — 6 Intangible assets 6 — 6 Investment property — Land and building — — — Plant and equipment — — — Other fixed assets — — — Property, plant and equipment — — — Assets from rights of use — — — Other non -current assets — — — Pre-paid tax assets — — — Total non -current assets 6 — 6 Tax receivables — — — Other current assets 177 — 177 Inventory 1,949 — 1,949 Trade receivables 1,268 — 1,268 Other current financial assets 0 0 0 Cash and cash equivalents 0 0 0 Total current assets 3,394 0 3,394 Discontinued or discontinuing operations 0 0 0 Total assets 3,400 0 3,400 Provisions 358 0 358 Post -employment benefits 622 0 622 Non-current financial liabilities 0 0 0 Financial liabilities IFRS 16 0 0 0 Deferred tax liabilities 0 0 0 Total non -current liabilities 980 0 980 Income tax payables — — — Other current liabilities 1,958 0 1,958 Trade payables 217 0 217 Payables to banks and others 0 0 0 Financial liabilities IFRS 16 0 0 0 Total current liabilities 2,175 0 2,175 Liabilities disposed or being disposed of 0 0 0 Total liabilities 3,155 0 3,155 Net acquired assets 245 0 245 Price paid -14,464 0 -14,464 Difference to allocate -14,219 0 -14,219
93 Mondadori Group Consolidated Financial Statements at 30 June 2026
7. NON -RECURRING INCOME AND EXPENSE
As required by CONSOB resolution no. 15519 of 27 July 2006, any income and expense deriving from non -
recurring transactions are recognized in the income statement.
Transactions and events are considered non -recurring when, by nature, they do not occur repeatedly during normal business operations.
The relevant effects were outlined in a separate table in these “Explanatory notes to the financial statements”.
8. IMPAIRMENT PROCESS
In preparing the condensed consolidated interim financial statements, an assessment was performed to determine whether any indicators of impairment existed, as required by IAS 36.
External data and sources of information were observed and internal data and sources of information were analysed; the following indications emerged from this verification activity:
• the market capitalisation as at 30 June 2026, amounting to € 526.8 million and down from € 553 million in December 2025, was significantly higher than the carrying amount of shareholders’ equity, which stood at €
292.1 million;
• most financial analysts, in their most recent reports on the Mondadori stock, issued “buy” recommendations, with target prices ranging between € 2.30 and € 3.40, compared to a share price of € 2.02 as at 30 June 2026 ;
• the WACC, across the various clusters and geographical areas of the Mondadori Group, as at 30 June 2026, showed a slight decrease compared to the values used in the impairment testing process carried out for the 2025 financial statements;
• with regard to the international geopolitical situation, the position already set out in the interim and annual financial reports for previous years is confirmed as at the end of the first half of 2026: the Russia –Ukraine conflict, the conflict in the Midd le East and the more recent war between the United States and Iran have had no direct impact on the Mondadori Group’s financial performance or financial position. These areas, in fact, are not markets used to release publishing productions nor for the supp ly of services offered by Mondadori, nor does the Group purchase any raw materials, goods or services from these geographic areas;
• during the first half of 2026, the US dollar remained weak against the Euro. However, this exchange rate trend had no significant impact on the economic and financial results of the Mondadori Group, which has a presence in the United States through two pub lishing houses that together generate less than 6% of consolidated revenues and carry out import and export transactions with Italy involving relatively limited amounts;
• in the first half of 2026, the Group’s business units generated revenue and margins that were above or broadly in line with the targets set out in the budget and higher than the results recognised in the corresponding period of the previous year.
An analysis was conducted on the performance of the CGUs, for which, following the impairment test conducted when the consolidated financial statements for the year ended 31 December 2025 were prepared, the expected cash flows turned out to be higher than the carrying amount to a limited extent, in order to verify the possible presence of impairment indicators by comparing:
• the actual figures for first half 2026 with the forecasts for the same period included in the Medium -Term Plan approved by the Board of Directors on 12 February 2026 and used for the impairment test for the purpose of the 2025 financial statements;
94 Mondadori Group Consolidated Financial Statements at 30 June 2026 • the full -year 2026 forecast figures included in the medium -term Plan with those included in the latest forecast prepared for 2026.
Taking account of the results of the analyses conducted, no indicators appeared such as to require impairment testing.
9. INTANGIBLE ASSETS
"Intangible assets", amounting to € 437,768 thousand, increased by € 38,420 thousand versus 31 December 2025, due mainly to the acquisitions of Edilportale.com S.p.A. and Hoepli Education S.r.l..
Intangible assets
(Euro/thousands) 30/06/2026 31/12/2025
Intangible assets with a finite useful life Intangible assets with an indefinite useful life
130,121
307,647
137,431
261,918
Total intangible assets 437,768 399,348
“Intangible assets with finite useful lives”, amounting to € 130,121 thousand, down from € 137,431 thousand at 31 December 2025, include the carrying amounts of magazine titles, brands, websites and digital platforms relating to the Media and Digital areas , as well as the value of the brands associated with the comic book distribution business.
In “Cost of creation" and "Other assets, assets in progress and advances", the most significant amounts are represented by costs incurred in the school textbooks segment for the creation of new publishing projects.
95 Mondadori Group Consolidated Financial Statements at 30 June 2026
Investments for H1 2026 came to € 12,309 thousand, mainly represented by:
• the costs incurred to create new titles in the Education area (€ 5,329 thousand presented under “Creation costs” and € 2,972 thousand under assets in progress), as well as audiobook production costs of € 707
thousand;
• investments in software for digital activities, new stores and the transition of the Group’s IT infrastructure to cloud technology.
The amount shown under “Change in scope” relates to the acquisition of Edilportale.com S.p.A.
Intangible assets with a finite useful life (Euro/thousands) Magazines Trademarks Customer
lists Software,
licenses,
patents
and rights Creation
costs Other
assets,
assets in
progress
and
advances Total
Historic cost at 31/12/2024 90,365
35,948
19,480
93,981
70,637
25,559
335,969
Capital expenditures 5,887 — 7,857 9,852 14,282 37,878 Disposals — — — — — — —
Change in scope — — — — — — — Other changes — (3,025) (611) (3,763) (21,212) (17,630) (46,241) Historic cost at 31/12/2025 90,365 38,809 18,869 98,075 59,277 22,211 327,606
Accumulated
amortisation and
impairment losses at
31/12/2024
63,272
21,409
4,650
50,007
51,096
4,959
195,394
Depreciation and amortisation 3,164
2,638 2,074 12,343 19,075 798 40,091 Write -downs (write -backs) — — — — 83 — 83 Disposals — — — — — — — Change in scope — — — — — — — Other changes — (3,024) (611) (9,585) (31,288) (885) (45,393)
Accumulated
amortisation and
impairment losses at
31/12/2025
66,436
21,024
6,113
52,764
38,966
4,872
190,175
Net value at 31/12/2024 27,093 14,539 14,830 43,974 19,541 20,599 140,575 Net value at 31/12/2025 23,929 17,786 12,756 45,310 20,311 17,339 137,431
96 Mondadori Group Consolidated Financial Statements at 30 June 2026
“Intangible assets with an indefinite useful life”, amounting to € 307,647 thousand, increased significantly from € 261,918 thousand as at 31 December 2025, as a result of the acquisitions of Edilportale.com S.p.A. and the Hoepli business.
Intangible assets with indefinite useful life (Euro/thousands) Trademarks and series Goodwill Total
Historic cost at 31 December 2024
84,947
183,271
268,218
Capital expenditures — 3,771 3,771 Disposals — — — Change in scope — — — Other changes (112) (215) (327) Historic cost at 31 December 2025 84,835 186,827 271,662
Impairment loss at 31/12/2024 992
7,857
8,849
Write -downs (write -backs) — 903 903 Other changes/disposals — (8) (8) Impairment loss at 31/12/2025 992 8,752 9,744
Net value at 31/12/2024 83,955 175,414 259,369 Net value at 31/12/2025 83,843 178,075 261,918
Intangible assets
with a finite useful
life
(Euro/thousands) Magazines Trademarks Customer
lists Software,
licenses,
patents
and rights Creation
costs Other
assets,
assets in
progress
and
advances Total
Historic cost at 31/12/2025 90,365
38,809
18,869
98,075
59,277
22,211
327,606
Capital expenditures — — 1,035 5,329 5,945 12,309 Disposals — — — — — — —
Change in scope — 9 — 6,317 — 76 6,402 Other changes — — — 2,286 9,390 (11,614) 63 Historic cost at 30/06/2026 90,365 38,818 18,869 107,713 73,997 16,618 346,380
Accumulated
amortisation and
impairment losses at
31/12/2025
66,436
21,024
6,113
52,764
38,966
4,872
190,175
Depreciation and amortisation 1,582 1,319 959 7,203 9,166 451 20,680 Write -downs (write -backs) — — — — — — — Disposals — — — — — — —
Change in scope — 1 — 5,308 — 10 5,320 Other changes — — — 45 — 38 84
Accumulated
amortisation and
impairment losses at
30/06/2026
68,017
22,344
7,072
65,321
48,132
5,371
216,258
Net value at 31/12/2025 23,929
17,786
12,756
45,310
20,311
17,339
137,431
Net value at 30/06/2026 22,348 16,474 11,797 42,392 25,864 11,247 130,121
97 Mondadori Group Consolidated Financial Statements at 30 June 2026 The balance of “Trademarks and series” reflects only the adjustment of the value of the brands of the US companies denominated in US dollars, amounting to € 26 thousand; “Goodwill” increased by € 45,703 thousand, as a result of the change in the Euro/US do llar exchange rate and the provisional allocation of the difference between the consideration paid and the carrying amount of equity of Edilportale.com S.p.A. and Hoepli Education S.r.l..
The Purchase Price Allocation process relating to the two acquisitions completed during the half -year under review and the acquisition of MA Retail S.r.l., completed in December 2025, is currently in progress.
Intangible assets with indefinite useful life (Euro/thousands) Trademarks and series Goodwill Total
Historic cost at 31 December 2025
84,835
186,827
271,662
Capital expenditures — 45,654 45,654 Disposals — — — Change in scope — — — Other changes 26 49 75 Historic cost at 30 June 2026 84,861 232,530 317,391
Impairment loss at 31/12/2025 992
8,752
9,744
Write -downs (write -backs) — — — Other changes/disposals — — — Impairment loss at 30/06/2026 992 8,752 9,744
Net value at 31/12/2025
83,843
178,075
261,918
Net value at 30/06/2026 83,869 223,778 307,647
Amortisation, write -downs and write -backs of intangible assets
Amortisation and depreciation, and write -downs for the first half of 2026 amounted to € 20,681 thousand, up by € 1,983 thousand compared with the same period of 2025, mainly due to higher amortisation resulting from investments in the preparation of new te xtbooks and the development of new software, as well as from consolidation scope changes.
