Believe Reports Significant Profitability Growth Despite Currency Impact in H1 2024

Believe, a global digital music company, has reported a revenue increase of 14.1% in H1 2024, reaching €474.1 million. The company's organic growth, adjusted for forex impacts, was at 15.4%. Strong regional growth was noted in France (17.9%) and the Americas (21.8%), while digital sales grew slower in Q2 2024 compared to Q1 2024.

Adjusted EBITDA saw a substantial increase of 29.3%, amounting to €31.3 million. This reflects the company's focus on value optimization, controlled investments, and operating leverage. Free cash flow dynamics improved, with a negative €19.4 million compared to negative €32.9 million in H1 2023.

Important developments included the completion of a simplified tender offer by Upbeat Bidco, which now holds 96.02% of Believe’s share capital. Additionally, strategic partnerships and investments, especially in Asia, contributed to broader growth opportunities.

Looking ahead, Believe maintains a cautious optimism, projecting a slightly positive free cash flow for the full year 2024, with an adjusted EBITDA margin expected to exceed 6.5%.