1Q2025 Results

Investor Presentation

Antonio Porro – CEO Alessandro Franzosi – CFO

May 14th, 2025

AGENDA

1. 1Q 2025 Highlights

1. 1Q 2025 Results
1. FY 2025 Outlook
1. Annexes

Book Trade Market - 1Q 2025

Weakness in the start of the year - as expected - for calendar effect and contributions exAPP18 changed

Highlights - 1Q 25

€ mn

Revenues by Business Area - 1Q 25

Adjusted EBITDA - 1Q 25

€ mn -2.2 1Q 2024 1Q 2025 +0.4 -2.4 Business Media Print Grants -1.8€ mn 1Q 2025 +1.2 M&A Non-recurring operations • Electa's concession for the Colosseum archaeological site ended in April 2024 • Commercial operation - non-recurring - related to Star Comics carried out in January 2024

Adjusted EBITDA by Business Area - 1Q 25

A sound financial structure ...

...thanks to strong cash generation

** Other includes cash outflows/receipts related to extraordinary taxes and management of associated companies

FY25 Outlook – Guidance confirmed

12 * Based on the scope resulting from the extraordinary transactions completed.

Markets - Market Shares 1Q 2025

	Top Ten	2025			Trade Market Shares
	2 titles in Top5			2025	2024
Title	4 titles in Top10 Author	Publisher	Others 48.1%
				26.2%
					Others 48.4%
					10.1%


				8.7%
				6.9%

Business 1Q25 – Trade Books

Publilsing revenue showed declined by 9% due to

a different monthly scheduling of the Hardcover publishing plan
a slowdown in restocking of Paperback titles
a commercial operation carried out in January 2024 under the Star Comics brand, which was not repeated in 2025
a 7.3% drop in digital revenues, mainly attributable to a decline in audiobooks caused by temporary promotional policies by distributors, which more than offset the growth in listening hours (+16% in 1Q)

Adj. EBITDA

REVENUE

EBITDA Adj. down by about €5 million due to the decline in publishing revenue (both physical and digital), the Star Comics commercial operation in 1Q 2024 and the end of the concession related to the management of the Colosseum (April 2024)

Business 1Q25 – Education Books

REVENUE Revenues down due to negative timing effect in supplies to directional customers

EBITDA Adj. improved from the previous year despite lower revenues due to lower operating and overhead costs

Business 1Q25 – Retail

Business 2025 – Media

€ mn

2025 Magazines Circulation Market 34.2 37.6 2025 2024 20.1% 20.3% 2025 2024 -9.1% +0.6% 611 ⁴⁸ ¹⁷ ⁷¹ ⁶⁰ ²⁵ TV Newspapers Magazines Digital Radio Direct Mail +1.5% -5.9% -3.2% -2.6% +6.1% -10.0% 2024 2025 2025 Advertising market

21 Source: value circulations (newsstand channel+abb.) - Press-di (Feb. 2025), ADV: Nielsen (Feb. 2025; Unique Audience: comScore (average data, Mar. 2025); Readership: Audipress III, ²⁰²⁴

Business 1Q25 – Media

Digital: +19% due to increased advertising that benefited from the development of MarTech (+14% net of the contribution from the acquisition of Fatto in casa da Benedetta)
REVENUE • Print: -5% mainly due to contraction of add-on sales:

•Circulation: -8%,

•Add-on sales: -11%, due to the decision to reduce product offer in the music and home video segments

EBITDA Adj. up 72.2%

Adj. EBITDA

1Q25 Headcount Evolution

1Q 25 Revenue and Adj. EBITDA by Business Area

g	(Euro/millions)	Q1 2025	FY 2023	Chg. %
REVENUE by Rusiness Area	Trade Books	86.7	90.6	(4.4)%
	Education Books	87	92	(5.7)%
	Retail	47.1	45.4	3.7 %
	Media	336	320	5.0 %
	Corporate & Shared Services	11.7	10.8	8.8 %
00	Intercompany	(23.3)	(21.9)	6.6 %
	Total Consolidated Revenues	164.4	166.1	(1.0)%
ਉ	(Euro/millions)	Q1 2025	FY 2023	Chg.
TDA by Are	Trade Books	96	14.8	-5.2
	Education Books	(13.2)	(13.8)	0.5
રક	Retail	23	2.3	-01
ine 8	Media	54	32	23
	Corporate & Shared Services	(1.8)	(1.3)	-0.5
ાડ

