Results at 30 September 2026 approved

Press Release

Results at 30 September 2026 approved[1]

In first nine months, consolidated revenue amounted to € 583.6 million (€ 583 million in the same period of 2025), with digital revenue accounting for 27% of the total.

EBITDA, EBIT, and net profit amounted to € 86.2 million, € 46.3 million and € 28.4 million respectively (€ 91.8 million, € 52.6 million, and € 31.6 million respectivelyin first nine months 2025).

The net financial position at 30 September 2026 stands at positive € 32.7 million, an improvement of € 16.7 million versus end 2025, after distributing dividends totaling approximately € 36.4 million.

At end September, the Group's titles reach an active digital customer base of over 1.4 million subscriptions, 805 thousand forCorriere della Sera,Italy's leading newspaper on newsstands, 263 thousand forGazzetta, 208 thousand forEl Mundo, and 153 thousand forExpansión.

Veo 7, the new television channel launched in Spain in mid-2025, recorded an average all-day share of 1.1% and 1.2% in prime time in first nine months 2026,up +66% and +77%, respectively, versus second half 2025 ratings.Both the all-day share and prime time reached 1.3% in third quarter 2026, up versus the prior half. A year after launch, the channel generated positive EBITDA of € 2 million in the nine months.

Milan, 11 November 2026 - The Board of Directors of RCS MediaGroup S.p.A. met today and reviewed and approved the Interim Management Statement at 30 September 2026.

Group performance

The first nine months of 2026 were dominated by the ongoing conflicts in Ukraine and the Middle East, with their repercussions extending to the economy and trade. These events continued to create a state of significant overall uncertainty. The Group has no direct exposure and/or business activities towards the markets affected by the conflict and/or sanctioned entities.

At the beginning of March 2026, the situation in the Middle East deteriorated further, with the U.S.-Israeli attack on Iran, followed by Iran's military response also targeting the Gulf countries. This situation has led to disruptions and restrictions to navigation through the Strait of Hormuz, a strategic shipping route for global oil and natural gas trade. These events have triggered a period of high volatility on international energy and financial markets. Over the following months, diplomatic initiatives were launched with the aim of seeking a negotiated solution and reducing hostilities, which had led to a preliminary ceasefire agreement in June. Hostilities resumed in July, and shipping in the Strait of Hormuz remained severely restricted throughout the third quarter and the following weeks, partly as a result of military action by the parties involved. At this point, a negotiated solution has not yet been reached, and the regional geopolitical landscape continues to be marked by significant uncertainty, particularly regarding the stability of relations among the main parties involved, the security of trade routes and energy infrastructure, and the evolution of tensions in the area.

Against this backdrop, the Group continued to generate strongly positive margins (EBITDA) and significant cash flows in first nine months 2026, improving its net financial position by € 16.7 million versus 31 December 2025, after distributing approximately € 36.4 million in dividends to shareholders in May.

Mention should be made that RCS's seasonality factors generally impact on the income results of the first and third quarters of the year.

The Group's consolidated net revenue in first nine months 2026 amounted to € 583.6 million (€ 583 million at 30 September 2025). Digital revenue totaled € 157.6 million (€ 152.2 million in the same period of 2025) and accounted for approximately 27% of total revenue.

Advertising revenue in first nine months 2026 amounted to € 225.4 million (€ 227.3 million in the same period of 2025). Total advertising sales on online media amounted to € 96.2 million in first nine months 2026, reaching approximately 43% of total advertising revenue.

Publishing and circulation revenue amounted to € 226 million (€ 234.2 million in first nine months 2025), decreasing by € 8.2 million, due mainly to the decline in revenue from add-ons (€ -2.3 million), the decline in book sales in Spain (€ -1.1 million), lower circulation revenue from m-dis activities for third-party publishers (€ -1.3 million), and lower circulation, partly offset by growth in digital subscription revenue.

Both Italian newspapers retained their circulation leadership in their respective market segments in first nine months 2026 (ADS January-September 2026 ).La Gazzetta dello Sport , with the latest Audipress 2026/II survey published in October 2026, retained its position as the most-read Italian newspaper with approximately 2 million readers, followed in second place byCorriere della Sera with approximately 1.6 million readers.

