2025

Arnoldo Mondadori Editore S.p.A. hereby informs that the Half-Year Financial Report at 30 June 2025, comprising the Independent Auditors’ report, is now available at the Company’s registered office, at the authorized storage mechanism 1info (www.1info.it) and on the website www.gruppomondadori.it (Investors section).

Today, the meeting of the Board of Directors of Arnoldo Mondadori Editore S.p.A., chaired by Marina Berlusconi, reviewed and approved the Half-Year Report at 30 June 2025 presented by CEO Antonio Porro.

“The results we have achieved during the first half of the year are in line with expectations and confirm our forecasts”, declared Antonio Porro, Chief Executive Officer and General Manager of the Mondadori Group. “This data reflects the general weakness recorded and expected on the trade book market in Italy, also due to the period publication, by all publishers, of fewer new successes than in the first six months of 2024”, Mr Porro, stressed. “We now look optimistically towards the second part of the year, during which we confirm our expectations for a progressive improvement in the scenario, already suggested by the market trend recorded in the four weeks of July, with growth of almost two percentage points compared with the same period of the previous year, such growth being driven by the performance of the Mondadori Group publishing houses”, Mr Porro concluded.

PERFORMANCE AT 30 JUNE 2025

During the first half of 2025 consolidated revenue came to € 389.5 million, highlighting slight growth (+0.6%) compared with the first half of the previous year (€ 387.2 million at 30 June 2024).
Like-for-like, due to the inclusion of Star Shop Distribuzione (from 1 February 2024), Chelsea Green Publishing (from 1 May 2024) and Fatto in casa da Benedetta (from 1 October 2024), the revenue declined slightly (-0.8%).

Adjusted EBITDA, equal to € 40.5 million, revealed substantial stability compared with the € 40.9 million at 30 June 2024, also thanks to the early restocking of Education Books top accounts.

The Group’s reported EBITDA amounted to € 39.2 million, down € 3.2 million compared to the first half of 2024, which had benefited, from lower restructuring costs and the release of some provisions for risks in the Media area, allocated against contingent liabilities that did not materialise.

The Mondadori Group’s EBIT for the first six months of 2025, positive for € 8 million, has shown a downturn of € 4.7 million compared with the same period of FY 2024, also due, in addition to what has already been described, to higher amortisation totalling € 1.5 million booked during the period under review, and concentrated in particular in the Trade Books area and Corporate area.
Neutralising the extraordinary items and the amortisation deriving from the allocation of the price for the companies acquired in the last five years (PPA), Adjusted EBIT for the first half of FY 2025 would stand at € 13.6 million, compared with the € 15.4 million of the same period of 2024.

The consolidated result before tax is positive for € 4.1 million, down by approximately € 5 million compared with the € 9.4 million at 30 June 2024: the downturn to EBIT in fact comes in addition to an increase of € 0.6 million in financial charges. By contrast, a higher contribution of approximately € 0.2 million was made by associates.

Tax costs in the first half of 2025 totalled € 0.6 million, a reduction compared with the € 1.4 million at 30 June 2024 due to the lower pre-tax result.

The Group’s net profit at 30 June 2025, after minority interests, amounted to € 3.5 million, down € 3.6 million compared with the € 7.1 million of the first half of 2024, despite a lesser portion of minority interests.

Adjusted net profit, net of all non-recurring items, would amount to € 7.6 million, compared to € 9 million in the first half of the previous financial year.

The Net Financial Position gross of IFRS 16 as at 30 June 2025, stood at € -218.8 million (net debt), showing a slight increase compared with the -211.9 million at 30 June 2024; the strong cash generation of the business enabled the financing of the acquisition of Fatto in casa da Benedetta, as well as the increased remuneration of shareholders, without significantly raising the Group’s financial exposure.

The Net Financial Position IFRS 16 at 30 June 2025, equal to € -300.1 million (net debt), grew by approximately € 7 million from the € -293.3 million at 30 June 2024.

Cash flow from ordinary operations (i.e. after the cash-out for financial charges and tax) of the last twelve months prior to 30 June 2025 stood at € 64 million, confirming the Group’s capacity to continue to finance its development policy.

As at 30 June 2025, extraordinary cash flow was negative by approximately € 30 million, mainly due to net cash-out related to M&As for around € 14 million, restructuring costs of around € 4 million and the costs relating to the renovation of the Segrate headquarters of around € 6 million.

Consequently, Free Cash Flow at 30 June 2025, positive for € 33.8 million, confirms the capacity to increasingly remunerate shareholders, without compromising the solidity and continued financial strengthening of the company.

The Group has, in fact, fully booked the dividends allocated to its shareholders of € 36.5 million (of which 50% was distributed in May, while the remainder will be distributed in November 2025).

OUTLOOK FOR THE YEAR

The economic and financial figures for the first half of the year were in line with the relevant forecasts, which estimated, albeit to a more limited extent than actually proved to be the case, an overall weakness in the book market for the entire first half of 2025 compared to the previous year.
Therefore, the Group believes that it can confirm the guidance disclosed previously for FY 2025, which reflects the expectation of an improvement in the market context during the second part of the year and an even more marked improvement in the Group’s performance.

As a consequence of the foregoing, the guidance confirms:

Income Statement:

• low single-digit revenue growth;
• low single-digit growth of Adjusted EBITDA and, therefore, margins stable at around 17%.

