2026

A major exhibition at Palazzo Reale and three exhibition “chapters” hosted by three major Milanese museums, accompanied by a multidisciplinary programme of initiatives across the city: Metafisica/Metafisiche is the project curated by Vincenzo Trione, which brings the masters of Metaphysical art into dialogue with their international “heirs” and with the “followers” of the twentieth and twenty-first centuries.

Promoted by the Italian Ministry of Culture and the Municipality of Milan, the project is produced by Palazzo Reale, Museo del Novecento, Grande Brera–Palazzo Citterio and Gallerie d’Italia, in collaboration with the publishing house Electa, and forms part of the cultural programme of the Milan Cortina 2026 Winter Olympic and Paralympic Games.

The exhibition Modernità e malinconia at Palazzo Reale is realised with the scientific collaboration of the Giorgio and Isa de Chirico Foundation and the Museo Morandi, with the participation of the Alberto Savinio Archive and the Carlo Carrà Archive.

At Palazzo Reale, more than 400 works are on display, including paintings, sculptures, photographs, drawings, design objects, as well as architectural models and maquettes, illustrations, comics, magazines, videos and vinyl records. The exhibition features national and international loans from over 150 public and private institutions, galleries, archives and prestigious private collections.

From the protagonists of the historic group founded in Ferrara in 1917—Giorgio de Chirico, Alberto Savinio, Carlo Carrà, Filippo de Pisis and Giorgio Morandi—to the artists in Europe and America who absorbed the movement’s atmospheres and formal solutions, and on to contemporary echoes in the works of various authors inspired by Metaphysical poetics across the fields of art, photography, architecture, cinema, theatre, design, fashion, literature, graphic novels and music. From Mario Sironi to Felice Casorati, from René Magritte to Max Ernst, from Salvador Dalí to Andy Warhol. And further still, from Mimmo Paladino to Giulio Paolini, from Jannis Kounellis to Francesco Vezzoli, from Aldo Rossi to Gio Ponti, from Paolo Portoghesi to Frank Gehry, from Mimmo Jodice to Gabriele Basilico, from Giorgio Armani to Fendi, from Paolo Sorrentino to Tim Burton, through to David Bowie and many others besides.

“Distant and disparate episodes, which seem to have nothing in common, born of the imagination of artists far removed from one another in generational, cultural and linguistic terms,” explains the curator. “And yet, albeit along secret paths and not always in a fully intentional manner, these voices share a common stance: a distinctive manière de voir, inspired by a lateral, clandestine and perhaps marginal poetic experience, which took shape more than a century ago in a provincial city, situated outside history.”

“From Piazza Duomo to Brera there are two thousand steps of art: the route that begins on 28 January with Metafisica/Metafisiche in the rooms of Palazzo Reale will take in the Museo del Novecento and the Gallerie d’Italia in Piazza della Scala, before concluding at Palazzo Citterio,” states the Councillor for Culture, Tommaso Sacchi. “A sentimental map at the heart of Milan, connecting physical spaces and works of art, and evoking an idea of the city as a diffuse museum, one that can also be explored on foot and is capable of bringing past and present, great masters and contemporary perspectives into dialogue. An ambitious and collective project that restores Metaphysical art to its generative force and invites citizens and visitors alike to rediscover Milan as a place of thought, imagination and vision.”

At the Museo del Novecento, within the Ettore and Claudia Gian Ferrari Archives, a section is devoted to an indepth exploration of the relationship between Metaphysical art and Milan. It examines the in some respects surprising bond between certain protagonists of the group led by de Chirico and the city itself—an artistic and intellectual crossroads, but also a laboratory for experimentation and dialogue between the arts.

Within the exhibition space, visitors encounter a selection of drawings, maquettes, costumes, archival materials and photographs, bearing witness to the activity of de Chirico, Savinio and Carrà in the Lombard capital and to their collaboration with some of the city’s most important artistic and cultural institutions. Particular emphasis is placed on set and costume designs produced by the artists between the 1940s and 1950s for Teatro alla Scala, as well as period photographs and preparatory drawings for Bagni Misteriosi, created for the Triennale di Milano.

