Interim Report 2022

At a Glance
Highlights of the First Six Months
Foreword
Group Interim Management Report
Condensed Interim Consolidated Financial Statements
Responsibility Statement
Review Report
Additional Information

At a Glance H1 2022 H1 2021 9,290 1,429 15.4 492 727 8,691 1,417 16.3 1,368 573 6/30/2022 12/31/2021 14,752 45.2 32,644 4,152 13,574 42.8 31,714 3,475 Key Figures (IFRS) in € millions Business Development Group revenues Operating EBITDA EBITDA margin in percent1) Group profit Investments2) Consolidated Balance Sheet Equity Equity ratio in percent Total assets Economic debt3) Due to rounding, there may be slight variances in the percentages calculated in this report. 1) Operating EBITDA as a percentage of revenues. 2) Taking into account the financial debt assumed, investments amounted to €1,029 million (H1 2021: €573 million). 3) Net financial debt less 50 percent of the par value of the hybrid bonds and less the short-term liquidable investments in a special fund plus pension provisions, profit participation capital and lease liabilities.

Contents 2 Highlights of the First Six Months 21 Condensed Interim Consolidated 4 Foreword Financial Statements 21 Consolidated Income Statement 6 Group Interim Management Report 22 Consolidated Statement of Comprehensive Fundamental Information about the Group 23 Consolidated Balance Sheet Income 7 Corporate Profile 7 Strategy 24 Consolidated Cash Flow Statement 25 Consolidated Statement of Changes in Equity 26 Segment Information 8 Value-Oriented Management System 27 Selected Explanatory Notes Report on Economic Position 44 Responsibility Statement 9 Corporate Environment 10 Significant Events in the Current Financial Year 10 Results of Operations 12 Net Assets and Financial Position 14 Performance of the Group Divisions Significant Events after the Balance 18 Sheet Date 18 Risks and Opportunities 19 Outlook 45 Review Report 46 Additional Information 46 Production Credits/Contact Online Interim Report The Bertelsmann Interim Report 2022 can also be accessed online at ir2022.bertelsmann.com Bertelsmann Interim Report January– June 2022 1

Highlights of the First Six Months • The successful combination of RTL Deutschland and • Million-sellers: “Atomic Habits” by James Clear is the Gruner + Jahr creates Germany’s first cross-media top-selling nonfiction book of the first half of the year, champion and “Where the Crawdads Sing” by Delia Owens is the bestselling fiction book for Penguin Random House • Strong growth in streaming services: RTL+ in Germany and Videoland in the Netherlands together register 4.5 million • Penguin Random House Publisher Services takes over paying subscribers global distribution for Disney Publishing Worldwide and • Fremantle makes major progress on its growth plan with Marvel Comics acquisitions and major talent deals, including a multi-year • Strong titles in the pipeline for the second half of the agreement with Academy Award winner Angelina Jolie year include “The Light We Carry” by Michelle Obama and U2 singer Bono’s memoir “Surrender” www.rtlgroup.com www.penguinrandomhouse.com • The strategy project to modernize Mohn Media is success- • Bertelsmann strengthens its global education business by fully completed. The large print shop‘s competitiveness is increasing its stake in Afya, the leading Brazilian provider of improved across all the relevant business areas medical training • A reconciliation of interests and a social plan are agreed for • Relias expands online course offering in response to the Prinovis site in Dresden, which is to be closed at the increasing uptake of digital training formats end of 2022 • BPG USA’s business is strengthened by investments in expansion of licensing programs in mental health and printing technology and a further digitization of processes teacher education • Alliant records strong growth in online sales, driven by www.bertelsmann-printing-group.com www.bertelsmann-education-group.com 2 Highlights of the First Six Months

• Thriving recording and publishing business drives sales and • Arvato Supply Chain Solutions invests extensively in earnings to record levels at the half-year mark automation, digitization and the construction of high- • BMG grows organically by 25 percent as well as through the acquisition of major music rights, including the music • Arvato Financial Solutions systematically drives forward its interests of blues icon John Lee Hooker and Scottish rock transformation into a sustainable fintech service provider band Primal Scream and announces that it will operate under the name Riverty performance photovoltaic plants • BMG places renewed focus on revenue assurance, in the future providing rights holders with more efficient billing • Arvato Systems expands its customer focus to cover six processes to deliver higher revenues key industries, strengthens its position as a cloud expert, www.bmg.com and systematically consolidates its partner ecosystem with the top international players in the IT environment www.arvato.com • Bertelsmann Investments makes 29 new and 16 follow-on investments in the first half of 2022 • Carsten Coesfeld becomes the new CEO of Bertelsmann Investments on June 1, 2022 • Bertelsmann India Investments plans to invest €470 million as part of the Group-wide Boost strategy www.bertelsmann-investments.com Bertelsmann Interim Report January– June 2022 3

Thomas Rabe Chairman and CEO of Bertelsmann Dear Readers, Bertelsmann ended the first half of 2022 very successfully – with higher Group revenues than in the first half of 2021, and an operating result exceeding even the previous year’s record figure. The RTL Group, BMG and Arvato divisions in particular contributed to our positive business performance. Group revenues increased by 6.9 percent to €9.3 billion. Organic revenue growth was 3.8 percent. First-half operating EBITDA reached a new high of €1.429 billion, compared with €1.417 billion in the prior-year period, despite a challenging market environment and higher streaming investments. The Group generated net income of €492 million. In the first half of 2022, Bertelsmann successfully continued implementing its five strategic priorities. We further advanced the expansion of our global content, services, and education businesses. In our creation of national media champions, we are still awaiting decisions by the antitrust authorities in France and the Netherlands. We are convinced that consolidation in the European media markets is necessary to be able to compete with the global tech platforms long-term. National Media Champions Our national media champions benefited from the first major consolidation steps. RTL Group completed the combination of RTL Deutschland and Gruner + Jahr. The sale of RTL Belgium and RTL Croatia was finalized. The number of paying subscribers to the streaming services RTL+ and Videoland grew by 48 percent, to over 4.5 million. RTL Deutschland also acquired an extensive package of international soccer match broadcasts from UEFA, and will show live UEFA Nations League and European Qualifiers matches for the 2026 World Cup and the 2028 European Championship on RTL and the RTL+ streaming platform. 4 Foreword

Global Content The production company Fremantle continued putting its growth plan into action, with five acquisitions and share increases. Among other transactions, Fremantle acquired 70 percent of Lux Vide, Italy’s leading independent TV production company, and a 51 percent stake in the Irish TV production company Element Pictures. Penguin Random House secured the rights to U2 singer Bono’s memoir, “Surrender,” to be released worldwide on November 1, 2022, by its English-language publishers. BMG, the world’s fourth-largest music company, strengthened its rights portfolio with the acquisition of a large part of John Lee Hooker’s musical legacy, and concluded new contracts with renowned artists, including Rita Ora, Elvis Costello and Julian Lennon. Global Services The growth drivers among Arvato’s services businesses were the logistics and customer-experience (CX) businesses. Arvato Supply Chain Solutions grew primarily in the consumer products, healthcare and technology sectors. The global CX company Majorel expanded its strategic partnership with Booking.com, and announced the acquisition of IST Networks. Arvato Financial Solutions further advanced the transformation of its business model. The financial services provider also acquired a stake in Nexxiot, a Swiss logistics digitization and trade-tech pioneer. Arvato Systems is focusing on six customer industries, and has made the corresponding organizational adjustments. Bertelsmann Printing Group faced sharply rising costs for paper and energy. Online Education Bertelsmann strengthened its global education business by increasing its stake in Afya. The Nasdaq-listed education company is a leading provider of medical education and training, as well as digital solutions for physicians in Brazil. Bertelsmann Education Group holds 58 percent of the voting rights in Afya at the half-year mark. The Group also invested in the content of e-learning provider Relias, while Alliant International University reported steady growth in enrollments for online degree programs. Investment Portfolio As of June 30, 2022, Bertelsmann Investments (BI) held 313 investments worldwide, having made 29 new investments and 16 follow-on investments. Former G+J companies, including the Hamburg-based AppLike Group, have also been assigned to BI since the beginning of the year. Beyond this, the division strengthened its commitment to the digital-health business with the acquisition of a stake in Ada Health. For the full year 2022, we expect our business performance to continue positively overall. We expect a significant to strong increase in revenues, due partly to changes in the portfolio. We continue to expect an operating result that is stable, at a record level, not taking into account investments into RTL Group’s streaming business. We will continue to pursue our ambitious Boost plans to invest between five and seven billion euros by 2025, in order to lift Bertelsmann to a higher level of revenue and earnings. Thank you for your continued interest in Bertelsmann. I hope you enjoy perusing our Interim Report. Kind regards, Thomas Rabe Bertelsmann Interim Report January– June 2022 5

Group Interim Management Report Bertelsmann continued its positive business development in the first half of 2022 with revenue growth and earnings at a record level. Group revenues increased by 6.9 percent to €9.3 billion (H1 2021: €8.7 billion). Organic revenue growth was 3.8 percent. Nearly all divisions recorded revenue growth, most notably the services businesses. At €1,429 million, operating EBITDA (H1 2021: €1,417 million) exceeded the highest level of the previous year despite growing economic uncertainty and higher start-up losses for the expansion of the RTL Group’s streaming business. The music business, the services and the education businesses in particular achieved earnings growth. The EBITDA margin amounted to 15.4 percent (H1 2021: 16.3 percent). Due primarily to the considerable capital gains realized in the same period of the previous year, Group profit fell to €492 million (H1 2021: €1,368 million). Bertelsmann anticipates continued positive business performance for 2022 as a whole, assuming that the challenging general economic situation does not deteriorate further. Revenues in € billions Operating EBITDA in € millions Group Proﬁt in € millions 8.7 9.3 10 8 6 4 2 0 1,417 1,429 2,000 1,600 1,200 800 400 0 1,368 492 2,000 1,600 1,200 800 400 0 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 • Revenue up by 6.9 percent, organic • At €1,429 million, operating EBITDA • Considerable capital gains realized revenue growth of 3.8 percent reaches new record high despite in same period of the previous year • Revenue growth in nearly all start-up losses • Group profit at the level of H1 2019 divisions • EBITDA margin of 15.4 percent and H1 2020 6 Group Interim Management Report

Fundamental Information about the Group Corporate Profile Bertelsmann operates in the core business fields of media, services and education in around 50 countries worldwide. The national media champions benefitted from initial major consolidation measures. At the beginning of the year, RTL Group completed the combination of RTL Deutschland and G+J. The disposals of RTL Belgium and RTL Croatia were The geographic core markets are Western Europe – in also completed in the reporting period. The number of paying particular, Germany, France and the United Kingdom – and the United States. The Bertelsmann divisions are RTL Group (entertainment), Penguin Random House (books), BMG subscribers to streaming services RTL+ and Videoland rose by 48 percent to a total of over 4.5 million. RTL Germany also acquired attractive film and series packages from Warner (music), Arvato (services), Bertelsmann Printing Group Bros. and Paramount as well as a comprehensive package of (printing), Bertelsmann Education Group (education) national soccer games from UEFA and will broadcast each of Investments (network of and Bertelsmann funds). As of January 1, 2022, Gruner + Jahr (G+J) is no longer reported as an independent division. The German magazine businesses and brands have been part of the RTL Group division since the beginning of the year. The remaining G+J activities (particularly Territory, the AppLike Group, DDV Mediengruppe and the investment in the Spiegel Group) were allocated to the Bertelsmann Investments division. Bertelsmann SE & Co. KGaA is a capital-market-oriented but unlisted company limited by shares. As a group holding these on free TV and the streaming platform RTL+. Bertelsmann continued to invest in the expansion of the global content businesses. The production company Fremantle continued to pursue its international growth plan with five acquisitions and increases in shareholdings; among other things, Fremantle acquired a 70 percent interest in Lux Vide, Italy’s leading independent television production company, and a 51 percent interest in the Irish television production company Element Pictures. For its English- language publishers, Penguin Random House secured company, it exercises key corporate functions. Internal the rights to the memoir of U2 lead singer Bono, which is corporate management and reporting follow the Group’s scheduled for worldwide release on November 1, 2022, under organizational structure, which consists of the operating the title “Surrender.” BMG, the fourth-largest music business divisions and Corporate. Three foundations (Bertelsmann Stiftung, Reinhard Mohn Stiftung and BVG-Stiftung) indirectly hold 80.9 percent of Bertelsmann SE & Co. KGaA shares, with the remaining 19.1 percent held indirectly by the Mohn family. Bertelsmann Verwaltungsgesellschaft (BVG) controls all voting rights at the General Meeting of Bertelsmann SE & Co. KGaA and Bertelsmann Management SE (general partner). Strategy in the world, expanded its portfolio of rights by acquiring the majority of the music interests of John Lee Hooker and closed new contracts with artists such as Rita Ora, Elvis Costello and Julian Lennon. Global services businesses were also further expanded. The growth drivers at Arvato were primarily the logistics and customer experience businesses (CX). In relation to this, Arvato Supply Chain Solutions saw growth primarily in the areas of consumer products, healthcare and technology. By acquiring Mayen at the beginning of the year, global CX company Majorel acquired a CX provider in Turkey. In Bertelsmann’s strategic focus is on a fast-growing, digital, addition, Majorel invested in the strategic partnership with international and diversified Group portfolio. In order to Booking.com in the first half of the year and announced the accelerate the growth dynamic, the Boost strategy will acquisition of IST Networks, a CX technology specialist in the increase investment significantly in the years to come. Middle East. In June, Majorel and the Sitel Group reached an The Group aims to grow in both existing and new lines of agreement on the key conditions for a potential merger of business through organic initiatives and acquisitions. The both companies. Arvato Financial Solutions announced that it strategy pursues five growth priorities: national media would operate under the new brand name Riverty beginning champions, global content, global services, online education in October 2022. Since the beginning of the year, Arvato and investment portfolio. Systems has been focusing on six key customer industries and during the reporting period established the organizational In the first half of 2022, Bertelsmann once again made modifications associated with this. In addition, the technology considerable progress in implementing its growth strategy. range and customer relationships were expanded in the Bertelsmann Interim Report January– June 2022 7

