Interim Report • Aug 22, 2025
Interim Report
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22 AUGUST 2025
0 Roularta Media Group
REGULATED INFORMATION ROULARTA MEDIA GROUP
•
ROULARTA MEDIA GROUP
The fully consolidated businesses in the Group realised € 3.8 million EBITDA in the first half of 2025, compared to € 10.0 million in 2024; the associated businesses and joint ventures realised € 2.6 million EBITDA (their earnings via the equity method), compared to € 1.4 million last year. This includes a capital gain of € 0.9 million in CTR Media SA in the first half of 2025.
EBIT evolved from € 1.6 million in the first half of 2024 to € -3.3 million as of 30 June 2025. The depreciations and exceptional impairment losses are in line with last year. The 'Share in the result of associated companies and joint ventures' contains € 2.5 million (i.e. the 100% value) of amortization of 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.
| 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 | 1 | |
| 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 |
| ASSETS | in thousands 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 Interests |
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 |
•
| Name of the company | Location | Effective interest percentage | |
|---|---|---|---|
| 1. Fully consolidated companies | 30/06/2025 | 30/06/2024 | |
| ROULARTA MEDIA GROUP NV | Roeselare, Belgium | 100% | 100% |
| BELGIAN BUSINESS TELEVISION NV | Brussels, Belgium | 100% | 100% |
| ROULARTA MEDIA NEDIA NEDERLAND BV | Amsterdam, Netherlands | 100% | 100% |
| ROULARTA MEDIA DEUTSCHLAND 1 | Augsburg, Germany | 100% | 100% |
| RMN MINDSTYLE BV | Amsterdam, Netherlands | 100% | |
| STUDIO APERI NEGOTIUM NV | Roeselare, Belgium | 75% | 75% |
| 2. Consolidated using the equity method | 30/06/2025 | 30/06/2024 | |
| CTR MEDIA SA | Brussels, Belgium | 50% | 50% |
| MFDIAFIN NV | Brussels, Belgium | 50% | 50% |
| PULSAR-IT BV | Brussels, Belgium | 50% | 45% |
| PROFACTS BV | Ghent, Belgium | 50% | |
| PROVEC BV | Ghent, Belgium | 50% | |
| MOTOR.NL BV | Amsterdam, Netherlands | 50% | 50% |
| PITE MEDIA BV | Amsterdam, Netherlands | 50% | 50% |
| 3. Consolidated as associated company | 30/06/2025 | 30/06/2024 | |
| IMMOVLAN BV | Brussels, Belgium | 35% | |
| YELLOWBRICK NV | Schaarbeek, Belgium | 35% | 35% |
1 Permanent establishment of Roularta Media Group NV
-
At the beginning of 2025, Mediafin NV acquired the remaining 10% of the shares in Pulsar-IT BV, as a result of which it owns 100% of the shares. RMG, which now has a 50% stake in Pulsar-IT BV through Mediafin NV, is further consolidating the entity under the equity accounting method.
This merger was implemented at the beginning of 2025 with retroactive effect to 1 January 2025.
Sale of the 35% share in Immovlan BV
Roularta Media Group and Immoscoop have entered into a strategic partner strengthen and innovate in the changing real estate market. This entailed the termination of Roularta Media Group's commercial cooperation with the entity Immovlan BV, and RMG transferred its participation in its co-shareholder Rossel. The transaction had no material impact on the results of the first half of 2025. At the end of 2024, RMG had already reduced its equity accounted participation to zero, given Immovlan's compared to management's estimate for the year 2024.
Profacts BV and Provec BV.
At the end of December 2024, Mediafin NV acquired the Ghent-based market research firm Profacts, which now includes two other companies, Profacts BV and Provec BV. The acquired companies amounts to approximately € 12 million, with a positive EBITDA. There are 50 full-time equivalent employees. Since the beginning of the year, the companies have been consolidated in the Group via Mediafin using the equity accounting method, given the 50% share that the Group owns indirectly in the results are recognised in the consolidated income statement as a 'share in the result of associated companies and joint ventures'. In the consolidated balance sheet, they are present in the 'participations valued according to the equity accounting method'. The Group applies IFRS 3 Business Combinations to account for this acquisition and will complete the allocation of the acquisition price within one year of the acquisition. In addition to goodwill that cannot be amortized, the provisional allocation also includes assets such as brands, customer relationships and software for which the provisional amortizations and depreciations were recorded in the first half of the year.
Bayard Media Verwaltungs GmbH and Senior Publications Verwaltungs GmbH were previously fully consolidated, which means that the liquidations have not caused any impact on the Group's figures. Repropress CV was previously an associated company.
In preparing this half-year report, the same sources of estimation uncertainty as in the 2024 annual report were taken into account.
As at 30 June 2025, the Group's market capitalisation (€ 217.3 million excluding treasury shares) increased sharply compared to 31 December 2024 (€ 156.7 million excluding treasury shares). The reason is the aforementioned takeover bid at 15.50 euros per share by Koinon NV for the Roularta shares that were not yet owned by Koinon. As a result, the market capitalisation excluding treasury shares is again lower than the net assets of € 215.3 million, as it was on 31 December 2024. As stated in the 2024 annual report, the Group believes that the trading price of the stock is not relevant as an indicator for impairment, given the very limited free float.
However, given recent revenue trends, the Group has reviewed which brands are likely to be less profitable than expected based on its estimates for the remainder of 2025. In particular, an impairment test was set up for the brands EW, Happinez, Psychologie and Feeling/Gael. With the exception of the estimates for the year 2025, all parameters were kept identical to the test of 31 December 2024. The test did not result in an impairment for any of the brands. In the second half of the year, when preparing its budget estimates for 2026 and subsequent years, the Group will again pay particular attention of impairment on its outstanding goodwill and intangible assets.
One of the main sources of estimation uncertainty is the useful life of the brands. On 30 June 2025, the Group does not expect any deviation from the expected useful life that was determined at the end of the previous reporting period. This applies to both its own brands and those of its subsidiaries and joint venture Mediafin NV. The table below shows the net carrying amount of the brands, goodwill and other intangible fixed assets of the Group as of 30 June 2025 and 31 December 2024, and the remaining useful life and amortizations as of 30 June 2025:
| In thousands of euros | Intangible asset - 2025 |
Intangible asset- 2024 |
Total remaining useful life lin years) |
Amortizations 2025 |
|---|---|---|---|---|
| Libelle/Femmes d'Aujourd'hui | 17,222 | 17,885 | 13.0 | 663 |
| Plus magazine NL | 13,099 | 13,514 | 15.8 | 415 |
| EW | 12,650 | 13,029 | 16.7 | 379 |
| Landleven | 5,202 | 5,421 | 13.0 | 219 |
| Télépro | 2,388 | 2,595 | 5.8 | 207 |
| Happinez | 2,250 | 2,385 | 8.3 | 135 |
| Flow | 2,044 | 2,165 | 8.5 | 121 |
| Truckstar | 1,688 | 1,814 | 6.7 | 126 |
| Beleggers Belangen | 1,336 | 1,436 | 6.7 | 100 |
| Top Uitgaves | 1,041 | 1,215 | 3.0 | 174 |
| Fiscaal-juridisch | 959 | 1,119 | 3.0 | 160 |
| Fiets | 1,040 | 1,118 | 6.7 | 78 |
| Plus magazine BE | 981 | 1,014 | 14.7 | 33 |
| Psychologie | 457 | 526 | 3.3 | 69 |
| Feeling/Gael | 350 | 408 | 3.0 | 58 |
| Gezondheid | 242 | 311 | 1.7 | 69 |
| Helden | 210 | 245 | 3.0 | 35 |
| Yoga | 87 | 100 | 3.3 | 13 |
| Total brand value | 63,246 | 66,300 | 3,054 | |
| Customer relations EW | 1,149 | 1,198 | 11.7 | 49 |
| Customer relations Plus Magazine NL | 209 | 349 | 0.8 | 140 |
| Customer relations Black Tiger | 198 | 268 | 1.5 | 70 |
| Customer relations Beleggers Belangen, Truckstar, Fiets | 163 | 211 | 1.7 | 48 |
| Total customer list value | 1,719 | 2,026 | 307 | |
| Total software | 10,613 | 11,440 | 3 to 5 | 2,221 |
| Total other | 5 | -5 | ||
| Total intangible fixed assets | 75,583 | 79,765 | 5.577 | |
| in thousands of euros | 2025 | 2024 | lotal useful life (in years) |
remaining Amortizations 2025 |
| Goodwill EW (New Skool Media) | 7,975 | 7,975 | unlimited | |
| Total goodwill | 7,975 | 7,975 |
| in thousands of euros | Intangible asset - 2025 |
Intanqible asset- 2024 |
Total remaining useful life lin years) |
Amortizations 2025 |
|---|---|---|---|---|
| Brand De Tijd/L'Echo | 67.401 | 68.432 | 32.7 | 1,031 |
| Customer relations Mediafin | 18.720 | 19.459 | 127 | 739 |
| Brand BePublic - BeReal | 958 | 1.138 | 27 | 180 |
| Goodwill Mediafin | 24,675 | 24.675 | unlimited | |
| Goodwill Luxury Leads | 2.368 | 2,368 | unlimited | |
| Goodwill Open The Box | 690 | 690 | unlimited | |
| Total intangible fixed assets and qoodwill | 114,812 | 116,762 | 1.950 |
There is currently no concentration of significant credit risks, and the necessary provisions have been made for the existing ones in accordance with the valuation rules set out in the 2024 annual report.
Year after year, the Group invests significant resources in optimising the risk of disruption. The Group is also aware of the growing risk of cybercrime, which is very highly committed to cybersecurity. On 10 June 2025, the Group reported that the IT infrastructure had been confronted with a cyber attack. The websites of the company and the media brands, as well as some internal operations, were disrupted by ongoing DDGS attacks. The impact on the customers remained limited, as the problem was resolved quickly. This experience has reinforced the Group's intentions to commit further to strict security for its IT infrastructure.
In accordance with IFRS 8 Operating Segment approach for financial reporting of segmented information is applied. According to this standard, the segmented information to be consistent with the internal reports used by the main operational decision-making officers, on the basis of which the internal performance of Roularta's operating segments is assessed and resources are allocated to the different segments. As of 2018, Roularta Media Group NV, its subsidiaries and joint ventures ('RMG' or the Group') have reported the annual and half-yearly results according to two segments.
The 'Media Brands' segment refers to all brands that are marketed by RMG and its investments. It includes all sales of advertising, subscriptions, newsstand sales and line extensions of the brands.
The 'Printing Services' segment repress and printing activities for in-house brands and external customers. Pre-press activities refer to the work of compiling the magazines before they roll off the printing presses or are published on the website.
These segments are reported to gross margin level. There is a strong interrelation between these segments, and supporting services are extensively shared. A change in the allocation of these costs means a significant fluctuation in EBITDA, such that reporting may not be consistent.
| 30/06/25 | Media | Inter- | Consolidated | ||
|---|---|---|---|---|---|
| in thousands of euros | Brands | Printing | Total | seqment elimination |
total |
| Sales of the segment | 132,370 | 30,803 | 163,173 | -16.950 | 146,223 |
| Sales to external customers | 132,370 | 13,853 | 146,223 | 146,223 | |
| Sales from transactions with other seqments | 16.950 | 16.950 | -16.950 | ||
| Gross margin (*) | 104,833 | 18,594 | 123,427 | 123,427 | |
| Share in the result of associated companies and joint ventures |
2 553 | 2.553 | 2 553 | ||
| Depreciations and amortizations | -8.183 | -1.445 | -9.628 | -9.628 | |
| Non-allocated result (**) | -118.503 | ||||
| Net result | -2.152 | ||||
| 30/06/24 | Media | Inter- | Consolidated | ||
| in thousands of euros | Brands | Printing | Total | segment elimination |
total |
| Sales of the segment | 145.109 | 32.996 | 178,105 | -18.584 | 159,521 |
| Sales to external customers | 144.773 | 14.748 | 159.521 | 159.521 | |
| Sales from transactions with other segments | 336 | 18.248 | 18.584 | -18.584 | |
| Gross marqin (*) | 114,138 | 18.995 | 133,133 | 133,133 | |
| Share in the result of associated companies and joint ventures |
1 445 | 1.445 | 1.445 | ||
| Depreciations and amortizations | -8.483 | -1.413 | -9.896 | -9.896 | |
| Non-allocated result (**) | -122.396 | ||||
| Net result | 2 286 |
(*) Gross margin is revenue plus the fixed assets produced, less merchandise, raw materials and consumables. (**) Services and other goods, personnel charges, other operating income/expenses, impairments losses and provisions, financial income and expenses, income taxes.
There are no material changes compared to the provisions for pending litigation as disclosed in Note 24 of the 2024 annual report. The results of the first half year of 2025 include the use of the provision for restructuring and the use and reversal of some other provisions. The first half year of 2024 include the use of the provision for compensation for various dismissals worth € 1.1 million.
For the changes in the additions for (in)tangible fixed assets, we refer to section 4: Investments, in this half-yearly report. There were no changes in goodwill during the first half of the year.
Besides the bank balances of € 52.7 million, the cash equivalents also include short-term deposits of € 25.0 million. Short-term deposits are highly liquid investments that can easily be converted into a known amount of cash. They have a term of 1 month and do not have any material risk that would change their valuation. These assets are available to pay liabilities that are owed within 12 months following the balance sheet date.
The total cash and cash equivalents increased by € 7.6 million in the first half of 2025, compared to a small increase of € 0.2 million in the previous financial year.
The consolidated cash flow statement shows which activities these cash flows derive from:
The cash flow relating to operational activities amounts to € 10.7 million. This cash flow is driven by a positive EBITDA (€ 1.6 million - i.e. excluding the result of the joint ventures, provisions and impairments and receivables), the dividend of € 2.6 million received from Roularta's associated companies and a positive movement of working capital of € 6.3 million. The latter is mainly due to the change in trade receivables as a result of the lower revenue in the first half of the year.
For the same period last year, this cash flow amounted to € 10.6 million, composed of the following: a positive EBITDA of € 8.9 million (i.e. excluding the result of the joint ventures, provisions and impairments on inventories and receivables), including a capital gain on the sale of two buildings for the sum of € 2.2 million which is withdrawn from the operational cash flow calculation; the dividend of € 4.0 million received from Roularta's associated companies and joint ventures; and finally a negative movement of working capital of € -0.6 million.
The cash flow related to investments amounted to € -2.7 million in the first half of 2025. This is mainly attributable to investments in new tangible (€ -1.8 million) and intangible (€ -1.4 million) fixed assets. For further information, please refer to point 4 of this half-yearly report. On the Healthcare brands were sold for € 0.5 million.
In the same period last year, this cash flow amounted to € -3.9 million, consisting of investments in new intangible (€ -3.4 million) and tangible (€ -2.8 million) fixed assets. Two buildings were also sold for € 2.3 million in total.
The cash flow relating to financing activities amounts to € -0.3 million in the first half of 2025. € 1.3 million of the IFRS 16 leasing debt was repaid, and treasury shares were sold for € 0.9 million in the context of exercising options.
In the same period last year, an optional dividend of € 4.6 million was paid out, the debt to Mediafin NV worth € 0.5 million was repaid, and IFRS 16 leasing debts of € 1.4 million were also repaid.
Inventories decreased by € 0.6 million on 30 June 2025, compared to 31 December 2024.
Trade receivables decreased by € 8.1 million on 30 June 2025, compared to 31 December 2024. This is due to revenues in the second quarter of 2025 that were lower than in the last quarter of 2024, and a lower DSO (52 days compared to 53 days at year end). DSO (= days sales outstanding) is defined as the total current trade receivables divided by the total revenue for the last 3 months/90. This is € 4,346 K /90) = 52 days. Management considers this performance indicator relevant for monitoring, in order to evaluate whether customers pay sufficiently quickly or not, and which ones do so.
Trade payables decreased by € 2.8 million on 30 June 2025, compared to 31 December 2024.
Other working capital decreased by € 2.2 million. This is mainly due to higher transferable revenues.
On 30 June 2025 there were 1,543,694 treasury shares, compared to 1,611,984 on 31 December 2024. No use was made of the statutory authorisation to buy back treasury shares, renewed by the general meeting of 16 May 2023. In the first half of 2025, 68,290 treasury shares were granted to the holders of options, upon exercising their options. This high number is due to the holders of options who accepted the Bid (see 6.1). 23,790 options were exercised with an exercise price of 11.73 euros (option plan dating from 2015) and 44,500 options with an exercise price of 14.39 euros loption plan dating from 2019). Collectively, they had an original purchase value of € 4,508 K. Under the first option plan, the remaining 7,750 options can still be exercised up to and including 31 December 2025. Under the second option plan, the remaining 2,500 options can still be exercised up to and including 31 December 2029.
In the course of the first half of 2025, no new bank loans were taken out and Roularta remains free of bank debts. However, the financial debts increased by a total of € 4.3 million, mainly due to the new 30-year leasehold that was signed for the building in Brussels and the repayment of € 1.3 million in lease obligations. The increase as a result of the leasehold is also visible in the right-to-use assets included in tangible fixed assets.
The fair value approximates the carrying amount for the financial instruments.
Consolidated revenue decreased by € 13.3 million compared to the first half of 2024. For a discussion of this evolution, we refer you to the press release on the half-yearly results and the interim report of the is included earlier in this half-yearly financial report.
The Group's revenue broken down according to the different types consists of:
| in thousands of euros | 2025 | 2024 | Trend |
|---|---|---|---|
| Advertising | 42.674 | 48.967 | -6.293 |
| Subscriptions and sales | 72.266 | 77 401 | -5.135 |
| Printing for third parties | 15.751 | 17,327 | -1.576 |
| Miscellaneous sales (a.o. line extensions) |
15,533 | 15,826 | -293 |
| Total Sales | 146,223 | 159.521 | -13.298 |
Revenue recognised at a specific point in time amounted to € 88.5 million in the first half of 2024/. Revenue recognised over a period amounted to € 57.7 million in the first half of 2024) and includes the subscription sales that are recognised in revenue, spread over the period covered by the subscription.
The Group's revenue broken down according to the different categories of business activities consists of:
| in thousands of euros | 2025 | 2024 | Trend |
|---|---|---|---|
| Local Media Brands | 16.875 | 18,475 | -1.600 |
| Maqazines Brands | 106.590 | 116,958 | -10.368 |
| Printing for third parties (by the Printing Services segment) |
13.871 | 14,747 | -876 |
| Newspaper Brands | 5.923 | 5,673 | 250 |
| Audiovisual Brands | 2.964 | 3,668 | -704 |
| Total Sales | 146,223 | 159,521 | -13.298 |
Adjusted sales are the sales comparable to last year, i.e. excluding changes due to acquisitions and sales of brands. Management considers this performance indicator to be relevant because it enables external readers to compare the inherent evolutions in revenue year on year.
In the table below, the consolidated adjusted revenue per type for the first half of 2025 is compared to the same period in 2024:
| in thousands of euros | 2025 | 2024 | Trend |
|---|---|---|---|
| Advertising | 43.376 | 48,967 | -5.591 |
| Subscriptions and sales | 74.091 | 77.401 | -3.310 |
| Printing for third parties | 15,751 | 17,327 | -1.576 |
| Miscellaneous sales (a.o. line extensions) |
15,878 | 15,826 | 52 |
| Adjusted sales | 149.096 | 159.521 | -10.425 |
| Changes due to acquisition or sale of brands |
-2,873 | -2,873 | |
| Total sales | 146,223 | 159,521 | -13.298 |
These costs decreased by € 3.7 million compared to the first half of 2024, mainly due to the lower revenue.
Services and other goods amount to € 64.6 million (2024: € 68.2 million). The decrease is directly linked to the lower revenue, which requires strict cost control, and to the Healthcare and German brands.
The costs of personnel decreased by € 0.6 million compared to the first half of 2024, due to lower staff numbers (1,133 full time equivalents, compared to 1,224 for the same period last year).
For the first six months of 2025, revenue of € 1.1 million was reported (2024: revenue of € 2.9 million). In 2025, this mainly includes the capital gain on the sale of the Healthcare activities (€ 0.6 million) In the first half of last year, it was mainly the capital gains (€ 2.2 million) on the sale of two buildings in Zellik and Roeselare.
A positive result of £ 1.1 million was recorded for the year, the majority of which is attributable to the use of provisions for restructuring and uses and reversals of other provisions. In the first half of last year, it was mainly the use of provisions for compensation for dismissals.
The downward value adjustments on inventories and amount to € 1.1 million, which is mainly attributable to lower downward value adjustments being added to both of these. Last year, there was a write-down on a customer in bankruptcy worth € -0.6 million.
The share in the result of the main joint venture, Mediafin's net result has remained almost identical, despite a higher revenue. This is due to a lower gross margin percentage (i.e. compared to revenue) and higher staffing costs. For Immovlan, no more results have been recorded since 1 January 2025, due to the sale of the participation at the beqinning of the year (see also 6.3: Changes in the Group). For the other associated companies and joint ventures, there is a capital gain worth € 0.9 million that CTR Media SA has now definitively gained on a previous sale of its customer portfolio to Immovlan BV. For a further explanation of Mediafin's results, we refer to 1: Interim report of the Board of Directors in this half-yearly report.
| in thousands of euros | 30/06/2025 | 30/06/2024 |
|---|---|---|
| Mediafin | 1,787 | 1.721 |
| lmmovlan | -274 | |
| Other | 766 | -2 |
| Share in the result of associated companies and joint ventures |
2,553 | 1.445 |
Depreciation amounted to € 9.6 million lower than the previous year due to lower depreciations on certain brands.
This is a net income of € 0.6 million, compared to € 0.8 million in the same period last year.
On 30 June 2025, € 0.5 million in tax expenses were recorded, which mainly represents current estimated tax expenses in Belgium. Last year, € 0.0 million in tax expenses were recorded, likewise for current estimated tax expenses in Belgium and the Netherlands.
The affiliated parties of Roularta Media Group NV consist of the subsidiaries, associates, other affiliated parties, management and executives. The composition of the affiliated parties, the nature of the transactions and the outstanding balances have not materially changed compared to the annual financial statement as at 31 December 2024, with the exception of the changes in the Group that have been explained.
Roularta Media Group has signed a contract with Anthemis SA, under which the professional journals dedicated to taxation and tax law (FiscologyFiscologue) and related activities will be transferred to Anthemis SA as of 1 October 2025. This sale of assets is not expected to have any material impact on the Group's results.
Since the Bidder, plus the persons affiliated with the Bidder, owned more than 90% of all shares in Roularta after the closing of the initial acceptance period in the public takeover bid, it was obligatory to reopen the bid from 23 June 2025 until 15 July 2025. The bid was then opened for a third time in the period from 18 July 2025 inclusive, at a bid price of 15.50 euros per share. In total, 1,428,457 Roularta shares (or 61.62% of the total number of shares covered by the public bid) were acquired by the Bidder. Consequently, Koinon NV now owns 93.61% of the shares in Roularta (i.e. 13,042,087 shares).
As announced in the prospectus, an extraordinary general meeting was convened at Koinon NV's request, with a view to paying out an interim dividend in order to repay Koinon's financing of the voluntary public takeover bid. The extraordinary general meeting of Roularta Media Group NV approved decision to pay out an interim
dividend of 3.00 euros per share (gross) on 29 July 2025, which resulted in a total dividend payout of € 37.2 million. This dividend has had a direct impact on the equity capital and cash position of the Group, reducing both by this amount. The Group is not experiencing any liquidity problems as a result of this dividend payout.
No other relevant events occurred that have had a major influence on the results and financial position of the company.
The half-yearly results normally show limited seasonal fluctuations. Where revenue is typically lower in January and February in the first half of the year, the same occurs in the second half of the year.
For the main risks and uncertainties, we refer to the 2024 annual report of the Board of Directors). Following the dividend payout reported in 6.15, the Group still expects to be able to meet its obligations using the operating cash flows and current liquid assets. The Group is otherwise free of debts. There are no other fundamental changes to the risks or uncertainties to note in this half-yearly report.
The undersigned declare that, to the best of their knowledge,
– the condensed financial overviews, which have been drawn up in accordance with the applicable standards for annual financial statements, give a true and fair view of the financial situation and the results of Roularta Media Group and of the companies included in the consolidation;
– the interim financial report presents a true and fair view of the key events and principal transactions with affiliated parties during the first six months of the current financial year and of their impact on the condensed financial overviews, as well as a description of the principal risks and uncertainties during the remaining months of the financial year.
Rik de Nolf, Chairman of the Board of Directors
Xavier Bouckaert, CEO
Steven Vandenbogaerde, CFO
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