Earnings Release • Aug 22, 2025
Earnings Release
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22 AUGUST 2025
0 Roularta Media Group
REGULATED INFORMATION ROULARTA MEDIA GROUP
brands and customer relationships.
The taxes are positive (€ 0.5 million). This is mainly due to the tax credit generated by the increased postage costs on the distribution of subscriptions. In the same period last year, taxes were almost zero.
The consolidated net result of the Group finished at € -2.2 million, of which € -2.0 million was allocable to the shareholders of Roularta Media Group.
The general meeting of Roularta Media Group NV on 20 May 2025 approved the proposal not to pay a dividend on the 2024 financial year. The decision not to pay a dividend led to the cash position increasing in the first half of 2025 to € 77.7 million, compared to a cash position of € 70.0 million at the end of 2024.
In terms of investment expenditure in the context of the Group's clear sustainability ambitions, the machine for packing magazines in paper wraps is now fully operational. The Group has also obtained the necessary permits to continue investing in sustainable energy by installing a solar panel array of 2,933 solar panels. This investment of more than 1 million euros will be operational from the second quarter of 2026.
In addition, Trends, the number one multimedia brand for business, economy, investment and entrepreneurship launched "Trends Beleggen Live"
at the beginning of 2025, a unique and innovative platform that supports investors at all levels, from experienced experts to curious beginners. The platform offers current data on on shares, cryptocurrencies, currencies, raw materials and soon also ETFs. Everything is available at the click of a button, from price information to in-depth financial analyses.
Moreover, the Trends brand was further strengthened by the name change of the biggest business broadcasters Kanaal Z/Canal Z to "Trends Z".
Finally, over the past six months, the Group has committed further to the development of the 'Mijn Magazines' app, in terms of reader comfort, user experience and acquiring digital subscriptions. In both Belgium and the Netherlands, the subscriber has the choice to take out a digital subscription to all the magazines or collections of magazines, or to one (or more) paper magazine(s) combined with digital access. Subscribers also have access to the 24/24 online coverage that includes all articles, videos and podcasts from the Group's various editorial teams.
On 29 July 2025, an extraordinary general meeting was held, at which the payment of an extraordinary interim dividend of 3.00 EUR gross per share was approved. The dividend was paid out on 8 August 2025.
| in thousands of euros |
30/06/2025 | 30/06/2024 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 146,223 | 159,521 | -13,298 | -8.3% |
| Adjusted sales (1) | 149,096 | 159,521 | -10.425 | -6.5% |
| EBITDA (2) | 6,346 | 11,448 | -5,102 | -44.6% |
| EBITDA - margin | 4.3% | 7.2% | ||
| EBIT (3) | -3,282 | 1,552 | -4,834 | 311.5% |
| EBIT - margin | -2.2% | 1.0% | ||
| Net finance costs | 597 | 782 | -185 | 23.7% |
| Income taxes | 534 | -48 | 582 | -1212.5% |
| Net result | -2,152 | 2,286 | -4,438 | 194.1% |
| Attributable to minority interests | -118 | -113 | -5 | -4.4% |
| Attributable to equity holders of RMG | -2,035 | 2,399 | -4,434 | 184.8% |
| Net result attributable to equity holders of RMG – margin (4) | -1 4% | 1.5% | ||
| Number of full time equivalents at closing date (5) |
1,133 | 1,224 | -91 | -7.4% |
(1) Adjusted sales = the revenue comparable to last year, i.e. excluding changes resulting from acquisitions and sales of brands. (2) EBITDA = EBIT + depreciations, amortizations and impairments
(3) EBIT = operating profit, including the share in the result of associated companies and joint ventures
(4) Net result attributable to RMG shareholders - margin = net result attributable to RMG shareholders relative to revenue.
(5) Joint ventures (mainly Mediafin) not included
(4) Net result attributable to equity holders of RMG - margin 30/06/2025 = -2.035 K€/146.223 K€ = -1,4% Net result attributable to equity holders of RMG - margin 30/06/2024 = 2.399 K€/159.521 K€ = 1,5%
| Consolidated key figures (€ per share) | in euro | 30/06/2025 | 30/06/2024 | Trend |
|---|---|---|---|---|
| EBITDA | 0.51 | 0.91 | -0.40 | |
| EBIT | -0.27 | 0.12 | -0.39 | |
| Net result attributable to equity holders of RMG | -0.17 | 0.19 | -0.36 | |
| Net result attributable to equity holders of RMG after dilution | -0.17 | 0.19 | -0.36 | |
| Weighted average number of shares | 12,322,896 | 12,568,702 | -245,806 | |
| Weighted average number of shares after dilution | 12,325,105 | 12,568,702 | -243,597 |
The two segments of RMG are Media Brands and Printing Services. The Media Brands segment refers to all brands that are marketed by RMG and its shareholdings. The Printing Services segment refers to pre-press and printing works activities for internal brands and external customers. The (adjusted) revenue shown at segment level includes both external revenue li.e. from external customers) and internal revenue (i.e. from the other segment).