energy sector and in cloud services. In light of rapidly rising paper and energy prices, the Bertelsmann Printing Group focused on increasing the competitiveness of the printers. Bertelsmann strengthened its global education business by Revenues as a growth indicator of the businesses increased in the first half of 2022 by 6.9 percent to €9,290 million (H1 2021: €8,691 million). Organic revenue growth was 3.8 percent. Operating EBITDA is determined as earnings before interest, tax, depreciation, increasing its stake in Afya. The NASDAQ-listed education amortization, impairment losses and reversals of company is a leading provider of medical education and impairment losses, and is adjusted for special items. training and digital solutions for medical practitioners The adjustments for special items serve to determine a in Brazil and, since this increase, is for the first time fully sustainable operating result that could be repeated under consolidated under the Bertelsmann Education Group normal economic circumstances and is not affected by division. The Bertelsmann Education Group now holds a total of 58 percent of the voting rights in Afya. Furthermore, Bertelsmann is increasing its stake in Afya in the medium special factors or structural distortions. These special items primarily include impairment losses and reversals of impairment losses, fair value measurements, results term by acquiring more stock. The Bertelsmann Education from disposals of investments and/or restructuring Group continued to invest in developing the range of digital expenses. This means operating EBITDA is a meaningful learning solutions of its e-learning provider Relias, while Alliant International University continued to expand its range of online courses. performance operating (H1 2021: €1,417 million). indicator. During increased EBITDA the to reporting period, €1,429 million As of June 30, 2022, Bertelsmann Investments (BI) held The performance indicator for assessing the profitability 313 investments worldwide after 29 new and 16 follow-on from operations and return on invested capital is investments in the reporting period. BI increased its Bertelsmann Value Added (BVA). BVA measures the engagement in the digital health sector by acquiring a profit realized above and beyond the appropriate return stake in Ada Health. Former G+J companies including the on invested capital. This form of value orientation is AppLike Group, Territory and the DDV Media Group have reflected in strategic investment and portfolio planning and also been assigned to BI since the beginning of the year. in the management of operations and, together with Since June 1, CEO Carsten Coesfeld has headed up the qualitative criteria, provides the basis for measuring Bertelsmann Investments division and, among other things, the variable portion of management remuneration. is responsible for the network of funds and the newly BVA is calculated as the difference between net established department Bertelsmann Next. operating profit after tax (NOPAT) and the cost of capital. Value-Oriented Management System Bertelsmann’s primary objective is continuous growth of the company’s value through a sustained increase in profitability with efficient capital investment at the same time. Strictly defined operational performance indicators, including revenues, operating EBITDA and Bertelsmann Value Added (BVA), are used to directly assess current business performance and are correspondingly used in the outlook. These are distinguished from performance indicators used in the broader sense. These include the EBITDA margin and the cash conversion rate. Some key performance indicators are determined on the basis of so-called Alternative Performance NOPAT is calculated on the basis of operating EBITDA. Operating EBIT is the result of deducting amortization, depreciation, impairment losses and reversals of impairment losses, to the extent that these are not included in special items, totaling €486 million (H1 2021: €415 million). A flat tax rate of 30 percent was assumed in order to calculate NOPAT of €660 million (H1 2021: €702 million), which is used to calculate BVA. Cost of capital is the product of the average level of capital invested and the weighted average cost of capital (WACC). The average level of capital invested rose to €17.7 billion as of June 30, 2022 (H1 2021: €15.8 billion). The uniform WACC after taxes is 8 percent, resulting in a cost of capital of €708 million (H1 2021: €630 million) in the half-year reporting period. The average invested capital is calculated Measures, which are not defined under International quarterly on the basis of the Group’s operating assets less Financial Reporting Standards (IFRS). These should not be considered in isolation but as complementary information for evaluating Bertelsmann’s business performance. For non-interest-bearing operating liabilities. In the first half of 2022, BVA fell to €7 million (H1 2021: €121 million). For determining BVA, the venture capital business of detailed information on this, please refer to the “Alternative the Bertelsmann Investments division is excluded, since Performance Measures” section in the 2021 Combined business performance is represented primarily on the Management Report. basis of EBIT. Accordingly, the method does not include a 8 Group Interim Management Report

pro rata NOPAT contribution for this division’s venture Economic output in the United States decreased in the capital business. To maintain consistency, the invested capital of the venture capital business will be adjusted for the Bertelsmann Investment division; hence, capital costs will be neutralized. first half of 2022. Real GDP fell in the first quarter of 2022 at an annualized rate of 1.6 percent. In the second quarter of 2022, real GDP also decreased by an annualized rate of 0.6 percent according to initial calculations by the Bureau of Economic Analysis. Bertelsmann’s financial management system is defined by the internal financial targets outlined in the section So far, the economic developments in all regions are below “Net Assets and Financial Position.” These financing the current-year trend anticipated in the 2021 Combined principles are pursued in the management of the Group Management Report. and are included in the broadly defined value-oriented management system. The key financing and leverage ratios Developments in Relevant Markets are also included in the Alternative Performance Measures. Report on Economic Position Corporate Environment Overall Economic Developments The European television advertising markets saw mixed development in the first half of 2022. While the television advertising market in Germany was moderately declining, slight growth was recorded in France, strong growth in the Netherlands and significant growth in Hungary. The streaming markets in Germany and in the Netherlands grew strongly. The markets for printed books were stable to slightly declining in the United States, stable in Germany, slightly The war in Ukraine and the ongoing coronavirus pandemic declining in the United Kingdom, and moderately to strongly represent threats to the recovery of the global economy. growing in the Spanish-speaking region. The market for A significant increase in inflation can be seen worldwide, in e-books declined significantly in both the United States conjunction with ongoing supply bottlenecks. Inflationary and the United Kingdom. The digital audiobook market pressure is resulting in falling real wages in many countries, grew moderately in the United States and strongly in the subduing private consumption. United Kingdom. According to Eurostat, the statistical office of the European Global music publishing markets grew significantly. The Union, real gross domestic product (GDP) in the eurozone rose by a mere 0.5 percent in the first quarter of 2022 compared to the previous quarter. According to initial estimates, growth of 0.6 percent is expected for the second quarter of 2022. global recorded-music markets grew strongly as strong streaming growth more than offset the moderate drop in physical recorded music. The service markets relevant to Arvato showed overall Despite difficult global economic conditions, the German moderate growth in the first half of 2022. economy began 2022 with slight growth. Compared to the previous quarter, real GDP rose by 0.8 percent in the first quarter of 2022. According to the initial calculations of the German Federal Statistical Office, real GDP rose by 0.1 percent in the second quarter of 2022. In the early months of 2022, France’s economy was held The relevant gravure printing markets in Germany and the United Kingdom declined strongly in the first six months of 2022, while the German offset markets declined moderately. The North American book printing market declined significantly. back, in particular, by weak private consumption. According to The education markets in the United States where INSEE, the French National Institute of Statistics and Economic Studies, real GDP fell by 0.2 percent in the first quarter of 2022 and rose by 0.5 percent in the second quarter of 2022. Bertelsmann is involved, training in healthcare and university education, as well as the Brazilian market for medical university courses exhibited moderate to strong growth in the reporting period. In the United Kingdom, the economy recovered from the extensive coronavirus restrictions of the previous year. Real GDP rose by 0.8 percent in the first quarter of 2022; however, it fell by 0.1 percent in the second quarter of 2022. For the most part, the developments thus far in the relevant markets are within the current-year trend anticipated in the 2021 Combined Management Report. Bertelsmann Interim Report January– June 2022 9

Significant Events in the Current Financial Year In January 2022, Majorel acquired 80 percent of the shares in the Turkish CX provider Mayen. The consideration transferred amounted to €61 million. An advance payment of €58 million on the acquisition had already been made as of December 31, 2021. Enterprises (CME). With this, the transaction announced by the RTL Group in February 2022 was concluded as of June 1, 2022. In June 2022, Majorel, Sitel Group and their respective major shareholders, including Bertelsmann, agreed on non-binding key terms for the planned merger of their two companies to create a new global leader in the customer experience In February 2022, Majorel announced a strategic partnership industry. The planned merger is subject to the approval of with Booking.com. Through the expanded partnership, antitrust authorities. The transaction is expected to close in Majorel acquired 12 of the 14 internal service centers from the first quarter of 2023. Booking.com. This consolidates the company’s existing presence in the current markets while also expanding its geographic presence by entering into four new countries. The implementation was completed on June 1, 2022. Results of Operations Revenue Development In March 2022, Fremantle acquired 70 percent of the shares in Lux Vide, Italy’s leading independent television production company. The acquisition of Lux Vide forms part of Fremantle’s wider international growth strategy to invest in premium production companies, content creators and talent from around the world – developing and securing original Group revenues increased in the first half of 2022 by 6.9 percent to €9,290 million (H1 2021: €8,691 million). Adjusted for exchange rate effects of 2.6 percent (H1 2021: -2.8 percent) and portfolio and other effects of 0.5 percent (H1 2021: -3.1 percent), organic revenue growth amounted to 3.8 percent (H1 2021: 16.6 percent). formats and exclusive IP. At the end of March 2022, the Belgian antitrust authority RTL Group revenues increased compared with the same period in the previous year. The main reasons for this were approved the disposal of RTL Belgium to the media strong business development at RTL Nederland, the ongoing companies DPG Media and Groupe Rossel. This concludes the transaction announced by the RTL Group at the end of June 2021. dynamic growth of streaming businesses, portfolio effects at RTL Germany after the takeover of G+J and at Fremantle, and positive currency effects. Revenues at Penguin Random House rose mainly as a result of exchange rates and In May 2022, as part of its international growth strategy, Fremantle acquired 51 percent of the Irish film and television production company Element Pictures, the company behind due to revenue growth at the Spanish-language publishers of Grupo Editorial. BMG achieved revenue growth due primarily to strong organic growth. Arvato recorded an award-winning films such as “The Favourite” and “Room,” increase in revenue against a backdrop of the continued the dramatic production “Normal People” and the mini- positive business performance of the CX company Majorel series “Conversations with Friends.” and Supply Chain Solutions. The Bertelsmann Printing In May 2022, Bertelsmann increased its stake in Nasdaq-listed education company Afya. The leading provider of medical In addition to organic growth, the Bertelsmann Education Group also benefitted from portfolio effects in light education and training in Brazil has been consolidated since of the increased stake in Afya. The revenues of the Group revenues grew primarily from price transmission. the acquisition date and is assigned to the Bertelsmann Education Group. Following the acquisition of six million Class B shares from the Esteves family for an amount of €147 million and the acquisition of a further interest upon gaining control, Bertelsmann now holds a total of 58 percent of the voting rights in Afya. Bertelsmann had been involved in establishing Afya since 2014 and, in August 2021, most recently had invested a three-digit million euro sum for an interest in the company. In late May 2022, the Croatian antitrust authority approved the disposal of RTL Croatia to Central European Media Bertelsmann Investments division are mainly generated by the activities of Bertelsmann Next as well as investments and primarily through former G+J activities. The decline in revenues from former G+J activities is mainly the result of portfolio changes related to the divestment of G+J France in the previous year. The following changes occurred in the geographical breakdown of revenues compared to the same period last year. The revenue share in Germany amounted to 29.7 percent compared to 30.3 percent in the first half of 2021. The revenue share generated by France amounted to 10.5 percent 10 Group Interim Management Report

Operating EBITDA in € millions EBIT (earnings before interest and taxes) Amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets Adjustments on amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets included in special items Special items attributable to: RTL Group attributable to: Penguin Random House attributable to: BMG attributable to: Arvato attributable to: Bertelsmann Printing Group attributable to: Bertelsmann Education Group attributable to: Bertelsmann Investments attributable to: Corporate Operating EBITDA H1 2022 840 495 (9) 103 (4) 44 – 10 (8) 24 (13) 50 1,429 H1 2021 1,929 424 (9) (927) (717) 8 3 6 20 (4) (242) (1) 1,417 (H1 2021: 11.4 percent). In the United Kingdom, the revenue share was 6.4 percent (H1 2021: 6.6 percent), while the other European countries achieved a revenue share of 20.8 percent (H1 2021: 20.0 percent). The share of total revenues generated in the United States amounted to 24.4 percent (H1 2021: 24.6 percent); other countries accounted for a share of 8.2 percent (H1 2021: 7.1 percent). Thus, the total share of revenues represented by foreign business amounted to 70.3 percent (H1 2021: 69.7 percent). Compared to the first half of 2021, there was only marginal change in the and an increase in production and distribution costs. BMG recorded strong earnings growth. Operating EBITDA at Arvato increased as a result of the ongoing positive performance at the CX company Majorel and in the Supply Chain Solutions sector. Earnings of the Bertelsmann Printing Group were lower than in the same period of the previous year, since higher production costs could only partly be passed on. Compared to the previous year, operating EBITDA of the Bertelsmann Education Group increased mostly due to portfolio effects. Furthermore, ratio of the four revenue streams (own products and Relias generated higher earnings. Earnings from operational merchandise, advertising, services, and rights and licenses) activities at Bertelsmann Investments declined, mainly as a to one another. Operating EBITDA result of portfolio effects. Special items During the reporting period, operating EBITDA rose to €1,429 million (H1 2021: €1,417 million). In addition to positive business development primarily in the music, services and education businesses, the performance is impacted by higher start-up losses in connection with the expansion of the streaming area. The EBITDA margin amounted to 15.4 percent after 16.3 percent in the same period last year. Operating EBITDA of the RTL Group increased compared to the same period last year despite the higher start-up losses for further expansion of the streaming business, thanks above all to the higher earnings contribution of RTL Nederland. The decrease in earnings at Penguin Random House is Overall, special items amounted to €-103 million (H1 2021: €927 million). They consisted of impairment losses on other financial assets at amortized cost in the amount of €-1 million (H1 2021: €-1 million), impairment on goodwill and other intangible assets with indefinite useful life as well as gains from business combinations of €3 million (H1 2021: –), results from disposals of investments of €134 million (H1 2021: €794 million), fair value measurement of investments of €-149 million (H1 2021: €197 million), and restructuring expenses and other special items totaling €-90 million (H1 2021: €-59 million). Carrying amounts of assets classified as held for sale were not adjusted in the reporting period after an adjustment of €-4 million in the previous year. The results from disposals of investments include disposal proceeds from the attributable in particular to the US business, which was sale of RTL Belgium. The high value of the same period in the unfavorably impacted by a challenging market environment previous year is primarily related to the sale of SpotX in 2021. Bertelsmann Interim Report January– June 2022 11

