Egmont delivers growth and satisfactory earnings in 2022

Egmont’s revenue increased by EUR 230m to EUR 2.3bn in 2022. Excluding the dispute with TV distributors in Norway, there was organic growth of 4.2%. It was a year of successful content and strong productions across the different businesses, TV 2 Play became the largest streaming service in Norway with 1.3 million customers, digital education strengthened significantly, and digital agencies continued their growth.

Earnings before tax amounted to EUR 67m against EUR 168m in 2021. There were three reasons for this, making 2022 a challenging year: soaring costs for the likes of energy, paper and printing; the loss of Premier League rights at TV 2 and protracted negotiations with two Norwegian TV distributors, which resulted in eight months of blackout in part of the Norwegian market; and a decline in demand in e-commerce in the wake of pandemic tailwind the previous years.  

“2022 earnings are satisfactory given that Egmont, like other media companies, were hit by significant cost increases, and that we also incurred substantial non-recurring expenses in long-lasting negotiations with TV distributors to secure the strategic important roll-out of TV 2 Play in the Norwegian TV market. We stepped up investment in content and put out a number of financial and creative successes – thanks to the dedicated work of our employees,” says Egmont’s CEO, Steffen Kragh.

Egmont continues to work on the green transition. In 2022, Egmont used 100 percent green electricity throughout the group (via Guaranties of Origin), and in 2023 a new solar farm will open in Denmark with Egmont as co-investor, increasing the supply of green energy in addition to Egmont’s existing solar plants. Egmont is also systematically mapping and reducing CO2 emissions in its supply chains (scope 3).

Egmont is a commercial foundation with a dual purpose: to develop modern media and to help children and young people at risk. Egmont donated EUR 13m to charitable activities in Denmark, Norway and Sweden during the year. This included support for children, young people and families fleeing to Scandinavia e.g. from the war in Ukraine.