Shareholders’ Meeting approves the 2022 financial statements

Resolution on the distribution of a dividend of € 0.11 per ordinary share, up by 30% versus 2021

Today, the Shareholders’ Meeting of Arnoldo Mondadori Editore S.p.A., chaired by Marina Berlusconi, approved the financial statements for the financial year ended 31 December 2022.

The Group’s Chief Executive Officer, Antonio Porro, presented the key separate and consolidated figures for 2022, as disclosed to the market last 16 March.

The results achieved by the Group exceeded expectations, with both revenues and margins showing double-digit growth. Net profit, after minority interests, amounted to € 52.1 million, up 17.8% versus € 44.2 million in 2021. The Parent Company’s financial statements at 31 December 2022 show the same net profit as in the consolidated financial statements, due to the fact that the Company has chosen to use the equity method to measure its investments in the separate financial statements.

Today’s Shareholders’ Meeting, in accordance with the proposal of the Board of Directors of 16 March 2023, which has already been the subject of disclosure, resolved to distribute a unit dividend of € 0.11 for each ordinary share (net of treasury shares) outstanding at the record date, for a total of approximately € 28.7 million,[1] up by almost 30% compared with the previous year: this amount corresponds to a pay-out of 55% of the net profit for 2022.
The dividend will be paid, in accordance with the provisions of the “Regulation of the markets organized and managed by Borsa Italiana S.p.A.”, from 24 May 2023 (payment date), with ex-coupon (No. 22) date on 22 May 2023 (ex date), and with the date of entitlement to payment of the dividend, pursuant to Article 83-terdecies of the TUF (record date), on 23 May 2023.

The Shareholders’ Meeting resolved also on the following additional items on the agenda:

Report on remuneration policy and compensation paid

Pursuant to Article 123-ter of Legislative Decree No. 58/1998, the Shareholders’ Meeting, by means of a binding resolution, approved Section One of the Report on Remuneration Policy and Compensation Paid. The Shareholders’ Meeting also voted in favour of Section Two of the Report.

Renewal of the authorization to purchase and sell treasury shares

Following expiry of the term relating to the previous authorization resolved on 28 April 2022, the Shareholders’ Meeting renewed the authorization to purchase and dispose of treasury shares with the aim of retaining for the Board of Directors the applicability of law provisions in the matter of any additional purchase plans and, consequently, of seizing any investment and operational opportunities involving treasury shares.
To date, Arnoldo Mondadori Editore S.p.A. holds a total of No. 1,147,991 treasury shares, equal to 0.44% of the share capital.
Here below is the information provided on the authorization issued by the Meeting, also with reference to the provisions of Article 144-bis of the Issuers’ Regulation No. 11971/1999.


The motivations underlying the request for the authorization to purchase and sell treasury shares refer to the opportunity to attribute to the Board of Directors the power to:

  • use the treasury shares purchased or already in the Company portfolio as compensation for the acquisition of interests within the framework of the Company’s investments;
  • use the treasury shares purchased or already held in the portfolio against the exercise of option rights, including conversion rights, deriving from financial instruments issued by the Company, its subsidiaries or third parties and to use the treasury shares for lending, exchange or transfer transactions or to support extraordinary transactions on the Company’s capital or financing transactions that imply the transfer or sale of treasury shares;
  • undertake any investments, directly or through intermediaries, including for the purpose of containing abnormal movements in share prices, stabilizing share trading and prices, supporting the liquidity of the share on the market, in order to foster the regular conduct of trading beyond normal fluctuations related to market performance, without prejudice in any case to compliance with applicable statutory provisions;
  • rely on investment or divestment opportunities, if considered strategic by the Board of Directors, also in relation to available liquidity;
  • dispose of treasury shares to service incentive plans based on financial instruments set up pursuant to Article 114-bis of the TUF, and plans for the free allocation of shares to employees or members of the governing bodies of the Company or to Shareholders.


The authorization to purchase treasury shares is set to last until the approval of the financial statements for the year ending 31 December 2023 and, in any case, for a period not exceeding 18 months after the Shareholders’ Meeting resolution, while the authorization to sell is granted to last for an unlimited period, given the absence of restrictions pursuant to the regulatory provisions in force and the opportunity to allow the Board of Directors to make use of the maximum flexibility, also in terms of time, to carry out the acts of disposal of the shares.

Maximum number of purchasable treasury shares

The authorization allows the purchase, including in more than one tranche, of ordinary shares of Arnoldo Mondadori Editore S.p.A., with a par value of € 0.26 each, on one or more occasions, in an amount freely determinable by the Board of Directors, up to a maximum number of shares – also taking into account the ordinary shares held, directly and indirectly, in the portfolio each time – of no more than 10% overall of the share capital.

Terms for purchasing treasury shares and indication of the minimum and maximum purchasing cap

