Mondadori (MN) investor relations material

Executive summary

• Consolidated revenue for Q1 2026 grew 3.9% year-over-year to €170.9 million, driven by strong Digital and Trade Books performance and supported by strategic acquisitions including Edilportale.com and Hoepli's school publishing business.

• Adjusted EBITDA was €1.3 million, down from €1.8 million in Q1 2025, mainly due to temporary effects in Education Books and higher non-recurring costs.

• Net loss widened to €16.3 million from €13 million year-over-year, impacted by higher amortization, non-recurring charges, and extraordinary expenses.

• Physical book sales benefited from the "Library Fund," while logistics changes caused temporary distribution issues in Retail and Trade Books.

Financial highlights

• Revenue increased 3.9% to €170.9 million; like-for-like growth was 0.7%.

• Adjusted EBITDA was €1.3 million (down from €1.8 million in Q1 2025); reported EBITDA was negative at €-1.1 million due to non-recurring costs.

• EBIT declined to €-18.3 million from €-13.9 million, reflecting higher depreciation and amortization.

• Net financial position (excl. IFRS 16) worsened to €-164.3 million, mainly due to acquisition-related cash outflows.

• Ordinary cash flow (LTM) was €61.7 million.

Outlook and guidance

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

• Ordinary cash flow expected in the €65–70 million range.

• Ongoing efficiency measures and a multi-year optimization plan to support profitable growth.