A further focus is dedicated to Ascolto il tuo cuore, città (1944) by Alberto Savinio, a work that encapsulates “all the ‘carnal’ love that a man can feel for a city”. This documentary novel is the subject of a series of ten plates by Mimmo Paladino, entitled Disegni per Savinio, in which the artist extracts situations and atmospheres to compose the sequences of a kind of involuntary drawn film with a neo-realist imprint, governed by a finely calibrated interplay between fidelity and infidelity, between fragments of writing and visions.

At the Gallerie d’Italia – Milano, the Intesa Sanpaolo museum in Piazza Scala, in dialogue with the works housed in the vaults, a tribute to Morandi is presented through the photographs by Gianni Berengo Gardin dedicated to the painter’s Bolognese studio.

At Palazzo Citterio, the Grande Brera hosts an unprecedented homage by William Kentridge, likewise dedicated to Giorgio Morandi. Kentridge’s intervention unfolds in two parts: a sound video installation and a sequence of cardboard sculptures, which poetically reinterpret everyday objects—the protagonists of Morandi’s still lifes. This approach establishes an ideal dialogue with the Metaphysical works by the Bolognese master preserved at Palazzo Citterio. In keeping with the curatorial framework of Metafisica/Metafisiche, Kentridge’s installation highlights Morandi’s formal and conceptual legacy and revisits an expressive practice in which time, memory and rhythm become visual matter.

The unified catalogue for the exhibitions is published by Electa.

On the occasion of Metafisica/Metafisiche. Modernità e malinconia, Electa, in collaboration with the National Museum of Photography – MUNAF, presents Racconti della metafisica, a programme of cultural events for visitors to the exhibition at Palazzo Reale, running from February to June 2026. A series of special tours and conversations will bring different disciplines and perspectives into dialogue, offering the public new insights into the resonances of Metaphysical art in the present.

List of venues

Metafisica/Metafisiche. Modernità e malinconia
Palazzo Reale
28 January – 21 June 2026

Milano Metafisica
Museo del Novecento
28 January – 21 June 2026

Gianni Berengo Gardin.
Lo studio di Giorgio Morandi
Gallerie d’Italia – Milano
28 January – 6 April 2026

William Kentridge.
More Sweetly Play the Dance and
Rememebering Morandi
Grande Brera-Palazzo Citterio
6 February – 5 April 2026

Mondadori Digital is strengthening the offering of its MarTech hub with the merger of Hej! into the digital company AdKaora. The transaction represents a strategic step forward for both businesses, which come together as a single operating entity and a market leader, driven by a highly specialised technology hub offering full-funnel digital solutions: from brand awareness and lead generation through to final conversion.

“With this operation we are completing a strategic integration journey that has, over the years, proven its effectiveness in terms of results and innovation,” said Andrea Santagata, CEO of Mondadori Digital. “The merger of Hej! into AdKaora further consolidates the positioning of our MarTech hub, which today generates more than €40 million in combined revenues across Italy and LATAM, thanks to a full-funnel offering that brings together creativity, technology, data and performance. From this virtuous integration emerges a digital ecosystem that enhances the value of each individual asset, setting new benchmarks for effectiveness and performance in the MarTech landscape,”,’ Santagata concluded.

The new AdKaora, with operations in Italy and Spain, brings together a team of more than 80 industry professionals, led by Davide Tran as CEO and Paolo De Santis, COO and Co-founder of Hej!, who has been appointed Co-CEO of AdKaora.

