Interim Report 2023

Contents 2 Highlights of the First Six Months 27 Condensed Interim Consolidated Financial Statements 27 Consolidated Income Statement 28 Consolidated Statement of Comprehensive Income 29 Consolidated Balance Sheet 30 Consolidated Cash Flow Statement 31 Consolidated Statement of Changes in Equity 32 Selected Explanatory Notes 52 Responsibility Statement 53 Review Report 54 Additional Information 54 Production Credits/Contact 4 Foreword 6 Group Interim Management Report Fundamental Information about the Group 7 Corporate Profile 7 Strategy 8 Value-Oriented Management System Report on Economic Position 9 Corporate Environment 11 Significant Events in the Current Financial Year 12 Results of Operations 14 Net Assets and Financial Position 17 Performance of the Group Divisions 23 Risks and Opportunities 24 Outlook Online Interim Report The Bertelsmann Interim Report 2023 can also be accessed online at ir2023.bertelsmann.com Bertelsmann Interim Report 2023 1

• BMG continues double-digit revenue and earnings growth in the first half of the year • More investment in music rights and royalty streams: 15 acquisitions, including deals with Paul Simon and The Hollies • Changeover at the top: Thomas Coesfeld replaces Hartwig Masuch as CEO of BMG www.bmg.com • Afya significantly increases its number of medical school seats through acquisition of two medical schools • Bertelsmann Investments makes 18 new and nine follow-on investments in H1 2023 • Relias expands its online health course offering and wins awards for the best learning platform of the year • Investments and capital commitments in the promising digital health sector approach €70 million • More than 360 active investments at the end of • Alliant opens a new nursing campus in Phoenix, the first half-year period United States www.bertelsmann-education-group.com www.bertelsmann-investments.com Highlights of the First Six Months Bertelsmann Interim Report 2023 3

Global Content Fremantle was successful with entertainment shows in the United Kingdom and United States, as well as with films, series and documentaries. The video production company also signed first-look deals with Oscar- nominated producers Edward Berger and Amy Berg. In the United States, Penguin Random House increased its stake in the Sourcebooks publishing company to a majority interest and, with that, acquired the publishing assets of the nonfiction publisher Callisto Media. In May, Penguin Random House Grupo Editorial completed its acquisition of Barcelona-based Roca Editorial, one of Spain’s leading independent publishers. BMG made 15 acquisitions, including the song catalog of British rock and pop band The Hollies, and a significant share of Paul Simon’s music interests, including the rights to royalties from Simon & Garfunkel’s recordings. Global Services The network of Arvato’s global services and logistics sites was expanded, especially in the United States and Poland. Arvato also acquired customers in the healthcare, tech, and fashion sectors. Riverty advanced its development of new and existing business models. The IT service provider Arvato Systems entered into partnerships with companies in the energy and utilities sectors. In April, the French company Teleperformance announced its intention to acquire all shares in the global customer-experience company Majorel. Bertelsmann responded by communicating that it would accept the planned takeover offer for its shares in Majorel. Bertelsmann’s marketing and print businesses now operate under the name Bertelsmann Marketing Services, and also include the content agency Territory. Education Within Bertelsmann Education Group, Afya in Brazil continued its growth, driven by higher revenues from tuition and growing student numbers. In addition, there were effects from the acquisition of two medical schools. Relias’ learning platform for healthcare professionals was named Platform of the Year at the EdTech Breakthrough Awards. In April, Alliant International University opened the Alliant School of Nursing and Health Sciences in Phoenix, United States. Investment Portfolio Bertelsmann Investments (BI) made 18 new and nine follow-on investments in the reporting period through its four investment funds and the Bertelsmann Next unit. BI has invested a total of around €1.7 billion in companies and funds to date. The active portfolio consisted of 361 investments as of the reporting date. Through the Bertelsmann Next unit, BI invested in the healthcare companies Patient21, DeepC and LighthouseAI. Investments and capital commitments of just under €70 million have already been made in the digital health area. I would like to thank you, dear readers, for your interest in Bertelsmann and hope you enjoy reading our Interim Report. Yours sincerely, Thomas Rabe Foreword Bertelsmann Interim Report 2023 5

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 geographic core markets are Western Europe – in particular, Germany, France and the United Kingdom – and the United States. The Bertelsmann divisions are RTL Group (entertainment), Penguin Random House (books), BMG (music), Arvato Group (previously Arvato; services), Bertelsmann Marketing Services (previously Bertelsmann Printing Group; direct marketing and printing activities), Bertelsmann Education Group (education) and Bertelsmann Investments (international network of funds). Bertelsmann SE & Co. KGaA is a capital market-oriented but unlisted partnership limited by shares. As a group holding company, it exercises key corporate functions. Internal corporate management and report- ing follow the Group’s organizational structure, which consists of the operating 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 Bertelsmann’s strategic focus is on a fast-growing, digital, international and diversified Group portfolio. In order to accelerate the growth dynamic, the Boost strategy will increase investment significantly in the years to come. The Group aims to grow in both existing and new lines of business through organic initiatives and acquisitions. The strategy pursues five growth priorities: national media champions, global content, global services, education and investments. In the first half of 2023, Bertelsmann made significant progress in implementing its Boost strategy. The RTL streaming services continued to grow strongly. The number of paying subscribers rose by 34.1 percent in Germany, the Netherlands and Hungary to a total of more than six million; streaming revenues grew by 16.9 percent to €152 million (H1 2022: €130 million). RTL+’s content offering in Germany was expanded to include the audiobook portfolio of the Penguin Random House publishing group. As a result, the “Max” and “Family” plans now cover the entire cross-media portfolio of RTL+: video, music, podcasts and audiobooks. The exclusive free TV broadcasting rights and streaming rights for the UEFA Europa League and UEFA Europa Conference League in Germany were renewed. In February 2023, RTL Deutschland announced a reorganization of the publishing business in order to focus on core brands, into which around €80 million is to be invested by 2025. Bertelsmann continued to invest in the expansion of the global content businesses. The RTL Group sub- sidiary Fremantle signed first-look deals with Oscar-nominated producers Edward Berger and Amy Berg. Penguin Random House further expanded the book publishing business through acquisitions and organic growth – including through an increase of its shareholding in the US publisher Sourcebooks, Group Interim Management Report Bertelsmann Interim Report 2023 7

