Arnoldo Mondadori Editore S p A : Presentazione Mediobanca Mid Cap conference 2023

5th Italian Mid Cap Conference

Investors Presentation

Milan, 19th January 2023

AGENDA

1. Latest Highlights
2. Investment Case
3. FY 2022 Outlook
4. 9M 2022 Results
5. Annexes/9M 2022 Business Areas

Latest Highlights

Ongoing strong M&A strategy supports

Group repositioning

In the first week of

2023

Further development of book	Completed reduction in the
activities through the control of	magazines segment through
A.L.I.	Grazia & Icon disposal

Core business competitive strengthening

Disposal of non-core asset

3

Key Highlights

Transaction

structure

Price -

Financials

Target

Acquisition of an additional 25% of the share capital

Put&call agreements: Mondadori has the option to acquire the remaining 25% from the approval of the 2024 financial statements (by 30 July 2025)

Price (25%) € 9.5 million; the additional 25% will be based on average EBITDA 2023-2024

FY 2021 (€ mn, ITA GAAP): Revenue 65.8

EBITDA 8.9

Net profit 6.0

Expected FY 2022 NFP (€ mn): cash at €17.9

Impact on the Group	FY 22	FY 23
Consolidation effect	At equity as from 1	Full as from 1 January
May
		- € 19.0 mn *
PFN Impact	- € 10.8 mn	+ € 17.9 mn
		= - € 1.0 mn

* Includes the current valuation of the Put&Call option to be eventually exercised in FY 2025

4

Key Highlights

Transaction

structure

Price -

Financials

Target

Disposal of the print and digital publishing operations of Grazia and Icon brands

including their international licensing network

Transfer of the business operations disposed of to a NewCo and concurrent disposal to Reworld Media of 100% of its share capital

Enterprise Value € 11 million including € 2 million as earn-out conditioned to the

achievement of certain 2023 financial results

Price € 8.5 million (incl. earn-out, € 6.5 million cashed-in at the closing date), net of the difference between average NWC of the last 12M and the NWC at the closing date

FY 2021 Revenue : € 18 million

							9
2018-2023							brands
Media titles trend
2018-2023							Media Print: from 30% to
6%	5%	3%	3%	2%	1%	< 10% of Group Revenues
Print Adv Rev. on Tot. Rev.
						5