Italian publishing house Mondadori surprised markets with a first-half 2026 performance that pushed revenue to €415.9 million, a 6.8% jump fueled by a rejuvenated domestic book sector and fresh acquisition gains. The company now says hitting the upper band of its full-year targets looks increasingly probable.
That confidence arrives during a brutal period for the stock. Shares have cratered 36% over six months, hovering at $0.09 with a 52-week range stretching from $0.055 to $0.18. Investors appear unmoved by the operational momentum.
The numbers reveal a tale of two profit lines. Adjusted EBITDA climbed 12.5% to €45.6 million, while adjusted EBIT rose 8.3% to €14.8 million, signaling real operating leverage. Yet reported EBIT tumbled 25% to €6.0 million after absorbing €3.4 million in one-time charges. Net profit consequently shrank to €1.4 million from €3.5 million a year earlier. Management urged analysts to focus on the adjusted figures as the truer measure of corporate health.
Organic expansion delivered €15.1 million of the revenue gain, while Hoepli Education and Edilportale.com together contributed another €15.0 million. Logistics snarls in retail e-commerce and currency headwinds shaved off €3.7 million.
The Italian book market itself grew 5.1% to €674 million, accelerating to 7.0% in the second quarter, buoyed by government Library Fund resources. Mondadori Libri captured €182 million in revenue, though its market share slipped from 27.4% to 27.0%. Physical bookstores dominated, surging 8.5%, while online channels contracted 1.2%. The company’s own e-commerce unit cratered 69%, hammered by those logistical disruptions.
Across business segments, Trade Books led with a €8.4 million increase, helped by audiobook sales rocketing 30% to €2.7 million. Education Books grew €4.2 million after consolidating Hoepli for two months. Digital revenue soared 28.9% to €51.2 million, almost entirely reflecting the Edilportale absorption. Retail added €3.7 million.
The physical store fleet expanded aggressively. Directly-owned locations hit 89, up from 74 a year prior, with the total network approaching 600 outlets including franchises. Revenue from company stores jumped 21.5% to €43.5 million. Meanwhile, the net financial position excluding IFRS 16 liabilities swelled to €262.1 million from €134.1 million, with acquisitions accounting for roughly €58 million of that increase.
Looking ahead, management cautioned that the second half brings fading Library Fund stimulus and tougher comparisons. Third-quarter market growth was tracking around 4.3% to 4.5%. The company pointed to Spotify’s expected audiobook launch in autumn 2026 as a potential catalyst for that category, while confirming a near-term priority on integrating Dimah, Librify, and Hoepli before pursuing major new deals.
