First-Half 2025 Results

Paris, 24 July 2025, 5.35 p.m.

Arnaud Lagardère, Chairman and Chief Executive Officer of Lagardère SA, commented: “In the first half of 2025, the Lagardère group posted solid growth. All the Group’s businesses contributed to generating a new all-time high recurring EBIT of€225 million. Lagardère Publishing has confirmed its leading positions, with growth driven in particular by several English language bestsellers, and by our successful expansion in Board Games. Lagardère Travel Retail saw sustained revenue growth and record recurring EBIT. Lastly, Lagardère Live – the new name given to the former Other Activities segment – maintained its recovery, with a sharp improvement in recurring EBIT, thanks in particular to continued growth in audience figures at Europe 1 and rigorous cost discipline. The Group is continuing to reduce its debt, backed once again by very strong cash generation in the first half.”   

             I.           CONSOLIDATED KEY FIGURES

Consolidated revenue for first-half 2025 totalled €4,351 million, up 3.8% versus first-half 2024. On a like-for-like basis, revenue was up 3.0%, with all the businesses contributing to the growth effort.

Group recurring EBIT² totalled a new all-time high of €225 million in first-half 2025, versus €212 million one year earlier, an increase of €13 million (5.8%). The Group’s two core divisions continued to contribute in almost equal measure to this performance, with recurring EBIT of €106 million for Lagardère Publishing (versus €113 million in first-half 2024) and €118 million for Lagardère Travel Retail (versus €109 million in first-half 2024). Recurring EBIT for Lagardère Live also improved sharply, thanks to rigorous cost discipline.

Consolidated profit rose markedly to €47 million in the first half of 2025, compared with €2 million for the same period in 2024. In addition to the improvement in recurring EBIT (up €13 million), this €45 million increase was mainly due to the €6 million decrease in interest expense and the €14 million decrease in income tax expense.

After deducting minority interests, profit – Group share amounted to €24 million, compared with a loss of €20 million in the first half of 2024.

Adjusted profit – Group share came out at €72 million, up from €36 million in first-half 2024.  

The restatements between profit and adjusted profit – Group share correspond mainly to the elimination of restructuring costs (positive €8 million impact) and amortisation of intangible assets and other acquisition-related items (positive €62 million impact).

At 30 June 2025, net debt stood at €1,996 million, versus €2,255 million at 30 June 2024, a significant €259 million decrease. After a sharp improvement at 31 December 2024, the Group's deleveraging continued year on year to break new ground, with the leverage ratio (net debt/recurring EBITDA) coming out at 2.5x, compared with 3x at 30 June 2024.

             II.         REVENUE AND RECURRING EBIT

First-half 2025 revenue

In the first half of 2025, the difference between reported and like-for-like figures mainly reflects a €32 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 currency effect came to a net negative €2 million, with the appreciation of the pound sterling and the Polish zloty offset by the depreciation of the US dollar, the Canadian dollar and the Mexican peso.

Second-quarter 2025 revenue

²  Alternative performance measure (see Glossary for definition).

³  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.

Second-quarter 2025 revenue was up 2.7% versus the prior-year period, at €2,373 million. On a like-for-like basis, growth came out at 2.1%, driven in particular by Lagardère Travel Retail (up 4.1%) and Lagardère Live (up 1.6%), while revenue from Lagardère Publishing contracted slightly (down 1.9%) after a remarkable second quarter in 2024 (up 7.7%).

The difference between reported and like-for-like figures mainly reflects a €30 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 currency effect came to a net negative €17 million, with the appreciation of the pound sterling and the Swiss franc offset by the depreciation of the US dollar, the Canadian dollar and the Mexican peso.

Breakdown of revenue by geographic area^[2]:

Recurring EBIT

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

Lagardère Publishing 

Revenue for Lagardère Publishing totalled €1,349 million in first-half 2025, up 3.1% as reported and up 1.0% like for like. This positive trend is attributable to continued solid sales momentum in the United Kingdom, as well as sustained growth in Board Games. The difference between reported and like-for-like revenue is attributable to a €29 million positive scope effect in connection with the acquisitions of Sterling Publishing and 999 Games, and a €2 million negative currency effect.

