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August 14, 2024 / 07:30

FINANCIAL RESULTS OF THE AGORA GROUP IN THE 2Q 2024

In the second quarter of 2024, the Agora Group continued to generate growth in both revenue and operating results. The company once again reported record revenues from its digital and online channels – as much as PLN 91.7 million of the PLN 337.5 million revenue in the quarter. Group-wide advertising revenues grew by 6.3%, with the Outdoor Advertising segment showing the strongest growth. Profit at the EBIT Zawartość DA level increased by 27% to nearly PLN 57 million, while the EBIT operating result amounted to PLN 12.5 million.

– The Agora Group is growing and improving efficiency: behind us is yet another quarter in which we are achieving much better operating results, with an increase in the team's salaries. The almost thirty per cent increase in EBITDA is a significant step on the path to 200 million EBITDA, which is our goal for 2026," comments Bartosz Hojka, President of the Management Board of Agora SA.

In the second quarter of 2024, Agora Group's total revenues amounted to PLN 337.5 million, up 3.2% year-on-year. Almost all categories of the Group's revenue increased in the period under review, driven by an increase in advertising revenues. Compared to the same period in 2023, they increased by 6.3% and amounted to PLN 193.3 million. The business in which advertising revenues increased the most and which contributed most strongly to the growth in advertising revenues of the Group as a whole was AMS (Outdoor Advertising segment). Its advertising revenues increased by 21.6% and amounted to over PLN 61 million – mainly due to revenues from campaigns carried out on digital panels. Radio advertising revenues in the Radio segment increased by nearly 8% to PLN 77.2 million. Advertising revenues in Helios cinemas increased by 7.7% to PLN 8.4 million in the period under review. The advertising revenues of the Digital and Print Press segment remained at a level similar to the second quarter of 2023 and amounted to almost PLN 15 million, while in the Internet segment they decreased by 12.6% to just under PLN 30 million.

In the second quarter of 2024, revenues from ticket sales in Helios cinemas fell by 5% to PLN 40 million, and revenues from concession sales in cinemas fell by 2% to PLN 24.6 million. In the period under review, nearly 2 million tickets were sold in Helios network cinemas, 5% less than in the same period last year. The expected lower attendance is an effect of the so-called "repertoire gap", which arose as a result of last year's strike of actors and screenwriters in Hollywood. At the same time, it is worth noting the higher revenue from cinema advertising sales and the success of the movie operations – “Kleks Academy”, distributed by NEXT FILM, is still the box office frontrunner for 2024 with an audience of almost 3 million. Significant dynamics were also shown by the foodservice business, whose revenues increased by 15% to over PLN 12 million.

In the first quarter of 2024, revenues from ticket sales in Helios cinemas increased by 26% to PLN 78.1 million and revenues from concession sales in cinemas by 35.4% to nearly PLN 46 million. During the period under review, 3.7 million tickets were sold in the cinemas of the Helios network, an increase of 27.6% compared to the same period last year. This is a higher growth than that recorded by the entire cinema market – according to Helios' estimates, the number of tickets sold in Polish cinemas in the first quarter of 2024 amounted to 15.7 million and was 24.6% higher year-on-year.²

In the second quarter of 2024, the value of revenues from the sale of publications amounted to PLN 33.4 million and decreased by 1.5 per cent compared to the same period of 2023. The decline in this revenue category is a derivative of lower revenues of the Digital and Printed Press segment. It is worth noting that – as in previous quarters – a change in the structure of these revenues is visible, i.e. an increase in revenues from digital subscriptions to “Wyborcza”, with decreasing revenues from its paper edition. Higher revenues – by almost 9% – were generated by the Agora Publishing House.

In the second quarter of 2024, the Agora Group's net operating expenses decreased by 0.4% to PLN 325 million. The largest item among the Group's expenses in this period was the staff costs, which amounted to almost PLN 110 million and were 4.6% higher than those recorded in the second quarter of 2023.

In the second quarter of 2024, the Agora Group achieved EBITDA profit of nearly PLN 57 million and EBIT profit of PLN 12.5 million, a significant improvement in both ratios compared to the same period last year.¹ Net loss amounted to PLN 8.1 million, while net loss attributable to shareholders of the parent company amounted to PLN 12.3 million.

As of the beginning of April this year, the Agora Group is operating in a new organisational structure, which is a result of the completion of the process of spinning off independent companies from Agora SA: Wyborcza, Gazeta.pl, Agora Książka i Muzyka, Czerska 8/10. Another significant event was Agora's acquisition on June 20 of this year of a 49% stake in Eurozet, thanks to which the company became the sole owner of such radio stations as Radio ZET, Antyradio, Meloradio and Chillizet. Also in June, the new term of office of the Management Board of Agora SA commenced with Agnieszka Siuzdak-Zyga and Maciej Strzelecki joining the Board.

Data source: Group IFRS consolidated financial statements for Q2 2024

Footnotes:

¹ Excluding the impact of IFRS 16, the Agora Group recorded an EBITDA profit of PLN 28.8 million in Q2 2024. Under the same presentation, EBIT profit amounted to PLN 5.1 million.

More information:

Krzysztof Mazur, IR Manager of the Agora Group

Anna Marucha, Corporate Communications Director of the Agora Group

e-mail: press@agora.pl, investor@agora.pl www.agora.pl/en

Agora S.A. was founded in 1989; it has been listed on the Warsaw Stock Exchange since 1999. Its most important ventures are: Helios S.A. – operator of the largest cinema network in the country in terms of number of venues and owner of the film production and distribution company NEXT FILM; radio activity operating as Grupa Eurozet covering 9 stations from the TOP20 most listened to stations in Poland, created thanks to the joint forces of Agora Radio Group and Eurozet; AMS – leader of the Polish OOH market, as well as respected news media – Gazeta Wyborcza, the most popular opinion-forming newspaper in Poland and leader of the digital transformation of the Polish press, Gazeta.pl, which is among the top Polish portals. Agora's websites are among the leading ones in their categories in terms of popularity, such as Sport.pl, Moto.pl and Plotek.pl, available online and through mobile applications. The company publishes and distributes books, music and film releases, and is also active in the foodservice market.

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FINANCIAL RESULTS OF THE AGORA GROUP IN THE 2Q 2024