EBIT EBIT amounted to €840 million in the reporting period (H1 2021: €1,929 million) after adjusting operating EBITDA to include special items totaling €-103 million (H1 2021: €927 million) as well as the amortization, depreciation, impairment losses and reversals of impairment losses on intangible assets, property, plant and equipment, and right-of-use assets totaling €-486 million (H1 2021: €-415 million), which were not included in special items. Group Profit The financial result was €-161 million (H1 2021: €-155 million). The tax expense was €-187 million compared to €-406 million in the same period last year. The year-over-year decrease is attributable to lower special items in the first half of 2022. Group profit therefore amounted to €492 million (H1 2021: €1,368 million). The share of Group profit attributable to Bertelsmann shareholders was €298 million (H1 2021: €1,052 million). The non-controlling interests in Group profit came to €194 million (H1 2021: €316 million). Net Assets and Financial Position Financing Guidelines The primary objective of Bertelsmann’s financial policy is to achieve a balance of financial security, return on equity and growth. For this purpose, Bertelsmann bases its financing Economic debt is defined as net financial debt less 50 percent of the nominal capital of the hybrid bonds amounting to €625 million (December 31, 2021: €625 million) and investments in a special fund established in 2021 that can be converted into cash at short notice amounting to €130 million (December 31, 2021: €103 million), plus provisions for pensions amounting to €791 million (December 31, 2021: €1,474 million), profit participation capital amounting to €413 million (December 31, 2021: €413 million) and lease liabilities amounting to €1,427 million (December 31, 2021: €1,356 million). As of June 30, 2022, economic debt was €4,152 million (December 31, 2021: €3,475 million). In determining the leverage factor, the economic debt and the 12-month operating EBITDA are modified to enable financial management that corresponds to the Group’s structure. For the purpose of this calculation, economic debt was therefore increased by €250 million (December 31, 2021: €250 million) and operating EBITDA decreased by €-325 million (December 31, 2021: €-324 million). This results in a leverage factor of 1.5 as of June 30, 2022 (December 31, 2021: 1.3). Net financial debt increased to €2,276 million compared to €959 million as of December 31, 2021. Financing Activities In January 2022, Bertelsmann repaid parts of bonds due in August 2022, October 2024, September 2025, and April 2026 in a total nominal amount of €146 million ahead of schedule as part of a public repurchase offer. policy on the requirements of a “Baa1/BBB+” credit rating Rating and the associated qualitative and quantitative criteria. Credit ratings and capital market transparency make a considerable Bertelsmann bases its financing on the requirements of a contribution to the company’s financial security and independence. In accordance with the Group structure, the capital allocation is made centrally by Bertelsmann SE & Co. KGaA, which provides the Group companies with liquidity and manages the credit rating of “Baa1/BBB+.” Bertelsmann is currently rated by Moody’s as “Baa2” (outlook: stable) and by S&P as “BBB” (outlook: stable). Both credit ratings are in the investment- grade category. Bertelsmann’s short-term credit quality rating is “P-2” from Moody’s and “A-2” from S&P. issuance of guarantees and letters of comfort for them. The Cash Flow Statement Group uses this method to optimize its capital procurement and investment opportunities. Bertelsmann utilizes a financial control system employing quantitative financial targets concerning the Group’s economic debt and, to a lesser extent, its capital structure. In the reporting period, Bertelsmann generated cash flow from operating activities of €178 million (H1 2021: €238 million). The cash flow from investing activities amounted to €-249 million compared to €575 million in the same period last year. The prior-year figure includes high One of the financial targets is a dynamic leverage factor, profits from the disposal of subsidiaries and other business which is calculated as the ratio of economic debt to operating units. The figure for this reporting period includes, among EBITDA over a 12-month period and limited to the defined other things, payments for the increased stake in Afya maximum of 2.5, which should not be exceeded permanently. in connection with gaining control as well as the disposal As of June 30, 2022, operating EBITDA (12 months) amounted to €3,253 million (June 30, 2021: €3,551 million). proceeds from RTL Belgium. The cash flow from financing activities was €-1,033 million (H1 2021: €-1,831 million). 12 Group Interim Management Report

Consolidated Cash Flow Statement (Summary) in € millions Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Change in cash and cash equivalents Exchange rate effects and other changes in cash and cash equivalents Cash and cash equivalents as of 1/1 Cash and cash equivalents as of 6/30 Less cash and cash equivalents included within assets held for sale Cash and cash equivalents as of 6/30 (according to the consolidated balance sheet) H1 2022 178 (249) (1,033) (1,104) 121 4,669 3,686 (331) 3,355 H1 2021 238 575 (1,831) (1,018) 58 4,643 3,683 (8) 3,675 In addition to higher dividend payments, this also includes the repayments described in the “Financing Activities” €124 million) and were attributable to the increased stake in Afya, among other things. section. The difference compared with the same period in the previous year is primarily attributable to the high Balance Sheet repayment measures taken in H1 2021. Cash and cash equivalents decreased to €3,355 million as of June 30, 2022 (December 31, 2021: €4,645 million). Investments According to the cash flow statement, investments in the first half of 2022 amounted to €727 million (H1 2021: €573 million). Investments in intangible assets came to €247 million (H1 2021: €166 million) and were attributable primarily to BMG for the acquisition of music catalogs and to RTL Group for investments in film rights. As in the same period last year, the majority of investments in property, plant and equipment, totaling €181 million (H1 2021: €140 million), was attributable to Arvato. The sum of €206 million was invested in financial assets (H1 2021: €143 million). Purchase price payments for consolidated investments (less acquired cash and cash equivalents) totaled €93 million in the reporting period (H1 2021: As of June 30, 2022, total assets rose to €32.6 billion (December 31, 2021: €31.7 billion). On the asset side, the increase in intangible assets, among other things, contributed to a slight increase in net assets. On the equity and liabilities side, the increase is attributable to a rise in equity, among other things, which increased to €14.8 billion after €13.6 billion as of December 31, 2021. The resulting equity ratio amounts to 45.2 percent (December 31, 2021: 42.8 percent). Pension provisions decreased to €0.8 billion (December 31, 2021: €1.5 billion). The main reason for the noticeable decrease in pension provisions is a further significant rise in the discount rate. Cash and cash equivalents decreased to €3.4 billion as of June 30, 2022, from €4.6 billion as of December 31, 2021. Employees As of June 30, 2022, Bertelsmann had 162,410 employees worldwide. Bertelsmann Interim Report January– June 2022 13

Performance of the Group Divisions RTL Group RTL Group had a solid first half of 2022, growing its revenues and operating result despite a challenging macroeconomic while operating EBITDA decreased by 20.6 percent to €257 million (H1 2021: €324 million). A trial in the US government’s challenge of Bertelsmann’s planned purchase of Simon & Schuster was held in August in the US District Court in Washington, D.C. The judge’s ruling is expected this fall. environment and higher streaming start-up losses. The In the first half of the year, the publishing group again group’s higher revenues were driven primarily by the strong benefited from strong sales of backlist titles, such as “Atomic performance of RTL Nederland, higher streaming revenue, scope effects at RTL Deutschland and Fremantle as well as positive foreign exchange rate effects. RTL Group’s revenues increased by 2.6 percent to €3.3 billion in the first six months of the year (H1 2021: €3.2 billion), while operating EBITDA increased by 2.1 percent to €610 million (H1 2021: €598 million). RTL Group made strategic progress with the combination of RTL Deutschland and Gruner + Jahr into Germany’s first cross-media champion on January 1, 2022. RTL Belgium, RTL Croatia and the stake in the US software and data company Habits” by James Clear and “Where the Crawdads Sing” by Delia Owens; the latter sold a further two million copies in the US alone in the run-up to its theatrical film release. Successful new releases in the US included “Sparring Partners” by John Grisham and “How to Raise an Antiracist” by Ibram X. Kendi. In the children’s book sector, Dr. Seuss classics sold more than 5.7 million copies in all formats and editions. Penguin Random House secured the rights to U2 singer Bono’s memoirs for its English-language publishers. Titled “Surrender,” the book will be published worldwide on November 1, 2022. In the UK, the Penguin Random House UK publishing VideoAmp were sold during the reporting period. In France, group recorded a revenue increase thanks to higher export the case team of the French Competition Authority considered revenues and a recovery of high street bookstore sales. The that the proposed merger of Groupe TF1 and Groupe M6 DK division increased its revenues and earnings over the raises significant competition concerns. Hearings before the prior year, driven by growth across its publishing list. Penguin Board of the French Competition Authority are scheduled for Random House Verlagsgruppe recorded a year-on-year September, and a decision is expected in October. An antitrust revenue decline caused by a soft market development. The decision is also expected in the fall concerning the proposed Spanish-language publishing group achieved record results merger of Talpa Network and RTL Nederland. again, thanks to strong performance in Spain and Latin The streaming services RTL+ in Germany and Videoland in India and South Africa performed well in the first half of 2022, America. The publishing houses in Australia/New Zealand, the Netherlands increased their number of paying subscribers by 48 percent to a combined 4.5 million; streaming revenues grew by 21.5 percent to €130 million. The families of channels in Germany and the Netherlands increased their audience shares. RTL Deutschland acquired attractive film and series as did Grupo Companhia das Letras in Brazil. Penguin Random House’s audio growth remained stable at a high level in the first half of the year. packages from Warner Bros. and Paramount, and an extensive BMG international package from UEFA for matches of the German national team – all three for broadcast on free TV and RTL+. Bertelsmann’s music subsidiary BMG delivered strong growth Fremantle further expanded its business by acquiring the production companies Element Pictures and Lux Vide, increasing its share in previously invested businesses, and signing major talent deals. Penguin Random House in its revenues and operating profit in the first half of the year, driven primarily by growth in the recording business, but also by gains in publishing. Revenues increased by 25.3 percent to €371 million (H1 2021: €296 million), and operating EBITDA increased by 46.1 percent to €73 million (H1 2021: €50 million), each reaching a new record level. The revenue share of digital businesses of BMG’s overall revenue increased to 69 percent (H1 2021: 62 percent). Penguin Random House reported an increase in revenues for the first half of the year, driven by positive currency effects. BMG tripled its spending on catalog acquisitions in the first Adjusted for exchange-rate effects, revenue and earnings half of the year compared with the same period last year. declined, given the continuing inflationary pressure and The company acquired rights packages from blues icon supply-chain challenges. Penguin Random House revenues increased by 6.3 percent to €1.9 billion (H1 2021: €1.8 billion), John Lee Hooker and Scottish rock band Primal Scream, among others. 14 Group Interim Management Report

