RCS MediaGroup S p A : Half-Year Financial Statement at 30 June 2025

English translation for convenience only. Only the Italian version is authentic.

RCS MediaGroup S.p.A. Via A. Rizzoli, 8 - 20132 Milan

Share Capital € 270,000,000.00 - Company Register and Tax Code/VAT no. 12086540155, REA no. 1524326 Subject to the direction and coordination of Cairo Communication S.p.A.

Corporate officers 3

Group overview 4

Consolidated financial highlights of RCS MediaGroup 5

Interim Report on Operations 6

Group performance at 30 June 2025 7

Main risks and uncertainties to which the Group is exposed, which could impact on the business outlook for second half 2025 13

Operating segment performance 14

Newspapers Italy 15

Magazines Italy 19

Advertising and Sport 21

Unidad Editorial 23

Corporate and Other Activities 26

Related party transactions 27

Significant events in the reporting period 27

Significant events after the reporting period 27

Alternative performance measures 27

Other Information 28

Outlook for the current year 29

Condensed half-year financial statements 30

Consolidated statements 31

Condensed income statement 32

Condensed statement of comprehensive income 33

Condensed statement of financial position 34

Condensed statement of cash flows 35

Condensed statement of changes in equity 36

Notes to the consolidated financial statements 37

Format, content and other information on the items of the condensed half-year financial statements 38

Certification pursuant to Article 154 bis, paragraph 5 of the TUF 56

Annexes 58

List of Group investments at 30 June 2025 59

Exchange rates against the Euro 62

Income Statement and Statement of Financial Position pursuant to CONSOB Resolution no. 15519 of 27 July 2006 64

Related parties 67

Urbano Roberto Cairo Chairman and Chief Executive Officer

Federica Calmi Director

Carlo Cimbri Director

Benedetta Corazza Director

Diego Della Valle Director

Uberto Fornara Director

Veronica Gava Director

Laura Gualtieri Director

Stefania Petruccioli Director

Marco Pompignoli (**) Director

Stefano Simontacchi Director

Marco Tronchetti Provera Director

(*) The Board of Directors in office at the date of approval of this Report was appointed by resolution of the Shareholders' Meeting held on 8 May 2025. The Directors are in office for the years 2025-2026-2027 and therefore until the Shareholders' Meeting called to approve the 2027 financial statements.

(**) Director with delegated powers

While ensuring adherence to the internal regulations and functions of corporate governance in place, the Board of Directors has granted the Chairman and Chief Executive Officer comprehensive powers for the routine administration of the Company. Additionally, specific powers associated with its management have been delegated, with limits on the financial commitments and/or risks that may be incurred for certain types of transactions.

The Board of Directors has also assigned Director Marco Pompignoli the role of overseeing and supervising the administration, finance and management control, legal and corporate affairs, procurement and information systems functions of the RCS Group, in coordination with and in support of the Chairman of the Board of Directors and Chief Executive Officer, granting him a set of powers within the scope of these functions, with limits on the financial commitments and/or risks that may be incurred for certain types of transactions. Director Marco Pompignoli has also been designated by the Board of Directors as Director responsible for the internal control and risk management system.

Enrico Maria Colombo Chairman

Marco Moroni Standing auditor

Maria Pia Maspes Standing auditor

Piera Tula Alternate auditor

Enrico Calabretta Alternate auditor

Maria Stefania Sala Alternate auditor

(*) The Board of Statutory Auditors in office at the date of approval of this Report was appointed by resolution of the Shareholders' Meeting on 8 May 2024. The Statutory Auditors are in office for the years 2024-2025-2026 and therefore until the Shareholders' Meeting called to approve the financial statements relating to the last of these years.

Deloitte & Touche S.p.A.

(*) In office until the Shareholders' Meeting called to approve the 2026 financial statements.

GROUP OVERVIEW

RCS MediaGroup is one of the top publishing groups in Europe. It is a leader on the Italian and Spanish daily newspaper market, active in magazines, books, television, radio and new media, one of the top players in the advertising sales market (in Italy through the investee CAIRORCS Media S.p.A.) and operates in the distribution field. It is a reference point in sport business through the production of high-quality publishing content and the organization of major sporting events.

As from July 2016, Cairo Communication S.p.A. has become the direct parent of RCS MediaGroup S.p.A., over which it also exercises direction and coordination.

In a global landscape marked by disruptive changes in communication media, RCS MediaGroup pioneers the evolution of the publishing industry, building upon its foundational values and guiding principles and the recognized authority of its content and brands.

In Italy, the RCS Group publishes Corriere della Sera and La Gazzetta dello Sport, leading names in national and sport dailies, as well as local editions and weekly and monthly magazines, including Amica, Dove, Oggi and Abitare and numerous supplements and inserts (weekly and monthly) associated with the two daily newspapers. These include La Lettura, L'Economia, 7, Style Magazine, Living, Cook and iO Donna for Corriere della Sera as well as SportWeek for La Gazzetta dello Sport.

In Spain, the RCS Group is one of the main players in the media sector with the Unidad Editorial Group, which publishes El Mundo and the titles Marca and Expansión, respectively leaders in sports news and in business news. It is active in the magazines market with the women's magazine Telva, as well as with certain other supplements, including Yo Dona and Fuera de Serie. It also has a major presence in the digital market with apps and websites elmundo.es, marca.com and expansión.com.

The RCS Group organizes major world sporting events, including Giro d'Italia, Milano-Sanremo, Il Lombardia, Tirreno Adriatico, UAE Tour, and Milano Marathon.

