Industry

MFE-MEDIAFOREUROPE N.V. (MFE) Group, chaired by Fedele Confalonieri, approved the interim financial report for the first half of 2024, highlighting the company's positive performance despite challenges in the global media sector.

CEO Pier Silvio Berlusconi said: “MFE has a unique model in Europe. Thanks to the Group’s international dimension – a geographical diversification that mitigates imbalances in the different markets – and thanks to our increasingly advanced cross-media system, once again this half-year we have achieved results above all expectations. In a period that has also seen results fall across the entire media sector internationally,with drastic cuts in jobs, MFE has recorded constant growth in terms of advertising revenue, profitability and earnings.”

Key financial achievements include a 7.8% increase in consolidated net revenues to €1,476.5 million, with gross advertising revenues up 6.7% to €1,434.2 million. Operating profit (EBIT) rose by 12.7% to €136.3 million, driven by a strong performance in Italy, where EBIT grew by 53.5%. Net profit increased by 20.2% to €104.7 million, while free cash flow remained positive at €223.4 million, contributing to a significant reduction in net financial debt from €902.8 million to €662.0 million.

MFE's television ratings remained strong in both Italy and Spain, confirming leadership in key audience segments. Despite challenges like geopolitical instability and the absence of rights to major international sporting events, MFE expects to maintain positive financial results for the full year, focusing on its broadcasting and advertising revenue, as well as its investment in P7S1.