Purchases shall be made in compliance with Articles 132 of the TUF and 144-bis, paragraph 1 letters b) and d-ter) of the Issuers’ Regulation and, therefore: (i) on regulated markets or multilateral trading facilities, according to the operating terms established in the organization and management regulations of the same markets, which do not allow the direct matching of buying trading proposals with pre-determined sale trading proposals, and also in compliance with any other regulations in force, including European regulations, (ii) in the terms established by the market practices admitted by CONSOB as per the combined provisions of Art. 180, paragraph 1, letter c) of the TUF and Art. 13 of EU Regulation No. 596 of 16 April 2014 (the “Admitted Market Practices”). Additionally, share purchase transactions may also be carried out in the terms envisaged in Article 3 of EU Delegated Regulation No. 2016/1052 in order to benefit, if the conditions are met, from the exemption under Article 5, paragraph 1, of EU Regulation No. 596/2014 on market abuse with regard to inside information and market manipulation.
Regarding the disposal of treasury shares, disposals may be made, on one or more occasions and even before having terminated the maximum number of purchasable treasury shares, either by selling them on regulated markets or according to other trading methods in compliance with the law, including EU law, in force and with the Admitted Market Practices, if applicable.
Under the proposed authorization, purchases shall be made at a unit price compliant with any regulatory provisions, including EU regulations, or Admitted Market Practices as applicable at the time and where applicable, without prejudice to the fact that the minimum and maximum purchase price shall be determined at a unit price not lower than the official Stock Exchange price of Mondadori shares on the day preceding the purchase transaction, reduced by 20%, and not higher than the official Stock Exchange price on the day preceding the purchase transaction, increased by 10%.
In any event – except for any different price and volume determinations resulting from the application of the conditions set forth in the Admitted Market Practices – such price shall be identified in accordance with the trading conditions set forth in Delegated Regulation (EU) No. 1052 of 8 March 2016.
In terms of consideration, sales transactions or other acts of disposal of treasury shares shall be carried out:

  • if executed in cash, at a price no lower than 10% of the reference price recorded on the MTA – Euronext Milan – organized and managed by Borsa Italiana S.p.A. in the trading session prior to each single transaction;
  • if executed as part of any extraordinary transactions, in accordance with financial terms to be determined by the Board of Directors on the basis of the nature and characteristics of the transaction, also taking account of the market performance of Mondadori shares;
  • if executed to service the Performance Share Plans adopted by the Company, in compliance with the terms and conditions set out in the resolutions of the Shareholders’ Meeting that establish the Plans and the related regulations.

2023-2025 Performance Share Plan

The Shareholders’ Meeting, pursuant to Article 114-bis of Legislative Decree 58/1998 and in keeping with the introduction of performance share plans approved in the past for the medium/long-term remuneration of executive directors and key management personnel, approved the adoption of a Performance Share Plan for the three-year period 2023-2025 intended for the Chief Executive Officer, the CFO – Executive Director and a number of managers of the Company who have an employment and/or directorship relationship with the Company or its subsidiaries at the date of allocation of the shares.
For a detailed description of the 2023-2025 Performance Share Plan, the beneficiaries and the main characteristics of the Regulation of the Plan, reference should be made to the Information Document pursuant to Article 84 bis of CONSOB Issuers’ Regulation No. 11971/1999, and the explanatory report of the Board of Directors, available on the Company website www.mondadorigroup.com, Governance/Shareholders’ Meeting section and on the authorized storage mechanism 1Info (www.1Info.it).

[1] Rough estimate based on the number of shares outstanding to date.

A new Mondadori Bookstore soon to open in the Casilino mall of Rome

A new Mondadori Bookstore soon to open in the Alessandrino district of Rome.

With an exhibition surface of 140 square meters, the bookstore – found on the second floor of the mall located in via Casilina 1011 – offers the public a shelf assortment of over 15.000 volumes ranging from fiction, non-fiction, miscellaneous categories and great classics.

The offer is enriched with the new Just Comics section, dedicated to comics, and the We are Junior area, devoted to young readers and including educational games and illustrated books aimed at stimulating the imagination of the smallest ones with the most amazing stories. The best stationary products, gift boxes, gift cards, gadgets, school supplies, CDs, records, DVDs and record players will also be available to visitors.

The Mondadori Bookstore located in via Casilina will also serve readers online: customers will be able to contact the store and keep up with the initiatives and events through its Facebook and Instagram pages and make use of the digital services of Mondadoristore.it to check the availability of a book from a catalogue of more than 1 million titles, order it and pick it up in the store. The bookstore will also offer customers the opportunity to place orders via telephone or WhatsApp.

«I’m delighted to announce the opening of a new Mondadori Bookstore in a location where social life, sports and culture come together in a unique and evocative atmosphere» stated Fabio Antonini, the entrepreneur affiliated to the Mondadori Bookstore network with over 30 years of experience as a sales agent in the publishing and toy industries.

Mondadori Store is the largest network of bookstores in Italy: a cultural organisation active nationwide with more than 500 stores, across large cities and small towns alike, and online through the e-commerce website Mondadoristore.it and the book club formula. In addition to books, its core offer, it organises fun experiences, events and multi-channel services, reaching more than 20 million customers each year.


Casilino Mall, via Casilina 1011 – 00169 (RM)

Opening hours: 9:00 – 20:30 Mon – Sat; 10:00 – 20:00 Sun

Email: mondadoribookstorecasilino@gmail.com

Phone: +39 06 23260205

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Mondadori Group: Presidency of the Council of Ministers gives go-ahead to the disposal to Reworld Media of the operations under the Grazia and Icon brands

The Mondadori Group announces that it has received notification today from the Offices of the Presidency of the Council of Ministers of the resolution not to exercise the special powers under Law Decree 21/2012 regarding the disposal to Reworld Media S.A. of the operations under the Grazia and Icon brands, as disclosed last 22 November.

The measure, which in essence authorizes the disposal of the above operations, triggers the fulfilment of the suspensive condition attached to the sale agreement, which will therefore be fully executed on the closing date.

The completion of the transaction will be promptly disclosed to the market.

Zenzero Talent Agency: new top food creators and innovative, creative and valuable branded content projects coming soon

The food talent agency pursues its development with original formats to bring creativity at the service of brands

One month after its launch, Zenzero, the talent agency of top Italian food creators, has already raised great interest among the influencer marketing segment thanks to a roster of quality talents and to the absolutely important numbers achieved through a one of a kind, dynamic and innovative formula.

