Cairo Communication S p A : Results at 30 June 2022 approved

Press Release - Results at 30 June 2022 approved

• In first half 2022:
  o Group's EBITDA before non-recurring expense (Euro 80.3 million), while impacted by an increase in paper and other input costs of approximately Euro 12.5 million, was basically in line with the same period of 2021 (Euro 81 million),
  o The Group achieved consolidated gross revenue of Euro 598.6 million (Euro 583.3 million in 2021), EBITDA of Euro 69 million (Euro 80.7 million in 2021), EBIT of Euro 31.3 million (Euro 43.9 million in 2021) and a net result of Euro 11.3 million (Euro 24.5 million in 2021, which had benefited the gain of Euro 7.3 million on an investment asset).
  o At 30 June, the net financial position stood at Euro 33.7 million, after distributing dividends of Euro 36.7 million at the Group level
• RCS recorded higher revenue and margins before non-recurring expense and continued to generate positive cash flows. At end June, the net financial position stood at Euro 15.5 million, after distributing dividends of Euro 31 million. Advertising sales on online media account for 39%
• Corriere della Sera leading Italian daily newspaper on newsstands with a total active digital customer base of approximately 436 thousand subscriptions. The customer base of Gazzetta's pay products increases too, with approximately 89 thousand subscriptions, and for El Mundo and Expansion in Spain, with 93 thousand and 46 thousand subscriptions, respectively
• La7 confirms the high audience levels (4.01% all-day share and 5.05% prime time in first half year). In first half, La7 was the sixth national channel in terms of prime time ratings
• The Cairo Editore magazine publishing segment achieved EBITDA of Euro 1.8 million, down versus Euro 3.7 million in 2021, due mainly to the trend in paper costs

Milan, 2 August 2022: at its meeting today, the Board of Directors of Cairo Communication reviewed and approved the Half-Year Report at 30 June 2022.

Income statement and balance sheet figures (€ millions)	30/06/2022	30/06/2021
Consolidated gross revenue	598.6	583.3
EBITDA	69.0	80.7
EBIT	31.3	43.9
Profit (loss) attributable to the owners of the parent	11.3	24.5

	30/06/2022	31/12/2021
Net financial position (net financial debt)	33.7	37.0
		1

The beginning of 2022 was yet again marked by the continuing health emergency, with the spread of the Omicron variant. Starting from early February, the situation began to improve in Italy and Spain, allowing both countries to speed up the phase of gradual and significant reduction in restrictions.

After the downtrend of 2020, the economic recovery that started in 2021 was marked by higher prices for transportation and a number of commodities, including printing paper and energy, and in some cases, supply difficulties. This situation is causing a general increase in production costs and difficulties in production processes for several industries, whose current production is struggling to keep pace with the trend in demand. Broadly speaking, after several years of virtual price stability, in 2021 the national consumer price index recorded a stronger year-on-year growth in both Italy and Spain than in the more recent past, and both countries in the early months of 2022 are experiencing high inflation rates.

With regard to the Group, this economic context impacts on production costs, and may also affect the performance of the advertising market, as it may influence the advertisers' propensity to spend.

As from end February 2022, the conflict in Ukraine and its consequences, including in terms of economic sanctions against Russia and the impacts on the economy and trade, especially on energy, production and logistics supply chains, are creating an overall situation of great uncertainty. The Group has no direct exposure and/or business activities towards the markets affected by the conflict and/or sanctioned entities. The current situation is escalating the mentioned cost dynamics, already underway since 2021.

In first half 2022, in a context still marked by uncertainty due to the conflict in Ukraine and the continuing health emergency:

• the Group achieved higher revenue than in the same period of 2021, confirmed the strong margins from current operations that continued to generate positive cash flows, with a net financial position of Euro 33.7 million at 30 June 2022 (Euro 37 million at 31 December 2021), after distributing dividends at the Group level of Euro 36.7 million;
• RCS achieved higher revenue and EBITDA before non-recurring expense than in first half 2021. At end June, the net financial position stood at Euro 15.5 million (Euro 16.7 million at end 2021), after distributing dividends of approximately Euro 31 million. Corriere della Sera achieved remarkable newsstand circulation results and continued the growth of digital operations: at end June, its total active digital customer base (digital edition, membership and m-site) counted 436 thousand subscriptions. At end June, the customer base for Gazzetta's pay products (G ALL, G+, GPRO and Magic) counted 89 thousand subscriptions. Digital subscriptions also grew in Spain, reaching 93 thousand subscriptions for El Mundo and 46 thousand subscriptions for Expansion at end June 2022. 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 (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 first five months of 2022, counted 26.9 million and 19 million average monthly unique users and 3.7 million and 3.1 million average daily unique users respectively (Audiweb).
  In Spain, as part of the online activities, elmundo.es, marca.com and expansión.com reached 51.3 million, 108.4 million and 12 million average monthly unique browsers respectively in first half 2022, comprising both domestic and foreign browsers and including apps (Google Analytics). Total digital revenue (Italy and Spain), which amounted to approximately Euro 95.7 million, accounted for approximately 21.5% of total revenue. Total advertising sales from RCS online media amounted to Euro 67.4 million in first half 2022, making for 39% of total advertising revenue;
• the TV publishing (La7) and network operator segment1 confirmed the high audience levels of the La7 channel (4.01% in the all-dayshare and 5.05% in prime time in first half year). Specifically, in first half, La7 was the sixth national channel in terms of prime time ratings. In first half 2022, gross advertising sales on La7 and La7d channels amounted to approximately Euro 73.4 million (Euro 79.9 million in 2021). The channel's news and discussion programmes in the first half all continued to deliver remarkable results: Otto e Mezzo with 7.6% average share from Monday to Friday, TgLa7 edizione delle 20 6% from Monday to Friday, diMartedì 6.5%, Piazzapulita 5.9%, Propaganda Live 5.6%, Non è l'Arena 5.5%, Omnibus La7 4%, Coffee Break 4.2%, L'Aria che tira 5.7%, Tagadà 3.8%, Atlantide 4.1% and In Onda with 4.7%. In the first six months, La7 retained its

1 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, as from third quarter 2021, 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.

2

leadership position among generalist TV channels in terms of hours of information (nearly 16 hours daily average) and hours of live broadcasting (approximately 13 hours daily average);

• the Cairo Editore magazine publishing segment recorded a decline in results, due mainly to the increase in the cost of paper.

In first half 2022, consolidated gross revenue amounted to approximately Euro 598.6 million (comprising gross operating revenue of Euro 580.1 million and other revenue and income of Euro 18.5 million) versus Euro 583.3 million in the same period of 2021 (comprising gross operating revenue of Euro 564 million and other revenue and income of Euro 19.4 million), up by Euro 15.3 million.

In the first half, EBITDAbefore net non-recurring expense (Euro 80.3 million), while impacted by an increase in paper and other input costs of approximately Euro 12.5 million, was basically in line with the same period of 2021 (Euro 81 million).

EBITDAand EBITcame to Euro 69 million and Euro 31.3 million, (respectively Euro 80.7 million and Euro 43.9 million in first half 2021). Net non-recurring expense and income came to Euro -11.3 million and include Euro 10 million in expense attributable to the settlement of the litigation related to the Via Solferino/San Marco/Balzan property complex.

Profitattributable to the owners of the parent came to approximately Euro 11.3 million (Euro 24.5 million in the same period of 2021, which had benefited from the gain of Euro 7.3 million earned from the sale of Unidad Editorial Juegos S.A.).

Looking at the business segments, in first half 2022:

• in the magazine publishing segment (Cairo Editore), EBITDAand EBITcame to Euro 1.8 million and Euro 0.7 million (Euro 3.7 million and Euro 2.8 million in 2021). Regarding weeklies, with approximately 1 million average copies sold in the period January-May2022 (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 1.2 million;
• in the TV publishing (La7) and network operator segment, the Group achieved EBITDAof approximately Euro 2.9 million (Euro 6.3 million in the same period of 2021). EBITwas approximately Euro -4.9million (Euro -2.1million in 2021);
• in the advertising segment, EBITDAcame to Euro 1.6 million (Euro 0.9 million in the same period of 2021) and EBITto Euro 0.6 million (Euro 0.1 million in 2021);
• in the RCS segment, in the consolidated financial statements of Cairo Communication, in the first half EBITDA before net-recurring expense (Euro 74 million) was up by Euro 3.9 million versus the same period of 2021 (Euro 70.1 million). EBITDAand EBITcame to Euro 62.7 million2 and Euro 35 million (Euro 69.8 million and Euro 43 million in the same period of 2021) impacted by an increase in paper and other input costs of approximately Euro 10 million. Net operating revenue amounted to Euro 445.7 million. Initiatives continued on maintaining and developing revenue. In the first half, Corriere della Sera unveiled the new Login, ensured editorial coverage of major events through special issues, podcasts and newsletters dedicated to the Russia-Ukraine war with Corriere della Sera's top names and correspondents, while for digital projects it produced several new podcasts and formats. Major events were also organized, such as "Obiettivo 5-parità di genere", the third edition of "Civil Week," the thirteenth edition of "Cibo a Regola d'arte" and "Italia Genera Futuro". The weekly magazine OGGI, headed by Carlo Verdelli as from 1 February 2022, fully revamped its content with the launch in June, backed by a strong investment in marketing and a major product enhancement, of the new OGGI, which recorded an average circulation of approximately 241 thousand print copies in the first six issuses, up by approximately 100 thousand copies versus the average figure for May

