Results at 30 September 2021 approved

Press Release - Results at 30 September 2021 approved

• In first nine months 2021:
  o Strong growth in results versus same period of 2020: EBITDA of Euro 108.7 million (Euro 36.2 million in 2020), EBIT of Euro 54.4 million (Euro -18.1 million in 2020) and net result of Euro 28.8 million (Euro -11.4 million in 2020)
  o Consolidated gross revenue, amounting to Euro 836 million, is up by Euro 138.9 million versus first nine months 2020
  o The net financial position stands at Euro 1.6 million, improving by Euro 64.8 million versus end 2020 (when the Group had a net financial debt of Euro 63.2 million) and by Euro 101.5 million versus 30 September 2020
• In the nine months, RCS achieved a net positive result of Euro 46.6 million and continued to generate positive cash flows. Digital revenue makes for approximately 23% of the total. Advertising sales on online media make for 44.3%. Online advertising on RCS media grew by 31.5% in Italy and by 44.6% in Spain in the nine months
• Corriere della Sera leading Italian daily newspaper on newsstands and with a total active digital customer base of approximately 346 thousand subscriptions. The customer base of Gazzetta's pay products increases too, with approximately 78 thousand subscriptions
• Digital subscriptions are also on the rise in Spain: 73 thousand for El Mundo and 36 thousand for Expansión
• La7 confirms the high audience levels (3.22% in the all-day share and 4.48% in prime time). In first nine months 2021, advertising sales on La7 and La7d channels grew by 12%, exceeding the figures of 2019
• In first nine months 2021, the Cairo Editore magazine publishing segment achieved gross operating profit (EBITDA) of Euro 6.6 million, up versus 2020 (Euro 5.5 million)

Milan, 12 November 2021: at its meeting today, the Board of Directors of Cairo Communication reviewed and approved the Interim Management Statement at 30 September 2021.

Income statement and balance sheet figures (€ millions)	30/09/2021	30/09/2020
Consolidated gross revenue	836.0	697.1
EBITDA	108.7	36.2
EBIT	54.4	(18.1)
Profit (loss) attributable to the owners of the parent	28.8	(11.4)

	30/09/2021	31/12/2020
Net financial position (net financial debt)	1.6	(63.2)

The beginning of 2021 continued to be marked by the health emergency and the containment measures implemented by the authorities, both in Italy and Spain.

Specifically, in Spain at the beginning of the year, and in Italy from the end of February, the number of cases has risen, leading to the adoption again of restrictive measures. Starting from the second half of February in Spain, and from mid-April in Italy, the situation has improved and the containment measures are being gradually lifted.

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The great benefits brought by the vaccination campaign have allowed both countries to speed up the reduction of restrictive measures, improving the situation further.

In first nine months 2021, in a context still dominated (in the first months of the year in particular) by the uncertainty brought by the health emergency:

• the Group's revenue, gross operating profit (EBITDA), operating profit (EBIT) and profit attributable to the owners of the parent grew sharply versus the figures of the same period of 2020, a performance that stems also from the rescheduling in the first nine months of the year of the sporting events that had been postponed in 2020 to the fourth quarter or that could not be held;
• gross operating profit (EBITDA), operating profit (EBIT) and profit attributable to the owners of the parent in first nine months 2021 have already outstripped the amounts achieved in the full year 2020;
• RCS achieved a net positive result of Euro 46.6 million1 and continued to generate positive cash flows. Corriere della Sera achieved remarkable newsstand circulation results and continued the growth of digital operations: at end September, its total active digital customer base (digital edition, membership and m-site) counted 346 thousand subscriptions. Both Italian newspapers, Corriere della Sera and La Gazzetta dello Sport, and in Spain Marca and Expansión, retained their circulation leadership in their respective market segments in first nine months 2021 (ADS for Italy and OJD for Spain). The main digital performance indicators confirm the top market position of RCS, with the Corriere della Sera and La Gazzetta dello Sport brands which, in the period January-August 2021, counted 29.7 million and 19.4 million average monthly unique users and 4 million and 3 million average daily unique users respectively (Audiweb 2.0). With an aggregate figure of 32.9 million average monthly unique users (net of duplications) in the period January-August 2021 (over 33 million in August), RCS confirms its position as the top online publisher in Italy. At end September, the customer base for Gazzetta's pay products (G ALL, G+, GPRO and Magic) amounted to 78 thousand subscriptions. In Spain, as part of the online activities, elmundo.es, marca.com and expansión.com reached 52.6 million, 93.8 million and 11.4 million average monthly unique browsers respectively in first nine months 2021, comprising both domestic and foreign browsers and including apps (Google Analytics). Digital subscriptions grew significantly, reaching 73 thousand subscriptions for El Mundo and 36 thousand subscriptions for Expansión at end September 2021. Total digital revenue (Italy and Spain), which amounted to approximately Euro 139.9 million, accounted for approximately 23% of total revenue. Total advertising sales from RCS online media amounted to Euro 103.1 million in first nine months 2021, making for 44.3% of total advertising revenue. Online advertising on RCS media in first nine months 2021 grew by 31.5% in Italy and by 44.6% in Spain versus the same period of 2020;
• the TV publishing (La7) and network operator segment2 achieved a sharp rise in results and confirmed the high audience levels of the La7 channel (3.22% in the all-dayshare and 4.48% in prime time). In first nine months 2021, advertising sales on La7 and La7d totaled approximately Euro 106 million (Euro 94.6 million in 2020), up by +12% versus the same period of the prior year (when revenue had performed more than 7.5 percentage points better than the TV advertising market), outstripping the figures recorded in the same period of 2019. The channel's news and discussion programmes all continued to deliver remarkable results: Otto e Mezzo with 7.5% average share from Monday to Friday, TgLa7 edizione delle 20 5.6% from Monday to Friday, diMartedì 5.6%, Piazzapulita 5.4%, Propaganda Live 5.5%, Non è l'Arena 6.0%, Omnibus La7 3.4%, Coffee Break 3.9%, L'Aria che tira 5.8%, and Tagadà 3.32%;
• the magazine publishing segment Cairo Editore achieved higher results than in 2020, confirmed high circulation levels of the publications, and continued to work on improving the levels of efficiency reached in containing own costs.

In first nine months 2021, consolidated gross revenueamounted to approximately Euro 836 million (comprising gross operating revenue of Euro 810.8 million and other revenue and income of Euro 25.2 million) versus Euro 697.1 million in 2020 (comprising gross operating revenue of Euro 685.5 million and other revenue and income of Euro 11.6 million), up by Euro 138.9 million, a trend that stems also from the rescheduling in the first nine months of the year of the sporting events that had been postponed in 2020 to

1. RCS Interim Management Statement at 30 September 2021, approved on 10 November 2021.
2. As a result of the changes to the Group's organizational structure, also in terms of decision-making levels, resource allocation, performance monitoring and reporting, the business segments have been reviewed, with the aggregation into a single area named " TV Publishing (La7) and Network Operator" of the two previous " TV Publishing (La7)" and "Network Operator", both mutually synergistic and functional; their aggregation within the Group ensures an effective and efficient management.

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the fourth quarter or that could not be held. Revenue for the period (Euro 31.6 million) benefited from the full consolidation of the amounts of m-dis.

Gross operating profit(EBITDA) and operating profit(EBIT) came to Euro 108.7 million and Euro 54.4 million (Euro 36.2 million and Euro -18.1 million in 2020). Net non-recurring income and expense amounted to Euro -0.8 million (Euro -5.8 million in 2020, referring primarily to provisions related to personnel measures).

In first nine months 2021, cost-cutting measures continued in order to promptly adapt the company's organization to the changed environment resulting from the health emergency. The benefits of these cost containment actions at 30 September 2021 amounted to approximately Euro 10.4 million, of which Euro 6.4 million in Italy and Euro 4 million in Spain.

Profitattributable to the owners of the parent came to approximately Euro 28.8 million (Euro -11.4 million in the same period of 2020).

Looking at the business segments, in first nine months 2021:

• in the magazine publishing segment (Cairo Editore), gross operating profit(EBITDA) and operating profit(EBIT) came to Euro 6.6 million and Euro 5.2 million (Euro 5.5 million and Euro 4.2 million in 2020). Regarding weeklies, with approximately 1.2 million average copies sold in the period January-September2021 (ADS), Cairo Editore retains its position as the leading publisher in copies of weeklies sold at newsstands, with an approximately 29% market share. Including the average sales of titles out of the ADS survey (comprising copies sold of "Enigmistica Più" and of "Enigmistica Mia"), average copies sold were approximately 1.4 million;
• in the TV publishing (La7) and network operator segment2, the Group achieved gross operating profit(EBITDA) of approximately Euro 6.4 million, improving by Euro 6.5 million versus the same period of 2020 (Euro -0.1million). Operating profit(EBIT) was approximately Euro -5.8million (Euro -11.8million in 2020). Mention should be made that the TV publishing segment's seasonality factors generally impact on the results of the third quarter of the year;
• in the advertising segment, gross operating profit(EBITDA) basically broke even, while operating profit(EBIT) came to Euro -1.1 million (Euro 0.7 million and Euro -1.1 million in 2020). The 2021 advertising figures are not immediately comparable to the 2020 figures as they did not include the results of the advertising sales business for RCS. As mentioned earlier, the "Advertising" segment primarily includes the results of the new company CAIRORCS Media;
• in the RCS segment, in the consolidated financial statements of Cairo Communication, gross operating profit(EBITDA) and operating profit(EBIT) amounted to Euro 95.8 million3 and Euro 56 million (Euro 30.1 million and Euro -9.4 million in 2020). Mention should be made that RCS's seasonality factors generally impact on the results of the first and third quarters of the year. Net operating revenue amounted to Euro 610 million. Initiatives continued on maintaining and developing revenue. In Italy, regarding the main initiatives only: Corriere della Sera published a series of guides and presented new podcasts ("Incontri", "L'Ammazzacaffè", "Radio Italians", "Mama non Mama") and new newsletters for the titles "Cook", "Buone Notizie", "La 27esima ora", "Corriere Torino", "Corriere Veneto" and "Corriere Bologna". On 28 May, the weekly magazine 7 hit the newsstands unveiling a new format and graphical design. Numerous events were organized on the Digilive platform, including the Pianeta 2021 meetings on sustainability. May saw the 12th edition of "Cibo a regola d'arte", with the prize giving of the 2020 Cook Awards, the fourth edition of "L'Italia genera Futuro" while the "Gazzetta Motori Days" event was held on Gazzetta.it. From 13 to 24 September, the eighth edition of "Il tempo delle donne" was held, from 20 September the second edition of Campbus, and in October in Trento the fourth edition of Festival dello Sport. For the European Football Championship, La Gazzetta dello Sport developed various initiatives dedicated to the event. July saw the release of the new digital edition of Corriere della Sera, and in third quarter 2021, the start of a new boost to the digital offering of local editions. Gazzetta dello Sport and Corriere organized several initiatives to cover the Tokyo

3 Mention should be made that RCS adopts a different definition of EBITDA from the one used by the Cairo Communication Group, as indicated in the above section "Alternative Performance Measures". Additionally, RCS recognizes under "Share of profits (losses) of equity-accounted investees" the Group's share of the results of CAIRORCS Media, fully consolidated by Cairo Communication. As a result of these differences, which lie in the provisions for risks and in the allowance for impairment, totaling Euro 3.2 million in first nine months 2021, and in the pro-rata result of CAIRORCS Media amounting to Euro -0.5 million - EBITDA shown in the RCS Interim Management Statement at 30 September 2021, approved on 10 November 2021, amounted to Euro 92.1 million.

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Olympics. In the nine months, Gazzetta's pay offer was enriched with content, while activity on social media grew, especially on Instagram. The Gazzanet network underwent full graphical restyling. The titles in the magazines area launched various editorial initiatives, including the 25th anniversary of iO Donna, the 30th anniversary of Dove, celebrated with a graphical restyling of the magazine, and the restyling of Abitare, relaunched for its 60th anniversary.

In Spain, regarding the main initiatives only, a new section of elmundo.es was launched in February: "Sostenibles", focused on green transition, followed in March 2021 by a new section of Expansión: Economía Sostenible, on issues of corporate sustainability. Radio Marca, thanks to an increased presence of audio content on marca.com and other digital platforms, increased its own digital audience. June saw the launch of the new daily podcast El Mundo al dia. With the start of the European Football Championship, Marca and marca.com launched several editorial initiatives dedicated to the event. To celebrate its 35th anniversary, Expansión organized events and "specials" on digitization, sustainability and the post-Covid economy. On 8 and 9 June, the second edition of "El Foro Economico International Expansion" was organized in association with The European House Ambrosetti. In July, marca.com launched the "signwall" for premium content development. 27 September saw the launch of a new editorial initiative of El Mundo named "Gran Madrid", covering news from the Spanish capital and its autonomous community.