“The integration of AdKaora and Hej! under a single brand is the natural outcome of years of shared successes, and having Paolo De Santis alongside me in leading this new organisation reflects our strong commitment to continuity,” said Davide Tran, MarTech Hub Director at Mondadori Digital and CEO of AdKaora. “Today we no longer offer simply complementary products, but a single digital ecosystem in which creativity, data and technology work together to guide users throughout the entire funnel. AI plays a central role in this evolution, with Hej! remaining the cornerstone of our performance offering. Our goal is to further strengthen our position as the partner of choice for innovation in marketing and communications, delivering effective and distinctive solutions for our clients. In the first quarter alone, we already have several new products in the pipeline, spanning both awareness and performance, as we continue to evolve and differentiate ourselves in the market,” Tran concluded.

“By bringing teams and expertise together, we are building something truly new, grounded in very solid foundations. For us, bringing people together has always come before merging companies, as from the very beginning we have shared the same principles and the same vision of the world and of business. This deep alignment results in a genuine cross-pollination of ideas and know-how, creating the fertile ground from which our next wave of products, services and innovation will grow”, said Paolo De Santis, Co-Managing Director of AdKaora.

THE STRENGTHS OF THE NEW ADKAORA

The new AdKaora is built on three key pillars:

1. technological evolution: the sharing of technological infrastructures accelerates the development of proprietary solutions and the integration of increasingly advanced artificial intelligence systems;
2. data enhancement: the integration of databases and analytical capabilities enables even more granular user profiling, transforming data into predictive value for campaigns and into measurable, tangible results;
3. optimisation of operational workflows: the unification of internal processes allows for a faster, more comprehensive and more consultative response to market needs.

In this context, Hej! retains its strong identity as a best-in-class product line and as a specialised technology arm focused on AI and Conversational Marketing.

ADKAORA’S NEW ORGANISATIONAL STRUCTURE

AdKaora ‘s new organisational structure brings together, under a single strategic vision, specialised expertise designed to enhance the company’s ability to bring integrated, data-driven technological solutions to market. Reporting directly to CEO Davide Tran, the team includes key roles with cross-functional responsibilities, including:

• Stefano Argiolas (Chief Strategy & Innovation Officer at AdKaora and Mondadori Digital), responsible for steering strategic development and product innovation, with a specific focus on leveraging AI as a competitive driver across the entire Mondadori Digital ecosystem;
• Paolo Ingrosso (Chief Revenue Officer), responsible for revenue growth, commercial activities and relationships with clients and agencies;
• Francesco Binetti (Chief Operating Officer – Supply), leading operational management and supply-side development, with a focus on the monetisation of advertising inventory for national and international publishers;
• Walter Ferrari (Chief Marketing Officer), responsible for coordinating marketing strategies, communication and events;
• Luca Nigro (CEO AdKaora Iberia) and Gonzalo Guzman (Co-CEO AdKaora Iberia), leading business development and commercial strategy in the Iberian markets, as well as the expansion of the international publishing network.

Arnoldo Mondadori Editore S.p.A. (LEI Code 815600049A1F9AFE6666) announces the purchase on the Euronext Milan regulated market, in the period 12 – 19 January 2026, of 488,860 ordinary shares (equal to 0.1869% of the share capital) at an average unit price of €2.144598474000736 for a total amount of €1,048,408.41.

These transactions were made under the authorization to purchase treasury shares approved by the Shareholders’ Meeting of 16 April 2025, and as part of the purchase programme to service the Performance Share Plans underway (the “Programme”), the start of which was approved by the Board of Directors on 13 November 2025 (as per the disclosure made on the same date also pursuant to Article 144 bis of CONSOB Regulation 11971/99, and to Article 5 of EU Regulation 596/2014).

The following table details the purchases made per day in the above period of Arnoldo Mondadori Editore S.p.A. ordinary shares, ISIN Code IT0001469383, on a daily basis:

The Mondadori Group announces that, pursuant to the contract signed and disclosed to the market on 29 December 2025, Arnoldo Mondadori Editore S.p.A. has completed today the acquisition of a 58.84% stake in Edilportale.com S.p.A., a company with international operations in the development of content, services and platforms across the architecture, design and construction markets, including through the Archiproducts brand.

