Arnoldo Mondadori Editore

Investor Presentation • Jul 31, 2025

1H 2025 Results

Investor Presentation

Antonio Porro – CEO Alessandro Franzosi – CFO

July 31, 2025

AGENDA

1. 1H 2025 Highlights

• 1. 1H 2025 Results
• 1. FY 2025 Outlook
• 1. Attachments

Market Book Trade - 1H 2025

Market Book Trade - July 2025

Value data - Sell out Sharp reversal trend in the past 4 weeks

(€ mn)

27.8% Mondadori

28.1%

Market Share

Retail Performance in the Book Market - 1H 2025

Retail Performance – July 2025

Highlights - 1H 25

€ mn

AGENDA

• 1. 1H 2025 Highlights
• 2. 1H 2025 Results
• 1. FY 2025 Outlook
• 1. Attachments

Revenues by Business Area - 1H 25

Adjusted EBITDA - 1H 25

Adjusted EBITDA by Business Area - 1H 25

Significant cash generation continues

** Other also includes cash in/outflows related to Associates

AGENDA

• 1. 1H 2025 Highlights
• 1. 1H 2025 Results
• 3. FY 2025 Outlook
• 1. Attachments

Books Trade: Relevant publishing plan 2H 2025

Books Education: Preview market 2025/2026

Very positive adoption campaign:

Most significant expected market share improvement in the last 5 years

FY25 Outlook - Guidance Confirmed

Business 1H25 - Trade Books

Publishing revenues showed a decline of 4.5 percent due to the effect of

• A different mensilization of the Hardcover editorial plan
• A slowdown paperback titles
• a commercial operation realized in January 24 on the Star Comics brand, not carried out in 2025
• a 9% decline in digital revenues also attributable to a contraction in audiobooks due to temporary promotional policies of distributors that more than neutralized the growth in listening hours (+16%)

Adj. EBITDA

REVENUES

Adj. EBITDA down by about €7 million due to the decline in publishing revenues (both physical and digital products), the Star Comics commercial operation, and the termination of the concession related to the management of the Colosseum

Business 1H25 - Education Books

Revenues up due to anticipation of supplies to directional customers

Adj. EBIDTA

REVENUES

Adj. EBIDTA improvement over the previous year, mainly due to anticipated replenishment (concentrated in the more profitable segments) as well as lower operating and overhead costs

Business 1H25 - Retail

Adj.

million) from renovation of Rizzoli Milano store, opened in May

41 affiliates

Business 2025 - Media

Source: value circulations (newsstand channel+abb.) - Press-of (Mag. 2025), ADV: Nielsen (Mag. 2025; Unique Audience: comScore (average data, 2025); Readers: Audipress I, 2025

Business 1H25 - Media

• Digital: +13% due to increased advertising activities that benefited from the development of MarTech (+8% net of the contribution from the acquisition of Fatto in casa da Benedetta)
• REVENUES • Print: -8%:

EBITDA

Adj.

• Circulation: -9%;
• Add-on sales: -17% due to the decision to reduce product releases in the music and home video segments

Adj. EBITDA up 22.5 percent

Highlights - 2Q 25

€ mn

Revenues and Adjusted EBITDA by Business Area 1H/2Q 25

0	(Euro/millions)	1° Half 2025	1° Half 2024	Chg. %	Q2 2025	Q2 2024	Chg. %
D S	Trade Books Education Books	180.0 69.8	188 5 61.1	(4.5)% 14.2 %	93.2 61.2	96.7 52.0	(3.6) % 17.7 %
S D	Retail Media	93.4 72.6	91.4 72.0	2.1 % 0.8 %	46.3 38.9 12.1	46.0 40.0 11.3	0.7 % (2.5) % 6.6 %
D 6 0	Corporate & Shared Services Intercompany	23.8 (50.0)	22.1 (47.9)	7.7 % 4.3 %	(26.6)	(24.9)	6.9 %
	Total Consolidated Revenues	389.5	387.2	0.6 %	225.1	221.1	1.8 %

(Euro/millions)	1º Semestre 2025	FY 2028	Chg.	Q2 2025	Q2 2024	Chg.
Trade Books	20.7	27.7	-7.0	11.2	12 9	(1.7)
Education Books	73	1.9	54	20 5	15.7	48
Retail	5.4	5.3	0.1	31	3.0	0.2
Media	12.4	10.1	2.3	7.0	7.0	0.0
Corporate & Shared Services	(4.1)	(3.4)	-0.7	(2.3)	(2.1)	(0.2)
Intercompany	(1.3)	(0.7)	-0.6	(0.8)	(0.3)	(0.5)
Total Adj. EBITDA	40.5	40.9	(0.4)	38.7	36.1	2.6