In France, revenue contracted by 1%, amid a market that was down 2% (source: GfK). The decline mainly reflected a less extensive General Literature publication schedule in the first half of 2024, which included the publication of two titles by Guillaume Musso (hardcover and paperback). In the first half of 2025, sales were mainly lifted by the publication of the third book in Pierre Lemaitre's series, Un Avenir Radieux, and by the release of La Fugue by Aurélie Valognes as well as two Michael Connelly titles. The Illustrated Books segment continued to benefit from the success of colouring books and cookbooks, particularly for airfryer recipes. Activity in the Education business rose slightly, driven by good momentum for holiday workbooks.

In the United Kingdom, revenue was up 4%, driven by Rebecca Yarros's hugely successful new title, Onyx Storm (released in January 2025), which also reignited sales of the previous two titles in the series (Fourth Wing and Iron Flame). Backlist sales were also sustained for Freida McFadden's Housemaid series and for Callie Hart's Quicksilver, which came out at the end of 2024. Lastly, the Distribution business has benefited from a new partnership with Bloomsbury since 1 April 2025.

In the United States, revenue was broadly level in a sluggish market (source: AAP), reflecting strong sales momentum for new titles (The First Gentleman by James Patterson and Bill Clinton, Say You’ll Remember Me by Abby Jimenez and The Knight and the Moth by Rachel Gillig), and continued solid backlist sales (notably Verity by Colleen Hoover, The Housemaid by Freida McFadden and Quicksilver by Callie Hart). Sterling Publishing (not included in the like-forlike figures) posted revenue growth in the first half of 2025. Finally, according to the latest market review on physical book sales (source Circana BookScan), Hachette Book Group is now the #3 publisher in the US.

Revenue was down 7% in Spain/Latin America, mainly due to a very lacklustre school textbook campaign in Spain in the first half of 2025 (end of national curriculum reform), the effect of which was partly offset by good momentum in the General Literature segment (especially Callie Hart's successful title Quicksilver, which was published in early 2025). 

Revenue for Partworks rose by 3%, driven in particular by the popular Warhammer Combat Patrol collection in the United Kingdom, Italy and Japan.

Board Games maintained its growth trajectory, with like-for-like revenue up 14% on the back of continued strong sales momentum for Skyjo and Crack List (distributed by Blackrock) and Sky Team (Le Scorpion Masqué), as well as the success of the new game Flip 7 (Catch Up Games).

Recurring EBIT:

Lagardère Publishing reported €106 million in recurring EBIT, down by €7 million on the €113 million figure recorded in first-half 2024, mainly in connection with the slight contraction in the Spain/Latin America region and a slowdown for General Literature in France. The operating margin remained at a high 7.9% compared with 5.2% in first-half 2023 and 8.7% in first-half 2024.

Lagardère Travel Retail 

Revenue for Lagardère Travel Retail totalled €2,887 million in first-half 2025, up 5.1% on a reported basis and up 4.0% like for like, with all geographic areas except North Asia contributing to the growth effort. The difference between reported and like-for-like revenue is attributable to the consolidation of the Duty Free business at Amsterdam Airport Schiphol. The net currency effect over the period was nil. Excluding North Asia and the impact of the leap year in 2024, revenue grew by 7% as reported and by 6% on a like-for-like basis.

In France, revenue rose by 5%, and was driven by growth in air passenger traffic, concession wins and sales drives, as well as successful network upgrades for the Travel Essentials and Dining businesses.

The EMEA region (excluding France) progressed by 8%, with solid growth once again in the United Kingdom, Spain, Italy and Poland thanks to network expansion, new concepts and increased passenger traffic. Like-for-like growth data exclude the contribution of the Duty Free business at Amsterdam Airport Schiphol from 1 May 2025, which has been accounted for as a change in the scope of consolidation. Lastly, business in Africa is expanding rapidly (up 16% over the period).

In the Americas, revenue advanced by 2%. In North America (up 1%), business held up well in less active months, thanks to the dynamic Travel Essentials and Dining activities, despite a slight decline in air passenger traffic over the period (down 1%). South America posted revenue growth of 27% driven by the recovery of tourism in Peru and the opening of a new airport in Lima, as well as the inauguration of new points of sale in Chile.

