Lagardere Sa · EURONEXT:MMB
Lagardere Sa — Debt Investor Presentation (September 2026)
47 slides from Lagardere Sa's debt investor presentation, September 2026
Slide 1: Credit Investor Presentation
CREDIT INVESTOR PRESENTATION September 2026
Slide 2: Disclaimer
DISCLAIMER By reading this presentation, you agree to be bound by the following limitations and qualifications: This presentation is for information purposes only and does not constitute an offer or solicitation for the sale or purchase of any securities, any part of the business or assets described
Slide 3: Today's Speakers
TODAY’S SPEAKERS ▪ Joined Lagardère as Deputy CEO in charge of Finance in 2024 Grégoire CASTAING, ▪ Previously served Canal+ as Deputy CEO in charge of Finance Deputy CEO and Strategy as well as a member of the Executive Board in charge of Finance ▪ Also serving as Deputy CEO of Louis Hachette Group
Slide 4: Agenda
AGENDA # Topic Page 1 GROUP OVERVIEW 5 2 LAGARDÈRE PUBLISHING 7 3 LAGARDÈRE TRAVEL RETAIL 13 4 LAGARDÈRE LIVE 19 5 H1 2026 GROUP RESULTS & FINANCING PROFILE 23 6 OUTLOOK 32 7 TRANSACTION OVERVIEW 35 Appendix 38 Full Year 2025 financial statements 40 Glossary 48 4
Slide 5: Group Overview
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Slide 6: Lagardère SA Ownership Structure
LAGARDÈRE SA OWNERSHIP STRUCTURE(1) As of 30 June 2026 A. Lagardère Float 8.6% 33%(2) c. 58% ▪ Lagardère key figures: €9.4bn 33,000 ≈ 50 Revenue in 2025 Employees Countries 66.3% Float ▪ Since 2024 with the creation of Louis c. 8% 11.5% 13.4% Hachette Group, Lagardère SA is well positioned to bear t
Slide 7: Lagardère Publishing
KING OF BOUALEM SANSAL La Légende * a ; ‘ + : + re LAGARDERE Ze PUBLISHING te ies RASPUTIN I AND THE DOWNFALL OF THE ROMANOVS [im mt. RIVENS Pierre a 7.4 ‘ es Lagardere PUBLISHING
Slide 8: Resilient and Attractive Publishing Market Benefitting from Favourable Trends
RESILIENT AND ATTRACTIVE PUBLISHING MARKET BENEFITTING FROM FAVOURABLE TRENDS A multi-polar footprint on markets reflected on the operational trend for A resilient and attractive market which benefits from structural tailwinds Lagardère Publishing over the last years • Revenue trend (€m) +2.7%(1) Lo
Slide 9: #3 Global Position with 2/3 of Revenue from International
#3 GLOBAL POSITION WITH 2/3 OF REVENUE FROM INTERNATIONAL The most diversified group #3 consumer publishing group worldwide among the publishing giants in a very fragmented market #1 publishing group in France, #2 in the United Kingdom, • Ranking of the consumer book publishing industry (3) #3 in th
Slide 10: H1 2026: Resilient Performance Thanks to Diversified Businesses
H1 2026: RESILIENT PERFORMANCE THANKS TO THE STRENGTH OF ITS DIVERSIFIED BUSINESSES ▪ Revenue trend (€m) H1 2026 revenue -0.4% reported €1,343m +1.3% LFL H1 2026 LFL variations: France: -1.6% • Growth in General Literature fuelled by the success of G. Musso (Le Crime du Paradis) and P. Lemaitre
Slide 11: H1 2026: Solid Recurring EBIT
H1 2026: SOLID RECURRING EBIT H1 2026 Rec. EBIT ▪ Recurring EBIT (€m) and operating margin* (%) €107m 20 0.0 5 . .0 0 .0 High Rec. EBIT, up slightly YoY: 05 .0 00 • Robust Rec. EBIT margin of 8.0%, confirming the sustained 5 .0 high level of profitability 107 0 10 • Disciplined cost management of
Slide 12: Lagardère Travel Retail
LAGARDERE TRAVEL RETAIL Lagardere TRAVEL RETAIL
Slide 13: Sustained Growth Momentum Outperforming Air Traffic Recovery