Cash Flow and Net Financial Position

• Even in a context that was generally difficult, the Group is expected to confirm its significant capacity to generate cash, despite a scheduling of the publishing plan of the Trade Books area that may result in a partial postponing of collections from late 2025 to early 2026;
• the Group’s Net Financial Debt (IFRS 16) is expected to come in, at end FY 2025, as 1.0x adjusted EBITDA (from 1.1x at end 2024), while NFP (no IFRS 16) is expected to improve to 0.5x adjusted EBITDA (no IFRS 16).

PERFORMANCE OF BUSINESS AREAS

TRADE BOOKS AREA

During the first half of the year, 2025 saw a negative trend of the book market, which in the first six months of the current year revealed a downturn of 5% in value^[1].

This decline is due on the one hand to the replacement of APP18 by the Carte della Cultura e del Merito (Culture and Merit Cards, the effects of which on the market were noted through to April) and on the other, to the publication by most publishers of fewer new successes.

In this context, revenue from the Trade Books area in the first half of 2025 came to € 180 million, down 4.5% compared with the previous year, or 3% excluding the impact of the end of the concession relative to the Roman archaeological area of the Coliseum.

Adjusted EBITDA, equal to € 20.7 million, showed a decline of around € 7 million due to the lesser margin deriving from the reduction in publishing revenue of both paper and digital products, to the end, in April 2024, of the concession related to the Coliseum area activities and the failure to repeat a commercial operation run by the publisher Star Comics, which had been implemented during the early months of 2024, with a positive impact on the Area’s profitability.

EDUCATION BOOKS AREA

School textbooks were characterised by the typical seasonal performance of the business that sees sales squeezed in the second half of the year following the adoption campaign.

In the first half of 2025, the School business recorded total revenue of € 69.8 million, up 14.2% compared to the € 61.1 million reported in the first half of 2024. This positive change is exclusively attributable to the bringing forward of restocking by top accounts.

Adjusted EBITDA for the Education Books area in the first half of FY 2025, came to € 7.3 million, an improvement compared with the € 1.9 million recorded during the first six months of 2024, almost entirely due to the above-specified bringing forward of restocking by top accounts, mainly concentrated in higher profit segments.

RETAIL AREA

In a context characterised by a downturn of the book market and a more generalised decline in consumption, the Retail area has shown slight growth (+0.5% in terms of sell-out at value) and has continued to record considerably better performance than otherwise seen on the market.

Consequently, thanks to the contribution made by directly-managed stores and franchises, Mondadori Retail holds a 13.4% share of the market (+0.7% compared with the first half of last year), which becomes almost 20% in the physical channel alone.

During the first half of FY 2025, the Retail area (including revenue from comics and the e-commerce website of Star Shop Retail, consolidated since 1 February 2024), recorded total revenue (book and non-book) for € 93.4 million, thereby showing an increase of 2.1% compared with the previous year.

At an organic level (excluding the revenue of Star Shop Retail), revenue was up 1.2%; the increase would have been even greater, equal to 2.9%, without the negative impact (approximately € 1.5 million during the first half of 2025) deriving from the temporary closure, for renovation, of the Rizzoli book shop in Milan, which reopened to the public in May.

An analysis of the sales by channel reveals, compared with the first half of 2024:

• further growth in revenue of direct bookstores (+5.3%);
• the continuous improvement of franchisee bookstores (+2.7%);
• the decline of the on-line channel (-1%) due to the transition from the current e-commerce website to the new omnichannel platform;
• the positive impact of revenue deriving from the management of Star Shop comics and e-commerce website, consolidated starting 1 February 2024.

The Retail area presented Adjusted EBITDA of € 5.4 million in the first six months of FY 2025, slightly up compared with the same half of the previous year. This result, achieved despite the negative impact (€ 0.5 million) of the specified temporary closure of the Rizzoli Milan book shop for renovation, confirms the constant progressive improvement in the Area’s performance.

MEDIA AREA

In H1 2025, revenue in the Media area amounted to € 72.6 million, showing an increase of approximately 1% compared with the same period of the previous year, stemming from the strong growth in the Digital component, which more than offset the structural downturn of the component linked to print activities.

The digital business, which accounts for approximately 48% of the area’s total revenue, has shown growth of 13% (approximately +8% like-for-like), deriving in particular from the positive performance of the MarTech segment (around +11%) and the excellent results recorded by the social agencies, while the print business was down by approximately 8%, due to the structural decline of circulation and joint sales recorded in the period under review.

Adjusted EBITDA for the Media area came to € 12.4 million in H1 2025, showing growth of approximately 23% compared with the previous year, mainly due to the print business segment.

The presentation of the results at 30 June 2025, approved today by the Board of Directors, is available on www.1info.it and on www.mondadorigroup.com (Investors section). A Q&A session will be held in conference call mode at 4.30 pm for the financial community, attended by the CEO of the Mondadori Group, Antonio Porro, and the CFO, Alessandro Franzosi. Journalists will be able to follow the meeting in listening mode only, by connecting to the following phone number +39.02.8020927 or via web at: https://hditalia.choruscall.com/?calltype=2&info=company. 

The Financial Reporting Manager – Alessandro Franzosi – hereby declares, pursuant to Article 154 bis, paragraph 2, of the Consolidated Finance Law, that the accounting information contained herein corresponds to the Company’s records, books and accounting entries. 

