Gyldendal (GYLD) H1 2025 earnings summary

Executive summary

• EBIT before special items improved to DKK 6m in H1 2025 from DKK -9m in H1 2024, driven by higher publishing revenue and acquisitions while maintaining cost levels.

• Revenue rose to DKK 356m in H1 2025 from DKK 332m in H1 2024, with growth in both physical and digital sales, partly due to acquisitions.

• Three companies were acquired in H1 2025, contributing to revenue and EBIT; transaction costs of DKK 1m were recognized as special items.

• Net profit reached DKK 4m in H1 2025, up from a loss of DKK 5m in H1 2024.

• Cash flow from operations improved to DKK -8m in H1 2025 from DKK -38m in H1 2024, mainly due to better EBIT and working capital.

Financial highlights

• Revenue: DKK 355.7m in H1 2025 vs. DKK 332.4m in H1 2024.

• EBITDA before special items: DKK 41.8m in H1 2025 vs. DKK 26.5m in H1 2024.

• EBIT before special items: DKK 6.4m in H1 2025 vs. DKK -8.8m in H1 2024.

• Net profit: DKK 3.7m in H1 2025 vs. DKK -3.6m in H1 2024.

• Cash flow from operations: DKK -10.0m in H1 2025 vs. DKK -40.4m in H1 2024.

Outlook and guidance

• 2025 revenue expected at DKK 760–800m (2024: DKK 723m).

• EBIT guidance for 2025 is DKK 35–45m, corresponding to an EBIT margin of 4.6–5.6% (2024: DKK 31m).

• Economic expectations for 2025 remain unchanged from previous guidance.