Amortisation and impairment loss on intangible assets 2026 2025 (Euro/thousands)
Titles
1,582
1,582
Trademarks 1,319 1,319 Customer lists 959 1,037 Software, licenses, patents and rights 7,203 5,944 Development costs 9,166 8,418 Other intangible assets 451 398 Total amortization of intangible assets 20,681 18,698
Write -downs of intangible assets — — Write -backs of intangible assets — — Total write -downs (write -backs) of intangible assets — —
Total amortization and impairment loss on intangible assets 20,681 18,698
98 Mondadori Group Consolidated Financial Statements at 30 June 2026 The availability and use of intangible assets recognized in these financial statements are not subject to any lien or restriction.
10. PROPERTY, PLANT AND EQUIPMENT
The net book value of “Property, plant and equipment” as at 30 June 2026 amounted to € 51,620 thousand;
the increase compared to 31 December 2025 was € 933 thousand.
The table below shows a breakdown of "Property, plant and equipment" in 2025 and in first half 2026:
Property, plant and equipment
(Euro/thousands) Instrumental
buildings Plant and
equipment Other
tangible
assets Total
Historic cost at 31 December 2024 —
39,016
80,512
119,528
Capital expenditures 4 1,812 13,198 15,013 Disposals — (59) (315) (374) Change in scope — 581 1,913 2,494 Other changes — 235 (2,989) (2,754) Historic cost at 31 December 2025 4 41,584 92,318 133,906
Accumulated amortisation and impairment losses at
31/12/2024
—
23,513
51,898
75,412
Depreciation and amortisation — 3,355 6,953 10,309 Write -downs (write -backs) — 19 24 43 Disposals — (59) (299) (358) Change in scope — 131 461 592 Other changes — 3 (2,781) (2,778) Accumulated amortisation and impairment losses at 31/12/2025 — 26,962 56,257 83,220
Net value at 31/12/2024 —
15,503
28,612
44,115
Net value at 31/12/2025 4 14,622 36,061 50,687
Investments in the first half of 2026, amounting to € 2,533 thousand, mainly comprised costs incurred by the Retail area for plant, fixtures and fittings, and improvements to leased buildings relating to the opening of new bookstores or the refurbishment o f existing stores.
The amount shown under “Change in scope” relates mainly to the acquisition of Edilportale.com S.p.A.
99 Mondadori Group Consolidated Financial Statements at 30 June 2026
Property, plant and equipment
(Euro/thousands) Instrumental
buildings Plant and
equipment Other
tangible
assets Total
Historic cost at 31 December 2025 4
41,584
92,318
133,906
Capital expenditures 1 484 2,048 2,533 Disposals — (55) (952) (1,007) Change in scope 3,693 36 2,994 6,723 Other changes — 626 (956) (330) Historic cost at 30 June 2026 3,698 42,674 95,453 141,825
Accumulated amortisation and impairment losses at
31/12/2025
—
26,962
56,257
83,219
Depreciation and amortisation 55 1,779 3,740 5,573 Write -downs (write -backs) — 14 13 28 Disposals — (55) (299) (354) Change in scope 864 30 1,961 2,855 Other changes — — (1,116) (1,116) Accumulated amortisation and impairment losses at 30/06/2026 920 28,729 60,556 90,205
Net value at 31/12/2025 4
14,622
36,062
50,687
Net value at 30/06/2026 2,778 13,945 34,897 51,620
“Other fixed assets” is broken down as follows:
Other fixed assets
(Euro/thousands)
30/06/2026
31/12/2025
Industrial and commercial equipment 480 485 Electronic office machinery 3,476 3,888 Office furniture, facilities and fittings 13,390 13,199 Motor and transport vehicles 176 116 Leasehold improvements 11,508 12,006 Other tangible assets and fixed assets in progress 5,868 6,366 Total other fixed assets 34,897 36,061
Depreciation of property, plant and equipment
Depreciation and amortisation, and write -downs for the half -year totalled € 5,601 thousand, an increase compared with the € 5,147 thousand of the first half of 2025, due to investments made by the Retail Area in the sales outlets, as well as the change in the consolidation scope.
100 Mondadori Group Consolidated Financial Statements at 30 June 2026 Depreciation and impairment loss on property, plant and
equipment
(Euro/thousands)
2026
2025
Buildings
55 —
Plant and equipment 1,779 1,650 Equipment 136 79 Electronic office machinery 989 1,172 Furniture and furnishings 1,070 827 Motor and transport vehicles 72 50 Leasehold improvements 1,390 1,289 Other tangible assets 83 80 Total depreciation of property, plant and equipment 5,573 5,147
Write -downs of tangible assets 28 — Write -backs of tangible assets — — Total write -downs (write -backs) of property, plant and equipment 28 —
Total depreciation and impairment loss on tangible assets 5,601 5,147
11. ASSETS FROM RIGHTS OF USE
Right -of-use assets, recognised in accordance with IFRS 16, amounted to € 77,667 thousand, a decrease of € 4,645 thousand compared with 31 December 2025, as a result of depreciation and amortisation for the half -
year of € 8,594 thousand and the value of ne w lease agreements, which mainly concerned the Retail area.
Assets from rights of use (Euro/thousands) Rights of use buildings Rights of use motor vehicles Rights of use
hardware Total
Historic cost at 31 December 2024
117,563
2,867
1,347
121,778
Capital expenditures 17,712 978 — 18,691 Disposals (5,084) (221) — (5,305) Other changes 3,624 — 41 3,665
Historic cost at 31 December 2025 133,815 3,625 1,388 138,828
Amortisation fund at 31 December 2024
42,225
1,783
1,325
45,333
Depreciation and amortisation 14,828 681 27 15,536 Disposals (3,744) (218) — (3,962) Other changes (409) — 18 (391)
Amortisation fund at 31 December 2025 52,900 2,246 1,370 56,516
Net value at 31/12/2024
75,339
1,084
22
76,445
Net value at 31/12/2025 80,916 1,379 18 82,312
101 Mondadori Group Consolidated Financial Statements at 30 June 2026 Assets from rights of use (Euro/thousands) Rights of use buildings Rights of use motor vehicles Rights of use
hardware Total
Historic cost at 31 December 2025
133,815
3,625
1,388
138,828
Capital expenditures 3,876 — — 3,876 Disposals (1,274) (19) — (1,292) Other changes 227 — — 227 Historic cost at 30 June 2026 136,645 3,607 1,388 141,639
Amortisation fund at 31 December 2025
52,900
2,246
1,370
56,516
Depreciation and amortisation 8,269 313 12 8,594 Disposals (1,236) (19) — (1,255) Other changes 117 — — 117 Amortisation fund at 30 June 2026 60,049 2,541 1,382 63,972
Net value at 31/12/2025
80,916
1,379
17,517
82,312
Net value at 30/06/2026 76,596 1,066 6 77,667
12. INVESTMENTS
“Equity -accounted investees" and "Investments in other companies", amounting to € 18,320 thousand, increased by € 1,393 thousand compared to 31 December 2025.
Investments
(Euro/thousands)
30/06/2026
31/12/2025
Equity -accounted investees Investments in other companies
16,552
1,768
15,617
1,310
Total investments 18,320 16,927
The value of “Equity -accounted investees”, amounting to € 16,552 thousand, increased as a result of the acquisition of a 30% interest in the share capital of ALS Publishing S.r.l., the company that has managed logistics activities for the Trade Books area since 2026, and the positive results recorded during the half -year, particularly by Edizioni EL S.r.l. and the Attica Group.
102 Mondadori Group Consolidated Financial Statements at 30 June 2026 Equity -accounted investees - Details
(Euro/thousands)
30/06/2026
31/12/2025
Investments in joint ventures:
- Edizioni EL S.r.l.
- Attica Publications Group
- Mondadori Seec Advertising Co. Ltd
4,751
8,844
0
3,957
8,416
354 Total investments in joint ventures 13,595 12,727
Investments in associates:
- Press -Di Distribuzione Stampa Multimedia S.r.l. 744 741
- Meaningfool S.r.l. 198 199
- AD Cube S.r.l. 1,352 1,400
- Accademia Molly Bloom S.r.l. 386 400
- ALS Publishing S.r.l. 277 150 Total investments in associates 2,957 2,890 Total equity -accounted investees 16,552 15,617
The value of “Investments in other companies”, amounting to € 1,768 thousand, increased compared with 31 December 2025 as a result of the associates of Edilportale.com S.p.A. entering the scope of consolidation from January 2026.
Investments in other companies - Details 30/06/2026 31/12/2025 (Euro/thousands)
Investments in other companies:
- Società Editrice Il Mulino S.p.A. 197 197
- Consuledit S.r.l. 1 1
- Immobiliare Editori Giornali S.r.l. 52 52
- Consorzio Edicola Italiana 10 10
- Equal Education S.r.l. 100 100
- Istory S.r.l. 100 100
- Paperbox Health S.r.l. 50 50
- Pathway S.r.l. 50 50
- Similar S.r.l. 100 100
- Boosted Ai S.r.l. 100 100
- Lendit S.r.l. 100 100
- Educade S.r.l. 100 100
- Billd S.r.l. 150 150
- MemorAIz S.r.l. 100 100
- Qoravia S.r.l. 100 100
- Designstandard AG 317 —
- Dioguardi Lab S.r.l. 3 —
- Roofingreen S.r.l. 138 — Total investments in other companies 1,768 1,310
103 Mondadori Group Consolidated Financial Statements at 30 June 2026 The results of associates were overall positive at € 813 thousand, up from € 398 thousand in the first half of 2025, mainly as a result of the positive performance of Edizioni EL S.p.A. and Attica Publications Group.
Expense (income) from investments (Euro/thousands) 2026 2025
- Edizioni EL S.r.l.
(794)
(659)
- Attica Publications Group (448) (320)
- Mondadori Seec Advertising Co. Ltd 364 258
- Bookrepublic Webnovels S.r.l. 134 410
- Press -Di Distribuzione Stampa Multimedia S.r.l. (3) (114)
- Meaningfool S.r.l. 1 27
- AD Cube S.r.l. 45 —
- Accademia Molly Bloom S.r.l. 15 —
- ALS Publishing S.r.l. (127) — Total expense (income) from investments (813) (398)
13. PRE-PAID TAX ASSETS AND DEFERRED TAX LIABILITIES
“Pre -paid tax assets”, amounting to € 55,846 thousand, and “Deferred tax liabilities”, amounting to € 37,435 thousand, increased by € 481 thousand and decreased by € 1,823 thousand, respectively.
