Rcs Mediagroup S.p.a. MIL:RCS
RCS MediaGroup S p A : Results at 31 March 2026 approved
Source: MarketScreener
Press Release Results at 31 March 2026 approved1 Consolidated revenue rises to € 170.3 million (€ 169.6 million in 1° quarter 2025), with digital revenue accounting for 28.1% of total. Advertising revenue grows 8.1%. EBITDA, EBIT and Net result amount to € 14.2 million, € 0.8 million and € -0.4 million, respectively, basically in line with 1° quarter 2025 (€ 14.6 million, € 1.6 million and € -0.6 million, respectively). Net Financial Position at positive € 32.2 million, an improvement of € 16.2 million versus end 2025. At end March, the Group's titles reach a total active digital customer base of approximately 1.4 million subscribers: 779 thousand for Corriere della Sera, 269 thousand for Gazzetta, 189 thousand for El Mundo, and 137 thousand for Expansión. Veo7, the new TV channel launched in Spain in mid-2025, reached an average 0.87% in the all-day share and 0.91% in prime time in 1° quarter 2026, achieving a positive EBITDA of € 0.8 million in the period under review, only a few months after launch. Strong ratings improved further in April 2026, with an average 1.03% in the all-day share and 1.17% in prime time.
Milan, 13 May 2026 - The Board of Directors of RCS MediaGroup S.p.A. met today and reviewed and approved the Interim Management Statement at 31 March 2026.
Income statement (€ millions) | At 31/03/2026 | At 31/03/2025 |
Consolidated revenue | 170.3 | 169.6 |
EBITDA | 14.2 | 14.6 |
EBITDA before non-recurring expense/income | 14.6 | 14.8 |
EBIT | 0.8 | 1.6 |
Profit (loss) | (0.4) | (0.6) |
Statement of financial position (€ millions) | 31/03/2026 | 31/12/2025 |
Net financial debt (liquidity)1 | (32.2) | (16.0) |
Group performance
The first quarter of 2026 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
(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 Press Release.
1
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. At the beginning of March 2026, the situation in the Middle East deteriorated further, with the U.S.-Israeli attack on Iran, followed by Iran's military response also targeting the Gulf countries. This conflict led to the blockade of the Strait of Hormuz, causing an immediate increase in energy prices and potential risks of inflationary pressure and a slowdown in global economic activity. From the second half of March 2026, the parties began diplomatic contacts, with a temporary suspension of military operations aimed at seeking a negotiated solution, although developments remain uncertain.
Against this backdrop, in first three months 2026 the Group achieved higher revenue than in the same period of 2025 and results broadly in line with first quarter 2025, while continuing to generate positive cash flows and improving the net financial position by € 16.2 million versus 31 December 2025, when it came to positive € 16 million.
Group consolidated net revenue in first quarter 2026 amounted to € 170.3 million (€ 169.6 million in first quarter 2025). Digital revenue amounted to € 47.8 million and makes for approximately 28.1% of overall revenue.
Advertising revenue in first three months 2026 amounted to € 64.2 million, up 8.1% versus €59.4 million in the same period of 2025 (€ +4.8 million). Total advertising sales on online media amounted to € 28.9 million in first quarter 2026, or approximately 45% of total advertising revenue.
Publishing and circulation revenue amounted to € 73.3 million (€ 76.6 million in the same period of 2025), decreasing by € 3.3 million, due mainly to the decline in revenue from add-ons (€ -0.5 million), lower circulation revenue from m-dis activities for third-party publishers (€ -0.5 million), and lower circulation revenue, partly offset by growth in digital subscription revenue.Both Italian newspapers retained their circulation leadership in their respective market segments at March 2026 (ADS January-March 2026). La Gazzetta dello Sport, in the latest Audipress 2025/III survey published in February 2026, retained its position as the most-read Italian newspaper with approximately 2 million readers, followed in second place by Corriere della Sera with approximately 1.7 million readers. At end March, the total active customer base for Corriere della Sera (digital edition, membership and m-site) reached 779 thousand subscriptions. The customer base of Gazzetta's pay products (which includes G ALL, G+, GPRO and Fantacampionato products) closed at end March 2026 with 269 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-March 2026, 3.7 million and 2.5 million average daily unique users (Audicom). Regarding average monthly unique users, as of the date of publication of this Press Release, Audicom has only made available January 2026 data, where the Corriere della Sera and La Gazzetta dello Sport brands reach 25.9 million and 15.6 million average monthly unique users, respectively. At January 2026, RCS in Italy achieved an aggregate figure of 28.3 million average monthly unique users (net of duplications - Audicom). The main social accounts of the Corriere System at 31 March 2026 reached 15.8 million total followers (considering Facebook, Instagram, X, LinkedIn and TikTok -Internal Source). La Gazzetta dello Sport's social profiles topped a social audience of 7.1 million followers at end March (considering Facebook, Instagram, X, TikTok and YouTube - Internal Source).