They should not be considered in isolation but as complementary information for evaluating Bertelsmann’s business performance. For detailed information on this, please refer to the “Alternative Performance Measures” section in the 2022 Combined Management Report. Revenues as a growth indicator of the businesses increased in the first half of 2023 by 4.5 percent to €9,705 million (H1 2022: €9,290 million). Organic revenue growth was 2.3 percent. The organic growth is calculated by adjusting the reported revenue growth for the impact of exchange rate effects, corporate acquisitions and disposals, as well as other effects. When determining the exchange rate effects, the functional currency that is valid in the respective country is used. The other effects include changes in methods and presentation, for example. Exchange rate effects are calculated by comparing the revenues of the current year with the exchange rates of the previous year. Portfolio effects are calculated to the exact month: in the case of acquisitions, the relevant months in the current year and in the following year are adjusted; in the case of sales, the non-comparable months in the previous year of the current year and in the previous year of the following year are excluded. Operating EBITDA is determined as earnings before interest, tax, depreciation, amortization, and impairment losses and reversals of impairment losses, and is adjusted for special items. The adjustments for special items serve to determine a sustainable operating result that could be repeated under normal economic circumstances and is not affected by special factors or structural distortions. These special items primarily include impairment losses and reversals of impairment losses, fair value measurements, restructuring expenses and other adjustments as well as results from disposals of investments. This means operating EBITDA is a meaningful performance indicator. Not included in the special items are disposal effects of real estate transactions. To preclude a double adjustment, amortization/depreciation, impairment and reversals already included in the special items are eliminated by means of a correction. Operating EBITDA fell 10.8 percent to €1,275 million (H1 2022: €1,429 million) in the reporting period. Bertelsmann’s financial management system is defined by the internal financial targets outlined in the section “Net Assets and Financial Position.” These financing principles are pursued in the management of the Group and are included in the broadly defined value-oriented management system. The key financing and leverage ratios are also included in the Alternative Performance Measures. Report on Economic Position Corporate Environment Overall Economic Developments The global economy is currently on a slow path of recovery. After a muted start to 2023, the world economy appeared to have stabilized by the middle of the year. However, factors such as the ongoing Ukraine war and high inflation continue to weigh on the economy. Willingness to invest also faltered in response to a historically large reversal in interest rates in the major advanced economies, which led to significantly higher financing costs. Group Interim Management Report Bertelsmann Interim Report 2023 9

For the most part, the developments thus far in the relevant markets are within the current-year trend anticipated in the 2022 Combined Management Report. Significant Events in the Current Financial Year In January 2023, Afya acquired 100 percent of the shares in Sociedade Educacional e Cultural Sergipe DelRey Ltda (DelRey). DelRey comprises Centro Universitário Tiradentes Alagoas (“UNIT Alagoas”) and Faculdade Tiradentes Jaboatão dos Guararapes (“FITS Jaboatao dos Guararapes”), two medical schools in northeastern Brazil. Furthermore, Bertelsmann increased its stake in Afya during the reporting period with additional ongoing share acquisitions in the open market. In January 2023, Penguin Random House increased its equity stake in the US publisher Sourcebooks to a majority share. Also in January 2023, Prinovis announced plans to cease production at its Ahrensburg location in Germany as of January 31, 2024. The reason for this is the negative market development, which has accelerated in recent years. The number of employees affected by this business decision is 545. In early February 2023, it was announced that RTL Deutschland would restructure its publishing business and focus on the core brands “Stern,” “Geo,” “Capital,” “Stern Crime,” “Brigitte,” “Gala,” “Schöner Wohnen,” “Häuser,” “Couch,” “Eltern,” “Chefkoch,” “Geolino” and “Geolino Mini.” All other titles are to be sold or discontinued. This will affect around 700 jobs, 200 of those as a result of the planned sale of titles. Effective March 23, 2023, Nitsa Kalispera, Executive Vice President Global Supply Chain in the BMG division, was appointed to the Supervisory Board of Bertelsmann SE & Co. KGaA. She joins the supervisory body in her function as a representative of Bertelsmann managers. In April 2023, Bertelsmann announced that it had accepted the proposed takeover offer by the French company Teleperformance for its interest in the global customer experience company Majorel. Teleperformance had offered to buy all shares in Majorel at a valuation of €30 per share. Saham Group, co-founder and co-shareholder of Majorel, will also accept Teleperformance’s takeover offer for its shares. Majorel’s current shareholders will receive a total of €2 billion in cash as well as shares in Teleperformance. The transaction is subject to regulatory approval. Bertelsmann also announced the renaming of its services and printing businesses in April 2023. Since then, the Arvato division has been operating under the name Arvato Group. The direct marketing and printing activities of the Bertelsmann Printing Group division are now provided under the name Bertelsmann Marketing Services. In April, the content agency Territory was transferred from Bertelsmann Investments to Bertelsmann Marketing Services with retrospective effect from January 1, 2023. Territory’s recruiting and employer branding services combined under the Embrace brand were carved out from the agency and remain part of the Bertelsmann Investments division. On May 8, 2023, the Spanish businessman Pablo Isla was appointed to the Supervisory Board of Bertelsmann SE & Co. KGaA, effective April 1, 2024. Group Interim Management Report Bertelsmann Interim Report 2023 11

