Mondadori (MN) investor relations material

Executive summary

• Achieved ongoing improvement in economic results, asset quality, and shareholder remuneration since 2021, with a focus on increasing value per share and launching new digital initiatives.

• FY25 saw consolidated revenue of €931.6 million, adjusted EBITDA up 0.4% to €158.2 million (17% margin), and net profit at €54 million, down from €60.2 million in 2024.

• Board approved a further dividend increase for 2025 results, to be paid in 2026, with a proposed dividend of €0.154 per share, up 10%, and a payout ratio of 75% yielding 7.3%.

• Finalized key acquisitions, including 58.84% of Edilportale.com for €31.2 million and a network of bookstores, and created Mondadori Digital to consolidate digital assets.

• Workforce grew 4.6% to 2,231 employees, partly due to acquisitions.

Financial highlights

• FY25 revenues were €931.6 million, down 0.3% year-over-year, but up 0.8% net of one-off effects.

• Adjusted EBITDA reached €158.2 million (17% margin), with Q4 EBITDA at €29.5 million.

• Net profit for 2025 was €54 million, down from €60.2 million in 2024, mainly due to non-recurring items and higher amortization.

• Adjusted net result (excluding non-recurring items) was €66.5 million, down from €68.8 million in 2024.

• Ordinary cash flow was €65.1 million, with net debt/EBITDA ratio improving to 0.5x.

Outlook and guidance

• 2026 guidance targets low single-digit growth in both adjusted EBITDA and revenues, with margins stable at ~17%.

• Ordinary cash flow expected in the €65–70 million range; minimum dividend for 2026 results set at €0.169 per share, aiming for an 8% yield.

• Efficiency plan underway to support profitable growth and cash generation, leveraging AI-based automation and cost optimization.