In a challenging geopolitical and economic context, Mediahuis achieved a stable financial result in 2024. The media group achieved a consolidated turnover of €1.236 billion, matching the previous year. The operating result also remained virtually stable at €151 million.
The continued growth of digital subscriptions compensated for the decline in print. Thanks to an increasing number of digital subscribers, well-thought-out adjustments to subscription prices, a favourable evolution of the paper price and strict cost management, the result remained stable. At the same time, lower advertising revenues, increased wage costs as a result of indexations and sharply increased distribution costs in Belgium and the Netherlands weighed on margins.
Gert Ysebaert, CEO Mediahuis group: “2024 was another year full of challenges for the media sector, with a volatile economy, geopolitical uncertainties, increasing polarisation and a rapidly changing technological ecosystem in which AI plays an increasingly prominent role. Despite these evolutions, Mediahuis managed to hold up well. Digital subscriptions are clearly the driving force behind a sustainable future, especially now that the distribution of print 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 digitisation of subscriptions. Total subscribers remained stable at 1.8 million, with growth in 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 at the forefront of this transition. Targeted efforts to boost digital subscriptions are also bearing fruit for regional titles, and the number of digital readers continues to grow steadily. An average of 40% of subscribers to the 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 for almost all brands, including Carzone and Switcher in Ireland, the Dutch Gaspedaal and the Belgian Zimmo. 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 organisations attract talent for roles 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 the 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 kept its position stable, 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 target group 12+ and 14% in the target group 35-54. 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 to the channel.
Investments and strategic choices
2024 was a year of technology investment, 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. From now on, investments will focus more on markets and sectors that are in line with Mediahuis’ core activities.
To cope with the decrease in print volumes, Mediahuis closed its printing plant in Aachen and centralised production in Paal-Beringen, Belgium. At the beginning of 2025, Mediahuis announced its plan to also close the printing plant in Amsterdam and transfer most of the volume to its printing plant in Leeuwarden. The advice 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 channels, to Via Plaza NV.
Kristiaan De Beukelaer, CFO Mediahuis Group: “On a financial front, 2024 was marked by targeted investments in the growth of the Mediahuis portfolio, with the acquisition of the remaining equity stake in Medienhaus Aachen as the main transaction. At the same time, our group showed agility and resilience and was able to withstand the effects of inflation, a volatile advertising market and the operational complexity of the digital transition. Thanks to the consistent reduction of printing capacity, further process automation and optimisation, and a focused focus on investments in products and services, Mediahuis was able to match the operating result of 2023. 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 editors-in-chief, aimed at strengthening trust in journalism. An important part of this is participation in The Trust Project, an international hallmark 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 to reduce scope 3 emissions by 27.5% by 2030. In the long term, Mediahuis aims for net zero emissions by 2050.
Financial key figures
| (in Mio Euro) | 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 profit excluding amortization of acquisition goodwill and non-recurring results.
(2) Operating result plus financial result (including result from equity participations), net of corporation tax.
(3) Cash and cash equivalents minus bank debt, excluding operating lease liabilities under IFRS16 expressed as debt.
