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Investing.com -- Mediaforeurope NV’s first-half 2025 results on Thursday showed stronger-than-expected operating profit despite a drop in revenues, driven by growth in Italian advertising and improved cash flow, while weakness in Spain weighed on performance.
Group net revenues for H1 2025 were €1.44 billion, down 3% year-on-year, broadly in line with the company’s compiled consensus of €1.43 billion.
Group EBIT fell 23% to €105.6 million but was ahead of consensus expectations of €94 million.
Adjusted net profit declined to €80.7 million from €100 million in H1 2024. Net debt at the end of the period was €620 million, compared with €691.5 million at the end of 2024. Free cash flow rose 13.9% year-on-year to €254.4 million from €223.4 million in the first half of 2024.
In Italy, gross advertising revenues rose 2% to €1.06 billion, above consensus forecasts of €1.04 billion.
According to Nielsen data, the Italian advertising market contracted by 0.4% in the first half of 2025.
In Spain, gross advertising revenues fell 8% year-on-year to €363 million, below consensus of €392 million.
Mediaset España reported a total audience share of 24.9% over the 24-hour period, with a 27.4% share among the commercial target group.
Mediaforeurope confirmed its full-year 2025 target of maintaining a strongly positive Consolidated Operating Result, Net Result, and free cash flow on an annual and like-for-like basis.
The company said advertising sales in Italy for July and August recorded substantial growth, above levels seen in the previous year.
However, advertising sales in Spain remained weak, with negative revenues. Regarding P7S1, Mediaforeurope confirmed that it now holds a 75.67% stake of economic interests and voting rights, which it expects to consolidate line-by-line in the fourth quarter.