Arnoldo Mondadori Editore S p A : 1Q 2026 results – Analysts’ presentation

‌1Q2026 Results

Investor Presentation

Antonio Porro - CEO

Alessandro Franzosi - CFO

May 13, 2026

‌AGENDA

1. 1Q 2026 Highlights

2. 1Q 2026 Results

3. FY 2026 Outlook

4. Annexes

‌Key Highlights - 1Q 2026

Ongoing focus on core

business development

M&A deals finalized in 2026:

• Edilportale.com majority stake acquisition (company

  consolidated within Digital BU since 1Q 2026);

• acquisition of Hoepli S.p.A.'s school publishing business unit (April 30, 2026, consolidated since May 1°)

Group reference market

Positive start to the year - thanks to the resources of the

"Library Fund" - in the physical channel

(mostly used by independent bookstores)

New logistics providers

Effective from March, new providers of logistics activities for the Trade Books & Retail business areas

(which resulted in some issues - related to the phase-out - in the distribution of new Trade titles and of the Retail e-commerce)

3

‌Trade Books Market - 1Q 2026

Positive start to the year thanks to the resources of the

Value data - Sell out

(€ mn)

Market

"Library Fund" in the physical channel

+3.4%

YTD

Week 18:

+4.0%

Operational difficulties in the distribution of new titles in January due to the change of logistics provider

YTD

Week 18:

+2.9%

Source: GfK, YTD 2026 4

‌€ mn

Highlights - 1Q 26

+3.9%

Revenues

-0.5 € mn

Adjusted EBITDA

-4.4 € mn

EBIT

-3.3 € mn

1Q 26 1Q 25

1Q 26

1Q 25

1Q 26

1Q 25

-2.4 € mn

Adjusted EBIT

Net Profit

Adj. Net Profit

-1.8 € mn

1Q 26

1Q 25

1Q 26

1Q 25

1Q 26

1Q 25 5

‌AGENDA

1. 1Q 2026 Highlights

2. 1Q 2026 Results

3. FY 2026 Outlook

4. Annexes

‌ Revenues by Business Area - 1Q 26

€ mn

+3.9%

(+0.7% LFL)

+2.5 -0.8 -0.8 +5.6

+1.0

-0.9

+2.8%

-1.7%

+2.3% excluding e-commerce logistics issues

+30.3%

+5.3% LFL

+6.3%

thanks to add-on

sales performance

1Q 2025

Trade Books

Education Books

Retail Digital

Media

Corporate & Interc.

1Q 2026

7

‌€ mn

Adjusted EBITDA - 1Q 26

+0.8

+0.4

-1.2

-0.4

1Q 2025

Business Improvement

M&A

1Q 2026

Education Books Timing

Media Grants

1Q 2026

8

‌ Adjusted EBITDA by Business Area - 1Q 26

€ mn

-0.5 € mn

-€1.2 mn timing effects

+0.9 -1.9

+1.3

- €0.4 mn grants

-1.2

+0.6

-0.1

1Q 2025 1Q 2026

Trade

Books

Education

Books

Retail Digital

Media

Corporate

& Interc.

9

‌€ mn

Cash flow generation continues

Due to logistics issues

in the period, lower e-commerce cash-in in the Retail area

Mar. 25

June 25

Sept. 25

Dec. 25

Mar. 26

LTM

Ordinary

Cash Flow

Net Debt Seasonality

31 Dec. - 31 Mar.

Dec. Mar. June Sept. Dec.

Group NFP trend

(no IFRS16)

+47.2

+42.3

+ 78.6

34 mn Edilportale.com

acquisition

10

‌LTM Cash Flow Generation

€ mn

Free Cash Flow

+6.5

Mar. 31

2025

NFP

Adj.

EBITDA*

NWC

and Funds

CAPEX

Financial Charges*

Taxes

Restructuring Charges

M&A

Other**

Change in Derivatives

Dividends

Mar. 31

2026

NFP

138,9

-10.1

-40.5

-5.6

-21.0

• 34 mn Edilportale.com majority stake

  • 51% MA Retail

• AD cube minority stake

-4.4

€2 mn CAPEX for headquarter renovation

-78.7

IFRS16

Ordinary Cash Flow

+61.7

-43.8 -7.0

Extraordinary Cash Flow

-55.2

-36.5

-0.3

-87.3

IFRS16

• * Adj. EBITDA and financial charges before IFRS 16 11

• ** Other also includes cash outflows/inflows related to associates and previous years' taxes

‌AGENDA

1. 1Q 2026 Highlights

2. 1Q 2026 results

3. FY 2026 Outlook

4. Annexes

‌FY26 Outlook - Guidance confirmed

Target Mondadori Group

2026

Low single-digit growth

REVENUES

Low single-digit growth

(profitability stable at 17%)

Adj. EBITDA

~ € 65/70 mn

Ordinary Cash Flow

13

‌BACK-UP

‌AGENDA

Annexes

Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others

Top Ten 2026

2025

2026

Trade - Market Shares

Others

47.7%

7.6%

‌Trade Books Market - 1Q 2026

26.1%

Mondadori

Libri 26.3%

Others

48.1%

10.8%

Gruppo

Gems 10.2%

7.8%

Feltrinelli

7.0%

Gruppo Giunti

8.4%

1. titles in Top5

2. titles in Top10

Title

Author

Publisher

Source: GfK, March 2026 (sell-out value data)

16

Adj. EBITDA € +0.8 mn

‌Business Q126 - Trade Books

Revenue +2.8%

(+4.2% at a constant exchange rate)

€ mn

89.2

86.8

11.5

61.9

3.1

4.6

10.8

10.7

10.7

Distribution and service (incl.