Based on the experience of Giallozafferano, the leading Italian food media brand, One Shot Agency and five top food creators of the Italian digital scene – Daniele Rossi, Cooker Girl, Diletta Secco, Rosy Chin and Luisa Orizio – Zenzero now boasts over 25 million total followers, 450 million video views and 25 million interactions each month thanks to its growing hub of creators.

Its winning formula consists in working directly with the best food talents and in relying on their creativity for projects aimed at addressing brands’ increasingly stronger need to intercept the passions, values and new languages of the Z Generation.

A first month full of initiatives
Zenzero is actively working on more than 70 new project opportunities with the brands. Moreover, the agency has been participating in the most important events of the industry, at which Zenzero’s young faces and fresh and original spirit have already raised great interest within the first few weeks.
This from UPA’s Influencer Marketing to the Digital Innovation Days, From Influence Day to the IAB Forum, and all the way up to Largo Consumo’s and WomenX impact’s “2023 Best Insignia” event. The new agency’s talents were the protagonists of these events, at which they revealed their stories, experiences and ingredients used to successfully conquer the young generations.

Next? The important partnership involving the co-founder of the Daniele Rossi Agency and the Italian Chamber of Commerce of Japan. On December 2, the Tuscan chef renowned for his modern and refined way of interpreting traditional culinary specialities will be the Executive Chef at the Gala Dinner planned in Tokyo for the association’s 50th anniversary. This one of a kind setting filled with illustrious guests and prominent personalities will allow the chef to make a unique experience in the area and to learn more about the Japanese culture by experimenting with new flavours, techniques and ingredients. The chef will share these culinary encounters in detail with the community via his social profiles.

Such high-impact initiatives demonstrate the new agency’s strength and how it’s able to enhance both the originality and distinctive positioning of each individual talent and the vastness of the food world through transversal projects – achieved also thanks to its strong partnership with Giallozafferano and to its synergy with Mediamond – which are deemed to make its various facets, popularity and lifestyles stand out.

Last night, Zenzero decided to share such vibrant beginning with “Spice Up Your Night”, an exclusive evening organised in the setting of the new Tripstillery club in the heart of Milan. The event was the first time the new agency was able to gather its numerous talents to celebrate together with brands, agencies and media centres.

Zenzero just keeps on going. Young talents, including international ones, of the food world capable of triggering a passion for cooking, even among the Z Generation – which represents an increasingly growing target of the industry – were recently added to the agency’s roster of new creators.

Among the new faces, there is Evasfoodaddiction’s Eva Andrini, a young economics and management student who conquered thousands of followers with her simplicity and passion in a very short time, and the seventeen-year-old Aisha Ben Thabet, known by all as The Avokiddo. Aisha learned how to cook through a video game, has been making her way around the kitchen since she was 5 and was a participant of Junior Masterchef.
There is also the young talent of Cooking With Bello, who went from being a dancer to a successful food creator. His passion for cooking was transmitted to him by both his mother and grandmother, a passion he combined with his technical skills to turn iconic Italian recipes into fun and ironic videos. Last but not least, there is Ivana Ester Marr, from “Studenti ai fornelli” (Students in the Kitchen), a creative, entrepreneurial talent always in search of the perfect ingredient.

Mondadori Group: signing of disposal to Reworld Media of the Grazia and Icon brands

The Mondadori Group announces that, on today’s date, the subsidiary Mondadori Media S.p.A. exercised the put option, previously disclosed to the market last 20 October, and, as a result of it, signed the agreement that regulates the disposal to Reworld Media S.A. of the print and digital publishing operations of Grazia and Icon as well as the related international network.

The consideration for the transaction, as previously disclosed, is € 8.5 million, including € 2 million as earn-out conditional on the achievement of certain financial results in 2023 by the operations disposed of. The price – to be paid in cash at the closing date was defined on the basis of an Enterprise Value of € 11 million (including earn-out), net of the difference between the average net working capital over the last 12 months and the net working capital at the closing date.

In 2021, the above-mentioned activities generated revenue of approximately € 18 million.

Completion of the transaction – subject to the outcome of the assessment procedure under Law Decree 21/2012 by the Offices of the Presidency of the Council of Ministers – will take place through the transfer by Mondadori Media of the business operations to be disposed of to a newly-incorporated company and the subsequent disposal to Reworld Media of 100% of the share capital of the transferee.

In accordance with the provisions of law, the procedure with the trade unions was accomplished.

BoD approves results at 30 september 2022

  • Net revenue € 678.2 million, up by 15.2% versus € 588.9 million at 30.09.2021
  • Adjusted EBITDA € 115.5 million, improving by 35.8% versus € 85 million at 30.09.2021
  • EBIT positive at € 78 million, up by 50% versus € 52 million at 30.09.2021
  • Group net profit € 58.3 million, up by 18% versus € 49.4 million at 30.09.2021; +90% net of non-recurring tax items in 2021
  • Solid cash generation confirmed, with LTM cash flow from ordinary operations at € 71.4 million
  • NFP before IFRS 16 € -173.4 million; IFRS 16 NFP: € -235.7 million


  • High single-digit growth of revenue (from mid single-digit)
  • Adjusted EBITDA: up by 25% or more (from over 20%)

Estimates confirmed on:

  • Double-digit growth of net profit
  • Cash flow from ordinary operations in line with 2021
  • Free cash flow in the region of € 10/15 million (before dividend)
  • IFRS 16 NFP at 3x adjusted EBITDA

Segrate, 10 November 2022 – Today, the meeting of the Board of Directors of Arnoldo Mondadori Editore S.p.A., chaired by Marina Berlusconi, reviewed and approved the Interim Management Statement at 30 September 2022 presented by CEO Antonio Porro.


