RCS MediaGroup S p A : Interim Report at 31 March 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.

Financial highlights of RCS MediaGroup 3

Alternative performance measures 4

RCS Group performance at 31 March 2025 5

Significant events in the first quarter 14

Significant events after the first quarter 14

Outlook for the current year 16

Statement pursuant to Article 154 bis, paragraph 2 of the TUF 17

(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 Interim Management Statement.

This Interim Management Statement was prepared on a voluntary basis, taking account of the provisions of Article 154-ter, paragraph 5, of the Consolidated Law on Finance ("TUF"). The reporting format is in line with the procedures laid down in Article 82-ter of CONSOB resolution no. 19770 and complies with the format of the Interim Management Statement at 31 March 2024. The provisions of the international accounting standard on interim financial reporting (IAS 34 "Interim Financial Reporting") are not applied.

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This Interim Management Statement at 31 March 2025 was approved by the Board of Directors on 13 May 2025.

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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 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 threatened imposition of tariffs and restrictions on international trade by the U.S. have intensified this uncertainty.

Against this backdrop, the Group achieved higher revenue and margins (EBITDA, EBIT and net result) in first three months 2025 than in the same period of 2024, and continued to generate positive cash flows, improving the net financial position by € 12.3 million versus 31 December 2024 (when it was already positive by € 7.8 million).

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 accordance with CESR/05-178b recommendation published on 3 November 2005, the methods used for building the main alternative performance measures that Management considers useful for monitoring the Group's performance are shown below.

In first quarter 2025, Italy's GDP rose by 0.6% versus the same period of 2024. At March 2025 the inflation rate stood at +1.7% YoY (ISTAT - FOI index excluding tobacco).

In Spain, the GDP in first quarter 2025 increased by 2.8% versus the same period of 2024. Inflation YoY at March 2025 stood at +2.3% (INE).

The Group's financial highlights at 31 March 2025 and related comments are shown below:

1. 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.

2. For the definitions of EBITDA and EBIT, reference should be made to the section "Alternative Performance Measures" in this Interim Management Statement.

The advertising market in the first two months of 2025 shows a 0.6% increase versus the same period of 2024. The print media segment dropped by an overall 5.3%, with newspapers and magazines down by -5.9% and by -3.2%. Television (+1.5%) and radio (+6.1%) grew; online (-2.6% excluding search, social, and over the top) dropped versus the same period of 2024 (Nielsen January-February 2025).

In first quarter 2025, the Spanish advertising sales market reported a 1.6% increase versus the same period of 2024 (i2p, Arce Media). The newspaper, magazine and supplement market declined by 5.1% and by 5.5% versus March 2024; the TV segment dropped too by -6.1%. Internet performed well (net of social media, portals, search, etc.), increasing by +9.5%, as well as the radio segment by +2.5% (i2p, Arce Media).

On the circulation front, generalist newspapers in Italy recorded a 6.4% decline in print and digital circulation versus first quarter 2024, while sports newspapers recorded an 8.9% decrease in print and digital circulation (ADS January-March 2025).

The magazine circulation market, referring to titles reported in ADS, dropped by 7.9% for weeklies (print and digital copies) in first quarter 2025 versus the same period of the prior year. For monthlies, the same figure updated to February shows a 6.9% decline (Internal source based on ADS figures; weeklies with more than 48 editions and monthlies with more than 10 editions).

In Spain, in first quarter 2025, newspaper sales were down versus the same period of 2024. Circulation figures at March (OJD) regarding the generalist newspaper market show an overall retreat by 4.4% versus the same period of 2024. The same trend is seen in the sports newspaper segment, where circulation decreased by 6.6%, while the business newspaper segment grew by 2.8%.

In the above context, the Group achieved higher revenue and margins (EBITDA, EBIT and net result) in first three months 2025 than in the same period of 2024, and continued to generate positive cash flows, improving the net financial position by € 12.3 million versus 31 December 2024 (when it was already positive by € 7.8 million).