The George Harrison Estate commissioned BMG to manage advanced the transformation of its business model, completed his song catalog. Key signings included Rita Ora, Julian Lennon the associated repositioning and announced a change of and Logic in recordings and Elvis Costello in publishing. name. Starting in October, the financial services businesses Mark Owen signed a recordings and publishing deal for future will operate under the new name Riverty. solo works and songs written with Take That. In the recording business, highly successful releases included projects from Jason Aldean, Slash ft. Myles Kennedy & The Conspirators, 5 Seconds of Summer, Eurovision finalist In the first six months of the current financial year, as economic conditions continued to be difficult, the IT service provider Arvato Systems recorded a decline. Since the beginning of the year, the Group has focused on six key customer industries Chanel, and Bryan Adams. In publishing, besides successful and completed the associated organizational adjustments releases by Sea Power, Blossoms and George Ezra, works by in the reporting period. At the same time, the IT experts BMG songwriters including Roger Waters, Mick Jagger and managed to acquire various new projects and customers. Keith Richards, as well as Kurt Cobain continued to perform well. One of their focuses was on the energy industry, where BMG doubled down on its activities in the film sector, presenting three documentaries: “DIO: Dreamers Never Die” about heavy metal legend Ronnie James Dio, “Angelheaded Hipster: The Songs of Marc Bolan & T. Rex,” and Brett Morgan’s highly anticipated “Moonage Daydream,” the first film about David Bowie to be endorsed by his estate. Arvato both the Smart Energy platform and existing customer relationships were expanded. New customer contracts were signed in the healthcare, energy, manufacturing, and retail & consumer goods sectors. In addition, Arvato Systems further developed its portfolio of cloud services and won various high-profile awards. Majorel, a CX solutions provider listed on Euronext Amsterdam, reported double-digit growth in its first-half revenues and operating earnings. The company continued to build its long- Bertelsmann’s services businesses, which are bundled in the term relationships with digital and industry-leading customers Arvato division, reported a very positive performance in the and expanded its global footprint. Majorel also completed its first half of 2022. The main drivers were Arvato’s supply chain acquisition of Mayen, a CX provider in Turkey, and of Alembo, businesses and Majorel’s customer experience (CX) business. a CX/BPO provider in Suriname, thereby strengthening its Overall, the globally active Services unit once again achieved nearshore and offshore capabilities, and announced the a significant improvement in both revenues and operating profit. Revenue increased by 8.3 percent to €2.6 billion (H1 2021: €2.4 billion) and operating EBITDA by 11.4 percent to €446 million (H1 2021: €400 million). acquisition of IST Networks, a CX technology services provider. On June 20, 2022, Majorel and Sitel Group agreed on the key terms of a potential merger between the two companies. Please refer to the section “Assets Held for Sale and Related Liabilities” in the Condensed Interim Consolidated Financial Arvato’s supply chain management businesses grew Statements regarding the amended carrying amounts as of dynamically and profitably in the reporting period, especially June 30, 2022. internationally. New customers were acquired in the books, toys, healthcare, tech and large-scale fashion sectors, among Bertelsmann Printing Group others. At the same time, the existing network of locations was significantly expanded by setting up new distribution Bertelsmann Printing Group (BPG), which provides printing centers and expanding existing ones in Germany, the US, and and marketing services primarily in Europe and North America, Poland, among other places. In addition, the company once was confronted with high prices for paper, other raw materials again invested in equipping selected sites with state-of-the- and energy and a resulting decline in demand in the first half art automation technology, expanding the cloud infrastructure of 2022. The partial passing on of paper price increases to and installing high-performance photovoltaic systems. Arvato Financial Solutions’ financial services businesses registered a slight decline in revenues and operating result. The reasons for this decline are a gloomy consumer climate in the core markets and the consequences of government customers in particular led to a year-on-year revenue increase of 11.5 percent to €696 million (H1 2021: €624 million). Operating EBITDA, on the other hand, decreased to €15 million (H1 2021: €26 million, down 41.4 percent) due to the fact that only part of the cost increases could be passed on. regulations in the receivables management sector. By contrast, The offset printing businesses recorded a decline in earnings the Swiss-based MF Group reported a positive business in the first six months, mainly due to higher procurement performance, while Arvato Financial Solutions systematically costs for energy. The market decline that has been ongoing Bertelsmann Interim Report January– June 2022 15

for years in gravure printing continued. This resulted in lower teachers, profited overall from stronger demand and each utilization of production capacities at Prinovis Germany. The reported revenue growth. Prinovis site in Dresden will close at the end of 2022 as a result of the structural market decline in gravure-related print Relias continues to achieve strong performance with its products. learning solutions for healthcare providers throughout the entire sector and is benefitting from the increasing shift to A positive trend among existing and new customers led online education and from high demand for human resources to a year-on-year increase in revenues and operating profit management solutions for improving clinical performance. for the Marketing Services businesses. This was equally Alliant University reported higher revenue which is mainly the case for Dialog’s multichannel marketing services, the attributable to the continual expansion of its range of online DeutschlandCard multi-partner rewards program and courses. Moreover, Alliant was able to further expand its Campaign’s campaign-management businesses, which among market share in teacher training and certification in California. other things further expanded their innovative Programmatic Alliant also opened a school for nursing care and health Print business in the first six months of the year. sciences. The group’s printing activities in the UK and the US presented In May 2022, Bertelsmann increased its stake held in the a mixed picture. Prinovis Liverpool once again grappled with NASDAQ-listed education company Afya and completely intense competition, falling prices and a significant market allocated its majority interest in the company into the downturn. In addition, there were further negative volume Bertelsmann Education Group. Afya is a leading medical effects in the reporting period from the loss of a major education company in Brazil with 35 locations throughout customer in the fall of last year. Increases in the cost of the entire country. The focus is currently on the education materials and other factors, which were also noticeable in the and training of doctors. Afya is increasing its focus on digital US, led to an overall moderate decline in earnings from local solutions for doctors: tools to support patient diagnosis and activities. Investments in the book printing business improved for medical practice management including electronic patient productivity and provided sustainable capacity for publishing files, tele-med services and digital prescriptions. Around one customers in the US. BPG’s replication and packaging specialists were able to hold their own in a market that continued to decline, but reported a drop in earnings due to the generally difficult cost situation. By third of doctors in Brazil currently use at least one of Afya’s digital solutions. The Bertelsmann Education Group holds 58 percent of the voting rights in Afya. Bertelsmann has been a stakeholder in Afya’s development since 2014. contrast, the business with sustainable packaging solutions Bertelsmann Investments for the food industry and the vinyl service business saw further expansion. Bertelsmann Education Group Since June 1, CEO Carsten Coesfeld has headed up the Bertelsmann Investments division and, among other things, is responsible for the network of funds and the newly established department Bertelsmann Next. Bertelsmann’s education businesses generated revenues of €231 million in the first six months of 2022, up 69.3 percent year on year (H1 2021: €136 million). The Bertelsmann Education Group achieved operating EBITDA of €74 million (H1 2021: €44 million, plus 68.4 percent). The significant increase in revenues and earnings is primarily Through its venture capital organization comprising the funds, BI made 29 new and 16 follow-on investments in innovative companies and funds in the first half of 2022. Its active portfolio consists of 313 investments as of the reporting date. attributable to the acquisition and the resulting consolidation of the Brazilian education provider Afya in May 2022. Adjusted During the reporting period, Bertelsmann Digital Media for portfolio and exchange-rate effects, revenue in the first six months of the year increased organically by 5.6 percent year on year primarily due to the strong growth of Relias and Alliant. Investments (BDMI) made 16 new and seven follow-on investments, among them Lemonada Media, a podcast network founded in 2019. BDMI also invested in several startups in the NFT and Web3 environment, including PERCS, an NFT-enabled loyalty solution for brands, and Both Relias, a leading provider of online education and training Memorable.ai, a marketing SaaS platform. Beyond this, for medical professionals, as well as Alliant University, which the fund recorded some successful exits with the sale of is specialized in training and certification of psychologists and its investments in Clique Media, a content platform in the 16 Group Interim Management Report

fashion space, The Athletic, a sports reporting company, and Southeast Asia with an investment in Singapore’s Podsights, a marketer of podcast advertising. Openspace Ventures Plus (OSV+) fund. Bertelsmann Asia Investments (BAI) strengthened its tech The investment activities of G+J Digital Ventures were focus and expanded its portfolio with an investment in reallocated to BI’s venture capital organization. CIX Technology, a Chinese start-up company, and further increased its stake in China’s 5G chip manufacturer Cygnus Bertelsmann Investments’ newly created Bertelsmann Next Semi. BAI also increased its stake in Stori, a Latin American department will drive the entrepreneurial development neobank. Since its launch in January 2020, Stori has issued more than one million credit cards. Stori has enjoyed “unicorn” status since its last round of financing. In all, BAI of new growth sectors and lines of business, including digital health, with a focus on the US. During the reporting period, Bertelsmann Next made its first few investments in made seven new and six follow-on investments during the innovative funds and companies in the digital health sector. reporting period. These include the Rock Health fund and the companies Ada Health and Qunomedical. Bertelsmann India Investments (BII) invested in Orange Health, an online diagnostics chain, during the first half of The AppLike Group, with its four divisions App Marketing, 2022, as well as in Bijak and Vymo. Follow-on investments Reach Building, Mobile Games Development and Automation, were made in Rupeek and Agrostar. As part of Bertelsmann’s was organizationally transferred to BI, and more precisely to Group-wide “Boost” strategy, BII announced plans to make new and follow-on investments totaling €470 million within five years. BII will focus on investments in sectors including health tech, enterprise tech, future of work, fintech and the Bertelsmann Next division, during the reporting period. The AppLike Group was previously part of G+J. As part of Bertelsmann’s “Boost” strategy, around €100 million will be invested in the organic development of new businesses, agritech. technologies and platforms within the AppLike Group. In Southeast Asia, too, BI made an initial direct investment Since the combination of RTL Deutschland and G+J, the in Naluri, a company that offers a digital health program for communications agency Territory and the associated companies and their employees to prevent and treat chronic employability specialist Embrace, the majority stake in diseases. The company already has more than 80 corporate DDV Mediengruppe, and a stake in the Spiegel Group clients, through which 50,000 members are registered on its platform. BI also expanded its engagement in have also become part of BI and are reported under Investments & Participations. Bertelsmann Interim Report January– June 2022 17

Significant Events after the Balance Sheet Date pandemic, the war in Ukraine, in particular, depressed economic development to a considerable extent and The approvals of the relevant authorities in the respective caused economic downturns in the markets relevant for countries are still outstanding for the planned mergers of Penguin Random House and Simon & Schuster in the US, of Groupe M6 and Groupe TF1 in France, and of RTL Nederland Bertelsmann. In addition, further geopolitical crises, national deficits, currency turbulence or the introduction of higher tariffs as a result of rising protectionist tendencies and Talpa Network in the Netherlands. could interfere with economic performance and influence Risks and Opportunities Risk Management System Bertelsmann’s risk situation. Legal and Regulatory Risks Please refer to the 2021 Combined Management Report for a description of Bertelsmann’s risk management system (RMS) As part of the corporate strategy, Bertelsmann is planning mergers of Penguin Random House and Simon & Schuster in the US, of Groupe M6 and Groupe TF1 in France, and of and the accounting-related RMS and internal control system RTL Nederland and Talpa Network in the Netherlands, for (ICS). Significant Changes in Risks Compared to the 2021 Combined Management Report which the respective approvals of the relevant authorities are still outstanding. On November 2, 2021, the Department of Justice filed suit seeking to enjoin the acquisition of Simon & Schuster. Oral arguments took place in August in the US District Court for the District of Columbia. The Please refer to the respective disclosures in the 2021 Combined judge’s ruling is expected this fall. On July 26, 2022, during Management Report for a description of the key risks to the the review of the proposed merger between Groupe TF1 Bertelsmann Group. Overall, as of June 30, 2022, the same and Groupe M6, the case team of the French Competition Group risks are considered material as those existing as of December 31, 2021. However, the significance of individual types of risk in terms of Bertelsmann’s future business Authority (Autorité de la Concurrence) presented its report. In this report, which does not prejudge the decision by the Board (Collège) of the authority, the case team considers performance has changed. Rising factor costs caused by that the proposed transaction raises significant competition inflation along with an economic slowdown as a result of the concerns (in particular on the advertising market). The nature Ukraine war and the coronavirus pandemic currently represent and scope of the remedies required in the report of the case the greatest risks in the Group. team would render the parties’ proposal irrelevant, in which Strategic and Operational Risks case the parties would withdraw it. The parties – who intend to maintain their proposal as presented – have responded to the Competition Authority in August. The hearings before the Overall, the risks of the Group have increased from those Board of the French Competition Authority are scheduled for depicted in the 2021 Combined Management Report. In the beginning of September 2022. A decision is expected particular, the rising costs of personnel, material and energy in October. An antitrust decision is also expected in the are negatively impacting operations. These higher costs can fall concerning the proposed merger of Talpa Network and only be partially offset by price adjustments and efficiency RTL Nederland. Furthermore, regulatory changes could measures. A potential recession driven by inflation could also have a negative impact on the RTL Group’s advertising- financed businesses. Possible further capacity adjustments at the Bertelsmann Printing Group are becoming more likely impact Bertelsmann’s business models. Please refer to the 2021 Combined Management Report for details of other legal and regulatory risks. in light of a downturn in the market development. In contrast, Financial Market Risks the challenges in the supply chains arising in connection with the coronavirus pandemic have decreased and, for Penguin Compared with the situation in the 2021 Combined Random House, serve to lower risk. Management Report, financial market risks have increased slightly overall. The increase results from the increase in Uncertainty about the macroeconomic trend increased currency risks. Offsetting effects arise from the lower interest significantly in the first half of 2022. In addition to the rate risk as a result of lower financial assets and forming new economic and social impacts of the still ongoing coronavirus interest rate derivatives. 18 Group Interim Management Report

