Annual Results 2025

Paris, 19 February 2026 at 5:35 p.m.

Record financial results driven by all businesses in 2025
Deleveraging continues apace

Revenue of €9.4 billion, reflecting strong growth:
up 4.6% as reported (up 3.8% like for like),
with all businesses contributing to growth.

Recurring EBIT¹: €641 million, up by a solid 8%

Strong cash flow generation,
with CFFO¹,² up 14% to €573 million,
bringing the leverage ratio³ down to less than 2x

Profit – Group share: €203 million, up 21%

Proposed ordinary dividend of €0.67 per share ⁴

Arnaud Lagardère, Chairman and Chief Executive Officer, Lagardère SA commented: “2025 was a solid year for the Lagardère group. Buoyed by the strength of all our businesses, our international reach and the commitment of our teams, we generated revenue of €9.4 billion. Recurring EBIT reached a new record of €641 million, up more than 8% on 2024. Our two core divisions performed at a very high level, illustrating our operational excellence: Lagardère Publishing posted recurring EBIT of €312 million and Lagardère Travel Retail reached €334 million. Recurring EBIT for Lagardère Live also improved noticeably, thanks to rigorous cost discipline. Profit – Group share was up 21% at €203 million, compared with €168 million in 2024, driven by higher recurring EBIT and lower interest expense. Consolidated cash flow generation (CFFO¹,²) reached €573 million, up 14% on 2024. After the sharp improvement seen in 2024, we are continuing to reduce our debt and have achieved a new milestone: net debt¹ stood at €1.6 billion at the end of 2025, with the net debt to recurring EBITDA ratio¹ coming out at 1.96x, compared with €1.85 billion and 2.4x at 31 December 2024. In 2026, in a context marked by geopolitical and macroeconomic uncertainty, we will continue to pursue our demanding, value-creating capital allocation policy, underpinned by the robust performance and complementary nature of our businesses. We will maintain regular shareholder returns and make targeted investments while pursuing strict financial discipline.”

I. CONSOLIDATED KEY FIGURES

On 19 February 2026, the Board of Directors met to approve the 2025 consolidated financial statements. Work relating to the verification of sustainability information is still ongoing. Except for any potential effects of the conclusions arising from this work, the audit procedures have been completed. The auditors’ report on the consolidated financial statements will be issued once the management report has been reviewed and the procedures required for the filing of the Universal Registration Document have been finalised. The report on sustainability information will be issued at a later date.

The Board of Directors has decided to propose to the Annual General Meeting of 5 May 2026 the distribution of an ordinary dividend of €0.67 per share for 2025.

II. GROUP REVENUE AND RECURRING EBIT

2025 revenue

Revenue for 2025 totalled €9,353 million, up 4.6% as reported. On a like-for-like basis, revenue was up 3.8%, with all the businesses contributing to the Group's growth effort.

* Lagardère Live includes Lagardère News (Le Journal du Dimanche, Le JDNews, Le JDMag, the ELLE brand licence and Paris Match – sold on 1 October 2024), Lagardère Radio (Europe 1, Europe 2, RFM), Lagardère Live Entertainment, Lagardère Paris Racing sports club and the Group Corporate function.

The difference between reported and like-for-like figures mainly reflects a €184 million positive scope effect attributable to the acquisitions by Lagardère Publishing of Sterling Publishing in November 2024 and 999 Games in April 2025, as well as the consolidation within Lagardère Travel Retail of the Duty Free business at Amsterdam Airport Schiphol in May 2025, partially offset by the sale of Paris Match in October 2024.

The €113 million negative currency effect was mainly attributable to the depreciation against the euro of the US and Canadian dollars, the Chinese yuan, the pound sterling and the Mexican peso, offset slightly by the appreciation of the Polish zloty, the Czech koruna and the Swiss franc.

Breakdown of revenue by geographic area⁵

Fourth-quarter 2025 revenue

Revenue for fourth-quarter 2025 totalled €2,454 million, up 5.3% versus the same period in 2024. On a like-for-like basis, revenue was up 3.5%, driven by all businesses.

The €99 million positive scope effect was attributable to the acquisitions by Lagardère Publishing of Sterling Publishing in November 2024 and 999 Games in April 2025, as well as the consolidation within Lagardère Travel Retail of the Duty Free business at Amsterdam Airport Schiphol in May 2025.

