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Mondadori (MN) investor relations material
Mondadori Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first nine months of 2025 was €704.5 million, nearly flat year-over-year (-0.2%), with a slight like-for-like decline of 1%.
Adjusted EBITDA declined by €4.7 million to €128.6 million, with profitability at 18.3%, mainly due to the end of the Colosseum concession and absence of prior year transactions.
Net profit after minorities was €51.7 million, down 12.8% from €59.3 million in the same period of 2024.
Strong cash generation continued, with ordinary cash flow at €62.3 million and free cash flow at €34.5 million.
Full-year 2025 guidance confirmed: low single-digit growth in revenues and adjusted EBITDA, with stable margins and significant cash generation.
Financial highlights
Consolidated net revenue: €704.5 million (down 0.2% year-over-year).
Adjusted EBITDA: €128.6 million (down 3.5% year-over-year), margin at 18.3%.
EBIT: €78.3 million (down 11.4% year-over-year), margin at 11.1%.
Net profit: €51.7 million (down 12.8% year-over-year), margin at 7.3%.
Net financial position (IFRS 16): €-233.3 million (net debt) as of September 2025.
Outlook and guidance
Low single-digit revenue and adjusted EBITDA growth expected for FY 2025, with margins stable at around 17%.
Ordinary cash flow forecasted at €65–70 million.
Net financial debt (IFRS 16) projected at 1.0x adjusted EBITDA by year-end 2025.
NFP (no IFRS 16) to improve to 0.5x adjusted EBITDA.
Anticipation of a positive close to the year, with attention on the final weeks to meet targets.
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