Through its advertising agency CAIRORCS Media S.p.A., the Group provides client companies with a variety of cross-media and multi-target solutions to meet all communication needs. The range is spread across TV, Newspapers, Magazines and Digital media, with a broad spectrum of prominent titles in Italy. Additionally, through the CairoRcs Media - Brand Solutions structure, it is well-positioned as a partner capable of addressing specific communication needs on three main assets: events, digital branded content and television branded content, with an integrated and multi-platform approach to guide customers along a path of full visibility.

RCS MediaGroup controls m-dis Distribuzione Media S.p.A., a distribution player in Italy in the newsstands channel.

The RCS Group, through its Sfera operations hinged on a business model focused on the early childhood segment, with printing and online activities, direct marketing and trade fairs, is the market leader in Italy and Spain and also has a presence in Mexico with business models similar to Italy's; in France and Portugal, its offer is exclusively digital.

In the books segment in Italy, mention should be made of the publishing house that covers fiction, non-fiction, children's books and miscellaneous books under the Solferino, Cairo and Fuoriscena brands. In Spain, the Group operates in book publishing with the publishing house La Esfera de los Libros.

In the training area, the Group operates in Italy with RCS Academy Business School and in Spain with Escuela de Unidad Editorial (ESUE) and, starting in 2024, with Expansión Business School.

In Italy, the RCS Group has a presence in the radio television communication sector, through the satellite and OTT (over the top) TV channels Caccia and Pesca, and through the web TV channels of Corriere della Sera and La Gazzetta dello Sport. In Spain, it is active with the leading national sports radio Radio Marca and the web TV of El Mundo, and in the six months broadcasted the two digital TV channels GOL (until 17 June 2025) and Dmax, whose content is produced by third parties. On 18 June, as a replacement for GOL, Veo7, a new free-to-air digital terrestrial television channel dedicated mainly to cinema, was launched.

Through Unidad Editorial in Spain, the Group holds an investment in Corporaciòn Bermont S.L., a leader in the newspaper printing segment.

(1) For the definitions of Group EBITDA, EBIT and Net Financial Position or Group net financial debt (liquidity), reference should be made to the section "Alternative Performance Measures" in this Half-Year Report.

The Half-Year Report was approved by the Board of Directors on 31 July 2025.

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The first half 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 created a state of significant overall uncertainty. The Group has no direct exposure and/or business activities towards the markets affected by the conflicts and/or sanctioned entities. Concerns over the imposition of tariffs and restrictions on international trade by the U.S. have intensified this uncertainty.

Against this backdrop, the Group achieved higher margins (EBITDA, EBIT and net profit) in first six months 2025 than in the same period of 2024. The net financial position at 30 June 2025 is positive by € 1.4 million (positive by € 7.8 million at 31 December 2024), after distributing dividends of approximately € 36.2 million.

PREPARED IN ACCORDANCE WITH LAW DECREE NO. 58/1998 AS SUBSEQUENTLY AMENDED

The latest figures published by the Bank of Italy in June 2025 (document: Proiezioni macroeconomiche per l'economia italiana) forecast GDP growth for Italy of 0.6% in 2025, followed by 0.8% in 2026 and 0.7% in 2027. Regarding Spain, growth forecasts indicate GDP expansion of 2.4% in 2025, followed by 1.8% in 2026 and 1.7% in 2027 (Banco de España document: Proyecciones macroeconómicas e informe trimestral de la economía española).

At June 2025, the inflation rate in Italy shows a YoY change of +1.5% (ISTAT- FOI index excluding tobacco), while in Spain the YoY inflation rate stands at 2.3% (National Statistics Institute - INE).

The Group's financial highlights and related comments are shown below.

(€ millions)

Reference to the financial statements

30 June 2025 % 30 June 2024 % Difference Difference

1. These notes relate to the corresponding headings in the condensed income statement.

2. Sundry revenue primarily includes income from activities related to events other than just sports, training programs, sales of Italian and Spanish television rights and activities, third-party distribution services, other revenue from the childhood segment, and other digital revenue.

3. For the definitions of EBITDA and EBIT, reference should be made to the paragraph "Alternative Performance Measures" in this Half-Year Report.

   The change in revenue by business area versus first half 2024 is shown below.

   
   
   

   Consolidated revenue in first half 2025 amounted to € 426.2 million (€ 434.1 million in first half 2024). The change of € 7.9 million is attributable mainly to lower advertising revenue (€ -6.2 million) and lower publishing and circulation revenue (€ -5.3 million), mainly for revenue from add-ons (€ -5.1 million). Sundry revenue was up € 3.6 million.

   Digital revenue rise to € 104.6 million (€ 102.3 million in first half 2024), accounting for 24.5% of total revenue.

   Publishing and circulation revenue amounted to € 155 million versus € 160.3 million in first half 2024. The change is attributable to:

   • the decrease in Newspapers Italy publishing revenue of € 4.6 million, attributable mainly to the decline in revenue from add-ons (€ 4.8 million). The decline in print circulation revenue of the two newspapers was offset by the growth in digital subscription revenue, of Corriere della Sera in particular. Both newspapers retained their circulation leadership in their respective market segments at May 2025 (ADS January-May 2025);

   • the strong resilience of Unidad Editorial's publishing revenue versus first half 2024;

   • the increase of € 0.4 million in publishing revenue of Magazines Italy, driven by solid newsstand performance of titles in both standard and gadget-enhanced formats, which offset the lower revenue from add-on products due to a different publishing schedule;

   • the decrease in circulation revenue of Corporate and Other Activities by € 0.3 million, referring to m-dis.