Operating EBITDA in € millions EBIT (earnings before interest and taxes) Less special items attributable to: RTL Group attributable to: Penguin Random House attributable to: BMG attributable to: Arvato Group attributable to: Bertelsmann Marketing Services attributable to: Bertelsmann Education Group attributable to: Bertelsmann Investments attributable to: Corporate/Consolidation 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 2023 509 (203) (48) (10) 2 (6) (64) (42) (37) 2 (572) 9 1,275 H1 2022 840 (103) 4 (44) – (10) 8 (24) 13 (50) (495) 9 1,429 reversals from return provisions. BMG recorded strong earnings growth once again, resulting in particular from revenue growth in the publishing business. Operating EBITDA at Arvato Group increased primarily as a result of the ongoing positive performance of its logistics activities. Earnings at Bertelsmann Marketing Services (previously Bertelsmann Printing Group) were lower than in the same period of the previous year. Compared to the previous year, operating EBITDA of Bertelsmann Education Group increased mostly due to portfolio effects. Earnings from operational activities at Bertelsmann Investments declined, mainly as a result of AppLike, among other things, due to growth-related higher expenses. Special Items Overall, special items amounted to €-203 million (H1 2022: €-103 million). They consisted of impairment losses on other financial assets at amortized cost in the amount of €-2 million (H1 2022: €-1 million), results from disposals of investments of €15 million (H1 2022: €134 million), fair value measurement of investments of €2 million (H1 2022: €-149 million), adjustment to carrying amounts of assets held for sale of €-2 million (H1 2022: –), and restructuring expenses and other special items totaling €-216 million (H1 2022: €-90 million). In the first half of 2023, special items did not include any impairment on goodwill and other intangible assets with indefinite useful life as well as gains from business combinations, after €3 million in the same period last year. Restructuring expenses and other special items largely consist of restructuring expenses and are primarily attributable to the reorganization of RTL Group’s publishing busi- ness, the structural reorganization of Penguin Random House’s US business and the announced location closures in the gravure printing business of Bertelsmann Marketing Services (previously Bertelsmann Printing Group). EBIT EBIT amounted to €509 million in the reporting period (H1 2022: €840 million) after adjusting operating EBITDA to include special items totaling €-203 million (H1 2022: €-103 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 €-563 million (H1 2022: €-486 million), which were not included in special items. Group Interim Management Report Bertelsmann Interim Report 2023 13

Financing Activities In March 2023, Bertelsmann exercised a call option on the hybrid bond with a nominal value of €650 million. The early repayment of the outstanding nominal value of €146 million was made in April 2023, after a nominal amount of €504 million was already repaid early in December 2022 as part of a public repurchase offer. In April 2023, the debt issuance program was renewed with a maximum total volume of €5 billion. Rating Bertelsmann has been rated by the rating agencies Moody’s and Standard & Poor’s (S&P) since 2002. The issuer ratings facilitate access to the international capital markets and are therefore a key element of Bertelsmann’s financial security. 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. Cash Flow Statement In the reporting period, Bertelsmann generated cash flow from operating activities of €424 million (H1 2022: €200 million). The increase was largely attributable to lower commitment of funds in working capital. The cash flow from investing activities amounted to €-422 million compared to €-249 million in the same period last year. One of the major factors was the increased investment activity. The cash flow from financing activities was €-1,237 million (H1 2022: €-1,055 million). Cash and cash equivalents decreased to €1,689 million as of June 30, 2023 (December 31, 2022: €3,228 million). Investments According to the cash flow statement, investments in the first half of 2023 amounted to €771 million (H1 2022: €727 million). Investments in intangible assets came to €264 million (H1 2022: €247 million) and were attributable primarily to BMG for the acquisition of music catalogs and to RTL Group for invest- ments in the streaming and content businesses. As in the same period last year, the majority of invest- ments in property, plant and equipment, totaling €217 million (H1 2022: €181 million), were attributable to Arvato Group. The sum of €90 million was invested in financial assets (H1 2022: €206 million). Purchase price payments for consolidated investments (less acquired cash and cash equivalents) totaled €200 million in the reporting period (H1 2022: €93 million) and were mainly attributable to the acquisition of DelRey and the acquisition of the publishing assets of Callisto Media. 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 2023 424 (422) (1,237) (1,235) (4) 3,228 1,989 (300) 1,689 H1 2022 200 (249) (1,055) (1,104) 121 4,669 3,686 (331) 3,355 Group Interim Management Report Bertelsmann Interim Report 2023 15

Performance of the Group Divisions RTL Group RTL Group recorded declines in both revenues and operating result in the first half of 2023 in a challenging macroeconomic environment. Due to significantly lower TV advertising revenues as well as portfolio effects, RTL Group’s revenues declined by 5.1 percent to €3.1 billion (H1 2022: €3.3 billion); organically, the decline was 4.3 percent. Operating EBITDA decreased significantly by 38.5 percent to €376 million (H1 2022: €610 million), mainly due to a lower contribution from RTL Deutschland. In line with Bertelsmann’s Boost strategy, RTL Group maintained its high level of investment in attractive content, the expansion of its streaming business, and Tech & Data. The objective is to strengthen the leading market positions of its channels and offerings, as well as to expand RTL Group’s growth businesses. The streaming services RTL+ in Germany and Hungary and Videoland in the Netherlands increased their number of paying subscribers by 34.1 percent to a combined total of 6.04 million; streaming revenues grew by 16.9 percent to €152 million (H1 2022: €130 million). RTL Deutschland’s family of channels gained audience shares, further expanding its market leadership. In February 2023, RTL Deutschland announced a reorganization of its publishing business to focus on core brands such as “Stern,” “Geo,” “Brigitte and “Gala.” Several publishing brands outside the core business were put up for sale or discontinued. Around €80 million is to be invested in the repositioned publishing business by 2025, €30 million of which is earmarked for the expansion of its paid offer Stern+. RTL Deutschland secured attractive sports rights through 2027 by renewing its exclusive broadcasting and streaming rights for the UEFA Europa League and the UEFA Europa Conference League. Revenues and operating profit at France’s Groupe M6 decreased due to lower TV advertising revenues in a declining advertising market. M6 continued to be France’s number two in the commercial target group. Groupe M6 secured several attractive sports rights. They include live match broadcasts from the 2023 FIFA Women’s World Cup in Australia and New Zealand, the Rugby World Cup in France in the fall, and – starting this September – the NFL, including the Super Bowl. Additionally, RTL Hungary acquired broadcasting and streaming rights for the UEFA Champions League for the first time, starting with the 2024/25 season. In the entertainment sector, Fremantle continued to achieve outstanding success with leading entertainment shows in the United Kingdom and the United States. First-look deals were signed with Oscar-nominated producers Edward Berger and Amy Berg. Fremantle further expanded its business with the acquisition of the production company A Team Productions and the launch of the documentary label Undeniable, which focuses on the production of premium documentaries. Penguin Random House Penguin Random House reported a revenue increase in the first half of the year, largely due to the sales success of Prince Harry’s memoir “Spare” and multiple other newly published and backlist titles, as well as its increased, majority equity stake in the US publisher Sourcebooks. Penguin Random House grew Group Interim Management Report Bertelsmann Interim Report 2023 17