| in thousands of euros | 30/06/2025 | 30/06/2024 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 132,370 | 145.109 | -12.739 | -8.8% |
| Adjusted sales (1) | 135,243 | 145.109 | -9.866 | -6.8% |
| Gross margin | 104,833 | 114.138 | -9.305 | -8.2% |
| Gross margin on sales | 79.2% | 78.7% |
(1) Adjusted sales = the revenue comparable to last year, i.e. excluding changes resulting from acquisitions and sales of brands.
The 'Media Brands' segment refers to all brands that are operated by RMG and its investments.
Revenue from the Media Brands segment decreased by 8.8% or € 12.7 million, from € 145.1 million to € 132.4 million. The adjusted revenue decreased by € 8.2 million.
Advertising revenue decreased tangibly (€ -6.3 million) compared to the same period last year, due to the slowing advertising market. If the sale of the Healthcare activities and German brands is excluded, the advertising revenue decreased by € 5.5 million.
Subscription revenue experienced a decline of 7.0%. If the aforementioned activities and brands had not been sold, the decline would have been 2.5%. Newsstand sales of the aforementioned brands and activities, there would be a decrease of 1.1%.
Other revenues decreased slightly by € 0.3 million compared to last year and remains roughly equal year on year for the adjusted other sales.
Gross margin increased from 78.7% to 79.2%. The higher margin is due to a combination of higher sales prices and lower print runs. In absolute value, the gross margin decreased by € 9.3 million to € 104.8 million.
| in thousands of euros | 30/06/2025 | 30/06/2024 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 30,803 | 32.996 | -2.193 | -6.6% |
| Adjusted sales 11/ | 30,803 | 32.996 | -2,193 | -6.6% |
| Gross margin | 18,593 | 18.995 | -402 | -2.1% |
| Gross margin on sales | 60.4% | 57.6% |
11 Adjusted sales = the revenue comparable to last year, i.e. excluding changes resulting from acquisitions and sales of brands.
The 'Printing Services' segment refers to pre-press and printing works activities for internal brands and external customers. More than half the revenue is in intersegmental sales from the Media Brands segment.
Revenue from the Printing Services segment fell by € 2.2 million (or 6.6%), from € 30.8 million to € 30.8 million.
The decrease of € 2.2 million is a combination of in-house and external printing, but more of it comes from in-house printing. Externally, there is a loss of print orders for brochures, a decrease in print runs and in the number of publications. Internally, the lower print runs are mainly responsible for the decline.
The adjusted Printing Services revenue is equal to the Printing Services revenue because Roularta has continued to
3 Other revenue = all revenue that is not advertising, subscription, newsstand sales or revenue from printing activities. It includes, for example but not exclusively, revenue from line extensions, events, printing activities, etc.
Line extensions = specific category of revenue '. This includes income from the purchase and sale of trade goods (e.g. books, self-care products, jewellery, holidays, etc.), income from ticket deals or income from licencing agreements).
provide the printed material for the brands that were previously printed here. Consequently, there is a shift from intersegmental to external revenue.
In absolute value, the gross margin decreased by € 0.4 million due to the lower revenue, but it rose as a percentage of revenue from 57.6% to 60.4%.
| Balance sheet | in thousands of euros |
30/06/2025 | 31/12/2024 | Trend (%) |
|---|---|---|---|---|
| Non-current assets | 211,674 | 212,747 | -0.5% | |
| Current assets | 142,886 | 140,260 | 1.9% | |
| Balance sheet total | 354,560 | 353,007 | 0.4% | |
| Equity - Group's share | 215,637 | 216,765 | -0.5% | |
| Equity - minority interests | -295 | -178 | 65.7% | |
| Liabilities | 139,218 | 136,420 | 2.1% | |
| Liquidity (1) | 1.2 | 1.2 | 1.5% | |
| Solvency (2) | 60.7% | 61.4% | -1.0% | |
| Net financial cash/(debt) (3) | 64.859 | 61,590 | 5.3% | |
| Gearing (4) | -30.1% | -28.4% | 5.9% |
(1) Liquidity = current assets / current liabilities
(2) Solvency = equity (Group's share + minority interests) / balance sheet tota
(3) Net financial cash/(debt) = current cash - financial debts
(4) Gearing = - net financial cash/(debt)/equity (Group's share + minority interests)
Management considers these ratios to be a relevant performance indicator to evaluate the financial position (year on year).
Equity - Group share amounted to € 215.6 million on 30 June 2025 compared to € 216.8 million on 31 December 2024. The movement in equity consists firstly of the profit attributable to the RMG shareholders (€ -2.0 million) and secondly of the movements due to the exercise of 68,290 options (€ + 0.9 million).
RMG remains free of any bank debts. As of 30 June 2025, the consolidated net financial cash position (= current cash less financial debts) amounted to € 64.9 million as of December 2024 or an increase of € 3.3 million.
In the first half of 2025, the total consolidated investments (CAPEX) amounted to € 3.2 million (2024: € 6.2 million), There were investments of € 1.4 million in new software, primarily to optimise the digital reader experience and the attraction of digital readers. Last year, € 3.3 million was invested in new software, also mainly for investments in digitisation.
Furthermore, € 1.8 million was also invested in tangible fixed assets, more specifically in the renovation of the company building in Brussels and automation in the printing works. The investments in tangible fixed assets in the first half of the previous year mainly included the renovation and furnishing of the offices in Brussels (€ 1.0 million), the final instalment for the three new eco-efficient drying works (€ 0.4 million) and the first part of the investment in a paper wrap blister machine (€ 0.3 million).
There were no investments in new participations in the first half of the year.
5.1 Events related to the conditional takeover bid
These prospects contain forward-looking statements based on best-effort estimates, the actual results of which may differ considerably.
Based on the trend in the first three months of 2025, the Group is expecting a significant pressure on advertising revenue. The Group is taking into account the fact that the behaviour of advertisers is quite volatile and unpredictable. A negative development in the economic climate could have a further negative impact on the expenditure of our advertisers.
The Group's digital strategy is bearing fruit, with more subscriptions being successfully obtained by digital means. Roularta will continue to focus on recruiting more print, digital and family subscriptions, and on sealing partnerships with strategic partners to work towards stable and sustainable growth in further digital development will be intensified.
Newsstand sales are evolving in line market trend, which is decreasing sharply in both Belgium and the Netherlands.
Revenue from line extensions and events will remain more or less stable.
In the Printing Services segment, the Group also expects revenue to remain stable to slightly decreasing.
With the exception of a price indexation for 2025, the distribution costs will remain in line with the second half of 2024. In the meantime, significant price increases have been announced for 2026.
We expect stable to slightly rising costs for energy and raw materials. Nonetheless, the group is continuing to commit to efficiency measures to counter the persisting inflation.
A full report on the half-yearly results can be found on our website: https://www.roularta.be/en/roularta-stock-market/financial/financial-reporting
| Contact persons Rik De Nolf | IChairman of the Board of Directors and IR) |
Xavier Bouckaert (CEO) | Steven Vandenbogaerde (CFO) |
|---|---|---|---|
| Tel.: | +32 51 26 61 11 | +32 51 26 61 11 | +32 51 26 61 11 |
| E-mail: URL: |
[email protected] www.roularta.be |
[email protected] [email protected] |
| in thousands of euros | 30/06/2025 | 30/06/2024 | Trend |
|---|---|---|---|
| Sales | 146,223 | 159,521 | -13,298 |
| Own construction capitalised | 610 | 729 | -119 |
| Raw materials, consumables and goods for resale | -23,407 | -27,116 | 3,709 |
| Gross margin | 123,426 | 133,133 | -9,707 |
| % on sales | 84.4% | 83.5% | |
| Services and other goods | -64,562 | -68,233 | 3,671 |
| Personnel | -58,351 | -58,932 | 581 |
| Other operating result | 1,109 | 2,903 | -1,794 |
| Other operating income | 3,084 | 4,281 | -1,197 |
| Other operating costs | -1,975 | -1,377 | -598 |
| Write-down of debtors and inventories | 1,073 | -364 | 1,437 |
| Provisions | 1,098 | 1,493 | -395 |
| Share in the result of associated companies and joint ventures | 2,553 | 1,445 | 1,108 |
| EBITDA | 6,346 | 11,448 | -5,102 |
| % on sales | 4.3% | 7.2% | |
| Depreciations, amortizations and impairments | -9,628 | -9,896 | 268 |
| Depreciation and write-down of intangible and tangible assets | -9,628 | -9,896 | 268 |
| Operating result - EBIT | -3,282 | 1,552 | -4,834 |
| % on sales | -2.2% | 1.0% | |
| Interest income | 717 | 973 | -256 |
| Interest expenses | -120 | -191 | 71 |
| Operating result after net finance costs | -2,685 | 2,334 | -5,019 |
| Income taxes | 534 | -48 | 582 |
| Net result | -2,152 | 2,286 | -4,438 |
| % on sales | -1.5% | 1.4% | |
| Net result attributable to: | |||
| Minority interests | -118 | -113 | -5 |
| Equity holders of Roularta Media Group | -2,035 | 2,399 | -4,434 |
| Earnings per share | |||
| Basic earnings per share (a) | -0.17 | 0.19 | -0.36 |
| Diluted earnings per share (b) | -0.17 | 0.19 | -0.36 |
Management views EBITDA as a relevant performance indicator to evaluate the results, since – unlike the EBIT – it disregards depreciations, amortizations and impairments.
(a) Net result attributable to equity holders of RMG per share = Net result attributable to equity holders of RMG / weighted average number of shares. Calculation: see Point 1: Financial key figures for the first half year.
(b) Net result attributable to equity holders of RMG after dilution effect = Net result attributable to equity holders of RMG /
weighted average number of shares after dilution: see Point 1: Financial key figures for the first half year.
| in thousands of euros | 30/06/2025 | 30/06/2024 |
|---|---|---|
| Net result of the consolidated companies | -2.152 | 2.286 |
| Other comprehensive income of the period | ||
| Other comprehensive income to be reclassified to profit or loss in subsequent periods | ||
| Other comprehensive income not te be reclassified to profit or loss in subsequent periods | ||
| Other comprehensive income of the period | I | |
| Total comprehensive income of the period | -2,152 | 2.286 |
| Attributable to: | ||
| Minority interests | -118 | -113 |
| Equity holders of Roularta Media Group | -2,035 | 2.399 |
| in thousands ASSETS of euros |
30/06/2025 | 31/12/2024 | Trend |
|---|---|---|---|
| Non-current assets | 211.674 | 212,747 | -1.073 |
| Goodwill | 7,975 | 7,975 | |
| Intangible assets | 75,583 | 79,765 | -4,182 |
| Property, plant and equipment | 76,025 | 72,357 | 3,668 |
| Investments accounted for using the equity method | 49,329 | 49,622 | -293 |
| Investments in financial assets, loans and guarantees | 901 | 440 | 461 |
| Deferred tax assets | 1,861 | 2,589 | -728 |
| Current assets | 142,886 | 140,260 | 2,626 |
| Inventories | 8,079 | 8,637 | -558 |
| Trade and other receivables | 44,663 | 52,718 | -8,055 |
| Tax receivable | 2,959 | 3,208 | -249 |
| Cash and cash equivalents | 77,660 | 70,048 | 7,612 |
| Deferred charges and accrued income | 9,524 | 5,649 | 3,875 |
| Total assets | 354,560 | 353,007 | 1,553 |
| in thousands LIABILITIES of euros |
30/06/2025 | 31/12/2024 | Trend |
|---|---|---|---|
| Equity | 215,342 | 216,587 | -1.245 |
| Group's equity | 215,637 | 216,765 | -1,128 |
| Issued capital | 84,816 | 84.816 | |
| Treasury shares | -27,293 | -31,801 | 4,508 |
| Retained earnings | 154,394 | 160,030 | -5,636 |
| Other reserves | 3.720 | 3,720 | |
| Minority interests | -295 | -178 | -117 |
| Non-current liabilities | 23,175 | 20,779 | 2,396 |
| Provisions | 2,368 | 3,080 | -712 |
| Employee benefits | 3,653 | 3,866 | -213 |
| Deferred tax liabilities | 8,054 | 8,860 | -806 |
| Financial debts | 9,100 | 4.973 | 4.127 |
| Other payables | |||
| Current liabilities | 116,043 | 115,641 | 402 |
| Financial debts | 3,701 | 3,486 | 215 |
| Trade payables | 38.158 | 40.975 | -2,817 |
| Advances received | 38,221 | 40,098 | -1,877 |
| Employee benefits | 20,386 | 16,969 | 3,417 |
| Taxes | 1,570 | 1,137 | 433 |
| Other payables | 4,135 | 5,295 | -1,160 |
| Accrued charges and deferred income | 9,872 | 7.681 | 2.191 |
| Total liabilities | 354,560 | 353,007 | 1,553 |
| Cash flow relating to operating activities | in thousands of euros |
30/06/2025 | 30/06/2024 |
|---|---|---|---|
| Net result of the consolidated companies | -2.152 | 2,286 | |
| Share in the results of associated companies and joint ventures | -2,553 | -1,445 | |
| Dividends received from associated companies and joint ventures | 2.610 | 4,000 | |
| Income tax expense / income | -534 | 48 | |
| Interest expenses | 120 | 191 | |
| Interest income (-) | -717 | -973 | |
| Gains (-) / losses (+) on disposal of intanqible assets and property, plant and equipment |
-946 | -2,218 | |
| Non-cash items | 7.452 | 8,660 | |
| Depreciation of (in)tangible assets | 9,628 | 9,896 | |
| Share-based payment expense | |||
| Increase (+) / decrease (-) in provision | -1.098 | -1.493 | |
| Other non-cash items | -1,078 | 258 | |
| Gross cash flow relating to operating activities | 3,282 | 10.548 | |
| Increase / decrease in trade receivables | 8,695 | 3,546 | |
| Increase / decrease in inventories | 865 | 1,084 | |
| Increase / decrease in trade payables | -3.165 | -1,589 | |
| Other increases / decreases in working capital (a) | -144 | -3,639 | |
| Increase / decrease in working capital | 6.251 | -598 | |
| Income taxes paid | 460 | -42 | |
| Interest paid | -120 | -191 | |
| Interest received | 837 | 863 | |
| NET CASH FLOW RELATING TO OPERATING ACTIVITIES (A) | 10.709 | 10,580 |
| Cash flow relating to investing activities | in thousands of euros |
30/06/2025 | 30/06/2024 |
|---|---|---|---|
| Intangible assets - acquisitions | -1.407 | -3,447 | |
| Tangible assets - acquisitions | -1.754 | -2,787 | |
| Intangible assets - sale | 450 | ||
| Tanqible assets - sale | 30 | 2,343 | |
| Net cash flow relating to acquisition of subsidiaries | |||
| Net cash flow relating to disposal of subsidiaries | 9 | ||
| Investments in financial assets, loans, quarantees - other movements | -67 | 19 | |
| NET CASH FLOW RELATING TO INVESTING ACTIVITIES (B) | -2.748 | -3,863 | |
| Cash flow relating to financing activities | |||
| Dividends paid | -4.589 | ||
| Treasury shares | 919 | 13 | |
| Redemption of current financial debts | -500 | ||
| Redemption of non-current financial debts | |||
| Repayment of leasing debt | -1,268 | -1,419 | |
| NET CASH FLOW RELATING TO FINANCING ACTIVITIES (C) | -349 | -6,496 | |
| TOTAL DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) | 7,612 | 221 | |
| Cash and cash equivalents, beginning balance | 70.048 | 68,267 | |
| Cash and cash equivalents, ending balance | 77.660 | 68.488 | |
| NET DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS | 7,612 | 221 |
| in thousands of euros | ssued capital |
Treasury shares |
Retained Earnings |
Other reserves |
Equity - Group's share |
Minority Interests |
Total equity |
|---|---|---|---|---|---|---|---|
| Balance as of 01/01/2025 | 84,816 | -31,801 | 160,030 | 3,720 | 216.765 | -178 | 216,587 |
| Total comprehensive income of the period |
-2.035 | -2,035 | -118 | -2.153 | |||
| Total comprehensive income | -2.035 | -2,035 | -118 | -2,153 | |||
| Exercise of options | 919 | 919 | 919 | ||||
| Increase investment in Pulsar-IT | -15 | -15 | -15 | ||||
| Other increase/decrease | 3.589 | -3.587 | 2 | 2 | |||
| Balance as of 30/06/2025 | 84.816 | -27.293 | 154,394 | 3.720 | 215,637 | -296 | 215.342 |
| in thousands of euros | ssued capital |
Treasury shares |
Retained Earnings |
Other reserves |
Equity - Group's share |
Minority nterests |
Total equity |
|---|---|---|---|---|---|---|---|
| Balance as of 01/01/2024 | 80,000 | -30,020 | 166,366 | 657 | 217,003 | -228 | 216,775 |
| Total comprehensive income of the period |
2.399 | - | 2,399 | -113 | 2,286 | ||
| Total comprehensive income | 2,399 | 2,399 | -113 | 2.286 | |||
| Exercise of options | 13 | 13 | 13 | ||||
| Dividends | -11.786 | -11,786 | -11,786 | ||||
| Capital increase following optional dividend |
4,816 | 2,380 | 7,196 | 7,196 | |||
| Other increase/decrease | 623 | -623 | |||||
| Balance as of 30/06/2024 | 84.816 | -29.384 | 156,356 | 3,038 | 214,825 | -341 | 214 484 |
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