The €61 million net negative currency effect was mainly attributable to the depreciation against the euro of the US and Canadian dollars, the pound sterling and the Chinese yuan.

Recurring EBIT

Recurring EBIT for 2025 was €641 million, an increase of 8.1% year on year. All of the Group's businesses reported growth.

Unless otherwise specified, the changes presented below are calculated on a like-for-like basis.

Lagardère Publishing

Revenue for Lagardère Publishing totalled €3,001 million in 2025, up 4.5% as reported and up 2.7% like for like. All core markets contributed to the marked growth effort, with the division’s diversified businesses (especially Board Games and Partworks) also posting strong momentum. The difference between reported and like-for-like revenue is attributable to a €98 million positive scope effect, mainly in connection with the acquisitions of Sterling Publishing and 999 Games, and a €48 million negative currency effect attributable to the depreciation of the US dollar.

• In France, revenue advanced by 2% amid a market that was down by 1.5% (source: GfK). The Illustrated Books segment was boosted by the success of the new Asterix in Lusitania album (over two million copies sold), as well as the continued popularity of colouring books and cookery titles. General Literature sales were fuelled chiefly by the successful releases of Dan Brown's The Secret of Secrets (JC Lattès), Nicolas Sarkozy's Le Journal d'un prisonnier (Fayard), the third novel in Pierre Lemaitre's series Un avenir radieux (Calmann-Levy), and Adélaïde de Clermont-Tonnerre's Je voulais vivre (Grasset), winner of the 2025 Renaudot prize. Revenue for the Education segment was lifted by sales of textbooks in connection with national primary and middle school educational reforms in France.
• In the United Kingdom, revenue was up 3% amid a market that lost 0.5% (source: Nielsen), benefiting from the success of titles such as Rebecca Yarros's Onyx Storm, Callie Hart's Quicksilver and Brimstone, Robert Galbraith's The Hallmarked Man and Ken Follett's Circle of Days, continued strong sales of Freida McFadden's The Housemaid series, and the new distribution partnership with Bloomsbury.
• In the United States, revenue grew by 3% in a market that declined by 0.5% (source: APP). Factoring in the contribution of Sterling Publishing (Union Square), growth came out at 11%. Business expansion was driven by a very busy schedule of new title releases. 2025 bestsellers included Callie Hart’s Quicksilver and Brimstone, Reese Witherspoon and Harlan Coben’s Gone Before Goodbye and the special anniversary editions of Twilight. Backlist sales also drove sales growth, with the continued success of Freida McFadden's The Housemaid.
• In Spain/Latin America, revenue contracted by 6%. Revenue for Spain was down slightly, mainly due to the end of the national curriculum reform cycle that began in 2022. This was partly offset by the success of Callie Hart's Quicksilver, the new Asterix album and the latest titles by Ali Hazelwood (Freefall, Alfa and Problematic Summer Romance). In Latin America, revenue was down in both Education and General Literature.
• Revenue for Partworks rose by 5%, driven in particular by recent launches including Warhammer Combat Patrol (successfully launched in the United Kingdom and the United States) and Disney Novels. With the exception of France, affected by a slower launch schedule, Partworks revenue was up in all geographic areas.
• Board Games continued to enjoy robust growth (up 10%), spurred by the continued success of Skyjo (Blackrock Games), with two million copies sold in 2025, and Cracklist, as well as by the successful release of Flip 7 (Catch Up Games).

Fourth-quarter 2025 revenue for Lagardère Publishing totalled €841 million, up 5.3% as reported and up 1.8% like for like. The difference between reported and like-for-like revenue is mainly attributable to a €54 million positive scope effect in connection with the acquisitions of Sterling Publishing (November 2024) and 999 Games (April 2025). The €27 million negative currency effect is attributable to the depreciation of the US dollar and the pound sterling.

Recurring EBIT came out at €312 million in 2025, up €2 million year on year. Lagardère Publishing also maintained its recurring EBIT margin, thanks in particular to business growth, a favourable sales mix and disciplined cost management.

Lagardère Travel Retail

Revenue for Lagardère Travel Retail in 2025 amounted to €6,133 million, up 5.5% on a reported basis and up 4.4% like for like. Revenue grew by 6.5% excluding North Asia (undergoing restructuring), the only region down on 2024.