SUSTAINED GROWTH MOMENTUM OVER THE YEARS OUTPERFORMING AIR TRAFFIC RECOVERY DRIVEN BY SOLID CONSUMER DEMAND Travel Retail is a large and long-term growth perspectives market … reflected on the operational trends for Lagardère Travel Retail over the last years driven by passenger traffic volume, enab
Slide 14: #3 Global Operator in a Fragmented Market
#3 GLOBAL OPERATOR IN A FRAGMENTED MARKET A fragmented and open market #3 in Travel Retail worldwide #2 in airport Travel Retail worldwide #1 in Travel Essentials worldwide #1 in Travel Retail in France #1 in Travel Retail Fashion in Europe France 17% #3 Top 10: <45% Europe (excl. France) 2025 reven
Slide 15: Well-Balanced Portfolio of Activities with Strong Brands
WELL-BALANCED PORTFOLIO OF ACTIVITIES WITH STRONG BRANDS Own brands Partner brands Travel 35 countries Essentials +2,700 stores +220 airports, Travel +580 stations Essentials 33% Duty Free & Fashion Duty-Free 39% & Fashion 34 countries 2025 revenue by +590 stores activity +130 airports Dining 32 cou
Slide 16: H1 2026: Robust Growth in a Difficult Geopolitical Environment
H1 2026: ROBUST GROWTH IN A DIFFICULT GEOPOLITICAL AND ECONOMIC ENVIRONMENT ▪ Revenue trend (€m) H1 2026 revenue +3.1% reported € ,978m +3.3% LFL H1 2026 LFL variations: France: -4% • Indirect effects of the conflict in ME, works in some Paris-CDG terminals and closure of certain stores • Duty
Slide 17: H1 2026: Record Recurring EBIT Despite FX Headwinds
H1 2026: RECORD RECURRING EBIT DESPITE FX HEADWINDS AND THE IMPACTS FROM MIDDLE EAST CONFLICT H1 2026 Rec. EBIT ▪ Recurring EBIT (€m) and operating margin* (%) €1 1m Rec. EBIT up €3m with a stable margin of 4.1%: • Strong operating performance in North Am. and rigorous cost control in the differe
Slide 18: Lagardère Live
LAGARDERE LIVE Lagardere LIVE
Slide 19: Prestigious Brands and Iconic Venues in Paris and Across France
PRESTIGIOUS BRANDS AND ICONIC VENUES IN PARIS AND ACROSS FRANCE News 24% 3 activities Radio 3 press titles 5 million (managing venues, 3 performance 35% monthly producing concerts, venues 2025 1 global press hosting & revenue by readers(1) Over 1 million brand promotional activity spectators service
Slide 20: H1 2026: Growth Driven by Complementarity of Activities
H1 2026: GROWTH DRIVEN BY THE COMPLEMENTARITY OF ACTIVITIES ▪ Revenue trend (€m) H1 2026 revenue +0.5% reported €115m +3.2% LFL Lagardère Radio & Lagardère News • Weaker radio advertising market • Stable Europe 1 audience levels ▪ Revenue by business Lagardère Live Entertainment ews 22 • Succes
Slide 21: H1 2026: Continued Improvement in Recurring EBIT
H1 2026: CONTINUED IMPROVEMENT IN RECURRING EBIT ▪ Recurring EBIT (€m) H1 2026 Rec. EBIT €5m +€15m Improved recurring EBIT (+€4m): • Cost-cutting efforts • Strong performance from the Live Entertainment division 21
Slide 22: H1 2026 Group Results & Financing Profile
H1 2026 GROUP RESULTS & FINANCING PROFILE
Slide 23: H1 2026: Solid Results in Challenging Conditions
H1 2026: SOLID RESULTS IN CHALLENGING MACROECONOMIC AND GEOPOLITICAL CONDITIONS Revenue Rec. EBIT(1) CFFO(1) € . bn €2 m € 0m +2. like for like + . +2 Debt reduction Net debt(1,2) Leverage ratio(1,2) over 12 months € . b n 2.2x -€20 m 1) Alternative performance measure - APM (f
Slide 24: Revenue Growth Driven by Organic Developments
