Atresmedia Corporación de Medios de Comunicación (A3M) Q3 2024 earnings summary

Executive summary

• Net revenue grew 7.0% year-over-year to €713.2 million in the first nine months of 2024, with EBIT up 6.5% and net profit up 8.2%.

• Maintained leadership in TV audience share for the eighth consecutive quarter and in prime time for 12 quarters.

• Monetised part of its investment in Fever Labs, generating €59 million in income and €50 million in capital gains.

• Ended September with a net cash position of €145.1 million, up €122 million from December 2023.

Financial highlights

• EBITDA reached €116.0 million, up 5.2% year-over-year.

• Net profit for the period was €77.4 million, an 8.2% increase from €71.5 million in 9M23.

• Paid a final dividend of €0.24 per share in June, totaling €54 million.

Outlook and guidance

• Expects full-year 2024 revenue to exceed €1,000 million, with operating margins between 17% and 18%.

• Forecasts year-end net cash close to €100 million, factoring in dividend payments and Fever transaction income.

• Advertising spend in TV and Radio media anticipated to be broadly similar to 2023 for the remainder of the year.