The current year has seen the Mondadori Group firmly pursue the strategic path of reshaping its business portfolio, on the one hand, by developing and strengthening its presence in book publishing and, on the other, by tapering its exposure to the magazines segment, with a focus on brands with greater multimedia potential.

“The results of these first nine months clearly show the positive impacts from our repositioning plan: the operating-financial metrics grow strongly, with a sharp improvement in revenue and margins across all business areas on a like-for-like basis”, said Antonio Porro, CEO of the Mondadori Group. “These elements, plus the positive performance of the books market, allow us, despite the higher costs of the main inputs, to further increase our estimates on the trend of revenue and margins at end 2022”, concluded Porro.


Consolidated revenue in first nine months 2022 amounted to € 678.2 million, up by 15.2% versus € 588.9 million in the prior year.

Net of the consolidation of D Scuola, effective 1 January 2022, Group revenue grew by 3.8%, thanks to the performance of the Books and Retail areas and despite the additional asset disposals involving the Media area: net of the effects from the changed consolidation scope, Group revenue on a like-for-like basis in the first nine months of the current year would have grown by 5.8%.

Adjusted EBITDA came to a positive € 115.5 million; excluding the result of D Scuola in the period, adjusted EBITDA closes with a positive € 94.1 million.

As a result, the Group showed an overall improvement in profitability in excess of 30 million versus € 85 million in 2021, growing by 35.8%, one third of which attributable to the positive performance across all business areas, Books and Retail in particular, and approximately two thirds from the contribution of D Scuola (€ 21.4 million).

Group EBITDA came to € 114.5 million (€ 93 million net of D Scuola), recording an even stronger improvement of € 34 million (+42.2% versus € 80.5 million at 30.09.2021), as a result of the abovementioned phenomena and dynamics and of the positive trend of non-ordinary items in the period.

EBIT closed at a positive € 78 million versus € 52 million at 30.09.2021, improving by € 26 million, or up by 50%, partly dampened by the effects of the Purchase Price Allocation process related to the acquisition of D Scuola.

Net of the amortization/depreciation resulting from this process, consolidated EBIT of the new scope would grow by approximately € 29 million (+55% versus 30.09.2021).

Excluding the contribution of D Scuola, the improvement would amount to € 11.3 million, attributable to the abovementioned operational dynamics.

Consolidated profit before tax came to 75.8 million (€ 61.2 million excluding the contribution of D Scuola), increasing by almost 70% versus 44.8 million in the same period of 2021. This growth benefits also from the improvement in the result of the associates, amounting to € 3.5 million, arising from the disposal of the investment in Monradio, from profit for the period of Attica, and from the accounting of the share of the result of A.L.I..

Total financial expense for the period, amounting to €2.8 million, improved by € 1.1 million, despite the higher average debt and the increase in ancillary expense from the outstanding pool loan, due to the accounting for IFRS 16 purposes of a non-recurring income of approximately € 1.5 million resulting from the early termination and renegotiation, as of July 2022, of the lease contract for the Segrate HQ.

Group net profit, after minority interests, amounted to € 58.3 million (€ 47.9 million excluding the net profit of D Scuola), up by 18% versus € 49.4 million in first nine months 2021, which had benefited however from a non-recurring income of € 18.7 million from the realignment of the tax amounts of trademarks and goodwill to their respective statutory amounts.

Neutralizing the one-off tax income of 2021, net profit in first nine months 2022 would be up by approximately 90% versus the prior year.

The net financial position before IFRS 16 stood at € -173.4 million and includes, in addition to the effects of the acquisition and consolidation of D Scuola, the debt arising from the acquisitions of A.L.I. and Star Comics, as well as the return to dividend distribution.

Including the IFRS 16 impact of € 62.3 million – down from 30.09.2021 due mainly to the renegotiation of the lease contract for the Segrate HQ – the NFP stood at € -235.7 million.

The LTM cash flow from ordinary operations (after cash out for financial expense and tax), amounting to € 71.4 million, allows the Group to continue to strengthen its financial structure.

D Scuola, consolidated as from January 2022, contributed a negative € 1.5 million to the cash flow for the period, consistent with the seasonal nature of the school publishing business.

Mention should be made that the generation of cash flow from ordinary operations benefited from the revaluation, amounting to € 10.1 million at 30 September 2022, of derivative instruments related to interest rate risk hedges applied to drawdowns of the pool loan taken out in May 2021.

The total Free Cash Flow in the past 12 months amounted to a positive € 9.5 million.

At 30.09.2022, Group employees amounted to 1,895 units, up by 4.5% versus 1,814 units at 30.09.2021 (+81 units), due primarily to the inclusion of D Scuola resources (totaling +127 units). Neutralizing the effect of all scope changes – namely, the acquisitions of D Scuola, De Agostini Libri and Star Comics, and the disposals of titles and assets in the Media area – the Group workforce would drop by approximately 1%, thanks to the continued efforts to increase the efficiency of individual business areas and functions.


In the third quarter, consolidated revenue amounted to € 323.1 million, increasing by 20.3% versus € 268.5 million in the prior year; net of all the effects from changes in the scope, Group revenue would have recorded a like-for-like growth of +3.4% in the third quarter.

Adjusted EBITDA came to a positive € 88 million, up by over 24 million (+38.5%) versus 2021.