REVENUE GROWTH DRIVEN BY ORGANIC DEVELOPMENTS (€m) +3% LFL + + 4,43 00 4,351 ▪ 999 Games ▪ Amsterdam DF ▪ USD: -€ m ▪ Lagardère Publishing: + . ▪ GBP: -€ 2m ▪ Lagardère Travel Retail: + . ▪ AED: -€ m ▪ Lagardère Live: + .2 H 2025 revenue rganic growth Scope effect urrency effect H 202 reven
Slide 25: H1 2026 Revenue by Geographic Area
H1 2026 REVENUE BY GEOGRAPHIC AREA(1) Eastern Europe 15% vs 14% in H1 2025 Western Europe(2) 29% vs 27% in H1 2025 United States and Canada 26% France vs 27% in H1 2025 20% vs 21% in H1 2025 Asia-Pacific 5% vs 6% in H1 2025 €4,436m Latin America, Middle East, Africa 5% vs 5% in H1 2025 (1) By destin
Slide 26: H1 2026 Recurring EBIT Growth Fuelled by All Activities
H1 2026 RECURRING EBIT GROWTH FUELLED BY ALL ACTIVITIES Change in Group Recurring EBIT by business (€m) 5 5 33 5 1 H 2025 and scope H 2025 Lagard re Lagard re Lagard re H 202 actual impacts L L ublishing ravel Retail Live Rec BI Rec. BI Rec. BI * On a like-for-like basis. 26
Slide 27: Continuous Group Performance in H1 2026
CONTINUOUS GROUP PERFORMANCE IN H1 2026 (€m) H1 2025 H1 2026 Revenue 4,351 4,436 Recurring EBIT(1) 225 233 EBITA(1) 217 223 Profit before finance costs and tax 209 214 Finance costs, net (63) (51) Interest expense on lease liabilities (57) (65) Income tax expense (42) (42) Profit for the period 47 5
Slide 28: Sharp Net Debt Reduction Over 12 Months
SHARP NET DEBT (PRE-IFRS 16) REDUCTION OVER 12 MONTHS: -€ 01M (€m) +€3 8m(1) , ▪ Kogan Page acquisition ▪ 999 Games and Amst. DF deferred payments , ▪ Vendor loan reimbursement from Sportfive 1) Net cash generation: CFAIT after dividend paid to L. Travel Retail and L. Publishing minorities 2) CFFO:
Slide 29: Strong Financial Profile
STRONG FINANCIAL PROFILE Steady and consistent debt reduction Analysis of debt by maturity in €m Nominal value, in €m • €500m bond (2030 maturity) • € 00m Schuldscheindarlehen private placements (202 -2030 maturity) • ixture of bank loans (€525m) and Vivendi loan (€ 50m) YE Leverage Pre-IFRS 16 rati
Slide 30: Continued Good Cash Flow Generation and Trajectory Toward Lower Debt
CONTINUED GOOD CASH FLOW GENERATION AND SOLID TRAJECTORY TOWARD LOWER DEBT LEVELS Cash flow from operations(1) YoY (€m) Changes in the leverage ratio(2) +2 70 3.0 .5 58 . H 2025 H 202 H 202 H 2025 H 202 1) Alternative performance measure - APM (for definition see Glossary at the end of the presen
Slide 31: Outlook
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Slide 32: 2026 Key Priorities for Lagardère Group
2026 KEY PRIORITIES FOR LAGARDÈRE GROUP ▪ Consolidate our leading positions through solid execution of the strategy • Keep strong growth momentum and strict cost discipline in an uncertain environment • Disciplined Capex • Seize bolt-on acquisition opportunities ▪ Dividend policy reconfirmed • Lagar
Slide 33: Transaction Overview
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Slide 34: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS A stable ownership structure backed by a reference shareholder Top #3 global leaders in publishing and travel retail 2 complementary solid businesses, both diversified in terms of customers and regions offering protections during downturns or geopolitical turmoil Continued
Slide 35: Indicative Terms of the Contemplated Transaction
INDICATIVE TERMS OF THE CONTEMPLATED TRANSACTION Summary Term Sheet ISSUER LAGARDERE SA RATING Unrated CURRENCY EUR EXPECTED SIZE EUR 500m exp. ISSUE TYPE Fixed TENOR / MATURITY 6 years / 2032 STATUS OF THE NOTES Senior Unsecured FORM OF THE NOTES Regulation S / Bearer / Dematerialised GLOBAL CO-ORD