Income Statement 1H2025

(Euro/Imillions)		1 Hall 2025	1 Trail 2024		Chg. 76
Revenue	389.5		387.2		0.6%
Industrial product cost	125.5	32.2%	125.6	32.5%	(0.1%)
Variable product costs	48.5	12.5%	49.2	12.7%	(1.3%)
Other variable costs	69.9	17.9%	68.6	17.7%	19%
Structural costs	33.9	8.7%	32.1	8 3%	5.7%
Extended labour cost	77.2	19.8%	74.9	19.4%	3.0%
Other expense (income)	(6.0)	(1.5%)	(4.2)	(1.1%)	n.s.
Adjusted EBITDA	40.5	10.4%	40.9	10.6%	(1.0%)
Restructuring costs	0.5	0.1%	0.1	0.0%	n.S.
Extraordinary expense (income)	0.8	0.2%	(1.6)	(0.4%)	n.S.
EBITDA	39.2	10.1%	42.4	11.0%	(7.5%)
Amortization and depreciation	23.8	6.1%	219	5.7%	8.7%
Amortization and depreciation IFRS 16	7.4	1.9%	78	2.0%	(4.9%)
EBIT	8.0	2.1%	12.7	3.3%	n.s.
Financial expense (income)	25	0.7%	23	0.6%	11.5%
Financial expense IFRS 16	1.6	0.4%	1.3	0.3%	26.5%
Associates (income)	(0.4)	(0.1%)	(0.2)	(0.1%)	n.S.
EBIT	4.9	1.1%	9.4	2.4%	n.s.
Tax expense (income)	0.6	0.2%	14	0.4%	(58.4%)
Minorities		-%	0.8	0.2%	n.S.
Group net result	3.5	0.9 %	7.1	1.8 %	(50.8)%

Extended Labor Cost includes costs related to collaborations and temporary employment.

Income Statement 2Q2025

(Euro/millions)		Q2 2025		Q2 2024	Chg. %
Revenue	225.1		221.1		1.8 %
Industrial product cost	64.0	28.4 %	688	311 %	(6.9)%
Variable product costs	275	12.2 %	26 5	12.0 %	3.8 %
Other variable costs	408	18.1 %	38.8	17.6 %	5.2 %
Structural costs	17.3	7.7 %	16.6	7.5 %	4.0 %
Extended labour cost	38.6	17.1 %	37.1	16.8 %	38 %
Other expense (income)	(1.8)	(0.8)%	(2.9)	(1.3)%	n.S.
Adjusted EBITDA	38.7	17.2 %	36.1	16.3 %	7.2 %
Restructuring costs	03	01%	0.1	ಲೇ	179.9 %
Extraordinary expence (income)	0.5	0.2 %	(0.7)	(0.3)%	n.s.
EBITDA	37.9	16.8 %	36.7	16.6 %	3.3 %
Amortization and depreciation	12.2	5.4 %	11.2	5.1 %	9.0 %
Amortization and depreciation IFRS 16	38	1.7 %	4.0	1.8 %	(7.0)%
EBIT	21.9	9.7 %	21.4	9.7 %	2.3 %
Financial expense (income)	15	0.7%	15	0.7%	3.6 %
Financial expense IFRS 16	0.9	0.4 %	0.7	0.3 %	243 %
Associates	(0.9)	(0.4)%	(0.3)	(0.1)%	n.s.
EBT	20.6	9.1 %	19.6	8.9 %	5.1 %
Tax expense (income)	4.1	1.8 %	5.6	2.5 %	(27.3)%
Minorities		%	(0.2)	(0.1)%	n.S.
Group net result	16.5	7.3 %	14.2	6.4 %	16.4 %

Extended Labor Cost includes costs related to collaborations and temporary employment.

Balance Sheet 1H2025

(Euro/millions)	June 30, 2025	June 30, 2024	Chg. %
Trade receivables	183.8	183.2	03 %
Inventory	176.5	177.9	(0.8)%
Trade payables	241.4	248.2	(2.8)%
Other assets (liabilities)	(16.2)	(12.8)	26.6 %
Net working capital continuing operations	102.7	100.1	2.7 %
Discontinued or discontinuing assets (liabilities)			- %
Net Working Capital	102.7	100.1	2.7 %
Intangible assets	394.4	3879	17 %
Property, plant and equipment	47.9	37.0	29.5 %
Investments	16.2	14.2	14.2 %
Net fixed assets with no rights of use IFRS 16	458.6	439.1	4.4 %
Assets from right of use IFRS 16	75.9	77.0	(1.5)%
Net fixed assets with rights of use IFRS 16	534.4	516.1	3.5 %
Provisions for risks	27.0	33.3	(18.9)%
Post-employment benefits	28.7	283	1.1 %
Provisions	55.6	61.6	(9.7)%
Net invested capital	581.5	554.6	4.9 %
Share capital	68.0	68.0	- %
Reserves	208.1	185.9	11.9 %
Profit (loss) for the period	3.5	7.1	(50.7)%
Group equity	279.5	260.9	7.1 %
Non-controlling interests' equity	1.9	04	342.0 %
Equity	281.4	261.3	7.7 %
Net financial position no IFRS 16	218.8	211.9	3.3 %
Net financial position IFRS 16	81.3	81.4	(0.1)%
Net financial position	300.1	293.3	2.3 %
	581.5	554.6	4.9 %
Sources

31

Headcount Evolution 1H25

June 25 June 24

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.
• EBIT Adjusted 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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