Mondadori (MN) Investor presentation summary

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%.