Mondadori (MN) investor relations material

Executive summary

• Revenue grew 6.8% year-over-year to €415.9 million in H1 2026, driven by strong book market trends and recent acquisitions, with organic growth of about 3% after perimeter changes.

• Adjusted EBITDA rose 12.5% to €45.6 million, with margin improvements across most business areas, especially Trade Books and Digital.

• Adjusted net profit increased 5.8% to €8 million, while reported net profit declined to €1.4 million due to higher non-recurring expenses, amortization, and financial charges.

• Major acquisitions included Hoepli Education and Edilportale.com, strengthening Education and Digital segments.

• Physical retail channels outperformed, offsetting a contraction in online sales, and retail expansion continued with new store openings.

Financial highlights

• Consolidated revenue: €415.9 million (+6.8% YoY); like-for-like growth of 2.9%.

• Adjusted EBITDA: €45.6 million (+12.5% YoY); Adjusted EBIT: €14.8 million (+8.3% YoY); EBIT: €6.0 million (-25.5% YoY).

• Adjusted net profit: €8 million (+5.8% YoY); reported net profit: €1.4 million (down from €3.5 million YoY).

• Ordinary cash flow LTM: €64.6 million; free cash flow at -€3.4 million, reflecting significant M&A outflows and higher dividends.

• Net financial position (no IFRS 16): -€262.1 million; net invested capital up 10.6% YoY to €643.4 million.

Outlook and guidance

• Full-year 2026 guidance confirmed: low single-digit revenue and adjusted EBITDA growth, with margins around 17%.

• Ordinary cash flow projected at €65–70 million.

• Recent acquisitions, especially Hoepli Education and Edilportale.com, expected to support results at the upper end of guidance.