As part of Bertelsmann’s Boost strategy, BMG made 15 acquisitions in the reporting period. For example, BMG acquired the song catalog of British rock and pop band The Hollies, as well as a significant share of Paul Simon’s music interests, including the rights to royalties from Simon & Garfunkel’s recordings. In its ongoing business the company secured the right to release George Harrison’s solo recordings, thus uniting the ex-Beatle’s recorded catalog and publishing rights under a shared umbrella. In the recording business, the most popular new releases came from Jelly Roll, Kylie Minogue, Rita Ora, Godsmack and McFly; among the most listened-to catalog titles were tracks from Mötley Crüe, Cro, Black Sabbath and George Harrison. In the publishing business, the new titles “I’m Good (Blue)” co-written and co-performed by BMG writer Bebe Rexha, “Boy’s a Liar Pt. 2” (co-written by Mura Masa and performed by PinkPantheress and Ice Spice) and “Wish You The Best” by Lewis Capaldi achieved high chart positions. The best-performing catalogs included works by Blondie, Daryl Hall and John Oates, George Harrison, Jean-Michel Jarre, Juice WRLD, Mick Jagger and Keith Richards, and ZZ Top. BMG became the first globally active music company to abandon the industry-standard separation of organizational responsibility for new frontline and older catalog recordings. The rationale behind this is that older recordings now account for a significantly larger revenue share in the streaming business than new music. At the end of the half-year period, BMG’s longstanding CEO Hartwig Masuch handed the reins of the music company to former CFO Thomas Coesfeld as of July 1. Coesfeld’s focus going forward will include a more intensive collaboration with customers and partners, delivering greater efficiency and effectiveness and renewing the company’s corporate culture. Arvato Group Bertelsmann’s services units, which are bundled in Arvato Group, further expanded their business activities in the first half of 2023. This growth was again driven by Arvato’s supply chain businesses and Majorel’s customer experience (CX) business. Overall, the global services group significantly improved both its revenues and operating profit. Revenues increased by 8.9 percent to €2.9 billion (H1 2022: €2.6 billion), and operating EBITDA grew 6.1 percent to €473 million (H1 2022: €446 million). The supply chain management businesses operating under the Arvato brand continued their rapid growth. The network of locations was expanded through the establishment of new distribution centers and the expansion of existing ones, particularly in the United States and Poland. In addition, new customers were acquired in sectors including healthcare, tech and fashion. Arvato stepped up its sustainability activities, e.g., by switching its purchasing completely to green electricity at the beginning of the year. Numerous logistics properties were equipped with high-performance photovoltaic systems. Substantial investments were made in state-of-the-art automation and robotics technologies and in the digitization of business processes. The financial services provider Riverty recorded slight growth and specifically drove the development of new business models and the further development of existing ones. Examples include services relating to “Mobility as a Service” and the innovative “In-Store Buy Now Pay Later” solution, whereby a Dutch fashion Group Interim Management Report Bertelsmann Interim Report 2023 19

The Group’s printing activities in the United States also experienced weak demand across all formats. As a result, revenues and earnings in the first six months were below the comparative figures for the previous year. The investment program to strengthen productivity and automation at the printing plants in the United States continued as planned. Measures taken as part of this modernization initiative included the launch of a comprehensive IT project and the installation of a new softcover press at the Berryville location. In the replication market, demand for CDs, DVDs and Ultra HD Blu-ray discs continued to decline unabated. This had a negative impact on capacity utilization and sales development at Sonopress. In contrast, the business with sustainable packaging solutions for the food industry was further expanded. Bertelsmann Education Group Bertelsmann’s education businesses generated revenues of €430 million in the first half of 2023, up 86 percent from the corresponding prior-year period (H1 2022: €231 million), and operating EBITDA of €141 million (H1 2022: €74 million), reflecting an increase of 91 percent. The strong surge in revenues and earnings at Bertelsmann Education Group is largely attributable to the previous year’s acquisition and resulting full consolidation of Afya, Brazil’s leading provider of medical education. This development was further supported by strong organic growth across all operating units, benefiting from favorable market trends. Relias, the US market leader in online education and training for healthcare professionals, continued to see a strong performance in its learning solutions for healthcare providers across the care continuum, and also continues to benefit from the shift to online learning and a need for workforce management solutions to drive clinical performance. Relias’ learning platform has been named Platform of the Year by the EdTech Breakthrough Awards. Afya continued its dynamic growth driven by higher tuition revenues and strong student numbers. Added to this are the effects of the acquisition of two medical schools, UNIT Alagoas and FITS Jaboatão dos Guararapes. The acquisition increases Afya’s medical school enrollment to 3,163 per cohort. The revenue growth of Alliant, which specializes in the training and certification of psychologists, nurses and teachers, was primarily driven by the university’s continued expansion of its online program offering. In April, Alliant opened the new Alliant School of Nursing and Health Sciences in Phoenix, United States, and introduced a new master’s degree program, the Master of Social Work (MSW), which promotes the integration of classroom learning with real-world experience to equip students for a career in the professional social-work practice. Bertelsmann Investments In the reporting period, Bertelsmann Investments made 18 new and nine follow-on investments in innovative companies and funds through its four investment funds and the Bertelsmann Next unit. A total of around €1.7 billion has been invested in companies and funds through BI to date. The active portfolio consisted of 361 investments as of the reporting date. BI’s revenues, which mainly reflect the operating performance of the mobile gaming business AppLike, the HR tech company Embrace and DDV Mediengruppe, totaled €205 million for the first half of 2023 (H1 2022: €211 million); operating EBITDA reached €7 million (H1 2022: €23 million). Group Interim Management Report Bertelsmann Interim Report 2023 21

