Solid result for Egmont in 2024
Egmont increased its operating profit by 21% to EUR 102m, expanded its strong market positions and now has more than 5 million subscribers across the group’s media platforms.
Media group Egmont recorded revenue of EUR 2.3bn and operating profit (EBIT) of EUR 102m in 2024. EBIT increased by EUR 18m, or 21%, with good results in all of Egmont’s business areas.
There were three main reasons for this earnings growth:
First, Egmont continued to build subscription and licensing businesses around its media platforms and increased the number of direct customer relationships for services such as streaming of digital books, educational licences, computer games and streaming service TV 2 Play, which can be watched by 1.85 million Norwegian households. The group now has more than 5 million subscribers across its business areas.
Second, 2024 was a strong year in terms of productions, with for instance a record-high number of TV programmes attracting more than 1 million viewers, an Oscar nomination and the publication of numerous agenda-setting books and high-quality magazines.
Third, Egmont increased operational efficiency in its businesses to counter rising costs in an ever more digital and global market. Digital scalability is a key driver in many of Egmont’s business areas.
“2024 was a good year for Egmont with solid operating profit of EUR 102m,” says Egmont’s President and CEO, Steffen Kragh. “We’re delighted to see our media – including streaming media and computer games as well as magazines, books and cinemas – succeeding in the market and being so important to users. We’re constantly increasing the number of direct customer relationships and focusing on building leading, digitally scalable positions. Our businesses have also continued to excel at optimisation.I’d like to thank all of my colleagues for their hard work.”
Revenue in 2024 was down on the record year of 2023. This was due to currency effects, a decline in the magazine market, and Nordisk Film reporting extraordinary sales of games consoles and record revenue in 2023.
Egmont signed up to the Science Based Targets initiative during the year, has invested in solar plants in Denmark and Sweden, and uses 100% renewable electricity.
Egmont is an enterprise foundation with a dual purpose. Profits are used partly to invest in the media business and partly to help children and young people at risk. Egmont had charitable activities of EUR 15m in 2024.
| Key figures (EURm) | 2024 | 2023 |
|---|---|---|
| Revenue | 2,278 | 2,377 |
| Operating profit (EBIT) | 102 | 84 |
Further information
Jesper Eising
Amanda Justesen
Results for Egmont’s divisions:
TV 2
Revenue:EUR 637m (637m). Adjusted operating profit*: EUR 37m (16m)
TV 2 is Norway’s commercial public-service media house and delivers news, sports and entertainment through eight TV channels, Norway’s largest streaming service TV 2 Play and the news site TV2.no. Revenue grew by 2% in local currency, and operating profit more than doubled. TV 2 retained a 27.7% share of the total TV market and enjoyed both journalistic and programming success. TV 2 Play saw an increase in subscribers and overtook state broadcaster NRK in daily viewing time. TV2.no achieved strong growth in page views and tripled its video views.
Nordisk Film
Revenue:EUR 643m (728m). Adjusted operating profit*: EUR 42m (37m)
Nordisk Film delivers entertainment and experiences with the emphasis on storytelling through films, series and computer games across multiple platforms.2024 brought solid growth in operating profit, to which all business areas contributed, while revenue was down on the record year of 2023, which saw extraordinary sales of games consoles. It was a strong year for film production, with an Oscar nomination and 58 local and international premieres. Nordisk Film’s cinemas won market share, and the computer games companies grew both revenue and profitability.
Story House Egmont
Revenue:EUR 778m (797m). Adjusted operating profit*: EUR 34m (23m)
Story House Egmont publishes magazines in 27 countries and has a portfolio of e-commerce businesses and digital agencies that help brands succeed in the digital world. In local currency, revenue was on a par with 2023. Operating profit increased sharply thanks to a strong focus on optimisation in all business areas. The magazine business achieved solid profitability, well in excess of other players in the market. The digital agencies continued to grow and delivered solid results, while the e-commerce companies recorded revenue on a par with 2023 and increased their profitability.
Egmont Books
Revenue: EUR 220m (217m). Adjusted operating profit*: EUR 14m (16m)
Egmont Books comprises the Norwegian publishing house Cappelen Damm and the Danish publisher Lindhardt og Ringhof, both of which publish books and educational materials on all platforms and in all formats. Cappelen Damm’s revenue grew as a result of higher book sales and solid digital growth. Lindhardt og Ringhof delivered record revenue and earnings thanks to strong book sales. International digital publisher Saga Egmont now has more than 140,000 digital book rights.
Grants
Egmont is an enterprise foundation with a dual purpose. Part of the profit generated by the media business is distributed to charitable activities helping children and young people at risk and supporting film talent (through the Nordisk Film Foundation), while the remainder is reinvested in developing the media group. Egmont had charitable activities of EUR 15m in Denmark, Norway and Sweden in 2024, including EUR 1m through the Nordisk Film Foundation, supporting a total of 35 initiatives and projects (not counting the Nordisk Film Foundation). The signature programme SygtStærk (StayStrong), set up to help seriously ill young people, launched a number of new initiatives during the year, including an outreach group where young people share their personal stories, and an online community. Egmont renewed its partnership with Lær for Livet (Learn for Life), entered into a new partnership with youth organisation Modstrøm (Against the Flow) and provided support for children, young people and families at financial risk through partner organisations in Denmark, Norway and Sweden.
* EBIT plus profit/loss from investments in associates and net financial income/expense from operations.