Annexes (in the complete pdf): 

1. Consolidated Statements of Financial Position
2. Consolidated Income Statement
3. Consolidated income statement – II quarter
4. Group cash flow
5. Glossary of terms and alternative performance measures used

^{[1] Source: GfK, June 2025}

Mondadori Store, Italy’s largest network of bookstores, has brought a new space dedicated to books and entertainment to the city of Formia (Latina).
The Mondadori Bookstore in Formia expands the already extensive Mondadori Store network in Lazio, in line with the network’s strategy of helping to spread culture and promote reading, creating an interactive meeting point.

“I am pleased to have opened a new bookstore in the south of Lazio in the particularly culturally vibrant provinces of Latina and Frosinone,” explains Felice Paparello, a Mondadori Store franchisee. “Our goal is to offer an engaging experience both to reading lovers visiting the city and to local residents, planning cultural activities for families and young people,” concludes Paparello, who also owns the Mondadori Stores in Frosinone and the neighbouring municipalities of Piedimonte San Germano, Sora Piazza Palestro and La Selva Shopping Centre, as well as in the province of Latina in Fondi, Minturno, and Terracina.

The new Mondadori Bookstore in Formia covers an area of 100 square metres with a catalogue of more than 5,000 titles, from great classics to best sellers, including fiction and non-fiction, both local and international. Special attention is paid to younger readers with the We are Junior format, which includes educational games and picture books to stimulate their imagination with the most intriguing stories, and the Just Comics department dedicated to manga and comics. The bookstore also offers dedicated #BookTok areas for the new generation of readers, as well as stationery, toys, gadgets and gift cards.

The Mondadori Bookstore in Formia also serves readers online: customers can be updated via the Instagram and Facebook pages. They will also be able to get in touch with the bookstore through the  Mondadoristore.it digital services to check a book’s availability, order it, pick it up in store or have it sent to their home. The bookstore also offers telephone ordering services to all customers.

The new Mondadori Bookstore is part of the ongoing renewal and development plan launched by Mondadori Store, the most extensive network of bookstores in Italy, with more than 500 sales outlets distributed across cities and towns. This cultural stronghold is active throughout the country, online with the Mondadoristore.it e-commerce site and book club formula, with an offer that combines books — which are always the focus — with entertainment experiences, events and multi-channel services, reaching more than 20 million customers every year.

MONDADORI BOOKSTORE
Via Paone 9, 04023, Formia (LT)
Opening hours: summer 9.30 am – 1 pm 5 pm – midnight, winter 9.30 am – 8 pm
Tel: 0771.903023
E-mail: mondadoristoreformia@gmail.com
IG – FB

Mondadori Store, the largest network of bookstores in Italy, has strengthened its presence in Rome with three new shops that further enhance what Italy’s capital has to offer, in line with the network’s strategy of facilitating the spread of culture and promoting reading.

The historic bookstore in Via Tuscolana, which opens tomorrow, Thursday 3 July, is joined by the opening of the Mondadori Bookstore in the Le Terrazze shopping centre in the Casal Palocco district and today’s inauguration, following a complete renovation, of the shop in the RomaEst shopping centre.

“After last autumn’s opening of the Bookstore in Galleria Alberto Sordi, the development of the Mondadori Store bookstore network in the city of Rome is continuing both through directly managed shops and franchisees,” commented Carmine Perna, Managing Director of Mondadori Retail. “Thanks to these new initiatives in the capital, we are pursuing our strategy of making culture increasingly accessible, also by renovating our spaces to offer a modern and engaging experience to an ever-growing number of reading and entertainment enthusiasts,” Perna concludes.

Mondadori Bookstore on Via Tuscolana
One of the shops enriching the city’s cultural offer is the historic bookstore on Via Tuscolana, which is celebrating its 30^th anniversary this year. The inauguration, which will take place on Thursday 3 July at 6 p.m., will be attended, together with Carmine Perna, by the Councillor for Culture of the Municipality of Rome, Massimiliano Smeriglio, the President of Municipio VII, Francesco Laddaga, and the President of Municipio VII’s VI Commission, Emiliano Cofano.

The refurbished Mondadori Bookstore covers an area of 300 square metres with a catalogue of more than 20,000 titles and a layout that will offer bookshop customers modern, tailored spaces for all reading enthusiasts.

“Over the course of its 30 years in business, the Bookstore on Via Tuscolana has become not only a neighbourhood bookstore, but also a place for meeting, cultural exchange and discovery, a meeting point that has accompanied generations of readers and enthusiasts, contributing to making the neighbourhood a vibrant place,” remarks Mondadori Store franchisee Luca Russillo. “Our bookstore, where we have hosted great writers, has over time become one of the main reference points for book events in Rome,” Russillo concludes.

Mondadori Bookstore in the Le Terrazze shopping centre
The same franchisee recently opened a new Mondadori Bookstore in the Le Terrazze shopping centre: the bookstore is a novelty for the Casal Palocco district in Rome, offering more than 10,000 titles in its 150 square metre space.

Mondadori Bookstore in the RomaEst shopping centre
Mondadori Store’s presence in Rome has also been renewed with today’s reopening of the bookstore in the RomaEst shopping centre. The spaces of the directly managed shop, which is easily accessible by public transport and located close to the A24 motorway exit, will house in its 300 square metres up to 15,000 different titles and more than 2,500 stationery items, toys, gadgets and gift boxes, offering the capital a renewed cultural reference point. Since 2007, the booksellers at the Mondadori Bookstore in RomaEst have been working enthusiastically and professionally to introduce the public to new publications, strengthening a relationship of trust with readers day after day.

