In a noteworthy development, Il Sole 24 ORE S.p.A. announced a significant turnaround in its financial performance for the fiscal year 2024. The company, a prominent figure in the Italian publishing industry, has closed the year with a consolidated net profit of €9.1 million, marking a remarkable 17.7% increase compared to 2023. This achievement surpasses the previous year's profit, highlighting a successful recovery trajectory for the organization.
The Board of Directors met recently to approve the draft financial statements as of December 31, 2024. Under the leadership of President Edoardo Garrone, the meeting underscored the positive trends in the company's performance over the past three years, which have transitioned from a loss of €21 million in 2021 to a slight profit of €0.5 million in 2022, and subsequently to an even larger profit of €7.7 million in 2023.
Mirja Cartia d’Asero, the Chief Executive Officer of the company, expressed pride in the accomplishments achieved under challenging macroeconomic and geopolitical circumstances. She noted, “With the Board, management, and collaborators of the Group, we are proud of the results achieved in the last three years.” This sentiment reflects the company's commitment to sustainable growth, especially as they navigate a complex market landscape that has historically posed significant challenges.
A key indicator of the company's recovery is the substantial reduction in its net financial position (NFP), which improved from -€63.8 million in 2021 to -€6.5 million as of the end of 2024. This reduction of over €50 million demonstrates the firm’s commitment to balancing its finances effectively.
Despite facing a slight decrease in consolidated revenues, which fell by 0.2% to €214.5 million in 2024, Il Sole 24 ORE has attributed this to fluctuations primarily in the cultural sector. Positive contributions came from diverse areas, especially Professional Services and Training, which recorded an increase of 4.6%. Income from advertising on Radio 24 also grew by 3.2%, and the news agency Radiocor experienced a notable revenue increase of 12.3%.
Furthermore, the company's EBITDA at the end of 2024 was €29 million, adjusted EBITDA was nearly constant at €27.3 million, and EBIT reached €13.7 million. These figures highlight the operational efficiency and robust performance of the business across its various sectors.
In a significant development, the consistent efforts led to Il Sole 24 ORE's removal from the Grey List in 2024, as confirmed by the Italian securities market regulator, Consob. This decision marks a pivotal point in the company’s history, enhancing its credibility and operational outlook in the financial ecosystem.
In detail, the group saw an increase in revenues from various segments. Advertising revenue was down slightly by 1.7% to €89.3 million due to a combination of factors affecting media revenue streams, notably a decline in legal advertisement revenue. Conversely, other revenues rose by €2 million, showcasing growth in sectors such as training services and digital products.
Turning to the radio segment, Radio 24 recorded an impressive performance, reaching an audience of 2.473 million in the second half of 2024, reflecting a 12.8% increase compared to the previous year. This growth allowed it to maintain its position among the top ten most listened-to radio stations in Italy. With a monthly average of 7.2 million page views for its online platform and over 92 million podcast listens throughout the year, Radio 24’s success reaffirms the strategic investments made in digital expansion and audience engagement.
The company's various initiatives in 2024 included the 19th edition of the “Festival dell’Economia di Trento,” an event that generated considerable interest and engagement, attracting numerous partners and participants. The festival has established itself as a significant cultural event in the Italian landscape, demonstrating the company’s commitment to fostering economic discourse.
Moreover, in a noteworthy push towards digital innovation, Il Sole 24 ORE launched multiple podcasts and digital newsletters, and in 2024, the group adopted a code of self-regulation governing the responsible use of artificial intelligence in journalism. This initiative highlights its commitment to ethical practices and the future of media.
Despite slight fluctuations in other areas, including advertising revenues and publishing segments, the company’s overall outlook remains stable. The publishing area had revenues of €100.4 million, reflecting a decrease of 2.7%. Additionally, the Culture area recorded revenues of €11.2 million, down from the previous year, primarily due to a drop in exhibit-related income.
Moving forward, the company acknowledges the ongoing challenges posed by geopolitical tensions and economic uncertainties but remains hopeful for continued recovery. With projected GDP growth of 0.8% in 2025, Il Sole 24 ORE aims to leverage its consolidated strengths in the media landscape to facilitate informed discourse among business communities and stakeholders, thereby fulfilling its role as a leading reference point within the Italian economic framework.
In conclusion, the fiscal year 2024 represents a pivotal chapter in Il Sole 24 ORE's revival story, marked by substantial financial improvements, strategic investments in digital transformation, and a steadfast commitment to quality journalism, which continues to clear the path for future growth amid evolving market conditions.
