Reworld Media (ALREW) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €257.1M, down 2.7% year-over-year, with B2B digital and social growth offsetting B2C declines.

• EBITDA increased 3.3% to €23.6M, with margin up to 9.2% from 8.6% in H1 2024, driven by B2B digital and social media activities.

• Net income surged 50.7% to €9.3M, with net margin at 3.6%, reflecting improved profitability and cost control.

• 36.1% of revenue generated outside France, up from 33.1% a year earlier, highlighting international growth.

• Operates over 80 media brands in 11 countries, with digital and technology activities now over 50% of total revenue.

Financial highlights

• B2B revenue rose 1% to €151.4M, with EBITDA margin up to 10.4% (+1.4 pts); B2C revenue fell 7.4% to €105.7M, with margin at 7.4%.

• EBIT increased 3.5% to €19.7M, with an operating margin of 7.7%.

• Free cash flow was €1.2M, down year-over-year due to higher investment and seasonal cash consumption.

• Net debt at €107.3M, with a leverage ratio just under 2x EBITDA; cash position at €67.9M.

• Share of revenue generated outside France rose to 36.1% from 33.1% in H1 2024.

Outlook and guidance

• Management expects continued digital and social revenue growth, with AI and generative technologies seen as future revenue drivers.

• B2B momentum remains strong, especially in digital and social, despite macroeconomic uncertainty.

• Focus on expanding leadership in France and internationally, with a strong commitment to social and environmental responsibility.

• Ongoing focus on cost optimization and cash flow generation to support independence and future M&A.

• Positioned for further digital expansion and international growth, leveraging a scalable, proven model.