Vocento closes a transitional year with revenues of 345 million euros

Vocento reported total revenues of 344.7 million euros in 2024, a 4.9% decrease from the previous year, attributed to a decline in advertising revenue in the press business. The company concluded a transitional year impacted by extraordinary adjustments and will present a Strategic Plan in the second quarter of 2025, aimed at creating a more efficient and agile organization to boost the subscription model in the press, generate quality digital products, and increase business profitability.

Revenues from the press business contributed 271.4 million in 2024, a 6.6% decrease from 2023, due to a temporary 7% reduction in advertising sales. However, the digital subscription business maintained an upward trend, closing the year with 158,000 subscribers, marking a 15% annual increase, and allowing a 10% rise in revenues from this segment. The digital margin now accounts for 25% of the total press business.

Meanwhile, revenues from diversification businesses (Agencies, Classifieds, Gastronomy, and Digital Services) grew by 2.1%, reaching 73.2 million euros. The turnover was completed with 4.9 million euros from the audiovisual business. Digital and diversification revenues represented 48% of the turnover at the end of 2024, two points more than in 2023.

EBITDA was negative at 8.9 million euros (compared to 34.5 million in 2023) due to restrained revenues and increased compensation expenses, which reached 19.9 million euros in 2024. The year was also marked by the impact of extraordinary adjustments such as goodwill impairments (-22.8 million euros) and tax credit impairments (-16.8 million), as well as impairments in fixed assets for printing, real estate, and other assets (-18.1 million), accounting entries that do not involve cash outflow but impacted the attributable result of 2024, which was negative at 97.2 million. Ordinary cash generation during the year was -11.5 million euros, compared to 1.7 million in 2023, while net financial debt (excluding IFRS 16) stood at 43 million euros.

Additionally, the negotiation process has begun for the cessation of Relevo's activities, the sports information medium launched in May 2022. The decision comes after exploring other alternatives, including the possibility of new shareholders joining. Relevo recorded a negative EBITDA of 4.9 million euros in 2024. Vocento has also decided on the gradual abandonment of activities in the Digital Services business, which also had a negative EBITDA of 3.3 million euros.

Vocento has a solid roadmap in 2025 to drive a return to profitable growth, focusing on four pillars: journalism, diversification, technology, and data. Manuel Mirat, CEO of Vocento, asserts that "the company is already taking significant steps in the new roadmap, designed to return to profitable growth in the short term through a clearer and more agile organization, strengthening the subscription model, and promoting differential content and quality digital products."