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Squirrel Media earns 17.6 million in 2023, almost four times more than in 2022

MADRID, 21 Feb.

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Squirrel Media earns 17.6 million in 2023, almost four times more than in 2022


Squirrel Media recorded a net result of 17.6 million euros in 2023, a figure that multiplies by almost four (279%) the profits it obtained in 2022, which were 4.6 million euros, as reported by the company this Wednesday. to the National Securities Market Commission (CNMV).

Squirrel Media's gross operating result (Ebitda) stood at 24.3 million euros last year, 77% more than in 2022, while its net operating result (Ebit) multiplied by more than four, to the 17.9 million euros.

The company's operating income reached 131.9 million euros, which is 67% more than in the previous year, while its capital investment (capex) grew by 4% last year, to 21.3 million euros.

The company, former Vértice 360, reduced its net financial debt by 21% last year, to 18.5 million euros.

"Squirrel Media has experienced great organic and inorganic growth as a result of the investments made and planned in the business plan, confirming the projections made by the company," the president of Squirrel, Pablo Pereiro, highlighted in a statement.

In 2023, Squirrel Media recorded an increase in revenue in three of its four business areas: content, media and TMT Services, and reduced it in its advertising area.

Specifically, the company multiplied its income in the content area by eight, up to 58.3 million euros; It increased its income in TMT Services by 17%, to 10.3 million euros, and improved its income in the media area by 16%, to 30.5 million euros.

In contrast, Squirrel Media cut its revenue in the advertising area by 10% in 2023, to 32.3 million euros.

Among other operations carried out by the company in fiscal year 2023, the acquisition of the distribution group BF Distribution, a leader in Latin America, and the incorporation of the production companies Grupo Ganga and Mondo TV stand out.

Squirrel Media will present its new 2024-2025 business plan on March 4. The roadmap will confirm the continuity of organic growth in the four main business areas, according to the company.