Results at 31 March 2025 approved

• In first quarter 2025, the Group achieved consolidated gross revenue of Euro 246.5 million (Euro 244.2 million in 2024) and growing operating margins, with EBITDA at Euro 20 million (Euro 16.2 million in 2024) and EBIT at a negative Euro 1.9 million (negative Euro 2.8 million in 2024). The net result attributable to the owners of the parent came to a negative Euro 2.1 million (negative Euro 2 million in 2024)
• The net financial position, Euro 47.3 million, improves by Euro 25.9 million versus 31 December 2024
• At end March, the RCS Group's titles reach an active digital customer base of over 1.2 million subscriptions: 689 thousand for Corriere della Sera, Italy's leading newspaper also on newsstands, 265 thousand for Gazzetta, 165 thousand for El Mundo and 116 thousand for Expansión
• La7 achieved high ratings with 4.3% in the all-day share and 5.8% in prime time, up by 18% and by 11% versus the same period of 2024, and was the third channel in terms of ratings in the 20:00/22:30 time slot, with a 6.1% share, up by 12% and fourth channel in prime time. Including La7d, all-day and prime time ratings in the quarter were 4.7% and 6.2% respectively. La7's ratings growth continued in April (+18% all-day and +15% in prime time), confirming its position as the third channel in the 20:00/22:30 slot and advancing one position, to third channel, in the prime time slot.
• The Cairo Editore magazine publishing segment achieved EBITDA of Euro 1.9 million, in line with the same period of 2024 (Euro 1.9 million)

The year 2024 was dominated by the ongoing conflicts in Ukraine and the Middle East, with their repercussions extending to the economy and trade. These events persisted in creating a state of significant overall uncertainty. The Group has no direct exposure and/or business activities towards the markets affected by the conflict and/or sanctioned entities. Concerns over the threatened imposition of tariffs and restrictions on international trade by the U.S. have intensified this uncertainty.

Against this backdrop, in first quarter 2025:

• the Group achieved higher revenue and operating margins (EBITDA and EBIT) than in the same

  period of 2024 and continued to generate positive cash flows, improving the net financial position by Euro 25.9 million versus 31 December 2024;

• RCS's revenue and margins (EBITDA, EBIT and net result) were up versus the same period of 2024. RCS confirmed remarkable newsstand circulation levels and continued the growth of digital operations. At end March, the total active digital customer base (digital edition, membership and m-site) of Corriere della Sera reached 689 thousand subscriptions, while the customer base of Gazzetta's pay products reached 265 thousand subscriptions (Internal Source).

  Digital subscriptions grew in Spain too (digital edition and premium), reaching at end March 2025 165 thousand subscriptions for El Mundo and 116 thousand subscriptions for Expansión (Internal Source). Both Italian newspapers, Corriere della Sera and La Gazzetta dello Sport, and in Spain Marca and Expansión, retained their circulation leadership in their respective market segments (ADS for Italy and OJD for Spain). La Gazzetta dello Sport, in the last Audipress survey published in February 2025, retained its position as the most-read Italian newspaper with approximately 2.1 million readers, followed in second place by Corriere della Sera with approximately 1.7 million readers. EGM's latest April 2025 "Estudio General de Medio" survey confirms Unidad Editorial as the leader in Spanish print media, topping 1.6 million overall daily readers of its three daily newspapers. Marca, with 994 thousand readers, is the most widely read newspaper in Spain, El Mundo the second among generalists and third among daily newspapers with 483 thousand readers. The main digital performance indicators confirm the top market position of RCS, with the Corriere della Sera and La Gazzetta dello Sport brands, which counted, in the period January-March 2025,

  29.9 million and 15.9 million average monthly unique users and 4.1 million and 2.2 million average daily unique users (Audicom). In Spain, as part of the online activities, elmundo.es, marca.com and expansión.com reached 37 million, 67 million and 7.1 million average monthly unique browsers in first quarter 2025, comprising both domestic and foreign browsers and including apps (Google Analytics). The main social accounts of the Corriere System at 31 March 2025 reached approximately 14.3 million total followers (considering Facebook, Instagram, X, LinkedIn and TikTok - Internal Source) and those of La Gazzetta dello Sport 6.7 million (considering Facebook, Instagram, X, TikTok and YouTube - Internal Source). The social audience of Unidad Editorial Group titles (Internal Source) stands at 12.2 million followers for El Mundo, 20.5 million for Marca and 2.5 million for Telva (considering Facebook, Instagram, X and TikTok) and 1.6 million for Expansión (considering Facebook, Instagram, X, LinkedIn and TikTok). Net operating revenue amounted to Euro 169.6 million, with total digital revenue (Italy and Spain) amounting to approximately Euro 47.1 million and accounting for approximately 27.8% of total revenue. Total advertising sales from RCS online media amounted to Euro 28.2 million in first quarter 2025, making for 47.5% of total advertising revenue;

