Mondadori (MN) Q2 2026 earnings summary

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 margin improvements from Trade Books and Digital.

• Adjusted EBITDA rose 12.5% to €45.6 million, with significant contributions from Trade Books and Digital, and margin improvement across most business areas.

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

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

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

Financial highlights

• Consolidated revenue: €415.9 million (+6.8% YoY); Adjusted EBITDA: €45.6 million (+12.5% YoY); Adjusted EBIT: €14.8 million (+8.3% YoY); Adjusted net profit: €8 million (+5.8% YoY); reported net profit: €1.4 million.

• Net Financial Position (excl. IFRS 16): -€262.1 million; Free cash flow: -€3.4 million, impacted by M&A and higher dividends.

• Ordinary cash flow LTM: €64.6 million; net working capital increased 9.9% to €112.9 million; net invested capital up 10.6% to €643.4 million.

• Dividend payout for 2025 results increased by 10% to €40.2 million.

• Book market value up 5.1% in H1 2026, supported by public funding and strong physical channel performance.

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, supported by recent acquisitions and efficiency measures.

• Guidance for revenues, margins, and cash flow remains at the high end of previously indicated ranges.