Services provided by the three bookstores
The three Mondadori Bookstores offer a catalogue rangingfrom the great classics to bestsellers, including fiction, non-fiction and international books. Special attention is paid to younger readers with the We are Junior format, which includes educational games and picture books to stimulate their imagination with the most intriguing stories, and the Just Comics department dedicated to manga and comics. The bookstore also offers dedicated #BookTok areas for the new generation of readers, as well as stationery, toys, gadgets and gift boxes.

Mondadori Store shops also serve readers online: customers can be updated via the Instagram and Facebook social media pages. They will also be able to get in touch with the bookstore through the Mondadoristore.it digital services to check a book’s availability, order it, pick it up in store or have it sent to their home, choosing from a catalogue of over 1 million titles. The bookstore also offers telephone ordering services to all customers.

The new Mondadori Bookstores are part of the ongoing renewal and development plan launched by Mondadori Store, the most extensive network of bookstores in Italy, with more than 500 sales outlets distributed across cities and towns. A cultural stronghold active throughout the country, online with the Mondadoristore.it e-commerce site and the book club formula, through an offering that combines books – always at the centre of the offer – with entertainment experiences, events and multi-channel services, reaching more than 20 million customers every year.

After three editions with extraordinary numbers and strengthened by the growing interest in health, physical activity and wellbeing, Saturday and Sunday, 13 and 14 September will see the return of MypersonalTrainer Days. This event created by MypersonalTrainer – a Mondadori Group brand and a leader in health, wellbeing and healthy, functional sports nutrition – is sponsored by the Municipality of Milan. The fourth edition of this event will be even more abundant, with many new features. Two days of events in a double-sized area, courses and free activities for all audiences. This year, MypersonalTrainer Days comes with a new claim: Wellness (R)evolution, a symbol of the evolution of wellness as represented by MypersonalTrainer. This event reinforces its mission to promote a healthy and active lifestyle with new disciplines, a holistic view and scientific authority, always aimed at preventing illness.

MypersonalTrainer Days: The Numbers

Last year’s MypersonalTrainer Days was attended by over 15,000 national and international visitors and 26 brand partners. More than 50 guests from the world of sports and wellness presented 500 free events, 300 hours of activities and medical consultations in a 2,000-m2 area in the green heart of Milan, between the Arco della Pace and Piazza Sempione. Forty-eight hours of life outdoors, dedicated to physical and mental wellbeing, with more than 20 million reaches on the brand’s Instagram, TikTok, Facebook and YouTube channels.

MypersonalTrainer Days doubles its space with a range of new activities, for the first time in Milan

The space at the Arco della Pace will be twice as large, with the possibility of hosting more events, activities and audiences of all kinds. MypersonalTrainer Days is not only dedicated to experienced athletes, enthusiasts and those who are already aware of their health and bodies but also to families, furry friends and anyone who is curious and simply wants to improve their lifestyle.
For the first time, this 2025 edition will have room for padel, thanks to the collaboration with Italian Padel. Through the Italian Padel Club, it will not only give everyone the chance to train but will also host a spectacular mini tournament with the participation of well-known faces from football, other sports and show business. This opportunity for first-hand experience with one of the fastest growing sports in Italy can’t be missed.
Another new experience to practise or watch is the AntiGravity^® Fitness Area with Sayonara Motta. This innovative programme blends various disciplines such as dance, pilates, acrobatics, calisthenics and yoga, with benefits for spinal decompression. With its suspended hammocks, AntiGravity^® Fitness works against gravity, helping to tone, stretch and realign the body, improving posture, flexibility, balance and coordination and relaxing the nervous system.

Popular experiences with many new things to discover

Ever-popular yoga sessions, engaging Silent Fitness experiences and workouts inspired by today’s hottest disciplines will take place on the fitness stage. These include Tamboo, a dynamic musical format combining the rhythm of percussion with physical activity for the first time in Milan; therapeutic yoga, designed for profound wellbeing of the body and mind; and Spinext, an innovative functional practice that improves mobility and posture. The star trainers at all previous editions of this event will also be there, from Jill Cooper to Jairo Junior and Nicolò Famiglietti, Silvia Fascians and Laura Crugnola of Power Talent Agency. For the first time ever, the public, led by Jairo Junior, will be able to participate in MYPT Cross the Park, a unique initiative combining functional training, cardio fitness and socialising in characteristic urban spaces.
There will also be numerous Indoor Experiences, with a Talk Zone where special guests will take turns once again this year for in-depth meetings and free medical consultations.
The MypersonalBeauty area, which was very popular in the last edition, is confirmed again this year. As in 2024, a route will be created with different areas — hair, face and body care — for exclusive wellness experiences. The area will also be specially designed to appeal to increasingly beauty-conscious men.
Another new feature of this edition is the MypersonalPet area dedicated to pets — which are always welcome at MypersonalTrainer Days — with fun activities, talks with unique guests and indispensable advice on how make the most of living together with our furry friends, getting to know and respect them.

Opportunities for brand partners

In synergy once again this year with Mediamond and its special Initiatives team, Brand On Solutions, there are many special opportunities for the market and individual brand partners relating to original, engaging and dedicated projects. A multimedia advertising campaign was created for MypersonalTrainerDays, with influencer marketing, communication on the DOOH circuit, radio, social and digital media. In particular, MypersonalTrainer ‘s social and web profiles will detail all the stages of the event, activities and partners, from teasers to non-stop coverage over the two days, ending with a follow up dedicated to the most significant and exciting moments of the two-day event.