Total advertising sales on online media amounted to € 66.5 million in first half 2025, reaching approximately 38.9% of total advertising revenue.

The change in EBITDA versus first half 2024 is shown below.

Net non-recurring expense and income came to negative € 0.7 million (negative € 0.7 million at 30 June 2024).

The table below summarizes revenue, EBITDA, and EBIT by operating segment for first half 2025 versus first half 2024. For more detailed comments on revenue and EBITDA, reference should be made to "Operating segment performance".

(€ millions) 30/06/2025 30/06/2024

Revenue EBITDA % of

revenue

EBIT % of

revenue

Revenue EBITDA % of

revenue

EBIT % of

revenue

The share of income (expense) from equity-accounted investees amounted to negative € 0.8 million (€ -0.3 million in first half 2024), referring mainly to the pro-rata result of CAIRORCS Media.

RCS Group's net profit in first half 2025 is € 35 million, an increase of € 1.1 million versus € 33.9 million in first half 2024, in line with the performance trends described above.

At 30 June 2025, RCS Group's exact headcount stood at 2,910 employees (including 85 on fixed-term contracts), up 16 units versus 30 June 2024, due mainly to the reinforcement of certain business areas through the addition of professionals with digital expertise.

The exact headcount broken down by geographical area is shown below.

The average headcount of the RCS Group in the period January-June 2025 is 2,911 units, 16 units more than the figure in the same period of 2024 (2,895 units on average).

The number of employees abroad represented approximately 38% of the Group's average total headcount. The average headcount broken down by geographical area is shown below.

Reference to the financial statements

1. These references relate to the corresponding items in the condensed statement of financial position.

2. For the definition of the Group's Net Financial Position or Net Financial Debt, reference should be made to the section "Alternative Performance Measures" in this Half-Year Report.

Net capital employed amounted to € 565 million, down € 6 million versus € 571 million at 31 December 2024, due primarily to a € -15.4 million reduction in net fixed assets and an € +8.1 million increase in working capital.

Net fixed assets declined from € 706.4 million at 31 December 2024 to € 691 million at 30 June 2025, mainly as a result of amortization and depreciation for the period on Intangible and Tangible Fixed Assets, and rights of use on leased assets, partly offset by new expenditure in intangible fixed assets.

Working capital decreased from € -23.4 million at 31 December 2024 to € -15.3 million at 30 June 2025, due mainly to an increase in trade receivables (€ 13 million) and a decrease in trade payables (€ 8.3 million), driven by seasonal factors and shifts in collection and payment timing, partly offset by a € -14.6 million decrease in other net assets and liabilities.

Equity stood at € 442.6 million (€ 443.8 million at 31 December 2024). The change is attributable mainly to the increase from the positive contribution of net profit in first half 2025 (€ +35 million), and the decrease resulting from the payment of dividends (€ 36.2 million).

At 30 June 2025, the net financial position stood at positive € 1.4 million (positive € 7.8 million at 31 December 2024). The change was primarily driven by dividend payments of approximately € 36.2 million and technical expenditure and non-recurring expense of approximately € 15.7 million, largely offset by the positive contribution from ordinary operations.

The abovementioned changes in the net financial position are shown below.

Source: Management reporting analyzing major changes in the net financial position. The analysis of flows of cash and cash equivalents in accordance with the provisions of IAS 7 is provided and commented on in the Consolidated Financial Statements.

Total net financial debt, which includes financial payables from leases pursuant to IFRS 16 (mainly property leases), totaling € 123.8 million at 30 June 2025 (€ 135 million at 31 December 2024), amounted to € 122.4

million (€ 127.2 million at 31 December 2024).

The balance sheet of RCS MediaGroup S.p.A. at 30 June 2025 was prepared solely for the purposes of the Half-Year Report

The Directors' Report on Operations to the Financial Statements for the year ended 31 December 2024 includes a description, to which reference should be made, of the main risks and uncertainties to which RCS MediaGroup

S.p.A. and the Group are exposed. In brief:

• Risks associated with macroeconomic and geopolitical conditions remain, with early 2025 marked not only by the ongoing conflicts in Ukraine and the Middle East, but also by concerns over the introduction of U.S. tariffs.

• Risks associated with advertising and publishing market trends, mainly related to the general contraction in sales and the advertising market trend.

• Risks associated with developments in the media segment, as a result of the penetration of new communication resources, the Internet in particular (Over the top).

• Risks associated with business with suppliers, employees, customers regarding the outsourcing of production processes, paper price trends, and licensing and sponsorship contracts.

• Risks associated, on the one hand, with maintaining the value of the brand and the titles by safeguarding the current levels of quality and innovation and, on the other, with the evaluation of intangible assets, carried out periodically to determine the recoverable carrying amount.

• Risks associated with legal and regulatory developments.

• Risks associated with privacy, data protection and cybersecurity.

• Risks associated with environmental issues as a result of possible climate change.

• Risks associated with the presence of Management and "key figures", whose ability to effectively manage the Group is key to its success, as well as the Group's ability to attract and retain qualified resources.

• Risks associated with litigation.

In this Half-Year Report, the financial risks are commented in Note 10, with specific regard to information relating to liquidity risk, interest rate risk and credit risk.

The abovementioned risks, to which the Group was exposed at 31 December 2024, are still current in 2025.