The difference between reported and like-for-like revenue is attributable to the consolidation of the Duty Free business at Amsterdam Airport Schiphol in May 2025. The €64 million negative currency effect is mainly due to the depreciation of the US dollar.

• In France, revenue rose by 3%, and was buoyed by growth in air passenger traffic, concession wins and sales drives at Duty Free stores, as well as successful network upgrades for the Travel Essentials and Dining businesses.
• The EMEA region (excluding France) advanced by 7%, with solid growth in the United Kingdom, Spain, Poland and Italy, thanks to growth in passenger traffic and network expansion. The region also benefited from the restart of Duty Free operations in Albania. Business in Africa is expanding rapidly (up 25%), with recent openings in Benin, Cameroon and Rwanda. Like-for-like growth data exclude the contribution of the Duty Free business at Amsterdam Airport Schiphol, which has been accounted for within changes in scope of consolidation.
• In the Americas, revenue advanced by 3%. In North America (up 2%), business was driven by network expansion and sales momentum for Travel Essentials and Dining, despite air passenger traffic remaining flat over the period and the tense economic environment. South America posted revenue growth of 28% driven by the recovery of tourist traffic and the opening of a new airport in Lima (Peru).
• The Asia-Pacific region posted a sharp decline of 13%, and was hit hard by North Asia (down 39%) due to the continued streamlining of the business and store closures in mainland China. However, business in the region has benefited from the successful start-up of Duty Free activities at Auckland airport (New Zealand) since 1 July 2025.

In the fourth quarter of 2025, Lagardère Travel Retail’s revenue totalled €1,551 million, up 5.6% on a reported basis and up 4.5% like for like, driven by all geographic areas except North Asia. The difference between reported and like- for-like revenue is attributable to the consolidation of the Duty Free business at Amsterdam Airport Schiphol. The €33 million negative currency effect was mainly attributable to the depreciation of the US dollar.

Recurring EBIT totalled €334 million in 2025, up €29 million, a 9.5% increase year on year. The recurring EBIT margin came out at 5.5% versus 5.3% one year earlier, reflecting a solid business performance, rigorous cost discipline and the effects of business streamlining in North Asia. Recurring EBIT for 2024 also included residual one-off government support measures in the United States in connection with the Covid health crisis.

Lagardère Live

Revenue for Lagardère Live in 2025 totalled €219 million, up 1.4% like for like and down 14.4% as reported. The difference between reported and like-for-like revenue is attributable to the sale of Paris Match in October 2024 (€38 million).

• Revenue for Lagardère News and Lagardère Radio was stable overall, with a continued rise in audience numbers at Europe 1 and growth in the Press segment offsetting the decline in the advertising market and music radio stations. The ELLE brand licences saw growth, driven by the success of the brand's diversification strategy.
• Lagardère Live Entertainment advanced, buoyed by the success of tours organised by L Productions and a record year at the Arkéa Arena in Bordeaux.

In the fourth quarter of 2025, Lagardère Live’s revenue totalled €62 million, up 1.5% like for like and down 4.6% as reported.

Recurring EBIT came out at a negative €5 million in 2025, a clear improvement of €17 million on 2024, lifted by the significant savings made by Lagardère News & Lagardère Radio.

III. CONSOLIDATED INCOME STATEMENT

Income from equity-accounted companies (excluding impairment losses) amounted to €16 million in 2025 versus nil in 2024. This improvement stems mainly from Lagardère Travel Retail, which benefited from the turnaround in partnered activities in the Pacific zone and from the end of the restructuring costs incurred by Lagardère Travel Retail at its joint venture in China that had impacted 2024. Income for Lagardère Publishing's manga segment in the United States also grew.