In Spain, Marca and Expansión once again confirmed their print circulation leadership in their respective market segments at March 2026 (OJD). The latest survey of Estudio General de
Medios, published in March 2026, confirms the Unidad Editorial Group's leading position in Spanish daily news, topping 1.5 million overall daily readers with the titles El Mundo, Marca and Expansión. Marca, with 912 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 503 thousand readers. A strong growth also for Radio Marca, which reaches 642 thousand listeners, posting a 23.5% rise versus the same period of the prior year (First EGM 2026 survey). Digital subscriptions continue to grow (digital edition and Premium), amounting at March 2026 to approximately 189 thousand subscriptions for El Mundo and approximately 137 thousand subscriptions for Expansión. As part of the online activities, elmundo.es, marca.com and expansión.com reached 40.1 million, 36.7 million and 7.2 million average monthly unique browsers in first three months 2026, comprising both domestic and foreign browsers and including apps (Google Analytics). The social audience of Unidad Editorial Group titles (Internal Source) stands at 13.7 million followers for El Mundo, 22.2 million for Marca and 2.6 million for Telva (considering Facebook, Instagram, X and TikTok) and 1.7 million for Expansión (considering Facebook, Instagram, X, TikTok and LinkedIn).
Sundry revenue reached € 32.8 million and is basically in line with first three months 2025 (€33.6 million).
EBITDA in first three months 2026 came to positive € 14.2 million versus positive € 14.6 million in the same period of 2025. Net non-recurring expense and income came to negative € 0.4 million (€ -0.2 million in first quarter 2025). 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.In first quarter 2026, initiatives continued on maintaining and developing revenue, boosting the publishing systems' range of products, developing the digital platforms and enhancing the vertical publishing systems.
In Italy, regarding the main initiatives only, Corriere della Sera launched the new Instagram accounts of Corriere Economia and Corriere Motori; began celebrations for its 150th anniversary by giving readers the first issue of Corriere (5 March) and the collector's book "Il mio Corriere" (6 March), and with a celebration event at Teatro alla Scala in Milan graced by the President of the Republic; developed new podcast and video projects and new webinars reserved for subscribers; and offered readers each week a full historical copy from among those that shaped the newspaper's history. Major events were also organized, including "Corriere in Onda" (on the occasion of the Sanremo Festival), "Italia Genera Futuro", "DisclAImer", "Women in Food", "Premio Bilanci di sostenibilità 2026", and the theatre show "1975 - l'anno in cui abbiamo smesso di capire il mondo", created by the Corriere Milano editorial staff for the 150th anniversary. For the Milan Cortina 2026 Olympic and Paralympic Winter Games, La Gazzetta dello Sport provided real-time editorial coverage through its website and social profiles, with specials, in-depth features, interviews, exclusive videos, results and standings, achieving considerable audience success. La Gazzetta dello Sport and its supplements, G Magazine and Sportweek, also covered the main sporting events of the quarter, enriching the reader offering by distributing a volume from the "I Miti dello Sport" series every Friday and a new collection of Gazzette Anastatiche every Wednesday. On 24 March, to celebrate iO Donna's 30th anniversary, an evening-event was held, launching a series of editorial and cultural initiatives, including the unreleased short film "Avere 30 anni oggi" and the special 614-page issue with two covers, distributed in approximately one million copies across print and digital versions. In the first three months of 2026, several sporting events in the portfolio were organized: the 2026 editions of the UAE Tour Women and UAE Tour Men, Strade Bianche and Gran Fondo Strade Bianche, Tirreno Adriatico, Milano-Torino, which this year marked 150 years since its first edition, Milano-Sanremo, Sanremo
Women, Roma Ostia Half Marathon and the Mezza Maratona d'Italia "Memorial Enzo Ferrari" from Maranello to Modena.