The Asia-Pacific region posted a sharp decline of 24%, and was hit hard by North Asia (down 28%) due to the streamlining of the business and store closures.

Recurring EBIT:

Lagardère Travel Retail reported €118 million in recurring EBIT, an improvement of €9 million on first-half 2024, reflecting a solid business performance, rigorous cost discipline and the effects of the business streamlining in North Asia. Recurring EBIT for the first half of 2024 also included residual one-off government support measures in the United States in connection with the Covid health crisis. The recurring EBIT margin rose to 4.1%, reflecting the seasonal nature of the business.

Lagardère Live

Revenue for Lagardère Live totalled €115 million in first-half 2025, down 16.1% as reported and up 2.5% like for like. The difference between reported and like-for-like revenue is due to the €25 million negative scope effect linked to the sale of Paris Match.

Revenue for the News & Radio unit was up 3%, driven by the continued expansion in audience numbers at Europe 1, growth in the Press segment and in the Elle international licensing business, as well as brand diversification.

Lagardère Live Entertainment was down 2%, reflecting the challenging comparison basis with the same year-ago period due to record programming at Paris venues, as well as softer activity for Euterpe Promotion in local events during first-half 2025.

Recurring EBIT:

Lagardère Live reported €1 million in recurring EBIT, an improvement of €11 million on first-half 2024, thanks to cost savings.

III. CONSOLIDATED INCOME STATEMENT

Income from equity-accounted companies (before impairment losses) came in at €3 million in first-half 2025, compared to a loss of €2 million in first-half 2024, and was mainly attributable to the impact of closing Lagardère Travel Retail stores in China. 

In first-half 2025, non-recurring/non-operating items represented a net expense of €19 million, compared with a net expense of €28 million one year earlier, and mainly included:

•       €8 million in impairment losses on property, plant and equipment, intangible assets and investments in equityaccounted companies, including €6 million at Lagardère Travel Retail in connection with investments in an equityaccounted entity in Poland;

•       €61 million in amortisation of intangible assets and costs attributable to acquisitions and disposals, including €54 million for Lagardère Travel Retail, mainly relating to concession agreements in North America (Paradies Lagardère), Italy (Rome-Fiumicino airport and Airest) and Luxembourg (IDF); and €7 million for Lagardère

Publishing, notably in connection with the amortisation of publishing rights in the United States and United Kingdom; 

•       €8 million in restructuring costs, including €6 million at Lagardère Travel Retail (store closures in China) and €3 million at Lagardère Publishing (Sterling Publishing integration costs);

•       €57 million resulting from the positive impact of applying IFRS 16 at Lagardère Travel Retail (including gains and losses on leases), including the depreciation of right-of-use assets and the cancellation of the fixed rental expense for concession agreements.

Profit before finance costs and tax amounted to €209 million in first-half 2025, versus €182 million one year earlier. 

Net finance costs amounted to €63 million in first-half 2025, versus €69 million one year earlier. 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. 

Interest expense on lease liabilities represented €57 million in first-half 2025, versus €55 million in the same yearago period. The slight increase in this item reflects the rise in lease liabilities, partially offset by lower discount rates.

In the six months to 30 June 2025, the Group recognised income tax expense of €42 million, a €14 million decrease compared with first-half 2024, reflecting non-recurring items in 2024 and income from the repayment in 2025 of advances for 2024. 

Taking account of all these items, profit for the period came out at €47 million, up €45 million. 

After deducting minority interests, profit – Group share was €24 million in the first half of 2025, compared with a loss of €20 million in the first half of 2024, an increase of €44 million.

Adjusted profit – Group share

IV. CASH FLOW AND DEBT

Cash flow from operations and investing activities

Cash flow from operations before changes in working capital amounted to €304 million, versus €293 million in firsthalf 2024. The increase in this item was mainly attributable to the growth in recurring EBIT.