The consideration for the transaction – paid entirely in cash today – amounts to € 31.2 million and reflects an Enterprise Value (100%) of € 50 million and an average NFP that is currently estimated to be positive at € 3 million.

The acquisition of Edilportale.com – consolidated as of 1 January 2026 – also includes an earn-out of approximately € 2.9 million payable to the sellers conditional upon achievement of predefined profitability growth targets for the 2027 financial year.

As previously announced, under the terms of the agreement, in the course of 2027 the selling shareholders and the Mondadori Group will transfer their respective shareholdings in the company to Mondadori Digital S.p.A., which will consequently hold 100% of Edilportale.com.
Following these transactions, Arnoldo Mondadori Editore S.p.A.’s stake in Mondadori Digital is expected to be approximately 89% of the share capital, with the remaining 11% held by the founders of Edilportale.com, marking the first time that new shareholders have joined Mondadori Digital.

The acquisition of Edilportale.com forms part of a strategy to strengthen Mondadori Digital’s position as Italy’s leading publisher in social media and digital content and helps to extend leadership in the vertical segments with the greatest growth potential, such as food, wellness and lifestyle, as well as into the architecture and design sector, and to enhance the service offering with new products and innovative solutions, including those aimed at international market.

The transaction enables Edilportale.com to enter a new phase of growth, supported by significant synergies with Mondadori Digital’s assets, including:

• an acceleration in the development of AI-based services, also leveraging PLAI, the Mondadori Group’s artificial intelligence accelerator;
• an expansion of the range of services offered to design companies through collaborations with AdKaora and Mondadori Digital’s social agencies;
• a strengthening of its international presence in cooperation with AdKaora Iberia and GialloZafferano US.

As previously announced, including Edilportale.com’s activities, Mondadori Digital’s pro-forma revenues for 2025 would amount to approximately € 110 million, with an EBITDA margin of between 18% and 20%.

Under the terms of the agreement, Ferdinando Napoli, Marilde Longo, Vincenzo Maiorano and Maurizio Alfieri – who founded and have successfully managed Edilportale.com to date – will retain management responsibility for the company. In particular, Ferdinando Napoli has been confirmed as Managing Director and Andrea Santagata, Managing Director of Mondadori Digital, has been appointed Chairman.

INTERNI kicks off 2026 by celebrating the excellence of Italian design worldwide and the major upcoming event of the Milan Cortina 2026 Winter Olympic and Paralympic Games (6–22 February and 6–15 March), with a double editorial launch: the international issue Sport&Design and the new volume in the Gold Series Milano Design Hub&Spoke.

Two special publications exploring the dialogue between sport, culture and design will be previewed on January 14 at the Italian Cultural Institute in Paris, in collaboration with ITA (Italian Trade Agency), during a talk involving French designers and Italian companies. This will be followed,on January 28, by a presentation at Triennale Milano together with its president Stefano Boeri and all those who, in different roles, have taken on the challenge of addressing a complex and crucial theme: rethinking the future of the planet with a clear-eyed and responsible approach, using design as a compass to imagine new ways of living, practising and protecting the mountains.

What will become of winter sports when there is no longer any snow? Will we ski on sand, or chase the last surviving glaciers at unreachable altitudes? As the climate crisis reshapes Alpine landscapes, the way we experience them is also changing: equipment, facilities, architecture and entire ski resorts must be rethought, suspended between utopian and dystopian scenarios.

“Our January–February issue, traditionally published in English, provides answers to these questions,” explains Gilda Bojardi, Editor-in-Chief of INTERNI. “Starting from the topical relevance of Milan Cortina 2026 and from the exhibition White Out. The Future of Winter Sports (28 January – 29 March), curated by Konstantin Grcic and Marco Sammicheli at Triennale Milano. The exhibition, of which INTERNI is media partner, explores the role of design in the extreme conditions of the mountains and shows how, amid the climate transition, design intelligence is being called upon to redefine practices, equipment and imaginaries.”