In 2025, non-recurring/non-operating items represented a net expense of €44 million, compared with a net expense of €15 million in 2024, and mainly included:

• €33 million of impairment losses on property, plant and equipment, intangible assets and investments in equity- accounted companies, of which €25 million at Lagardère Travel Retail relating to the restructuring of operations in Iceland and Asia and to the impairment of shares held in an equity-accounted company in Poland; and €5 million at Lagardère Live relating to costs for streamlining office space;
• €123 million in amortisation of intangible assets and costs attributable to acquisitions and disposals, including €109 million for Lagardère Travel Retail, mainly relating to concession agreements in North America (Paradies Lagardère), Italy (Rome airport and Airest) and Luxembourg (IDF); and €14 million for Lagardère Publishing, notably in connection with the amortisation of publishing rights in the United States and United Kingdom;
• €43 million in restructuring costs, including €23 million at Lagardère Travel Retail in Asia, Iceland and the Netherlands, €14 million at Lagardère Publishing related mainly to severance and reorganisation costs in the United States and Spain, and €6 million at Lagardère Live;
• €48 million in net gains on disposals, comprising mainly a gain on the disposal of a property complex located at 6-8 rue d'Assas in Paris owned by Lagardère Publishing, and a gain on the sale of a domain name owned by Lagardère Publishing in the United States;
• the €109 million impact of applying IFRS 16 to concessions (including gains and losses on leases) on Lagardère Travel Retail concessions, including the depreciation of right-of-use assets and the cancellation of the fixed rental expense for concession agreements.

The Group reported profit before finance costs and tax of €613 million in 2025, versus €578 million in 2024.

Net finance costs amounted to €124 million in 2025, versus €138 million one year earlier. The decrease in net finance costs mainly results from lower interest rates and the more favourable financing terms obtained in the first half of 2025, as well as from a reduction in gross debt.

Interest expense on lease liabilities represented €122 million in 2025, versus €111 million in 2024, a rise of €11 million, driven by the increase in lease liabilities.

In 2025, income tax expense amounted to €111 million versus €127 million in 2024, a decrease of €16 million due to the capital gain on the sale of Paris Match in 2024 and proceeds from tax settlements in 2025.

Taking account of all these items, profit for the period came out at €256 million for 2025, up €54 million.

Profit attributable to minority interests was €53 million for 2025, versus profit of €34 million in 2024. This amount mainly includes profit attributable to Lagardère Travel Retail in the United States (Paradies Lagardère) and Italy (Airest). The €19 million increase compared with 2024 is due to the lower levels of losses in Asia.

After deducting minority interests, profit – Group share amounted to €203 million, compared with €168 million in 2024, an increase of €35 million.

Adjusted profit – Group share

IV. CASH FLOW AND NET DEBT

Cash flow from operations before changes in working capital and income taxes paid amounted to €780 million, versus €776 million in 2024. This rise was due to the increase in recurring EBIT, despite the decrease in provisions and expenses relating to stock option plans, which had no impact on cash flow.

Changes in working capital represented an inflow of €3 million, compared to an inflow of €20 million in 2024. This change is attributable to Lagardère Travel Retail, lifted by the impact of the opening of Duty Free concessions (Amsterdam, Auckland and Cambodia).

Purchases of intangible assets and property, plant and equipment represented an outflow of €210 million, versus €292 million in 2024. This item was €82 million down on 2024 due to the sale by Lagardère Publishing of a property complex located at rue d'Assas in Paris and of a domain name, and to a €35 million decrease at Lagardère Travel Retail as a result of the phasing of concession improvements.

Cash flow from operations before income taxes paid (CFFO) was €573 million in 2025, up from €504 million, a sharp increase of €69 million.

Income taxes paid amounted to €109 million, compared with €81 million in 2024, an increase of €28 million, reflecting improved business levels, mainly in Europe, and the cross-border tax refund in the United States in 2024.

Interest paid amounted to €110 million in 2025, down €58 million. The year-on-year decrease in this item primarily reflects the decrease in gross debt and the lower average cost of debt following the easing of interest rates.

Cash flow after interest and taxes (CFAIT) was €367 million in 2025, compared with €271 million in 2024, a sharp increase of €96 million.

In addition, dividends paid amounted to €148 million, compared with €154 million in 2024. In 2025, they included €95 million paid to Lagardère SA shareholders in respect of 2024, €45 million paid to Lagardère Travel Retail minority interests (notably in North America) and €8 million paid to Lagardère Publishing minority interests.

Net debt and liquidity

At 31 December 2025, net debt stood at €1,600 million, an improvement of €255 million thanks to cash generated by operations.

During 2025, the Lagardère group carried out the following refinancing transactions:

• Schuldscheindarlehen German law private placements totalling €300 million, structured in several euro- denominated tranches issued with maturities of up to five years (2030) at fixed and floating rates;
• issue of a €500 million bond, maturing in 2030, paying fixed-rate interest of 4.75%.

