The Mondadori Group, Italy's largest publishing house, has released its financial results for 2024, reflecting both growth and challenges faced during the year. The company reported a net profit of €60.2 million, slightly down from €62.4 million in 2023, primarily due to increased tax charges and higher profit shares attributable to third parties.
Overall revenues for the year amounted to €934.7 million, marking an increase of 3.3% compared to the previous year's €904.7 million. This positive revenue growth was supported by enhancements across various sectors, particularly Trade Books, Retail, and Media.
The EBITDA Adjusted figure stood at €157.6 million, up 3.6% from €152.1 million the year before. Group EBITDA also improved, amounting to €155 million, which is approximately €6.1 million higher than the €148.9 million recorded at the end of 2023.
One of the highlights from this year’s performance was the Mondadori Group's EBIT, which reached €92 million, reflecting significant growth of 9.3%, or €7.9 million, compared to 2023. This improvement is particularly notable considering the prior year included write-downs negatively impacting performance by around €7.3 million.
Despite these advancements, the company's net profit has decreased. The decline from €62.4 million reported for 2023 is attributed to various factors, including approximately €4 million of increased tax burdens and €2.1 million additional profit allocated to third parties. An earlier year had witnessed benefits from non-taxable income and reduced taxation on certain contributions within the Media sector.
Looking forward, the Mondadori Group's board of directors has proposed to the upcoming shareholders' meeting—scheduled for April 16, 2025—a dividend of €0.14 per share. This proposal reflects a 17% increase over the previous year and translates to approximately €36.5 million allocated for dividends, representing 60% of the net profit recorded for 2024.
Fininvest, the investment arm of the Berlusconi family and majority stakeholder at 53.3%, is set to receive significant dividends from Mondadori, estimated to be around €19.5 million, up from €16.7 million received the previous year.
While the group has experienced some setbacks reflected through the slight reduction in net profit, projections for the 2025 fiscal year are optimistic. Executives are estimating low single-digit revenue growth alongside stable EBITDA margins around 17%. This anticipated growth is bolstered by continuous efforts aimed at enhancing shareholder returns, as confirmed by the board.
Currently, the Mondadori Group's financial position remains under scrutiny, especially with the Net Financial Position (NFP) excluding IFRS 16 noted at -€91.8 million. Future expectations suggest the NFP will adjust to 1.0x EBITDA Adjusted by the conclusion of 2025, slightly improving from 1.1x at the end of 2024.
Conclusively, the Mondadori Group's results reflect its resilience within the competitive publishing industry, advancing its profitability strategies and emphasizing shareholder returns through stable dividend policies. Looking forward, the group aims to leverage its diversified offerings and market-leading position to navigate the challenges posed by increasing operational costs and fluctuated economic conditions.