The magazine also analyses winter tourism; sport as an advanced research laboratory for materials and functions; and architecture as a new ‘climatic skin’ capable of enveloping the body and generating comfort, quality and energy efficiency. This perspective also extends to urban regeneration projects, where innovation becomes a cultural and social value as well as a technical one.

The INTERNI Sport&Design issue (January–February) is enriched by two major supplements: the volume Milano Design Hub&Spoke and the Design Index Guide 2026. Available in both print and digital formats, the Guide features over 8,000 addresses from the world of design: who produces and what they produce, where to buy and what to buy, who designs, photographs, advertises, publishes, teaches, organises and exhibits. A complete list of showrooms and retail spaces of the companies featured in the Guide, with their respective brands, will also be available for digital download.

The magazine will be on newsstands and available via the app from 22 January. It is entirely in English, with an Italian translation included at the end of the issue.

Distribution of this special edition and its supplements is planned in Paris at hotels, art galleries, design and fashion boutiques, major showrooms and architecture studios, in the hospitality areas and at the Maison&Objet kiosk, as well as at the main newsstands in the city centre.

The volume “Milano Design Hub&Spoke”

Milano Design Hub&Spoke is the sixth chapter in INTERNI’s Gold Series, which celebrates the leading figures of Italian design and the companies that have played a decisive role in establishing Italian Design as a global benchmark for quality, vision and manufacturing excellence. In this new edition, the focus shifts to the territory, specifically to Milan, a city that has become a system in itself, an international hub for design, communication and, more broadly, project culture.

Over recent decades, the Lombard capital has taken on the role of a platform where skills, languages and disciplines converge, and where design finds its most fertile ground. This centrality is manifested through an increasingly articulated network of dedicated places: not simple commercial spaces, but environments that become points of encounter, discussion and exchange. Flagship stores, showrooms and retail spaces are transformed into cultural venues, recognised by international audiences as key nodes within the design supply chain. Here, products are not merely displayed but also interpreted, narrated and placed within immersive experiences that enhance visitors’ awareness and understanding.

The volume was conceived with the aim of interpreting Milan precisely as the beating heart of this complex ecosystem. The city is portrayed through a map of physical locations that embody contemporary design in all its expressions: ever-larger exhibition spaces, rich in content and distinguished by constantly evolving aesthetic and museographic quality. From this perspective, Milano Design Hub&Spoke becomes a valuable tool for navigating the excellences of Made in Italy and discovering where to encounter them, understand them and purchase them.

“If Milan represents the Hub – the nucleus that concentrates and amplifies the narrative of Italian design – the Spokes are the many productive realities that sustain this system,” explains Gilda Bojardi, Editor-in-Chief of INTERNI. “It is in the dialogue between city and territory that the strength of Italian design develops: a widespread heritage made up of companies, districts and supply chains that preserve centuries-old manufacturing traditions while at the same time embracing technological innovation and sustainability. It is a mosaic of complementary skills that reflects the value of Made in Italy and fuels a continuous flow between creativity, technique, research and production.”

The narrative of the volume is accompanied by a rich photographic gallery that juxtaposes the architectural icons of historic Milan with the buildings that, in recent years, have transformed its skyline. The images portray a city in evolution, where symbolic places of tradition coexist with new districts shaped by urban regeneration projects that have positioned Milan among the world’s most dynamic international metropolises.

The introduction includes the interventions of the main institutions of the Project System — Salone del Mobile.Milano, Triennale Milano, ADI and Politecnico di Milano-School of Design — which offer an authoritative point of view on the evolution of the sector. Particular attention is given to the theme of distribution, analysing how the physical space in which products meet consumers is changing in response to new needs, new contexts of use and transformations in global markets. The challenges faced by the sector clearly emerge: the need to rethink relationships with audiences, to enhance experience, to incorporate digital tools, while at the same time maintaining a strong connection with the material identity of the product.