The Group’s liquidity position as at 31 December 2025 remained solid, with €1,332 million in available liquidity (available cash and short-term investments reported on the balance sheet totalling €632 million, and an undrawn amount on the revolving credit facility of €700 million).

V. 2025 NON-FINANCIAL PERFORMANCE

In December 2025, Louis Hachette Group, Lagardère's parent company, defined a common CSR strategy for all its activities, capitalising on the historical commitments of Lagardère and Prisma Media, and underpinned by the tagline “Cultures in motion”. This strategy embodies the Group's businesses and also the way in which they are operated, and is now the framework within which Lagardère pursues its sustainability commitments. A summary of the significant outcomes of this strategy in 2025 is provided below:

• Fostering a culture of talent, cultivating diversity, developing skills and encouraging innovation in our teams. As of end-2025, 47% of the Group's top executives are women.
• Fostering a culture of impact, by decarbonising our activities and safeguarding resources throughout our value chain. In 2025, Lagardère reduced carbon emissions by 27% on Scopes 1 & 2 and partially on Scope 3, compared to 2019.
• Fostering a culture of trust, by ensuring ethical behaviour in our business relationships. In 2025, 90% of employees were trained in anti-corruption measures, and 91% of spending with high-risk suppliers was subject to an EcoVadis or equivalent assessment.
• Fostering a culture of openness, by supporting plurality in content creation and promoting access to education and culture for all. In 2025, accessibility and diversity of publishing formats continue to develop, with 29,018 audio books published by Lagardère Publishing (up 11.5%) and 98% of e-books made accessible to people with disabilities.

In addition, Lagardère registered an improvement in its non-financial ratings in 2025: the Group's Sustainalytics rating improved significantly to 12.87 – placing it 4 th in its category – along with the Ethifinance score, which was up 14 points to 70/100.

VI. SIGNIFICANT EVENTS SINCE 30 SEPTEMBER 2025

Lagardère Publishing

Hachette Livre acquires the Le Routard brand

On 1 October 2025, Hachette Livre acquired the Le Routard brand and its constituent elements, after many years of close collaboration between Philippe Gloaguen and Hachette Livre, publisher of Le Routard since 1975. As part of the agreement, the Group also increased its stake in Cyberterre, publisher of the Routard.com website, to 100%.

Lagardère Travel Retail

Lagardère Travel Retail wins the tender for Duty Free at London Luton airport (United Kingdom)

On 1 October 2025, Lagardère Travel Retail announced that it had been awarded the Duty Free concession at London Luton airport. As part of the ten-year concession, Lagardère Travel Retail will carry out a comprehensive extension and complete modernisation of its main Duty Free store at the airport, where it has operated since 2005.

Lagardère Travel Retail starts operations in Phnom Penh (Cambodia)

On 21 October 2025, Lagardère Travel Retail announced the opening of operations at Techo International Airport (Phnom Penh). The Group's three segments – Duty Free & Fashion, Travel Essentials and Dining – are spread over more than 3,600 sq.m., combining concepts inspired by Khmer culture and international standards in the country's largest airport.

Lagardère Travel Retail inaugurates operations in Kigali (Rwanda)

On 17 November 2025, Lagardère Travel Retail opened a new Duty Free and Travel Essentials shop at Kigali International Airport. With this move, Lagardère Travel Retail now has more than thirty points of sale in eight African countries, confirming the dynamism and strong growth potential of this region for the Group.

Appointment of Arnaud Lagardère as Non-executive Chairman of Lagardère Travel Retail

On 14 January 2026, Lagardère Travel Retail announced the retirement of its Chairman and Chief Executive Officer, Dag Rasmussen, effective 1 March 2026. Frédéric Chevalier will succeed him on the same date, as part of a transition begun in June 2024, ensuring the continuity of the company's management and long-term strategy, under the supervision of a Board of Directors chaired by Arnaud Lagardère, appointed Non-Executive Chairman.

VII. OUTLOOK

In 2026, in a context marked by geopolitical and macroeconomic uncertainty, we will continue to pursue our demanding, value-creating capital allocation policy, underpinned by the robust performance and complementary nature of our businesses.

We will maintain regular shareholder returns and make targeted investments while pursuing strict financial discipline.