The Newspapers Italy area is dedicated primarily to the editing, production and marketing of publishing products relating to the titles Corriere della Sera (Corriere System) and La Gazzetta dello Sport (La Gazzetta dello Sport System). It also includes television activities for the satellite channels Caccia and Pesca and digital development activities. Mention should also be made of the initiative Solferino - i libri del Corriere della Sera and of the RCS Academy business school.

The Corriere System includes the national newspaper, the leading national news and information daily, in addition to a structured, integrated platform of print and digital information media, including a network of local newspapers, the weekly 7, special sections and general interest and specialized supplements, as well as the entire digital offer consisting of the corriere.it website, the digital edition, mobile, the economia.corriere.it section and the apps.

La Gazzetta dello Sport System includes the national newspaper, the leading Italian sports information publication, the weekly Sportweek, special sections and specialized supplements, the gazzetta.it website, the infotainment GazzaNet web network, featuring the latest news and details about the main teams and athletes. Two new sections were added to the network: Gazzetta Motori dedicated to the world of cars and engines, and Gazzetta Active dedicated to the world of practiced sport.

The Newspapers Italy area also includes local editions of the two newspapers.

The segment also includes the television activities relating to satellite television broadcasting in Italy, on the SKY and OTT (over the top) platform with the "Option" channels Caccia (channel 235) and Pesca (channel 236).

The area includes online activities in the travel segment through the website https://www.doveclub.it, where users can organize "Tailor-made trips" or select from the options provided by "In Viaggio con il Corriere della Sera", "In Viaggio con iO Donna", and "In Viaggio con Dove".

(1) Revenue from add-ons in first half 2025 amounted to € 16.3 million, of which € 15.2 million from publishing revenue and € 1.1 million from sundry revenue. In first half 2024, the total was € 20.9 million, including € 20 million from publishing revenue and € 0.9 million from sundry revenue.

With regard to the advertising market, in first five months 2025, the print media segment dropped by an overall 5%, with newspapers and magazines down -3.7% and -7.3%. Television and radio both showed growth versus the same period of 2024, with increases of +2.7% and +6.8%, respectively (Nielsen, January-May 2025).

On the circulation front, looking at the first five months of 2025, generalist newspapers and sports newspapers in Italy recorded a decline in print and digital circulation of 6% and 8.4%, respectively (ADS January-May 2025).

The RCS Group continued its efforts in 2025 to build up its publishing products on both digital and traditional channels.

Below are some of the main initiatives implemented in Italy in first half 2025:

• January saw the social restyling of the local editions of Corriere;

• the new Corriere Milano Instagram channel was opened on 18 February;

• in February, Corriere della Sera's digital event management platform was revamped;

• since 26 February, Corriere Milano's newsletter has changed its look and name to "Incoeu" (meaning "today");

• on 3 March, the new Animali channel was launched on the corriere.it website;

• from 4 to 7 March, Corriere della Sera published a series of editorial initiatives to support circulation with the supplements: "Volare sull'altalena dei prezzi", "Quello che dovete sapere sull'America di Trump", "Il mondo è cambiato", "Intelligenza artificiale generativa, guida all'utilizzo delle piattaforme";

• for the "birthday" of Corriere della Sera on 5 March, initiatives were carried out both in support of new subscribers and for existing subscribers;

• within Club Corriere, the exclusive space for premium subscribers, three major partnerships were established with FAI, Teatro alla Scala, and Carrefour;

• as of 19 March, the new YouReporter website is online, with revamped graphics and an improved user experience;

• since March, the digital edition of La Gazzetta dello Sport has been available to subscribers as early as 1 a.m.;

• in May, VISA and Corriere della Sera launched the third edition of She's Next, VISA's global initiative supporting women's entrepreneurship;

• on 21 May, the new channel Le lezione del Corriere was launched, offering content tailored to students preparing for high school graduation;

• in the six months, La Gazzetta dello Sport enhanced its offering to readers by including Sunday issues featuring anastatic reproductions of historic editions of the newspaper;

• La Gazzetta dello Sport and its supplements, G Magazine and Sportweek, followed the major sporting events in the six months. In February, a special Grande Gazzetta format edition was published to mark the Milan derby. In March, a special Women's Day section was produced focusing on the story of women's sports. Sportweek dedicated several special editions to the start of the Formula 1 and MotoGP World Championships, and the Ski World Cup seasons, and to celebrating the magazine's 25th anniversary. G Magazine presented a single-topic issue in March dedicated to the start of the great cycling season, followed in May by an edition dedicated to the Rome International Tennis Championships. The first edition of the FIFA Club World Cup was presented with special issues by both La Gazzetta dello Sport and Sportweek;

• on 21 May, La Gazzetta dello Sport launched the Fantacampionato Mondiale per Club, which performed strongly with over 16 thousand teams registered for the competition;

• in May, the Instagram profile of 7Corriere underwent a restyling;

• on 5 June, Corriere della Sera celebrated the World Environment Day, with a green paper edition of the newspaper and the second edition of Festival Pianeta 2030 (5 to 7 June);

• the new digital channel Cook was launched on 26 June with updated graphics;

