Mondadori Group: growth in the first half-year results 2026 and strong cash generation

The Board of Directors of Arnoldo Mondadori Editore, which met under the chairmanship of Marina Berlusconi, approved the half-year financial report as at 30 June 2026 , which shows growth in results and strong cash generation.

Group performance in the first half of 2026

In the first half of 2026 the consolidated revenues amounted to 415,9 million euros, up by 6,8% compared with 389,5 million euros as at 30 June 2025. Excluding the change in scope that occurred between the two periods – resulting from the consolidation of the companies MA Retail (from 1December 2025), Edilportale (from 1January 2026) and Hoepli Education (from 1May 2026) – organic revenue growth was approximately 3%, driven in particular by the strong performance of the Trade Books area and the dynamism of the physical Retail channel.

Theadjusted EBITDA, amounting to 45,6 million euros, increased by 12,5% compared with 40,5 million euros in the first half of 2025, thanks in particular to the Trade Books and Digital areas. Approximately half of the Group's growth in profitability was generated by the contribution of recently acquired companies. The Group'sreported EBITDA amounted to 40,8 million euros, an increase of 1,6 million euros (+4,1%) compared with 39,2 million euros in the first half of 2025. TheEBIT of the Mondadori Group in the first six months of 2026 was positive at 6 million euros, down by 2 million euros compared with the 8 million euros recorded in the first half of 2025.

The cash flow from ordinary operations (after financial charges and tax payments) in the twelve months preceding 30 June 2026 amounted to 64,6 million euros, in line with the cash generation recorded in the financial year 2025, and demonstrates the Group's ability to continue financing its inorganic development strategy and increasingly rewarding shareholders.

Business areas

The 2026 got off to a positive start in the book market with value growth of 5,1% also thanks to public contributions to libraries, from which only the physical channel benefited, particularly independent bookshops. In this context, the Mondadori Group's publishing houses recorded sell-out value growth of 3,3% compared with the first half of 2025, thanks in particular to the increase of 4,5% recorded in the second quarter alone 2026. In terms of market share, the Mondadori Group confirmed its national leadership with a market share of 27%, substantially in line with June 2025.

The activities of theschool publishing sector recorded revenues of 74 million euros, up by 6% compared with 69,8 million euros in the first half of 2025, mainly thanks to the consolidation of Hoepli Education in May and June (3,4 million euros), while the retail area recorded growth in sales of books amounting to 4,6% (value sell-out), while the market share stood at 13,3%. The Group confirmed its leadership in the physical channel of the book market, with a market share close to 20%.

The digital area recorded revenues of 51,2 million euros, showing significant growth (+28,9%) compared with 39,7 million euros in the first half of 2025, attributable to the combined effect of the change in scope – linked to the consolidation of Edilportale – and the excellent performance of the martech activities (+3,3% organic growth). Lastly, the media area recorded revenues of 35,1 million euros, up by 4,2% compared with 33,6 million euros in the first half of 2025. The result was driven by the increase in joint sales, which more than offset the structural decline in circulation.

The comment

"The results for the first half of 2026 confirm the strength of our business model and the validity of the development strategy we are pursuing," declares Antonio Porro, Chief Executive Officer and General Manager of the Mondadori Group who presented the report – "in a context characterised by the dynamism of the book market, also supported by resources from the Libraries Fund, we recorded significant growth in revenues and profitability, amplified by the contribution of the recent acquisitions of Hoepli Education and Edilportale in the key school publishing and digital segments. The quality of the performance achieved, together with the positive performance of our activities and our consistent ability to generate cash, enables us to confirm our forecasts for the entire financial year 2026, with our objectives being achieved at the upper end of the estimates."

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.