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Ladies and Gentlemen, dear Shareholders,

In 2023, our Group delivered a historic performance, with revenue and recurring EBIT at levels not seen for 15 years. Driven by the remarkable success of our two main businesses, this exceptional year demonstrates the relevance and power of our strategic model.

Following on from the excellent results achieved in 2022, and despite a softer publishing market, Lagardère Publishing has been able to maintain high levels of activity and profitability thanks to its leading positions, coupled with major publishing successes in all of the countries in which it operates and highly-disciplined operational management. It also pursued its targeted external growth strategy in Publishing (Mama Éditions) and adjacent segments such as Board Games (Catch Up Games).

Against the backdrop of the sustained recovery in air traffic that started in 2022, Lagardère Travel Retail recorded a sharp increase in revenue and record levels of recurring EBIT, buoyed by an impressive commercial performance that enabled it to expand its global store network by securing key contracts and winning a host of tenders. At the same time, it also strengthened its position in the Foodservice sector with the acquisition of the North American operator Tastes on the Fly and the successful integration of the Marché International group.

Lastly, the Group’s Other Activities benefited from the momentum of Lagardère Live Entertainment, which achieved record revenue while expanding its offering to include hosting and local promotional services for productions through the acquisition of Euterpe Promotion. In addition, our leading media brands Lagardère News and Lagardère Radio have been reinventing themselves, pressing ahead with digital transformations that will enable them to address the challenges of an ever-changing market. I am especially pleased with the latest audience figures for Europe 1, which recorded the best annual growth of any general-interest station.

We also continued to implement our CSR commitments all throughout the year. On the environmental front, all of our businesses worked to limit their carbon footprint, based on their specific characteristics and growth context, as part of the pathway to achieving a 30% reduction in our carbon emissions by 2030. We also stepped up our efforts to conserve natural resources, reduce waste and recycle more. Hachette Livre’s eco-design approach was awarded a gold trophy by Décideurs RH, while Lagardère Travel Retail will soon complete its total phase-out of plastic checkout bags and other single-use plastic consumables in its stores. The issues of diversity, inclusion and disability remain our top priorities. I am particularly satisfied and proud of our ongoing progress in increasing the proportion of women on our governance bodies; 46% of the Group’s top executives are women, exceeding the targets we set ourselves back in 2021.

These excellent financial and non-financial performances are the result of the collective endeavour of the talented men and women who work every day in more than 40 countries to ensure the success of our Group, which has never been stronger than it is today. I would like to express my gratitude to them, above all, for their unwavering commitment and passion, which are driving our past and future successes.

2023 also saw the much-anticipated completion of the merger with Vivendi and the opening of an exciting new chapter in the Group’s history. We can now fully count on the support and long-term vision of our reference shareholder and the Bolloré family, whose culture and values are aligned with ours. These are tremendous assets enabling us to face the world of tomorrow feeling strong and ambitious.

I would also like to thank you, dear shareholders, for your support.

Arnaud Lagardère

Chairman and Chief Executive Officer of Lagardère SA