(Euro/thousands) 30/06/2026 31/12/2025
IRES on tax losses
Pre-paid IRES
Pre-paid IRAP
—
50,990
4,855
—
50,630
4,735
Total pre -paid tax assets 55,846 55,365
Deferred IRES
32,701
34,309
Deferred IRAP 4,735 4,949 Total deferred tax liabilities 37,435 39,258
The increase in the value of “Pre -paid tax assets” is attributable to the change in scope of consolidation, amounting to € 201 thousand, and the evolution of taxed provisions.
The Directors believe that the amounts recognised are recoverable, based on the projections included in the 2026 -2028 Medium -Term Plan approved by the Board of Directors on 12 February 2026.
104 Mondadori Group Consolidated Financial Statements at 30 June 2026 Components that led to the recognition of pre -paid tax
30/06/2026 31/12/2025
(Euro/thousands) Total Current tax rate Prepaid tax assets Total Current tax rate Prepaid tax
assets
Difference between book value and tax value of intangible assets
7,186
(*)
1,724
7,563
(*)
1,815
Difference between book value and tax value of investment property and investments in property, plant and equipment
2,013
(*) 483
2,048
(*) 491
Provision for bad debts 12,314 (*) 2,979 12,066 (*) 2,919 Write -down of inventory 24,558 (*) 5,927 26,597 (*) 6,416 Write -down of advances to authors 57,506 (*) 13,813 51,493 (*) 12,370 Provisions 23,297 (*) 5,591 24,998 (*) 5,999 Post -employment benefits 516 (*) 123 546 (*) 131 Elimination of intercompany income 9,650 (*) 2,316 8,150 (*) 1,956 Returns to receive 30,067 (*) 7,216 32,146 (*) 7,715 Amendment rights to existing tax consolidation 35,866 (*) 8,608 37,300 (*) 8,952 Other temporary differences 5,875 (*) 1,454 7,605 (*) 1,866
- Stock options / LTIs deductible at the time of grant 3,149 (*) 756 Total for IRES purposes 211,997 50,990 210,512 50,630 Difference between book value and tax value of intangible assets
6,443
(*) 251
6,803
(*) 265
Difference between book value and tax value of investment property and investments in property, plant and equipment 109 (*) 4 125 (*) 5 Write -down of inventory 21,214 (*) 827 23,355 (*) 911 Write -down of advances to authors 56,138 (*) 2,189 50,134 (*) 1,955 Provisions — (*) — — (*) — Post -employment benefits 67 (*) 3 67 (*) 3 Elimination of intercompany income 9,615 (*) 375 8,115 (*) 317 Returns to receive 30,067 (*) 1,173 32,146 (*) 1,254 Other temporary differences 847 (*) 33 675 (*) 25 Total for IRAP purposes 124,500
4,855 121,420
4,735
(*) With regard to income tax, each Group company applied the tax rate applicable in the country of residence. As for IRAP, e ach Group company applied the tax rate in force, taking account of the distribution of the tax base by region.
The decrease in the value of “Deferred tax liabilities” was mainly due to the recognition of depreciation and amortisation relating to the amounts allocated to the finite -life assets of the acquired companies following the Purchase Price Allocation process .
105 Mondadori Group Consolidated Financial Statements at 30 June 2026 Components that led to the recognition of deferred tax
30/06/2026 31/12/2025
(Euro/thousands)
Total tax Deferred tax Total tax Deferred tax
Difference between book value and tax value of intangible assets
122,963
(*)
29,511
128,419
(*)
30,820
Difference between book value and tax value of investment property and investments in property, plant
and equipment
— (*)
— — (*) — Post -employment benefits 2,110 (*) 507 1,857 (*) 446 Other temporary differences 11,177 (*) 2,683 12,678 (*) 3,043 Total for IRES purposes 136,250
32,701 142,954
34,309
Difference between book value and tax value of intangible assets
121,207
(*)
4,727
126,690
(*)
4,941
Difference between book value and tax value of investment property and investments in property, plant
and equipment
75 (*)
3 76
(*) 3
Post -employment benefits 123
5 130
5 Total for IRAP purposes 121,405
4,735 126,896
4,949
(*) With regard to income tax, each Group company has applied the tax rate in force in its country of residence. With regard to IRAP, each Group company has applied the tax rate in force, taking into account the breakdown of the tax base by region.
14. OTHER NON -CURRENT ASSETS
The balance of “ Other non -current assets ”, amounting to € 1,349 thousand, decreased by € 215 thousand, mainly due to the period portion of the time value relative to the price paid for the purchase option of a minority share in Adelphi Edizioni S.p.A..
Other non -current assets (Euro/thousands) 30/06/2026 31/12/2025
Guarantee deposits
Others
203
1,146
195
1,369
Total other non -current assets 1,349 1,564
106 Mondadori Group Consolidated Financial Statements at 30 June 2026
15. TAX RECEIVABLES AND PAYABLES
Tax receivables
(Euro/thousands)
30/06/2026
31/12/2025
Receivables from the tax authorities for IRAP
1,262
703 Receivables from the tax authorities for IRES 1,074 1,486 Receivables from Fininvest for IRES 1,001 1,099 Receivables from the tax authorities for IVA 8,838 10,518 Receivables from the tax authorities for direct tax to recover and advances on disputes 2,862 3,569 Total tax assets 15,037 17,375
At 30 June 2026, "Tax receivables" amounted to € 15,037 thousand, down by € 2,338 thousand versus the previous year, due to the VAT receivable collected by the subsidiary Adkaora SL from the Spanish tax authorities.
The “Receivables from the tax authorities for IRAP” increased as a result of the seasonality of certain businesses, which record lower financial results in the first half of the year than at year -end.
The “Receivables from the tax authorities for IRES”, amounting to € 1,074 thousand, recorded a decrease due to the reimbursement of withholdings applied abroad.
“Receivables from the tax authorities for direct tax to recover and advances on disputes”, amounting to € 2,862 thousand, includes mainly:
• receivables recognized as a result of the deductibility of IRAP from the IRES taxable base for € 784 thousand;
• receivables for public contributions recognised on paper consumption costs;
• receivables for tax disputes for a total of € 8,903 thousand, fully written down.
Income tax payables (Euro/thousands) 30/06/2026 31/12/2025
Payables to the tax authorities for IRAP Payables to the tax authorities for IRES Payables to Fininvest for IRES 481 846 — 786
1,197
10,323
Total income tax payables 1,327 12,306
"Income tax payables", which amounted to € 1,327 thousand, decreased by € 10,979 thousand, due to the payment of payables accrued in the previous year.
107 Mondadori Group Consolidated Financial Statements at 30 June 202616. OTHER CURRENT ASSETS “Other current assets”, amounting to € 97,559 thousand, rose by € 19,633 thousand, as a result mainly of:
•advance payment to agents that were higher than the commissions accrued in the first half of the year, due to the seasonal nature of the education business;
•the increase in net advances to authors;
•the increase in accrued income relative to service and maintenance fees for IT equipment and outsourced services, for which the annual amount is billed at the start of the year and costs incurred for exhibitions to be opened to the public during the second half of the year;
•the € 3,584 thousand receivable held by Edilportale.com S.p.A. from the Apulia Region in respect of contributions accrued for investments made in technological innovation, pursuant to the Disciplinare Programmi di Agevolazione PIA Media Imprese regulations.
Other current assets (Euro/thousands) 30/06/2026 31/12/2025 Receivables due from agents 6,281 159 Receivables from authors 128,151 118,790 Provision for advances to authors (61,750) (55,902) Receivables from suppliers and associates 6,934 6,191 Accrued income and deferred expenses 12,809 7,536 Other receivables from associates and affiliates 147 147 Other receivables 4,988 1,005 Total other current assets 97,559 77,926
17. INVENTORY
The value of “Inventory”, of € 184,391 thousand, increased by € 32,106 thousand compared to 31 December 2025, mainly due to the seasonality of the education business, which involves the printing and storage of school textbooks prior to their subsequent sal e, mostly concentrated in the third quarter.
108 Mondadori Group Consolidated Financial Statements at 30 June 2026Inventory (Euro/thousands) 30/06/2026 31/12/2025 Raw and ancillary materials and consumables Write -downs of raw and ancillary materials and consumables 18,569
(1,038) 16,680
(1,053)
Total raw and ancillary materials and consumables 17,530 15,627 Work in progress and semi -finished goods Write -down of work in progress and semi -finished goods 14,033
(1,453) 14,103
(1,167)
Total work in progress and semi -finished goods 12,580 12,936 Finished products and goods Write -down of finished products and goods 223,339
(69,059) 191,353
(67,631)
Total finished products and goods 154,280 123,722 Total inventory 184,391 152,285 The value of “Raw, ancillary and consumable materials”, amounting to € 17,530 thousand, increased by € 1,903 thousand, mainly attributable to the Education Books area (€ +2,450 thousand) to support the particularly significant production scheduled for the third quarter, partially offset by a decrease in the Trade Books area.
The value of “Work in progress and semi -finished goods”, amounting to € 12,580 thousand, decreased by € 354 thousand, as a result of the higher write -downs required following the analysis of production orders that had not yet been completed.
"Finished products and goods" includes books produced by the Group, third -party publishers’ books purchased for re -sale in the Retail segment and merchandising, paper processing and gifts.
The amount of finished products, of € 154,280 thousand, increased by € 30,558 thousand, compared to 31 December 2025, mainly due to:
•the change in scope of consolidation, resulting from the acquisition of Edilportale.com S.p.A. and Hoepli Education S.r.l., amounting to € 4,094 thousand;
•the printing of school textbooks, which, as usual, mainly takes place during the second and third quarter of the year (€ +16,494 thousand in the Education Area);
•the increase in the number of stores belonging to the Retail area network (€ +7,759 thousand).
Inventory write -down was calculated separately and analytically for each Group company, in consideration of the saleability of finished products and the relative rotation indexes, the possible unproductiveness of work -in-
progress or semi -finished products, and the deterioration of raw materials.
109 Mondadori Group Consolidated Financial Statements at 30 June 2026 Inventory - Write -down
(Euro/thousands)
Raw material Work in progress and semi -
finished goods Finished products
and goods
Balance at 31/12/2024
1,293
1,268
77,168
Changes in the year:
- allocation 51 559 6,013
- utilizations (291) (619) (15,208)
- other changes 0 (41) (342) Balance at 31/12/2025 1,053 1,167 67,631
Changes in the year:
- allocation 22 260 2,836
- utilizations (37) 0 (1,532)
- other changes 0 26 124 Balance at 30/06/2026 1,038 1,453 69,059
None of the inventory recorded in the financial statements are pledged as guarantees for liabilities.
