Buy Recommendation for Arnoldo Mondadori Editore SPA: Strong Market Position, Attractive Valuation, and Growth PotentialWe confirm our €3.1 TP and BUY recommendation. At current prices, Mondadori is trading at 4.2/4.0x EV/EBITDA 25/26E, a discount of ~50% to other book publishers. 2Q results: business performance overall in line. 2Q25 results beat our estimates at both revenue and EBITDA level, though the outperformance was almost entirely due to the delivery ahead of schedule of supplies to clients in the Education area, a timing shift that will not affect FY expectations for the division. Excluding this extraordinary element, numbers would overall have been in line with the expected trend. Group revenues in 2Q were up 2% YoY, or down 4% excluding M&A (~€3mn) and revenue brought forward by Education (~€9mn).