RESULTS
1ST HALF 2025
24 september 2025
C O N T E N T ● B R A N D S ● T E C H N O L O G I E S
CONTENTS
INTRODUCTION BtoC BtoB ACCOUNTS OUTLOOKINTRODUCTION BtoC BtoB ACCOUNTS OUTLOOK
INTRO | THE GROUP IN 2025
More than
80
thematic media brands
employees
1 275
present in
countries
11
1st
Shareholder of
Hopscotch
3rd
media group
on the web
2nd
affiliation network in Europe
3rd
media group on social networks
1st
General-public thematic publisher
5
INTRO | H1 2025 FINANCIAL INDICATORS
Significant improvement in profitability
Good trend in H1 revenue, including a stable 2nd quarter
REVENUE
€257.1m
-2.7%
vs H1 2024
36.1%
outside France
vs. 33.1% on H1 2024
EBITDA(1)
€23.6m
+3.3%
vs H1 2024
9.2%
of revenue
(+0.5 pt vs. H1 2024)
CONSOLIDATED NET INCOME
€9.3m
+50.7%
vs H1 2024
3.6%
of revenue
(+1.3 pt vs. H1 2024)
CASH(2)
€67.9m
€107.3m
Net debt 2x L12M EBITDA(3)
€13.4m
cash from operations
(1) EBITDA excluding expenses related to bonus share plans reclassified as exceptional income; (2) Cash assets excluding treasury stock, financial net debt calculated as the difference between gross debt and cash assets excluding treasury stocks; (3) L12M EBITDA : EBITDA of the12 lasts months (H2 2024 and H1 2025). 6
INTRO | H1 2025 HIGHLIGHTSFavorable market indicators A diverse and resilient group
Unstable environnement
Very uncertain political and economic situation in France
Difficult international climate
French communication market
Total market €17.7 billion: +0.6% growth vs H1
2024 (2024, driven by the Olympic Games)
Growth driven by the dynamics of the digital market at +8.7% vs H1 2024
French media advertising market
• +4.3% growth vs H1 2024, reaching €9.2 billion
Growth driven by the digital market up +10.8%
vs H1 2024, reaching €5.9 billion
Source : The advertising and communication market H1 2025, BUMP, 10 September 2025.
A solid model
Major multi-thematic brands in a diverse
ecosystem
Proprietary media & technologies alliance
International group
Digital, a sustainable growth
accelerator
Half of total revenue is digital
Strong momentum in Social and Performance levers
Strong growth potential thanks to AI
Continued cost optimization
Decrease in operating expenses (-3.2% vs H1 2024)
7
INTRO | BTOB GROWTH DRIVER
BtoB contribution to EBITDA : 67% versus 59% in H1 2024
105.7
151.4
-8.4
Revenue
Positive trend in H1 with a stable second quarter
-7.0
257.1
€m
EBITDA(1)
BTOC: profitability challenge
Decline in volumes partially offset by higher
selling prices
Customer loyalty strategy
Enrichment of product offerings (special editions, collections, mooks) and services
€7m reduction in operating costs
BTOC BTOB Total
BTOC BTOB Total
EBITDA margin (% of revenue)BTOB: growth driven by digital tech.
+0.7
+2.2
15.7
-1.5
10.4%
7.8
7.4%
9.2%
23.6
+1.4
Significant improvement in profitability with
EBITDA at 10.4%, up +1.4 pt vs H1 2024
Increased weight of digital activities in BTOB
Revenue: +3 pts vs H1 2024, reaching 84%
Social, a srategic growth driver
Revenue: 10% of BTOB revenue
Strong growth in revenue from performance
(1) EBITDA excluding expenses related to bonus share plans reclassified as exceptional income.
drivers, +8% vs H1 2024 8
INTRODUCTION BtoC BtoB ACCOUNTS OUTLOOKBTOC | 1ST THEMATIC CONTENT PUBLISHER
Diversification, a lever for audience and to attract brands
1.4 million
subscriptions
including diverse subs.
0.3 million
€5.64 excl. tax
average basket /subs.