Brand partners already on board

Barilla Protein+, Bayer – Vaginaverso, Biotherm, Bonduelle, Brita, Carnidyn, Centro Diagnostico Italiano, Curasept, Dicloreum Ice, Dorelan, DR Automobiles, Gold Collagen, Maalox Digestione RAPID, Napisan, Parmigiano Reggiano, Vichy, Virbac – Animal Health, ZespriTM.

For information and updates: https://www.my-personaltrainer.it/myptdays

MypersonalTrainer is Mondadori Media’s leading media brand in the world of health, wellness and healthy, functional sports nutrition, with a monthly reach of 13 million on social media and the Internet (source: social incremental reach Comscore – January-May 2025) and more than 6.6 million followers on social networks (source: Comscore Shareablee and social insights – June 2025). It has been active in the area for four years with live initiatives, including annual appointments at RiminiWellness and in Milan at the Arco della Pace with the Mondadori Media event, MypersonalTrainer Days.

‘What will I do after secondary school?’ This is the question keeping thousands of Italian students awake at night during these weeks. On one hand, the state exam still represents the main source of anxiety (for 50% of students). On the other hand, there is an equally strong but underlying concern: uncertainty about the future.

This snapshot was captured by Studenti, a Mondadori Media brand and Italian leader in digital education, which launched a survey among its community in the 48 hours leading up to the exams, gathering over 1,000 responses from Italian graduates.

THE RESULTS: A HAZY FUTURE FOR MANY

The survey reveals data that depicts a suspended generation:

• one third of students have not yet decided which path to take after school.
• Only 1 in 5 feels truly ready and confident in their choice.
• More than half of graduates would like personalised support with orientation, even through the use of artificial intelligence.

THE DESIRE NOT TO BE LEFT ALONE

The secondary school exam is no longer just a written or oral test. It symbolises a delicate transition full of questions and expectations.

In recent years, the post-graduation landscape has also expanded, with universities, ITS courses, foreign opportunities, work and volunteer experiences. Without a compass, this range of possibilities risks generating confusion.

‘The need for modern guidance closer to the communication methods and emotional needs of Gen Z is more urgent than ever,’ says the Studenti editorial team. ‘Young people are asking for spaces to discuss and receive clear guidance, even with the help of new technologies.’

As it emerged from the survey, students are asking not to be left alone at this moment. They would like concrete, updated, and accessible tools to navigate among universities, vocational courses, gap years, and first jobs.

Studenti meets this need by offering guides, orientation tests, video interviews, in-depth articles, and dedicated columns specifically for post graduation choices such as ‘Cerca Corsi (Search Programmes),’ the digital orientation tool linked directly to MIUR official data (with 5,800 degree programmes), and Gaia, the first integrated artificial intelligence tool on the web dedicated to education.

Studenti is a brand by the Mondadori Group, an Italian leader in digital education, with 4 million users (source Audiweb – April 2025). It is a reference point for the younger generation at school and more, due to dynamic and constantly evolving editorial offerings marked by innovative language and content. This formula that has allowed Studenti to reach over 1 million followers on social media — including TikTok, YouTube, and WhatsApp — where students can access guides and tutorials to prepare for exams, receive support to navigate their educational and professional future, and find resources to make the most of their student experience in every respect, including personal wellbeing.

PLAI, the Mondadori Group’s start-up accelerator aimed at transforming projects based on artificial intelligence into successful companies, has selected seven new start-ups for its second acceleration batch, which will be accompanied on an excellent six-month training course culminating in a new Demo Day.

The programme of this second edition consisted in two dedicated call4startups: one for early-stage start-ups — i.e. the product validation phase — and one for more mature, growth start-ups — i.e. with a product already validated on the market and ready to build solid collaborations.

More than 1,000 applications received in the two batches launched by the accelerator — with 514 collected in the second batch — confirm the attractiveness of the PLAI programme. New start-ups were selected according to key criteria such as the quality of the team, potential business integration, scalability, degree of technological innovation, roadmap and go-to-market strategy.

Expanding its areas of focus, the new call included the category of procurement process optimisation in addition to education, retail, new media & advertising and publishing.

The selection process for the second cycle began on 6 March. More than 1,500 hours of application evaluation led to an initial shortlist of 16 start-ups, which presented themselves during the Selection Day held on 27 May, following which 7 finalists were selected.

‘We are constantly impressed by the quality of the submissions to our calls. Once again, the choice was challenging but it allowed us to identify cutting-edge start-ups with a clear vision of the future, noting an increase in international applications for the first time. The selection reaffirmed our commitment to supporting the most revolutionary and sustainable ideas, confirming the high level of competition and excellence of the projects. We can’t wait to start working with these new companies, helping them turn their ideas into commercial success,’ says Stefano Argiolas, CEO of PLAI.

Many Italian and international partners are supporting PLAI for Batch 2025: Startupbootcamp, I3P – Incubator of the Politecnico di Torino, Amazon Web Services (AWS), ElevenLabs, Fastweb + Vodafone, WPP Media Italy, IFAB – International Foundation Big Data and Artificial Intelligence for Human Development, Multiversity Group, PwC Italy, StartupItalia and Codemotion.

Acceleration for selected start-ups

Early-stage start-ups will receive an investment of €100,000 in exchange for about 7% of the capital. If deemed viable by PLAI at the end of the course, some of the selected start-ups will also be eligible for an additional €400,000 follow-on investment to support further growth and scalability.

For start-ups in the growth phase, a €40,000 compensation for a Pilot/PoC (proof of concept) is envisaged to help implement pilot projects with and for the Mondadori Group or PLAI’s corporate partners.

