MFE – MediaForEuropethe (Dutch) holding company created from the union of Mediaset and Mediaset Espana, has announced solid quarterly results: strong growth in revenues and operating and net profit, thanks to “push” imprinted by advertisingeven in a economic and geopolitical context international again “extremely unstable”.
The Group saw advertising sales grow especially in Italy, consolidating the more than positive trend of the last part of 2023. Signs of improvement also in Spain, where the process of strong renewal of the television and digital offer started last year continues.
Strong growth results
THE consolidated net revenues are equal to 699.8 million euros, up by 8.2% compared to 646.6 million in the first quarter of 2023, while i gross advertising revenues rise by 6.3% to 669.4 million euros compared to 629.5 million in the first three months of 2023.
The Operating income (Ebit) of the Group is equal to 23.5 million euros, with a increase of 21.8% compared to 19.3 million euros in the same period of 2023. Net profit consolidated amounts to 16.8 million euros, up 66.5% compared to 10.1 million euros in the same period last year.
There cash generation characteristic (Free Cash Flow) grew significantly by 34% to 213.0 million euros, compared to 158.9 million euros in the same period of 2023. Indebtedness consolidated net financial position at 31 March 2024 amounted to 676.9 million euros, a sharp decrease compared to the figure at 31 December 2023 when it stood at 902.8 million euros.
Italy leads the growth
Italy drives the growth of the Group: the advertising collection gross on the media managed by the Group (free television channels, owned radio stations, websites and DOOH – Digital Out Of Home) stood at 489.2 million euros, recording a increase of 5.7%. The performance of advertising sales was supported by excellent editorial results.
The data on television ratings confirm a strengthening leadership on the commercial target (15-64 years) throughout the day (40.3%), in Day Time (40.5%) and in Prime Time (38.9%). On this valuable target, Canale 5 confirms itself as the leading national network in all time slots. Regarding the spring guarantee period (from January 7 to March 30, 2024), the Mediaset generalist networks surpass the Public Service in terms of the commercial target with an audience share of 29.2% in the 24 hours, 29.5% in Day Time and 29.5% in Prime Time.
Good signs also from Spain
In Spainthe advertising collection gross amounted to 180.2 million euros with a 8% increase compared to the same period of 2023, when advertising sales recorded a decrease of 4.7% compared to 2022.
As for the television ratingsMediaset Espana recorded one out of the total individuals in 24 hours quote equal to 25.7% e at 28.4% on the commercial target. In Prime Time it reaches a share of 25.1% of the total individuals and 27.6% of the commercial target while in Day Time it obtains 25.9% of the total individuals and 28.8% of the commercial target.
The outlook for the entire financial year
The Group, strengthened by these results and its solid editorial positioning, both linear and digital, he confirms for the current financial year the objective of consolidation of its shares market and all “guidance” on the end-of-year targets previously provided to the market.
Based on the evidence and projections currently available, the objective of maintaining a decidedly positive consolidated operating result, net result and free cash flow generation on an annual basis is confirmed, the extent of which in relation to the results achieved in 2023 will mainly depend on the level of advertising sales on own media managed in the second half of the year.
