Lagardere Sa · EURONEXT:MMB
Lagardere Sa — H1 2026 Earnings Presentation
36 slides from Lagardere Sa's earnings presentation, Jul 28, 2026
Slide 1: H1 2026 Results
H1 2026 RESULTS 28 July 2026
Slide 2: Contents
H1 2026 results | 28 July 2026 CONTENTS 1 Performance by division 2 Group performance 3 Conclusion 4 Appendix 2
Slide 3: Performance by division
“‘Heart-wrenching’ MIRANDA — oi FAUT UN 7 / COWLEY HELLER PERFORMANCE BY DIVISION oe i ale Les Belles
Slide 4: Lagardère Publishing
MAGGIE > RE BOUALEM SANSAL La Légende : bs, a ‘ - oT > Se, LAGARDERE ; “ha PUBLISHING K RASPUTIN I AND THE DOWNFALL OF THE ROMANOVS [im Tm. RIVENS Pierre a 4 ' Se Lagardere PUBLISHING
Slide 5: LP: Resilient performance thanks to the strength of its diversified businesses
H1 2026 results | 28 July 2026 LP: RESILIENT PERFORMANCE THANKS TO THE STRENGTH OF ITS DIVERSIFIED BUSINESSES ▪ Revenue trend (€m) H1 2026 revenue -0.4% reported €1,343m +1.3% LFL H1 2026 LFL variations: France: -1.6% • Growth in General Literature fuelled by the success of G. Musso (Le Crime du
Slide 6: LP: Solid recurring EBIT
H1 2026 results | 28 July 2026 LP: SOLID RECURRING EBIT H1 2026 Rec. EBIT ▪ Recurring EBIT (€m) and operating margin* (%) €107m . . . . High Rec. EBIT, up slightly YoY: . • Robust Rec. EBIT margin of 8.0%, confirming the sustained . 107 high level of profitability 10 . • Disciplined cost manageme
Slide 7: Lagardère Travel Retail
LAGARDERE TRAVEL RETAIL Lagardere TRAVEL RETAIL
Slide 8: LTR: Robust growth despite the geopolitical and economic context
H1 2026 results | 28 July 2026 LTR: ROBUST GROWTH DESPITE THE GEOPOLITICAL AND ECONOMIC CONTEXT ▪ Revenue trend (€m) H1 2026 revenue +3.1% reported € ,978m +3.3% LFL H1 2026 LFL variations: France: -4% • Indirect effects of the conflict in ME, works in some Roissy-CDG terminals and closure of c
Slide 9: LTR: Record recurring EBIT despite FX headwinds and Middle East impacts
H1 2026 results | 28 July 2026 LTR: RECORD RECURRING EBIT DESPITE FX HEADWINDS AND THE IMPACTS FROM MIDDLE EAST CONTEXT H1 2026 Rec. EBIT ▪ Recurring EBIT (€m) and operating margin* (%) €1 1m Rec. EBIT up €3m with a stable margin of 4.1%: • Strong operating performance in North Am. and rigorous 1
Slide 10: Lagardère Live
LAGARDERE LIVE Lagardere LIVE
Slide 11: LL: Growth driven by the complementarity of activities
H1 2026 results | 28 July 2026 LL: GROWTH DRIVEN BY THE COMPLEMENTARITY OF ACTIVITIES ▪ Revenue trend (€m) H1 2026 revenue +0.5% reported €115m +3.2% LFL Lagardère Radio & Lagardère News • Weaker radio advertising market • Stable Europe 1 audience levels ▪ Revenue by business Lagardère Live Ent
Slide 12: LL: Continued improvement in recurring EBIT
H1 2026 results | 28 July 2026 LL: CONTINUED IMPROVEMENT IN RECURRING EBIT ▪ Recurring EBIT (€m) H1 2026 Rec. EBIT €5m +€15m Improved recurring EBIT (+€4m): • Cost-cutting efforts • Strong performance from the Live Entertainment division 12
Slide 13: Group performance
“Heart-wrenching’ MIRANDA 4 “9. FAUT UN 7 / COWLEY HELLER GROUP PERFORMANCE oe i ale Les Belles
Slide 14: Revenue growth driven by organic developments
H1 2026 results | 28 July 2026 REVENUE GROWTH DRIVEN BY ORGANIC DEVELOPMENTS (€m) +3% LFL + + 4,43 4,351 ▪ 999 Games ▪ Amsterdam DF ▪ USD: -€ ▪ Lagardère Publishing: + . ▪ GBP: -€ ▪ Lagardère Travel Retail: +3.3% ▪ AED: -€6m ▪ Lagardère Live: +3.2% H v y H v 14
Slide 15: Revenue by geographic area
