Financial flexibility and ambition for further growth

Text: Kristiaan De Beukelaer, CFO Mediahuis group Image: Frederik Beyens

The continued success of the digital transition of our news brands, along with rising revenues from radio advertising and marketplaces, made 2024 a stable transitional year – despite increasing distribution costs. With optimisations in our products and processes, we also laid the foundation for a sustainable future.

Growth in radio and marketplaces

At €1.236 billion, our revenue remained virtually unchanged from 2023. Growth through acquisitions was limited. Our news media successfully continued the shift from print to digital without a significant impact on revenue. Meanwhile, advertising revenue received a boost from our radio activities in the Netherlands, and our marketplaces saw solid growth.

However, the sharp increase in distribution costs remains a major concern. In 2024, we were able to offset this with the effects of reorganisations and a lower, stable paper price. Due in part to the delayed impact of inflation on labour costs in the Netherlands and our investments in certain growth activities, our operating result came in at €151 million, only €2 million lower than in 2023.

The carefully calibrated pricing strategy of our news media, driven by an increasingly rich offering of journalism and services, was a key driver of our revenue. It helps our brands move toward the necessary stabilisation of margins, which remain under pressure due to rising distribution costs for print subscriptions. The termination of bpost’s service in Belgium reinforces that trend.

Despite strong international competition, our digital advertising revenue grew, with video and audio playing an important role. Our Dutch radio stations Veronica, SLAM! and 100%NL strengthened our position in the advertising market. E-commerce continues to make a solid and stable contribution, thanks to a competitive and attractive offering.

The contribution of marketplaces to the operating result increased significantly in 2024, driven by the growth of Zimmo in Belgium and Motion and Switcher in Ireland. Additionally, our 49% stake in the Dutch Automotive MediaVentions venture also grew.

“With a strong focus on improvement initiatives, we are increasing our agility and resilience in a dynamic media landscape”

Kristiaan De Beukelaer

Increasing agility and resilience

For Mediahuis, 2024 was a stable transitional year, with few new asset additions and a strong focus on initiatives to improve our agility and resilience in an increasingly complex world. Through automation and process optimisation within the group, we further optimised our cost structure.

The group’s equity rose to €535 million after adding the annual result of €66 million. A stable asset portfolio, regular depreciation of intangible assets and a lower net debt position led to a slight decrease in Mediahuis’ total balance sheet. The equity-to-total-assets ratio increased to 45%.

Our most significant investment in 2024 was the buyout of the minority shareholder in Medienhaus Aachen, alongside limited investments in our ventures and marketplaces portfolio. Combined with stable free cash flow, our net debt position improved to -€72 million, resulting in a financial leverage ratio of 0.37.

With a strong balance sheet and low debt levels, Mediahuis has the financial flexibility and ambition to continue growing in the coming years in a dynamic media landscape.