2 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 next section "Alternative Performance Measures". As a result of these differences - regarding provisions for risks and the allowance for impairment, totaling Euro 2.1 million in first half 2022 - EBITDA shown in the RCS Half-Year Report at 30 June 2022, approved on 29 July 2022, amounted to Euro 60.6 million. As from the Annual Report at 31 December 2021, the item "Net income (expense) from equity-accounted investees" (zero in first half 2021), previously under EBITDA, has been classified after Operating profit (loss) or EBIT, among financial items.

3

(+58%). 31 March also saw the restyling of Amica. In Spain, El Mundo launched the cultural magazine La Lectura on 14 January, and the revamped women's magazine YoDona returned to newsstands on 26 March. The new supplement Expansión Fiscal was launched on 22 June. In Spain too, the organization of major events continued, including the third edition of "El foro económico internacional Expansión", the fourth edition of "Marca Sports Festival", and the annual congress "Energy and Happiness" by Telva. ElMundo, elmundo.es and expansiòn.es also produced new daily newsletters and supplements for in-depth coverage of the ongoing conflict in Ukraine.

The consolidated net financial position at 30 June 2022 stood at approximately Euro 33.7 (Euro 37 million at end 2021), after distributing dividends at the Group level of Euro 36.7 million. At 30 June 2022, the net financial position of RCS stood at Euro 15.5 million (Euro 16.7 million at 31 December 2021), after distributing dividends of Euro 31 million. Compared with end June 2021, when net financial debt stood at Euro 30.3 million, the net financial position improved by Euro 64 million, after distributing dividends of Euro 36.7 million at the Group level (for a total of Euro 100.7 million).

Total net financial debt, which includes financial liabilities from leases recognized in accordance with IFRS 16 (mainly property leases) of Euro 177.8 million, amounted to Euro 144.1 million (Euro 147.8 million at 31 December 2021).

***

The beginning of 2022 was yet again marked by the continuing health emergency, with the spread of the Omicron variant. Starting from early February, the situation began to improve in Italy and Spain, allowing both countries to speed up the phase of gradual and significant reduction in restrictions.

As from end February 2022, the conflict in Ukraine and its consequences, including in terms of economic sanctions against Russia and the impacts on the economy and trade, especially on energy, production and logistics supply chains, are creating an overall situation of great uncertainty and a possible slowdown in the economic growth expected in the relevant markets. The Group has no direct exposure and/or business activities towards the markets affected by the conflict and/or sanctioned entities.

The current situation is fueling the inflationary pressure and the growing trend in the costs of various production factors already underway since 2021 and, in some cases, also difficulties in supply, therefore in the production processes for several industries.

With regard to the Group, this economic context impacts on production costs, on paper in particular, and may also affect the performance of the advertising market, as it may influence the advertisers' propensity to spend.

In first half 2022 too, the Group met 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 have played 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.

As for both the health emergency and the ongoing conflict, 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 context plays out, on the developments and duration of the conflict in Ukraine and its geopolitical effects, and on the effectiveness of the public measures - including economic ones - which have been and will be implemented.

In consideration of the actions already implemented and those planned, in the absence of a deterioration of health conditions and/or the consequences of a continuing conflict in Ukraine and/or the trend in costs, the Group believes that it can set itself the target of confirming in 2022 margins (EBITDA) before non- recurring expense basically in line with those achieved in 2021 and to continue in the second half of the year with additional cash generation from operations.

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

4

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.

Cairo Communication is one of the leading groups in the publishing and advertising sales segments, recognized as one of the first to have developed a multimedia sales approach. 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, web, television, magazines and sporting events segments.

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

in the section NOTICES AND DOCUMENTS / PRESS RELEASES

5