Third-quarter revenue 2026 Press release

Paris, 15 October 2026, 5.45 p.m.

"In the third quarter of 2026, amid a challenging geopolitical and macroeconomic environment, the Lagardère group once again demonstrated great solidity, with growth accelerating to 2.4%1 from 1.8%1 in the previous quarter.

The Group continued to leverage the geographical diversity of its operations, the resilience of its business model and the agility of its teams to deliver solid performances.

Lagardère Publishing confirmed its leading positions, with growth lifted in particular by very strong performances in English- and Spanish-language General Literature.

Lagardère Travel Retail posted record revenue during the summer season, and continued to deliver sustained growth, led by Europe and the Americas, despite the backdrop of slowing growth in air traffic.

Despite a challenging advertising market, Lagardère Live was able to report broadly stable revenue."

1 Like for like.

1. GROUP CONSOLIDATED REVENUE Revenue for the first nine months of 2026

   Revenue totalled €7,069 million for the first nine months of 2026, up 2.5% as reported. On a like-for-like basis, revenue was up 2.6%, with all business lines contributing to growth.

   (€m)	30 September 2025 (9 months)	30 September 2026 (9 months)	Reported change (%)	Like-for-like change (%)
   Lagardère Publishing	2,160	2,179	+0.9%	+1.1%
   Lagardère Travel Retail	4,582	4,734	+3.3%	+3.3%
   Lagardère Live	157	156	-0.4%	+1.4%
   TOTAL REVENUE - Lagardère	6,899	7,069	+2.5%	+2.6%

   The €90 million net negative currency effect was mainly linked to the depreciation of the US dollar, pound sterling, Romanian leu and UAE dirham against the euro.

   The €81 million positive scope effect was attributable to the acquisition by Lagardère Publishing of 999 Games in April 2025 and Kogan Page in May 2026, and as regards Lagardère Travel Retail, to the start-up of the Duty Free operations at Amsterdam Airport Schiphol in May 2025.

   Breakdown of revenue by geographic area2

   (%)	30 September 2025 (9 months)	30 September 2026 (9 months)
   United States and Canada	26%	26%
   Western Europe	29%	30%
   France	21%	20%
   Eastern Europe	14%	15%
   Asia-Pacific	5%	4%
   Latin America, Middle East and Africa	5%	5%

   Third-quarter 2026 revenue

   Third-quarter 2026 revenue amounted to €2,633 million, up 3.3% versus the same period in 2025. Like-for-like growth came out at 2.4%, driven in particular by Lagardère Travel Retail (up 3.3%) and by Lagardère Publishing (up 0.9%).

   (€m)	Third-quarter 2025	Third-quarter 2026	Reported change (%)	Like-for-like change (%)
   Lagardère Publishing	811	836	+3.1%	+0.9%
   Lagardère Travel Retail	1,695	1,756	+3.6%	+3.3%
   Lagardère Live	42	41	-2.8%	-3.2%
   TOTAL REVENUE - Lagardère	2,548	2,633	+3.3%	+2.4%

   The €10 million net positive currency effect was mainly attributable to the appreciation of the US dollar and Chinese yuan against the euro, partially offset by the depreciation of the Romanian leu.

   The scope effect was also positive, due chiefly to the acquisition of Kogan Page.

   Unless otherwise specified, the third-quarter revenue changes presented below are calculated on a like-for-like basis.

   2 By destination.

   Lagardère Publishing

   Third-quarter 2026 revenue for Lagardère Publishing totalled €836 million, up 3.1% as reported and up 0.9% like for like.

   The €5 million net positive currency effect was attributable to the appreciation of the US dollar and pound sterling against the euro. The scope effect was also positive, due chiefly to the acquisition of Kogan Page.

   • In France, revenue contracted by 4% year on year, after having risen 10% in third-quarter 2025, mainly reflecting lower sales in the Travel Guides and Comics/Manga segments. In contrast, the Lifestyle segment benefited from the release of Yotam Ottolenghi's Simple Too. General Literature sales reported a good start to the autumn season, buoyed by Thélyson Orélien's C'était ça ou mourir and Sarah Knafo's Le Casse du siècle. Le Livre de Poche remained on a strong footing thanks to the success of Valérie Perrin's Tata, Virginie Grimaldi's Les heures fragiles and Guillaume Musso's Quelqu'un d'autre.