)

RIP -5.7% (incl.

)

Electa +46.2%

Publishers +2.4%

10.4 9.6

2026 2025

* Net intercompany

2026 2025

Publishing revenue grew by 2.4% due to:

• the positive performance of the market of reference;

• a significant increase in digital product sales (+13.4%), in particular of audiobooks.

REVENUE

Electa's revenue has increased significantly thanks to the launch of the concession for the management of the Uffizi

Gallery bookshops in Florence.

Adj.

EBITDA

Adj. EBITDA is up by 9.1% as a result of the increase in publishing revenue and the reduction in the percentage incidence of costs.

17

‌Business Q126 - Education Books

€ mn

Revenue -9.8%

Adj. EBITDA € -1.9 mn

- € 1.2 mn

timing effect

2026

2025

2026 2025

-

15.1

-

13.2

REVENUE

Revenue is down due to the negative timing of supplies to key accounts

Adj.

EBITDA

Adj. EBITDA has worsened compared with the previous year, as a result of a temporary increase in promotional expenses, deriving from the anticipation of the production and sending of copies to teachers, true to the programmes introduced by the New National Guidelines

18

‌AGENDA

Annexes

Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others

‌Business Q126 - Retail

€ mn

Revenue -1.7%

(+2.3% recurring)

Adj. EBITDA +0.6 mn

46.3

2.0

02..84

47.1

2.6

2.4

3.0

Other (Bookclub)

E-commerce

Market

+3.4%

Books Market 3M 2026

+1.7%

-89.0%

ONLINE

Market Share 12.7%

ONLINE WEIGH

19.9

Franchised

2.8 2,2

-2.2%

WEIGH

T 35.0%

T 0.6%

2026 2025

Directly-owned

bookstores

2026 2025

+6.6%

PHYSICAL WEIGHT 65.0%

+6.8%

PHYSICAL WEIGHT 99.4%

Δ

+0.2 pt

Source: internal estimate on GfK figures in terms of market value, Sept. 2026

More than 500 stores:

over 30 new openings expected in 2026

+15

PoS

Adj.

EBITDA

EBITDA adjusted up 23% driven by the solid performance of the physical network - both DOSs and franchise stores - which more than offset the negative impact on the e-commerce channel.

57 55

21 19

11

20

21.3

Comprehensive revenue drops due to the logistics block of the e-

commerce channel

Revenue up by 2.3% net of this non-recurring factor, thanks to the

excellent performance of the physical network:

• DOSs: +19.5% thanks to the consolidation of MA Retail (+8.4% LFL)

• Franchising: +4.9% LFL (net of the MA Retail transfer)

• StarShop comic stores: +5.0%

REVENUE

‌AGENDA

Annexes

Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others

‌Business Q126 - Digital

Edilportale:

€ 4.6 mn

Revenue +30.3%

(+5.3% LFL)

24.2

18.6

€ mn

The new Business Unit consolidating

Adj. EBITDA € +1.3 mn

3.3

2026 2025

REVENUE

• Increase in advertising activities +30% (+3.5% LFL);

• continuation of the considerable development of MarTech (+9.2%) both in Italy and internationally (Germany, Austria and Eastern Europe);

• significant increase in subscription revenue deriving from the consolidation of Edilportale.com;

  Adj.

  EBITDA

  Adj. EBITDA up 68.2%, mainly thanks to the consolidation of Edilportale.com and the higher revenue recorded by all

  digital activities.

  22

• contribution of the revenue generated by online and offline sales with the Archiproducts.com brand.

  ‌AGENDA

  Annexes

  Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others

  
  
  
  
  ‌Business Q126 - Media

  Adj. EBITDA € -1.2 mn

  - € 0.4 mn

  contributions

  Revenue +6.3%

  16.5

  15.5

  € mn

  2.3

  3.5

2026 2025

REVENUE

Increase in revenue thanks to the positive commercial results of two joint sales initiatives that more than offset the structural decline of circulation (-7.8%): the Fatto in Casa da Benedetta books and the "Auto di papà" model cars.

Adj.

EBITDA

Adj. EBITDA down due to:

• lower income from government grants for € 0.4 million

• higher advertising costs incurred during the quarter for the launch of new initiatives in joint sales.

24

‌AGENDA

Annexes

Business Areas: Books Business Areas: Retail Business Areas: Digital Business Areas: Media Others

‌€ mn

Revenues & Adj. EBITDA - 2025 Quarter Restatement

2025 MEDIA & DIGITAL

Breakdown Restatement

REVENUES

Adj.

EBITDA

26

‌1Q26 Headcount Evolution

Group Headcount

2,368

2,144

2,023

+10.4%

Mar 26 vs

Mar 25

+1.0% yoy LFL

Mar 24

Mar 25

Mar 26

Headcount by BU

+2.3%

+0.3%

+19.5%

(+2.6% LFL)

+46.1%

(flat LFL)

+0.6%

+0.9%

747

730

293

292

410

343

428

293

325

322

Trade Books Education Books Retail Digital Media Corporate &

mar-26 mar-25

Shared Services

27

‌Revenue & Adjusted EBITDA by Business Area 1Q 26

28

‌1Q2026

Profit & Loss

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

29

‌1Q2026

Balance Sheet

30

‌Glossario

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

1. income and expenses from restructuring, reorganization and business combinations;

2. clearly identified income and expenses not directly related to the ordinary course of business;

3. 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).

31

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