• in first half 2025, work continued on organizing major events, including Corriere in Onda (11-15 February during the Sanremo Festival), "Leggere il mondo, e raccontarlo. Festeggiamo insieme i 149 anni del Corriere della Sera" (5 March), "Verso il Tempo delle Donne" (8 March), "Italia Genera Futuro" (10 March), Festival della Prevenzione (17-23 March), Women in Food (19-20 March), "Premio Bilanci di sostenibilità 2025" (24 March), the second edition of the international forum "Pact4Future" (25-27 March),

  the opening to the public of the Corriere della Sera headquarters during Milan Design Week (7-13 April) with the installation "Solferino 28 «Città paradiso»", an event organized together with Living and Abitare, Milano Civil Week (8-11 May), "Disclaimer" (12 May) the new Corriere della Sera project dedicated to artificial intelligence, Tech Emotion (16-18 May at Palazzo Mezzanotte, with talks, meetings and discussions dedicated to Italian excellence in the world of innovation and technology) and "Tech Emotion -The symphony of ecosystems" (28-29 May), the Economia d'Italia series of events with sessions dedicated to the regions of Lombardy (Brescia and Monza), Apulia and Piedmont, "Persone e Talenti" (18-19 June). In June, to coincide with the start of the Club World Cup, La Gazzetta dello Sport organized the third edition of Milan Football Week in City Life, nine days dedicated to the most beloved sport in our country;

• several new video columns were launched on CorriereTV during the reporting period: "Un centimetro alla volta", "Filosofia, tecnica e IA", "L'Ultima Fenice", "Rivincite", "L'Ora del Tech", "Voci dal carcere" alongside content in the run-up to the Milan-Cortina Olympics, live studio broadcasts, and subscriber webinars. Talk series were also held: "After Show", Economia Talk, the talks of "In Viaggio con Corriere" and "Non solo numeri Talks". The first episodes of the fourth season of the podcast "Geni invisibili" and the second season of the podcast "L'ultima volontà "; were also made available;

• on the series, books, and add-ons front, Corriere della Sera released several collections in first half 2025: "I protagonisti della cristianità", "Maestri dell'Architettura e del Design", "Homo, viaggio nel comportamento umano", "Superman, il primo eroe", the books Giorno della Memoria, Foibe and Giubilei, the guides "Chi è veramente Musk", "Nella mente di Putin", Zelensky il coraggio e la fragilità", "Leone XIV" and "Francesco, pregate per me". To mark Valentino Rossi's 46th birthday, La Gazzetta dello Sport released a commemorative book, along with an illustrated volume celebrating Jannik Sinner's greatest achievements and "Napolissimo", dedicated to Napoli's Scudetto win. Also published were anastatic strips of "Zagor", the complete "My Hero Academia" collection, the manga "Tokyo Revengers", a compilation of Disney classics, and the "Cronaca Nera" series. Corriere and La Gazzetta dello Sport jointly published the following series: "Giappone contemporaneo", "L'arte secondo Philippe Daverio", "Mente e Corpo in equilibrio", "La Storia raccontata da Franco Cardini" and "La seconda guerra mondiale".

RCS Academy, the Group's business school, completed the training activities of the 15 master's programs launched in autumn 2024 in first half 2025 (9 Full Time, 1 MBA, 5 Master Executive part time) - and placed 285 alumni, offering young students tangible opportunities to enter the job world. The first seven master's degree programs in the 2025-2026 academic calendar started in first half 2025 with 147 participants, including full-time master's degrees with internships: Sports Management 9th ed., Audiovisual Management 4th ed., Communication and Digital Media 7th ed., Fashion and Luxury 8th ed, and Business Law 2nd ed., the part-time master's degree in Writing and Doing Journalism the Corriere Method 11th ed, and the Master's Degree On line Digital Marketing 10th ed. The first half of the year also saw the first three Business talks of the year: Alternative sources of energy 5th ed., Healthcare & Pharma Talk 9th ed., Retail & Omnichannel Strategy 7th ed.. On 17 June, the first Advisory Board Meeting of the year was held, bringing together 40 CEOs from partner companies. The meeting featured an interview with Bank of Italy Governor Fabio Panetta, conducted by Corriere della Sera Editor-in-Chief Luciano Fontana.

As for the Books performance in Italy (GFK), the market in first half 2025 saw an overall decline from the prior year in both volume (-4.9%) and value (-4.8%). In this context, publications related to RCS brands (Solferino, Cairo, and Fuoriscena) experienced a larger decline in both volume (-27.3%) and value (-27.5%) versus the same period of the prior year, partly due to a different publishing schedule.

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circulation revenue of the two newspapers was offset by the growth in digital subscription revenue, of Corriere della Sera in particular.

Both newspapers retained their circulation leadership in their respective market segments at May 2025 (ADS January-May 2025).

Corriere della Sera and La Gazzetta dello Sport in first half 2025 recorded an average circulation of 222 thousand and 141 thousand copies, including digital copies, respectively (ADS January-May 2025).

La Gazzetta dello Sport, in the latest 2025/I Audipress survey published in June 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.

At end June, the total active customer base for Corriere della Sera (digital edition, membership, and m-site) stood at 701 thousand subscriptions, while Gazzetta's pay products (including G ALL, G+, GPRO, and Fantacampionato) totalled 262 thousand subscriptions.

The main digital performance indicators confirm the top market position of RCS, with the Corriere della Sera and La Gazzetta dello Sport brands which, in the period January-May 2025, counted 29.4 million and 16 million average monthly unique users, and in the period January-June 4 million and 2.3 million average daily unique users respectively (Audicom). In first five months 2025, the RCS Group in Italy achieved an aggregate figure of 31 million average monthly unique users (net of duplications - Audicom).

The main social accounts of the Corriere System at 30 June 2025 reached 14.6 million total followers (considering Facebook, Instagram, X, LinkedIn and TikTok - Internal Source). La Gazzetta dello Sport 's social profiles topped a social audience of 6.9 million followers at end June (considering Facebook, Instagram, X, Tik Tok and YouTube

- Internal Source).