Changes in working capital represented an outflow of €131 million, versus an outflow of €113 million in first-half 2024. The movement in this caption is attributable to Lagardère Travel Retail, due to an unfavourable change in trade payables in France and the United States, and to Lagardère Publishing, particularly in the United States, due to an increase in advances paid to authors following the signing of multi-year contracts in 2025. These effects were partly offset by the favourable change in trade payables at Lagardère Live.

Income taxes paid represented €44 million in first-half 2025, up €24 million, reflecting the business upturn, especially in Europe. First-half 2024 also benefited from a cross-border tax refund in the United States.

Purchases of intangible assets and property, plant and equipment represented an outflow of €115 million, versus an outflow €125 million in first-half 2024. The €10 million decrease on the first-half 2024 figure was mainly attributable to Lagardère Travel Retail.

The Group's free cash flow amounted to €14 million in first-half 2025, versus €35 million in first-half 2024. 

Free cash flow before changes in working capital came to €146 million in first-half 2025, compared with €148 million in the prior-year period. This performance is attributable to the growth in cash flow from operations before changes in working capital and disciplined control over investments in property, plant and equipment and intangible assets, despite an increase in income taxes paid.

Purchases of investments remained stable at €50 million in the first half of 2025, and mainly related to the acquisition by Lagardère Travel Retail of a 70% interest in Schiphol Consumer Services Holding BV, which operates the Duty Free business at Amsterdam Airport Schiphol, and the acquisition by Lagardère Publishing of the entire share capital of 999 Games. In the first half of 2024, purchases of investments mainly concerned the acquisitions of a 50% stake in Extime Travel Essentials Paris and the financing of joint ventures in the Pacific region at Lagardère Travel Retail.

Disposals of investments represented an inflow of €41 million, versus an inflow of €20 million in the first half of 2024, and mainly concerned the repayment of financing granted to joint ventures in the Pacific region.  

In all, cash flow from operations and investing activities came to €5 million in first-half 2025, compared with €4 million in first-half 2024.

Debt and liquidity

At 30 June 2025, net debt stood at €1,996 million, versus €2,255 million at 30 June 2024, a year-on-year improvement of €259 million thanks to cash generated by operations and the scope effect. During the first half of 2025, the Lagardère group carried out the following refinancing transactions:

-          Schuldscheindarlehen German law private placements (see below);

-          a bond issue (see below).

The Group’s liquidity position remains solid, with €1,096 million in available liquidity (available cash and short-term investments reported on the balance sheet totalling €396 million, and an undrawn amount on the revolving credit facility of €700 million).

Leverage (net debt/recurring EBITDA) stands at 2.5x. The covenants of the revolving credit facility were therefore comfortably met at 30 June 2025.

V. SIGNIFICANT EVENTS OF FIRST-HALF 2025

Partial early redemption of bonds maturing in 2026 and 2027 

Further to the completion of the Vivendi partial demerger, on 13 December 2024, bondholders triggered the change of control clauses, requiring Lagardère SA to redeem ahead of term on 5 February 2025 €28.7 million of bonds maturing in 2026 and €5.3 million of bonds maturing in 2027. The outstanding balance on the bonds following redemption represents €23.3 million due in more than one year.

Duty Free tender win at Auckland Airport (New Zealand)  

On 18 March 2025, following a tender process, Lagardère Travel Retail announced that it had been selected by Auckland Airport to operate its Duty Free stores under a new eight-year concession starting on 1 July 2025.

Successful Schuldscheindarlehen private placements for €300 million

In the first half of 2025, Lagardère SA successfully completed several Schuldscheindarlehen issues (German law private placement), for a total amount of €300 million. The placements consisted of several euro-denominated tranches issued with maturities of up to five years. This successful debt issue at attractive interest rates underlines investor confidence in Lagardère's strategy. 

Acquisition of 999 Games  

On 23 April 2025, Hachette Livre acquired Dutch company 999 Games, a leading board game distributor in the Netherlands and Belgium. 999 Games distributes around 2.5 million games to over 1,000 physical stores each year. This acquisition will enable Hachette Boardgames to consolidate its presence in Europe.