1Q2025 P&L

(Euro/millions)	Q1 2025		Q1 2024		Chg. %
Revenue	164.4		166.1		(1.0%)
Industrial product cost	615	37.4%	56.9	34.2%	8.1%
Variable product costs	21.0	12.8%	22.6	13.6%	(7.3%)
Other variable costs	29.1	17.7%	298	17.9%	(2.5%)
Structural costs	16.6	10.1%	15.4	9.3%	7.5%
Extended labour cost	38.6	23 5%	378	22.8%	22%
Other expense (income)	(4.2)	(2.5%)	(1.2)	(0.7%)	n.S.
Adjusted EBITDA	1.8	1.1%	4.8	2.9%	(62.6%)
Restructuring costs	0.2	0.1%		0.0%	n.S.
Extraordinary expense (income)	0.3	0.2%	(1.0)	(0.6%)	n.S.
EBITDA	1.3	0.8%	5.7	3.5%	(76.7%)
Amortization and depreciation	11.6	7.1%	10.7	6.4%	8.4%
Amortization and depreciation IFRS 16	3.6	2.2%	37	2.2%	(2.5%)
EBIT	(13.9)	(8.5%)	(8.7)	(5.2%)	n.s.
Financial expense (income)	1.2	0.8%	08	0.5%	479%
Financial expense IFRS 16	0.8	0.5%	0.6	0.4%	28.8%
Associates (income)	0.5	0.3%	0.1	0.0%	n.s.
달러	(16.4)	(10.0%)	(10.2)	(6.1%)	n.s.
Tax expense (income)	(3.5)	(2.1%)	(4.1)	(2.5%)	n.S.
Minorities		-%	1.0	0.6%	n.S.
Group net result	(13.0)	(7.9)%	(7.1)	(4.3)%	n.s.

La voce Extended Labour Cost include i costi relativi alle collaborazioni e al lavoro interinale.

1Q2025 Financial Statement

(Euro/millions)	March 31, 2025	March 31, 2024	Chg. %
Trade receivables	132.7	134.2	(1.1)%
Inventory	165.6	162.6	1.8 %
Trade payables	234.3	226.0	3.7 %
Other assets (liabilities)	(20.7)	(24.7)	(16.3)%
Net working capital continuing operations	43.4	46.1	(5.9)%
Discontinued or discontinuing assets (liabilities)			- %
Net Working Capital	43.4	46.1	(5.9)%
Intangible assets	395.8	387.7	2.1%
Property, plant and equipment	43.9	35.8	22.5 %
Investments	15.3	15.0	1.4 %
Net fixed assets with no rights of use IFRS 16	455.0	438.5	3.7 %
Assets from right of use IFRS 16	73.5	68.4	75%
Net fixed assets with rights of use IFRS 16	528.5	506.9	4.3 %
Provisions for risks	27.9	38 3	(27.2)%
Post-employment benefits	29.0	29.1	(0.2)%
Provisions	56.9	67.4	(15.5)%
Net invested capital	515.0	485.7	6.0 %
Share capital	680	68.0	- %
Reserves	246.2	218 6	12.6 %
Profit (loss) for the period	(13.0)	(7.1)	83.4 %
Group equity	301.2	279.5	7.7 %
Non-controlling interests' equity	1.0	0.6	60.3 %
Equity	302.1	280.1	7.9 %
Net financial position no IFRS 16	134.1	133.3	0.6 %
Net financial position IFRS 16	78.7	723	8.9 %
Net financial position	212.8	205.5	3.5 %

Sources	515.0	485.7	6.0 %

Glossary

EBITDA is equal to net results before interest. tax. depreciation and amortization.
Adjusted EBITDA is EBITDA, as explained above, net of income and expenses of a non-ordinary nature such as

(i) income and expenses from restructuring, reorganization and business combinations;

(ii) clearly identified income and expenses not directly related to the ordinary course of business;
- (iii) as well as any income and expenses from nonrecurring events and transactions as set out in Consob communication DEM6064293 of 28/07/2006.
EBIT net result for the period before income tax, and other income and expenses.
Adjusted EBIT EBIT net of income and expenses of a non-ordinary nature, amortization derived from Purchase Price Allocation of the last 5 years and depreciation/impairment.
EBT net result for the period before income tax.
Adjusted Net Profit the net result before income and expenses of a non-ordinary nature, amortization derived from Purchase Price Allocation of the last 5 years and depreciation/impairment, net of related fiscal effects and gross of non-recurring fiscal income and expenses.
Net Invested Capital is equal to the algebraic sum of Fixed Capital, which includes non-current assets and non-current liabilities (net of non-current financial liabilities included in the Net Financial Position) and Net Working Capital, which includes current assets (net of cash and cash equivalents and current financial assets included in the Net Financial Position), and current liabilities (net of current financial liabilities included in the Net Financial Position).
Ordinary Cash Flow is cash flow from operations as explained above, net of financial expenses, taxes paid in the period. and income/expenses from investments in associates.
Non ord. Cash Flow cash flow generated/used in transactions that are not considered ordinary, such as company restructuring and reorganization, share capital transactions and acquisitions/disposals
Free Cash Flow the sum of Cash Flow from ordinary and non-ordinary operations in the reporting period (excluding payment of dividends, if any).

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