Il Sole 24 ORE S.p.A.: the Board of Directors approves the Financial Statements as at 31 December 2022

Consolidated shareholders' equity of Euro 15.9 million compared to Euro 13.9 million as at 31 December 2021

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Milan, 23 March 2023 - The Board of Directors of Il Sole 24 ORE S.p. A. met today under the chairmanship of Edoardo Garrone and approved the Draft Financial Statements for the year ended 31 December 2022 and the Group's Consolidated Financial Statements.

Mirja Cartia d'Asero, at the close of her first financial year as the Company 's CEO, commented: "We have returned the Group to profit after 14 years, net of non-recurring items, with an improvement of Euro 2.1 million over 2021, thanks to the enhancement of our brand on a path of innovation and sustainability. The Group recorded a net profit of Euro 0.5 million compared to a net loss of Euro 21.0 million in 2021. A result that, albeit modest, marks an important turnaround, especially considering the structural crisis in the publishing sector and the macroeconomic and geopolitical context conditioned by the war in Ukraine, the high cost of energy and raw materials, and the upswing in inflation. Aware that the future scenario remains complex, we are proud to give a sign of a solid and concrete step change that the Group has made towards building a sustainable business". She then added: "In a very difficult year in terms of the economy, we have put in place timely and punctual initiatives to pursue sustainable growth according to the strategic lines of the business plan of consolidating the Group's innovation and expanding its international positioning".

Key summary figures of the 24 ORE Group

The 24 ORE Group closed 2022 with a positive EBITDA of Euro 32.0 million, a positive EBIT of Euro 11.5 million and a net profit of Euro 0.5 million. Shareholders ' equity amounted to Euro 15.9 million, an increase of Euro 2.1 million compared to shareholders ' equity in the consolidated financial statements at 31 December 2021, which amounted to Euro 13.9 million.

The following are the Group's key financial figures at 31 December 2022 derived from the consolidated financial statements:

KEY CONSOLIDATED FIGURES OF THE 24 ORE GROUP

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Market context

The macroeconomic and geopolitical scenario is characterised by elements of uncertainty such as the ongoing conflict in Ukraine, a sharp rise in inflation, rising interest rates, the residual effects of Covid-19 and rising commodity and energy costs. Furthermore, the expected GDP growth rate for 2022 assumed in the last quarter of 2021 was reduced.

ADS data for major national newspapers indicate a decline in total circulation of print copies added to digital copies of -6.9% for 2022 compared to 2021, with a decline in circulation of the print version of -11.3% offset in part by an increase in digital circulation of +3.4% (Source: ADS data processing January - December 2022).

The most recent listening figures for radio refer to the year 2022 and recorded a total of 33,809,000 listeners on the average day, essentially equal to 2021 (-0.1%.Source: RadioTER 2021-2022).

In 2022, the System reference market recorded a decline of -3.1% (net of local newspaper advertising): newspapers closed at -6.9% (net local), magazines at -4.8%, internet at -3.2% and radio at +1.7% (Source: Nielsen January/December 2022 vs 2021 ).

For 2022, the forecasts from the end of the previous year (2021) for the professional publishing sector indicated a recovery in the sector's overall turnover thanks to the expected reforms, the new boost to digitalization involving professionals and companies, the investments established in the National Recovery and Resilience Plan for companies and Public Administration and indirectly for professionals in their role as consultants. These forecasts did not reflect the possible repercussions of the ongoing conflict in Ukraine. The following trends were recorded for 2022: the legal area showed a slight growth of +1.1% compared to 2021; the tax area showed a growth of +3.3% compared to 2021 ( Source: "Rapporto Databank Editoria Professionale" - Cerved S.p.A., December 2022).

In terms of media in 2023, the current trends already in place do not seem to change: ov erall, electronic publishing is expected to grow by +6.3%, driven by online and digital contents (+6.8%), and management software by +5.4%, which will see an increase in the integration of digital publishing content in management software (Source: "Rapporto Databank Editoria Professionale"- Cerved S.p.A., December 2022).

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Consolidated results as at 31 December 2022

Key summary figures of the 24 ORE Group net of non-recurring income and expenses

Below are the Group's key profit and loss (net of non-recurring income and expenses), financial position and cash flow figures for 2022:

KEY CONSOLIDATED FIGURES NET OF NON-RECURRING INCOME AND EXPENSES

Revenue trend

The macroeconomic and geopolitical scenario is characterised by elements of uncertainty such as the ongoing conflict in Ukraine, a sharp rise in inflation, rising interest rates, the residual effects of Covid-19 and rising commodity and energy costs. In this context, the 24 ORE Group is recording growth thanks to both the improvement in the pandemic situation, allowing for the resumption of the exhibitions organized by 24 ORE Cultura S.r. l. (Mudec 's activities were completely closed until the end of April 2021), and authoritativeness, high quality content, good advertising sales performance and product development in the Professional Services area, as well as effective commercial policies across all areas . In 2022, the 24 ORE Group reported consolidated revenues of Euro 211.6 million (Euro 203.5 million in 2021), up 3.9% or Euro +8.0 million compared to 2021.

In particular, in 2022 advertising revenues were up by Euro 2.6 million (+2.9% compared to the previous year) to Euro 90.8 million; publishing revenues were down by Euro 2.3 million (- 2.3% from Euro 100.9 million in 2021 to Euro 98.6 million in 2022) mainly due to the drop in revenues generated by the sale of the paper products; other revenues grew by Euro 7.7 million (+53.4% from Euro 14.4 in 2021 to Euro 22.1 million in 2022), primarily due to higher revenues in the Culture area and more innovative products in the Professional Services and Training area.

In 2022, the portal www.ilsole24ore.com recorded a daily average of 1.1 million unique browsers, down 18.2% compared to the 2021 average, which was still heavily inf luenced by Covid-19 health emergency-related information requests (Source: Mapp Intelligence, formerly Webtrekk). The video component had an average view per month of 15.8 million in 2022, down 6.7% from the 2021 figure. Indicators of growth on social media, in particular LinkedIn closed the year 2022 at +15.2% compared to 31 December 2021, where Il Sole 24 ORE was confirmed as the leading publisher with over 1.1 million followers. Also up year-on-year were

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