• the TV publishing (La7) and network operator segment achieved growing ratings and advertising revenue. In first quarter 2025, La7's average share was 4.3%1in the all-day share and 5.8% in prime time (20:30-22:30 time slot), up by 18% and by 11% versus the same period of 2024, confirming a high-quality target audience. Specifically, in the quarter La7 was the third channel in terms of ratings in the 20:00/22:30 time slot, with a 6.1% share, up by 12% versus the same period of 2024 and the fourth channel in prime time. In the quarter, TgLa7 8 p.m. edition's share grew by 18%. In the early morning segment (7:00/9:00 a.m.), La7, with a 4.6% share, ranks fourth nationally. La7's ratings growth continued in April (+18% all-day share and +15% prime time), retaining its position as third channel in the 20:00/22:30 time slot and advancing one position, to third channel, in the prime time slot. Including La7d, all-day and prime time ratings in the quarter were 4.7% and 6.2% respectively. Gross advertising sales on La7 and La7d channels amounted to approximately Euro 37.4 million (Euro 35.8 million in the same period of 2024). La7's news and discussion programmes in first quarter 2025 all continued to deliver remarkable results: Otto e Mezzo with an 8.2% average share from Monday to Friday, TgLa7 8 p.m. edition 7.7% from Monday to Friday, diMartedì 8.4%, the first episode of Una giornata particolare dedicated to the story of the Bible 7.3%, Piazzapulita 6.3%, Propaganda Live 6.9%, In Altre Parole 5.7% on Saturday, In Onda 5.5%, La Torre di Babele 4.7%, Omnibus La7 4.6%, Coffee Break 4.6% from Monday to Friday, L'Aria che tira 5.3% and Tagadà 4.6%.

  1Ratings refer to traditional TV audiences (live ratings and content in the same airing day on TV)

  In first quarter 2025, La7 confirmed its leadership among generalist TV stations in terms of news hours (an average of over 13 hours per day) and was the second channel in terms of live hours (an average of approximately 11 hours per day).

  On the digital front, in first quarter 2025 average daily unique users were 259 thousand and 4.8 million average monthly unique users in January-March 2025. Stream views were 11.8 million per month. At end March 2025, followers of La7 and its active programmes on Facebook, X, Instagram, TikTok, Whatsapp, and Threads were 8.2 million;

• the results of the magazine publishing segment Cairo Editore were in line with the same period of 2024.

In first quarter 2025, consolidated gross revenue amounted to approximately Euro 246.5 million (comprising gross operating revenue of Euro 232.9 million and other revenue and income of Euro 13.6 million) versus Euro 244.2 million in the same period of 2024 (comprising gross operating revenue of Euro 232.4 million and other revenue and income of Euro 11.8 million).

EBITDA and EBIT came to Euro 20 million and a negative Euro 1.9 million (Euro 16.2 million and negative Euro 2.8 million in the same period of 2024). Net non-recurring expense amounted to a negative Euro 0.2 million (negative Euro 0.1 million in the same period of 2024). The Group's seasonality factors generally impact on the results of the first and third quarters of the year.

The net result before non-controlling interests was a negative Euro 2.4 million (negative Euro 2.7 million in the same period of 2024). The net result attributable to the owners of the parent came to a negative Euro

2.1 million (negative Euro 2 million in the same period of 2024).

Looking at the business segments, in first quarter 2025:

• in the magazine publishing segment (Cairo Editore), EBITDA and EBIT came to Euro 1.9 million and Euro 1.7 million (Euro 1.9 million and Euro 1.6 million in the same period of 2024). Regarding weeklies, with approximately 0.8 million average copies sold in first quarter 2025 (ADS January-March 2025), Cairo Editore retains its position as the leading publisher in copies of weeklies sold at newsstands, with an approximately 29% market share. Including the average sales of titles out of the ADS survey (comprising copies sold of "Enigmistica Più" and of "Enigmistica Mia"), average copies sold were approximately 0.9 million;

• in the TV publishing (La7) and network operator segment, EBITDA grew to reach approximately Euro 2.6 million (Euro 1.8 million in the same period of 2024). EBIT was approximately negative Euro 3.2 million (negative Euro 2.2 million in the same period of 2024). Mention should be made that the TV publishing segment's seasonality factors generally impact on the results of the first and third quarters of the year;

• in the advertising segment, consolidated gross revenue grew to reach Euro 82.9 million (Euro 80.2 million in the same period of 2024), EBITDA came to approximately negative Euro 1 million (negative Euro 0.6 million in the same period of 2024) and EBIT to negative Euro 1.7 million (negative Euro 1.3 million in the same period of 2024);

• in the RCS segment, in the consolidated financial statements of Cairo Communication, EBITDA2and EBIT amounted to Euro 16.5 million and Euro 1.3 million (Euro 13.2 million and negative Euro 0.9 million in the same period of 2024). RCS's seasonality factors also generally impact on the results of the first and third quarters of the year. In first quarter 2025, initiatives continued on maintaining and developing revenue, boosting the publishing systems' range of products, developing the digital platforms and enhancing the vertical publishing systems. In Italy, regarding the main initiatives only, Corriere della Sera carried out the social restyling of local editions, launched the new Corriere Milano Instagram channel, renewed the platform for digital event management, introduced the new Animali channel, published various editorial initiatives to support circulation, changed the name and

