Bertelsmann (BERTELSMANN) H2 2024 earnings summary

Executive summary

• Achieved €19.0bn in revenue for FY 2024, with organic growth of 3.3% year-over-year.

• Operating EBITDA adjusted remained stable at €3.1bn, despite negative portfolio effects and the sale of Majorel.

• Group profit exceeded €1.0bn but was below the previous year, mainly due to lower capital gains.

• Strategic focus on national media, global content, services, education, and investments, with Boost and Boost+ driving growth.

Financial highlights

• Revenue reached €19.0bn, down from €20.2bn reported last year, but organic growth was positive at 3.3%.

• Operating EBITDA adjusted at €3,111m, nearly flat year-over-year.

• Group profit declined to €1,036m from €1,326m, primarily due to lower capital gains.

• Operating free cash flow adjusted was €1,160m, with cash conversion ratio improving to 73%.

• Total investments increased to €2,092m, including significant acquisitions and CAPEX.

Outlook and guidance

• Moderate revenue and earnings increase expected for 2025 (4-5% growth anticipated).

• Continued focus on strategic growth priorities and Boost/Boost+ investments, targeting €8bn by end of 2026.

• Market uncertainties persist, but portfolio remains robust.