Medios (ILM1) investor relations material

Executive summary

• Revenue grew 8.9% year-over-year to €527.6 million in Q1 2026, with all segments contributing to growth.

• EBITDA pre declined by 7.9% to €21.2 million, reflecting margin pressure from pricing, higher costs, and special effects.

• Operating cash flow improved significantly to €12.5 million, up from €3.6 million, due to effective working capital management.

• Entry into the medical cannabis market with initial sales and exclusive partnership with Bedrocan for several European countries.

• Appointment of Stefan Bauerreis as new CFO in April 2026.

Financial highlights

• Gross margin declined to 9.5% from 10.3% year-over-year due to price reductions and higher material costs.

• Adjusted EPS was €0.44, slightly below prior year’s €0.46; undiluted EPS was €0.20, down 20%.

• EBIT dropped 20.9% to €9.7 million; net income after tax fell 22.3% to €5.0 million.

• Free cash flow before M&A rose to €9.9 million from €2.3 million.

• Net debt leverage improved to 1.2, with net debt at €110 million as of March 31, 2026.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue €2.0–2.12 billion, EBITDA pre €94–102 million.

• EBITDA pre margin expected to rise from 4.0% in Q1 to 4.8% for the full year, with improvements back-end loaded.

• Organic EBITDA pre growth anticipated in the mid-single-digit percentage range.

• Personnel expenses expected to rise 9%, with a shift from external to internal workforce in NL; other expenses projected to decrease by 7%.

• Guidance assumes organic growth in all segments, no major segment shifts, and no M&A.