The change in revenue versus first quarter 2024 is shown below:

Consolidated revenue at 31 March 2025 amounted to € 169.6 million (€ 168.9 million at 31 March 2024). The increase of € 0.7 million is due primarily to higher advertising revenue (€ +2.1 million) and sundry revenue (€

+1.8 million), partly offset by a decline in publishing and circulation revenue (€ -3.2 million), particularly from add-ons revenue (€ -2.4 million) and, to a lesser extent, from lower revenue from m-dis group related to its activities for third-party publishers and local distribution totaling € -0.8 million.

Digital revenue increased to € 47.1 million, making for approximately 27.8% of total revenue.

(€ millions) Publishing and circulation revenue

1. Publishing revenue from add-ons totaled € 7.9 million at 31 March 2025, of which € 7.7 million attributable to Newspapers Italy, € 0.1 million to Magazines Italy and €

0.1 million to Unidad Editorial. At 31 March 2024, the figure had totaled € 10.3 million, of which € 9.8 million attributable to Newspapers Italy, € 0.4 million to Magazines Italy and € 0.1 million to Unidad Editorial.

• the decrease in Newspapers Italy publishing revenue of € -1.8 million, attributable to the decline in revenue from add-ons (€ -2.1 million). The decline in print circulation revenue was offset by the growth in digital subscription revenue, of Corriere della Sera in particular.

  In first quarter 2025, Corriere della Sera and La Gazzetta dello Sport recorded an average circulation of 222 thousand and 140 thousand average copies, including digital copies (ADS January-March 2025). Both newspapers retained their circulation leadership in their respective market segments at March 2025 (ADS January-March 2025).

  La Gazzetta dello Sport, in the latest 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.

  At end September, the total active customer base for Corriere della Sera (digital edition, membership and m-site) reached 689 thousand subscriptions, while the customer base of Gazzetta's pay products

  (which includes G ALL, G+, GPRO and Fantacampionato products) reached 265 thousand subscriptions (Internal Source).

  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-February 2025, 30.4 million and 16.1 million average monthly unique users, and for the period January-March 4.1 million and

  2.2 million average daily unique users (Audicom). In the first two months 2025, RCS in Italy reached an aggregate total of 31.8 million average monthly unique users (net of duplications - Audicom).

  The main social accounts of the Corriere System at 31 March 2025 reached 14.3 million total followers (considering Facebook, Instagram, X, LinkedIn and TikTok - Internal Source). Specifically, 2 million followers on Corriere della Sera's Instagram profile and 500 thousand followers on the newspaper's TikTok channel were reached in the quarter. La Gazzetta dello Sport's social profiles topped a social audience of 6.7 million followers at end March (considering Facebook, Instagram, X, Tik Tok and YouTube - Internal Source);

• the slight decrease of Unidad Editorial's publishing revenue versus the same period of the prior year (€ -0.5 million).

  In first three months 2025, the average daily circulation of El Mundo, Marca, and Expansión (including digital copies) stood at approximately 49 thousand copies, 46 thousand copies, and 21 thousand copies (OJD). Marca and Expansiòn once again retained their circulation leadership in their respective market segments also at March 2025 (OJD).

  The latest survey of Estudio General de Medios, published in April 2025, confirms the Unidad Editorial Group's leading position in Spanish daily news, topping 1.6 million overall daily readers with the titles El Mundo, Marca and Expansión. Marca with 994 thousand readers is the most widely read newspaper in Spain and El Mundo remains steadily the second-largest title among generalists and third among daily newspapers reaching over 483 thousand readers. Significant growth also for Radio Marca, which reaches 520 thousand listeners, up by +10% versus the prior year.

  Digital subscriptions (digital edition and Premium) continued to grow, amounting at March 2025 (Internal Source) to over 165 thousand subscriptions for El Mundo and approximately 116 thousand subscriptions for Expansiòn (Internal Source).