At end September, the total active customer base forCorriere della Sera (digital edition ,membership andm-site) reached 805 thousand subscriptions. The customer base of Gazzetta' s pay products (which includes G ALL, G+, GPRO and Fantacampionato products) closed at end September 2026 with 263 thousand subscriptions (Internal Source).

The main digital performance indicators confirm the top market position of RCS, with theCorriere della Sera andLa Gazzetta dello Sport brands which counted, in the period January-August 2026, 24 million and 15.1 million average monthly unique users, and in the period January-September 2026, 3.4 million and 2.1 million average daily unique users (Audicom ). In first eight months 2026, the RCS Group in Italy achieved an aggregate figure of 27.1 million average monthly unique users (net of duplications - Audicom ).

The main social accounts of theCorriere System at 30 September 2026 reached 17.1 million total followers ( consideringFacebook, Instagram, X, LinkedIn andTikTok - Internal Source). The growth of social profiles also continues forLa Gazzetta dello Sport , topping a total social audience of 7.4 million at end September (consideringFacebook, Instagram, X,TikTok andYouTube - Internal Source).

In Spain,Marca andExpansión confirmed their print circulation leadership in their respective market segments at September 2026 too (OJD ). At June 2026, the latest survey ofEstudio General de Medios confirms Unidad Editorial's leading position in Spanish daily news topping 1.5 million overall daily readers with the titlesEl Mundo, Marca andExpansión . Marca , with 884 thousand readers, is the most widely read newspaper in Spain, El Mundo the second among generalists with over 505 thousand readers and third among daily newspapers.Expansión with 118 thousand readers is the most widely read business newspaper in Spain.

Digital subscriptions (digital edition and Premium) continued to grow, amounting at September 2026 (Internal Source) to approximately 208 thousand subscriptions forEl Mundo and approximately 153 thousand forExpansión .

As part of the online activities,elmundo.es, marca.com andexpansión.com reached 35.2 million, 39.1 million and 7.7 million average monthly unique browsers in first nine months 2026, comprising both domestic and foreign browsers and including apps (Google Analytics ). According to the latest GFK surveys, in first nine months 2026, Unidad Editorial ranked as the leading publisher in Spain by average daily unique users (approximately 5.8 million) and second by average monthly unique users (22.1 million), withEl Mundo confirming its leadership among generalist daily newspapers with 2.7 million average daily unique users and second with 17.2 million average monthly unique users, andMarca ranked first by average daily unique users (3.5 million) and second by average monthly unique users (12.8 million) among sports daily newspapers.

The social audience of Unidad Editorial Group titles (Internal Source) stands at 14.7 million followers forEl Mundo , 23.5 million forMarca and 2.7 million forTelva (consideringFacebook ,Instagram, X andTikTok ) and 1.8 million forExpansión (consideringFacebook, Instagram, X, TikTok andLinkedIn ).

Sundry revenue, totaling € 132.2 million, increased by € 10.7 million versus first nine months 2025 (€ 121.5 million), up thanks mainly to sporting events.

EBITDA in first nine months 2026 came to positive € 86.2 million versus positive € 91.8 million in the same period of 2025; this change is attributable primarily to the absence of the tax credit for paper purchases in 2026. Net non-recurring expense and income came to negative € 1.5 million (negative € 0.9 million in first nine months 2025).

In first nine months 2026, initiatives continued on maintaining and developing revenue, boosting the publishing systems' range of products, developing the digital platforms and enhancing the vertical publishing systems.

