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Mondadori (MN) investor relations material
Mondadori Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Market trends
Italian trade-book sell-out rose 3.7% YTD 2026; market share was 27.3%, versus 28.0% in 2025.
Physical bookstores outperformed, supported by Library Fund resources; physical channel share was 67.7% of the book market, while online was 32.3%.
Provisional 2026 education-book share was 34.7% including Hoepli, versus 32.5% in 2025.
First-half performance
Revenue was €415.9mn, up 6.8% YoY and 2.9% LFL; adjusted EBITDA was €45.6mn, up 12.5%.
Adjusted EBIT rose 8.3% to €14.8mn; EBIT was €6.0mn versus €8.0mn, with €3.4mn in non-recurring expenses; net profit was €1.4mn versus €3.5mn.
Adjusted net income was €8.0mn, up 5.8% from €7.6mn; 2Q revenue increased 8.9% to €245.1mn and adjusted EBITDA rose 14.4% to €44.2mn.
Revenue growth included €15.1mn from LFL recurring business and €15.0mn from M&A, partly offset by a €3.7mn logistics impact on Retail e-commerce and exchange rates.
Business area performance
Trade Books revenue rose 4.7% to €188.4mn and adjusted EBITDA increased €2.0mn to €22.7mn; publishing revenue grew 2.2%, with digital product sales up 8.5%.
Education Books revenue increased 6.0% to €74.0mn, or 1.2% LFL; adjusted EBITDA improved €1.2mn to €8.5mn, including Hoepli Education consolidation and earlier wholesaler shipments.
Retail revenue advanced 3.9% to €97.0mn, or 4.8% LFL excluding logistics; adjusted EBITDA increased €0.7mn to €6.2mn, driven by physical stores.
Digital revenue grew 28.9% to €51.2mn, or 3.3% LFL; adjusted EBITDA rose €2.1mn to €7.5mn, mainly on Edilportale.com consolidation.
Media revenue rose 4.2% to €35.1mn; adjusted EBITDA was €6.9mn, broadly stable despite €0.6mn lower government grants and structural circulation decline of 6.2%.
- Profit and cash flow rose, supporting lower leverage and higher shareholder returns.MN
H2 2023 - Revenue and EBITDA rose 6.8% and 12.5% in H1 2026, with guidance confirmed at the upper end.MN
Q2 2026 - Revenue up 3.9% to €170.9M, but net loss widened to €16.3M; FY 2026 outlook confirmed.MN
Q1 2026 - Stable 2025 results, higher dividends, and digital growth support a positive 2026 outlook.MN
Q4 2025 - Revenue stable, net profit down, retail and digital outperform, 2025 guidance confirmed.MN
Q3 2025 - Revenue and EBITDA stable, net profit down 51%, but FY 2025 growth outlook confirmed.MN
Q2 2025 - Revenue and adjusted EBITDA rose, net profit fell, and digital and retail drove growth.MN
Q3 2024 - Revenue and adjusted EBITDA rose 6.8% and 7%, with 2024 outlook and cash flow confirmed.MN
H1 2024 - Revenue and EBITDA fell, but Retail and Media grew; FY 2025 guidance and cash flow confirmed.MN
Q1 2025
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