  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 three months 2025, comprising both domestic and foreign browsers and including apps (Google Analytics). The international English-language version of Marca achieved 18.5 million average monthly unique browsers at March 2025 (Google Analytics), including in the marca.com browsers mentioned above.

  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, TikTok and LinkedIn);

• the increase of € 0.1 million in publishing revenue from Magazines Italy, driven by the strong performance of newsstand circulation, particularly for Oggi, which offset lower revenue from add-ons (€ -0.3 million).

  The presence of magazines in the Magazines Italy area on social media is becoming increasingly relevant (considering Facebook, Instagram, and TikTok - Internal Source). Specifically, IO Donna recorded a social audience of over one million at March 2025, Amica reached 480 thousand in the same period, while Living exceeded 900 thousand. Dove also grew, with a social audience of approximately 498 thousand, as well as Style, reaching 319 thousand. Lastly, Oggi's social profile audience reached 417 thousand (Internal Source);

• the decrease in circulation revenue of Corporate and Other Activities by € -0.9 million, referring mainly to m-dis, for its activities for third-party publishers and local distribution.

(€ millions) Advertising revenue

Total advertising sales on online media amounted to € 28.2 million in first three months 2025, reaching approximately 47.5% of total advertising revenue.

(€ millions) Sundry revenue

1. Sundry revenue from add-ons at 31 March 2025 totaled € 0.5 million, attributable entirely to Newspapers Italy. At 31 March 2024, the figure had amounted to € 0.5 million, of which € 0.4 million from Newspapers Italy and € 0.1 million from Unidad Editorial.

   Sundry revenue closed at € 33.6 million, increasing by € 1.8 million versus first three months 2024 (€ 31.8 million).

   The eliminations refer mainly to sundry revenue from the provision of centralized services carried out by the Corporate and Other Activities area to other Group companies.

   ***

   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 quarter 2025:

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

   • "Corriere in Onda" was organized from 11 to 15 February during the Sanremo Festival;

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

   • in February, Corriere della Sera's digital event management platform was revamped with the publication of the Civil Week website and the one dedicated to the Solferino28 initiative, in the run-up to Design Week;

   • since 26 February, Corriere Milano's newsletter has changed its look and name to "Incoeu" (meaning "today") and features the day's relevant news, restaurant recommendations, the city's most important events, weather, columns, reports, and other useful information for the citizens of Milan;

   • in February, La Gazzetta dello Sport published a special edition in Grande Gazzetta format for the Milan Derby and included a centerfold special on skiing. In March, a special Women's Day section was produced focusing on the story of women's sports;

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

   • 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. On 4 March, the supplement "Volare sull'altalena dei prezzi" was released, on 5 March, the guide authored by Federico Rampini "Quello che dovete sapere sull'America di Trump", on 6 March, the geopolitics supplement "Il mondo è cambiato", on 7 March the guide "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, with a live event at Sala Buzzati and streaming entitled: "Leggere il mondo, e raccontarlo. Festeggiamo insieme i 149 anni del Corriere della Sera";

   • on 8 March, the event "Verso il Tempo delle Donne" was held for the World Women's Day;

   • on 10 March, "Italia Genera Futuro" was held at Palazzo Mezzanotte in Milan;

   • from 17 to 23 March, at Sala Buzzati Lilt and Corriere della Sera organized the second edition of Festival della Prevenzione;

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

   • the fifth edition of Women in Food was held on 19 and 20 March;

   • on 20 March, in collaboration with IlMeteo.it, the 'Indice climatico italiano 2024 was published;

   • on 24 March, the "Premio Bilanci di sostenibilità 2025" presentation event was held;

   • from 25 to 27 March, Corriere della Sera and Bocconi University organized the second edition of the Forum Internazionale Pact4Future;

   • the first episode of the fourth season of the podcast "Geni invisibili" was made available to users on 31 March;