Slide 36: Appendix
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Slide 37: ESG Performance in 2025
ESG PERFORMANCE IN 2025 In December 2025, Louis Hachette Group, Lagardère's parent company, defined a common CSR strategy for all its activities, underpinned by the slogan “ ultures in motion”. his strategy embodies both the Group’s businesses and the way in which they are operated, and is now the f
Slide 38: Full Year 2025 Financial Statements
FULL YEAR 2025 FINANCIAL STATEMENTS
Slide 39: Full Year 2025: Growth, Profitability and Deleveraging Delivered
FULL YEAR 2025: GROWTH, PROFITABILITY AND DELEVERAGING DELIVERED Revenue Rec. EBIT(1) CFFO(1) € . bn € m €5 m +5% reported +8% +14% +4% LFL CFAIT(1) Net debt(1,2) Leverage ratio(1,2) € m € . bn 1.96x +35% -€255m 1) Alternative performance measure - APM (for definition see Glossary at the end of the
Slide 40: Full Year 2025: Strong Group Performance
FULL YEAR 2025: STRONG GROUP PERFORMANCE Change (€m) 2024 2025 (%) Revenue 8,942 9,353 +5% Recurring EBIT(1) 593 641 +8% EBITA(1) 498 630 +27% Profit before finance costs and tax 578 613 +6% Finance costs, net (138) (124) -10% Interest expense on lease liabilities (111) (122) +10% Income tax expense
Slide 41: Full Year 2025: Summary of Performance by Division
FULL YEAR 2025: SUMMARY OF PERFORMANCE BY DIVISION Q4 2025 revenue FY 2025 main changes in scope Reported Like-for-like (€m) Q4 2025 ▪ Lagardère Publishing: acquisition of Sterling Publishing (Nov. 2024) change (%) change(1) (%) Lagardère Publishing 841 +5.3% +1.8% and 999 Games (April 2025) Lagardè
Slide 42: Full Year 2025: Consolidated Balance Sheet
FULL YEAR 2025: CONSOLIDATED BALANCE SHEET (€m) 31 Dec. 2024 31 Dec. 2025 Non-current assets 6,321 6,349 Investments in equity-accounted companies 166 151 Current assets 2,641 2,569 Short-term investments and cash 393 632 TOTAL ASSETS 9,521 9,701 Total equity 1,091 1,022 Non-current liabilities 2,71
Slide 43: Full Year 2025: Analysis of Non-Recurring/Non-Operating Items
FULL YEAR 2025: ANALYSIS OF NON-RECURRING/NON-OPERATING ITEMS Lagardère Lagardère Lagardère (€m) Travel 2025 2024 Publishing Live Retail Recurring EBIT(1) 312 334 (5) 641 593 Income (loss) from equity-accounted companies 6 11 (1) 16 - Restructuring costs (14) (23) (6) (43) (72) Gains (losses) on dis
Slide 44: Full Year 2025: Leverage Ratio Calculation and Cash Flow Reconciliation
FULL YEAR 2025: LEVERAGE RATIO CALCULATION AND CASH FLOW RECONCILIATION (€m) 2024 2025 (€m) 2024 2025 Group recurring EBIT(1) 593 641 Cash flow from operating activities 1,369 1,440 Depreciation and amortisation of PP&E and intangible 196 203 Repayment of lease liabilities (454) (530) assets Add-bac
Slide 45: Glossary
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Slide 46: Glossary (1/2)
GLOSSARY (1/2) 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
Slide 47: Glossary (2/2)
GLOSSARY (2/2) ▪ The like-for-like change in revenue is calculated by comparing: • revenue for the period adjusted for companies consolidated for the first time during the period and revenue for the prior period adjusted for consolidated companies divested during the period; • revenue for the period
Lagardère — Debt Investor Presentation (September 2026) on 6ix