In Spain, regarding the main initiatives only, the first edition of Future Makers, an event conceived by El Mundo, was held, the first in a series of initiatives aimed at young people and innovation leaders to be developed during the year; Radio Marca celebrated its 25th anniversary; the digital version of Telva Living was launched; Expansión expanded its training offering with the new Diploma de Especialización en Periodismo Económico; and celebrations for the 40th anniversary of Expansión were launched. Major event organization also continued, including the Premio Internacional de Periodismo del Mundo, the participation of El Mundo y La Lectura in the Fiera Internacional de Arte, the second edition of the Gran Encuentro Expansión de Cataluña, an event that brought together political and business leaders, and the second edition of the Encuentro Expansión Industria y Defensa. Veo7, the new TV channel launched in Spain in mid-2025, reached an average 0.87% in the all-day share and 0.91% in prime time in first quarter 2026, achieving a positive EBITDA of € 0.8 million in the period under review only a few months after launch. Strong ratings improved further in April 2026, with an average 1.03% in the all-day share and 1.17% in prime time.
The table below shows the trend of revenue and EBITDA in each business area.
(€ millions) At 31/03/2026 At 31/03/2025
Revenue EBITDA % of
revenue
Revenue EBITDA % of revenue
Newspapers Italy | 81,3 | 7,7 | 9,5% | 81,1 | 7,2 | 8,9% | ||
Magazines Italy | 11,6 | (1,6) | (13,8)% | 11,8 | (1,0) | (8,5)% | ||
Advertising and Sport | 52,3 | 2,7 | 5,2% | 46,9 | 2,6 | 5,5% | ||
Unidad Editorial | 46,6 | 4,4 | 9,4% | 48,1 | 5,3 | 11,0% | ||
Corporate and Other Activities | 19,6 | 1,0 | 5,1% | 19,9 | 0,5 | 2,5% | ||
Other and eliminations | (41,1) | 0,0 | n.s. | (38,2) | - | n.s. | ||
Consolidated | 170,3 | 14,2 | 8,3% | 169,6 | 14,6 | 8,6% |
The net result was € -0.4 million in first quarter 2026 (€ -0.6 million in first quarter 2025), reflecting the trends described above.
At 31 March 2026, the net financial position stood at positive € 32.2 million, improving by €
16.2 million versus an already positive € 16 million at 31 December 2025. The improvement is attributable mainly to the positive contribution from ordinary operations, partly offset by outlays for expenditure and non-recurring expense.
Total net financial debt, which includes financial payables from leases pursuant to IFRS 16(mainly property leases), totaling € 112.7 million at 31 March 2026 (€ 117.3 million at 31
December 2025), amounted to € 80.5 million (€ 101.3 million at 31 December 2025).
Business outlook
The first quarter of 2026 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. At the beginning of March 2026, the situation in the Middle East deteriorated further, with the U.S.-Israeli attack on Iran, followed by Iran's military response also targeting the Gulf countries. This conflict has led to the
blockade of the Strait of Hormuz, a key trade route, specifically for global hydrocarbon flows, with an immediate increase in energy prices and potential risks of inflationary pressures and a slowdown in global economic activity. From the second half of March 2026, the parties began diplomatic contacts, with a temporary suspension of military operations aimed at seeking a negotiated solution, although developments remain uncertain. The introduction by the United States in 2025 of tariffs and international trade restrictions, some of which were overturned at the end of February 2026 by the United States Supreme Court, heightened the uncertainty. Also in first quarter 2026, the Group met the public's strong need to stay informed through its information offering, ensuring a timely service to its 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. Developments in the current environment and their potential effects on the outlook, which are monitored on an ongoing basis, remain unpredictable as they depend, among other factors, on the evolution and duration of ongoing conflicts, their geopolitical effects and repercussions on financial markets and economic trends, and uncertainties related to tariffs and restrictions on international trade. Considering the actions already taken and those planned, and barring any deteriorating 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 set the goal of confirming strongly positive EBITDA margins in 2026 - basically in line with those of 2025 - 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.