   • In the United Kingdom, revenue was up 4% thanks to a particularly dynamic frontlist publishing schedule. Bestsellers over the quarter included Rebecca Yarros' new novel Threshing Day and the sixth volume of Alice Oseman's Heartstopper. The region also enjoyed a string of publishing successes - including Elle Kennedy's Off Campus series, Sylvester Stallone's autobiography The Steps, and Michael Connelly's latest novel The Hollow - as well as continued strong sales of Freida McFadden's The Housemaid series, Florence Knapp's The Names, Alison Espach's The Wedding People and Maggie O'Farrell's Land and Hamnet.

   • In the United States, revenue advanced by 4%. Growth reflects the strength of the business, driven by several publishing successes including Caroline Chambers' What to Cook When You Don't Feel Like Cooking, Manuel Garand's Murdoku: 80 Murder Mystery Logic Puzzles, Rachel Gillig's The Knave and the Moon, James Patterson and James O. Born's Delusional: A Michael Bennett Thriller, and James Patterson and Mike Lupica's The Country Road Murders, as well as by a strong performance from the partner publisher distribution network. Rising audiobook sales continued to support growth.

   • In Spain/Latin America, revenue continued to advance (up 3%) on the back of a very good first half of the year, lifted by a strong textbook campaign in Spain, combined with the growth of paperback formats in the trade segment following the creation of a dedicated imprint in 2025. Latin America also reported growth in both Education and the trade segment.

   • Revenue from Partworks increased by 1%, driven in particular by strong sales of collections launched in Italy and Japan since the second half of 2025.

   • Board Games maintained strong sales levels, although revenue edged down 4% year on year after surging 18% in the third quarter of 2025. Mookie Island, published by Le Scorpion Masqué and distributed by Blackrock, won the 2026 As d'Or Children's Game of the Year.

     Revenue for Lagardère Publishing for the first nine months of 2026 totalled €2,179 million, up 0.9% as reported and up 1.1% like for like.

     The €33 million net negative currency effect was attributable to the depreciation of the US dollar, pound sterling and Japanese yen against the euro, while the positive scope effect was mainly related to the acquisition of 999 Games and Kogan Page.

     Lagardère Travel Retail

     Third-quarter 2026 revenue for Lagardère Travel Retail amounted to €1,756 million, up 3.6% on a reported basis and up 3.3% like for like. Revenue grew by 4.6% excluding North Asia (impacted by streamlining of the network in China).

     The difference between reported and like-for-like figures was due to a €5 million net positive currency effect, mainly attributable to the appreciation of the US dollar and Chinese yuan against the euro, partially offset by the depreciation of the Romanian leu.

   • In France, revenue was up by 1%, lifted by good sales momentum. The Duty Free business benefited notably from store upgrades at Nice-Côte d'Azur airport.

   • The EMEA region (excluding France) advanced by 6%, supported in particular by Albania, Romania, the United Kingdom, Italy and Spain on the back of an increase in passenger traffic, sales initiatives and network expansion. The region also benefited from store openings in Germany (Düsseldorf airport and Terminal 3 at Frankfurt). Africa posted continued growth, driven in particular by store openings in Cameroon and Rwanda.

     Business in the Middle East fell by 15% (and accounted for just 2% of Lagardère Travel Retail's revenue in the third quarter of 2026).

   • In the Americas, revenue rose by 4%, thanks to an excellent performance in North America (up 4%). The region benefited from network expansion and strong sales momentum in the Travel Essentials and Dining segments, despite the continued slowdown in air traffic. In South America, business also grew, driven notably by the ramp-up of operations at the new airport in Lima, Peru.

   • The Asia-Pacific region posted a sharp decline of 22%, with the decrease particularly pronounced in North Asia (down 59%) due to the continued streamlining of the business and store closures in mainland China, which is slated for completion at the end of 2026. Business in this region was driven by Duty Free operations at Auckland and Singapore.

