Dear Madam/Sir,
dear Shareholders,

We are now just over one year into our collective adventure which began with the creation of Louis Hachette Group. Driven by operational excellence across all our businesses and a deep international footprint, our Group delivered strong earnings growth in 2025, with revenue up 4.2% to €9.6 billion and EBITA rising 8% to €551 million, while continuing to reduce debt. These stellar results clearly confirm the relevance of our strategic model, which unites leading and complementary French and international businesses in publishing, travel retail and media within a single entity.

The resounding success of its leading authors, together with the strong performance in Partworks and Board Games, enabled Lagardère Publishing to maintain its growth track while consolidating its positions through the acquisitions of the Le Routard brand, Ducasse Édition and Dutch board game distributor 999 Games. The division further cemented its leadership, becoming the third-largest publisher in the United States.

Meanwhile, Lagardère Travel Retail continued to build momentum by expanding its international store network and winning strategic tenders in its different businesses, including taking over all Duty Free operations at Amsterdam Airport Schiphol (Netherlands). Notably, the division has expanded its geographical footprint, launching operations in five new countries (Albania, Cambodia, Cameroon, Rwanda and Turkey).

In parallel, Lagardère Live continued its recovery, reporting a further improvement in Europe 1’s audience figures, developing editorial content for the Journal du Dimanche and the ELLE licensing business, and registering record attendances at the Arkéa Arena.

Lastly, Prisma Media, which remains France’s leading dual media publisher, is beginning to refocus on its traditional activities while stepping up the pace of its digital transformation.  Its acquisition of Ici Paris and France Dimanche magazines enhanced its foremost position in the entertainment segment.

In December 2025, we also defined a common CSR strategy for all of our activities, building on the historical commitments of Lagardère and Prisma Media, and underpinned by the tagline “Cultures in motion”. This strategy incorporates both our business lines and also the way in which they are operated, in a continuous drive towards sustainability. We strive to foster a culture of talent and promote diversity, by developing skills and encouraging innovation in our teams. Our culture of impact is embodied in our efforts to decarbonise our activities and optimise our management of resources, while our culture of trust ensures ethical behaviour in our dealings with stakeholders. Lastly, through our culture of openness, we support plurality in content creation and promote access to education and culture for all. I am delighted that our Group distinguished itself this year through its first non-financial ratings awarded by MSCI (BBB) and CDP (B), which reflect our structured management of ESG issues.

This achievement is based above all on the daily commitment of some 34,000 women and men across more than 50 countries and five continents, whose unique expertise and talent are our most precious assets. I would like to thank them warmly for their exemplary commitment. Our success belongs first and foremost to them.

On the strength of these assets and with the full support of the Bolloré family, our principal shareholder, we are more determined than ever to consolidate our leadership and maintain strong, sustainable growth to address both present and future challenges.

I would also like to thank you, dear Shareholders, for your trust.

Jean-Christophe Thiery
Chairman and Chief Executive Officer of Louis Hachette Group