H1 2026 results | 28 July 2026 H1 2026 REVENUE BY GEOGRAPHIC AREA(1) Eastern Europe 15% vs 14% in H1 2025 Western Europe(2) 29% vs 27% in H1 2025 United States and Canada 26% France vs 27% in H1 2025 20% vs 21% in H1 2025 Asia-Pacific 5% vs 6% in H1 2025 €4,436m Latin America, Middle East, Africa 5%
Slide 16: Rec. EBIT growth fuelled by all activities
H1 2026 results | 28 July 2026 REC. EBIT GROWTH FUELLED BY ALL ACTIVITIES Record Recurring EBIT Change in Group Recurring EBIT YoY (€m) by business (€m) 33 5 1 H H H b v v BI . BI . BI * On a like-for-like basis. 16
Slide 17: P&L
H1 2026 results | 28 July 2026 P&L (€m) H1 2025 H1 2026 Revenue 4,351 4,436 Recurring EBIT(1) 225 233 EBITA(1) 217 223 Profit before finance costs and tax 209 214 Finance costs, net (63) (51) Interest expense on lease liabilities (57) (65) Income tax expense (42) (42) Profit for the period 47 56 Min
Slide 18: Continued good cash flow generation
H1 2026 results | 28 July 2026 CONTINUED GOOD CASH FLOW GENERATION Cash flow from operations(1) YoY (€m) + 70 58 H H (1) Alternative performance measure (for definition see Glossary at the end of the presentation) 18
Slide 19: Sharp net debt reduction over 12 months
H1 2026 results | 28 July 2026 SHARP NET DEBT REDUCTION OVER 1 MONTHS: +€ 01M (€m) +€3 8m(1) ▪ Kogan Page acquisition ▪ 999 Games and Amst. DF deferred payments ▪ Vendor loan reimbursement from Sportfive (1) Net cash generation: CFAIT after dividend paid to L. Travel Retail and L. Publishing minori
Slide 20: Solid trajectory toward lower debt levels
H1 2026 results | 28 July 2026 SOLID TRAJECTORY TOWARD LOWER DEBT LEVELS Changes in the leverage ratio(1) 3.0 .5 . H H H (1) Leverage ratio calculated as follows: net debt including liabilities related to minority put options/recurring EBITDA over a rolling 12-month period (see appendix for calculat
Slide 21: Strong financial profile
H1 2026 results | 28 July 2026 STRONG FINANCIAL PROFILE Steady and consistent debt reduction Analysis of debt by maturity in €m Nominal value, in €m • € b ( y) • € v ( -2030 maturity) YE Leverage ratio(1) 2.4x 1.96x • Mixture of bank loans, private loans and bonds • Weighted average maturity: 3 year
Slide 22: Conclusion
“Heart-wrenching’ MIRANDA 4 “9. FAUT UN 7 / COWLEY HELLER CONCLUSION
Slide 23: Solid results despite challenging macroeconomic and geopolitical conditions
H1 2026 results | 28 July 2026 SOLID RESULTS DESPITE CHALLENGING MACROECONOMIC AND GEOPOLITICAL CONDITIONS Revenue Rec. EBIT(1) CFFO(1) € . bn € m € m + . like for like + . + Debt reduction Net debt(1) Leverage ratio(1) over 12 months € . b n . -€ (1) Alternative performanc
Slide 24: Appendix
“Heart-wrenching’ MIRANDA 4 “9. FAUT UN 7 / COWLEY HELLER APPENDIX
Slide 25: Summary of performance by division
H1 2026 results | 28 July 2026 SUMMARY OF PERFORMANCE BY DIVISION Q 0 revenue 2025/2026 main changes in scope Reported Like-for-like (€m) Q2 2025 Q2 2026 (1) change (%) change (%) ▪ Lagardère Publishing: acquisition of 999 Games (April 2025) Lagardère Publishing 726 728 +0.1% +1.1% ▪ Lagardère Tr
Slide 26: Non-recurring/non-operating items
H1 2026 results | 28 July 2026 NON-RECURRING/NON-OPERATING ITEMS Lagardère Lagardère Lagardère (€m) H1 2026 H1 2025 Publishing Travel Retail Live (1) Recurring EBIT 107 121 5 233 225 Income (loss) from equity-accounted companies 2 (3) - (1) 3 Restructuring costs (2) (4) (1) (7) (8) Gains (losses) on