Decrease (increase) in inventory
The income statement effects resulting from the changes in inventory and the provisions for value adjustments are detailed below.
Decrease (increase) in inventory (Euro/thousands) 2026 2025
Changes in finished products and goods Allocation to the provision for write -downs of finished products and goods Utilization of the provision for write -downs of finished products and goods
(28,069)
2,836
(1,532)
(16,652)
2,539
(1,244)
Total changes in finished products and goods (26,764) (15,357)
Changes in work in progress and semi -finished goods Allocation to the provision for write -downs of work in progress and semi -finished
goods
Utilization of the provision for work in progress and semi -finished
goods
728
260
0 584
0
(52)
Total changes in work in progress and semi -finished goods 988 532
Changes in raw and ancillary materials and consumables Allocation to the provision for write -downs of raw and ancillary materials and
consumables
Utilization of the provision for write -downs of raw and ancillary materials and
consumables
(1,888)
22
(37)
(284)
35
(149)
Total changes in raw and ancillary materials and consumables
(1,903)
(398)
Total decrease (increase) in inventory (27,680) (15,222)
110 Mondadori Group Consolidated Financial Statements at 30 June 2026
18. TRADE RECEIVABLES
The amount of “Trade receivables”, of € 196,915 thousand, increased by € 31,773 thousand, compared to € 165,142 thousand at 31 December 2025.
Trade receivables
(Euro/thousands) 30/06/2026 31/12/2025
Receivables from customers
184,417
149,481
Receivables from associates 3,855 4,418 Receivables from parent companies 250 10 Receivables from affiliates 8,393 11,233 Total trade receivables 196,915 165,142
The significant increase is mainly attributable to:
• the change in the scope of consolidation resulting from the acquisition of Edilportale.com S.p.A. and Hoepli Education S.r.l., amounting to a total of € 6,677 thousand;
• the seasonal nature of some businesses, notably the Education Books area (€ +53,867 thousand), as a result of the restocking of top accounts and wholesalers, the Trade Books area (€ -20,011 thousand) and the Retail area (€ -7,242 thousand), which reach the ir peak in sales during the Christmas period;
• the decrease in the Media area of € 2,955 thousand, due to the seasonality affecting advertising sales, which are stronger towards the end of the year.
“Receivables from associates”, amounting to € 3,855 thousand, mainly refer to receivables due from Press -Di Distribuzione Stampa e Multimedia S.r.l. and Edizioni EL S.r.l., which decreased as a result of the decline in the distribution of printed copies of magazines.
“Receivables from affiliates”, totalling € 8,393 thousand, were mainly in respect of Mediamond S.p.A. and reduced significantly as a result of the seasonal nature of advertising investments, which are mainly concentrated in the second half of the year.
Trade receivables - Receivables from customers (Euro/thousands) 30/06/2026 31/12/2025
Gross receivables from customers
252,533
222,683
Customers – returns to receive (55,676) (61,064) Provision for bad debts (12,440) (12,138) Total trade receivables 184,417 149,481
The provision for bad debts, amounting to € 12,440 thousand, does not differ greatly from the amount at 31 December 2025; the amount of the provision was determined following a thorough analysis completed on customer creditworthiness and credit positions a t risk of collection.
111 Mondadori Group Consolidated Financial Statements at 30 June 2026 Trade receivables - Receivables from customers - Write -down
(Euro/thousands)
30/06/2026
31/12/2025
Balance at beginning of year 12,138 13,724 Changes in the year:
- allocation 862 2,498
- utilizations (732) (3,412)
- changes in consolidation scope and other changes 173 (672) Total provision for bad debts 12,440 12,138
There were no trade receivables due over five years.
19. EQUITY
Equity at 30 June 2026, amounting to € 296,468 thousand, including third party shareholder reserves of € 4,358 thousand, changes to which are detailed in the specific statement, decreased by € 37,045 thousand, compared with 31 December 2025.
The most significant changes are as follows:
• the half -year result, positive at € 1,754 thousand;
• dividends approved for distribution to shareholders, amounting to € 40,171 thousand;
• the € 193 thousand increase in the cash flow hedge reserve, as a result of the interest rate derivative being adjusted to its fair value at 30 June 2026;
• the adjustment of the reserve for converting financial statements drawn up in currencies other than the euro, which rose by € 658 thousand as a result of the appreciation of the dollar;
• the € 17 thousand increase in the Performance Share Plan reserve.
Equity attributable to non -controlling interests, amounting to € 4,358 thousand, relates to Rizzoli Education S.p.A. (€ 9 thousand), De Agostini Libri S.r.l. (€ 718 thousand), Fatto in Casa da Benedetta S.r.l. (€ 1,413 thousand) and Edilportale.com S.p.A. (€ 2,218 thousand).
The consolidation of the latter from 1 January 2026 explains almost entirely the difference in minority shareholders' equity compared with the figures as at 31 December 2025.
Minority shareholders' equity is accounted for taking into account put and call option agreements with minority shareholders.
20. PROVISIONS
The value of “Provisions”, amounting to € 24,146 thousand, decreased by € 1,387 thousand, despite a contribution of € 760 thousand from the companies that joined the Group during the first half of the year.
The most significant changes regard:
• the decrease in the provision for restructuring costs (€ 1,447 thousand), due to the closure of some
positions ;
112 Mondadori Group Consolidated Financial Statements at 30 June 2026•the decrease in the “Provision for legal risks” (€ 325 thousand), due to the closure of various disputes;
•the decrease in the “Provision for tax disputes” (€ 290 thousand), following the settlement of the transfer pricing dispute.
Provisions
(Euro/thousands) 31/12/2025 Alloc. Utilizations Other
changes 30/06/2026
Provision for agents' contractual risks 1,729 — (114) 358 1,973 Provision for personnel downsizing risks 3,193 — (1,447) — 1,747 Provision for legal risks 6,323 66 (391) 488 6,487 Provision for investment risks 200 100 — 35 335 Provision for tax disputes 365 150 (290) — 225 Provision for contractual commitments 4,858 — — — 4,858 Provision for contractual commitments ad agency 855 — (17) — 838 Other provisions for risks 8,009 — (260) (65) 7,684 Total provisions 25,533 316 (2,518) 816 24,146
21. POST -EMPLOYMENT BENEFITS
“Post -employment benefits", amounting to € 30,744 thousand, rose by € 2,249 thousand overall:
Edilportale.com S.p.A. and Hoepli Education S.r.l., acquired during the half -year under review, contributed € 2,053 thousand and € 622 thousand, respectively.
Post -employment benefits (Euro/thousands) 30/06/2026 31/12/2025 Provision for post -employment benefits (TFR) 15,692 13,761 Provision for supplementary agents’ indemnity (FISC) 15,030 14,712 Provision for pensions and similar obligations 22 22 Total post -employment benefits 30,744 28,495 Post -employment benefits and the supplementary agents’ indemnity were determined by applying an actuarial method in compliance with IAS 19 and IAS 37.
It should be noted that for both calculations, a discounting rate based on the iBoxx benchmark, Euro area, rating AA and with a 10+ duration, was used consistently with past valuations.
113 Mondadori Group Consolidated Financial Statements at 30 June 2026 Actuarial assumptions to measure TFR 30/06/2026 31/12/2025
Economic assumptions:
- increase in cost of living
- discounting rate
2.00%
4.04%
2.00%
3.96%
Demographic assumptions:
- probability of death
- probability of disability
- probability of leaving for other reasons
- retirement age IPS 55 tables INPS 2000 tables From 1.72% to
14.54%
Regulations in force IPS 55 tables INPS 2000 tables From 1.72% to
14.54%
Regulations in force
Actuarial assumptions to measure FISC 30/06/2026 31/12/2025
Economic assumptions:
- discounting rate 4.04% 3.96%
Demographic assumptions:
- probability of death/disability 1.0% 1.0%
- probability of leaving service 5.0% 5.0%
- probability of voluntary resignation 1.5% 1.5%
- average age of agency contract termination Regulations in force Regulations in force
The change in the discount rate, from 3.96% to 4.04%, led to a decrease in the provision for post -employment benefits of € 55 thousand.
Post -employment benefits cost items, booked under income statement, include the service cost of companies with less than 50 employees for € 435 thousand, financial expense of € 303 thousand, and the portion paid into the supplementary pension scheme for € 3,499 thousand.
The changes in the "Provision for supplementary agents' indemnity" reflect the change in consolidation scope and turnover occurring in the Group's sales force during H1 2026; the item "Provisions" includes the effect of discounting.
"Provision for retirement" was not subject to discounting as the effects are irrelevant.
114 Mondadori Group Consolidated Financial Statements at 30 June 2026Post -employment benefits - Details (Euro/thousands) Provision for
post -
employment
benefits (TFR) FISC Provision for
retirement
Balance at 31/12/2025 13,761 14,712 22 Changes in 2026:
- allocations 435 455 —
- utilizations (700) (581) —
- reversals — —
- interest costs 303 — —
- changes in consolidation scope and other changes 1,893 444 — Balance at 30/06/2026 15,692 15,030 22
22. OTHER CURRENT LIABILITIES
The value of “Other current liabilities”, amounting to € 147,203 thousand, increased by € 8,328 thousand compared with 31 December 2025, attributable to changes in the scope of consolidation for € 11,873 thousand.
Excluding the contribution from the acquir ed companies, the balance decreased by € 3,545 thousand, mainly as a result of the different impact of additional monthly payments at year -end compared with those recognised in June.
For this reason, “Tax payables”, “Payables due to welfare and social security entities” and “Payroll and other payables to personnel” decreased.
“Payables due to authors”, amounting to € 74,403 thousand, increased as a result of rights accrued during the half-year that have not yet been offset against advances already paid.
Other current liabilities (Euro/thousands) 30/06/2026 31/12/2025 Customer advances 5,999 3,935 Tax payables 5,554 6,575 Payables due to welfare and social security entities 12,103 13,059 Payables to associates and affiliates 59 79 Other payables 123,488 115,227 Total other current liabilities 147,203 138,875 Details of "Other payables”.