Risks and Opportunities Risk Management System Please refer to the 2022 Combined Management Report for a description of Bertelsmann’s risk management system (RMS) and the accounting-related RMS and internal control system (ICS). Significant Changes in Risks Compared to the 2022 Combined Management Report Please refer to the respective disclosures in the 2022 Combined Management Report for a description of the key risks to the Bertelsmann Group. Overall, as of June 30, 2023, the same Group risks are considered material as those existing as of December 31, 2022. However, the significance of individual types of risk in terms of Bertelsmann’s future business performance has changed. Growing risks arising from the challenging macroeconomic environment – in particular difficult TV advertising markets – are offset by declining risks resulting from a normalization of factor costs and the cessation of risks arising from the coronavirus pandemic. Strategic and Operational Risks Overall, the size of the Group’s risks remains unchanged from those depicted in the 2022 Combined Management Report. However, stronger than forecast economic slowdown could have a negative impact on RTL Group’s advertising-financed businesses. Possible loss of customers could also have a negative impact on the success of RTL Group and Bertelsmann Marketing Services. In contrast, a normalization of the factor costs, which increased as a result of the war in Ukraine, and a stabilization of the supply chain following the coronavirus pandemic are contributing to reducing risks at RTL Group, Penguin Random House and Bertelsmann Marketing Services. Forecasts concerning global economic development continue to be cautious because the global economic situation is still being impacted by the effects of the Russian war of aggression in Ukraine, prolonged high inflation and the continuing – although waning – impact of the coronavirus pandemic. In addition, further geopolitical crises, national deficits, currency turbulences or the introduction of higher tariffs as a result of rising protectionist tendencies could interfere with economic performance and influence Bertelsmann’s risk situation. Legal and Regulatory Risks Within the framework of the Group strategy, Bertelsmann will accept the proposed takeover offer by the French company Teleperformance, in relation to its Majorel shares. The transaction is subject to regulatory approval. Approval is expected for the fourth quarter of 2023. Furthermore, increasing use of generative artificial intelligence, changing regulatory frameworks and documentation requirements, for example increasing complexity of tax laws and increased data protection regulations, could impact Bertelsmann’s business models. Please refer to the 2022 Combined Management Report for details of other legal and regulatory risks. Group Interim Management Report Bertelsmann Interim Report 2023 23

For RTL Group, a moderate decline in revenues and a strong decline in Operating EBITDA is now expected for the full financial year 2023, based on the assumption of stable to slightly growing TV advertising revenue in the second half of 2023. Otherwise, the expected performance of any individual division of key significance for the Bertelsmann Group is currently not expected to deviate significantly from that of the Group. These forecasts are based on Bertelsmann’s current business strategy, as outlined in the “Corporate Profile” section. In general, the forecasts reflect careful consideration of risks 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 established 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. Group Interim Management Report Bertelsmann Interim Report 2023 25

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 2023 H1 2022 9,705 144 (3,020) (714) (3,497) (572) (1,566) 14 – 15 509 28 (92) 15 (109) (158) 351 (91) 260 116 144 9,290 213 (2,952) (684) (3,090) (495) (1,569) (7) – 134 840 9 (67) 10 (113) (161) 679 (187) 492 298 194 Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 27

6/30/2023 12/31/2022 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 8,790 4,183 2,975 578 1,572 77 1,181 880 20,236 2,422 4,614 251 1,305 135 1,689 10,416 1,439 11,855 32,091 1,000 2,345 8,930 12,275 2,391 14,666 662 158 145 413 5,085 1,132 575 357 8,527 254 125 286 5,175 2,166 55 8,061 837 8,898 8,876 3,968 3,185 621 1,716 101 1,124 812 20,403 2,259 5,044 256 1,321 184 3,228 12,292 141 12,433 32,836 1,000 2,345 9,193 12,538 2,505 15,043 710 156 175 413 5,199 1,227 674 385 8,939 261 278 311 5,403 2,490 111 8,854 – 8,854 32,836 The prior-year comparatives have been adjusted. Further details are presented in the section “Acquisitions and Disposals.” 32,091 Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 29

Consolidated Statement of Changes in Equity Sub- scribed capital Capital reserve1) Other retained earnings Retained earnings Accumulated other comprehensive income2) Exchange Fair value Cash Share of differ- ences reserve flow hedges Total Bertels- mann share- Non- con- trolling holders’ interests equity other com- prehensive income of investments accounted for using the equity method 16 – 1 1 – – – 3 – 27 27 – – – (7) 10 (12) 18 8 – – – – – – – 8 10 – (4) (4) – – – (1) 5 (19) 11,611 1,995 13,606 – 50 298 783 194 26 492 809 50 1,081 220 1,301 – – – – (220) (281) (501) (45) (63) (108) (265) (344) (609) (13) 499 486 31 12,414 2,370 14,784 12,538 2,505 15,043 116 144 (71) 9 260 (62) 45 153 198 (220) (267) (487) (93) (37) (130) (313) (304) (617) 5 37 42 31 – (1) (1) – – – – 30 12,275 2,391 14,666 in € millions Balance as of 1/1/2022 Group profit or loss Other comprehensive income Group total comprehensive income Dividend distributions Transactions with subsidiaries that do not result in a loss of control Equity transactions with shareholders Other changes3) 1,000 2,345 – – – – – – – – – – – – – – 8,230 298 36 – 414 291 712 291 (220) (45) (265) 6 – – – – Balance as of 6/30/2022 1,000 2,345 8,683 327 Balance as of 1/1/2023 1,000 2,345 Group profit or loss Other comprehensive income Group total comprehensive income Dividend distributions Transactions with subsidiaries that do not result in a loss of control4) Equity transactions with shareholders Other changes – – – – – – – – – – – – – – 9,043 116 15 101 – (81) 131 (81) (220) (90) (310) 6 – (3) (3) – 17 Balance as of 6/30/2023 1,000 2,345 8,870 The prior-year comparatives have been adjusted. Further details are presented in the section “Acquisitions and Disposals.” 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, 2023, €-25 million relates to assets classified as held for sale in accordance with IFRS 5. As of June 30, 2022, €-8 million related to assets classified as held for sale in accordance with IFRS 5. 3) The prior-year comparatives for other changes of non-controlling interests mainly related to the acquisition of the education company Afya. 4) Transactions with subsidiaries that do not result in a loss of control mainly result from put options in connection with the share increase in Sourcebooks and from a further increase of shares under company law in the education company Afya. Bertelsmann increased its shareholding in Afya to 46 percent (December 31, 2022: 40 percent) through the acquisition of additional Class A shares. Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 31