Excluding the contribution of D Scuola, adjusted EBITDA came to € 65.7 million, increasing by
€2.1 million versus third quarter 2021, or by +3.4%. This improvement is attributable in particular to the positive performance of the Books segment, which benefited also from the consolidation of Star Comics as of third quarter 2022, and the Retail segment.

Group EBITDA came to € 87.7 million (€ 65.4 million without D Scuola), improving by € 26.2 million (+42.7%) versus the prior year, attributable to the business phenomena mentioned earlier, and to the positive trend in non-ordinary items, especially in the Corporate and Media areas.

EBIT came to a positive € 74.8 million, improving by approximately € 23 million versus third quarter 2021. The like-for-like comparison (excluding the contribution of approximately € 20 million from D Scuola) with 2021 shows an increase of € 3 million (+5.8%), despite higher amortization and depreciation resulting from increased expenditure made in the last 12 months.

Group net profit, after minority interests, amounted to € 55.5 million, up by 23.2% versus € 45 million in third quarter 2021; excluding the contribution of D Scuola and net of tax items, which in third quarter 2021 had benefited from a net non-recurring income of approximately € 9.8 million, net profit in third quarter 2022 would increase by 17% versus the third quarter last year.


In light of the positive operating-financial trend seen in the first nine months of the year, and despite the geopolitical uncertainty and the persisting problems arising from the increase in costs for raw materials, paper in particular, and for energy consumption, for the full year 2022 the Group believes:

  • to be able to improve the estimate of:
    • Revenue, forecast to grow high single-digit (from mid single-digit);
    • Adjusted EBITDA, forecast to increase by 25% or more (from over 20%).

given the positive performance recorded by the Book product in the third quarter, as well as the consolidation of the Star Comics publishing house in the second half of the year;

  • to be able to confirm at the consolidated level the other previously disclosed estimates.


  • Double-digit growth of net profit, thanks also to significantly lower restructuring costs and to the improved results of associates versus 2021;
  • Cash Flow from Ordinary Operations in line with 2021;
  • Free Cash Flow in the region of € 10/15 million (before dividend);
  • Group net financial debt (IFRS 16) at 1.3x adjusted EBITDA.



Following the remarkable growth seen in 2021, the year 2022 has witnessed a consolidation phase of the books market, which was basically steady in terms of both value (+0.1%) and volume (+0.1%) versus the same period last year[1].

Against this backdrop, Mondadori Group publishing houses posted a 2.4% growth in sell-out, the result of a gradually improving performance: in the third quarter in particular, the Group recorded a 14.6% increase in sell-out versus the market’s approximately +4% increase.

Thanks to these results, the Group was able to retain its domestic leadership, with its market share growing to 26.9%.

In the period under review, the Group retained a leadership position in the school textbooks segment, with a market share including D Scuola at 32.3%, a slight decline versus 32.9% in the prior year, fully attributable to the primary school segment, marked by greater volatility and lower profitability.

In first nine months 2022, revenue in the Books area stood at € 443.4 million, up by 27.2% versus € 348.7 million in first nine months 2021, driven by the positive performance of the Trade publishing houses and the consolidation of D Scuola.

Considering only the like-for-like scope of 2021, revenue in the Books area grew by 5.5%.


  • revenue from Trade amounted to € 4 million, up by 11.2% versus € 200.9 million in the same period of 2021, driven by the positive performance recorded by all publishing houses, the upswing of Electa’s activities, and the consolidation of De Agostini Libri and Star Comics;
  • total revenue from Education amounted to € 7 million, up by 48.2% versus first nine months 2021, due mainly to the changed consolidation scope related to the consolidation of the publishing house D Scuola, which contributed € 67.5 million to revenue for the period. On a like-for-like basis, revenue was up slightly (+1.4%) versus the same period of 2021 (€ 144.2 million), due to the early availability of a number of textbooks and the resulting accounting of the related revenue versus the prior year.

Adjusted EBITDA of the Books area in first nine months stood at € 107.9 million, up by more than
28 million including the contribution of D Scuola (€ 21.4 million in the period under review).

Net of D Scuola, adjusted EBITDA on a like-for-like basis would come to € 86.4 million versus € 79.4 million in the same period of 2021, an improvement of over 7 million (approximately +9%), thanks in particular to the positive trend of revenue and to the higher contribution of relief granted to museum activities, amounting to approximately € 3 million.


In a basically steady domestic books market (+0.1%[2]) versus 2021, the physical channel continued to grow versus the same period of the prior year, no longer burdened by the restrictions brought by the COVID-19 emergency.

Against this backdrop, in the first nine months, the market share of Mondadori Retail increased by 1.4% to reach 12.6%, driven by the outstanding performance of physical stores.

Revenue from the area totaled € 126 million, improving by € 11.6 million (+10.2%) versus € 114.3 million in the same period last year.

The ongoing development and renovation of existing stores and the focus on the core business of books have enabled the Mondadori Store network to consolidate its role on the market, as shown by the solid growth in revenue from the Book product (+13.6%), which is higher at the end of the third quarter even than in the pre-COVID period.


  • directly-managed stores reported a sharp upswing in revenue (+35.3% versus the prior year), due to the abovementioned strategy of focusing on the book product and network development activities;
  • the franchised channel continued its progression, increasing by +4.9% versus the same period of the prior year.

Adjusted EBITDA closed with a positive figure and up significantly to € 4.1 million (€ +2.4 million) versus € 1.7 million in first nine months 2021.

The structural actions put in place in recent years have brought a strong turnaround in the area’s operating and financial performance, as already seen by last year’s results. This target was achieved thanks to the deep transformation of the company, the ongoing renewal and development of the network of physical stores, as well as careful cost management and a thorough review of the organization and processes. All this complemented by constant work on product innovation and the expansion of the product range.


