Roularta A significant increase in EBITDA with stable sales

We saw € 159.5m 1H24 revenues (+0.1% y/y) and 1H24 EBITDA of € 11.4m (+36.5% y/y) so Roularta's continued investment in a multimedia market approach and the further expansion of the Dutch magazines ensured a significant increase in Roularta's EBITDA with stable sales.
We updated our model (Accumulate and € 17.5 TP maintained) as Roularta indicated that -given the uncertain economic context and the budgetary restrictions that continue to confront advertisers- a certain amount of pressure on advertising income should continue to be borne in mind in 2H24. This income remains quite volatile and unpredictable. Roularta nevertheless expects a positive impact on income from readership thanks to recruitment for digital subscriptions and the growing recruitment for print subscriptions via digital channels, especially in Belgium. Roularta claims that a new and younger audience is discovering its digital offer through ‘Mijn Magazines': the app, digital kiosk and 24/24 website that offer all the content from all its editorial teams.