Overall Risk These assessments are subject to a high degree of uncertainty. In addition to the risks arising in connection The overall risk position has increased as a whole. Despite with the Ukraine war and the coronavirus pandemic, there the uncertainties described above, no risks were identified for is a possibility that inflation could become entrenched. Bertelsmann as a going concern as of June 30, 2022. This unpredictability is currently a challenge when trying to Opportunities assess the effects on the markets relevant to Bertelsmann and the anticipated overall economic situation. In addition, further geopolitical crises, national deficits, currency The assessment of opportunities has not changed substantially turbulence or the introduction of higher tariffs as a result compared to the information presented in the 2021 Combined of rising protectionist tendencies could interfere with Management Report. Outlook economic performance. The impact could also have negative repercussions on the overall economic situation, which is a key factor influencing Bertelsmann’s business performance. The following expectations are based on an assumption that most economic predictions of the research institutions will The outlook for the global economy has deteriorated in be realized. light of the Ukraine war, high inflationary pressure followed by a tightening of monetary policy in many countries, the For the 2022 financial year, Group revenues are expected to continuing coronavirus-related restrictions and ongoing increase significantly to strongly, also due to portfolio effects disruptions to supply chains. Further inflation could place a (outlook in the 2021 Annual Report: moderate increase), and further burden on private households and businesses. As a an unchanged moderate decline for operating EBITDA in view result of this, most economic institutes have lowered their economic forecasts in recent months. Economic estimates by the Kiel Institute for the World Economy (IfW) forecasting global economic development of 3.0 percent for the full year 2022 are also below previous estimates. of start-up losses regarding the expansion of the streaming business at RTL Group. Adjusted for these start-up losses, a stable development is still expected. These forecasts are based on Bertelsmann’s current business strategy, as outlined in the “Corporate Profile” section. In High inflation and the effects of the war in Ukraine are also general, the forecasts reflect careful consideration of risks hampering economic recovery in the eurozone. The IfW anticipates real GDP growth of 3.1 percent for 2022 for the eurozone. At the same time, GDP in Germany is only expected to rise by 2.2 percent in light of the strained energy supply. Growth of 2.6 percent is expected in France. High inflationary pressure is also noticeable in the United Kingdom. According to the IfW estimates, real GDP could grow by 2.9 percent in 2022. The economic outlook for the United States has also deteriorated. The IfW expects real GDP to grow by a mere 2.4 percent in 2022. and opportunities and are based on operational planning and the medium-term outlook for the corporate divisions. All statements concerning potential future economic and business developments represent opinions advanced on the basis of the information that is currently available. Should underlying assumptions fail to apply and/or further risks arise, actual results may differ from those expected. Accordingly, no assurances can be provided concerning the accuracy of such statements. Bertelsmann Interim Report January– June 2022 19

Condensed Interim Consolidated Financial Statements Consolidated Income Statement in € millions Revenues Other operating income Cost of materials Royalty and license fees Personnel costs Amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets Other operating expenses Results from investments accounted for using the equity method Impairment and reversals on investments accounted for using the equity method Results from disposals of investments EBIT (earnings before interest and taxes) Interest income Interest expenses Other financial income Other financial expenses Financial result Earnings before taxes Income tax expense Group profit or loss attributable to: Bertelsmann shareholders Non-controlling interests H1 2022 H1 2021 9,290 213 (2,952) (684) (3,090) (495) (1,569) (7) – 134 840 9 (67) 10 (113) (161) 679 (187) 492 298 194 8,691 382 (2,688) (672) (2,881) (424) (1,307) 34 – 794 1,929 7 (73) 3 (92) (155) 1,774 (406) 1,368 1,052 316 Bertelsmann Interim Report January– June 2022 21

Consolidated Statement of Comprehensive Income in € millions Group profit or loss Items that will not be reclassified subsequently to profit or loss Remeasurement component of defined benefit plans Changes in fair value of equity instruments Share of other comprehensive income of investments accounted for using the equity method Items that will be reclassified subsequently to profit or loss when specific conditions are met Exchange differences – changes recognized in other comprehensive income – reclassification adjustments to profit or loss Cash flow hedges – changes in fair value recognized in other comprehensive income – reclassification adjustments to profit or loss Share of other comprehensive income of investments accounted for using the equity method Other comprehensive income net of tax Group total comprehensive income attributable to: Bertelsmann shareholders Non-controlling interests H1 2022 492 H1 2021 1,368 438 1 22 270 12 13 19 34 809 1,301 1,081 220 251 1 – 157 (12) (17) 25 2 407 1,775 1,450 325 22 Condensed Interim Consolidated Financial Statements

Consolidated Balance Sheet in € millions Assets Non-current assets Goodwill Other intangible assets Property, plant and equipment and right-of-use assets Investments accounted for using the equity method Minority stakes and other financial assets Trade and other receivables Other non-financial assets Deferred tax assets Current assets Inventories Trade and other receivables Other financial assets Other non-financial assets Current income tax receivables Cash and cash equivalents Assets held for sale Equity and liabilities Equity Subscribed capital Capital reserve Retained earnings Bertelsmann shareholders’ equity Non-controlling interests Non-current liabilities Provisions for pensions and similar obligations Other provisions Deferred tax liabilities Profit participation capital Financial debt Lease liabilities Trade and other payables Other non-financial liabilities Current liabilities Other provisions Financial debt Lease liabilities Trade and other payables Other non-financial liabilities Current income tax payables Liabilities related to assets held for sale 6/30/2022 12/31/2021 8,754 3,742 2,848 727 1,769 97 1,131 694 19,762 2,367 4,154 240 1,185 213 3,355 11,514 1,368 12,882 32,644 1,000 2,345 9,069 12,414 2,338 14,752 791 169 173 413 4,898 1,162 693 406 8,705 207 733 265 4,949 2,135 78 8,367 820 9,187 32,644 8,179 2,705 2,774 1,340 1,584 71 1,047 989 18,689 1,902 4,594 386 1,068 176 4,645 12,771 254 13,025 31,714 1,000 2,345 8,266 11,611 1,963 13,574 1,474 198 104 413 4,857 1,082 505 397 9,030 288 747 274 5,282 2,294 110 8,995 115 9,110 31,714 Bertelsmann Interim Report January– June 2022 23

Consolidated Cash Flow Statement in € millions EBIT (earnings before interest and taxes) Taxes received/paid Depreciation and write-ups of non-current assets Results from disposals of investments Gains/losses from disposals of non-current assets Change in provisions for pensions and similar obligations Change in other provisions Change in net working capital Fair value measurement of investments Other effects Cash flow from operating activities Investments in: – intangible assets – property, plant and equipment – financial assets – purchase prices for consolidated investments (net of acquired cash) Disposals of subsidiaries and other business units Disposals of other fixed assets Cash flow from investing activities Redemption of bonds and promissory notes Redemption of other financial debt Proceeds from other financial debt Redemption of lease liabilities Interest paid Interest received Dividends to Bertelsmann shareholders Dividends to non-controlling interests and payments to partners in partnerships (IAS 32.18(b)) Change in equity Other effects Cash flow from financing activities Change in cash and cash equivalents Exchange rate effects and other changes in cash and cash equivalents Cash and cash equivalents as of 1/1 Cash and cash equivalents as of 6/30 Less cash and cash equivalents included within assets held for sale Cash and cash equivalents as of 6/30 (according to the consolidated balance sheet) Changes in Net Liabilities Arising from Financing Activities in € millions Net liabilities arising from financing activities as of 1/1 Cash flow from operating activities Cash flow from investing activities Interest, dividends and changes in equity, additional payments (IAS 32.18(b)) Exchange rate effects and other changes in net liabilities arising from financing activities Net liabilities arising from financing activities as of 6/30 H1 2022 H1 2021 840 (216) 493 (134) (20) (49) (122) (850) 149 87 178 (247) (181) (206) (93) 196 282 (249) (146) (90) 110 (150) (168) 22 (220) (269) (86) (36) (1,033) (1,104) 121 4,669 3,686 (331) 3,355 H1 2022 (2,315) 178 (249) (721) (596) (3,703) 1,929 (407) 429 (794) (2) (239) (39) (435) (197) (7) 238 (166) (140) (143) (124) 680 468 575 (1,026) (135) 86 (136) (169) 9 (180) (225) (32) (23) (1,831) (1,018) 58 4,643 3,683 (8) 3,675 H1 2021 (3,410) 238 575 (597) 10 (3,184) Net liabilities arising from financing activities are the balance of the balance sheet positions “Cash and cash equivalents,” “Financial debt” and “Lease liabilities.” 24 Condensed Interim Consolidated Financial Statements

Consolidated Statement of Changes in Equity Sub- scribed capital Capital reserve1) Other retained earnings Total Bertels- mann share- holders’ equity Non- con- trolling interests Retained earnings Exchange differ- ences Fair value reserve Cash flow hedges Accumulated other comprehensive income2) Share of other com- prehensive income of investments accounted for using the equity method 9 – 1 1 – – – – 10 16 – 1 1 – – – (11) – 7 7 – – – 4 – 3 – 27 27 – – – (7) 10 (12) 18 (2) – 2 2 – – – – – (19) – 50 50 – – – – 9,096 1,052 398 1,629 10,725 316 1,368 9 407 1,450 325 1,775 (180) (217) (397) (3) (40) (43) (183) (257) (440) 4 11 15 10,367 1,708 12,075 11,611 1,963 13,574 298 783 194 26 492 809 1,081 220 1,301 (220) (281) (501) (45) (63) (108) (265) (344) (609) (13) 499 486 31 12,414 2,338 14,752 in € millions Balance as of 1/1/2021 Group profit or loss Other comprehensive income Group total comprehensive income Dividend distributions Changes in ownership interests in subsidiaries that do not result in a loss of control Equity transactions with shareholders Other changes 1,000 2,345 – – – – – – – – – – – – – – 6,086 1,052 245 1,297 (180) (3) (183) – (331) – 143 143 – – – – Balance as of 6/30/2021 1,000 2,345 7,200 (188) Balance as of 1/1/2022 1,000 2,345 Group profit or loss Other comprehensive income Group total comprehensive income Dividend distributions Changes in ownership interests in subsidiaries that do not result in a loss of control Equity transactions with shareholders Other changes3) – – – – – – – – – – – – – – Balance as of 6/30/2022 1,000 2,345 8,230 298 414 712 (220) (45) (265) 6 8,683 36 – 291 291 – – – – 327 1) The capital reserve mainly includes share premiums received from the issue of ordinary shares in excess of their par values. 2) Thereof, as of June 30, 2022, €-8 million relates to assets classified as held for sale in accordance with IFRS 5. As of June 30, 2021, no significant amounts related to assets classified as held for sale in accordance with IFRS 5. 3) Other changes of non-controlling interests mainly relate to the acquisition of the education company Afya. Bertelsmann Interim Report January– June 2022 25

Segment Information in € millions Revenues from external customers Intersegment revenues Divisional revenues Operating EBITDA EBITDA margin1) Impairment (-)/reversals (+) on intangible assets, property, plant and equipment and right-of-use assets Results from investments accounted for using the equity method Impairment (-)/reversals (+) on investments accounted for using the equity method Penguin RTL Group Random House BMG Arvato H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 3,264 3,182 1,916 1,803 12 10 – 1 3,276 3,192 1,916 1,804 610 598 257 324 370 1 371 73 295 1 296 50 2,605 2,402 34 34 2,639 2,436 446 400 18.6% 18.7% 13.4% 18.0% 19.7% 16.9% 16.9% 16.4% – 1 – 1 15 – – – – – 2 – – – – – – – (14) 4 – – 4 – The prior-year comparatives for RTL Group, Bertelsmann Investments and Consolidation have been adjusted. Further details are presented in the section “Notes on Segment Reporting.” 1) Operating EBITDA as a percentage of revenues. 2) The business development of the venture capital business of Bertelsmann Investments is determined primarily on the basis of EBIT. EBIT of Bertelsmann Investments amounted to €21 million (H1 2021: €270 million). Reconciliation to Operating EBITDA in € millions EBIT (earnings before interest and taxes) Less special items Impairment on goodwill and other intangible assets with indefinite useful life as well as gains from business combinations Adjustment to carrying amounts on assets held for sale Impairment (-)/reversals (+) on other financial assets at amortized cost Impairment (-)/reversals (+) on investments accounted for using the equity method Results from disposals of investments Fair value measurement of investments Restructuring and other special items Less amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets Less adjustments on amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets included in special items Operating EBITDA H1 2022 840 H1 2021 1,929 3 – (1) – 134 (149) (90) (495) 9 1,429 – (4) (1) – 794 197 (59) (424) 9 1,417 26 Condensed Interim Consolidated Financial Statements

Bertelsmann Printing Group Bertelsmann Education Group Bertelsmann Investments2) Total divisions Corporate Consolidation Group total H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 630 66 696 15 552 72 624 26 231 – 231 74 136 – 136 44 266 6 272 16 317 5 322 36 9,282 119 9,401 8,687 123 8,810 1,491 1,478 2.2% 4.1% 32.0% 32.1% 5.9% 11.3% 15.9% 16.8% – (1) – (7) – – – (18) – – 8 – – 6 – – 5 – (14) (8) (6) 34 – – 8 16 24 (60) n/a – – – 4 17 21 (61) n/a – – – – (135) (135) (2) n/a – 1 – – 9,290 8,691 (140) (140) – – – 9,290 8,691 1,429 1,417 n/a 15.4% 16.3% – – – (14) (7) (6) 34 – – Selected Explanatory Notes Accounting Principles The Bertelsmann SE & Co. KGaA Interim Report has been prepared according to Section 115 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and has been Consolidated Financial Statements have been prepared – with the exception of the financial reporting standards and interpretations applied for the first time in the current subject to a limited review by the Group’s auditor. It complies financial year – using fundamentally the same accounting with International Financial Reporting Standards (IFRS) and and measurement policies as in the Consolidated Financial the related interpretations (IFRIC) of the IFRS Interpretations Committee (IFRS IC) applicable in the European Union (EU-IFRS), and contains Condensed Interim Consolidated Financial Statements prepared in accordance with IAS 34 Interim Financial Reporting, including selected explanatory Statements of December 31, 2021. A detailed description of these policies is presented in the notes to the Consolidated Financial Statements in the 2021 Annual Report. The first- time application of new financial reporting standards had no material impact on the Bertelsmann Group. The Bertelsmann notes. The Condensed Interim Consolidated Financial Group has not opted for early adoption of any standards, Statements do not include all the information required for interpretations or amendments that have been issued but full Consolidated Financial Statements and should be read are not yet effective. Likewise, the expected impact from in conjunction with the Bertelsmann Consolidated Financial the issued financial reporting requirements that are not yet Statements as of December 31, 2021. The Condensed Interim effective is not material to the Bertelsmann Group. Bertelsmann Interim Report January– June 2022 27

