Arnoldo Mondadori Editore S p A : Presentazione Italian Investment Conference 2026

Italian Investment Conference 2026

Investors Presentation

Milan, 22nd May 2026

GRUPPO MONDADORI

Mondadori in a nutshell Shareholding Structure

Mondadori Group, founded in 1907, is Italy's main publishing group with a leading position in all the segments of the Italian market:

° Trade book publishing

• Education book publishing

• Retail - bookshops

  
  
  

  53.3%

  lnstitutional Investors

  37.0%

  GRUPPOg$JMONDADORI

  Retail'

  9.7%

  Inc.0.6%Treasury

  Shares

• Digital Media

  ° Consumer magazines

  Arnoldo Mondadori Editore is listed in the Italian Stock Exchange since 1982 (from 2016 in the STAR segment) As of December 31, 2025, Mondadori Group could count on 2,231 Headcounts

  
  
  

  • 130 mn fanbase

  
  
  
  
  

  • 2,000 new titles published every year

    II

    
    
    

  • 500 bookshops in "10% Digital Revenues

Italy

Stock Performance 2025

Average Mkt Cap 2025

€550 mn

Mondadori Group in a nutshell - Our positioning

M&A as a driver of Strategic Repositioning

Acquisition by Arnoldo Mondadori Editore of 58.84% of the share capital

The price has been paid in cash

Next step 2027: transfer to Mondadori Digital of 100% of the whole shareholding in

Edilportale.com

Edilportale.com acquisition

Transaction structure

Strategic

Rationale

Price -

Financials Target

Strengthening Mondadori Digital positioning as Italy's leading digital publisher, in the vertical segments with the highest-growth market potential

Expanding Mondadori Digital services with new products and innovative solutions

Accretive deal to Group margins and earnings

Catalogue of 3,500

design brands worldwide

Price (58.84%) of € 31.2 mn (EV 100% = € 50 mn, PFN estimated at closing = € 3 mn)

Earn-out of € 2.9 mn based on 2027 profitability growth target

FY 2024 (€ mn, ITA GAAP): Revenue 26.7 (of which 35% generated abroad)

EBITDA 7.1 (5.7 net of public grants) NFP (cash) (1.3)

Dec. 2025:

Spin-off of all digital activities

Jan. 2026:

Edilportale.com majority acquisition

2027

Next Steps

M&A and Organizational review strategy support Group's digital scale-up,

unlocking underlying Group value

AGENDA

1. Investment Proposition

2. 1Q 2026 Results

3. FY 2025 Results

4. FY 2026 Outlook

5. Annexes

Mondadori Group - Key Investment Proposition

1. A book player

with a new Digital equity story

2. Continued profitability improvement

3. Strong & Steady Cash Generation

€

%

4. A growing

Dividend Policy

8

1. Mondadori Group Overview

Business Area

2025 Revenue %

Revenue

2025 Adj. EBITDA %

Adj. EBITDA

€ mn

63%

622.0 629.7

2025 2024

74%

EBITDA Margin = 20.0%

124.0 127.0

2025 2024

Books = 85%

Books > 85%

22% 12%

220.3 215.5

19.2

16.7

7.4% Digital

7.3% Print

15%

2025 2024

145.2 147.3

9.1% Digital

4.4% Print

EBITDA Margin = 8.7%

14%

2025 2024

20.2

20.2

2025 2024

EBITDA Margin = 15.5%

2025 2024

2025

2024

9

2025

EBITDA Margin = 17.0%

2024

MEDIA

15%

157.6

158.1

BOOKS

74%

MEDIA

14%

RETAIL 12%

RETAIL

22%

BOOKS

63%

934.7

931.6

Adj. EBITDA

margin

4Q

FY

158.2 157.6

152.1

136.3

29.5 24.3

22.8

20.8

2025

2024 2023

2022

2025

2024 2023 2022

17.0% 16.9% 16.8% 15.1%

€ mn

1. Continued profitability improvement

   Sustained improvement in economic results

   
   
   
   
   
2. Strong Cash Flow & Balance Sheet

€ mn

IFRS 16

1.3 1.0 1.1 1.1

FY 22 FY 23 FY 24 FY 25

0.8 0.6 0.7 0.5

NO IFRS 16

FY 22 FY 23 FY 24 FY 25

proposed payout of a dividend of €15.4 cents/share

(total cash-out = €40.3 million)*

CAGR +16%

11.0

8.5

12.0 14.0 15.4

Payment Date:

50% 20 May 2026

50% 25 November 2026

FY 21 FY 22 FY 23 FY 24 FY 25

Pay-out ratio = 75%

+10% vs

2024

Dividend Yield = 7.3% (31/12/2025)

* Calculation based on the number of shares outstanding at 31 December 2025

AGENDA

1. Investment Proposition

2. 1Q 2026 Results

3. FY 2025 Results

4. FY 2026 Outlook

5. Annexes

Positive start to the year thanks to the resources of the

Value data - Sell out

(€ mn)

Market

"Library Fund" in the physical channel

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

YTD

Week 19:

+3.5%

Source: GfK, YTD 2026 14

€ mn

+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 15

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

Trade Books

Education Books

Retail Digital

Media

Corporate & Interc.

€ mn

+0.8

+0.4

-1.2

-0.4

1Q 2025

Business Improvement

M&A

1Q 2026

Education Books Timing

Media Grants

1Q 2026

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

Trade

Books

Education

Books

Retail Digital

Media

Corporate

& Interc.

€ mn

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.

+42.3

+ 78.6

34 mn Edilportale.com

acquisition

Group NFP trend

(no IFRS16)

+47.2

€ 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 20

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