115 Mondadori Group Consolidated Financial Statements at 30 June 2026Other current liabilities – Other payables (Euro/thousands) 30/06/2026 31/12/2025 Payroll and other payables to personnel 17,472 17,566 Payables due to authors 74,403 69,436 Payables to subscription and instalment customers 15,413 15,728 Other payables, accrued liabilities and deferred income 16,200 12,497 Total other payables 123,488 115,227
23. TRADE PAYABLES
“Trade payables”, amounting to € 249,957 thousand, decreased by € 14,305 thousand compared with 31 December 2025, despite the € 3,695 thousand balance relating to the companies acquired during the first half of the year.
The reduction in the balance involved the Trade Books Area and Retail Area, respectively for € 13,017 thousand and € 8,712 thousand, as a result of the seasonal nature of business activities, which peak during the Christmas period.
The Education Books Area increased its balance by € 5,274 thousand, having brought production forward.
Trade payables
(Euro/thousands) 30/06/2026 31/12/2025 Payables to suppliers 243,180 257,653 Payables to associates 6,516 5,754 Payables to parent companies 42 46 Payables to affiliates 219 809 Total trade payables 249,957 264,262 “Payables to associates” include the balance due to Edizioni EL S.r.l. in respect of publishing product distribution activities, and the balance due to ALS Publishing S.r.l., which has been responsible for logistics activities for the Group’s Trade Books a rea since March.
“Payables to affiliates” mainly refer to the exchange of goods for advertising space carried out with Mediamond S.p.A.; the decrease in the balance - from € 809 thousand to € 219 thousand - is primarily attributable to reduced commercial transactions with Publitalia ‘80 S.p.A., usually concentrated in the second half of the year.
Payables to associates, parent companies and affiliates are detailed in Annex "Transactions with related parties"; transactions with related parties are carried out under normal market conditions.
There were no trade payables due over five years.
24. NET FINANCIAL POSITION
The following table shows the composition of the net financial position.
116 Mondadori Group Consolidated Financial Statements at 30 June 2026 Net financial position
(Euro/thousands)
30/06/2026
31/12/2025
Non-current financial assets
2,927
2,904
Current financial assets 1,194 876 Cash and cash equivalents 32,504 56,660 Non-current financial liabilities (92,719) (94,746) Current financial liabilities (205,963) (51,379) Financial assets (liabilities) from discontinued operations — — Net financial position before IFRS 16 (262,057) (85,685)
Financial liabilities IFRS 16
(84,864)
(88,805)
Financial liabilities IFRS 16 discontinued operations — — Net financial position including IFRS 16 effect (346,921) (174,490)
The net financial position, according to the format recommended by CONSOB shown below, which does not include "Non -current financial assets" amounting to € 2,927 thousand, stood at € -349,848 thousand.
Net financial position
(Euro/thousands)
30/06/2026
31/12/2025
- Cash
- Bank deposits
- Postal deposits 342
31,791
371
1,846
54,270
543 A Cash and cash equivalents B Cash equivalents C Other current financial assets 32,504 —
1,194 56,660
— 876
D Liquidity (A+B+C) 33,699 57,536
- Current bank payables
(143)
(284)
- Financial liabilities IFRS 16 (16,594) (15,795)
- Other current financial payables (22,328) (2,702) E Current financial debt (including debt instruments, excluding current portion of non -current financial debt) (39,065) (18,780)
- Loans (183,492) (48,393) F Current portion of non -current financial debt (183,492) (48,393)
G Current financial debt (E+F) (222,557) (67,173) H Net current financial debt (G -D) (188,858) (9,637)
- Loans
(77,361)
(83,008)
- Financial liabilities IFRS 16 (68,270) (73,010)
- Derivatives and other financial liabilities (15,358) (11,738) I Non -current debt (excluding current portion and debt instruments) (160,990) (167,756) J Debt instruments — — K Trade payables and other non -current payables — — L Non -current financial debt (I+J+K) (160,990) (167,756) M Total financial debt (H+L) (349,848) (177,394)
117 Mondadori Group Consolidated Financial Statements at 30 June 2026
Financial assets
The value of “Non -current financial assets” of € 2,927 thousand is essentially unchanged compared with 31 December 2025; its components record an increase in the fair value of interest rate risk derivatives and the partial repayment of the loan granted by Mondadori Media S.p.A. to the associate Press -Di Distribuzione e Multimedia S.r.l..
The amount receivable from the latter amounted to € 1,563 thousand at 30 June 2026; the loan to Attica Publications was unchanged at € 450 thousand.
Non -current financial assets
(Euro/thousands)
30/06/2026
31/12/2025
Financial receivables from associates
Financial receivables
Assets resulting from derivative instruments
2,013
216 698
2,363
400 142
Total non -current financial assets 2,927 2,904
“Other current financial assets”, amounting to € 1,194 thousand, increased by € 318 thousand, due to higher financial receivables from the associate Bookrepublic Webnovels S.r.l., which is in liquidation, and higher “Financial receivables from others” aris ing from the advance payment of lease rentals, partly offset by the decrease in the fair value of interest rate risk derivatives maturing on 31 December 2026.
Other current financial assets
(Euro/thousands)
30/06/2026
31/12/2025
Financial receivables from customers — — Financial receivables from associates 290 92 Financial receivables from parent companies — — Financial receivables from affiliates — — Financial receivables from others 450 20 Total financial receivables 740 112
Financial assets at fair value with adjustments recognized in the income
statement
— — Available -for-sale financial assets — — Assets resulting from derivative instruments 454 765 Total other current financial assets 1,194 876
Cash and cash equivalents
This item, amounting to € 32,504 thousand, decreased from € 56,660 thousand at 31 December 2025, when the temporary surplus liquidity held in current accounts was higher. The fair value of cash and cash equivalents corresponds to their carrying amount at 3 0 June 2026.
118 Mondadori Group Consolidated Financial Statements at 30 June 2026 Cash and cash equivalents
(Euro/thousands)
30/06/2026
31/12/2025
Cash and cash on hand 342
1,846
Bank deposits 31,791 54,270 Post office accounts 371 543 Total cash and cash equivalents 32,504 56,660
Non -current financial liabilities
“Non -current financial liabilities” mainly include:
• medium/long -term loans in the amount of € 77,361 thousand, including the effect of the amortised cost;
• consideration, with deferred payment, related to acquisitions concluded in recent years, amounting to € 15,358 thousand.
Non -current financial liabilities Effective interest rate Maturity between 1 and 5 years Maturity over 5 years
30/06/2026
31/12/2025
Loans
2.99%
77,361
—
77,361
83,008
Liabilities from derivatives — — — 8 Other financial payables 15,358 — 15,358 11,730 Total non -current financial liabilities 92,719 — 92,719 94,746
Payables to banks and other current financial liabilities
“Payables to banks and other current financial liabilities” amounted to € 205,963 thousand and mainly
included:
• the portions of short -term loans, including the amortised cost effect, amounting to € 48,492 thousand; “Hot Money” loans, maturing between July and October 2026, amounting to € 135,000 thousand, to meet cash requirements arising from the seasonality that m ainly characterises school publishing;
• other financial payables of € 22,329 thousand, including € 20,086 thousand for the second tranche of dividends to be paid in November 2026 and deferred payments related to acquisitions completed in recent years.
119 Mondadori Group Consolidated Financial Statements at 30 June 2026Payables to banks and other current financial
liabilities
(Euro/thousands) Effective
interest rate 30/06/2026 31/12/2025 Bank deposits 143 284 Loans 1.84% 183,492 48,393 Financial payables to associates — — Other financial payables 22,329 2,702 Total payables to banks and other current financial liabilities 205,963 51,379 At 30 June 2026, the Leverage Ratio Financial Covenant (Net Financial Position resulting from the consolidated half-year report) amounted to € 262,057 thousand, below the cap of € 280,000 thousand set out in the pool loan agreement.
Changes in committed credit lines:
(Euro/thousands) 31/12/2025 Utilizations Reimbursements Other
changes 30/06/2026
Line A maturing in 2026 15,553 — — 137 Line C maturing in 2026 21,674 — — 18 Term Loan December 2024, 49,908 — — 15 mat. December 2028 Term Loan September 2024, 44,338 — (5,555) 24 mat. September 2029 RCF July 2024, mat. July (131) (131) — — 18
2029
RCF June 2026, mat. June — — — (146)
2031 15,690
21,692
49,923
38,807
(113)
(146)
Total 131,342 — (5,555) 66 125,853 In June and July, the credit facilities maturing in 2026 (€ 168.0 million) were refinanced through the execution of four Revolving Credit Facility (RCF) agreements with the Group’s main relationship banks, each with a five -
year term and an amount of € 50 m illion, for a total of € 200 million.
Assets and liabilities resulting from derivative instruments Assets and liabilities resulting from derivative instruments - Detail (Euro/thousands) Type of derivative instrument Fair value at 30/06/2026 Fair value at
31/12/2025
Non-current financial assets (liabilities):
- Rate derivatives Cash flow hedge 1,153 907
- Rate derivatives Cash flow hedge — (8) Current financial assets (liabilities)
- Currency derivatives Trading The Group has adopted a Financial Risk Management policy. The use of derivative instruments is in line with the guidelines contained in such policy. In order to verify hedging efficiency, the Group performs a series of prospective tests and, where necessar y, retroactive tests on a quarterly basis. — 0
120 Mondadori Group Consolidated Financial Statements at 30 June 2026Assets resulting from derivative instruments amounting to € 1,153 thousand, include:
•the fair value relating to the hedging transactions on the existing interest rate risk, based on 100% of the Line A Amortising Term Loan of the pool loan agreement entered into in May 2021, maturing in December 2026 for a notional residual amount of € 15.8 million and a weighted average rate of -0.086%;
•the fair value relating to the hedging transactions on the existing interest rate risk, applying to 92% of the use of Line C Acquisition Line of the Pool loan agreement concluded in May 2021, maturing in December 2026, with a residual notional amount of € 20 million and a weighted average rate of -0.098%;
•the fair value of the interest rate hedge in place on 100% of the Term Loan maturing in 2028, under the loan agreement signed in December 2024, with a residual notional amount of € 50 million and a fixed rate of
2.139%;
•the fair value of outstanding interest -rate hedging transactions covering 100% of the amortising term loan maturing in 2029 under the loan agreement entered into in September 2024, with a residual notional amount of € 38.9 million and a rate of 2.303%.
