Mfe-MediaForEurope closes 2024 with strong growth in financial results. The consolidated net revenues reach 2.949 million euros, marking an increase of 5% compared to the 2.810 million of 2023. The Operating income (EBIT) “adjusted”, net of non-recurring items, amounts to 370 million euros, while the “reported” figure marks an increase of 18% compared to the 302 million of the previous year.
The consolidated net profit, excluding the contribution of the participation in P7S1, yes stands at 251 million euros, with a growth of 15% compared to 217 million in 2023. The cash generation (free cash flow) recorded a significant increase of 23%, from 280 million to 343 million euros. This robust growth allowed a net debt reduction consolidated, which fell from 903 million to 692 million euros, despite the distribution of dividends for 140 million euros.
Advertising and Market Share: Results Beyond Expectations
One of the key factors of Mfe's performance in 2024 was the solid performance of the advertising revenue, which grew by 4,7% between Italy and Spain, exceeding market expectations. In particular, in Italy the group recorded a growth in advertising revenue of 6,8%, further consolidating its market share, which reached a record level of 40,9%, compared to 38,3% in 2019.
Advertising performance benefited from the positive contribution of all the media of the group's cross-media portfolio, which includes traditional TV, connected TV, digital, radio and digital out of home. Remarkable results considering that 2024 was characterized by major sporting events like the European Football Championship and the Paris Olympics, whose rights were not available of the group led by Pier Silvio Berlusconi.
Confidence for 2025 and the possible takeover bid for Prosiebensat
Il 2025 opens with positive signs. In January, Mfe's advertising revenue increased 1% compared to the same period in 2024 in both countries where it operates. While visibility into the performance of the advertising market for the rest of the year is still limited, the context appears favorable thanks to the absence of major international sporting events that could drain advertising investments towards other channels.
The reduction of debt and the constant generation of cash put the group in a strong position to face future challenges and invest in new growth strategies. The declared objective is to further strengthen the leadership in Italy and Spain, with a view to expanding also in other European markets.
And then there is more and more talk about the possible Mfe-MediaForEurope takeover bid su Prosiebensat due to the crisis in German governance. A Control Passage That The Market Is Also Betting On.
Pier Silvio Berlusconi: “MFE ready for the European challenge”
Pier Silvio Berlusconi has commented enthusiastically on the results of the group: “The preliminary data speak clearly: the 2024 results are excellent, in contrast to all other broadcasters. Mfe grows, invests and strengthens its leadership in Europe, despite competition that operates without the obligations of traditional publishers.”
Berlusconi also highlighted thethe need for fairer regulation for the sector, so that the digital giants do not enjoy unjustified competitive advantages: "The Big Tech and Streaming Giants Enjoy Advantages which, in the long run, will penalise not only the media sector, but all national and European companies.Europe must act to defend its market and ensure fair competition.”
Finally, a thought on the Mfe's future strategy: “We move forward with determination and a clear strategic vision, continuing to innovate responsibly. Our cross-media system – with a hot and national TV at its core that connects radio, web and digital out of home – is unique, among the most advanced for advertisers. 2025 has also started with growth. The market remains complicated, but we continue to hire young people and invest in local content.”