Each company featured in the volume tells its own story, vision and the spaces that best represent it within the Milan ecosystem: flagship stores, urban showrooms, headquarters, museums and exhibition spaces. These are environments where relationships are built, ideas are developed and future projects are imagined. What emerges is a panorama of companies that safeguard Italy’s great artisanal heritage, capable of integrating it with advanced industrial processes and the most innovative digital tools, without sacrificing a strong commitment to sustainability.

The publication aspires to be a Who’s Who of Made in Italy: an authoritative and comprehensive guide for Italian and international professionals interested in discovering leading manufacturing companies, their expertise and the places where they can be encountered. The book also includes data and in-depth insights illustrating production capacity and evolution, offering an up-to-date and accessible tool for understanding the complexity of the sector.

The volume is distributed not only in Milan – through bookshops, newsstands and major design hubs – but also in the capitals most actively engaged in the international design debate: Paris, New York, Copenhagen, London, Dubai, Riyadh, Shanghai and Miami. These are cities where creativity, production, distribution and communication interact to bring design to a global audience, making it increasingly accessible, recognisable and shared.

The Paris event

In collaboration with ITA (Italian Trade Agency Paris) and the Italian Cultural Institute of Paris, INTERNI will present the January–February issue Sport&Design and the book Milano Design Hub&Spoke on Wednesday 14 January at 5.30 pm in the French capital, at 50 rue de Varenne.

Following the welcome addresses by Antonio Calbi, Director of the Italian Cultural Institute of Paris, and Luigi Ferrelli, Director of the Paris Office of the Italian Trade Agency, an exclusive talk will bring together leading voices to discuss the affinities between Sport&Design, practices, behaviours and disciplines. Speakers will include Giovanni Del Vecchio, CEO of the Giorgetti Group; Giulia Molteni, Marketing Director of the Molteni Group; Mathieu Lehanneur, designer and founder of Mathieu Lehanneur; Dominique Perrault, founder of DPA Architecture; and Carlo Ratti, Director of the MIT Senseable City Lab and co-founder of CRA–Carlo Ratti Associati. The discussion will be introduced and moderated by Gilda Bojardi, Editor-in-Chief of INTERNI.

Recent Olympic Games have further strengthened the connection between sport and design, involving leading designers in the creation of stadiums, athlete facilities and even Olympic torches – from the Paris 2024 torch designed by Mathieu Lehanneur to the Milano Cortina 2026 torch by Carlo Ratti. Dominique Perrault will outline the key principles of sports architecture, while Giovanni Del Vecchio and Giulia Molteni will explore competitiveness and discipline as shared values between sport and business in the design world.

The evening will conclude with a reception, offering participants the opportunity to continue discussions and delve deeper into the themes addressed.
Special thanks go to Agence 14 Septembre, Villa Marquis – Meliá Collection, Masciarelli Tenute Agricole and Eataly.

Arnoldo Mondadori Editore S.p.A. (LEI Code 815600049A1F9AFE6666) announces the purchase on the Euronext Milan regulated market, in the period 7 – 9 January 2026, of 211,140 ordinary shares (equal to 0.0807% of the share capital) at an average unit price of €2.116209339774557 for a total amount of €446,816.44.

These transactions were made under the authorization to purchase treasury shares approved by the Shareholders’ Meeting of 16 April 2025, and as part of the purchase programme to service the Performance Share Plans underway, the start of which was approved by the Board of Directors on 13 November 2025 (as per the disclosure made on the same date also pursuant to Article 144 bis of CONSOB Regulation 11971/99, and to Article 5 of EU Regulation 596/2014).

The following table details the purchases made per day in the above period of Arnoldo Mondadori Editore S.p.A. ordinary shares, ISIN Code IT0001469383, on a daily basis: