Louis Hachette S A : Full-Year 2025 results

Paris, 19 February 2026 at 5:35 p.m.

Revenue rose to €9.6 billion and EBITA to €551 million, fuelled by solid growth at Lagardère Publishing and Lagardère Travel Retail, and by the steady recovery of Lagardère Live. Despite a downturn in business in a rapidly changing market, Prisma Media remains France's leading dual-media publishing company, and is refocusing on its core activities while stepping up its digital transformation.

Together, these results underscore the relevance of Louis Hachette Group's strategic model and strengthen our resolve to pursue our demanding and value-creating capital allocation policy, underpinned by the robust performance and complementary nature of our businesses. We will also maintain regular shareholder returns and make targeted investments while pursuing strict financial discipline."

‌1Alternative performance measure (see Glossary for definition).

‌2CFFO: cash flow from operations before interest and income taxes paid

‌3Ordinary dividend for 2025, subject to shareholder approval at the Annual General Meeting to be held on 5 May 2026.

1. CONSOLIDATED KEY FIGURES

   (€m, unless otherwise indicated)	2024	2025
   Revenue	9,235	9,619
   EBITA1	510	551
   Profit - Group share	13	22
   Adjusted profit - Group share1	173	212
   Cash flow after interest and taxes (CFAIT)1	261	363
   Net debt1	1,826	1,590
   Dividend per share2 (€/share)	€0.06	€0.06

   On 19 February 2026, the Board of Directors met to approve the 2025 consolidated financial statements. Work relating to the verification of sustainability information is still ongoing. Except for any potential effects of the conclusions arising from this work, the audit procedures have been completed. The auditors' report on the consolidated financial statements will be issued once the management report has been reviewed and the procedures required for the filing of the Universal Registration Document have been finalised. The report on sustainability information will be issued at a later date.

   The Board of Directors has decided to propose to the Annual General Meeting of 5 May 2026 the distribution of an ordinary dividend of €0.06 per share for 2025.

2. GROUP REVENUE AND EBITA

   • 2025 revenue

     Revenue for 2025 totalled €9,619 million, up 4.2% as reported. On a like-for-like basis, revenue was up 3.3%, with all Lagardère group businesses contributing to the growth effort.

     (€m)	2024	2025	Reported change (%)	Like-for-like change (%)
     Lagardère Publishing	2,873	3,001	+4.5%	+2.7%
     Lagardère Travel Retail	5,812	6,133	+5.5%	+4.4%
     Lagardère Live*	257	219	-14.4%	+1.4%
     Lagardère group	8,942	9,353	+4.6%	+3.8%
     Prisma Media	293	266	-9.3%	-10.2%
     Total revenue - Louis Hachette Group	9,235	9,619	+4.2%	+3.3%

     * Lagardère Live includes Lagardère News (Le Journal du Dimanche, Le JDNews, Le JDMag, the ELLE brand licence and Paris Match - sold on 1 October 2024), Lagardère Radio (Europe 1, Europe 2, RFM), Lagardère Live Entertainment, Lagardère Paris Racing sports club and the Group Corporate function.

     The difference between reported and like-for-like figures mainly reflects a €187 million positive scope effect attributable to the acquisitions by Lagardère Publishing of Sterling Publishing in November 2024 and 999 Games in April 2025, as well as the consolidation within Lagardère Travel Retail of the Duty Free business at Amsterdam Airport Schiphol in May 2025, partially offset by the sale of Paris Match in October 2024.

     The €113 million negative currency effect was mainly attributable to the depreciation against the euro of the US and Canadian dollars, the Chinese yuan, the pound sterling and the Mexican peso, offset slightly by the appreciation of the Polish zloty, the Czech koruna and the Swiss franc.

     Breakdown of revenue by geographic area4

     (%)	2024	2025
     United States and Canada	26%	25%
     Western Europe	27%	28%
     France	24%	23%
     Eastern Europe	13%	14%
     Asia-Pacific	6%	5%
     Latin America, Middle East and Africa	4%	5%

   • Fourth-quarter 2025 revenue

     Fourth-quarter 2025 revenue totalled €2,519 million, up 4.5% as reported. On a like-for-like basis, revenue was up 2.7% compared to the fourth quarter of 2024, with all Lagardère group businesses contributing to growth.

     (€m)	Q4 2024	Q4 2025	Reported change (%)	Like-for-like change (%)
     Lagardère Publishing	799	841	+5.3%	+1.8%
     Lagardère Travel Retail	1,468	1,551	+5.6%	+4.5%
     Lagardère Live*	65	62	-4.6%	+1.5%
     Lagardère group	2,332	2,454	+5.3%	+3.5%
     Prisma Media	79	65	-18.4%	-19.7%
     Total revenue - Louis Hachette Group	2,411	2,519	+4.5%	+2.7%

     The difference between reported and like-for-like figures reflects a €101 million positive scope effect attributable to the acquisitions by Lagardère Publishing of Sterling Publishing in November 2024 and 999 Games in April 2025, as well as the consolidation within Lagardère Travel Retail of the Duty Free business at Amsterdam Airport Schiphol in May 2025.

     The €61 million net negative currency effect was mainly attributable to the depreciation against the euro of the

     US and Canadian dollars, the pound sterling and the Chinese yuan.

     ‌4 By destination.

   • EBITA

     EBITA for 2025 came out at €551 million, an increase of 8.0% year on year. All of the Lagardère group's businesses reported growth.

     (€m)	2024	2025	Reported change (%)
     Lagardère Publishing	289	308	+6.6%
     Lagardère Travel Retail	266	312	+17.3%
     Lagardère Live*	(57)	(20)	N/A
     Lagardère group	498	600	+20.5%
     Prisma Media	13	(43)	N/A
     Louis Hachette Group holding company	(1)	(6)	N/A
     Total EBITA - Louis Hachette Group	510	551	+8.0%

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

   • Lagardère Publishing

     Revenue for Lagardère Publishing totalled €3,001 million in 2025, up 4.5% as reported and up 2.7% like for like.

     All core markets contributed to the marked growth effort, with the division's diversified businesses (especially Board Games and Partworks) also posting strong momentum. The difference between reported and like-for-like revenue is attributable to a €98 million positive scope effect, mainly in connection with the acquisitions of Sterling Publishing and 999 Games, and a €48 million negative currency effect attributable to the depreciation of the US dollar.

     • In France, revenue advanced by 2% amid a market that was down by 1.5% (source: GfK). The Illustrated Books segment was boosted by the success of the new Asterix in Lusitania album (over two million copies sold), as well as the continued popularity of colouring books and cookery titles. General Literature sales were fuelled chiefly by the successful releases of Dan Brown's The Secret of Secrets (JC Lattès), Nicolas Sarkozy's Le Journal d'un prisonnier (Fayard), the third novel in Pierre Lemaitre's series Un avenir radieux (Calmann-Lévy), and Adélaïde de Clermont-Tonnerre's Je voulais vivre (Grasset), winner of the 2025 Renaudot prize. Revenue for the Education segment was lifted by sales of textbooks in connection with national primary and middle school educational reforms in France.

     • In the United Kingdom, revenue was up 3% amid a market that lost 0.5% (source: Nielsen), benefiting from the success of titles such as Rebecca Yarros's Onyx Storm, Callie Hart's Quicksilver and Brimstone, Robert Galbraith's The Hallmarked Man and Ken Follett's Circle of Days, continued strong sales of Freida McFadden's The Housemaid series, and the new distribution partnership with Bloomsbury.

     • In the United States, revenue grew by 3% in a market that declined by 0.5% (source: APP). Factoring in the contribution of Sterling Publishing (Union Square), growth came out at 11%. Business expansion was driven by a very busy schedule of new title releases. 2025 bestsellers included Callie Hart's Quicksilver and Brimstone, Reese Witherspoon and Harlan Coben's Gone Before Goodbye and the special anniversary editions of Twilight. Backlist sales also drove sales growth, with the continued success of Freida McFadden's The Housemaid.

     • In Spain/Latin America, revenue contracted by 6%. Revenue for Spain was down slightly, mainly due to the end of the national curriculum reform cycle that began in 2022. This was partly offset by the success

       of Callie Hart's Quicksilver, the new Asterix album and the latest titles by Ali Hazelwood (Freefall, Alfa and Problematic Summer Romance). In Latin America, revenue was down in both Education and General Literature.

     • Revenue for Partworks rose by 5%, driven in particular by recent launches including Warhammer Combat Patrol (successfully launched in the United Kingdom and the United States) and Disney Novels. With the exception of France, affected by a slower launch schedule, Partworks revenue was up in all geographic areas.

     • Board Games continued to enjoy robust growth (up 10%), spurred by the continued success of Skyjo (Blackrock Games), with two million copies sold in 2025, and Cracklist, as well as by the successful release of Flip 7 (Catch Up Games).

       Fourth-quarter 2025 revenue for Lagardère Publishing totalled €841 million, up 5.3% as reported and up 1.8% like for like. The difference between reported and like-for-like revenue is mainly attributable to a €54 million positive scope effect in connection with the acquisitions of Sterling Publishing (November 2024) and 999 Games (April 2025). The €27 million negative currency effect is attributable to the depreciation of the US dollar and the pound sterling. EBITA totalled €308 million for Lagardère Publishing in 2025, up 6.6% versus 2024. This performance was driven by business growth, a favourable sales mix, disciplined cost management and €12 million in capital gains (disposal of a property complex at 6-8 rue d'Assas in Paris as well as a domain name in the United States). EBITA includes

       €14 million in restructuring costs, mainly in connection with severance and reorganisation expenses in the United States and Spain (€16 million in 2024). The EBITA margin widened to 10.3%.

   • Lagardère Travel Retail

     Revenue for Lagardère Travel Retail in 2025 amounted to €6,133 million, up 5.5% on a reported basis and up 4.4% like for like. Revenue grew by 6.5% excluding North Asia (undergoing restructuring), the only region down on 2024.

     The difference between reported and like-for-like revenue is attributable to the consolidation of the Duty Free business at Amsterdam Airport Schiphol in May 2025. The €64 million negative currency effect is mainly due to the depreciation of the US dollar.

     • In France, revenue rose by 3%, and was buoyed by growth in air passenger traffic, concession wins and sales drives at Duty Free stores, as well as successful network upgrades for the Travel Essentials and Dining businesses.

     • The EMEA region (excluding France) advanced by 7%, with solid growth in the United Kingdom, Spain, Poland and Italy, thanks to growth in passenger traffic and network expansion. The region also benefited from the restart of Duty Free operations in Albania. Business in Africa is expanding rapidly (up 25%), with recent openings in Benin, Cameroon and Rwanda.

       Like-for-like growth data exclude the contribution of the Duty Free business at Amsterdam Airport Schiphol, which has been accounted for within changes in scope of consolidation.

     • In the Americas, revenue advanced by 3%. In North America (up 2%), business was driven by network expansion and sales momentum for Travel Essentials and Dining, despite air passenger traffic remaining flat over the period and the tense economic environment. South America posted revenue growth of 28% driven by the recovery of tourist traffic and the opening of a new airport in Lima (Peru).