Bertelsmann Bertelsmann Marketing Services Education Group Bertelsmann Investments2) Total divisions Corporate Consolidation Group total H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 616 73 689 8 686 71 757 14 430 – 430 141 231 – 231 74 204 1 205 7 210 9,695 9,282 1 123 119 211 9,818 9,401 23 1,353 1,497 1.2% 1.8% 32.7% 32.0% 3.2% 10.8% 13.8% 15.9% (7) – – – – – (1) (11) (18) – – – – 5 – – (10) (14) 14 – 6 – (8) – 10 17 27 (71) n/a – – – 8 17 25 (66) n/a – – – – (140) (140) (7) n/a – – – – 9,705 9,290 (136) (136) – – 9,705 9,290 (2) 1,275 1,429 n/a 13.1% 15.4% – (10) (14) 14 – 1 – (7) – 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 subject to a limited review by the Group’s auditor. It complies with International Financial Reporting Standards (IFRS) and 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 notes. The Condensed Interim Consolidated Financial Statements do not include all the information required for complete consolidated financial statements and should be read in conjunction with the Bertelsmann Consolidated Financial Statements as of December 31, 2022. The Condensed Interim Consolidated Financial Statements have been prepared – with the exception of the financial reporting standards and interpretations applied for the first time in the current financial year – using fundamentally the same accounting and measurement policies as in the Consolidated Financial Statements of December 31, 2022. A detailed description of these policies is presented in the notes to the Consolidated Financial Statements in the 2022 Annual Report. The first- time application of new financial reporting standards had no material impact on the Bertelsmann Group. The Bertelsmann Group has not opted for early adoption of any standards, interpretations or amendments that have been issued but are not yet effective. Likewise, the expected impact from the issued financial reporting requirements that are not yet effective is not material to the Bertelsmann Group. Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 33

Acquisitions and Disposals In the first half of 2023, the cash flow from acquisition activities totaled €-200 million, of which €-183 million related to new acquisitions during the first half of the year less cash and cash equivalents acquired, and €-17 million to payments in connection with acquisitions made in previous years. The consideration trans- ferred in accordance with IFRS 3 totaled €258 million, taking into account contingent consideration of €7 million. In addition, put options in the amount of €71 million were accounted for in relation to the increase of shares in Sourcebooks made by the Penguin Random House division. In January 2023, the education company Afya, which belongs to Bertelsmann Education Group, acquired 100 percent of the shares in Sociedade Educacional e Cultural Sergipe DelRey Ltda (DelRey). DelRey comprises Centro Universitário Tiradentes Alagoas (“UNIT Alagoas”) and Faculdade Tiradentes Jaboatão dos Guararapes (“FITS Jaboatao dos Guararapes”), two medical schools in northeastern Brazil. The consideration transferred amounted to €148 million and comprises an immediate payment of €102 million and further payments totaling €45 million in three annual installments. In addition, the con- sideration transferred includes a free-of-charge offer of Afya’s digital solutions to the seller’s universities until the end of 2030. The fair value of this service at the acquisition date was measured at €1 million. The preliminary purchase price allocation resulted in goodwill of €16 million, mainly reflecting synergy and net- working effects. Goodwill is not tax deductible and was allocated to the Afya cash-generating unit. In the first half of 2023, transaction-related costs amounted to €2 million and have been recognized in profit or loss as other operating expenses. Since initial consolidation, DelRey has contributed €21 million to Group revenue and €4 million to Group profit or loss. In January 2023, Penguin Random House increased its share in Sourcebooks LLC. Following the acqui- sition of an additional eight percent, Penguin Random House increased its investment from 45 percent to 53 percent. As a result of obtaining control, the investment, which was previously accounted for using the equity method, has been consolidated from the date of acquisition. The consideration transferred amounted to €20 million and corresponded to the amount of new shares issued due to the conversion of a convertible loan into equity. Obtaining control led to the derecognition of the investment previously accounted for using the equity method, the fair value of which amounted to €52 million immediately before the acquisition date. The remeasurement of the investment already held resulted in income of €35 million. The preliminary purchase price allocation resulted in goodwill of €41 million, which is primarily attributable to the international expansion of business operations through new distribution channels and new markets outside the Unites States. Goodwill is not tax-deductible and was allocated to the cash-generating unit Penguin Random House. Further, in connection with the acquisition, put options on the remaining 47 percent of the shares were recognized for an amount of €71 million against equity for the present value of the redemption amount. In the first half of 2023, transaction-related costs were immaterial and have been recognized in profit or loss as other operating expenses. Since initial consolidation, Sourcebooks has contributed €71 million to revenue and €7 million to Group profit or loss. In May 2023, Penguin Random House acquired the publishing assets of US nonfiction publisher Callisto Media Inc. With the acquisition of Callisto’s nonfiction publishing roster, Penguin Random House strengthens its position in this market segment. The transaction is in the scope of IFRS 3 due to the acquisition of employees and intellectual property rights. The consideration transferred amounted to €63 million, of which €57 million was paid in cash. The earn-out consideration amounted to €6 million. Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 35

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 Financial debt Lease liabilities Other financial and non-financial liabilities Net assets acquired Goodwill Non-controlling interests Fair value of pre-existing interests Consideration transferred according to IFRS 3 Less convertible loan 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 DelRey Source- books Callisto Other 128 16 – 1 – 6 1 1 – (12) (9) 132 16 – – 148 – (46) – 102 (1) – 101 52 2 – – 20 43 9 2 (5) (1) (59) 63 41 (32) (52) 20 (20) – – – (2) – (2) 23 – – – 15 6 – – (7) – (3) 34 29 – – 63 – – (6) 57 – 7 64 4 – 1 1 12 3 1 6 (1) – (12) 15 12 – – 27 – – (1) 26 (6) – 20 Total cash flow from acquisition activities Total 207 18 1 2 47 58 11 9 (13) (13) (83) 244 98 (32) (52) 258 (20) (46) (7) 185 (9) 7 183 17 200 Since initial consolidation, all new acquisitions in accordance with IFRS 3 made in the first half of 2023 have contributed €113 million to revenue and €11 million to Group profit or loss. If consolidated as of January 1, 2023, these would have contributed €126 million to revenue and €-15 million to Group profit or loss. In November 2022, Fremantle acquired 55 percent of 72 Films, an independent TV production company focusing on documentaries and factual entertainment. At the acquisition date, the estimated consider- ation transferred amounted to €51 million, of which €44 million was paid in cash. Earn-out consideration was estimated at €7 million. Also in November 2022, Fremantle acquired 51 percent of Wildstar Films, a production company focused on natural history documentaries. At the acquisition date, the estimated consideration transferred amounted to €19 million, of which €13 million was paid in cash. The earn-out consideration was estimated at €5 million and the deferred payment at €1 million. For the Bertelsmann Consolidated Financial Statements as of December 31, 2022, the purchase price allocations for both acqui- sitions were prepared on a provisional basis in accordance with IFRS 3. During the measurement period, Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 37