2 Mention should be made that RCS adopts a different definition of EBITDA from the one used by the Cairo Communication Group, as indicated in the section below "Alternative Performance Measures". As a result of these differences, which lie in the provisions for risks and in the allowance for impairment, totaling Euro 1.9 million in first quarter 2025 - EBITDA shown in the RCS Interim Management Statement at 31 March 2025, approved on 13 May 2025, amounted to Euro 14.6 million.

revamped the Corriere Milano newsletter ("Incoeu"), published the new YouReporter website, and created new video columns, studio live broadcasts, and talks on CorriereTV. Important events were also organized, including "Corriere in Onda" during the Sanremo Festival, "Italia Genera Futuro", "Festival della Prevenzione", "Women in Food", "Premio Bilanci di sostenibilità 2025", the international forum "Pact4Future", "Leggere il mondo, e raccontarlo. Festeggiamo insieme i 149 anni del Corriere della Sera". La Gazzetta dello Sport offered its digital edition to subscribers as early as 1 a.m., its supplements G Magazine and Sportweek covered the main sporting events of the quarter and enriched its Sunday offerings by including anastatic reproductions of its historical newspaper copies. The second edition of Amica - The Art Issue was held in March. In first quarter 2025, some of the sporting events in the portfolio and a number of initiatives related to them were organized: the Presentation of Giro d'Italia and Giro d'Italia Women, Giro d'Italia's Città in Rosa, the UAE Tour, RomaOstia Half Marathon, Strade Bianche with its Gran Fondo, Tirreno Adriatico, Milano Torino and Milano Sanremo, which was a major success thanks to the participation of legendary international champions and generated a share of 12.45% on Rai 2, up by 53% versus 2024 (Auditel). In Spain, regarding the main initiatives only, beginning in March YoDona was restyled and its content proposition was updated. Work also continued on organizing major events, including participation with El Mundo and La Lectura in the International Contemporary Art Fair in Madrid and the first edition of Gran Encuentro Expansión Catalunya, organized by Expansión, which brought together important political and economic leaders.

The consolidated net financial position at 31 March 2025 stood at approximately Euro 47.3 million (Euro 21.5 million at end 2024). The change versus end 2024 is explained mostly by the positive contribution from ordinary operations, partly offset by outlays for technical expenditure and non-recurring expense totaling Euro 8.7 million.

***

As announced on 7 and 8 May 2025, the voluntary partial public purchase offer for treasury shares launched by the Company ended after the close of the first quarter 2025. At the end of the acceptance period, 14,258,391 Cairo Communication shares, equal to 10.61% of its share capital, were tendered to the Offer.

The first quarter of 2025 was dominated by the ongoing conflicts in Ukraine and the Middle East, with their repercussions extending to the economy and trade. These events persisted in creating a state of significant overall uncertainty. The Group has no direct exposure and/or business activities towards the markets affected by the conflict and/or sanctioned entities.

The early months of the year, particularly since April, saw the introduction by the United States of tariffs and restrictions on international trade, which led and/or are leading to the adoption of similar measures by the countries concerned and the start of negotiations, generating significant uncertainty in financial markets and negative impacts on the economy.

In first quarter 2025, the Group met the public's strong need to stay informed through its information offering, ensuring a timely service to its viewers and readers. The La7 programmes, the daily editions of Corriere della Sera and La Gazzetta dello Sport in Italy, and of El Mundo, Marca and Expansión in Spain, the Group's magazines and web and social platforms have played a pivotal role in informing, focusing on their mission as a non-partisan, trustworthy public service, and establishing themselves as authoritative players in daily television, print and online information, with strong television ratings and digital traffic figures.

The evolution of the current context and its potential impacts on the outlook, which are under constant monitoring, remain unpredictable as they depend, inter alia, on the progression of the situation in financial markets and the economy driven by the introduction of tariffs and restrictions on international trade, as well as the developments and duration of ongoing conflicts and their geopolitical consequences.

Considering the actions already taken and those planned, and barring any negative impacts resulting from developments in Ukraine and the Middle East, and/or the introduction of tariffs or international trade restrictions, the Group believes that it can confirm the goal of achieving strongly positive EBITDA margins in 2025 - at least in line with those of 2024 - and continuing to generate additional cash from operations.

Developments in the ongoing conflicts, the overall economic climate and the core segments could, however, affect the full achievement of these targets.

* * *

The Financial Reporting Manager of Cairo Communication S.p.A., Marco Pompignoli, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Finance Law, that the accounting information contained herein is consistent with the underlying accounting documents, books and records.

Cairo Communication is one of the leading groups in the publishing and advertising sales segments, recognized as one of the first to have developed a multimedia sales approach. With the acquisition of the control of RCS MediaGroup, Cairo Communication establishes itself as a major multimedia publishing group, well-positioned to become the main player on the Italian market, with a strong international presence in Spain, by leveraging on the high quality and diversification of products in the dailies, web, television, magazines and sporting events segments.

in the section NOTICES AND DOCUMENTS / PRESS RELEASES