Changes on the Board of Lagardère SA  

At the Lagardère SA Combined General Meeting of 29 April 2025, the shareholders approved the appointments of Valérie Hortefeux and Michèle Reiser as independent directors for four-year terms, and the re-appointments of Valérie Bernis (independent), Yannick Bolloré, Fatima Fikree, Véronique Morali (independent), Arnaud de Puyfontaine and Nicolas Sarkozy (independent) for terms of two to four years.  

Further to the meeting, the new Board met to modify the membership of its two committees:

-          Audit Committee: Véronique Morali (Chair), Valérie Bernis, Fatima Fikree, Valérie Hortefeux, Arnaud de Puyfontaine and Michèle Reiser.

-          Appointments, Remuneration and CSR Committee: Valérie Hortefeux (Chair), Valérie Bernis, Pascal Jouen, Véronique Morali, Arnaud de Puyfontaine, Michèle Reiser and Nicolas Sarkozy.

Launch of Lagardère Travel Retail's Duty Free operations at Amsterdam Airport Schiphol

Further to the tender win in December 2024, Lagardère Travel Retail commenced operations at Amsterdam Airport Schiphol on 1 May 2025. As part of the concession agreement covering Duty Free operations at Amsterdam Airport Schiphol, Europe's fourth largest aviation hub, Lagardère Travel Retail acquired 70% of the share capital of the operating entity, with the balance (30%) held by Amsterdam Airport Schiphol.

With operations now up and running, the commercial side of the project has gathered pace with the opening at endJune of the innovative “Cloud Store”, an entirely reimagined retail space in Lounge 1. This will be followed by new retail spaces in Lounges 2 and 3, which are set to open in 2026 and 2027.

Successful €500 million bond issue

On 4 June 2025, the Lagardère group successfully issued €500 million worth of five-year bonds maturing in June 2030 and paying an annual coupon of 4.75%. The successful placement was more than three times oversubscribed, demonstrating investor confidence in the soundness and financial performance of the Group's business model.  The proceeds from the issue are earmarked for general corporate purposes, including the repayment of a bridge facility put in place at the time of the June 2024 refinancing. The issue will enable Lagardère SA to extend its debt maturity profile.

Appointment of Frédéric Chevalier as Chief Executive Officer of Lagardère Travel Retail alongside Dag Rasmussen

On 18 June 2025, Arnaud Lagardère (Chairman and Chief Executive Officer of Lagardère SA), acting on the proposal put forward by Dag Rasmussen, appointed Frédéric Chevalier as Chief Executive Officer of Lagardère Travel Retail, effective as of 1 July 2025. He holds this position alongside Dag Rasmussen, who remains Chairman and Chief Executive Officer of Lagardère Travel Retail.

         VI.    OUTLOOK

Thanks to the strong performances and complementarity of our businesses, in the first-half of 2025, the Group repeated and even improved its financial results, which were already at record levels in 2024.

The Group is continuing to focus on supporting its capital allocation policy, aimed at gradually deleveraging Lagardère through a well-balanced contribution from each business and maximising shareholder value through regular dividends, while maintaining investment to seize strategic growth opportunities.

VII. INVESTOR CALENDAR^[3]

                              Third-quarter 2025 revenue: Thursday, 16 October 2025, at 5:35 p.m.

VIII. 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 accounting items taken from the consolidated financial statements prepared under IFRS and a reconciliation with those items is provided in this press release or in the first-half 2025 results presentation.

 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 (loss) 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.

 EBITA 

To calculate EBITA, the accounting impact of the following items is eliminated from EBIT: gains and losses arising on disposals of businesses and acquisition-related costs, the amortisation of intangible assets acquired through business combinations and the impairment on goodwill and other intangible assets acquired through business combinations, other income and expenses related to transactions with shareholders, as well as items related to concession agreements (IFRS 16).

 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 depreciation and amortisation 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. 

 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, numbers presented may not add up precisely to the totals provided.

***

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

The presentation slides will be made available at the start of the webcast.

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

                                                                                                                          ***                                                                

              Press Contact                                                                                                                               

presse@lagardere.fr

Investor Relations Contact

             Emmanuel Rapin                                                           Tel. +33 1 40 69 17 45                        erapin@lagardere.fr