   • on the series, books and add-ons front, La Gazzetta dello Sport published a book celebrating Valentino Rossi's 46th birthday, the anastatic strips of "Zagor", the manga "Tokyo Revengers", a collection of the great Disney classics, and the "Cronaca Nera" series. For Corriere della Sera in first quarter 2025, the series "I protagonisti della cristianità" and the books Giorno della Memoria, Foibe and Giubilei were published. The series "Giappone contemporaneo", "L'arte secondo Philippe Daverio", and "Mente e Corpo in equilibrio" were also published by both Corriere and La Gazzetta;

   • La Gazzetta dello Sport and its supplements, G Magazine and Sportweek, followed the major sporting events in the quarter. Beginning in February, the offer to readers was enhanced through the Sunday circulation of the anastatic reproduction of historical copies of the newspaper. Sportweek produced two special issues dedicated to the start of the Formula1 and MotoWorld Championships, while one issue focused on the World Ski Championships held in February. G Magazine presented a single-topic issue in March dedicated to the start of the great cycling season, on the eve of the Milano-Sanremo;

   • the first three months saw the creation of new video columns on CorriereTV: "Un centimetro alla volta" by Paolo Condò, "Filosofia, tecnica e IA" by Maurizio Ferraris, "L'Ultima Fenice" by Goffredo Buccini, "Rivincite", and "L'Ora del Tech" by Michela Rovelli and Paolo Ottolina, as well as videos leading up to the Milan-Cortina Olympics, live broadcasts from CorriereTV studios, and subscriber webinars conducted by Maria Serena Natale. Talks were also held: the "After Show" by Paola Pollo, the Economia Talk moderated by Fausta Chiesa, and the "In Viaggio con Corriere" talks with Alessandro Cannavò.

     In 2025, the Magazines Italy area too developed numerous editorial initiatives, including:

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

   • from 21 to 27 March, the monthly travel magazine Dove was distributed on newsstands for the first time as an optional supplement with the daily Corriere della Sera.

RCS Academy, the Group's business school, continued its training activities in first quarter 2025 for the 15 master's degree programs launched in autumn, with 400 participants. This includes 10 postgraduate programs (Digital Marketing, Communication and New Media, Sports Management, Food, Fashion and Luxury, Audiovisual, Sustainability, Healthcare and Pharma, HR, and Art) as well as 5 part-time Executive Masters (Journalism, Sports Journalism, AI for Business, Content Writing, MBA). Placement activities for young people to enter the job world are ongoing.

In the quarter, the first master's degrees in 2025 on the topics of Business Law, Communication and New Media were launched. Sales continue for the 3 online degree programs in partnership with Università Mercatorum (915 enrolled as of August 2024) and the 4 online master's programs in partnership with Pegaso, with 122 enrolled in

first quarter 2025. The first Business talk of the year was also held in first quarter 2025 on the topics of Alternative Sources: Renewables, Hydrogen and Nuclear with over 310 thousand unique users.

As for the Books performance in Italy (GFK), the market in first quarter 2025 saw an overall decline from the prior year of -3.4% in both volume and value. In this context, publications related to RCS brands (Solferino, Cairo, and Fuoriscena) experience a larger decline in both volume (-12.2%) and value (-11.1%) versus the same period of the prior year, following double-digit growth in previous quarters due partly to a different publishing plan.

With regard to Spain:

• 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 again, Expansión organized the first edition of Gran Encuentro Expansión Catalunya, bringing together political and economic leaders to analyze the challenges and opportunities of Catalonia's economic future and the strategy for sustainable growth;

• in 2025, work also continued on organizing major events, including the participation with El Mundo and

La Lectura in the Madrid International Contemporary Art Fair.

