Louis Hachette Group Sa · EURONEXT:ALHG
Louis Hachette Group Sa — H1 2026 Earnings Presentation
39 slides from Louis Hachette Group Sa's earnings presentation, Jul 28, 2026
Slide 1: H1 2026 Results
H1 2026 RESULTS 28 July 2026
Slide 2: Summary
Summary 1. Performance by division 2. Group performance 3. Conclusion 4. Appendix | H1 2026 RESULTS | 28 July 2026 2
Slide 3: 1. Performance by division
1. Performance by division LOUIS HACHETTE GROUP
Slide 4: Lagardère Publishing
Lagardére Publishing LOUIS HACHETTE GROUP
Slide 5: LP: Resilient performance thanks to the strength of its diversified businesses
LP: RESILIENT PERFORMANCE THANKS TO THE STRENGTH OF ITS DIVERSIFIED BUSINESSES H1 2026 revenue -0.4% reported ▪ Revenue trend (€m) €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 paradis) and P. Lemaitre (Les
Slide 6: LP: Solid EBITA
LP: SOLID EBITA ▪ EBITA (€m) and operating margin* (%) H1 2026 EBITA €105m . . . . . . High EBITA, up slightly YoY: . . • Robust EBITA margin of 7.8%, confirming the sustained high 105 100 . level of profitability . . • Disciplined cost management offsetting adverse factors . • EBITA by € v H , -
Slide 7: Lagardère Travel Retail
Lagardére Travel Retail LOUIS HACHETTE GROUP
Slide 8: LTR: Robust growth despite the geopolitical and economic context
LTR: ROBUST GROWTH DESPITE THE GEOPOLITICAL AND ECONOMIC CONTEXT ▪ Revenue trend (€m) H1 2026 revenue +3.1% reported €2,978m +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 certain stores • Duty Free growt
Slide 9: LTR: Record EBITA despite FX headwinds and Middle East impacts
LTR: RECORD EBITA DESPITE FX HEADWINDS AND THE IMPACTS FROM MIDDLE EAST CONTEXT ▪ EBITA (€m) and operating margin* (%) H1 2026 EBITA €111m • Direct and indirect effects of the Middle East conflict • Strong operating performance in North America and rigorous cost control in the different regions •
Slide 10: Lagardère Live
Lagardeére Live LOUIS HACHETTE GROUP
Slide 11: LL: Growth driven by the complementarity of activities
LL: GROWTH DRIVEN BY THE COMPLEMENTARITY OF ACTIVITIES ▪ Revenue trend (€m) H1 2026 revenue +0.5% reported €115m +3.2% LFL(1) Lagardère Radio & Lagardère News • Weaker radio advertising market • Stable Europe 1 audience levels ▪ Revenue by business Lagardère Live Entertainment • Success of artis
Slide 12: LL: Continued improvement in EBITA
LL: CONTINUED IMPROVEMENT IN EBITA ▪ EBITA (€m) H1 2026 EBITA €3m +€ 3 Continued improvement in EBITA: (1) • Cost-cutting efforts • Strong performance from the Lagardère Live Entertainment division (19) H H H | H1 2026 RESULTS | 28 July 2026 12
Slide 13: Prisma Media
Prisma Media LOUIS HACHETTE GROUP
Slide 14: Prisma: Resilient positive EBITA amid ongoing restructuring
PRISMA: RESILIENT POSITIVE EBITA AMID ONGOING RESTRUCTURING H1 2026 revenue -24.5% reported H1 2026 EBITA €109m -24.9% LFL €3m ▪ Continued revenue decline across both print and digital: • Print circulation impacted by the structural downturn in the magazine market ▪ EBITA stable: revenue decline
Slide 15: 2. Group performance
2. Group performance LOUIS HACHETTE GROUP
Slide 16: Revenue growth driven by organic developments