     Revenue for Lagardère Travel Retail for the first nine months of 2026 amounted to €4,734 million, up 3.3% on a reported basis and up 3.3% like for like. Revenue grew by 5.1% excluding North Asia (impacted by streamlining of the network in China).

     The €56 million net negative currency effect was mainly attributable to the depreciation of the US dollar, Romanian leu and UAE dirham against the euro, and was offset by a positive scope effect linked to the launch of Duty Free operations at Amsterdam Airport Schiphol in May 2025.

     Lagardère Live

     Third-quarter 2026 revenue for Lagardère Live totalled €41 million, compared with €42 million in the same prior-year period.

   • Revenue for Lagardère Radio and Lagardère News retreated, affected by a decline in the radio advertising market. Audience figures continued to rise overall compared with the previous year.

   • Revenue for Lagardère Live Entertainment & Other remained virtually stable during the summer months, when business is traditionally quieter.

   For the first nine months of 2026, Lagardère Live reported €156 million in revenue, compared with €157 million in the same prior-year period.

2. SIGNIFICANT EVENTS OF THIRD-QUARTER 2026 Situation in the Middle East

   Since 28 February 2026, the geopolitical situation in the Middle East has deteriorated markedly, resulting in the blockade of the Strait of Hormuz, higher oil prices and disruptions to logistics and tourism, notably as regards air travel.

   The Group's direct financial exposure to this region is limited, with revenue generated in the Middle East accounting for 2% of consolidated revenue in 2025.

   The nine months to 30 September 2026 were primarily affected indirectly, through the impact of the conflict on global consumer demand. The Group remains vigilant as to the direct and indirect effects (especially as regards the impact on air passenger traffic, the risks of inflation, including energy costs, and supply shortages) that this situation could have on its activities throughout 2026.

   Acquisition of Smith Street Books by Hachette Australia

   In August 2026, the group finalised the acquisition by Hachette Australia of Smith Street Books, an Australian publishing house specialising in Illustrated Books and gift products (games, cards and gift sets). This acquisition has enabled Hachette to strengthen its footprint in complementary editorial segments and expand its local list.

   Successful placement of a €500 million bond issue

   On 9 September 2026, the Lagardère group successfully issued €500 million worth of six-year bonds maturing in September 2032 and paying an annual coupon of 5.25%. The successful placement demonstrates investors' confidence in the strength and financial performance of the Group's business model.

   The proceeds from this issue are intended to be used for the partial repayment of a bank facility put in place during the June 2024 refinancing, as well as a portion of the Vivendi loan. The issue will enable Lagardère SA to extend the average maturity of its debt.

   Change in governance at Hachette Livre

   On 29 September 2026, the Hachette Livre group announced the appointment of David Shelley as Global Advisor to Hachette Livre's Executive Management with effect from 1 January 2027. His role will notably include guiding the group in developing new markets and global digital offerings, expanding international synergies and overseeing mergers and acquisitions.

3. OUTLOOK

   Despite the geopolitical and macroeconomic context, Lagardère will continue to pursue its demanding, value-creating capital allocation policy, underpinned by the robust performance and complementary nature of its businesses.

   We will maintain regular shareholder returns and make targeted investments while pursuing strict financial discipline.

4. INVESTOR CALENDAR 3

   • Full-year 2026 results: Thursday, 25 February 2027, after trading.

5. GLOSSARY

• Lagardère Live

  Includes Lagardère News (Le Journal du Dimanche, Le JDNews, Le JDMag and the ELLE brand licensing business), Lagardère Radio (Europe 1, Europe 2, RFM), Lagardère Live Entertainment, Lagardère Paris Racing sports club and the Group Corporate function.

  Alternative performance measures

  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 by investors in order to monitor the Group's operating performance, along with the financial metrics defined by the IASB.

  These indicators are calculated based on elements taken from the consolidated financial statements prepared under IFRS and a reconciliation with those accounting items is provided in this press release, in the revenue presentation, or in the notes to the consolidated financial statements.

• Like-for-like revenue

  Like-for-like revenue is used by the Group to analyse revenue trends excluding the impact of changes in the scope of consolidation and in exchange rates.

