Bertelsmann (BERTELSMANN) H1 2024 earnings summary

Executive summary

• Revenues reached €8,975 million in H1 2024, with organic growth of 3.7% year-over-year, offsetting a 7.5% decline in reported revenues due to the sale of Majorel.

• Operating EBITDA adjusted was €1,249 million, with an improved EBITDA margin of 13.9%.

• Group profit surged 60% to €416 million compared to H1 2023, driven by strong operational performance and lower reorganization expenses.

• Strategic focus continued on national media, global content, services, education, and investments, with nearly €1 billion invested in H1 2024.

• All major divisions except Arvato Group contributed to organic growth and earnings.

Financial highlights

• Organic revenue growth of 3.7% offset reported revenue decline due to portfolio changes; group revenues were €8,975 million.

• EBITDA margin improved to 13.9% from 13.1% year-over-year.

• Group profit increased to €416 million, up from €260 million in H1 2023; EBIT reached €680 million.

• Investments totaled €812 million in H1 2024; net financial debt increased to €3,598 million.

• Equity ratio improved to 47.4%, with total assets at €31.8 billion.

Outlook and guidance

• Full-year 2024 outlook raised, projecting significant revenue and earnings growth for ongoing operations.

• Reported revenue and EBITDA adjusted expected to decline moderately due to portfolio changes.

• Continued focus on strategic growth priorities and Boost investments.