MFE-Mediaforeurope (MFEB) Q3 2024 earnings summary

Executive summary

• Net consolidated revenues rose to €2,004.7M for 9M 2024, up 7.7% year-over-year.

• Net profit increased to €96.2M from €71.0M; excluding ProsiebenSat1, net profit rose 38.7% year-over-year.

• EBITDA improved to €451.7M, up from €437.6M year-over-year.

• EBIT reached €126.6M, up 28.7% year-over-year.

• Growth was driven primarily by Italy, validating the cross-media strategy and offsetting a challenging international context.

Financial highlights

• Gross advertising revenues were €1,943.3M, up 6.5% year-over-year.

• Total net advertising revenues grew to €1,708.9M from €1,608.2M year-over-year.

• Other revenues increased to €295.8M from €254.0M year-over-year.

• Free cash flow rose to €318.8M from €285.8M year-over-year.

• Net financial debt decreased to €718.6M from €902.8M at year-end 2023.

Segment performance

• Italian business net revenues increased to €1,431.4M from €1,307.2M; EBITDA rose to €292.6M from €258.1M.

• Spanish business net revenues grew to €573.8M from €555.4M; EBITDA declined to €159.4M from €179.7M.

• Italian EBIT improved to €51.4M from €10.2M; Spanish EBIT decreased to €75.1M from €87.9M.

• In Italy, Mediaset Networks achieved a 36.6% audience share over 24 hours and led the commercial target (15-64 years) with a 39.1% share.

• In Spain, Grupo Audiovisual Mediaset España had a 25.1% total audience share and 27.5% among the commercial target.