Significant Accounting Judgments, Estimates and Assumptions The preparation of Condensed Interim Consolidated Financial management made judgments to determine whether the Statements requires management to make judgments, sale of non-current assets or disposal groups is considered estimates and assumptions that affect the application of highly probable in order to meet the criteria for classification accounting policies and the reported amounts of assets and as held-for-sale. In particular, judgments relate to key liabilities, income and expenses. Actual results may differ assumptions about whether the outstanding shareholders’ from these estimates. approvals or pending regulatory approvals are substantive and thus prevent the sale from being highly probable. In preparing these Condensed Interim Consolidated Furthermore, the information on significant accounting Financial Statements, the significant judgments made judgments, estimates and assumptions in the notes to the by the management in applying the Group’s accounting Annual Report 2021 still applies. Management is of the opinion policies and the key sources of estimation uncertainty were that the additional estimates and significant accounting the same as those applied to the consolidated financial statements as at December 31, 2021. Further, in preparing these Condensed Interim Consolidated Financial Statements, judgments required by the geopolitical uncertainties take appropriate account of the currently foreseeable micro- economic and macroeconomic situation. Scope of Consolidation The Condensed Interim Consolidated Financial Statements as of June 30, 2022, include Bertelsmann SE & Co. KGaA and all material subsidiaries over which Bertelsmann SE & Co. KGaA is able to exercise control in accordance with IFRS 10. Joint ventures and associates are accounted for using the equity method in accordance with IAS 28. In addition, a special fund is included in the Condensed Interim Consolidated Financial Statements as a structured entity. As of June 30, 2022, the scope of consolidation including Bertelsmann SE & Co. KGaA consists of 939 (December 31, 2021: 859) companies with includes 892 (December 31, 2021: 812) consolidated compa- nies. In addition, investments in 16 (December 31, 2021: 14) joint ventures and 31 (December 31, 2021: 33) associates are accounted for using the equity method in the Consolidated Financial Statements. A total of 168 (December 31, 2021: 174) companies were excluded from the scope of consoli- dation. These consist of the associates in the portfolio of the Bertelsmann Investments division and entities without significant business operations and of negligible importance for the financial position and financial performance of the 114 additions and 34 disposals in the first half of 2022. This Bertelsmann Group. Acquisitions and Disposals In the first half of 2022, the cash flow from acquisition activities totaled €-93 million, of which €-84 million related to new acquisitions during the first half of the year less cash purchase price allocation resulted in a goodwill of €42 million; this mainly reflects synergy effects arising from the expansion of the geographic footprint of Majorel’s existing nearshore and cash equivalents acquired, and €-9 million to payments capacities for the European market and for global Internet in connection with acquisitions made in previous years. customers. Goodwill is not tax deductible and was allocated The consideration transferred in accordance with IFRS 3 to the Majorel cash-generating unit in the Arvato division. amounted to €421 million, taking into account contingent consideration of €19 million. In addition, put options in the amount of €95 million and a forward in the amount of €1 million were accounted for in relation to the acquisitions made in the RTL Group and Penguin Random House Transaction-related costs were immaterial in the first half of 2022 and have been recognized in profit or loss as other operating expenses. Since initial consolidation from January 1, 2022, Mayen has contributed €14 million to revenue and €4 million to Group profit or loss. divisions. In January 2022, Majorel acquired 80 percent of the shares in Mayen Telekomünikasyon Hizmetleri A.Ş., a company based in Turkey. The consideration transferred amounted to €61 million. An advance payment of €58 million on the acquisition had already been made as of December 31, 2021. The preliminary In February 2022, Majorel acquired 12 of Booking.com’s 14 internal customer experience (CX) service centers in Europe, Asia Pacific and North America. The expanded strategic partnership with Booking.com enables Majorel to expand its geographic footprint into new countries and also to further consolidate its existing presence in the other markets. 28 Condensed Interim Consolidated Financial Statements

The consideration transferred amounted to €65 million, of which €51 million was paid in cash in June 2022 and the through equity for the present value of the redemption amount. In the first half of 2022, transaction-related costs amounted remaining payment will be made subsequently. The negative to €1 million and have been recognized in profit or loss as difference between the consideration transferred and the other operating expenses. Since initial consolidation, Element fair value attributable to the identifiable assets and liabilities, Pictures has contributed €47 million to Group revenue and resulting from the preliminary purchase price allocation, €13 million to Group profit or loss. If consolidated as of amounting to €3 million, was recognized in profit or loss. Transaction-related costs amounted to €1 million in the first half of 2022 and have been recognized in profit or loss as other operating expenses. Since initial consolidation, the CX service centers have contributed €10 million to revenue and €3 million to Group profit or loss. If consolidated as of January 1, 2022, CX service centers would have contributed €90 million to revenue and €6 million to Group profit or loss. In March 2022, Fremantle, which belongs to RTL Group, acquired 70 percent of the shares in Lux Vide, Italy’s leading independent television production company. The acquisition of Lux Vide forms part of Fremantle’s wider international growth January 1, 2022, Element Pictures would have contributed €49 million to Group revenue and €6 million to Group profit or loss. In May 2022, Bertelsmann, acting through Bertelsmann Education Group, increased its interest in Nasdaq-listed education company Afya, the leading provider of medical education and training and digital solutions for medical practitioners in Brazil. Following the acquisition of six million Class B shares for an amount of €147 million from the former majority shareholder (the Esteves family), Bertelsmann now holds 58 percent of the voting rights in Afya. After obtaining control, Bertelsmann was able to purchase additional Class A strategy to invest in premium production companies, content shares (approximately 500,000) on the stock exchange and creators and talent from around the world – developing and from employees of the company, thus further increasing securing original formats and exclusive IP. The consideration transferred amounted to €43 million and was fully paid in cash. The preliminary purchase price allocation resulted in goodwill of €8 million, mainly reflecting the expertise of the its shareholding. As of the reporting date, the interest amounts to 33 percent of the shares under company law and 58 percent of the voting rights. As a result of obtaining control, the investment, which was previously accounted for management and synergy potential with Fremantle. Goodwill using the equity method, has been consolidated from the is not tax deductible and was allocated to the Fremantle cash- generating unit. Further, in connection with the acquisition, put options on the remaining 30 percent share capital were recognized for an amount of €32 million through equity for the present value of the redemption amount. In the first half date of acquisition. The consideration transferred amounted to €147 million. Obtaining control led to the derecognition of the investment previously accounted for using the equity method, the fair value of which amounted to €501 million immediately before the acquisition date. The total effect of 2022, transaction-related costs amounted to €1 million from the remeasurement of the investment already held and and have been recognized in profit or loss as other operating the reclassification of all currency translation differences expenses. Since initial consolidation, Lux Vide has contributed previously recognized in the Group´s other comprehensive €40 million to Group revenue and €4 million to Group profit or loss. If consolidated as of January 1, 2022, Lux Vide would have contributed €51 million to Group revenue and €6 million is income immaterial. The preliminary purchase price allocation resulted in goodwill of €426 million, mainly reflecting the future growth potential from the further to Group profit or loss. In May 2022, Fremantle also acquired 51 percent of the shares in Element Pictures, the production company behind the Academy Award, Golden Globe and BAFTA-winning films expansion of the company’s market position in Brazil. Goodwill is not tax-deductible and represents a separate cash-generating unit within the Bertelsmann Education Group division. Transaction-related costs amounted to €1 million in the first half of 2022 and have been recognized in profit or “The Favourite” and “Room”, the global drama “Normal People”, and the mini-series “Conversations With Friends.” The consideration transferred amounted to €55 million and comprises a purchase price payment already made in the amount of €45 million and a contingent consideration in loss as other operating expenses. Since initial consolidation, Afya has contributed €72 million to revenue and €7 million to Group profit or loss. If consolidated as of January 1, 2022, Afya would have contributed €210 million to revenue and €26 million to Group profit or loss. the amount of €10 million. The preliminary purchase price allocation resulted in goodwill of €56 million, mainly reflecting In addition, the Bertelsmann Group made several synergies with Fremantle and international distribution growth acquisitions in the first half of 2022, none of which was opportunities. Goodwill is not tax deductible and was allocated material on a stand-alone basis. In total, the impact of these to the Fremantle cash-generating unit. Further, in connection acquisitions on the Group’s financial position and financial with the acquisition, put options on the remaining 49 percent share capital were recognized for an amount of €54 million performance was also minor. Payments net of acquired cash and cash equivalents amounted to €-31 million. Bertelsmann Interim Report January– June 2022 29

The consideration transferred in accordance with IFRS 3 for these acquisitions amounted to €50 million, taking into account contingent consideration of €9 million. The other acquisitions resulted in goodwill totaling €44 million, which reflects synergy potential and is not tax-deductible. In particular, the valuations have not yet been finalized. Therefore, the fair values of identifiable assets – especially intangible assets – and liabilities acquired have only been determined provisionally. The accounting for the acquisitions will be finalized within the 12-month measurement period in Transaction-related costs were immaterial in the first half accordance with IFRS 3, based on facts and circumstances of 2022 and have been recognized in profit or loss as other that existed at the date of gain of control, and the purchase operating expenses. price allocation will be adjusted accordingly. The preliminary purchase price allocations consider all the The following table shows the fair values of the assets facts and circumstances prevailing as of the respective dates and liabilities of the acquisitions on their dates of initial of acquisition that were known prior to preparation of these consolidation based on the purchase price allocations, which Condensed Interim Consolidated Financial Statements. are currently still preliminary: 30 Condensed Interim Consolidated Financial Statements

Effects of Acquisitions in € millions Non-current assets Other intangible assets Property, plant and equipment and right-of-use assets Trade and other receivables Other non-current assets Current assets Inventories Trade and other receivables Other current assets Cash and cash equivalents Liabilities Provisions for pensions and similar obligations Financial debt Lease liabilities Other financial and non-financial liabilities Net assets acquired Goodwill (+)/gains from business combinations (-) Non-controlling interests Fair value of pre-existing interests Consideration transferred according to IFRS 3 Less advance payments of the previous year Less deferred payments Less contingent consideration Consideration paid in cash Cash and cash equivalents acquired Repaid financial debt Cash outflow from acquisitions in accordance with IFRS 3 Payments on prior year's acquisitions Total cash flow from acquisition activities Mayen CX service centers Lux Vide Element Pictures 13 3 – – – 5 – 11 (1) – (2) (6) 23 42 (4) – 61 (58) – – 3 (11) – (8) 4 14 – 1 – 28 6 80 – – (13) (52) 68 (3) – – 65 – (14) – 51 (80) – (29) 9 20 – – 41 40 24 3 – (32) (5) (50) 50 8 (15) – 43 – – – 43 (3) – 40 – 2 – – 71 4 1 24 – (5) (1) (99) (3) 56 2 – 55 – – (10) 45 (24) – 21 Afya 943 217 35 18 3 79 14 118 – (262) (142) (326) 697 426 (475) (501) 147 – – – 147 (118) – 29 Other 13 – – 1 34 6 – 11 (1) (3) – (47) 14 44 (4) (4) 50 – – (9) 41 (11) 1 31 Total 982 256 35 20 149 162 45 247 (2) (302) (163) (580) 849 573 (496) (505) 421 (58) (14) (19) 330 (247) 1 84 9 93 Since initial consolidation, all new acquisitions in accordance with IFRS 3 in the first half of 2022 have contributed €185 million to revenue and €29 million to Group profit or loss. If consolidated as of January 1, 2022, these would have contributed €420 million to revenue and €46 million to Group profit or loss. Bertelsmann Interim Report January– June 2022 31

In March 2022, RTL Group sold its interests held in agreed to a long-term trademark licensing agreement with RTL Belgium for €154 million net of cash disposed of. Net the buyer. of transaction-related costs, the transaction resulted in an overall gain of €54 million recognized in the item “Results After considering the cash and cash equivalents disposed from disposals of investments.” In June 2022, RTL Group sold its interests held in RTL Croatia for €40 million net of cash disposed of. Net of transaction- related costs, the transaction resulted in a preliminary of, the Bertelsmann Group recorded cash flows in the amount of €196 million from all disposals in the first half of 2022. The disposals led to a gain from deconsolidation of €52 million, which is recognized in the item “Results from disposals of investments.” The following table shows their overall gain of €13 million recognized in the item “Results impact on the Bertelsmann Group’s assets and liabilities at from disposals of investments.” In addition, RTL Group has the time of deconsolidation: Effects of Disposals in € millions Non-current assets Goodwill Other intangible assets Property, plant and equipment and right-of-use assets Other non-current assets Current assets Inventories Other current assets Cash and cash equivalents Liabilities Provisions for pensions and similar obligations Lease liabilities Other financial and non-financial liabilities RTL Belgium RTL Croatia Other Total 75 3 39 5 28 54 51 15 26 67 – 4 9 1 16 16 1 – 5 18 1 1 1 – – 6 3 – – 9 76 8 49 6 44 76 55 15 31 94 32 Condensed Interim Consolidated Financial Statements