The Media area recorded revenue of € 135.3 million in first nine months 2022, dropping by 9.8% versus € 150 million in the same period of the prior year, but increasing by 3.1% on a like-for-like basis (excluding the effect of the deconsolidation of the titles sold at end 2021 and the distribution activities of Press-di).


  • digital activities, which now account for 24% of the area’s total revenue, rose sharply by +16% (+21.8% on a like-for-like basis of brands);
  • traditional print activities on a like-for-like basis were down by approximately 3%.

Adjusted EBITDA in the Media area amounted to € 9.3 million, up versus € 7.8 million in first nine months 2021, the result of two opposing trends that marked the two segments of the area:

  • the print area improved, thanks to higher income from FuoriSalone 2022, the accounting of a € 1.9 million tax receivable recognized on paper consumption, and the continued actions to curb operating costs launched in prior years;
  • the digital area, instead, saw its result fall, attributable to one-off editorial and development costs incurred for the launch of The Wom and the lower performance of digital brand advertising sales, only partly offset by the strong trend recorded by the MarTech segment.

Significant events after 30 September 2022

As previously disclosed to the market, on 20 October the subsidiary Mondadori Media S.p.A. was granted by Reworld Media S.A. the option to sell to it the business unit related to the Grazia and Icon brands through a put option.

The scope of the option includes the print and digital publishing activities of the two titles, as well as the relating international network that ensures the brands’ overall presence in over 20 countries with licensed publications.

In 2021, these activities generated revenue of approximately € 18 million.

Based on the terms for exercising the option, the consideration for the scope in question is € 8.5 million, including € 2 million as earn-out conditional on the achievement of certain financial results in 2023 by the activities disposed of. The consideration was defined on the basis of an Enterprise Value of € 11 million (including earn-out), net of the difference between the average net working capital over the last 12 months and the net working capital at the closing date.

The Mondadori Group, pursuant to the provisions of law, will launch the consultation procedure with the trade unions, following which the option will become exercisable.

The decisions taken, as a result of the ongoing assessments, on the exercise of the option and any further phases, terms and conditions of the process underlying the transaction will be promptly disclosed to the market.

The transaction – the possible completion of which will also be subject to the outcome of the assessment procedure by the Offices of the Presidency of the Council of Ministers referred to in Law Decree 21/2012 – would be in line with the Mondadori Group’s strategic path of increasing focus on the core business of books and brands with greater potential for multimedia exploitation.


The presentation of the results at 30 September 2022, approved today by the Board of Directors, is available on 1Info (www.1info.it), on www.borsaitaliana.it and on www.gruppomondadori.it (Investors section). A Q&A session will be held in conference call mode at 4.30 pm for the financial community, attended by the CEO of the Mondadori Group, Antonio Porro, and the CFO, Alessandro Franzosi. Journalists will be able to follow the meeting in listening mode only, by connecting to the following  phone number +39.02.8020927 or via web at: https://hditalia.choruscall.com/?calltype=2&info=company 

The Interim Management Statement at 30 September 2022 is made publicly available by today through the authorized storage mechanism 1Info (www.1info.it), on www.gruppomondadori.it (Investors section) and at the registered office.

The Financial Reporting Manager – Alessandro Franzosi – hereby declares, pursuant to Article 154 bis, paragraph 2, of the Consolidated Finance Law, that the accounting information contained herein corresponds to the Company’s records, books and accounting entries.



  1. Consolidated balance sheet;
  2. Consolidated income statement;
  3. Consolidated income statement – III quarter;
  4. Group cash flow;
  5. Glossary of terms and alternative performance measures used.


[1] GFK, September 2022 (Week 39)

[2] GFK (in terms of value)

Grazia presents its special issue “We love Kate” dedicated to the Princess of Wales

Grazia, the magazine edited by Silvia Grilli, presents its special edition “We love Kate” dedicated to the Princess of Wales Kate Middleton.

An extraordinary issue, available at the news-stands and on the app, that talks about how the wife of Prince William, the future heir to the British throne, has become a new icon also for Italian women and explains the history and secrets of her style that is an inspiration to many women.

“Twenty-five years after the death of Lady Di, the world has a new Princess of Wales: Kate Middleton. We had identified ourselves with Diana Spencer, with her tears, the betrayals she suffered, her new loves, her humanity, even her glamour that was a bit daring during the last years. Now we see Middleton without any of the drama that overwhelmed us when following the life of Lady D. We love the solidity she demonstrates, her devotion to a role of sovereign that will be hers. In her we see Her Majesty Elizabeth as well as Diana, a royal ambassador that performs her tasks without drama, rather with a smile that is a declaration of relaxation”, says the editor, Silvia Grilli, in her editorial. “This issue of Grazia is about Kate, about her personality and the clothes she wears in the same way as the recently departed Queen: as instruments of recognition and international diplomacy. This issue is for her because, in this age of social media, Kate has remained the last icon who still lets us dream”, concludes the editor.

Born to a family without noble roots, the Princess of Wales did not become the wife to the future King of Great Britain by chance. Her Italian biographer Federica Brunini explains in the pages of the special issue of Grazia why Kate, due to her similarity with the Queen Elizabeth II, is already considered the “rock” of the monarchy of the future.

Kate entered into the hearts of British and Italians also due her style choices: elegant, environmental, never over the top.
The look of Prince William’s wife inspires fashion, as explained in the pages of this issue of Grazia, as she has selected and reinterpreted clothing items that have become her distinctive trait and that the future Queen Consort is able to enhance, softening even the boldest looks. This issue also includes masterpieces of fine jewellery and costume jewellery inspired by the lines and colours that the Princess of Wales loves, as well as four of her iconic looks as well as secrets to a royal beauty look like hers.