Regarding the Sporting Events area in first quarter 2025, some of the sporting events in the portfolio and certain related initiatives were organized: the Presentation of Giro d'Italia and Giro d'Italia Women, Città in Rosa del Giro d'Italia, the UAE Tour, RomaOstia Half Marathon, Strade Bianche with its Gran Fondo, Tirreno Adriatico, Milano Sanremo and Sanremo Women, Milano Torino and the launch of the FantaGiro d'Italia.

February saw the 2025 edition of the UAE Tour Women and UAE Tour Men. The 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. The Tirreno Adriatico took place from 10 March, followed by the 106th Milano Torino on 19 March, with the arrival on the hill of Superga, and the Milano Sanremo on 22 March, which had a major impact thanks to the participation of top international champions; the race, broadcast on Rai 2, generated a share of 12.45%, up by 53% versus the 2024 edition (Auditel). Also linked to the Milano Sanremo, but on a shorter route, is the Sanremo Women. On 2 March, the 50th Roma Ostia Half Marathon was held.

The main social accounts of the sporting events area, at 31 March 2025, reached 6.3 million total followers (considering Facebook, Instagram, X, YouTube, Threads and TikTok - Internal Source).

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Revenue, EBITDA and EBIT by operating segment at 31 March 2025 and at 31 March 2024 are summarized below:

(€ millions) 31/03/2025 31/03/2024

Revenue EBITDA % of

revenue

EBIT % of

revenue

Revenue EBITDA % of

revenue

EBIT % of

revenue

Mention should be made that the Group's seasonality factors generally impact on the income results of the first and third quarters of the year.

Net non-recurring expense and income came to negative € 0.2 million (€ -0.1 million in first quarter 2024).

The change in EBITDA versus 31 March 2024 is shown below:

The share of profits (losses) of equity-accounted investees amounted to negative € 0.8 million (€ -0.6 million in the same period of 2024), referring mainly to the pro-rata result of CAIRORCS Media.

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(1) 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 Interim Management Statement.

Net capital employed amounted to € 552.6 million, a decrease of € 18.4 million versus 31 December 2024 (€ 571 million), attributable to a decrease in working capital (€ -11.8 million) and net fixed assets (€ -6.9 million).

Net fixed assets decreased from € 706.4 million at 31 December 2024 to € 699.5 million at 31 March 2025. The decrease was driven mainly by the effect of amortization and depreciation for the period on Intangible and Tangible Fixed Assets, net of the increase from the respective investments.

Working capital increased from € -23.4 million at 31 December 2024 to € -35.2 million at 31 March 2025, due mainly to lower trade receivables (€ 18 million), resulting from seasonal dynamics and different timing in collections, and the change in other net assets and liabilities (€ +4.7 million).

Equity stood at € 443.2 million (€ 443.8 million at 31 December 2024). The change is attributable to the result for the period (€ -0.6 million).

At 31 March 2025, the net financial position stood at a positive € 20.1 million, improving by € 12.3 million versus an already positive € 7.8 million at 31 December 2024. The improvement is attributable mainly to the positive contribution from ordinary operations, partly offset by outlays and technical expenditure and non-recurring expense totaling approximately € 7.2 million.

The above-mentioned changes in the net financial position are shown below:

Source: Management Reporting

For the definition of net financial position, reference should be made to the section "Alternative performance measures" in this Interim Management Statement.

Total net financial debt, which includes financial payables from leases pursuant to IFRS 16 (mainly property leases), totaling € 129.5 million at 31 March 2025 (€ 135 million at 31 December 2024), amounted to € 109.4

million (€ 127.2 million at 31 December 2024).

On 24 March 2025, the Board of Directors of RCS MediaGroup S.p.A. reviewed and approved the results at 31 December 2024.