The consolidated net financial position at 30 September 2021 stood at approximately Euro 1.6 million, improving by Euro 64.8 million versus end 2020 (Group net financial debt of Euro 63.2 million at 31 December 2020) and by Euro 101.5 million versus September 2020 (Group net financial debt of Euro 99.9 million). At 30 September 2021, the net financial debt of RCS stood at Euro 14.8 million (Euro 59.6 million at 31 December 2020). The net financial position was negatively impacted mainly by the consolidation of m-dis (which carried a debt of Euro 12.2 million at 30 September 2021, due to the seasonal trend in working capital too), and the net effects of dividend payouts for Euro 11.6 million. Conversely, the positive effects of the net proceeds from the sale of investments and fixed assets, totaling Euro 6.3 million, refer mainly to the sale of Unidad Editorial Juegos.

Total net financial debt, which includes financial liabilities from leases recognized in accordance with IFRS 16 (mainly property leases) of Euro 162.8 million, amounted to Euro 161.2 million (Euro 244.1 million at 31 December 2020).

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The beginning of 2021 continued to be marked by the health emergency and the containment measures implemented by the authorities, both in Italy and Spain.

The great benefits brought by the vaccination campaign, in terms of cases, hospital and ICUs admission rates and deaths, have allowed both countries to speed up the reduction of restrictive measures, improving the situation. In Italy, measures such as the green pass and rules on access to workplaces, schools and public venues have also been adopted to encourage vaccination, prevention and/or monitoring.

At end October, the percentage of the population over twelve years of age that had completed the vaccination cycle was approximately 83% in Italy and 89% in Spain.

The Group is monitoring developments on a daily basis to minimize the impacts in terms of health and safety in the workplace and on the operating and financial front, by defining and implementing flexible and timely action plans.

In 2021 too, the Group is meeting the public's strong need to stay informed through its information offering, ensuring a timely service to its viewers and readers. The La7 programmes, the daily editions of Corriere della Sera and La Gazzetta dello Sport in Italy, and of El Mundo, Marca and Expansión in Spain, the Group's magazines and web and social platforms are playing a pivotal role in informing and reporting on this difficult phase, focusing on their mission as a non-partisan, trustworthy public service, and establishing themselves as authoritative players in daily television, print and online information, with strong television ratings and digital traffic figures.

The developing situation and the potential effects on the business outlook, which will be constantly monitored also in the further course of the year, are unforeseeable at this time as they depend, inter alia, on how the health emergency plays out in the coming months, as well as on the effectiveness of the vaccination campaign and of the public measures, including the economic ones, implemented in the meantime and those to be implemented.

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In any event, the Group believes it has adequate management levers to counter the impacts of the health emergency also in 2021 and thus confirm its medium-long term prospects.

In first nine months 2021, the Group's EBITDA already outstripped the amounts achieved in the full year 2020. In view of these results and the actions already implemented and those planned, in the absence of a new rise in the infection curve and/or tighter containment measures, or of a significant return of the regions in the highest risk ranges, the Group believes it can further improve its margins (EBITDA) in 2021 versus those of 2020, and, as a result, its net financial position too.

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

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In the words of Urbano Cairo, Chairman and CEO of Cairo Communication: "The Interim Management Statement at 30 September 2021 bears proof of the strong growth in revenue and margins achieved by RCS and the other business segments, by La7 in particular. I am really satisfied with the Group's zero net financial debt, which confirms our strong cash generation capabilities. Additionally, the Group strengthens its leadership in delivering information in the current relaunch phase of our Country."

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The Financial Reporting Manager of Cairo Communication S.p.A., Marco Pompignoli, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Finance Law, that the accounting information contained herein is consistent with the underlying accounting documents, books and records.

The Cairo Communication Group is one of the leading groups in the weekly magazine, TV publishing and advertising sales segments, recognized as one of the first to have developed a multimedia sales approach, beginning with magazines and expanding later into free, digital and pay TV and the Internet. With the acquisition of the control of RCS MediaGroup, Cairo Communication establishes itself as a major multimedia publishing group, well-positioned to become the main player on the Italian market, with a strong international presence in Spain, by leveraging on the high quality and diversification of products in the dailies, magazines, television, web and sporting events segments.

For further information: Mario Cargnelutti, Investor Relations, [phone], [e-mail] press release is also available on the Company's website www.cairocommunication.it

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