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The Magazines Italy area comprises the publishing, production and marketing activities of a wide range of publishing products. The Magazines segment includes weekly and monthly magazines, regarding the following areas: Women (IO Donna and Amica), Home Furnishings and Interior Design (Living and Abitare), Family (Oggi publications) and Travel & Lifestyle (Style Magazine, Dove). In the multimedia segment, the magazines have a presence through the websites of Living.corriere.it, iO Donna.it, Amica.it, Oggi.it, Doveviaggi.corriere.it, Style.corriere.it, Doveclub.it and Abitare.it, with the digital editions of the publications, and through the social activities of Amica, iO Donna, Dove, Living, Abitare, Style and Oggi.

The Magazines area also includes the Childhood Magazines specialized in the early childhood segment, including the publications Io e il mio Bambino and StylePiccoli, as well as the Imagine title for the Beauty and Cosmetics Area. The publishing business is associated with the controlled distribution of boxed sets containing assorted sample products for mothers, the organization of themed events and fairs (Bimbinfiera), the digital products range (the quimamme.it and stylepiccoli.it websites and the digital editions of the publications), as well as direct marketing activities. Thanks to its business model focused on print and online activities, direct marketing and trade fairs, the Sfera Group is the market leader in Italy and Spain and has a presence in Mexico with business models similar to Italy's; in France and Portugal, its offer is exclusively digital.

The Magazines System also includes the activities of MyBeautyBox S.r.l..

(1) Revenue from add-ons in first half 2025 amounted to € 0.4 million, entirely attributable to publishing revenue (in first half 2024, revenue amounted to € 0.8 million, entirely attributable to publishing revenue).

Advertising investment in print media, particularly magazines, showed a -7.3% decline, despite the overall advertising market growing by 1.7% versus the same period of 2024 (Nielsen January-May 2025).

The magazine circulation market, referring to titles reported in ADS, dropped by 6.9% at May 2025 for weeklies (print and digital copies) versus the same period of the prior year. For monthlies, the same figure updated to April shows a 7.4% decline (Internal source based on ADS figures; weeklies with more than 48 editions and monthlies with more than 10 editions).

The Childhood segment is linked to the trend in births. In Italy, births in 2024 were approximately 370 thousand, marking a 2.6% decline versus 2023. In Spain, after a decade of steady decline, births in 2024 are estimated at 322 thousand, a return to growth with a +0.4% increase versus 2023. France - still the European country with the highest number of births - recorded a -2.2% decline in 2024, with 663 thousand births. In Mexico, the latest available figure, updated to 2023, shows a -3.6% drop in registered births versus 2022 (ISTAT for Italy, INE-Institut Nacional de Estadistica for Spain, INSEE-Institut National de la Statistique et des Etudes Economiques for France, INEGI for Mexico).

In first half 2025, consolidated revenue in the Magazines Italy area totalled € 28.5 million, down € -1.7 million versus the same period of 2024. The decline includes € -1.1 million from lower advertising revenue and € -1 million from sundry revenue, partly offset by a € 0.4 million increase in publishing revenue.

Magazines Italy area titles in first half 2025 developed several publishing initiatives, including:

• the second edition of Amica - The Art Issue, a competition dedicated to young artists, was held in March;

• on 6 May, Style Magazine, which celebrates its 20th anniversary in 2025, was fully redesigned in both content and layout;

• on 24-25 May, the "A corpo libero" event organized by iO Donna was held for the third year;

• from 8 to 15 June, Dove and Corriere della Sera held the third edition of "Il Tempo del Viaggio";

• on 3 June, Amica launched Amica Book Club, a new multichannel project dedicated to reading.

The presence of the Magazines Italy area titles on social media continues to grow (considering Instagram, Facebook, and TikTok - Internal Source). At June 2025, iO Donna topped one million followers, Living reached 920 thousand, while both Amica and Dove exceeded 500 thousand; Style reached 335 thousand, and Oggi exceeded 450 thousand.

The Advertising and Sport area is composed of Advertising and sundry events and Sporting Events activities, as commented below.

In view of RCS's role as principal (pursuant to IFRS 15) in the execution of advertising sales contracts, RCS continues to recognize revenue earned from advertisers in the income statement.

The investee CAIRORCS Media is measured at equity. The relevant result is recorded in the income statement under "Share of income (expense) from equity-accounted investees".

The Sporting Events area, comprising RCS Sport S.p.A. and RCS Sports & Events S.r.l. (and their subsidiaries RCS Sports and Events DMCC, Società Sportiva Dilettantistica RCS Active Team a r.l. and Consorzio Milano Marathon S.r.l.), is positioned as one of the top players on the Italian and international stage in the organization and management of high-profile mass national and international events for a variety of sports (including Giro d'Italia, Milano Sanremo, Tirreno Adriatico, Il Lombardia, Next Gen, UAE Tour, Giro d'Italia Women in cycling, Milano Marathon in running, and Gran Fondo Strade Bianche among the cycling events for amateurs), by providing a full and customized range of services as well as advertising sales activities for itself and on behalf of third parties.

The advertising market in first five months 2025 showed an increase of 1.7% versus the same period of 2024. The print media segment dropped by an overall 5%, with newspapers and magazines down -3.7% and -7.3%. Television and radio both showed growth versus the same period of 2024, with increases of +2.7% and +6.8%, respectively (Nielsen, January-May 2025).