+4.3%
vs. H1 2024
Magazines
148 titles
publihed in France in H1
84.3 million
copies sold in 1 year(1)
Publishings
More than 12
Mooks launched in H1
TV Other services
24 million
potential viewers
10
French paid distribution (DFP), ACPM, DSH 2024/2025, released in September 2025
BTOC | PROFITABILITY REMAINS AT A SOLID LEVEL
-7.4%
-€8.4m
REVENUE
€m EBITDA(1)
-€1.5m -15.9%
Controlled decline in revenue compared to market trends
Decline in sales volumes partially offset by a strategy of targeted price increases, in line with competition and inflation
Strategic challenge of preserving the market share of the
group's brands
Subscription revenue accounts for 47% of total revenue, up 2 pts
Preserved EBITDA margin
Operating expenses reduced by €7m (-6.6%)
Industrial costs optimized
Paper prices stable
7.4%
7.8
8.1%
9.3
105.7
114.2
30/06/24 30/06/25
30/06/24 30/06/25
Distribution shift in favor of home delivery
11
(1) EBITDA excluding expenses related to bonus share plans reclassified as exceptional income.
INTRODUCTION BtoC BtoB ACCOUNTS OUTLOOKBTOB | A MARKET THAT IS RESILIENT TO ECONOMIC CONDITIONS
€17.7 billion in H1 2025, a +0.6% growth vs H1 2024 driven by digital (+8.7%)
Communication market in France
+4.9%(1)
0%
35.8
35.7
31.0
32.7
34.1
+8.3%(1)
+7.5%
8.2
9.6
9.0
10.4
11.2
(in billion of euros)
The power of Digital leverage
The proportion of digital continues to grow in H1 2025 vs H1 2024 :
On the communication market: from 30% to 33% (x2.5 in 11 years)
On the media advertising market: from 59% to 64%
+10.8% growth in digital advertising in H1 2025 vs H1 2024
Social gathers 42% of growth over H1 2025
Social represents as much as Search (1/3 of the market)
Social video represents 63% of total Video
Social
€1.9 billion
56% market share(2)
+15%
vs H1 2024
Video
€1.7 billion
50% market share(2)
+19%
vs H1 2024
Display
€1.1 billion
31% market share(2)
+12%
vs H1 2024
2021 2022 2023 2024 2025P
Digital
OthersSources : The advertising and communication market H1 2025, BUMP, 10 September 2025; H1 2025 report, 34 edition of E-Pub Observatory, 10 July 2025. 13
(1) Average annual growth rate ; (2) Share of the digital market excluding Search; the video format includes video sold in Display and on Social.
BTOB | OPEN WEB - PROPRIETARY MEDIA & ADTECH
Strong referent media brands
33.4
32.2
29.4
3rd Media group on the web (in million of monthly unique visitors (1))
34.7
27.6
27.1
19.5
19.5
19.1
Top 3 brands of the Group
U.V. number June 2025 (vs June 2024)
Innovative & powerful adtechs
A multi-lever performance offering
Affiliate marketing (180 000 affiliate sites)
Content to Commerce Retail Media & Data Leads
Mobile & App Ad
Vouchers
Comparison websites
18.8
1 16.7 m (+2%)
2 6.5 m (+9%)
17.8
3 6.0 m (+22%)
14
AI : leading media brands and adtech remain as audiences hubs
(1) Source : Médiamétrie - Médiamétrie//NetRatings - Audience Internet Global - France - Base 2 years and +, average January/June 2025.
BTOB | LEADER ON SOCIAL NETWORKS
Engaging media brands
in million of subscribers(1)
Influence, an intergrated lever
+3.8% in 1 year
81.1
81.8
83.5
84.8
Dec. 2023 June 2024 Dec. 2024 June 2025
Powerful content production with over 3 000 original formats in H1 2025
Sources : (1) Publishers' data in number of undeduplicated subscribers to Facebook, Instagram, Twitter, Pinterest, TikTok, Youtube, Snapchat and Twitch platforms. ; (2) Social Index ACPM June 2025.