The table below shows the hedge impact on income statement and equity:
Cash flow hedge reserve (Euro/thousands) 30/06/2026 31/12/2025 Initial balance gross of the tax effect (2,376) (3,724) Amount recognised in the period (629) (528) Amount endorsed from reserve and recognised in the income statement:
- adjustments to expense (1,003) (2,152)
- adjustments to income 1,378 4,028 Final balance gross of the tax effect (2,630) (2,376) Inefficient part of hedge — — Financial liabilities IFRS 16 “IFRS 16 financial liabilities” are determined by grouping right -of-use assets into clusters based on their contractual maturity and applying a different discount rate to each cluster: for Italian companies, the three -
month Euribor rate, subject to a zero floor, plus a spread; and for US companies, the three -month Treasury rate plus a spread.
The balance decreased by € 3,941 thousand, despite the change in scope of consolidation relating to Edilportale.com S.p.A. of € 989 thousand, as a result of depreciation and amortisation for the half -year.
(Euro/thousands) Maturity between 1 and 5 years Maturity over 5 years 30/06/2026 31/12/2025 Non-current financial liabilities IFRS 16 53,997 14,273 68,270 73,010 Current financial liabilities IFRS 16 16,594 15,795 Total financial liabilities IFRS 16 53,997 14,273 84,864 88,805
121 Mondadori Group Consolidated Financial Statements at 30 June 202625. REVENUE FROM SALES AND SERVICES In H1 FY 2026, consolidated revenue amounted to € 415,964 thousand, up by 6.8% versus the same period of the previous year. Like -for-like - net of the change in scope resulting from the consolidation of MA Retail S.r.l.
(1 December 2025), Edilportale.com S.p.A. (1 January 2026) and Hoepli E ducation S.r.l. (1 May 2026) - revenue growth came to approximately 3%.
In the Trade Books area, revenue amounted to € 188,400 thousand, up by 4.7% compared with the first half of 2025, driven by the strong performance of publishing revenue (+2.2%), supported by positive market trends, as well as by the launch - in the fourth quarter of 2025 - of the concession relating to the management of the bookshops at the Uffizi Gallery.
In the Education Books area, revenue of € 74,037 thousand increased by 6.0% compared with the first half of 2025, mainly as a result of the contribution from the consolidation of Hoepli Education S.r.l. and the trend in replenishment orders from top accoun ts.
In the first half of 2026, the Retail area recorded revenue of € 97,000 thousand, up by 3.9% compared with the corresponding period of the previous financial year, despite the loss of turnover caused by the disruption of the logistics services supplier aff ecting the e -commerce channel in January. Excluding this non -recurring effect, the Retail area would have recorded solid growth of 6.3%, confirming the strength of the Book product business in the physical channel.
The Digital area reported revenue of € 51,234 thousand, showing growth of 28.9% compared with the first half of the previous financial year, driven by the combined effect of the consolidation of Edilportale.com S.p.A. and the positive business performance, particularly in MarTech activities; organic growth in the quarter under review stood at 3.3%.
The Media area reported revenue of € 35,100 thousand, up by 4.5% compared with the first six months of 2025, due to growth in add -on sales recorded, which more than offset the structural decline in circulation.
The table below reflects the new presentation of the 2025 data, following the identification of the Digital business unit.
Revenue from sales and services (Euro/thousands) 2026 2025 % Change Trade Books 188,400 179,988 4.7 % Education Books 74,037 69,815 6.0 % Retail 97,000 93,392 3.9 % Digital 51,234 39,745 28.9 % Media 35,100 33,600 4.5 % Other Business and Corporate 24,012 23,801 0.9 % Aggregate revenue 469,783 440,341 6.7% Intercompany revenue (53,820) (50,830) 5.9 % Total revenue from sales and services 415,964 389,511 6.8% The "Directors' Report on Operations" provides further details on revenue trends and the Group’s various lines of business.
122 Mondadori Group Consolidated Financial Statements at 30 June 202626. COST OF RAW AND ANCILLARY MATERIALS, CONSUMABLES AND GOODS The “Cost of raw and ancillary materials, consumables and goods”, which amounted to € 97,632 thousand, increased by € 19,045 thousand, mainly due to:
•the change in the scope of consolidation of € 2,030 thousand, included under “Goods for re -sale”;
•higher purchases of Oxford University Press products by Rizzoli Education S.p.A., amounting to € 7,602
thousand;
•higher purchases of products and goods for re -sale by Mondadori Retail S.p.A. and Star Shop S.p.A., totalling € 5,443 thousand, due to the increase in the number of stores, and by Electa S.p.A., amounting to € 1,546 thousand, in connection with the managem ent of the bookshops at the Uffizi Gallery.
Cost of raw and ancillary materials, consumables and goods (Euro/thousands) 2026 2025 Cost of raw materials Goods for re -sale Consumables, maintenance and other materials 25,369
70,165
2,098 23,580
54,001
1,006
Total cost of raw and ancillary materials, consumables and goods 97,632 78,587
27. COST OF SERVICES
“Cost of services”, amounting to € 226,352 thousand, increased by € 7,018 thousand, of which € 5,648 thousand related to companies acquired over the last twelve months. The other most significant changes concerned:
•“Logistics” costs, which increased by € 2,461 thousand, as a result of higher volumes shipped in the Trade Books and Education Books areas and one -off costs incurred for the change of operator in both business units;
•“Consultancy services and third -party collaborations” costs, which increased by € 838 thousand, as a result of the merger and acquisition transactions completed during the first half of the year;
•the “Publisher's share”, which grew by € 448 thousand, due to the positive performance of Adkaora S.r.l..
123 Mondadori Group Consolidated Financial Statements at 30 June 2026 Cost of services
(Euro/thousands)
2026
2025
Rights and royalties
45,395
44,837
Commissions and costs for agents 17,601 16,808 Processing 60,805 62,848 Logistics 17,979 15,140 Consultancy services and third -party collaborations 17,795 16,687 Newsstand channel fee and subscription management 6,052 5,891 Purchase of advertising space and promotion expenses 8,773 9,321 Publisher's share 13,507 13,059 Travel, gifts and entertainment expenses 3,743 3,760 Directors’ and statutory auditors’ fees 1,923 2,106 Insurance 1,436 954 Telephone and postal expenses 2,009 1,941 Catering, security and cleaning services 2,543 2,121 Maintenance costs 1,060 1,115 Market surveys, news agencies 1,108 1,155 Bank services and commissions 939 847 IT services and administrative area 5,827 6,135 Rents and service expenses 10,904 9,668 Temporary work fees 2,920 2,833 Other services 4,033 2,110 Total cost of services 226,352 219,334
“Directors’ and statutory auditors’ fees” comprised fees paid to Directors and Statutory Auditors for € 1,498 thousand and € 425thousand, respectively.
28. COST OF PERSONNEL
The Group’s employees, on both permanent and fixed -term contracts, totalled 2,390, an increase of 10.5% compared with the 2,169 headcount as at 30 June 2025. Excluding the impact of changes in the scope of consolidation represented by MA Retail S.r.l., Edi lportale.com S.p.A. and Hoepli Education S.r.l., the Group's workforce would have increased by 1%, mainly in the Trade Books area as a result of the launch of the museum concession at the Uffizi Gallery.
Headcount Actual
30/06/2026 Actual
30/06/2025 Average
2026 Average
2025
Executives
115 104
114 105
White collars, middle managers and journalists 2,160 1,956 2,149 1,939 Manual workers 115 109 116 111 Total 2,390 2,169 2,379 2,155
Personnel costs in the first half of 2026 amounted to € 80,918 thousand, up by € 7,762 thousand (+10.6%) compared to the first half of 2025. Net of the aforementioned changes in the scope of consolidation, the increase in personnel costs was +4.3%.
124 Mondadori Group Consolidated Financial Statements at 30 June 2026 “Other costs” show the net balance between recognised redundancy incentives and the utilisation of the respective provisions set aside in previous years.
Cost of personnel (Euro/thousands) 2026 2025
Wages and salaries
58,786
52,961
Social security expense 17,101 15,218 Share of post -employment benefits to increase provision for post -employment benefits 435 156 Supplementary pension scheme plans 3,499 3,465 Other costs 1,097 1,355 Total cost of personnel 80,918 73,156
29. SUNDRY EXPENSE (INCOME)
In the first half of 2026, net income amounted to € 2,097 thousand, a decrease of € 3,464 thousand compared to 30 June 2025.
Sundry expense (income) (Euro/thousands) 2026 2025
Other revenue and income
(6,530)
(7,703)
Other operating expense 4,433 2,142 Total sundry expense (income) (2,097) (5,561)
The decrease in “Other revenue and income”, equal to € 1,173 thousand, is due to lower contingent assets and lower contributions received for the production and distribution of newspapers, included under “Others”.
Sundry expense (income) – Other revenue and income (Euro/thousands) 2026 2025
Capital gains from the disposal of fixed assets and business units
Contingent assets
Others
45 743
5,742
3
1,364
6,337
Total other revenue and income 6,530 7,703
“Other operating expense”, amounting to € 4,433 thousand, increased by € 2,291 thousand, mainly as a result of higher compensation payments recognised upon the settlement of disputes, higher taxes, including registration duties due on the acquisition of th e Hoepli business, and lower releases of provisions for risks recognised under “Other”.
125 Mondadori Group Consolidated Financial Statements at 30 June 2026Sundry expense (income) – Other operating expense (Euro/thousands) 2026 2025 Receivables management 872 869 Reimbursements and settlements, net of the use of provisions 641 (182) Contributions and grants 841 889 Contingent liabilities 175 166 Capital loss from the disposal of fixed assets and business units 13 6 Other tax and duties 2,089 1,263 Sundry expenses (198) (869) Total other operating expense 4,433 2,142
30. FINANCIAL EXPENSE (INCOME)
Net financial expense at 30 June 2026 amounted to € 5,504 thousand and increased by € 1,262 thousand versus the prior year, due mainly to:
•higher “Interest expense on loans”, net of “Financial income from derivatives” and “Financial expense from derivatives”, which increased overall from € 1,889 thousand to € 2,320 thousand, due to higher average indebtedness and the higher average interest r ate applicable to outstanding loans;
•higher expenses under IFRS 16, amounting to € 320 thousand, related to new lease contracts and the contribution made by the companies acquired during the last twelve months;
•higher expenses arising from the remeasurement of financial assets and liabilities, including liabilities relating to earn -outs provided for under the agreements for the most recent acquisitions, included under “Other financial expense (income)”.