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 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 Deferred tax liabilities Financial debt Lease liabilities Trade and other payables Other non-current liabilities Current liabilities Other provisions Financial debt Lease liabilities Trade and other payables Other current liabilities Liabilities related to assets held for sale RTL Deutschland publishing business Majorel Other 6/30/2023 12/31/2022 8 5 1 – – 1 3 2 1 21 – 42 2 – – – 1 9 – – – – 6 7 25 154 32 303 4 2 39 – 464 103 278 – 1,379 33 10 5 117 90 22 19 29 7 55 175 249 811 162 37 323 4 2 40 3 467 104 299 (2) – – 18 123 – – – – – – – 1,439 141 35 10 5 117 91 31 19 29 7 55 181 257 837 – – – – – – – – – – – – – – – 19 – – – – 1 – – (2) 18 – – – – – – – – – – – 1 1 Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 39

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 2023 H1 2022 6/30/2023 12/31/2022 6/30/2022 Average rates Closing rates Australian dollar Canadian dollar Chinese renminbi British pound US dollar Brazilian real AUD CAD CNY GBP USD BRL 1.5982 1.4566 7.4893 0.8762 1.0807 5.4840 1.5200 1.3903 7.0870 0.8421 1.0934 5.5521 1.6398 1.4415 7.8983 0.8583 1.0866 5.2788 1.5693 1.4440 7.3582 0.8869 1.0666 5.6386 1.5099 1.3425 6.9624 0.8582 1.0387 5.4229 Additional Disclosures on Revenues In the first half of 2023, Group revenues of €9,505 million were generated from contracts with customers in accordance with IFRS 15 (H1 2022: €9,121 million). The other revenues amounting to €200 million (H1 2022: €169 million) not in the scope of IFRS 15 resulted almost entirely from financial services in the Arvato Group division. The following table shows the revenues from contracts with customers in accordance with IFRS 15 by division and broken down by revenue source, geographical area and timing of revenue recognition. The categorization of revenue sources and geographical areas shown corresponds to that used in segment reporting. By contrast, the revenues reported reflect exclu- sively the revenues in accordance with IFRS 15, and thus differ in amount from the breakdown of revenues in segment reporting. Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 41

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 6/30/2023 12/31/2022 Financial assets measured at amortized cost – loans – trade receivables Minority stakes and other financial assets Trade and other receivables – receivables from participations Trade and other receivables – sundry financial receivables – bank balances and cash on hand – cash equivalents 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 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 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 Minority stakes and other financial assets Cash and cash equivalents Derivative financial instruments Minority stakes and other financial assets Continuing involvement Trade and other receivables 34 3,176 32 936 990 29 28 14 197 1,177 308 – 303 670 70 213 8,177 44 4,004 20 900 1,583 283 28 31 203 1,179 14 125 286 1,362 76 183 10,321 Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 43

Level 3: If no observable market data is available, fair value measurement is based primarily on cash flow-based valuation techniques. As a rule, so-called qualified financing rounds are used for minority stakes in the Bertelsmann Investments division. Listed financial instruments with contractual lockups are also based on level 3. The measurement of financial assets and financial liabilities according to level 2 and level 3 requires manage ment to make certain assumptions about the model inputs, including cash flows, discount rate and credit risk, as well as the life and development cycle of start-up investments. Transfers between 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 half of 2023. The measurement category “fair value through profit or loss” mainly includes the minority stakes in start- ups and fund-of-fund investments purchased by the Bertelsmann Investments division. The fair value of its listed investments is measured on the basis of their market values and the fair value of its unlisted invest- ments, if possible, on the basis of observable prices obtained as part of the most recently implemented qualified financing rounds which meet the minimum requirements for volume and participants, taking into account life and development cycles of the entity. The item also includes so-called fund-of-fund investments, which are also measured at fair value through profit or loss. The measurement of their fair values is based on the valuations of the external management as presented in regular reporting and taking into account a fungibility discount. The gains and losses resulting from changes in the fair value are recognized as other operating income or other operating expenses in the item “Fair value measurement of investments.” As of June 30, 2023, the valuation of fund-of-fund investments would have been €56 million (December 31, 2022: €61 million) higher excluding fungibility discounts. Contractual lockups for listed instruments existed neither as of June 30, 2023, nor as of December 31, 2022. Investments in diversified money market funds with first-class ratings, which are only subject to insignificant fluctuations in value, are also measured at fair value through profit or loss. Furthermore, receivables that were acquired by Riverty from third parties in the course of conducting its financial services and which meet the criteria for resale to financial intermediaries are assigned to this measurement category. The market value of the profit participation certificates 2001 with a closing rate of 258.31 percent on the last day of trading in the first half of 2023 on the Frankfurt Stock Exchange was €734 million (December 31, 2022: €739 million with a rate of 260.00 percent) and, correspondingly, €27 million for the 1992 profit participation certificates with a rate of 160.00 percent (December 31, 2022: €29 million with a rate of 173.00 percent). The market values are based on level 1 of the fair value hierarchy. In March 2023, Bertelsmann exercised a call option on the hybrid bond with a nominal value of €650 million. The early repayment of the outstanding nominal value of €146 million was made in April 2023, after a nominal amount of €504 million was already repaid early in December 2022 as part of a public repurchase offer. Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 45

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 6/30/2023 – – – – – 44 76 120 216 – – 216 216 44 76 336 The decrease in negative fair values from financial derivatives is mainly attributable to currency derivatives that were concluded to hedge against exchange rate risks from intercompany financing. Reasons are, in particular, the depreciation of the US dollar against the euro and the hedge prolongation at the respective quoted exchange rates. Financial Liabilities Measured at Fair Value Based on Level 3 in € millions Balance as of 1/1/2023 Total gain (-) or loss (+) – in profit or loss – in other comprehensive income Purchases Settlements Transfers into level 3 (including first-time classification as level 3) Reclassifications in accordance with IFRS 5 Balance as of 6/30/2023 Gain (-) or loss (+) from liabilities still held at the end of the reporting period Financial liabilities measured at fair value through profit or loss 68 34 34 – 78 (2) 58 (20) 216 36 Total 68 34 34 – 78 (2) 58 (20) 216 36 The transfers into level 3 (including first-time classification as level 3) relate to liabilities from put options measured at fair value. The effective portion of changes in the fair value of cash flow hedges is recognized in accumulated other comprehensive income until the effects of the hedged underlying transaction affect profit or loss, or until a basis adjustment occurs. The amount of €-13 million relating to cash flow hedges (H1 2022: €19 million) was reclassified from accumulated other comprehensive income to the income statement. These are amounts before taxes. The effects from fair value hedges to hedge interest rate risks led to an increase of the carrying amount of the reported financial debt in the amount of €3 million. Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 47