Performance Influence marketing
More than 100 000 active
influencers
Distribution of influencers
Co-production of content
Nearly 200 influencers across all platforms
Record engagement on social
3h30of surf / day
61%of total surf time
networks(3)
Global
15-24 years
1h36of surf / day
40%of total surf time
Sources : (3) Médiamétrie - Médiamétrie//NetRatings - Audience Internet Global - 15
France - Basis 2 years and +, average January-June 2025
BTOB | RESILIENT PERFORMANCE, ENHANCED PROFITABILITY
+6.6% growth in BtoB revenue in the 2nd quarter
€m REVENUE
+€1.4m +1.0%
149.9
151.4
30/06/24 30/06/25
EBITDA(1)
+€2.2m +16.5%
13.5
15.7
9.0%
10.4%
30/06/24 30/06/25
EBITDA margin (% revenue)
Digital-driven revenue growth
Digital represents 84% of BtoB revenue (+3 pts), with growth higher than +4%
Social: up 19.1% (media brands & influence), 10% of BTOB revenue (+1 pt)
Performance: strong growth of 8%, in particular on affiliate and influencer marketing activities abroad
Profitable growth
Strong growth in EBITDA: +16.5%
Leverage effect of investments in 2023 and 2024 in the human and technological platform
Growth in social revenue improves profitability in both media and influence marketing, with a gross margin nearly 10 points higher than that of affiliate marketing
16
(1) EBITDA excluding expenses related to bonus share plans reclassified as exceptional income.
INTRODUCTION BtoC BtoB ACCOUNTS OUTLOOK
ACCOUNTS | CONSOLIDATED P&L
In €m | 30/06/2025 | 30/06/2024 | Change (€m) | Change (%) |
Revenue | 257.1 | 264.1 | (7.0) | -2.7% |
Operating costs | (233.5) | (241.3) | 7.8 | -3.2% |
EBITDA(1) | 23.6 | 22.8 | 0.7 | +3.3% |
Amortization | (3.9) | (3.8) | (0.1) | +2.3% |
EBIT(1) | 19.7 | 19.0 | 0.7 | +3.5% |
Financial result | (4.6) | (7.3) | 2.7 | -36.6% |
Exceptional result(1) | (4.5) | (3.2) | (1.3) | +39.7% |
Income tax and others | (1.3) | (2.4) | 1.1 | -45.9% |
Consolidated net income | 9.3 | 6.2 | 3.1 | +50.7% |
Minority interests | (1.2) | (0.6) | (0.6) | +114.1% |
Group net income | 8.1 | 5.6 | 2.5 | +44.4% |
(1) EBITDA and EBIT excluding expenses related to bonus share plans reclassified as exceptional income. EBIT excluding goodwill amortization.
18
ACCOUNTS | CASH FLOW
Marked seasonality: H1 historically cash-consuming
€m | Y-1 | 85.5 | +17.8 | -2.6 | -4.6 | -4.5 | -20.1 | -0.2 | 71.5 |
31/12/23 | 30/06/24 |
+0.6
-6.7
-6.2
-20.1
86.7
+13.4
-3.6
+0.2
-18.8
67.9
OPERATING
TAXES
EXCEPTIONAL
CAPEX
FINANCING
EXCHANGE
31/12/24 30/06/25
Notes: cash flow excludes treasury stock. Cash flow from financing activities includes repayment of borrowings, new borrowings, dividends received, interests paid, receipts from interest-rate hedging and investments, as well as disbursements related to changes in the perimeter. 19
INTRODUCTION BtoC BtoB ACCOUNTS OUTLOOKOUTLOOK | FOCUS ON EXECUTION
Ready to capture the long-term growth of the digital market
A solid foundation
A scalable and replicable model
Targeted acceleration
Organic and external Growth
Proprietary assets: contents, brands, technology
Comprehensive, scalable digital offering with high potential
Structural growth in the digital
market
International presence ready to be activated
Solid balance sheet and active
debt reduction
2025 global market: stable 2025 digital segment: +7.5%
New AI market addressed through powerful media brands
Strengthening of social, video and
performance levers
International roll-out of the model
Selective external growth
21
APPENDICES | 80 BRANDS AT THE OF PASSIONS
HEALTH WELL BEING
WOMEN
FOOD
NEXT GEN AUTO
LIFESTYLE
SCIENCE CULTURE
ENTERTAINMENT
TECH & GAMING
SPORT NATURE HOME
23
Source: Ranking by number of unique monthly visitors, Audience Internet Global in France, Médiamétrie and Médiamétrie//NetRatings - Base 2 years and + - 2024 yearly average.
CONTACTS
8 rue Barthélémy Danjou 92100 Boulogne Billancourt reworldmedia.com
investisseurs@reworldmedia.com
Follow us on:
Listing Sponsor : Euroland Corporate Contact : Julia Bridger jbridger@elcorp.com
Communication
Contact : PCE - Ségolène de St Martin sdestmartin@p-c-e.fr
24
C O N T E N T ● B R A N D S ● T E C H N O L O G I E S
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