Hi, good morning, everyone. Thank you for attending this conference call in which we are presenting the financial results for the full year 2024. As usual, we will be highlighting the main issues in the year, and we will also go into the strategic overview for the strategic plan 2023-2024. The speakers will be, as usual, Silvio González, Vice President of Atresmedia, and Fernando Costi, CFO. And without further delay, I hand over to Silvio for explaining all the results for the year.
Thank you, David. Hello, good morning to the rest of you who are attending the meeting. As you see, my voice is a little bit damaged by a cough, but I'll try to get through to the end. I mean, we just have to highlight this outstanding year. I think 2024 has been a very good year for Atresmedia as a group, and let's go through the year and the different items of our business. In terms of audience, I mean, this has been a very good year. We have led the year in audience terms. It's the third year in a row that we are leading with a total audience of 26.4%. And this is the largest gap versus Mediaset we have had of all time.
Remember also that we have a channel list, so it means that it's been a very good result in terms of audience. We have led, not also in the general terms in audience, but also in the prime time slots, where we have had a result of 25.9%, and we have been leaders for the fourth consecutive year. So let's say very, very good figures in terms of audience for the group. If we go a little bit down to Antena 3, our main channel, we have been the most viewed channel in Spain this year, in 2024, with an audience rate of 12.6% in terms of total individuals. And if we go to the prime time, the result has been laSexta, our second main channel, has also got a very good result in terms of audience, 6.4% in total individuals and 7.2% in commercial target.
Of course, we have beaten our rival, Cuatro, by a year. If we take into consideration our four complementary channels, the result has been 7.5%, which is the best rating since 2020. So very good results in terms of audience for all the channels of the group and the group itself. Going to digital, we have consolidated our leadership among all the national audiovisual players in terms of unique users, with an average of 23.8 million in 2024. And we have ranked the ninth of the top most visits as such. On our video on-demand platform, ATRESplayer, 20 million video hours were consumed by the end of 2024, which means an increase of 7%. And as to our subscription VOD, we have finished the year with 677,000 paid subscribers by the end of last year.
So let's say all the audiovisual business in general has had a fantastic and very good result in every milestone you can see. In terms of radio, we have had an average audience of around three million listeners according to the last survey of the EGM, which is the best result in the last three years. Going to the advertising market, television, which, as you know, now we consider what we call conventional and digital, the increase of the market has been 2% in the period. And in the case of radio, it means the increase has been 7.4%. So very good results of radio, but also good results in terms of television. Total revenue for the group has been EUR 1.8 billion, which means an increase of 4.8%, which is the best since 2019.
Regarding the audiovisual part of the group, the total net revenue has been EUR 943 million, with an increase of 4.5% on a year-on-year basis. Atresmedia's net advertising revenues in audiovisual content, which means that in the old television/digital, was EUR 803 million, which means an increase of 2.5%, which is a significant growth on a year-on-year basis due to the strong audience, the commercial policy, and the market positioning in the AVOD, CTV, and all our digital activities.
The content production and distribution division reached EUR 92.5 million, which means an increase of 21.5%. This is based on the higher box office taken. Also, a very nice increase in subscription VOD subscribers and also some increase in the sale of contents to third parties. In the other division, the revenues grew by 11% and went up to EUR 48.4 million. That reflects a very good level of activity, especially in events.
Thanks to the incorporation of the new enterprise to our perimeter, let's say Waynabox, for example. Going to radio activities, the net advertising revenue for radio was EUR 82.5 million, which means an increase of 7.1% in line with the radio market, which has been 7.4%. So, I mean, the radio has performed in the same line as the radio market. The total OpEx for the group has been EUR 840 million, which is an increase of 5.3%. The EBITDA has reached EUR 177.6 million, which means an increase of 2.6% compared to 2023. It's the best EBITDA since 2019. That implies that the EBITDA margin has been 17.5%. The net profit has come up to EUR 120.3 million, which means an increase of 1.4% compared with the EUR 118.6 million that we obtained in 2023 in a pro forma net profit. So that's an overview of the, let's say, financial position.
Let's have a look at the cash position. By the end of 2024, our net cash position has reached up to EUR 140 million, which means that we have had a very good cash flow conversion one time in terms of dividends. We have distributed EUR 101 million in dividends in 2024, or, let's say, EUR 0.45 per share, which means that it has been 1.24 shares final complementary dividend for 2023 financial year paid in June 2024, and EUR 0.21 per share as 2024 interim dividend paid in December 2024. Estimated total shareholder return in 2024, share price plus dividend, would have exceeded 30%. In relation to the Board of Directors that we had yesterday, there has been approved a complementary dividend for 2024, which would be of 0.47 euros per share. It's finally approved by the General Assembly and should be paid in June 2025.
Therefore, total dividend distribution would reach up to EUR 153 million. That means 0.68 EUR per share, which means an increase of 62% compared with the one we had in 2023. So I think this is very good news for the shareholders of the company. So with this, we have finished the financial results. And let's give a slight overview to the year and let's do it by following the strategic plan that we showed you by 2023 and the same, I mean, same date of 2023. So, as you know, we have, let's say, seven pillars, which were the Four Cs about our group in the. The first of all was about the audience, which is the consolidation of the audience for the group.