In the Sporting Events area, first half 2025 saw the organization of the main portfolio sporting events and related initiatives. In February, both the 2025 UAE Tour Women and UAE Tour Men were held. Strade Bianche opened the Italian season of major cycling events organized by RCS in Italy on 8 March along with Gran Fondo Strade Bianche reserved to amateurs. Tirreno Adriatico took place starting 10 March, followed by Milano Torino on 19 March, finishing at the top of the Superga hill. Milano Sanremo began on 22 March, generating major interest thanks to the presence of several top international riders; the race, broadcast on Rai 2, achieved a 12.45% average audience share, marking a 53% increase versus the 2024 edition (Auditel). Also linked to Milano Sanremo, but on a shorter route, is Sanremo Women. On 2 March, the 50th edition of Roma Ostia Half Marathon was held, followed by the 23rd edition of Milano Marathon on 6 April, alongside Milano Running Festival. From 15 to 18 April, RCS Sport organized Giro d'Abruzzo for the second consecutive year.

The Giro d'Italia began on 9 May in Albania, where the first three stages took place between Durres, Tirana, and Vlora. The Giro d'Italia concluded in Rome, with a stage passing through Vatican City and its Gardens, where Pope Leo XIV extended his blessing to the riders. Several events linked to the Giro were held between April and May, including the presentation of the Maglia Rosa in Verona, the Grande Arrivo ceremony at Rome's Campidoglio, and a showcase at the Expo in Osaka, where Giro d'Italia served as an "Ambassador of Sports Diplomacy to the World". Bicycle racing delivered strong audience and digital performance results. Giro d'Italia 2025 recorded the highest average audience share (18.63%) since 2020 for the "Diretta" and "Arrivo" segments, with over 2 million viewers in 4 different stages (Auditel). Globally, Giro d'Italia reaches an audience of approximately 650 million television viewers across five continents (Internal Source based on Nielsen data). On the digital side, Giro d'Italia generated 221 million page views and attracted 11.3 million unique users (Adobe Analytics).

Held alongside Giro d'Italia was Giro-E, which featured the Green Fun Village, while June saw the launch of

Giro Next Gen, aimed at under-23 riders. Lastly, Giro d'Italia Women 2025 got underway in early July.

The main social accounts of the sporting events area, at 30 June 2025, reached 6.7 million total followers (considering Facebook, Instagram, X, YouTube, Threads and TikTok - Internal source).

Total EBITDA for the area came to € 43.6 million, up € 1.1 million versus first half 2024.

Unidad Editorial is one of the main players in the Spanish publishing market, where it operates under several media and brands. It operates in newspapers and magazines, book publishing, the radio sector, event and conference organization, and training with Escuela de Unidad Editorial (ESUE) and, starting in 2024, with Expansión Business School. It also owns, through Veo TV, a multiplex for national digital television transmission.

The group publishes the major generalist daily El Mundo and is a leader in sports and business news through the daily newspapers Marca and Expansión. Unidad Editorial has a strong presence in the digital sphere with the web pages and apps elmundo.es, marca.com and expansión.com.

The Unidad Editorial group has also expanded its international presence significantly with the Marca brand through site variants such as Marca USA, Mexico, and the English version.

It is active in the magazines market with the women's magazine Telva, as well as with certain other supplements, including YO Dona and Fuera de Serie.

In book publishing, it operates together with the publishing house La Esfera de los Libros.

It operates in radio with Radio Marca, the top national sports radio station.

In digital television, during the six-month period, content was broadcast via the VEO multiplex through two GOL digital TV channels (until 17 June 2025) and DMax, with programming produced by third parties. On 18 June, as a replacement for GOL, Veo7, a new free-to-air digital terrestrial television channel dedicated mainly to cinema, was launched.

(1) Revenue from add-ons in first half 2025 totalled € 0.2 million, attributable entirely to publishing revenue (€ 0.3 million in first half 2024, of which € 0.2 million from publishing revenue and € 0.1 million from sundry revenue).

At 30 June 2025, the Spanish advertising sales market rose by 0.8% versus the same period of 2024 (i2p, Arce Media). The newspaper, magazine, and supplement markets showed declines of 2.8% and 5.2%, respectively, versus June 2024. The television segment also fell, down 8.2%. Internet performed well (net of social media, Portals, search, etc.), increasing by 7.9%, as well as the radio segment by +2.7% (i2p, Arce Media).

Newspaper sales performance at June 2025 declined versus the same period of 2024. Circulation figures in the first half (OJD) show declines of 7.2% for generalist newspapers, 9.1% for sports newspapers, and 8% for business newspapers versus the same period of 2024.

In first half 2025, initiatives to maintain and develop revenue continued by strengthening Unidad Editorial Group's editorial offerings. This included enhancing existing titles and launching new products on the market.

Specifically:

• beginning on 1 March, YoDona, coinciding with the 20° anniversary of its launch, unveiled a redesign and updated its content proposal with revamped sections and topical approaches;

• in March, Expansión organized the first edition of the Gran Encuentro Expansión Catalunya, which brought together key political and economic figures from Catalonia;

• also in mid-March 2025, Expansión launched its new podcast Acción;

• in May, the Foro Internacional Expansión took place, organized in partnership with The European House Ambrosetti, with the participation of prominent national and international figures from politics and the business world;

• on 18 June, Veo7, a new free-to-air digital terrestrial television channel dedicated mainly to cinema, was launched;

• throughout 2025, Unidad Editorial continued to organize its major events, including El Mundo and La Lectura's participation in the Madrid International Contemporary Art Fair, the Poder Femenino Award by YoDona, the Fondos and Jurídicos awards by Expansión, and the Noche del Deporte organized by Marca;

• to coincide with the new Club World Cup, Marca launched a special edition of LigaFantasy, which attracted nearly 20 thousand participants;

• during the first half, Escuela de Unidad Editorial increased its training offerings with subsidized training courses for SMEs in collaboration with El Ministerio de Trabajo-FUNDAE y fondos Nextgen UE.

