In a challenging geopolitical and economic context, Mediahuis achieved stable financial results in 2024. The media group achieved consolidated revenue of €1.236 billion, matching the previous year's figure. Operating profit also remained virtually stable at €151 million.
The continued growth in digital subscriptions compensated for the decline in print. Thanks to a rising number of digital subscribers, well-considered adjustments to subscription prices, a favorable evolution in paper prices, and strict cost management, the result remained stable. At the same time, lower advertising revenues, increased wage costs as a result of indexation, and sharply increased distribution costs in Belgium and the Netherlands put pressure on margins.
Gert Ysebaert, CEO of the Mediahuis group: "2024 was another challenging year for the media sector, with a volatile economy, geopolitical uncertainties, increasing polarization, and a rapidly changing technological ecosystem in which AI is playing an increasingly prominent role. Despite these developments, Mediahuis managed to hold its own. Digital subscriptions are clearly the driving force behind a sustainable future, especially now that the distribution of paper newspapers is becoming increasingly complex and expensive. That is why we continue to invest in digitization as a future-proof solution so that our pluralistic journalism remains widely accessible and relevant. As a powerhouse for independent journalism, we continue to build strong news brands that all generations can rely on."
Digital subscriptions as a growth engine
Mediahuis had a solid year in the consumer market, with further digitization of subscriptions. The total number of subscribers remained stable at 1.8 million, with growth in the number of digital subscribers offsetting the decline in print subscribers. More than half (54%) of Mediahuis subscribers now read digitally. NRC (80%), De Telegraaf (59%), and De Standaard (64%) are leading the way in this transition. Targeted efforts to stimulate digital subscriptions are also bearing fruit for regional titles, and the number of digital readers continues to grow steadily. On average, 40% of subscribers to regional titles now read digitally. In the Irish market, which has traditionally been driven by single-copy sales, Mediahuis managed to acquire more than 90,000 digital subscribers in just five years.
Marketplaces make a strong contribution to operating results
Mediahuis Marketplaces had a strong year with revenue growth across virtually all brands, including Carzone and Switcher in Ireland, Gaspedaal in the Netherlands, and Zimmo in Belgium. The group also invested in the German HR tech platform WorkerHero, which uses AI sourcing to match qualified workers with companies, and in the Swedish Impactpool, a career platform that helps organizations attract talent for positions that contribute to sustainable development. In the Netherlands, Mediahuis announced the planned acquisition of DGN Group, the parent company of successful comparison platforms, including ZorgKiezer, in early 2025. This transaction is still subject to approval by the Netherlands Authority for the Financial Markets (AFM).
Strengthening of radio market position
Mediahuis Radio showed strong growth in market share in 2024. Radio Veronica found its way up and ended the year with a market share of 5% in the 20-59 target group. 100% NL maintained its position, while SLAM! and Sublime saw their market share grow.
In French-speaking Belgium, Nostalgie confirmed its position as market leader with a market share of 14.4% in the general 12+ target group and 14% in the 35-54 target group. In Flanders, Play Nostalgie managed to grow its market share to 4.6% in the general target group 12+ and in the core target group 35-54 from 4.3% to 5.9%. Nostalgie Plus achieved a market share of 1.6% in the 55+ target group, which is important for the station.
Investments and strategic choices
2024 was a year of technological investments, driven by the further integration of AI within the organization.
Although Mediahuis expanded its portfolio in the first half of the year with investments in the scale-ups Alleo, Taskbase, and Perlego, the venture capital strategy was reoriented in the second half of the year. Investments will now focus more strongly on markets and sectors that are in line with Mediahuis' core activities.
To compensate for the decline in print volumes, Mediahuis closed its printing plant in Aachen and centralized production in Paal-Beringen, Belgium. In early 2025, Mediahuis announced its plan to also close its printing plant in Amsterdam and transfer most of the volume to its printing plant in Leeuwarden. The consultation procedure for this is still ongoing with the relevant works councils. In addition, Mediahuis sold its shares in De Buren NV, operator of regional TV stations, to Via Plaza NV.
Kristiaan De Beukelaer, CFO Mediahuis group: "In financial terms, 2024 was characterized by targeted investments in the growth of the Mediahuis portfolio, with the acquisition of the remaining shareholding in Medienhaus Aachen as the main transaction. At the same time, our group demonstrated its agility and resilience, successfully coping with the effects of inflation, a volatile advertising market, and the operational complexity of the digital transition. Through the consistent reduction of printing capacity, further process automation and optimization, and a targeted focus on investments in products and services, Mediahuis was able to match its 2023 operating result. With strengthened equity and a reduced net debt position, Mediahuis is well positioned for future growth.”
Strengthening trust and sustainable ambitions
In the spring of 2024, Mediahuis launched the Trust Hub, a group-wide initiative with representation from all editorial offices, aimed at strengthening trust in journalism. An important part of this is participation in The Trust Project, an international quality mark for journalistic reliability, in which NRC, Irish Independent, Belfast Telegraph, Luxemburger Wort, and Aachener Zeitung, among others, are in the final phase of certification, and other Mediahuis titles will also join this initiative in the coming period.
Finally, the climate targets set by Mediahuis were validated by the Science Based Targets Initiative (SBTi). The ambition is to reduce scope 1 and scope 2 emissions by 49.8% and scope 3 emissions by 27.5% by 2030. In the long term, Mediahuis aims to achieve net zero emissions by 2050.
Key financial figures
|
(in millions of euros) |
2024 | 2023 | ||||||
| Operating income | 1.236,2 | 1.230,1 | ||||||
| REBITDA | 195,8 | 196,6 | ||||||
| Operating result | (1) | 151,1 | 153,0 | |||||
| Net result (group share) | 66,1 | 72,2 | ||||||
| Net recurring result | (2) | 108,1 | 110,2 | |||||
| Net debt | (3) | -72,4 | -89,2 |
(1) Operating result excluding amortization of acquisition goodwill and non-recurring results.
(2) Operating result plus financial result (including result from participating interests in equity changes), after deduction of corporate income tax.
(3) Cash and cash equivalents minus bank debt, excluding operating lease obligations under IFRS 16 expressed as debt.