The Shareholders' Meeting of RCS MediaGroup S.p.A. held on 8 May 2025:

• approved the Financial Statements at 31 December 2024 and the distribution of a dividend of € 0.07 per share, gross of tax, with ex-dividend date (coupon no. 7) on 19 May 2025, payable on 21 May 2025 (record date 20 May 2025);

• appointed for 2025-2026-2027 the Board of Directors composed of 12 members:

  • Urbano Cairo, Uberto Fornara, Marco Pompignoli, Stefano Simontacchi, Stefania Petruccioli, Federica Calmi, Benedetta Corazza and Laura Gualtieri, elected from the majority list submitted by Cairo Communication S.p.A., holder of 59.693% of the ordinary share capital;

  • Diego Della Valle, Marco Tronchetti Provera, Carlo Cimbri and Veronica Gava, elected from the minority list submitted by DDV Partecipazioni S.r.l. also on behalf of Mediobanca - Banca di Credito Finanziario S.p.A., Unipol Assicurazioni S.p.A., Unipol Finance S.p.A. and Pirelli & C. S.p.A., which together hold 23.792% of the ordinary share capital;

• appointed Urbano Cairo as Chairman of the Board of Directors;

• pursuant to Article 2389, paragraph one, of the Italian Civil Code, set at € 400,000 the total annual compensation due to the Board of Directors to be distributed among its members in accordance with the resolutions to be passed by the Board of Directors, and without prejudice to any further compensation

  due to directors holding special offices that may be established by the Board of Directors pursuant to Article 2389, paragraph three, of the Italian Civil Code;

• authorized the members of the Board of Directors of the Company, pursuant to Article 2390 of the Italian Civil Code, to continue the activities in competition indicated in their respective curricula vitae as sent to the Company on submission of the lists and available on the Company website https://www.rcsmediagroup.it, as well as in parent companies of RCS MediaGroup S.p.A., under common control or otherwise forming part of the same group;

• approved the Remuneration Policy for 2025 contained in Section One of the Remuneration Report, prepared in accordance with Article 123-ter of Legislative Decree no. 58/1998 and the related implementing provisions issued by CONSOB;

• expressed a favourable opinion on Section Two of the Remuneration Report;

• approved, subject to revocation of the previous shareholders' resolution, the proposed authorization to purchase and dispose of treasury shares pursuant to Articles 2357 et seq. of the Italian Civil Code.

  The Board of Directors, which met after the Shareholders' Meeting, confirmed Urbano Cairo as CEO and granted him the powers of management.

  Based on the information provided by the parties involved, the Board of Directors verified the fulfillment by the members of the governing body (i) of the requirements of applicable regulations for taking up the office of Director and (ii) the independence requirements pursuant to Article 148, paragraph 3 of Legislative Decree No. 58/1998 of all directors, except Urbano Cairo, Marco Pompignoli, Uberto Fornara and Stefano Simontacchi.

  The Board of Directors assessed that directors Federica Calmi, Benedetta Corazza, Laura Gualtieri, Diego Della Valle, Marco Tronchetti Provera, Carlo Cimbri and Veronica Gava met the independence requirements of the Corporate Governance Code.

  The Board of Directors also adopted resolutions on corporate governance, appointing Independent Director Federica Calmi as Lead Independent Director. Additionally, the Board of Directors appointed:

• as members of the Remuneration and Appointments Committee, Directors Federica Calmi (Chair), Benedetta Corazza and Laura Gualtieri;

• as members of the Control and Risk and Sustainability Committee, Directors Benedetta Corazza (Chair), Stefania Petruccioli and Veronica Gava.

The Board of Directors confirmed Executive Director Marco Pompignoli as the director in charge of establishing and maintaining the internal control and risk management system.

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 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.

Milan, 13 May 2025

For the Board of Directors:

The Chairman and Chief Executive Officer

Urbano Cairo

The undersigned, Roberto Bonalumi, Financial Reporting Manager of RCS MediaGroup S.p.A.,

STATES

in accordance with Article 154-bis, paragraph 2, of Legislative Decree no. 58 of 24 February 1998, that the financial information contained in this Interim Management Statement at 31 March 2025 corresponds to the underlying records, books and accounting entries.

Milan, 13 May 2025

Roberto Bonalumi