REVENUE GROWTH DRIVEN BY ORGANIC DEVELOPMENTS +2% LFL (€m) + + 4,545 4,495 ▪ 999 Games ▪ Amsterdam Duty Free ▪ Lagardère Publishing: +1% ▪ USD: -€ ▪ Lagardère Travel Retail: +3% ▪ GBP: -€ ▪ Lagardère Live: +3% ▪ AED: -€6m ▪ Prisma Media: -25% H y H | H1 2026 RESULTS | 28 July 2026 16
Slide 17: H1 2026 revenue by geographic area
H1 2026 REVENUE BY GEOGRAPHIC AREA(1) Eastern Europe 15% vs 14% in H1 2025 Western Europe(2) 28% vs 27% in H1 2025 United States and Canada 26% France vs 26% in H1 2025 22% vs 23% in H1 2025 Asia-Pacific 5% vs 5% in H1 2025 €4,545m Latin America, Middle East and Africa 4% vs 5% in H1 2025 (1) By
Slide 18: Solid year-over-year EBITA driven equally by two core businesses
SOLID YEAR-OVER-YEAR EBITA DRIVEN EQUALLY BY TWO CORE BUSINESSES EBITA Change in Group EBITA YoY (€m) YoY (€m) +€8m** 220 218 + 200 + v v v + 220 218 b b b 210 BI A BI A BI A H H H H H b v v H | H1 2026 RESULTS | 28 July 2026 * Corresponds to Lagardère Live, Prisma Media and Louis Hachette Group SA
Slide 19: P&L
P&L (€m) H1 2025 H1 2026 Revenue 4,495 4,545 EBITA(1) 220 218 Profit before finance costs and tax 161 162 Finance costs, net (66) (55) Interest expense on lease liabilities (55) (61) Income tax expense (27) (30) Profit for the period 13 16 Minority interests (22) (24) Profit (loss) – Group share (9)
Slide 20: Good cash flow generation
GOOD CASH FLOW GENERATION Cash flow from operations(1) YoY (€m) +50% 1 2025 1 202 | H1 2026 RESULTS | 28 July 2026 (1) Alternative Performance Measure (see Glossary at the end of the presentation for definition). 20
Slide 21: Sharp net debt reduction over 12 months
SHARP NET DEBT REDUCTION OVER 12 MONT S: +€232M (€m) (1,2) +€32 m + ( ) + ( ) ( ) ( ) ( ) ( ) (1,72 ) ▪ Prisma transactions ▪ Vendor loan reimbursement from Sportfive (1,958) ▪ Kogan Page acquisition ▪ 999 Games and Amst. DF deferred payments b I , v v v A b b. A H (1) CFAIT after dividend paid to
Slide 22: Strong financial profile
STRONG FINANCIAL PROFILE Steady and consistent debt reduction over years Analysis of debt by maturity in €m Nominal value, in €m 95 145 20 , 75 300 , , , , 500 431 0 , 75 300 75 50 100 B B v • € b ( y) . . . . . . • € v ( -2030 maturity) • Mixture of bank loans, private loans and bonds Leverage rati
Slide 23: 3. Conclusion
3. Conclusion LOUIS HACHETTE GROUP
Slide 24: Solid results despite challenging macroeconomic and geopolitical conditions
SOLID RESULTS DESPITE CHALLENGING MACROECONOMIC AND GEOPOLITICAL CONDITIONS Revenue EBITA(1) CFFO(1) € . bn € m € m + . like for like +€ + Debt reduction Net debt(1) Leverage ratio(1) over 12 months €1,72 m . -€ | H1 2026 RESULTS | 28 July 2026 (1) Alternative Performance Measu
Slide 25: 4. Appendix
4. Appendix LOUIS HACHETTE GROUP
Slide 26: Ownership structure (as at 30 June 2026)
OWNERSHIP STRUCTURE (AS 30 JUNE 2026)(1) A. Lagardère Listed on Euronext 8.6% 33%(2) Float : c. 60% Listed on Euronext Growth 13.58% 86.42% 11.47% 13.38% 65.73% Float : c. 8% Listed on Euronext Live ( ) . | H1 2026 RESULTS | 28 July 2026 26 ( ) I .
Slide 27: Summary of performance by division
SUMMARY OF PERFORMANCE BY DIVISION Q2 202 revenue 2025/2026 main changes in scope Reported Like-for-like (€m) Q2 2025 Q2 2026 change(%) change(1)(%) Lagardère Publishing 726 728 +0.1% +1.1% ▪ Lagardère Publishing: acquisition of 999 Games (April 2025) Lagardère Travel Retail 1,586 1,613 +1.7% +2.
