Mondadori, dividend up by 10% for shareholders

A closing of the 2025 accounts in order, albeit without a toast, but with an increased dividend for shareholders: +10%. The numbers approved by the board of directors tell the story of a solid company, capable of defending margins and cash in a market that does not grant discounts, and at the same time show the price paid to stay on course: net profit falls to EUR 54 million, from EUR 60.2 million in 2024, while revenues remain practically stationary at EUR 931.6 million compared to EUR 934.7 million the previous year.

This is the paradox, only apparent, of the group led by Antonio Porro: almost no growth on the turnover front, but profitability still robust thanks to continuous cost-cutting, the streamlining of the structure, and consolidation work that keeps the industrial plant on its feet even when the market slows down. In fact, adjusted EBITDA rose to EUR 158.2 million, up slightly from EUR 157.6 million in 2024. A signal that at Segrate they read as proof of the model's resilience.

The path of reported EBITDA was more bumpy, down to EUR 151.2 million, weighed down by higher non-recurring expenses concentrated mainly in the Trade Books and Education Books areas. Among other things, the logistics provider migration project and some extraordinary transactions weighed heavily. EBIT, which was positive at EUR 84.2 million, was also down by EUR 7.8 million, also affected by higher depreciation and amortisation related to investments and the accounting effects of acquisitions made in the last five years. In the background, the net financial position improved to EUR -85.7 million from EUR -91.8 million at the end of 2024.

Mondadori remains poised, but does so by treading more uneven ground. And yet it chooses to send a clear message to the market: confidence. The board of directors will propose to the shareholders' meeting on 21 April a dividend of €0.154 per share, up by 10%, for a coupon pool of around €40 million. Translated: almost 75% of the 2025 profit will be redistributed to shareholders, with a dividend yield of 7.3% compared to the share price on 31 December 2025.

It is a decision that has political as well as financial weight. Because it says that the group considers its ability to generate cash sufficient to remunerate capital more generously, even in the presence of declining profits. It is no coincidence that Porro claims that 'in 2025 we have confirmed the solidity of our business model, recording an improvement in economic-financial performance with substantially stable revenues and a margin slightly higher than the previous year'. And he is already looking ahead: 'We expect to be able to record positive results in 2026 as well, with a stable margin at 17%, thanks also to the implementation of continuous efficiency-boosting actions.