***
Under paragraph 2, Article 154-bis of the Consolidated Finance Law (TUF), Roberto Bonalumi, in his capacity as Financial Reporting Manager, attests that the financial information contained herein is consistent with the Company's document results, books and accounting records.
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RCS MediaGroup is one of the leading multimedia publishing groups, operating primarily in Italy and Spain across all publishing areas, from newspapers to magazines, from digital to books, from TV to new media and training, as well as being one of the top players on the advertising sales market, organizing iconic events and renowned sporting formats such as the Giro d'Italia. The RCS Group publishes the daily newspapers Corriere della Sera, La Gazzetta dello Sport, El Mundo, Marca and Expansión, as well as numerous magazines, the most popular including Oggi, Amica, iO Donna, 7, Yo Dona and Telva.
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For further information:
RCS MediaGroup - Investor RelationsTiziana Magnavacca +39 02 2584 7877 - [email protected] - www.rcsmediagroup.it
RCS MediaGroup |
Reclassified consolidated income statement |
(Unaudited figures)
(€ millions) | At 31 March 2026 A | % | At 31 March 2025 B | % | Difference Difference A-B % | |
Net revenue | 170,3 | 100,0 | 169,6 | 100,0 | 0,7 | 0,4% |
Publishing and circulation revenue | 73,3 | 43,0 | 76,6 | 45,2 | (3,3) | (4,3%) |
Advertising revenue | 64,2 | 37,7 | 59,4 | 35,0 | 4,8 | 8,1% |
Sundry revenue (1) | 32,8 | 19,3 | 33,6 | 19,8 | (0,8) | (2,4%) |
Operating costs | (92,9) | (54,6) | (91,3) | (53,8) | (1,6) | (1,8%) |
Payroll costs | (61,9) | (36,3) | (61,8) | (36,4) | (0,1) | (0,2%) |
Net allocations for risks | (0,5) | (0,3) | (0,4) | (0,2) | (0,1) | (25,0%) |
(Write-down)/write-back of trade and sundry receivables | (0,8) | (0,5) | (1,5) | (0,9) | 0,7 | 46,7% |
EBITDA (2) | 14,2 | 8,3 | 14,6 | 8,6 | (0,4) | (2,7%) |
Amortization of intangible fixed assets | (6,5) | (3,8) | (5,7) | (3,4) | (0,8) | |
Depreciation of tangible fixed assets | (1,7) | (1,0) | (2,2) | (1,3) | 0,5 | |
Amortization/depreciation of rights of use on leased assets | (5,1) | (3,0) | (5,1) | (3,0) | 0,0 | |
Depreciation of investment p roperty | (0,1) | (0,1) | - | - | (0,1) | |
Other (write-downs)/write-backs of fixed assets | - | - | - | - | - | |
EBIT (2) | 0,8 | 0,5 | 1,6 | 0,9 | (0,8) | |
Financial income (expense) | (1,6) | (0,9) | (2,6) | (1,5) | 1,0 | |
Income (expense) from equity-accounted investees | (0,6) | (0,4) | (0,8) | (0,5) | 0,2 | |
Other income (expense) from financial assets/liabilities | - | - | - | - | - | |
Profit (loss) before tax | (1,4) | (0,8) | (1,8) | (1,1) | 0,4 | |
Income tax | 1,0 | 0,6 | 1,2 | 0,7 | (0,2) | |
Profit (loss) from continuing operations | (0,4) | (0,2) | (0,6) | (0,4) | 0,2 | |
Profit (loss) from assets held for sale and discontinued operations | - | - | - | - | - | |
Profit (loss) before non-controlling interests | (0,4) | (0,2) | (0,6) | (0,4) | 0,2 | |
(Profit) loss attributable to non-controlling interests | - | - | - | - | - | |
Profit (loss) for the period attributable to the owners of the parent | (0,4) | (0,2) | (0,6) | (0,4) | 0,2 | |
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.