Slide 28: EBITA: from Lagardère to Louis Hachette Group reconciliation
EBITA(1): FROM LAGARDÈRE TO LOUIS HACHETTE GROUP RECONCILIATION Lagardère Lagardère (€m) Lagardère Live H1 2026 H1 2025 Publishing Travel Retail Lagardère EBITA as published by Lagardère 107 112 4 223 217 IFRS 16 impacts for Lagardère included in opening balance sheet of Vivendi/LHG (2) (1) (1) (4)
Slide 29: Non-recurring/non-operating items
NON-RECURRING/NON-OPERATING ITEMS Lagardère Lagardère Lagardère Prisma LH (€m) H1 2026 H1 2025 Publishing Travel Retail Live Media Holding Recurring operating profit (loss) 105 120 4 4 (4) 229 225 Income (loss) from equity-accounted companies 2 (3) - - - (1) 9 Restructuring costs (2) (4) - (1) - (7)
Slide 30: Adjusted P&L
ADJUSTED P&L (€m) H1 2025 H1 2026 (€m) S1 2025 S1 2026 EBITA 220 218 Profit for the period 13 16 Restructuring costs +11 +7 Restructuring costs +11 +7 Impairment losses on goodwill, PP&E, intangible assets and Gains (losses) on disposals -4 -2 +2 +3 investments in equity-accounted companies Impairme
Slide 31: Cash flow reconciliation
CASH FLOW RECONCILIATION (€m) H1 2025 H1 2026 (€m) H1 2025 H1 2026 Cash flow from operating activities 484 513 Cash flow from operations (CFFO)(1) 56 84 Repayment of lease liabilities (254) (260) Income taxes paid (33) (46) Interest paid on lease liabilities (58) (59) Free cash flow(1) 23 38 Capex (
Slide 32: Consolidated balance sheet
CONSOLIDATED BALANCE SHEET (€m) Dec. 31, 2025 June 30, 2026 Non-current assets 9,018 8,963 Investments in equity-accounted companies 140 131 Current assets 2,633 2,671 Cash and cash equivalents 633 432 TOTAL ASSETS 12,424 12,197 Total equity 2,800 2,763 Non-current liabilities 3,783 3,757 (1) Non-cu
Slide 33: Leverage ratio calculation
LEVERAGE RATIO CALCULATION (€m) H1 2025 H1 2026 12 rolling months EBITA(1) 519 549 (-) Depreciation and amortisation of PP&E and intangible assets 207 204 (-) Impairment losses on PP&E and intangible assets 28 29 (-) Income (loss) from equity-accounted companies (10) (10) (-) Restructuring costs 67
Slide 34: IFRS 16 – Impacts on 2025 P&L, CF and debt
IFRS 16 – IMPACTS ON 2025 P&L, CF AND DEBT (€m) H1 2025 H1 2026 (€m) H1 2025 H1 2026 Recurring EBITDA(1) -1 -3 Cash flow from operating activities before changes in working capital +310 +319 (1) EBITA +7 +8 Changes in working capital from lease liabilities -3 -4 Non-recurring/non-operating items +57
Slide 35: IFRS 16 – Impact on the consolidated balance sheet
IFRS 16 – IMPACT ON THE CONSOLIDATED BALANCE SHEET (€m) Dec. 31, 2025 June 30, 2026 (€m) Dec. 31, 2025 June 30, 2026 Non-current assets +2,797 +2,676 Total equity -74 -91 Right-of-use asset +2,761 +2,639 Non-current liabilities +2,368 +2,267 o/w concession stores +2,462 +2,352 Lease liability – non-
Slide 36: Disclaimer
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 the business or assets described
Slide 37: Glossary (1/3)
GLOSSARY (1/3) Louis Hachette Group uses alternative performance measures which serve as key indicators of the Group's operating and financial performance. These indicators are tracked by the Management in order to assess performance and manage the business, as well as by investors in order to monit
Slide 38: Glossary (2/3)
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 period; • revenue for the period
Slide 39: Glossary (3/3)
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 of assets; • impairment losses