Slide 27: Adjusted P&L
H1 2026 results | 28 July 2026 ADJUSTED P&L (€m) H1 2025 H1 2026 (€m) H1 2025 H1 2026 Group recurring EBIT 225 233 Profit for the period 47 56 (1) Income (loss) from equity-accounted companies +3 - Restructuring costs +8 +7 Interest expense on lease liabilities (buildings and Gains (losses) on dispo
Slide 28: Cash flow reconciliation
H1 2026 results | 28 July 2026 CASH FLOW RECONCILIATION (€m) H1 2025 H1 2026 Cash flow from operating activities 483 498 Repayment of lease liabilities (249) (254) Interest paid on lease liabilities (61) (64) Capex (115) (110) (1) Cash flow from operations (CFFO) 58 70 Income taxes paid (44) (47) Fr
Slide 29: Consolidated balance sheet
H1 2026 results | 28 July 2026 CONSOLIDATED BALANCE SHEET (€m) Dec. 31, 2025 June 30, 2026 Non-current assets 6,349 6,251 Investments in equity-accounted companies 151 142 Current assets 2,569 2,540 Cash and cash equivalents 632 431 TOTAL ASSETS 9,701 9,364 Total equity 1,022 1,003 Non-current liabi
Slide 30: Leverage ratio calculation
H1 2026 results | 28 July 2026 LEVERAGE RATIO CALCULATION (€m) H1 2025 H1 2026 12 rolling months Group recurring EBIT(1) 606 650 Depreciation and amortisation of PP&E and intangible assets 204 203 Add-back of fixed rental expense – building and other items (86) (88) Cancellation of depreciation of r
Slide 31: IFRS 16 – Impacts on 2025 P&L, cash flows and debt
H1 2026 results | 28 July 2026 IFRS 16 – IMPACTS ON 2025 P&L, CASH FLOWS AND DEBT (€m) H1 2025 H1 2026 (1) Recurring EBITDA -1 -3 (1) Group recurring EBIT +7 +8 Income from equity-accounted companies (2) +2 -1 Non-recurring/non-operating items +57 +56 (€m) H1 2025 H1 2026 Of which cancellation of fi
Slide 32: Impact of IFRS 16 on the consolidated balance sheet
H1 2026 results | 28 July 2026 IMPACT OF IFRS 16 ON THE CONSOLIDATED BALANCE SHEET (€m) Dec. 31, 2025 June 30, 2026 (€m) Dec. 31, 2025 June 30, 2026 Non-current assets +2,630 +2,525 Total equity -199 -203 Right-of-use asset +2,557 +2,456 Non-current liabilities +2,340 +2,241 o/w concession stores +2
Slide 33: Disclaimer
H1 2026 results | 28 July 2026 DISCLAIMER By reading this presentation, you agree to be bound by the following limitations and qualifications: This presentation is for information purposes only and does not constitute an offer or solicitation for the sale or purchase of any securities, any part of t
Slide 34: Glossary (1/3)
H1 2026 results | 28 July 2026 GLOSSARY (1/3) Lagardère uses alternative performance measures which serve as key indicators of the Group's operating and financial performance. These indicators are tracked by the Executive Committee in order to assess performance and manage the business, as well as b
Slide 35: Glossary (2/3)
H1 2026 results | 28 July 2026 GLOSSARY (2/3) ▪ The like-for-like change in revenue is calculated by comparing: • revenue for the period adjusted for companies consolidated for the first time during the period and revenue for the prior period adjusted for consolidated companies divested during the p
Slide 36: Glossary (3/3)
H1 2026 results | 28 July 2026 GLOSSARY (3/3) ▪ Adjusted profit – Group share is calculated on the basis of profit for the period, excluding non-recurring/non-operating items, net of the related tax and of minority interests, as follows: Profit for the period excluding: • gains (losses) on disposals