MFE-Mediaforeurope (MFEB) Q4 2023 earnings summary

Executive summary

• FY 2023 consolidated revenue was €2,810.4m, up 0.3%; adjusted EBITDA was €825.0m and adjusted EBIT €345.0m.

• Reported net profit was €209.2m; net profit excluding the ProSiebenSat.1 contribution rose 17.7% to €217.5m.

• Gross advertising revenue rose 0.9%, supported by a strong Italian finish to the year; total streaming hours increased 35%.

Financial highlights

• Consolidated net advertising revenue was €2,441.0m versus €2,420.6m; other revenue was €369.4m versus €380.7m.

• Reported EBITDA was €782.3m versus €803.6m; adjusted EBITDA was €825.0m. Reported EBIT was €302.3m, up 7.9%, and adjusted EBIT was €345.0m.

• Total costs were €2,508.1m, including €42.7m of specified expenses; adjusted costs were €2,465.3m.

• Financial losses were €26.5m versus €31.6m of income in FY 2022; pre-tax profit was €279.7m versus €337.2m.

• Free cash flow was €279.6m and cash conversion was 92.5%.

Segment performance

• Italian net revenue rose to €1,978.3m from €1,937.7m; adjusted EBITDA was €517.8m versus €462.3m, and adjusted EBIT €183.2m versus €88.5m.

• Italian gross advertising revenue increased 2.1% to €1,986.1m; net advertising revenue was €1,694.0m, up from €1,659.9m.

• Spanish net revenue declined to €833.0m from €865.3m; adjusted EBITDA was €307.5m versus €342.7m, and adjusted EBIT €161.5m versus €192.4m.

• Spanish gross advertising revenue fell 2.2% to €781.5m; net advertising revenue declined to €747.0m from €762.2m.

• Streaming hours rose 35% to 644m; logged-in-device hours increased 48% to 544m, and monthly active logged-in devices rose 26% to 6.6m.