Both categories include more than 60 hours of high-quality workshops with PLAI partners to develop core skills (business, tech, fundraising, external & internal communication) and over 45 hours of customised mentorship with experienced managers and entrepreneurs. All selected start-ups will also benefit from €10,000 in credit to be used on the AWS (Amazon Web Services) platform, three months of access to the ElevenLabs platform (Tech Perks) including digital services and credits, and access to the PLAI network for strategic connections and business development along with its entire ecosystem, which fosters collaboration and innovation.

The programme is enriched with vertical events with industry experts and custom Investor Day Preparation sessions, which offer tailored strategic and technological tools to grow and scale successfully.

Start-ups entering BATCH 2025

BILLD – retail
Every year, Europe produces 230 billion receipts made of non-recyclable thermal paper, creating a considerable environmental impact and important storage limitations. Furthermore, 93% of offline data remains unused for advertising and trend analysis purposes. Billd is a green fintech start-up offering an innovative HaaS (hardware as a service) for digital receipts, collecting and analysing big data from the offline market. The device developed by Billd is easy to install and compatible with any cash register.

BOOSTED AI – education
The student drop-out rate is high (12% at university level), less than half of students receive adequate, personalised feedback and poor digitisation wastes money for educational institutions and demotivates students. Boosted AI is an intelligent platform that transforms study materials into a personalised digital learning pathway and automates assessment.

CICERO.LIVE – retail
Companies rely on hypothetical interpretations to assess the involvement in and results of conferences, trade fairs and sales spaces. Cicero.Live is a machine learning system that tracks the performance of live events by calculating the audience’s level of attention, involvement and sentiment and correlating it with the movements and words of the speaker on stage.

COMPRI – procurement
Traditional procurement tools are rigid and outdated, often add complexity and still rely on email, Excel and ERP systems that are not built for modern needs, consequently wasting time. Buy centralises all procurement activities in one platform supported by an AI assistant, and automates operational and strategic processes: from requisitions to order management, supplier qualification, compliance, RFQs, budgeting and analysis.

LIA – procurement
In Italy, more than half of B2B SMEs with an annual turnover of less than €15 million collect payments more than 60 days late, delaying growth, limiting liquidity and burdening administrative teams. The AI-based LIA platform acts as a virtual administrative and legal assistant. It sends white-label reminders, analyses customer behaviour, suggests repayment plans and manages legal steps, all while preserving customer relationships. Through customised messaging, it reduces collection times by up to 80%, lowers costs and works on a fixed fee model without commissions.

MATH LEGACY – education
Current EdTech solutions for the school system are based on quizzes and superficial gamification, but they no longer work because students do not learn. Globally, performance in mathematics continues to deteriorate and in Italy, 44% of secondary school students do not even learn the basic skills. Math Legacy is a suite of video games — one for each topic — with a shared engine, engaging narrative and recognisable visual identity. In its first tests with over 5,000 students in 30 schools, Math Legacy – awarded Best Italian EdTech 2024 (GESAwards) – recorded a 23% increase in scores in just one month.

MEMORAIZ – education
Educational, publishing and cultural institutions struggle to integrate AI sustainably without disrupting workflows or replacing the digital tools currently in use. MemorAlz provides flexible artificial intelligence modules that can be integrated into existing processes and tools to transform content, personalise experiences and support pedagogical interaction, meeting the needs of individual organisations in education, publishing and culture.

For this second edition as well, thanks go to the members of the Advisory Board for their professionalism in supporting the activities of PLAI and the selected young companies: Sergio Amati; Marco Becca; Paola Bonomo; Marco Bressani; Luciano Catoni; Mario Coletti; Giampaolo Colletti; Paola Colombo; Alessandro Conca; Stefano Denicolai; Guido Di Fraia; Lisa Di Sevo; Matteo Flora; Luca La Mesa; Paolo Meraldo; Paola Mogliotti; Julian Prat; Federico Rampolla; Alceo Rapagna; Maurizio Romandini; Chiara Russo; Franco Spicciariello; Vincenzo Tanania; Davide Tesoro-Tess; Luca Tremolada.

PLAI is the Mondadori Group’s startup accelerator, which aims to transform projects relying artificial intelligence into successful companies. PLAI offers a distinctive field of application and an industrial outlet, both within the Group and with partners of the initiative. PLAI selects and invests in Italian and international start-ups. In addition to capital, the accelerator provides start-ups with concrete areas to apply AI, structured training and mentorship courses, as well as the opportunity to participate in networking events, due to the unique set of skills and assets provided by relevant Italian and international partners.

Pharmacies are being transformed. They are no longer just points of sale but actual strategic touchpoints capable of connecting brands and consumers when decisions really count. This was the guiding vision of AdKaora, Mondadori Group’s MarTech agency, when it designed the new campaign developed in collaboration with WPP Media for the launch of the HYALU-FILLER skincare line by Laboratoires Filorga Cosmetiques Italia.

An Ecosystem Combining Digital and Physical Content, Branding and Performance

The new HYALU-FILLER line, inspired by the Skin Booster and Filler treatments, represents an important step for Filorga in the world of pharmacies, which are currently a priority channel. To enhance the products, the brand built an integrated communication ecosystem together with AdKaora to accompany users at every stage of their journey, from product discovery to purchase, through direct in-store interaction.