126 Mondadori Group Consolidated Financial Statements at 30 June 2026Financial expense (income) (Euro/thousands) 2026 2025 Interest from banks and post offices (112) (345) Financial income from derivatives (411) (1,165) Financial income (17) (26) Other interest (46) (63) Total interest and other financial income (586) (1,599) Interest expense to banks 7 8 Interest expense on loans 2,695 3,054 Financial expense from derivatives 36 — Ancillary expense on loans 212 363 Commission on loans 260 232 Other impairment charges (income) IFRS 9 — — Financial expense from discounting of assets/liabilities 303 222 Other financial expense (income) 524 214 Total interest and other financial expense 4,037 4,094 Realised positive currency differences (13) (115) Unrealised positive currency differences 8 (40) Realised negative currency differences 172 152 Unrealised negative currency differences (73) 112 Total exchange losses (gains) 94 109 Expense (income) from financial assets — — Financial expense IFRS 16 1,958 1,638 Total financial expense (income) 5,504 4,242
31. INCOME TAX
“Income tax” for the first half of 2026 came to a positive € 482 thousand, compared with an expense of € 602 thousand in 2025, due to the decrease in the result before tax and higher income arising from the tax consolidation scheme headed by Fininvest S.p. A..
127 Mondadori Group Consolidated Financial Statements at 30 June 2026Income tax (Euro/thousands) 2026 2025 IRES on income for the year IRAP for the year 3,420
1,361 3,899
1,334
Total current taxes 4,781 5,234 Deferred/pre -paid tax for IRES Deferred/pre -paid tax for IRAP (1,604)
(335) (1,173)
(330)
Total deferred/pre -paid tax (1,939) (1,503) Other taxes (3,325) (3,130) Total income tax expense for the year (482) 601
32. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing net profit for the period attributable to the Group by the weighted average number of outstanding ordinary shares in the reporting period.
2026 2025
Net profit for the period (Euro/000) Weighted average number of outstanding ordinary shares (no./000) 1,429
260,269 3,488
260,403
Basic earnings per share (Euro) 0.005 0.013 For the purpose of calculating diluted earnings per share, the weighted average number of outstanding shares is adjusted on the assumption of converting shares with a dilution effect.
2026 2025
Net profit for the period (Euro/000) Weighted average number of outstanding ordinary shares (no./000) Number of options with diluted effect (no./000) 1,429
260,269
1,192 3,488
260,403
868 Diluted earnings per share (Euro) 0.005 0.013
33. COMMITMENTS AND CONTINGENT LIABILITIES
Commitments
At 30 June 2026, the Mondadori Group had commitments underwritten for a total of € 38,986 thousand (€ 46,401 thousand at 31 December 2025), consisting of guarantees issued on VAT receivables subject to reimbursement and prize contest transactions, of lease s contracts and letters of patronage.
128 Mondadori Group Consolidated Financial Statements at 30 June 2026Contingent liabilities For the years 2004 -2005, the Central Division of the Lombardy Region, through tax assessments, submitted findings relating to IRAP (2004) and to the application of a 12.50% withholding tax on the interest paid on a loan stock in favour of a subsidiary (yea rs 2004 -2005).
With regard to IRAP 2004, the Court of Cassation, by order No. 3380 of 3 February 2022, referred the dispute back to the Court of Justice of the second instance because it found that there was a failure to state reasons in the previous judgement.
By appeal filed on 28 September 2022, the Company resumed the case before the aforementioned Court. The Revenue Agency entered an appearance, abandoning the dispute. In judgement no. 1896/2023, filed on 9 June 2023, the Lombardy Tax Court of Second Instanc e acknowledged the abandonment of the tax claim.
Instead, as regards the finding relating to the withholding on interest in the year 2004, with the same judgement no. 1896/2023 mentioned previously, the Lombardy Tax Court of Second Instance confirmed the legitimacy of the recovery as taxation.
On 25 January 2024, the Company filed an appeal against this judgement before the Court of Cassation. To date, the related hearing for discussion has not yet been scheduled. In connection with the specified dispute regarding withholdings on interest in 200 4, after the company lost in the second instance proceedings, on 25 September 2023, the Revenue -Collections Agency served the Company with the payment notice by means of which it demanded, by way of provisional collection pending judgement, payment “inter alia” of interests.
The Company appealed against the payment notice before the Milan Tax Court of First Instance. The Court of First Instance, in judgement 4335/2024 given on 5 November 2024, in granting the request made by the Company, ordered the annulment of the roll relat ing to the request for payment of interest. On 14 April 2025, the Revenue Agency has appealed against this judgement to the Milan Tax Court of Second Instance. The discussion hearing is scheduled on 23 September 2026.
As regards the finding relating to the withholding on interest in the year 2005, after the Regional Tax Court of Milan, with judgement no. 6900/2017 rejected the appeal, the Company appealed to Cassation.
In a judgement filed on 8 March 2023, the Court of Cassation declared that the matter in dispute in relation to the notification of the penalties had ceased and the Court referred the dispute to the second instance Court of Justice on matters of taxation. In particular, the Supreme Court of Cassation, upholding the Company's arguments, followed the interpretative position expressed on the subject of the "beneficial owner" by the Court of Justice in its most recent rulings, which were also implemented in the national context, and, to that effect, the court quashed the contested decision, referring the case back to the second instance Court of Justice, in a different composition, for the assessment of the factual elements of the case. By appeal filed on 26 Oct ober 2023, the Company resumed the case before the Lombardy Tax Court of Second Instance.
In Judgement no. 1377/2024, filed on 13 May 2024, the Lombardy Tax Court of Second Instance rejected the appeal for reinstatement lodged by the Company. The Company appealed this judgement in Cassation, filed on 23 December 2024. To date, the related heari ng for discussion has not yet been scheduled.
In connection with the specified dispute regarding withholdings on interest in 2005, after the company lost in the second instance proceedings, on 23 September 2024, the Revenue -Collections Agency served the Company with the payment notice by means of whic h it demanded, by way of provisional collection pending judgement, payment “inter alia” of interests.
129 Mondadori Group Consolidated Financial Statements at 30 June 2026The Company appealed against the payment notice before the Milan Tax Court of First Instance.
The Court of First Instance, with judgement no. 3359/2025, filed on 4 August 2025, after rejecting the claim submitted primarily by the Company, upheld the claim submitted on a subsidiary basis, ordering the annulment of the tax roll. On 23 February 2026, the Revenue Agency has appealed against this judgement to the Milan Tax Court of Second Instance. To date, the hearing for discussion has not yet been scheduled.
In relation to the tax dispute arising from the tax audit that commenced in January 2023 concerning the issue relating to the transfer pricing rules under Article 110, paragraph 7 of the Consolidated Law on Income Tax, and in particular the interest rate a pplied to Mondadori France on the financing granted by AME for 2017 and 2018, the Company settled the dispute through judicial conciliation, resulting in the proceedings being discontinued.
With regard to the assessment for the 2019 tax year, concerning the same transfer pricing issues under Article 110, paragraph 7 of the Consolidated Law on Income Tax, the Company settled the dispute by entering into a settlement agreement.
34. NON -RECURRING EXPENSE (INCOME)
Pursuant to Consob Resolution No. 15519 of 27 July 2006, it should be noted that the Mondadori Group did not recognise any non -recurring income in the first half of 2026, as had also been the case in the first half of 2025.
35. RELATED PARTIES
Transactions carried out with related parties, including intercompany transactions, do not qualify as either atypical or unusual, since they refer to standard business activities performed by Group companies.
When performed out of the scope of standard conditions or when they are imposed by specific regulatory conditions, transactions with related parties are in any case carried out under market conditions.
Transactions with parent companies, affiliates and associates Transactions with related parties, including intercompany transactions, do not qualify as atypical or unusual transactions, and were concluded at market conditions.
130 Mondadori Group Consolidated Financial Statements at 30 June 2026RELATED PARTY TRANSACTIONS:
FIGURES AS AT 30 JUNE 2026
(Euro/thousands)
Trade receivables Financial
receivables Tax
receivables Other
business Trade
payables
Parent companies:
- Fininvest S.p.A. 250 1,001 8,608 42
Associates
-AtticaPublicationsS.A. 14 450 -EdizioniELS.r.l. 924 14 3,594 -MondadoriSeecAdvertisingCo.Ltd 200 0
- Press -Di Distribuzione Stampa Multimedia S.r.l. 2,677 1,563 404 BOOKREPUBLIC WEBNOVELS S.R.L. in liquidation Meaningfool S.r.l. 40 290 27 ALS Publishing S.r.l. 2,491 Total associates 3,855 2,303 — 14 6,516
(Euro/thousands)
Trade receivables Financial
receivables Tax
receivables Other
business Trade
payables
Affiliates:
Banca Mediolanum S.p.A.
- Digitalia’ 08 S.r.l. (former Promoservice Italia) 189 3 Fininvest Real Estate&Services S.p.A. (former
Fin.Gest.Serv.)
Il Teatro Manzoni S.p.A. 10 MFE - MediaForEurope NV (formerly Mediaset S.p.A.)
Publieurope Ltd
Publitalia '80 S.p.A. 26 RTI - Reti Televisive Italiane S.p.A. 545 133 3 TaoDue S.r.l.
RMC Italia S.p.A.
Radio Mediaset S.p.A. 39 76
Video Wall
Mediaset S.p.A. (former Mediaset Italia S.p.A.) Mediamond S.p.A. 7,620 101 Total affiliates 8,393 — — 133 219 Total related parties 12,498 2,302 1,001 8,755 6,777 related parties from discontinued operations (*) Revenue from distribution services is booked as a fee in compliance with IFRS 15
131 Mondadori Group Consolidated Financial Statements at 30 June 2026Financial
payables Income
tax
payables Other
liabilities Revenue Purchase of raw materials Purchase of
services Cost
of
personnel Other
expense
(income) Financial
expense
(income)
— (220) —
(14)
1 (3,510) 6 2 23,687 6,945 (87) (2) (29)
5 (3)
32 40
405 5,489
0 0 6 20,209 411 12,476 -87 -2 -46
Financial
payables Income
tax
payables Other
liabilities Revenue Purchase of raw materials Purchase of
services Cost
of
personnel Other
expense
(income) Financial
expense
(income)
12
170 —
9 186
35 — 492 4 —
33 70
6 8,434 (453) 17 — — 53 9,129 — (184) — 17 — — — 58 29,339 411 12,071 (87) 15 (46)
132 Mondadori Group Consolidated Financial Statements at 30 June 2026RELATED PARTY TRANSACTIONS:
BALANCE SHEET FIGURES AS AT 31 DECEMBER 2025 AND INCOME STATEMENT FIGURES AS
AT 30 JUNE 2025
(Euro/thousands)
Trade receivables Financial
receivables Tax
receivables Other
business Trade
payables
Parent companies:
- Fininvest S.p.A. 10 1,099 8,952 46 Imprese collegate Attica Publications S.A. 450 Edizioni EL S.r.l. 1,127 14 5,218 Mondadori Seec Advertising Co. Ltd 200 — Press -di 3,091 1,913 536 Bookrepublic Webnovels S.r.l.
