Mondadori (MN) Q4 2025 earnings summary

Executive summary

• Achieved continued improvement in economic results and asset quality, with adjusted EBITDA margin rising to 17.0% and growing dividends since 2021.

• 2025 saw the creation of Mondadori Digital, consolidating digital assets and enabling future acquisitions, including Edilportale.com.

• Outperformed the market in all segments, especially in retail and educational publishing, with increased market share.

• Ordinary cash flow reached €65.1 million, supporting acquisitions and increased shareholder remuneration.

• Workforce grew 4.6% to 2,231 employees, partly due to acquisitions.

Financial highlights

• Adjusted EBITDA reached €158.2 million in 2025 (17% margin), with Q4 EBITDA at €29.5 million.

• FY25 revenues were €931.6 million, down 0.3% year-over-year, but up 0.8% net of one-off effects.

• Net profit for 2025 was €54 million, down from €60.2 million in 2024, mainly due to non-recurring items and higher amortization.

• Adjusted net result (excluding non-recurring items) was €66.5 million, down from €68.8 million in 2024.

• EBIT was €84.2 million, down 8.5% year-over-year, mainly from higher depreciation and PPA effects.

Outlook and guidance

• 2026 guidance targets low single-digit growth in both adjusted EBITDA and revenues, with margins stable at ~17%.

• Ordinary cash flow expected in the €65–70 million range for 2026.

• Minimum dividend for 2026 results set at €0.169 per share, targeting an 8% yield.

• Multi-year structural optimisation and efficiency plan underway, leveraging AI-based automation and cost optimization.