  The like-for-like change in revenue is calculated by comparing:

  • revenue for the period and revenue for the prior-year period adjusted for companies consolidated for the first time during the period and consolidated companies divested during the period;

  • revenue for the period and revenue for the prior-year period adjusted based on the exchange rates applicable in the period.

    The scope of consolidation comprises all fully consolidated entities. Additions to the scope of consolidation correspond to business combinations (acquired investments and businesses), and deconsolidations correspond to entities over which the Group has relinquished control (full or partial disposals of investments and businesses, such that the entities concerned are no longer included in the Group's financial statements using the full consolidation method).

    3 Date subject to change.

• Recurring EBIT (Group recurring EBIT)

  The Group's main performance indicator is recurring operating profit of fully consolidated companies (recurring EBIT), which is calculated as follows:

  Profit before finance costs and tax, excluding:

  • income (loss) from equity-accounted companies before impairment losses;

  • gains (losses) on disposals of assets;

  • impairment losses on goodwill, property, plant and equipment, intangible assets and investments in equity-accounted companies;

  • net restructuring costs;

  • items related to business combinations:

    • acquisition-related expenses,

    • gains and losses resulting from purchase price adjustments and fair value adjustments due to changes in control,

    • amortisation of acquisition-related intangible assets;

  • specific major disputes unrelated to the Group's operating performance;

  • items related to leases and finance sub-leases:

    • cancellation of fixed rental expense* on concession agreements,

    • depreciation of right-of-use assets on concession agreements,

    • gains and losses on leases.

      * Cancellation of fixed rental expense on concession agreements is equal to the repayment of the lease liability, the associated change in working capital and interest paid in the statement of cash flows.

• Operating margin

  Operating margin is calculated by dividing recurring operating profit of fully consolidated companies (Group recurring EBIT) by revenue.

• Recurring EBITDA over a rolling 12-month period

  Recurring EBITDA is calculated as recurring operating profit of fully consolidated companies (Group recurring EBIT) plus dividends received from equity-accounted companies, less depreciation and amortisation charged against property, plant and equipment and intangible assets, amortisation of the cost of obtaining contracts, and the cancellation of fixed rental expense** on property and other leases, plus recurring EBITDA from discontinued operations.

  ** Cancellation of fixed rental expense on concession agreements is equal to the repayment of the lease liability, the associated change in working capital and interest paid in the statement of cash flows.

• Adjusted profit - Group share

  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 on goodwill, property, plant and equipment, intangible assets and investments in equity-accounted companies;

  • net restructuring costs;

  • items related to business combinations:

    • acquisition-related expenses,

    • gains and losses resulting from purchase price adjustments and fair value adjustments due to changes in control,

    • amortisation of acquisition-related intangible assets;

  • specific major disputes unrelated to the Group's operating performance;

  • tax effects of the above items;

  • non-recurring changes in deferred taxes;

  • items related to leases and finance sub-leases:

    • cancellation of fixed rental expense*** on concession agreements,

    • depreciation of right-of-use assets on concession agreements,

    • interest expense on lease liabilities under concession agreements,

    • gains and losses on leases;

  • adjusted profit attributable to minority interests: profit attributable to minority interests adjusted for minorities' share in the above items.

  = Adjusted profit - Group share

  *** Cancellation of fixed rental expense on concession agreements is equal to the repayment of the lease liability, the associated change in working capital and interest paid in the statement of cash flows.

• Free cash flow

  Free cash flow is calculated as cash flow from operations before changes in working capital, the repayment of lease liabilities and related interest paid, changes in working capital and taxes paid plus net cash flow relating to acquisitions and disposals of property, plant and equipment and intangible assets.

• CFFO

  Cash flow from operations before income taxes paid is calculated by deducting income taxes paid from free cash flow.

• CFAIT

  Cash flow from operations after interest and taxes is calculated by adding interest paid and received to free cash flow.

• Net debt

  Net debt is calculated as the sum of the following items:

  • short-term investments and cash and cash equivalents;

  • financial instruments designated as hedges of debt;

  • current and non-current debt excluding liabilities related to minority put options.

Due to rounding, the figures shown may not correspond exactly to the totals.

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presse@lagardere.fr Emmanuel Rapin: erapin@lagardere.fr Nathalie Pellet: npellet@lagardere.fr