Atresmedia Corporación de Medios de Comunicación (A3M) Q4 2023 earnings summary

Executive summary

• FY23 revenue rose 2.2% to €971.4M; EBITDA was €173.1M, up 0.2%, with a 17.8% margin.

• Reported net profit reached €171.2M, including a €52.5M tax benefit; pro forma net profit was €118.5M, up 5.0%.

• Q4 revenue rose 2.9% to €305.1M and EBITDA increased 11.8% to €62.8M; EBITDA margin expanded to 20.6% from 18.9%.

Financial highlights

• FY23 operating expenses rose 2.6% to €798.3M; EBIT was €155.3M, unchanged from FY22.

• Profit before tax was €147.7M versus €150.4M in FY22.

• Operating cash flow was €167.0M, generating €41.7M more cash than FY22.

• Q4 EBIT increased 13.0% to €58.5M; EBIT margin improved to 19.2% from 17.5%.

Segment performance

• Audiovisual FY23 revenue grew 2.1% to €902.8M; EBITDA was €158.7M and EBIT €143.3M.

• Audiovisual advertising revenue rose 1.2% to €783.8M; content production and distribution revenue increased 7.4% to €76.1M.

• Radio FY23 revenue increased 1.9% to €77.0M; EBITDA rose to €14.4M and margin improved to 18.7% from 17.1%.

• Q4 audiovisual revenue rose 3.2% to €283.8M and EBITDA increased 13.3% to €57.0M; Radio revenue fell 4.7% to €22.7M and EBITDA declined 1.3% to €5.8M.

• ATRESplayer PREMIUM ended FY23 with 593K subscribers, up 38%; Atresplayer averaged 2.7M unique visitors.