The pages of Grazia also cover other members of the royal family. From “the environmentalist” King Charles III who inherited the throne from Elizabeth II, one of the worlds most well-loved sovereigns. Today many people are asking what type of monarch this man, who has little time to make himself loved by a country in crisis, will be. Then there is the different and free charm of Meghan Markle, the wife of Harry of Sussex, who has always fought, following her heart. Someone who has met her explains why she will also return to the limelight of the court.

One of Netflix’s most famous cult series is dedicated to the closely followed affairs of the royal family, The Crown, which returns on 9 November with a new season dedicated to the most difficult years of Elizabeth II’s reign. The issue also includes interviews with two of its stars. The actor Dominic West, who interprets the current English sovereign, explains to Grazia how he experienced the fragility of the prince who found his own fairy tale to be restrictive. Then the actress Olivia Williams explains to the readers of the magazine how she was transformed into Camilla Parker Bowles, the woman who fought to stay by the side of the man she loved.

This issue of Grazia also includes an article dedicated to all the actresses who have played the role of Queen Elizabeth and talk about this very difficult role: from Helen Mirren, who was the first to interpret the Queen at the cinema, winning an Oscar, to the young and dreamy version of Claire Foy, the carefree interpretation by Sarah Gadon and the more-mature version by Olivia Colman.

“Virginia Woolf and Bloomsbury. Inventing Life” exhibition opens in Rome

From 26 October to 12 February 2023, the exhibition “Virginia Woolf and Bloomsbury. Inventing Life” will be at the National Roman Museum in Rome.

For the first time in Italy, Palazzo Altemps presents an exhibition celebrating the spirit of Bloomsbury, the London district where new forms of life and thought, which transformed the Victorian principles and strong patriarchal spirit with which the twentieth century was still imbued, were developed. After the death of their widowed father in 1904, Virginia Stephen, later Woolf, and her siblings Vanessa, Thoby and Adrian moved from the affluent district of Kensington to the more bohemian Bloomsbury. Starting in 1905, a large group of young men and women would meet in the house in 46 Gordon Square to invent a new, free life.

Virginia Woolf and Bloomsbury. Inventing Life is a project of the National Roman Museum and the Electa publishing house, developed in partnership with the National Portrait Gallery of London. The exhibition highlights the original soul of Palazzo Altemps, an aristocratic mansion in the heart of Rome.

Conceived and curated by Nadia Fusini – a connoisseur of the British author who edited the two volumes in the Meridiani series – in cooperation with Luca Scarlini – writer, playwright, storyteller, performance artist – the exhibition examines the complex intellectual friendships of the Bloomsbury group through books, words, paintings, photographs and the possessions of the protagonists of this adventure in art and thought.

The story of the members of the Bloomsbury circle unfolds in five rooms of Palazzo Altemps. The young intellectuals who met in the home of the Stephen sisters shared artistic predilections, romantic relationships, innovative creative experiences, social thinking. Individuals with strong personalities, they would become left-wing economists, historians, writers, thinkers and painters, and, often, very famous. They dreamed, like Leonard Woolf, of a classless society or, like Virginia, of a world without ivory towers for its artists; John Maynard Keynes revolutionised economic thought and laid the foundation for the welfare state, and for state support of the arts; Lytton Strachey invented a new form of biographical writing, while critic and painter Roger Fry established a different way of looking at and creating works of art. In addition to the undisputed value of equality, economic equality first and foremost, another essential principle for the group was the recognition of the singularity of each individual.

It is no coincidence that the exhibition is housed in Palazzo Altemps, previously home to a prestigious library – built up between the end of the XVI and the XVII centuries by Cardinal Marco Sittico Altemps and his nephew Giovanni Angelo, and later merged with the Vatican Apostolic Library – and, in the nineteenth century, to distinguished literary salons. It was here, in the Church of St. Aniceto, built within the fabric of the palazzo, that in 1883 Gabriele D’Annunzio married Maria Hardouin di Gallese, a daughter of the last family to live in Palazzo Altemps.

Edited by Nadia Fusini and Luca Scarlini, the exhibition catalogue published by Electa is organised as a personal dairy, a collection of notes and memories, a visual story including essays by distinguished authors, which examines the key themes of the exhibition: the protagonists, their houses, their romantic relationships, their literature, their relations with the arts and publishing, to build up a portrait of one of the most important cultural groups of the twentieth century.

The National Roman Museum with the Electa publishing house and the support of the Italian Virginia Woolf Society have organised a wide-ranging program of events linked to the themes examined by “Virginia Woolf and Bloomsbury. Inventing Life” will be at the National Roman Museum in Rome. Nadia Fusini and Luca Scarlini will meet the public on a series of occasions to talk in depth about and celebrate the fascinating story of the Bloomsbury group.

The exhibition will be open until 12 February 2023. For information about times and tickets:


Icon launches its “Let me dream” issue, available on newsstands with four different cover stories

The website expands its offer with the new Watches channel

Icon, the Mondadori Group’s men’s fashion and lifestyle brand, launches its “Let me dream” issue, dedicated to the need for and courage to keep on dreaming.

The magazine, edited by Andrea Tenerani, has chosen ​four stars to be on the cover​ of this special issue: four stories from the world of sport, cinema and fashion, which Icon​​​ wants to use to remind its readers to never stop pursuing their dreams.