For the definitions of EBITDA and EBIT, reference should be made to the section "Alternative Performance Measures" in this Press Release.
RCS MediaGroup Reclassified consolidated statement of financial position
(Unaudited figures)
(€ millions) | 31 March 2026 | % | 31 December 2025 | % |
Intangible fixed assets | 367,1 | 67,6 | 369,0 | 65,4 |
Tangible fixed assets | 85,7 | 15,8 | 87,0 | 15,4 |
Rights of use on leased assets | 100,1 | 18,4 | 104,5 | 18,5 |
Investment property | 6,5 | 1,2 | 6,5 | 1,2 |
Financial fixed assets and other assets | 114,5 | 21,1 | 113,2 | 20,1 |
Net fixed assets | 673,9 | 124,1 | 680,2 | 120,6 |
Inventory | 17,5 | 3,2 | 17,6 | 3,1 |
Trade receivables | 182,8 | 33,7 | 183,2 | 32,5 |
Trade payables | (187,3) | (34,5) | (193,6) | (34,3) |
Other assets/liabilities | (36,0) | (6,6) | (14,4) | (2,6) |
Net working capital | (23,0) | (4,2) | (7,2) | (1,3) |
Provisions for risks and charges | (28,2) | (5,2) | (29,1) | (5,2) |
Deferred tax liabilities | (55,8) | (10,3) | (55,5) | (9,8) |
Employee benefits | (23,9) | (4,4) | (24,2) | (4,3) |
Net capital employed | 543,0 | 100,0 | 564,2 | 100,0 |
Equity | 462,5 | 85,2 | 462,9 | 82,0 |
Non-current financial payables | 23,8 | 4,4 | 23,6 | 4,2 |
Current financial payables | 6,3 | 1,2 | 5,8 | 1,0 |
Liquidity and current financial receivables | (62,3) | (11,5) | (45,4) | (8,0) |
Net financial debt (liquidity) (1) | (32,2) | (5,9) | (16,0) | (2,8) |
Financial payables from leases pursuant to IFRS 16 | 112,7 | 20,8 | 117,3 | 20,8 |
Total financial sources | 543,0 | 100,0 | 564,2 | 100,0 |
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 press release.
Alternative performance measures
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/05178b 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.
EBITDA: to be understood as earnings before interest, tax, amortization/depreciation and write-down of fixed assets. The measure is used by the RCS Group as a target to monitor internal management, and in public presentations (to financial analysts and investors). It serves as a unit of measurement to evaluate the operational performance of the RCS Group. EBITDA before non-recurring expense/income: to be understood as EBITDA as specified above before components of income (positive and/or negative) deriving from events or transactions, the occurrence of which is non-recurring, or deriving from transactions or events that are unlikely to occur frequently in the normal course of business. EBIT: to be understood as the Result before tax, gross of "Financial Income (Expense)", "Income (Expense) from equity-accounted investees", and "Other income (expense) from financial assets/liabilities". Group Net Financial Position or Group net financial debt (liquidity): this is a valid measure of the financial structure of the RCS Group. It is calculated as the result of current and non-current financial payables, net of cash and cash equivalents and current financial assets, as well as non-current financial assets from derivative instruments, excluding financial liabilities (current and non-current) from leases. Total Net Financial Position or total net financial (liquidity) debt: to be understood as the Group's Net Financial Position as defined above, it includes financial liabilities from short and/or long-term lease agreements and non-remunerated debt, which have a significant implicit or explicit financing component (e.g. trade payables with a maturity of over 12 months), and any other non-interest-bearing loans, and excludes financial receivables with a maturity of over 90 days (as defined by the "Guidelines on disclosure requirements under the Prospectus Regulation" published by ESMA on 4 March 2021 with document "ESMA32-382-1138" and taken up by CONSOB in communication 5/21 of 29 April 2021).