Louis Hachette Group (ALHG) H2 2024 earnings summary

Executive summary

• Achieved record 2024 results with revenue at €9.2 billion, up 10–11% year-over-year, driven by strong performance in Publishing and Travel Retail, strategic acquisitions, and operational execution.

• EBITA increased to €510 million, up 4% from 2023, reflecting improved operational performance, especially in Travel Retail.

• Free cash flow rose to €421 million, up €153 million from the prior year, supporting deleveraging and dividend capacity.

• Net debt reduced to €1,826 million, down €381 million from 2023, with leverage ratio improved to 2.4x from 3.0x.

• Strategic focus on core activities, value creation, and cash discipline, with integration of Vivendi/Bolloré and recapitalisation of Prisma Media.

Financial highlights

• Revenue reached €9,235 million in 2024, up 10% year-over-year (+8% like-for-like).

• EBITA at €510 million, up €20 million from 2023; recurring EBIT at €603 million.

• Free cash flow improved to €421 million, up €153 million; operating cash flow before working capital and taxes at €786 million.

• Net debt at €1,826 million, leverage ratio at 2.4x.

• Adjusted profit (Group share) reached €173 million, up from €164 million.

Outlook and guidance

• Confident in continued growth for 2025, with a richer publication program, new Asterix release, and strong Travel Retail momentum.

• Dividend proposals: €0.67/share for Lagardère SA (+3%), €0.06/share for Louis Hachette Group (close to 95% payout of received dividends).

• Focus on gradual deleveraging, regular dividend payments, and seizing growth opportunities.

• CapEx for 2025 expected to be consistent with 2024 as a percentage of revenue.

• Prisma Media to focus on luxury, lifestyle, and kids' segments, with new launches and digital expansion.