Media Mix Focused on Pharmacies

The core of the communication strategy was the new in-store retail media channel. The touchpoints activated in the campaign included the Addendo Pharma digital network by Haiku Technologies, AdKaora’s partner in the pharma & beauty sector. Participating pharmacies throughout the country were equipped with indoor digital screens to deliver video advertising, turning points of sale into real media centres.

As a second step, the AdBox™ technology – also developed by Haiku and integrated into pharmacy registers – collected real-time data on user behaviour. With this IoT system, concrete, timely insights are obtained to accurately measure the impact of campaigns on sales, optimising ROI (return on investment) and enhancing the effectiveness of the entire communication ecosystem, as well as providing timely, granular information on sell-out at individual pharmacies.

Proximity Marketing to Trigger Action

The strategy did not stop with the pharmacies. AdKaora also activated a proximity marketing component – its historical strength – to intercept users on the move. With geolocalised, engaging and highly relevant mobile formats, it was possible to stimulate interest and guide users smoothly and naturally to points of sale.

To make the experience even more immediate, a call to action was integrated to activate Find&Go Now! The interactive map, created using AdKaora’s proprietary technology, shows the nearest pharmacies with active screens in real time, presenting the shortest route to get there. A direct bridge between banner and shelf.

Results: Awareness, Action and Concrete Performance

The campaign managed to combine visual impact and activation across the area, recording excellent performance throughout the funnel. The Display format achieved a CTR (click-through rate) of 2.1%, indicating strong interest and involvement by the target audience, while the pharmacy videos ensured a constant and memorable presence at a key moment in the decision to purchase.

However, sell-out is where the strategy expressed its full potential. Weekly sales in Addendo circuit pharmacies that were analysed increased by more than six times the annual average. This increase leaves no room for doubt about the effectiveness of retail media in the pharma sector in generating tangible results, turning engagement into real conversion.

A New Approach to Pharma Retail Media

The campaign deployed a well-orchestrated mix of technology, media and data, both online and offline, with a single objective: enhancing the pharmacy channel as a space for interaction, advice and conversion. Today, using solutions such as those by AdKaora, this aspect can become an active part of a brand’s media strategy.

‘For Filorga, the pharmacy channel is much more than a point of sale. It is a place of trust and advice, developing genuine relationships with consumers. Presiding over this strategic touchpoint with innovative and measurable communication solutions is crucial for enhancing the value of our skincare products, especially in a setting where choices are made at a decisive moment. With the support of AdKaora, we have transformed our pharmacy presence into an omnichannel experience that combines awareness and conversion, confirming our commitment to supporting people along their beauty and wellness journey,’ says Irene Picazio, Marketing Director at Laboratoires Filorga.

‘Retail media in the pharma channel can no longer remain in the shop window. It must become a tool for interaction, activation and measurement. With our full-funnel approach, we take brands exactly where it counts: to customers at the moment they are deciding what to buy. Using a hybrid ecosystem combining pharmacy screens, geolocalised mobile advertising and drive-to-store technology, AdKaora is now able to turn advertising into concrete action, and pharmacies into true physical media touchpoints. With the ability to measure real insights and sales uplift, we guarantee brands not only visibility, but also performance. We would like to thank Filorga for their trust, given the sales results, and for sharing this strategy with us,’ says Davide Tran, MarTech Director of Mondadori Media.

GialloZafferano, the most popular in Italy and one of the world’s most beloved food media brand, opens CasaGiallo, its first house of production in the United States, designed to talk about the Italian way of understanding and experiencing cuisine across the ocean.

Located in Brooklyn, with a view of the three famous bridges of New York – the Williamsburg, Manhattan, and Brooklyn – CasaGiallo is a new creative space for developing content dedicated to contemporary Italian cuisine.  Furnished with characteristic articles of Italian design, CasaGiallo not only overlooks the city’s bridges but also becomes a bridge between Italian cuisine and the American public.

An evolution of the space presented in 2024, the new content studio will form the heart of production for GialloZafferano aimed at the US market. CasaGiallo aims to produce the best cooking content for visual quality and social language, respecting Italian tradition and building open, long-lasting cultural exchange. The studio will host chefs, creators, and branded content projects, offering companies an integrated digital (web and social) and physical multipurpose hub, in an ideal location for unique, innovative experiences.

‘With CasaGiallo, we bring our vision of Italian cuisine to the creative heart of New York,’ says Andrea Santagata, CEO of Mondadori Media Digital Area. ‘It is not just a simple production studio but a dynamic place for talent, cultures, and brands to connect. With CasaGiallo, we offer companies promoting the Italian culinary tradition in America an effective way to tell their story through innovative content that can speak to the American public using authentic, up-to-date language.’

With 72 million followers globally, GialloZafferano strengthens its presence in the American market, initiating a new phase of internationalisation.

CasaGiallo was inaugurated in the presence of the Italian Trade Agency, with an exclusive moment created with the Italian-American creator Bilena Settepani, owner of the historical Settepani Bakery in Brooklyn, and Aurora Cavallo @Cooker Girl, the brand’s ambassador.

GIALLOZAFFERANO, OFFICIAL MEDIA PARTNER OF THE ITALY PAVILION AT THE SUMMER FANCY FOOD SHOW

One of GialloZafferano’s most successful initiatives in the United States is its media partnership with the Italy Pavilion at the Summer Fancy Food Show in New York (29 June – 1 July), the most important food and beverage fair in America. This the third consecutive year for the partnership, which relies on an exclusive collaboration with Universal Marketing, the only Italian agent for the Specialty Food Association and organiser of the Italy Pavilion, which brought 340 companies to New York under the concept ‘Italy, the Art of Taste’.
During the Summer Fancy Food Show, GialloZafferano was accompanied by Italian and Italian-American talent from Zenzero, the vertical talent agency by Mondadori Media in the world of food. Guests included Cooker Girl, Cook with Fez, Daniele Rossi, Bilena Settepani, Rosy Chin, Flavors by Alessandra, Lulù Gargari, Silvia Barban, and Marco Chef.