It starts with​Milanese footballer, Sandro Tonali, who achieved his childhood dreams: he wanted to be a footballer, play in Serie A, wear the​Milan jersey and win the championship. “The next goal is to cement what we did last year, which is the most difficult thing: we all have to keep focused on our dream,” he shared in an exclusive interview with Icon.

Actor Paul Wesley, who played the young Captain Kirk in the series Star Trek: Strange New Worlds last year, has become one of the most beloved faces on the small screen thanks to the global success of The Vampire Diaries​ Paul also fulfilled his dream of becoming a director.

The stars of the issue’s other two cover stories, Oleg​ ​Zagorodnii and Jon Kortajarena, are two supermodels (the former Ukrainian, the latter Spanish) who, thanks to their talent and determination, have been able to achieve their dream of becoming actors.

Among the stories in the issue is that of Italian Umberto Guidoni, the first European to board the International Space Station, who tells Icon how his dream of being an astronaut as a child came true.

The theme of dreams also acts as the common thread in the Destination Future section, where readers will find names like Ester Viola and Saturnino.

The “Let me dream” issue – whose contents will also be expanded upon and gone into in depth on Icon’s website and on the brand’s social media channels – is also a place for fashion, which has always been at the heart of the Icon story, with an exclusive feature, along with an interview with the young Milanese actor, Matteo Oscar Giuggioli.

Fashion will be celebrated with a private event, created in collaboration with Fay, in which a special feature in this issue is dedicated. An exclusive evening that will take place in Rome on 27 October, during which the new issue of Icon will be presented, with special guest actor Paul Wesley, the face of one of the covers of “Let me dream”.

The new Watches channel

This month Icon is also launching another new feature: starting this month, the website will be enhanced by the new Watches channel. The section is dedicated to watches that brings the Icon brand even closer to the key luxury sector, as well as its readers, with stories and daily insights into one of modern man’s major passions, which is also the topic of the magazine’s monthly column by watch editor, Paolo De Vecchi.


Grazia previews its special issue: “Fashion, design and the virtual world”

Giulio Cappellini is featured guest editor of this special edition of the magazine

Grazia, the magazine under the editorship of Silvia Grilli, is on the newsstands with a special issue: “Fashion, design and the virtual world”, which sees Giulio Cappellini as featured guest editor.

The special edition of the magazine looks at the fusion of fashion and design and the new expressive opportunities introduced by the metaverse. A narration which, recounted through the eyes of famous designer, architect and entrepreneur, Giulio Cappellini, who recently received the Compasso d ‘oro alla carriera – the oldest and most authoritative world design award – guides Grazia readers on a journey exploring how space and the way we live it has changed, suspended between the real and the virtual world.

“I asked a great architect like Giulio Cappellini to be guest editor of this issue of Grazia, focussing on the encounter between design and fashion and exploration of creative freedom that the metaverse can offer. We have thus created this collector’s issue, where beauty becomes a life philosophy and the front cover a unique invention, “said Grazia editor, Silvia Grilli.

“It was a great pleasure and honour for me to have the chance to narrate the various facets of design for an attentive and wide audience, set against a contemporary and comprehensive view of our way of life”, Giulio Cappellini, emphasised.

The architect is also the protagonist of an exclusive interview that opens this special edition of Grazia. From his beginnings in the family business, followed by trips abroad discovering talents that today are some the most brilliant creative minds on the scene, spanning his passion for the Far East, Cappellini talks about himself and explains why today the challenge is not only to design something beautiful and useful, but to have it tell a story.

In this issue of Grazia, the guest editor also meets two names from the world of design. In the encounter with British designer Jasper Morrison who, with his simple and functional masterpieces has revolutionised design, and who in his exchange with Cappellini looks at how the new frontier is imparting lessons in sustainability, and the designer, Francesca Lanzavecchia, who explains to Cappellini how the virtual dimension will endow everyone with new freedoms.

Guiding readers over the pages of this special edition will be the voices of archistar and established talents.
These include Marc Newson, who explains to Grazia that, in the new virtual world, it will be love for beauty that makes the difference, and Rodolfo Dordoni who brings readers into his world of empathy and poetry. And also, Paola Navone, who, in the pages of the issue, explains if you want to reinvent objects and environments, you must never stop being surprised; Ronan and Erwan Bouroullec who have revolutionised design, showing us that the real strength of an object lies in its grace, and Patricia Urquiola explains to Grazia how we will be able to build spaces in which objects and technology are linked to our emotions and, not overlooking contributions from designers Guglielmo Poletti, Keiji Takeuchi, Sebastian Herkner, Panter&Tourron and Chiara Andreatti.

To enrich this special issue of Grazia, an exclusive reportage has been given over to collectible furniture pieces that combine design and fashion, created by great designers and chosen by Cappellini for their power to transform spaces.

An alliance – that between design and fashion – was also the escort underpinning the selection of the guest editor’s most iconic models of eyewear and bags, a leitmotif that continues in the fashion by Grazia pages, which has spawned a vibrant and colourful urban style in the hustle and bustle City of Milan that never sleeps – and beauty, which today is also virtual thanks to digital avatars that allow us to live unique experiences, all under the banner of freedom to dare.

The actress Coco Rebecca Edogamhe is the cover face of this special edition of Grazia and, by framing a QR code, her face will come alive, enabling readers to enter a three-dimensional reality. She has become a symbol for many young people with ethnic roots thanks to the series Summertime and she poses for Grazia in a fashion spread suspended between real and virtual worlds, like the one where her generation is trying to express its freedom.

The narrative of the encounter between fashion and design in the new issue of Grazia was enthusiastically embraced by the market and by numerous advertisers – managed by Mediamond – that opted to be part of this special issue, which can boast more than 100 pages in advertising sales.