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 paid, 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 2023 (3,787) 424 (422) (730) (424) (4,939) H1 2022 (2,315) 200 (249) (743) (596) (3,703) Net liabilities arising from financing activities are the balance of the balance sheet positions “Cash and cash equivalents,” “Financial debt” and “Lease liabilities.” Other Information The Bertelsmann Group’s core business is subject to significant seasonal fluctuations, and in the current financial year may also be impacted by additional economic challenges and related uncertainties as a result of external events, such as geopolitical tensions. The balance sheet effects are therefore being continu- ously analyzed for the particularly relevant issues, which are impairment of goodwill and individual assets, leasing, royalties, program rights, inventories, trade receivables, government grants, deferred tax assets, losses from onerous contracts as well as revenues. As a result of the current business development, it was not deemed necessary to recognize an impairment loss on goodwill, even in light of the geopolitical and economic uncertainty. This also refers to the accounting areas deemed vulnerable, for which no material negative effects on the financial position or financial performance of the Bertelsmann Group are currently anticipated. The assessment is based on discretionary judgments, estimates and assumptions that contain additional uncertainties in the current situation characterized by geopolitical and economic challenges. Management is of the opinion that these uncertainties have been taken into account to an adequate degree. In a financial year unaffected by additional events, revenues and operating result generally are expected to be higher in the second half of the year compared to the first. These higher revenues are due to increasing demand during the year-end holiday season, in particular in advertising-driven businesses and the publishing business, as well as to the customary seasonality in the music business. The seasonality of advertising-driven businesses is expected to deviate in 2023 from historical comparisons given current geopolitical tensions as well as the overall economic uncertainty affecting the expected business perfor- mance in the second half of the year. In January 2023, Global Savings Group (GSG), an at-equity investment held by Groupe M6, completed the acquisition of pepper.com. This transaction resulted in a dilution of Groupe M6’s investment in GSG from 41.49 percent as of December 31, 2022, to 31.16 percent. The impact on profit or loss amounted to €13 million in 2023 and was recognized under “Results from disposals of investments” in the consolidated income statement. Goodwill and intangible assets with indefinite useful life are tested for impairment in accordance with IAS 36 annually as of December 31 and if a triggering event occurs. The key assumptions used to determine the recoverable amount for the different cash-generating units were disclosed in the consolidated financial statements as of December 31, 2022. Due to the ongoing geopolitical tensions and the economic uncer- tainty on the global markets, the assumptions for impairment testing overall continue to be subject to increased uncertainty and extended discretionary judgment in the context of cash flow forecasts. Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 49

Also in April, the content agency Territory was transferred from Bertelsmann Investments to Bertelsmann Marketing Services with retroactive effect from January 1, 2023. Territory’s recruiting and employer branding services, combined under the Embrace brand, were carved out from the agency and remain in the Bertelsmann Investments division. The figures for the financial year 2022 have been adjusted accordingly. For segment reporting, intercompany leases are generally presented as operating leases with income and expenses recognized using the straight-line method in accordance with IFRS 8, in line with internal management. Reconciliation of Segment Information to Group Profit or Loss in € millions Operating EBITDA H1 2023 1,275 H1 2022 1,429 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 (572) 9 (203) 509 (158) 351 (91) 260 (495) 9 (103) 840 (161) 679 (187) 492 Events after the Reporting Period Groupe M6, which belongs to RTL Group, and Prisma Media (owned by Vivendi) have signed an exclusive negotiation agreement for the sale of Groupe M6’s thematic online media and services businesses. The proposed transaction is expected to close after the summer and would make a positive contribution to Group profit or loss. Completion of the transaction remains subject to the usual conditions precedent. At the beginning of August 2023, Bertelsmann Investments acquired Studyflix, the largest career platform for pupils and students in the German-speaking region. With this acquisition, Bertelsmann Investments is strengthening its portfolio company Embrace as part of Bertelsmann Next, in which the future topics of digital health, mobile gaming and HR tech are being driven forward. At the time the Consolidated Financial Statements were prepared, the purchase price allocation was at a very preliminary stage. In particular, the valuations have not yet been finalized. At the beginning of August 2023, RTL Deutschland closed the sale of its brand PM and the transfer of PM’s editorial team as part of the reorganization of its publishing business. Further, at the beginning of August 2023, RTL Deutschland announced the completion of the sale of Deutsche Medien-Manufaktur as part of the reorganization of its publishing business. Condensed Interim Consolidated Financial Statements Bertelsmann Interim Report 2023 51

Review Report To Bertelsmann SE & Co. KGaA, Gütersloh We have reviewed the Condensed Interim Consolidated Financial Statements – comprising the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Cash Flow Statement, Consolidated Statement of Changes in Equity 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, 2023 that are part of the semi-annual financial report according to Section 115 WpHG [Wertpapierhandelsgesetz: German Securities Trading Act]. The preparation of the Condensed Interim Consolidated Financial Statements in accordance with International Accounting Standard IAS 34 “Interim Financial Reporting” as adopted by the EU, and of the Group Interim Manage- ment Report in accordance with the requirements of the WpHG applicable to interim group management reports, is the responsibility of the Company’s management. Our responsibility is to issue a report on the Condensed Interim Consolidated Financial Statements and on the Group Interim Management Report based on our review. We performed our review of the Condensed Interim Consolidated Financial Statements and the Group Interim Management Report in accordance with the generally 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 certain level of assurance, that the Condensed Interim Consolidated Financial Statements have not been prepared, in material respects, in accordance with IAS 34 “Interim 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 WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company employees and analytical assessments and therefore does 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 an auditor’s report. Based on our review, no matters have come to our attention that cause us to presume that the Condensed Interim Consolidated Financial Statements have not been prepared, in material respects, in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU, or that the Group Interim Management Report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. Bielefeld, August 29, 2023 KPMG AG Wirtschaftsprüfungsgesellschaft Dr. Tonne Wirtschaftsprüfer [German Public Auditor] Thiele Wirtschaftsprüfer [German Public Auditor] Review Report Bertelsmann Interim Report 2023 53