VIII. INVESTOR CALENDAR ⁶

• First-quarter 2026 revenue: 16 April 2026, after trading.
• Annual General Meeting: 5 May 2026 at 9.30 a.m. at Casino de Paris.
• Ordinary dividend: the ex-dividend date for the ordinary dividend (proposed at €0.67 per share) with respect to fiscal year 2025 would be 6 May 2026, with a payment date as from 8 May 2026.
• First-half 2026 results: 28 July 2026, after trading.

IX. GLOSSARY

Lagardère uses alternative performance measures which serve as key indicators of the Group’s operating and financial performance. These indicators are tracked by the Executive Committee in order to assess performance and manage the business, as well as by investors in order to monitor the Group’s operating performance, along with the financial metrics defined by the IASB.

These indicators are calculated based on elements taken from the consolidated financial statements prepared under IFRS and a reconciliation with those accounting items is provided in this press release, in the full-year 2025 results presentation, or in the notes to the consolidated financial statements.

➢ Like-for-like revenue

Like-for-like revenue is used by the Group to analyse revenue trends excluding the impact of changes in the scope of consolidation and in exchange rates.

The like-for-like change in revenue is calculated by comparing:

• revenue for the period and revenue for the prior-year period adjusted for companies consolidated for the first time during the period and consolidated companies divested during the period;
• revenue for the period and revenue for the prior-year period adjusted based on the exchange rates applicable in the period.

The scope of consolidation comprises all fully consolidated entities. Additions to the scope of consolidation correspond to business combinations (acquired investments and businesses), and deconsolidations correspond to entities over which the Group has relinquished control (full or partial disposals of investments and businesses, such that the entities concerned are no longer included in the Group’s financial statements using the full consolidation method).

➢ Recurring EBIT (Group recurring EBIT)

The Group’s main performance indicator is recurring operating profit of fully consolidated companies (recurring EBIT), which is calculated as follows:

Profit before finance costs and tax
Excluding:

• income from equity-accounted companies before impairment losses;
• gains (losses) on disposals of assets;
• impairment losses on goodwill, property, plant and equipment, intangible assets and investments in equity- accounted companies;
• net restructuring costs;
• items related to business combinations:
  • acquisition-related expenses,
  • gains and losses resulting from purchase price adjustments and fair value adjustments due to changes in control,
  • amortisation of acquisition-related intangible assets;
• specific major disputes unrelated to the Group’s operating performance;
• items related to leases and finance sub-leases:
  • cancellation of fixed rental expense* on concession agreements,
  • depreciation of right-of-use assets on concession agreements,
  • gains and losses on leases.

* Cancellation of fixed rental expense on concession agreements is equal to the repayment of the lease liability, the associated change in working capital and interest paid in the statement of cash flows.

➢ Operating margin

Operating margin is calculated by dividing recurring operating profit of fully consolidated companies (Group recurring EBIT) by revenue.

➢ Recurring EBITDA over a rolling 12-month period

Recurring EBITDA is calculated as recurring operating profit of fully consolidated companies (Group recurring EBIT) plus dividends received from equity-accounted companies, less amortisation and depreciation charged against property, plant and equipment and intangible assets, amortisation of the cost of obtaining contracts, and the cancellation of fixed rental expense** on property and other leases, plus recurring EBITDA from discontinued operations.

** Cancellation of fixed rental expense on concession agreements is equal to the repayment of the lease liability, the associated change in working capital and interest paid in the statement of cash flows.

➢ Adjusted profit – Group share

Adjusted profit – Group share is calculated on the basis of profit for the period, excluding non-recurring/non-operating items, net of the related tax and of minority interests, as follows:

Profit for the period
Excluding:

• gains (losses) on disposals of assets;
• impairment losses on goodwill, property, plant and equipment, intangible assets and investments in equity- accounted companies;
• net restructuring costs;
• items related to business combinations:
  • acquisition-related expenses,
  • gains and losses resulting from purchase price adjustments and fair value adjustments due to changes in control,
  • amortisation of acquisition-related intangible assets;
• specific major disputes unrelated to the Group’s operating performance;
• tax effects of the above items;
• non-recurring changes in deferred taxes;
• items related to leases and finance sub-leases:
  • Cancellation of fixed rental expense*** on concession agreements,
  • depreciation of right-of-use assets on concession agreements,
  • interest expense on lease liabilities under concession agreements,
  • gains and losses on leases;
• adjusted profit attributable to minority interests: profit attributable to minority interests adjusted for minorities’ share in the above items.