***

Unidad Editorial's consolidated revenue in first half 2025 totalled € 103.6 million (€ 105.6 million in the same period of 2024). Advertising revenue fell by € 1.3 million, publishing revenue declined by € 0.8 million, while sundry revenue increased by € 0.1 million.

In first half 2025, digital revenue in the area accounted for approximately 41.1% of total revenue.

Including digital copies, at June 2025 the average daily circulation of El Mundo, Marca and Expansión stood at approximately 49 thousand copies, approximately 45 thousand copies and approximately 20 thousand copies (OJD). Marca and Expansiòn again retained their circulation leadership in their respective market segments at June 2025 (OJD).

The latest Estudio General de Medios survey published in July 2025 confirms Unidad Editorial as the daily news leader reaching almost 1.6 million total daily readers with the titles El Mundo, Marca, and Expansión. Marca, with 967 thousand readers, is the most widely read newspaper in Spain, and El Mundo remains steadily the second-largest title among generalists and third among newspapers reaching over 479 thousand readers. Radio Marca also confirmed its strong performance, reaching 506 thousand daily listeners (Monday to Friday), up 3.3% from the second 2024 survey.

Digital subscriptions continued to grow, amounting at June 2025 to approximately 170 thousand subscriptions for El Mundo and approximately 120 thousand subscriptions for Expansión (Internal Source).

As part of the online activities, elmundo.es, marca.com and expansión.com reached 37 million, 68 million and

6.7 million average monthly unique browsers at June 2025, comprising both domestic and foreign browsers and including apps (Google Analytics). At June 2025, the international English-language version of Marca recorded

19.7 million average monthly unique browsers, included in the abovementioned marca.com browsers (Google Analytics).

The social audience of Unidad Editorial Group titles (Internal Source) stands at 12.6 million followers for El Mundo, 21 million for Marca and 2.6 million for Telva (considering Facebook, Instagram, X and TikTok) and

1.6 million for Expansión (considering Facebook, Instagram, X, TikTok and LinkedIn).

This area includes the service structures providing support to other group companies and business units of the Group, in addition to the distribution activities of m-dis Distribuzione Media.

Activities in support of other areas of the Group include, in particular, the IT, administration and tax, management control, finance and treasury, procurement, legal and corporate affairs, human resources and facility management areas, serving the Italian operating segments. Added to these are the structures responsible for group-wide policy-making, control and coordination.

The corporate area supports Fondazione Corriere della Sera, whose activities are targeted at the cataloguing and custody of the archives of Corriere della Sera and the main RCS Group magazines. The Foundation increases the archive and cultural value of its assets through intense activities involving debates, conferences, publications and photographic and documentary exhibitions.

The m-dis Distribuzione Media group is one of the main national distributors in Italy, in the circulation and distribution of editorial and non-editorial products in the newsstands channel, of both publications intended for the general public and specialist press, the sale of online telephone top-ups, bills and fines payment services for the main agencies and companies, as well as the goods provided for in its bylaws, to companies (Local Distributors) and other authorized resellers located across the Country.

m-dis Distribuzione Media S.p.A. is also the owner of the PrimaEdicola brand, which identifies the network of affiliated Italian newsstands that offer, also through the primaedicola.it website, innovative services for the end customer to improve both the purchasing experience of editorial products and the use of complementary services such as the collection of products ordered on e-commerce websites.

The area also includes RCS Innovation S.r.l., established to serve as a hub of expertise by leveraging qualified resources with digital know-how in publishing. The company will play an active role in driving the RCS Group's digital transformation through research and development activities tied to the product and service portfolio the Group plans to launch in the coming years. The company also seeks to promote innovation and efficiency, both essential for competing in today's publishing industry, where new global digital players continue to challenge traditional and local publishers.

Reference is made to Note 12 for an analysis of related party transactions.

Reference is made to Note 4 for a list of the significant events in the first six months.

Reference is made to Note 5 for a list of the significant events after the reporting date.

In order to provide a clearer picture of the financial performance of the RCS Group, besides of the conventional financial measures required by IFRS, a number of alternative performance measures are shown that should, however, not be considered substitutes of those adopted by IFRS. In line with CONSOB Communication no. 0092543 of 3 December 2015 and ESMA Guidelines 2015/1415, the criteria used for building the main alternative performance measures - which Management considers useful for monitoring Group performance - are provided below.

Effective as of 7 August 2012, the Company decided to take advantage of the rights set forth in Article 70, paragraph 8 and Article 71, paragraph 1-bis of the Regulation pursuant to CONSOB Resolution no. 11971/1999 as amended.

***

With regard to the contract for the purchase of RCS Libri S.p.A., commented on in the 2016 - 2024 Annual Reports, and to the earn-out established therein, it should be noted that the required procedures for verifying the existence (or less) of the conditions for payment of the earn-out and, in such case, for its determination, have been put in place and are still in progress, as set out in the sale contract.

The first half 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 half 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 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 print and online information, with strong 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.