In Italy, regarding the main initiatives only,Corriere della Sera launched the newInstagram accounts ofCorriere Economia andCorriere Motori , began celebrations for its 150th anniversary with a celebration event at Teatro alla Scala in Milan graced by the President of the Republic, developed new podcast and video projects and new webinars reserved for subscribers, and offered readers each week a full historical copy from among those that shaped the newspaper's history. Other initiatives included launching "L'Esperto risponde " on theAnimali channel ofcorriere.it and a newCorriere Milano TikTok profile. The newCorriere della Sera app was also launched, completely redesigned with a fresh look, alatest-news feed, vertical videos, theCorriere Giochi catalogue,CarPlay/Android Auto audio compatibility, and new personalization and seamless reading features across devices. Major events were also organized, including "Corriere in Onda " (on the occasion of the Sanremo Festival), "Italia Genera Futuro ", "DisclAImer ", "Women in Food ", "Premio Bilanci di sostenibilità 2026", and the theatre show "1975 - l'anno in cui abbiamo smesso di capire il mondo ", the opening of the headquarters to the public duringMilano Design Week with the Solferino 28 installation«La Città delle idee» ,"La festa del Corriere" in Ferrara,"Milano Civil Week" ,Festival Pianeta 2030 ,"Che Spettacolo" ,Il Tempo delle Donne andCampbus .La Gazzetta dello Sport and its supplements,G Magazine andSportweek , continued to cover the major sporting events in the first nine months, offering readers a volume from the "I Miti dello Sport " series every Friday and a new collection ofGazzette Anastatiche every Wednesday. On 3 April, to celebrate its 130th anniversary,La Gazzetta dello Sport published a special newsstand edition printed on green paper, reminiscent of its first issue in 1896. This was followed by the collector's book "La storia più bella " and special issues of G+ andSportweek , featuring a selection of historicLa Gazzetta dello Sport articles from the past 130 years.La Gazzetta dello Sport also renewed itsMatch Center section, released the English version of the onlineCalcio section, launched the newGazzaPlay gaming hub, introduced the newGazzetta AI Predictor andEasy Personal Trainer subscription services, and organized the fourth edition of "Milano Football Week " in early June. On 24 March, to celebrateiO Donna 's 30th anniversary, an evening event was held to launch a series of initiatives, including a special 614-page issue. On 26 May,Dove celebrated its 35th anniversary. In first nine months 2026, several sporting events in the portfolio were organized: the 2026 editions ofUAE Tour Women andUAE Tour Men ,Strade Bianche andGran Fondo Strade Bianche ,Tirreno Adriatico ,Milano-Torino , which this year marked 150 years since its first edition,Milano-Sanremo ,Sanremo Women ,Roma Ostia Half Marathon ,Mezza Maratona d'Italia "Memorial Enzo Ferrari ", and "Milano Marathon" with "Milano Running Festival" .Giro d'Italia started off on 8 May from Bulgaria, where the first three stages were held. The final finish was in Rome, between the Imperial Fora and the Circus Maximus. At the same time,Giro-E was also held, followed by the start of both2026 Giro d'Italia Women andGiro Next Gen. From 10 to 13 September, theTour of Armenia was held, a new race organized by the Armenian government and the Armenian Cycling Federation with technical consultancy from RCS Sports and Events.Giro d'Abbruzzo was held from 15 to 18 September .

In Spain,El Mundo created theFuture Makers event and held its inaugural edition, while also introducing a new offering featuring content fromThe Wall Street Journal . In early September, it strengthened itsOpinioni section by bringing in renowned writer Arturo Pérez-Reverte and philosopher José Luis Pardo, while expanding the contributions of Arcadi Espada and Jorge Bustos. Celebrations began to mark the 40th anniversary ofExpansión , which launchedExpansión Professional , a new subscription service for businesses, and expanded its educational offering with theDiploma de Especialización en Periodismo Económico .Marca launched a new section dedicated to padel and the new music-focused social media communityMarcaNois , whileRadio Marca celebrated its 25th anniversary. The digital edition ofTelva Living was also launched, whileCorreo Farmaceutico celebrated its 25th anniversary. The organization of major events continued, includingPremio Internacional de Periodismo del Mundo , the participation ofEl Mundo y La Lectura inFiera Internacional de Arte ,Gran Encuentro Expansión de Cataluña ,Encuentro Expansión Industria y Defensa ,Premios Fondos de Inversión ,Foro Internacional Expansión , organized in collaboration withThe European House Ambrosetti, Premios Expansión Jurídico ,Premios a las 100 Mejores Ideas del Año byActualidad Económica ,Premios Admirables byDiario Médico ,Gran Gala del Deporte byMarca ,GalaBenéfica contra el cáncer byTelva, andNoche de Deporte. Veo7 , the new television channel launched by RCS in Spain in mid-2025, recorded an average all-day share of 1.1% and 1.2% in prime time in first nine months 2026 (Kantar Media ), up +66% and +77%, respectively, versus second half 2025 ratings . Both the all-day share and prime time reached 1.3% in third quarter 2026, up versus the prior half. Just over a year after launch, the channel generated positive EBITDA of € 2 million in the nine months.