Assets Held for Sale and Liabilities Related to Assets Held for Sale The carrying amounts of the assets classified as held for sale and related liabilities are presented in the following table: Assets Held for Sale and Related Liabilities in € millions Assets Non-current assets Goodwill Other intangible assets Property, plant and equipment and right-of-use assets Investments accounted for using the equity method Trade and other receivables Deferred tax assets Current assets Inventories Trade and other receivables Other current assets Current income tax receivables Cash and cash equivalents Impairment on assets held for sale Assets held for sale Equity and liabilities Non-current liabilities Provisions for pensions and similar obligations Other provisions Financial debt Deferred tax liabilities Lease liabilities Trade and other payables Current liabilities Other provisions Financial debt Lease liabilities Trade and other payables Other current liabilities Liabilities related to assets held for sale 6/30/2022 12/31/2021 114 25 280 4 1 37 – 485 76 15 331 – 77 7 46 – – 4 27 64 7 – 24 (2) 1,368 254 33 12 121 3 79 7 42 2 63 195 263 820 15 – – – 23 – – – 5 51 21 115 As of June 30, 2022, the carrying amounts of the assets agreement on non-binding key terms for the planned merger classified as held for sale and related liabilities are completely of their two companies to form one of the global leaders in the attributable to Majorel, which is allocated to the Arvato customer experience industry. The planned merger is subject division. In June 2022, Majorel, Sitel Group and their respective to the approval of antitrust authorities. Closing is expected in major shareholders, including Bertelsmann, announced their the first quarter of 2023. Bertelsmann Interim Report January– June 2022 33

For disposal groups, which were measured at fair value less costs to sell, no impairment losses were recognized, which were attributable to planned or completed disposals. The fair values are based on level 3 of the hierarchy of non-recurring fair values. Valuations for level 3 are based on information from contract negotiations. Disclosures on Transactions Not Yet Effective In November 2020, Penguin Random House announced the acquisition of book publisher Simon & Schuster from media company Paramount Global (formerly ViacomCBS). subject to the approval of the extraordinary general meetings of the shareholders of Groupe M6 and Groupe TF1 and is also subject to approval from the French competition The transaction is subject to approval by the antitrust authority ADLC (Autorité de la Concurrence) and French authority. Penguin Random House has contractually media regulator ARCOM (Autorité de Régulation de la agreed to pay Paramount Global a “regulatory termination fee” of US$200 million in the event that the acquisition is prohibited in its entirety or if the termination date is reached. Currently, no cash outflow is expected for the regulatory termination fee. The US Department of Justice filed suit in federal court in Washington, D.C. on November 2, 2021, Communication Audiovisuelle et Numérique). Despite the firm commitment from the shareholders of Groupe M6 and Groupe TF1, the criteria to be classified as assets held for sale or discontinued operations are not fulfilled at the end of the reporting period. This is because Groupe M6 is not available for immediate sale in its present condition, and the seeking to enjoin the transaction and raising concerns that expectation of sale could not be assumed as highly probable the acquisition of authors’ rights would create a monopsony at the end of June 2022. In consequence, the proposed among buyers. Bertelsmann has retained experienced transaction had no impact on the presentation of Groupe M6 litigation counsel and rejects the Department of Justice’s within the Condensed Interim Consolidated Financial grounds for prohibition as without merit. Oral arguments took place in August in the US District Court for the District of Columbia. The judge’s ruling is expected this fall. As of the end of the preparation period for the Condensed Statements as of June 30, 2022. Further explanations on this transaction are presented in the section “Events after the reporting period.” Interim Consolidated Financial Statements, no events have In June 2021, RTL Group and Talpa Network announced that occurred that would have resulted in a change of this they have signed agreements to merge their broadcasting assessment. and affiliated media businesses in the Netherlands to create a Dutch cross-media group. According to the agreements, In May 2021, Groupe TF1, Groupe M6, Groupe Bouygues Talpa Network will contribute its TV, radio, print, digital, and RTL Group announced that they have signed agreements e-commerce and other assets to RTL Nederland and will to enter into exclusive negotiations to merge the activities receive a 30 percent stake in the enlarged RTL Nederland of Groupe TF1 and Groupe M6 and create a major French in return. RTL Group will hold the remaining 70 percent in media group. The new group would be well positioned the combined group and will continue to fully consolidate to master the challenges arising from the accelerating RTL Nederland. In September 2021, the works councils of competition with global platforms, being active on the RTL Nederland and Talpa Network issued their favorable French market, and to produce quality audiovisual content. opinions on the proposed merger. The completion of the The merger project has been unanimously approved by the Boards of Groupe Bouygues, RTL Group, Groupe TF1 and Groupe M6. The completion of the transaction remains transaction remains subject to approval from the Dutch competition authority ACM (Autoriteit Consument & Markt). A decision is expected in the fall of 2022. 34 Condensed Interim Consolidated Financial Statements

Currency Translation The following euro exchange rates were used for currency translation purposes for the most significant foreign currencies for the Bertelsmann Group: Foreign currency unit per €1 H1 2022 H1 2021 6/30/2022 12/31/2021 6/30/2021 Average rates Closing rates Australian dollar Canadian dollar Chinese renminbi British pound US dollar AUD CAD CNY GBP USD 1.5200 1.3903 7.0870 0.8421 1.0934 1.5626 1.5031 7.7972 0.8679 1.2053 1.5099 1.3425 6.9624 0.8582 1.0387 1.5615 1.4393 7.1947 0.8403 1.1326 1.5853 1.4722 7.6742 0.8581 1.1884 Additional Disclosures on Revenues In the first half of 2022, Group revenues of €9,121 million were generated from contracts with customers in accordance with IFRS 15 (H1 2021: €8,533 million). The other revenues amounting to €169 million (H1 2021: €158 million) not in the scope of IFRS 15 resulted almost entirely from financial services in the Arvato division. The following table shows the As of January 1, 2022, Gruner + Jahr is no longer reported as an independent division. The German magazine businesses and brands have been part of the RTL Group division since the beginning of the year. The remaining G+J activities (particularly Territory, the AppLike Group, DDV Mediengruppe and the investment in the Spiegel Group) were allocated revenues from contracts with customers in accordance with to the Bertelsmann Investments division. For this reason, IFRS 15 by division and broken down by revenue source, revenues in accordance with IFRS 15 are also presented geographical area and timing of revenue recognition. The for the Bertelsmann Investments division for the first time. categorization of revenue sources and geographical areas The prior-year comparatives have been adjusted accordingly. shown corresponds to that used in segment reporting. By Further details are presented in the section “Notes on contrast, the revenues reported reflect exclusively the revenues segment reporting.” in accordance with IFRS 15, and thus differ in amount from the breakdown of revenues in segment reporting. Bertelsmann Interim Report January– June 2022 35

Revenue from Contracts with Customers in € millions Revenue Sources Own products and merchandise Services Advertising Rights and licenses Geographical Areas Germany France United Kingdom Other European countries United States Other countries Timing Point in time Over time in € millions Revenue Sources Own products and merchandise Services Advertising Rights and licenses Geographical Areas Germany France United Kingdom Other European countries United States Other countries Timing Point in time Over time 1) Excluding Corporate activities. RTL Group 112 155 1,732 1,265 3,264 1,141 672 118 780 468 85 3,264 1,086 2,178 3,264 RTL Group 127 166 1,703 1,186 3,182 1,096 639 116 730 515 86 3,182 1,088 2,094 3,182 Penguin Random House 1,807 76 – 33 1,916 129 7 184 165 1,135 296 1,916 1,839 77 1,916 Penguin Random House 1,725 52 – 26 1,803 114 3 183 154 1,076 273 1,803 1,750 53 1,803 36 Condensed Interim Consolidated Financial Statements H1 2022 BMG Arvato Bertelsmann Printing Group Bertelsmann Education Group Bertelsmann Investments Total divisions1) 28 1 – 341 370 30 27 33 48 203 29 370 97 273 370 36 2,400 – – 2,436 795 225 218 761 210 227 2,436 37 2,399 2,436 11 610 9 – 630 390 35 41 73 85 6 630 20 610 630 – 231 – – 231 2 – – – 153 76 231 1 230 231 47 195 23 1 266 171 4 2 29 16 44 266 59 207 266 2,041 3,668 1,764 1,640 9,113 2,658 970 596 1,856 2,270 763 9,113 3,139 5,974 9,113 H1 2021 BMG Arvato Bertelsmann Printing Group Bertelsmann Education Group Bertelsmann Investments Total divisions1) 24 – – 271 295 19 11 45 34 160 26 295 65 230 295 30 2,214 – – 2,244 809 217 177 670 179 192 2,244 31 2,213 2,244 11 531 10 – 552 347 24 45 64 67 5 552 20 532 552 – 136 – – 136 1 – – – 131 4 136 – 136 136 110 146 59 2 317 145 98 6 28 11 29 317 160 157 317 2,027 3,245 1,772 1,485 8,529 2,531 992 572 1,680 2,139 615 8,529 3,114 5,415 8,529

Additional Disclosures on Financial Instruments Both of the following tables show the carrying amounts and measurement categories of financial assets and financial liabilities in accordance with IFRS 9: Carrying Amounts and Measurement Categories of Financial Assets in € millions Balance sheet position 6/30/2022 12/31/2021 Financial assets measured at amortized cost – loans – trade receivables – receivables from participations – sundry financial receivables – bank balances and cash on hand – cash equivalents Minority stakes and other financial assets Trade and other receivables Trade and other receivables Trade and other receivables Cash and cash equivalents Cash and cash equivalents Financial assets measured at fair value through other comprehensive income – other financial assets Minority stakes and other financial assets Primary financial assets measured at fair value through profit or loss – loans – fund-of-fund investments – Minority stakes of the Bertelsmann Investments division Minority stakes and other financial assets Minority stakes and other financial assets Minority stakes and other financial assets – sundry financial receivables Trade and other receivables – financial instruments of the consolidated special fund Minority stakes and other financial assets – other financial assets – cash equivalents Derivative financial instruments Continuing involvement Minority stakes and other financial assets Cash and cash equivalents Minority stakes and other financial assets Trade and other receivables 61 3,081 28 962 1,578 314 36 53 207 1,166 12 130 276 1,463 80 143 9,590 91 3,612 30 861 1,446 135 78 25 183 1,034 7 102 420 3,064 37 126 11,251 Bertelsmann Interim Report January– June 2022 37

Carrying Amounts and Measurement Categories of Financial Liabilities in € millions Balance sheet position 6/30/2022 12/31/2021 Financial liabilities measured at amortized cost – profit participation capital – bonds and promissory notes – liabilities to banks – other financial debt – trade payables – liabilities to participations – other Primary financial liabilities measured at fair value through profit or loss Derivative financial instruments Continuing involvement Profit participation capital Financial debt Financial debt Financial debt Trade and other payables Trade and other payables Trade and other payables Trade and other payables Trade and other payables Trade and other payables 413 5,213 206 212 3,715 13 1,411 36 324 143 413 5,372 174 58 4,062 29 1,398 19 153 126 11,686 11,804 The principles and methods used for the fair value Any mismatches to the standardized stock exchange contracts measurement remain unchanged compared to those used in are reflected through interpolation or additions. The fair values the previous year. Only disclosures on financial instruments of money market funds correspond to the price quotations for that are significant to an understanding of the changes in the respective funds. financial position and financial performance since the end of the last financial year are explained below. These explanations Level 3: relate in particular to the disclosure of financial instruments If no observable market data is available, fair value measured at fair value depending on the different levels of the measurement is based primarily on cash flow-based valuation fair value hierarchy. No fair values are disclosed for financial techniques. As a rule, so-called qualified financing rounds instruments not measured at fair value whose carrying amount are used for minority stakes in the Bertelsmann Investments is a reasonable approximation. division. Listed financial instruments with contractual lockups are also based on level 3. The following hierarchy is used to determine the fair value of financial instruments. Level 1: The measurement of financial assets and financial liabilities according to level 2 and level 3 requires management to make certain assumptions about the model inputs, including cash The fair value of the listed financial instruments is determined flows, discount rate and credit risk, as well as the life and on the basis of stock exchange listings at the end of the development cycle of start-up investments. Transfers between reporting period. Level 2: levels of the fair value hierarchy are recognized at the date of the event or change in circumstances that caused the transfer. There were no transfers between levels 1 and 2 during the first For measuring the fair value of unlisted derivatives, Bertelsmann half of 2022. uses various financial methods reflecting the prevailing market conditions and risks at the respective balance sheet dates. The measurement category “fair value through profit or loss” Irrespective of the type of financial instrument, future cash mainly includes the minority stakes in start-ups and fund flows are discounted at the end of the reporting period based investments purchased by the Bertelsmann Investments on the respective market interest rates and yield curves at the division. The fair value of its listed investments is measured on end of the reporting period. The fair value of forward exchange the basis of their market values and the fair value of its unlisted transactions is calculated using the average spot prices investments, if possible, on the basis of observable prices at the end of the reporting period and taking into account obtained as part of the most recently implemented qualified forward markdowns and markups for the remaining term of financing rounds which meet the minimum requirements the transactions. The fair value of interest rate derivatives is for volume and participants, taking into account life and calculated on the basis of the respective market rates and development cycles of the entity. The item also includes yield curves at the end of the reporting period. The fair value so-called fund-of-fund investments, which are also measured of forward commodity transactions is derived from the stock at fair value through profit or loss. The measurement of their fair exchange listings published at the end of the reporting period. values is based on the valuations of the external management 38 Condensed Interim Consolidated Financial Statements

as presented in regular reporting and taking into account In January 2022, Bertelsmann made early repayments of a fungibility discount. The gains and losses resulting from parts of bonds maturing in August 2022, October 2024, changes in the fair value are recognized as other operating September 2025 and April 2026 in a total nominal amount of income in the item “Fair value measurement of investments.” €146 million as part of a public repurchase offer. As of June 30, 2022, the valuation of fund-of-fund investments would have been €61 million (H1 2021: €45 million) higher excluding fungibility discounts. Excluding fungibility discounts due to contractual lockups would have increased the valuation of listed instruments by less than €1 million (H1 2021: €47 million) as of June 30, 2022. Investments in diversified money market funds with first-class ratings that are reported as cash equivalents and are subject to only insignificant fluctuations in value are also reported at fair value through profit or loss. The market value of the profit participation certificates 2001 with a closing rate of 291.10 percent on the last day of trading in the first half of 2022 on the Frankfurt Stock Exchange was €828 million (December 31, 2021: €1,021 million with a rate of 359.20 percent) and, correspondingly, €32 million for the 1992 profit participation certificates with a rate of 187.10 percent (December 31, 2021: €33 million with a rate of 195.12 percent). The market values are based on level 1 of the fair value hierarchy. On June 30, 2022, the cumulative market value of the listed bonds totaled €4,460 million (December 31, 2021: €5,073 million) with a nominal volume of €4,676 million (December 31, 2021: €4,822 million) and a carrying amount of €4,655 million (December 31, 2021: €4,798 million). The stock market prices are based on level 1 of the fair value hierarchy. On June 30, 2022, the total carrying amount of the private placements and promissory notes totaled €574 million (December 31, 2021: €574 million), and the total market value amounted to €541 million (December 31, 2021: €630 million). The market values of private placements and promissory notes are determined using actuarial methods based on yield curves adjusted for the Group’s credit margin. This credit margin results from the market price for credit default swaps at the end of the respective reporting periods. Fair value is measured on the basis of discount rates ranging from -0.34 percent to 3.05 percent. The fair values of the private placements and promissory notes are based on level 2 of the fair value hierarchy. Bertelsmann Interim Report January– June 2022 39