On the eve of the event, the creators participated in a photo session in Times Square and, during the four days of the fair, enlivened the Italy Pavilion with 20 live showcookings and over 50 original content items shared on GialloZafferano Loves Italy, the social media profile dedicated to an international audience.

ACTIVITIES WITH BRAND PARTNERS

Following the success of the last edition, the collaboration between GialloZafferano and Grana Padano was renewed for the 2025 edition of the Summer Fancy Food Show. In fact, GialloZafferano was present at the Consortium’s stand with two showcookings a day, hosted by well-known faces from the digital kitchen. For the second consecutive year, GialloZafferano was also a partner of the exclusive annual event organised by Grana Padano on 30 June at Bar 65 (Rockefeller Center). Here, creators Cooker Girl and Marco Chef brought the tradition of Italian cuisine to the table, reinterpreting it in a contemporary language.

There was also a great following for this year’s #NotSoFancy Party, the after-party created by GialloZafferano. The event, held in collaboration with Ferrarelle – which has just begun its expansion into the United States and considers this initiative an important milestone in building its reputation overseas – served as a unique opportunity to foster synergy and connections among Italian food brands, celebrate innovation and excellence in Italian cuisine, and further enhance the experience of the Fancy Food Show. The evening took place in the elegant restaurant Travelers, Poets and Friends, with a food and beverage menu epitomising Italian excellence. Key stars of the event included food creators from Zenzero Talent Agency alongside chefs and guests from the food world, as well as influencers, critics, and opinion leaders in the sector. The event was organised in partnership with the Italian Trade Agency, Urbani Tartufi, and Di Marco as technical sponsor.

For this edition as well, several Italian companies in the agrifood sector partnered with GialloZafferano at the Summer Fancy Food Show in NY to develop initiatives – showcooking in particular – and special content with related amplification on social media involving creators and chefs from Zenzero. These included Granarolo, Rega, and Urbani Tartufi in collaboration with Universal Marketing – Regione Campania, Regione Lazio, and Russo Food.

The activities were developed by Mondadori Media in collaboration with the Mediamond agency and the BrandOn Solutions team, which is responsible for special initiatives.

GialloZafferano is the leading food media brand in Italy. On the web, 1 in 2 Italians cooks with GialloZafferano, which reaches 22 million people every month (Comscore Social Incremental Reach, March 2025). With a fanbase of 72 million followers, it tops the world’s food media brand ranking on social media (source: internal analysis of Shareablee-Comscore data and social insights). Offering recipes that are always easy to make and accessible to everyone, it is available to people at any time of day on all channels: from the web to social media, apps, smart devices, magazines, books and local events.

Zenzero is the talent agency exclusively for the best food creators in Italian digital media. Founded at the end of 2022 through a collaboration between GialloZafferano, One Shot Agency, and six of the top food creators in Italian digital media, it reaches over 43 million followers and over 50 million video views. Zenzero Talent Agency is a new point of contact between an extraordinary hub of creators and brand partners. Its goal is to establish effective communication pathways that respond to brand’s growing need to tap into the passions, values, and new language of Generation Z.

For the third year running, TV Sorrisi e Canzoni, a reference in the entertainment world, brings the most popular music of the summer to the public through its exclusive partnership with Cornetto Battiti Live.

THE GLASSBOX BY SORRISI

During the much-loved music event, which took place from 18 to 22 June in the city of Molfetta in Apulia, the famous glassbox by Sorrisi — located within Casa Battiti, a real music resort with a modern and Mediterranean design backstage at the festival — became a set for numerous exclusive events.

In its ‘portable newsroom’, Sorrisi led exclusive interviews, new digital formats and surprise meetings with the artists before and after their on-stage performances. Participants included Alessandra Amoroso, Carl Brave, Clara, Gaia, Gigi D’Alessio, Rkomi and Sarah Toscano and the new faces of Amici 2025, including Trigno, Antonia and Luke3.

During the music event, Sorrisi also launched new social media formats, including ‘Albero Genealogico’, a game with a magnetic board based on constructing an atypical family of artists, ‘Ma com’è che fa?’, a challenge that tests artists to see how much they know about the hits, and ‘La tavola da Disegno’, to see how well some singers and musicians draw.

Finally, the Mondadori Media brand told its social community about the artists’ performances on the stage at Cornetto Battiti Live: from Alessandra Amoroso to Serena Brancale, from Fedez and Clara to Anna and many more.

THE FESTIVAL DURING PRIME TIME

Sorrisi will also accompany the magic of Cornetto Battiti Live on television. Starting on 7 July, every Monday during prime time on Canale 5 and aired again on La 5 and Mediaset Extra, Nicolò De Devitiis will connect from the Sorrisi glassbox to recount funny stories and present exclusive photos of singers in the competition.

TV Sorrisi e Canzoni is the reference for TV and entertainment lovers, reaching 2.6 million readers every month (source: Audipress 2025/I), 4.1 million website users (source: Audiweb April 25) and 1.15 million fans (source: social insights IG, FB, TikTok, X, YouTube) due to a multichannel system ranging from the magazine to the website and social media, up to events and related products.