EBIT came to positive € 46.3 million (€ 52.6 million in the same period of 2025).

The Group's net profit in first nine months 2026 amounted to € 28.4 million (€ +31.6 million in the same period of 2025), reflecting the above trends.

At 30 September 2026, the net financial position stands at positive € 32.7 million (positive € 16 million at 31 December 2025). The change is attributable mainly to the positive contribution from ordinary operations, amounting to € 72 million, partly offset by outlays for dividend distribution of approximately € 36.4 million, for technical expenditure and non-recurring expense totaling approximately € 19 million.

Total net financial debt, which includes financial payables from leases pursuant to IFRS 16 (mainly property leases), totaling € 103.6 million at 30 September 2026 (€ 117.3 million at 31 December 2025), amounted to € 70.9 million (€ 101.3 million at 31 December 2025).

Business outlook

The first nine months of 2026 were dominated by the ongoing conflicts in Ukraine and the Middle East, with their repercussions extending to the economy and trade. These events continued to create a state of significant overall uncertainty. The Group has no direct exposure and/or business activities towards the markets affected by the conflict and/or sanctioned entities.

At the beginning of March 2026, the situation in the Middle East deteriorated further, with the U.S.-Israeli attack on Iran, followed by Iran's military response also targeting the Gulf countries. This situation has led to disruptions and restrictions to navigation through the Strait of Hormuz, a strategic shipping route for global oil and natural gas trade. These events have triggered a period of high volatility on international energy and financial markets.

Over the following months, diplomatic initiatives were launched with the aim of seeking a negotiated solution and reducing hostilities, which had led to a preliminary ceasefire agreement in June. Hostilities resumed in July, and shipping in the Strait of Hormuz remained severely restricted throughout the third quarter and the following weeks, partly as a result of military action by the parties involved. At this point, a negotiated solution has not yet been reached, and the regional geopolitical landscape continues to be marked by significant uncertainty, particularly regarding the stability of relations among the main parties involved, the security of trade routes and energy infrastructure, and the evolution of tensions in the area.

Uncertainty also persists in relation to international trade relations, including tariff policies and protectionist measures adopted by the United States and, consequently, by some of the world's major economies.

In first nine months 2026 too, the Group met the public's strong need to stay informed through its information offering, ensuring a timely service to its readers. The daily editions ofCorriere della Sera andLa Gazzetta dello Sport in Italy, and ofEl Mundo ,Marca andExpansión in Spain, the Group's magazines and web and social platforms have played a pivotal role in informing, focusing on their mission as a non-partisan, trustworthy public service, and establishing themselves as authoritative players in daily print and online information, with strong digital traffic figures.

Developments in the current environment and their potential effects on the outlook, which are monitored on an ongoing basis, remain unpredictable as they depend, among other factors, on the evolution and duration of ongoing conflicts, their geopolitical effects and repercussions on financial markets and economic trends, and uncertainties related to tariffs and restrictions on international trade.

Considering the actions already taken and those planned, and barring any deteriorating impacts resulting from developments in Ukraine and the Middle East, and/or the introduction of tariffs or international trade restrictions, the Group believes that it can set the goal of confirming strongly positive EBITDA margins in 2026, moderately lower than in 2025, and continuing to generate additional cash from operations.

Developments in the ongoing conflicts, the overall economic climate and the core segments could, however, affect the full achievement of these targets.