= Adjusted profit – Group share

*** Cancellation of fixed rental expense on concession agreements is equal to the repayment of the lease liability, the associated change in working capital and interest paid in the statement of cash flows.

➢ Free cash flow

Free cash flow is calculated as cash flow from operations before changes in working capital, the repayment of lease liabilities and related interest paid, changes in working capital and interest paid plus net cash flow relating to acquisitions and disposals of property, plant and equipment and intangible assets.

➢ CFFO

Cash flow from operations before income taxes paid is calculated by deducting income taxes paid from free cash flow.

➢ CFAIT

Cash flow from operations after interest and taxes is calculated by adding interest paid and received to free cash flow.

➢ Net debt

Net debt is calculated as the sum of the following items:

• short-term investments and cash and cash equivalents;
• financial instruments designated as hedges of debt;
• current and non-current debt excluding liabilities related to minority put options.

Due to rounding, the figures shown may not correspond exactly to the totals.

A live webcast of the presentation of the full-year 2025 Louis Hachette Group results will be available today at 6:00 p.m. (CET) on the Lagardère group's website (www.lagardere.com).

A replay of the webcast will be available online later in the evening.

***

Created in 1992, Lagardère is an international group with operations in more than 50 countries worldwide. It employs more than 33,000 people and generated revenue of €9,353 million in 2025.

The Group focuses on two main divisions: Lagardère Publishing (Books, Partworks, Board Games and Premium Stationery) and Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion, Dining).

The Group's business scope also comprises Lagardère Live, which includes Lagardère News (Le Journal du Dimanche, Le JDNews, Le JDMag and the ELLE brand licence), Lagardère Radio (Europe 1, Europe 2, RFM and advertising sales brokerage, controlled by Arnaud Lagardère but whose capital is wholly owned by the Group and consolidated in its financial statements), Lagardère Live Entertainment (venue management, production of concerts and shows, hosting and local promotional services) and Lagardère Paris Racing (sports club).

Lagardère shares are listed on Euronext Paris.
www.lagardere.com

Important notice:
Some of the statements contained in this document are not historical facts but are rather statements of future expectations, estimates, plans, objectives, future events and other forward-looking statements that are based on management’s beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements. No undue reliance should be placed on such forward-looking statements, which by nature involve known and unknown risks and uncertainties that could cause future results, performance or achievements to differ materially from those expressed or implied in such statements.

Please refer to the most recent Universal Registration Document filed in French by Lagardère SA with the Autorité des marchés financiers for additional information in relation to such factors, risks and uncertainties.

Lagardère SA has no intention and is under no obligation to update or review the forward-looking statements referred to above to reflect new information, circumstances, future events or otherwise, except as required by applicable laws and regulations.

Consequently, Lagardère SA accepts no liability for any consequences arising from the use of any of the above statements. This press release does not constitute a solicitation to buy or sell Lagardère shares or, more generally, to trade in Lagardère shares.

***

CONTACTS
Press
presse@lagardere.fr

Investor Relations
Emmanuel Rapin: erapin@lagardere.fr
Nathalie Pellet: npellet@lagardere.fr

APPENDICES

Consolidated income statement

(*) Including gains and losses on lease modifications and negative variable lease payments.

Consolidated statement of cash flows

Segment information

2025 income statement

(*) Impairment losses on goodwill and intangible assets resulting from acquisitions.

2024 income statement

(*) Impairment losses on goodwill and intangible assets resulting from acquisitions.

2025 statement of cash flows

(*) Cash flows relating to lease liabilities are shown within net cash from financing activities in the consolidated statement of cash flows.

2024 statement of cash flows

(*) Cash flows relating to lease liabilities are shown within net cash from financing activities in the consolidated statement of cash flows.

Balance sheet as at 31 December 2025

Balance sheet as at 31 December 2024

Notes

1. Alternative performance measure (see Glossary for definition).
2. CFFO: cash flow from operations before interest and income taxes paid.
3. Leverage ratio: Net debt/recurring EBITDA.
4. Ordinary dividend for 2025, subject to shareholder approval at the Annual General Meeting to be held on 5 May 2026.
5. By destination.
6. Dates susceptible to change.