Financial Assets Measured at Fair Value Categorized Using the Fair Value Measurement Hierarchy in € millions Level 1: Quoted prices in active markets Level 2: Observable market data Level 3: Unobservable market data Balance as of 6/30/2022 Financial assets measured at fair value Primary and derivative financial assets held for trading Derivatives with hedge relation 300 – – 300 1,594 60 20 1,674 1,450 – – 1,450 Financial Assets Measured at Fair Value Based on Level 3 in € millions Balance as of 1/1/2022 Total gain (+) or loss (-) – in profit or loss – in other comprehensive income Purchases Sales/settlements Transfers into level 3 (including first-time classification as level 3) Transfers out of level 3 Balance as of 6/30/2022 Gain (+) or loss (-) for assets still held at the end of the reporting period Financial assets measured at fair value Primary and derivative financial assets held for trading 1,362 57 45 12 104 (171) 163 (65) 1,450 19 – – – – – – – – – – 3,344 60 20 3,424 Total 1,362 57 45 12 104 (171) 163 (65) 1,450 19 The purchases mainly consist of various new and follow-up Bertelsmann Digital Media Investments fund. The transfers investments by the Bertelsmann Investments division, into level 3 mainly relate to the investment in the online in particular new investments of the Bertelsmann India education platform Udacity, which was previously accounted Investments fund, none of which were material on a stand- for as an associate and belongs to the Bertelsmann Education alone basis. A significant portion of the sales in the first half Group, as a result of the change in the governance structure of 2022 relates to RTL Group’s investment in VideoAmp, a and the resulting loss of significant influence. Transfers out US software and data company for media measurement. of level 3 were made in the first half of 2022 at Bertelsmann Further sales relate to the investment in Synergis and, Investments as a result of expiring lock-up periods for listed within the Bertelsmann Investments division, mainly to the instruments. 40 Condensed Interim Consolidated Financial Statements

Financial Liabilities Measured at Fair Value Categorized Using the Fair Value Measurement Hierarchy in € millions Financial liabilities measured at fair value through profit or loss Primary and derivative financial liabilities held for trading Derivatives with hedge relation Level 1: Quoted prices in active markets Level 2: Observable market data Level 3: Unobservable market data Balance as of 6/30/2022 – – – – – 207 117 324 36 – – 36 36 207 117 360 The increase in negative fair values from financial derivatives intercompany financing. In particular, the appreciation of the is mainly attributable to currency derivatives that were US dollar against the euro led to higher negative fair values of concluded to hedge against exchange rate risks from the derivative hedging transactions. Financial Liabilities Measured at Fair Value Based on Level 3 in € millions Balance as of 1/1/2022 Total gain (-) or loss (+) – in profit or loss – in other comprehensive income Purchases Settlements Transfers out of level 3 Balance as of 6/30/2022 Gain (-) or loss (+) for liabilities still held at the end of the reporting period Financial liabilities mea- sured at fair value through profit or loss 19 – 1 (1) 31 (6) (8) 36 1 Total 19 – 1 (1) 31 (6) (8) 36 1 The effective portion of changes in the fair value of cash flow hedges is recognized in accumulated other comprehensive (H1 2021: €33 million) was reclassified from accumulated other comprehensive income to the income statement. These income until the effects of the hedged underlying transaction are amounts before taxes. The effects from fair value hedges to affect profit or loss, or until a basis adjustment occurs. The amount of €19 million relating to cash flow hedges hedge interest rate risks led to a decrease of the carrying amount of the reported financial debt in the amount of €16 million. Bertelsmann Interim Report January– June 2022 41

Income Taxes The tax expense for the first half of 2022 was calculated in current estimation. In addition, special effects were included accordance with IAS 34 using the average annual tax rate in earnings before taxes and in current and deferred taxes, expected for the whole of 2022, in relation to taxable earnings before taxes, which is calculated at 30.2 percent (H1 2021: 30.7 percent), according to Bertelsmann management’s resulting in a different tax rate in the income statement. Tax expense is down compared to the previous year due to lower special items in the first half of 2022. Other Information The Bertelsmann Group’s core business is subject to significant current geopolitical tensions as well as the overall economic seasonal fluctuations, and in the current financial year may uncertainty affecting the expected business performance in also be impacted by additional macroeconomic challenges the second half of the year. and related uncertainties as a result of external events, such as geopolitical tensions and pandemic-related effects. The balance Due to the current political and economic situation in Russia, sheet effects are therefore being continuously analyzed for the impairment losses were recognized on assets located in Russia particularly relevant issues, which are impairment of goodwill in the Arvato division that are of minor significance for the and individual assets, leasing, royalties, program rights, Bertelsmann Group. inventories, trade receivables, government grants, deferred tax assets, losses from onerous contracts as well as revenues. As of June 30, 2022, total assets amounted to €32.6 billion As a result of the current business development, there was (December 31, 2021: €31.7 billion). Pension provisions no requirement to recognize an impairment loss on goodwill, decreased to €0.8 billion (December 31, 2021: €1.5 billion). even in light of the geopolitical and economic uncertainty. The main reason for the decrease is the significant rise in the This also refers to the accounting areas deemed vulnerable, discount rate. for which no material negative effects anticipated on the financial position or financial performance of the Bertelsmann Due to a triggering event, impairment tests were conducted Group are currently anticipated. The assessment is based for selected cash-generating units as of June 30, 2022. On on discretionary judgments, estimates and assumptions account of the current geopolitical tensions and the economic that contain additional uncertainties in the current situation uncertainty on the global markets, the assumptions for characterized by geopolitical and macroeconomic challenges. impairment testing overall continue to be subject to increased Management is of the opinion that these uncertainties have uncertainty and extended discretionary judgment in the been taken into account to an adequate degree. In a financial context of cash flow forecasts. year unaffected by additional events, higher revenues and a higher operating result tend to be expected in the second half Cash flow from financing activities includes changes in equity, of the year compared to the first. These higher revenues are due financial debt, lease liabilities and dividend distributions to increasing demand during the year-end holiday season, in affecting cash, as well as interest received (mainly interest particular in advertising-driven businesses and the publishing payments from derivatives) and interest paid (including interest business, as well as to the customary seasonality in the music paid due to leases). The item “Change in equity” amounts to business. The seasonality of advertising-driven businesses is €-86 million, which relates mainly to transactions with non- expected to deviate in 2022 from historical comparisons given controlling interests without a change of control. 42 Condensed Interim Consolidated Financial Statements

Notes on Segment Reporting As of January 1, 2022, Gruner + Jahr is no longer reported as segment reporting reflects seven operating reportable an independent division. The German magazine businesses segments (RTL Group, Penguin Random House, BMG, Arvato, and brands have been part of the RTL Group division since the beginning of the year and are part of the RTL Germany cash-generating unit due to the full integration into this cash- Bertelsmann Printing Group, Bertelsmann Education Group and Bertelsmann Investments) since January 1, 2022. The prior- year comparatives for RTL Group, Bertelsmann Investments generating unit. The other G+J activities (particularly Territory, and Consolidation have been adjusted in the table on segment the AppLike Group, DDV Mediengruppe and the investment information. For segment reporting, intercompany leases in the Spiegel Group) were allocated to the Bertelsmann are generally presented as operating leases with income Investments division and are monitored as cash-generating and expenses recognized using the straight-line method in units, each of which carries its own goodwill. Accordingly, accordance with IFRS 8, in line with internal management. Reconciliation of Segment Information to Group Profit or Loss in € millions Operating EBITDA Amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets Adjustments on amortization/depreciation, impairment and reversals on intangible assets, property, plant and equipment and right-of-use assets included in special items Special items EBIT Financial result Earnings before taxes Income tax expense Group profit or loss Events after the Reporting Period H1 2022 1,429 (495) 9 (103) 840 (161) 679 (187) 492 H1 2021 1,417 (424) 9 927 1,929 (155) 1,774 (406) 1,368 In the framework of the review of the proposed merger advertising market). The nature and scope of the remedies between Groupe TF1 and Groupe M6, the case team of the required in the report of the case team would render the parties’ French Competition Authority (Autorité de la Concurrence) proposal irrelevant, in which case the parties would withdraw issued its report in July 2022. In this report, which does not it. The parties – who intend to maintain their proposal as prejudge the decision by the Board (Collège) of the authority, presented – responded to the Competition Authority in August. the case team considers that the proposed transaction The hearings before the Board of the French Competition raises significant competition concerns (in particular on the Authority are scheduled for the beginning of September 2022. Bertelsmann Interim Report January– June 2022 43

Responsibility Statement To the best of our knowledge, and in accordance with the Management Report includes a fair review of the development applicable reporting principles for interim financial reporting, and performance of the business and the position of the Group, the Condensed Interim Consolidated Financial Statements together with a description of the material opportunities and give a true and fair view of the assets, liabilities, financial risks associated with the expected performance of the Group position and profit or loss of the Group, and the Group Interim for the remaining months of the financial year. Gütersloh, August 29, 2022 Bertelsmann SE & Co. KGaA represented by: Bertelsmann Management SE, the general partner Executive Board Thomas Rabe Markus Dohle Rolf Hellermann Immanuel Hermreck 44 Responsibility Statement

Review Report To Bertelsmann SE & Co. KGaA, Gütersloh We have reviewed the Condensed Interim Consolidated Financial Statements of Bertelsmann SE & Co. KGaA – Statement, comprising Consolidated the Income accepted German standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require that we plan and perform the review so that we can preclude, through critical evaluation, with a Consolidated Statement of Comprehensive Income, certain level of assurance, that the Condensed Interim Consolidated Balance Sheet, Consolidated Cash Flow Consolidated Financial Statements have not been prepared, Statement, Consolidated Statement of Changes in Equity in material respects, in accordance with IAS 34 Interim and Selected Explanatory Notes – together with the Group Interim Management Report of Bertelsmann SE & Co. KGaA, for the period from January 1 to June 30, 2022 that are part Financial Reporting as adopted by the EU, and that the Group Interim Management Report has not been prepared, in material respects, in accordance with the requirements of the semi-annual financial report according to Section of the WpHG applicable to interim group management 115 WpHG [Wertpapierhandelsgesetz: German Securities reports. A review is limited primarily to inquiries of company Trading Act]. The preparation of the Condensed Interim employees and analytical assessments and therefore does Consolidated Financial Statements in accordance with International Accounting Standard IAS 34 Interim Financial Reporting as adopted by the EU, and of the Group Interim not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot issue Management Report in accordance with the requirements of an auditor’s report. the WpHG applicable to interim group management reports, is the responsibility of the Company’s management. Our Based on our review, no matters have come to our attention responsibility is to issue a report on the Condensed Interim that cause us to presume that the Condensed Interim Consolidated Financial Statements and on the Group Interim Consolidated Financial Statements have not been prepared, Management Report based on our review. in material respects, in accordance with IAS 34 Interim We performed our review of the Condensed Interim Interim Management Report has not been prepared, in Consolidated Financial Statements and the Group Interim material respects, in accordance with the requirements of Management Report in accordance with the generally the WpHG applicable to interim group management reports. Financial Reporting as adopted by the EU, or that the Group Bielefeld, August 30, 2022 KPMG AG Wirtschaftsprüfungsgesellschaft Dr. Tonne Wirtschaftsprüfer Thiele Wirtschaftsprüfer [German Public Auditor] [German Public Auditor] Review Report 45

Production Credits Contact For Journalists Phone: +49 (0) 52 41-80-24 66 press@bertelsmann.com Investor Relations Phone: +49 (0) 52 41-80-23 42 investor.relations@bertelsmann.com Recruiting Services createyourowncareer@bertelsmann.com www.createyourowncareer.com Corporate Responsibility Phone: +49 (0) 52 41-80-750 21 responsibility@bertelsmann.com The Interim Report and current information about Bertelsmann are also posted on: www.bertelsmann.com The Interim Report is also available in German. Publisher Bertelsmann SE & Co. KGaA Carl-Bertelsmann-Strasse 270 33311 Gütersloh Germany Responsible Karin Schlautmann Bertelsmann SE & Co. KGaA Executive Vice President Corporate Communications Project Management Simone Fratczak Bertelsmann SE & Co. KGaA Corporate Communications Design and Production Territory GmbH, Gütersloh Photo Credits Sebastian Pfütze 46 Additional Information