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Believe
Believe (BLV) investor relations material
Believe H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary13 Mar, 2025
Executive summary
FY 2024 revenues reached €988.8 million, up 12.3% year-over-year, with organic growth of 11.5% and adjusted organic growth of 13.9%, despite currency headwinds impacting digital sales.
Strongest regional growth in Europe (excluding France & Germany, +23.3%) and Americas (+18.0%), with France up 10.3% and Asia/Pacific/Africa up 3.5%.
Digital sales remained robust, driven by paid streaming and market share gains, though ad-funded streaming in emerging markets lagged.
Adjusted EBITDA rose 33.5% to €67.1 million (margin 6.8%, up 110bps), reflecting value optimization and operating leverage.
Net income turned positive at €0.6 million, and free cash flow was €7.1 million, supported by disciplined advances and M&A activity.
Financial highlights
Premium Solutions revenue grew 12.0% to €924.2 million; Automated Solutions up 17.0% to €64.6 million.
Adjusted EBITDA pre-Central Platform increased 20.7% to €155.0 million (15.7% margin).
Operating income (EBIT) improved to -€2.1 million from -€18.1 million, despite €10.1 million in other operating expenses related to an offer process.
Net cash at year-end was €139.8 million, down from €214.2 million, mainly due to M&A outflows.
Outlook and guidance
FY 2025 organic growth expected above 13.0%, assuming stable currency headwinds and no major DSP price increases.
Adjusted EBITDA margin targeted at approximately 8.0%, with at least 35% growth in Adjusted EBITDA.
Positive free cash flow anticipated to exceed FY'24 level, with continued focus on value optimization, automation, and selective external growth.
How did Believe manage investment pace in FY'24?
What drove positive free cash flow in FY'24?
What is Believe's organic growth expectation for FY'25?
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Frequently asked questions
Believe S.A. is a digital music company that specializes in the distribution, marketing, and promotion of music. The company primarily serves independent artists and labels, offering a suite of services designed to support their growth and development at every stage. Believe's services include distribution to over 150 digital stores and streaming partners, publishing administration, and promotional services through TuneCore, a global DIY platform for independent musicians. Additionally, Believe provides content distribution and marketing platform services, leveraging its expertise in artist development to help artists and labels engage and monetize their audience on streaming, video, and social media channels. Believe is headquartered in Paris, France, and its shares are listed on the Euronext Paris stock exchange.
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