Meaningfool S.r.l. 1 91 Total associates 4,418 2,454 — 14 5,754
(Euro/thousands)
Trade receivables Financial
receivables Tax
receivables Other
business Trade
payables
Affiliates:
Banca Mediolanum S.p.A.
Digitalia '08 S.r.l. 43 3 Il Teatro Manzoni S.p.A.
MediaForEurope NV Publieurope Ltd Publitalia '80 S.p.A. 1 693 Reti Televisive Italiane S.p.A.
TaoDue S.r.l.
Radio Subasio S.r.l.
Radio Mediaset S.p.A. 718
6 133
— 8 6 Mediaset S.p.A. 1 Mediamond S.p.A. 10,465 101 Total affiliates 11,233 — — 133 810 Total related parties 15,661 2,454 1,099 9,099 6,609 related parties from discontinued operations (*) Revenue from distribution services is booked as a fee in compliance with IFRS 15
133 Mondadori Group Consolidated Financial Statements at 30 June 2026Income tax payables Financial payables Other liabilities Revenue Purchase of raw
materials Purchase
of services Cost of
personnel Expenses
(income)
other Financial
expense
(income)
10,323 7 28 —
1 (16)
1 (3,754) 20 1 22,946 6,866 (111) (47) 8 3 20 — — 9 19,213 20 6,867 (111) — (60)
Financial
payables Income tax
payables Other
liabilities Revenue Purchase of raw materials Purchase of
services Cost
of
personnel Other
expense
(income) Financial
expense
(income)
11 6 —
14 5
— 67
36
— 456
6 10
— 6 — 3 6 15 9,132 (12) (149) — — — 63 9,617 (12) (55) — — — — 10,323 79 28,830 8 6,840 (111) — (60)
134 Mondadori Group Consolidated Financial Statements at 30 June 202636. FAIR VALUE MEASUREMENT Some of the Group's financial assets and liabilities were measured at fair value.
Financial assets (liabilities) (Euro/thousands) Fair value at 30/06/2026 Fair value hierarchy Measurement method and main inputs Interest rate swap 1,153 Level 2 Discounted cash flow.
Future cash flows are discounted based on the forward rate curve expected at the end of the period and on the contractual fixing rates, also taking the counterparty default risk into account Interest rate swap 0 Level 2 Discounted cash flow.
Future cash flows are discounted based on the forward rate curve expected at the end of the period and on the contractual fixing rates, also taking the counterparty default risk into account Equity investments 1,768 Level 3 Fair value determined using measurement techniques with regard to market variables and unobservable data
37. OPERATING SEGMENTS
The disclosure required by IFRS 8 - Operating segments - is provided by taking into account the Group's organizational structure, based on which the periodic reporting is made, used by the Top Management to define actions and strategies, evaluate investmen t opportunities and allocate resources.
Compared with 30 June 2025 and 31 December 2025, following the establishment of Mondadori Digital S.p.A., the sub -holding company for the Group’s digital activities, and the subsequent acquisition of control of Edilportale.com S.p.A., and taking into accou nt the new organisational structure, business responsibilities and quantitative thresholds for disclosure purposes under IFRS 8, separate information is provided for the Media area, which comprises traditional publishing activities, and the Digital area, w hich comprises digital activities.
To provide comparative economic and financial data, the figures published in the 2025 Annual Financial Report and the 2025 Half -Year Financial Report have been appropriately restated.
135 Mondadori Group Consolidated Financial Statements at 30 June 2026Segment reporting: figures at 30 June 2026
(Euro/thousands) Trade Books Education Books Retail Media Digital Corporate & Shared Services Unallocated
items and
consolidation
adjustments Consolidated
result
Revenue from sales and services from external customers 166,18873,167 90,772 32,054 52,560 1,223 — 415,964 Revenue from sales and services from other sectors 22,212869 6,228 3,012 (1,325) 22,789 (53,785) —
EBITDA 22,496 7,383 5,022 6,837 6,587 (5,965) (1,520) 40,839
EBIT 16,873 (4,123) (3,413) 5,126 3,615 (10,595) (1,520) 5,963
Financial expense (income) 638 (1,644) 1,188 (9) 117 5,214 — 5,504 Expense (income) from equity -accounted investees (772) — — (451) 410 — (813) Result before tax and non -controlling interests 17,007(2,478) (4,601) 5,585 3,088 (15,810) (1,520) 1,272 Income tax — — — — — (482) — (482) Result attributable to non -controlling
interests
Profit/(loss) from discontinued operations 68 — (283) — 540 —
— 325
— Net profit 16,939 (2,478) (4,317) 5,585 2,548 (15,328) (1,520) 1,429 Depreciation and amortisation, and write -
downs 5,623 11,505 8,435 1,711 2,972 4,630 — 34,876
Non-monetary costs
Non-recurring income (expense) 10,082 1,845 (1,104) 174 486 187 — 11,670 — Capital expenditures 8,515 21,778 1,480 47 64,906 1,255 97,980 Equity -accounted investees 5,415— 9,587 1,550 — — 16,552 Total assets 418,377 478,339 168,526 40,645 157,714 223,394 (313,897) 1,173,098 Total liabilities 222,863 105,706 159,283 31,739 72,435 138,983 145,622 876,630
136 Mondadori Group Consolidated Financial Statements at 30 June 2026Revenue from sales and services Fixed assets Italy 367,326 484,330 Other EU countries 19,679
USA 22,606 5,058
Other extra EU countries 6,353 Consolidated result 415,964 489,388
137 Mondadori Group Consolidated Financial Statements at 30 June 2026Shared Services Income statement figures at 30 June 2025 and balance sheet figures at 31 December 2025 (Euro/thousands) Trade Books Education Books Retail Media Digital Corporate &Unallocated
items and
consolidation
adjustments Consolidated
result
EBITDA 20,222 7,241 5,296 6,982 5,382 (4,614) (1,291)
39,217
EBIT 14,628 (3,452) (1,456) 5,264 3,392 (9,102) (1,292) 7,982
Financial expense (income) 119 (1,923) 713 21 44 5,290 (22) 4,242 Expense (income) from equity -accounted investees (249) — — (434) 285 — (398) Result before tax and non -controlling interests 14,758 (1,529) (2,169) 5,677 3,063 (14,392) (1,270) 4,138 Income tax — — — 601 — 601 Result attributable to non -controlling interests (36) — — 85 — 49 Profit/(loss) from discontinued operations — — Net profit 14,794 (1,529) (2,169) 5,242 3,703 (14,992) (1,561) 3,488 Depreciation and amortisation, and write -downs 5,593 10,693 6,752 1,719 1,991 4,487 — 31,235 Non-monetary costs 8,983 1,870 (591) 99 146 624 — 11,132 Non-recurring income (expense) — — — — — — — Capital expenditures 10,244 20,764 14,875 180 1,747 6,922 54,733 Equity -accounted investees 4,508 — 9,158 1,951 — 15,617 Total assets 448,069 516,086 177,570 74,115 72,556 229,061 (438,086) 1,079,371 Total liabilities 228,638 98,622 163,012 49,011 42,202 600,406 (436,032) 745,858 Revenue from sales and services from external customers 159,79568,575 87,566 30,738 41,455 1,381 — 389,511 Revenue from sales and services from other sectors 20,1931,239 5,826 2,899 (1,711) 22,419 (50,866) —
138 Mondadori Group Consolidated Financial Statements at 30 June 2026Revenue from sales and services Fixed assets Italy 342,068 444,865 Other EU countries 20,755
USA 21,678 5,170
Other extra EU countries 5,010 Consolidated result 389,511 450,035
139 Mondadori Group Consolidated Financial Statements at 30 June 202638. EVENTS AFTER THE END OF THE PERIOD No significant events occurred after the close of the reporting period.
39. OTHER INFORMATION
Macroeconomic and climate effects The Directors confirm that the effects on the Group’s economic and financial position arising from the conflict between Russia and Ukraine, the crisis in the Middle East, the war between the US and Iran and climate change are not significant for the Group.
For the Board of Directors
The Chairman
Marina Berlusconi
140 Mondadori Group Consolidated Fina ncial Statements at 30 June 2026
CERTIFICATION OF THE
CONSOLIDATED FINANCIAL STATEMENTS
141 Mondadori Group Consolidated Fina ncial Statements at 30 June 2026
CERTIFICATION OF THE CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL
STATEMENTS PURSUANT TO ARTICLE 154-BI S PARAGRAPH 5 OF LEGISLATIVE DECREE
58/1998 AND ARTICLE 81-TER OF CONSOB RE GULATION NO 11971 OF 14 MAY 1999 AND
SUBSEQUENT AMENDMENTS AND INTEGRATIONS
1. The undersigned Antonio Porro, in his capacity as CEO, and Alessandro Franzosi, in his capacity as Financial Reporting Manager of Arnoldo Monda dori Editore S.p.A., also in compliance with the provisions set out in Article 154-bis, par. 3 an d 4, of Legislative Decree no. 58 of 24 February 1998, hereby certify:
the adequacy in relation to the characteristics of the company and the actual application of the administrative and accounting procedures for the preparation of the condensed consolidated half-year financial statem ents of the first six months of 2026.
2. The assessment of the adequacy of the administrative and accounting procedures for the preparation of the Group's condensed consolidat ed half-year financial statements at 30 June 2026 was carried out based on a specific process defined by Arnoldo Mondadori Editore S.p.A.
consistent with the Internal Control – Integr ated Framework model issued by the Committee of Sponsoring Organizations of the Treadway Commission, which groups together a set of general principles of reference generally accepted at the international level.
3. We also hereby certify that:
3.1 the condensed consolidated half-year financial statements at 30 June 2026:
1) were drafted in compliance with the app licable international accounting standards acknowledged at the EU level pursuant to EC regulation no. 1606/2002 of the EU Parliament and Council of 19 July 2002, as well as with th e provisions set out for the implementation of Article 9 of Legislative Decree no. 38/2005;
2) agree with the results of the accounting records and entries;
3) provide a true and fair view of the financial position and results of operations of the Company and the group of businesses included in the consolidation scope.
3.2 the interim report on operations includes a reliabl e analysis of the significant events that took place in the first six months of the year and thei r impact on the condensed consolidated half-year financial statements, together with a descriptio n of the main risks and uncertainties for the remaining six months of the year. The interim positi on also includes a reliable analysis of the main transactions with related parties.
30/07/2026
Chief Executive Officer Antonio Porro Financial Reporting Manager