Louis Hachette Group (ALHG) investor relations material

Executive summary

• Revenue reached €4,545 million in H1 2026, up 2.0% like-for-like and 1.0% reported, with all core businesses contributing to growth despite challenging macroeconomic and geopolitical conditions.

• EBITA was €218 million, slightly down from €220 million in H1 2025, but up €8 million like-for-like, reflecting stable operating performance and strong cost discipline.

• Cash flow from operations before income taxes paid (CFFO) rose 50% year-over-year to €84 million, supporting a €232 million reduction in net debt over 12 months.

• Net debt stood at €1,726 million as of June 30, 2026, with a leverage ratio of 2.1x, down from 2.4x a year earlier.

• Solid performance was achieved despite negative currency effects and ongoing geopolitical risks.

Financial highlights

• Group revenue: €4,545 million (+2.0% like-for-like, +1.0% reported); EBITA: €218 million (margin 4.8%).

• Publishing revenue: €1,343 million (+1.3% like-for-like); EBITA: €105 million (margin 7.8%).

• Travel Retail revenue: €2,978 million (+3.3% like-for-like); EBITA: €111 million (margin 3.7%).

• Lagardère Live revenue: €115 million (+3.2% like-for-like); EBITA: €3 million (improved from -€1 million prior year).

• Prisma Media revenue: €109 million (-24.9% like-for-like); EBITA stable at €3 million due to cost savings and restructuring.

Outlook and guidance

• The group will maintain a disciplined, value-creating capital allocation policy and confirmed its dividend policy to distribute at least 85% of dividends received from Lagardère SA.

• Management remains vigilant regarding geopolitical and macroeconomic risks, especially the Middle East conflict and its impact on air travel and inflation.

• Ongoing restructuring and portfolio optimization, particularly in Prisma Media.

• Focus on organic growth and maintaining a strong financial profile.

• Cautious outlook for H2 due to discretionary nature of publishing and uncertain consumer environment.