Mondo TV (MTV) Q3 2023 earnings summary

Executive summary

• Returned to profit with net income of €1.4M for the nine months ended 30 September 2023, compared to a €69.3M loss in 2022, exceeding expectations.

• Net financial debt nearly halved to €6.7M from €12.2M at end-2022, reflecting improved financial discipline and the exit of Mondo TV Studios.

• Strategic focus shifted to Western markets, with a significant reduction in investments and operating costs per the new business plan.

Financial highlights

• Consolidated production value was €6.6M, down from €30.2M in the same period of 2022, mainly due to lower sales and the deconsolidation of Mondo TV Studios.

• EBITDA fell to €3.2M from €20.8M year-over-year, reflecting lower revenues and cost reductions.

• EBIT slightly negative at -€0.2M, compared to €6.8M in the first nine months of 2022.

• Net profit attributable to the Group was €1.4M, down from €6.8M in the prior year period but a marked turnaround from the full-year 2022 loss.

• Parent company net profit was €80K, down from €6.4M year-over-year, but positive versus the prior year loss.

Outlook and guidance

• 2023 consolidated production value expected at around €9M with a positive net result, reflecting the new perimeter post-Mondo TV Studios sale.

• Business plan for the coming years will be updated in early 2024.