I think that we have achieved what we committed because, I mean, we have been the leaders as a group in audience, but not only that, also in prime time. We are leader in news. We have the best program in fiction and entertainment. So let's say we have got all the results we pursued in 2024. And what has the meaning in terms of financial? We have the premium price of all media in Spain. We have increased our CPM by 5% compared with 2023. And we have been the most innovative company in terms of addressable TV, HbbTV. So I think that we are at the front of the innovation in European and Spanish television. So what do we expect for the next year for 2025?
I think we will go on with our pricing power and try to increase the price of our detailed audiovisual offer, and so we will go for that goal in the future. We also will improve as we increase our bet on enhancing and addressable television, and we are also going for the maximizing our value in all the social media so that we go on increasing our revenues for the group in all these new areas of the company. The second one was everything related with digital. We know that the future goes by digital, and that's what we are betting on. On the AVOD, Atresmedia or the AVOD, we have increased our revenues by 10%. And we have increased also the cost per thousand by 10% in video, so we are getting what we were following.
In terms of the subscription video on demand platform, ATRESplayer Premium, we have finished the year with 677,000 subscribers. By the end of January, we are nearly 700,000, and so we do think that we will get our goal of getting 800,000 subscribers by the end of 2025. As you know, we have a three-tier offer, and it's doing quite well. We do think that with this subscription video on demand platform that allows us to create a full 360-degree circle that we explain to you in some of the files, so what do you expect for the next future, 2025 and on? We will go on rising prices that will allow us to exploit our products in a better way, not only on the open television, AVOD, HbbTV, but also selling content to third parties.
That will also mean that we could also improve our international operations. I think by the end of 2024, we have something like 150,000 subscribers outside Spain. That's something that is going, growing very steadily. We do think that this will be an important part of the business in the near future. That's something we will go on, and we do think it's working quite well. On the content exploitation, which is very much related to what I told you about the AVOD and HbbTV, I think that we have had a very good result in terms of the exploitation of all our contents. We have here two examples with this Entre Tierras and Sueños de Libertad , which is products that we have exploited in subscription in the AVOD, in television, and also we have sold that to third parties.
So we will go on with this business. It's doing well. It allows us to have very good quality products in our platform, but also selling to third parties with very good results in terms of economic results. So I think that this, what we call the 360-degree strategy, is performing quite well. And so we will go on for that in the future. On the content production, well, our business is content because, I mean, all what we do is exploit the content. And the best content we have, the better we can exploit it in all our platforms. So we will go for this strategy. Now we invest in products something like EUR 400 million per year. And that allows us to be the best company in terms of audience in Spain. I mean, there is no secret at all that.
You have to invest money to have good product. There's no other way, and what do we do in order to do that? First of all, we have very good relations with all the content producers in Spain, with the best talent. We invest in some of these companies because we do have very close relations with them. That allows us to be the first in order to have the best ideas in order to invest in that and so launch that in our different platforms. So that's something that we will do that in the future. We will also foresee and search in what's in the market and try to get closer relations with all these new talents that will be the future of the content production in Spain, and we do want to have them by our side so that we could get profit from that relation.
At the same time, as you know, we have invested in small companies that produce detailed native content like Ac2ality, which is a TikTok. I mean, it has also some Instagram reels. But I mean, it's the way we have to get very close to this new native content is doing quite well. And we will also go after that because, I mean, that's something we can learn about how to do things, which is a new language. And of course, we are still small money, let's say that, but that allows us to be and to know what's going on in all these new platforms. And also, we launched the Onda Cero podcast by 2024. It's doing quite well. But let me say that there's not enough money after podcasts in this very moment. I mean, we expect that in the future, this will mean a source of revenues.
But from this moment, we can only say that there's people who consume that. But I mean, there's not a lot of money about that. But anyway, we do think that we, because we are audiovisual content producers, that we should be in this type of business. And we are. And we are very successful, by the way. But at the same time, we don't invest too much money because there is no enough return in order to do that. So that's the situation in this area. And the last, in terms of diversification, I think that we have had a very, very good year because, I mean, as you know, we sold part of our stake in Fever, 3% of our stake. We sold that by EUR 58 million, which means seven times the investment.
And the rest of the stake we do have in this very moment, the fair value is something like EUR 139 million. And Fever is doing quite well from an operational point of view. It's growing in revenues. It's growing in margins. So I think that Fever has been a very, very good investment and has given us good results. And we do expect that in the future, it should go out the same way. We have also some other companies like Waynabox, which is a surprise travel platform. The revenues increased by 30% in 2024. We are opening new markets in France and Italy. And we do hope this will go on for the future and have good results.
So let's say that all this diversification, which is a mix of media for equity and cash in some of the companies that we do believe in more, is doing quite, quite well. Well, I mean, there's a mix of different companies that, well, I mean, I can explain to you more of them afterwards because, I mean, some of them are a little bit weird to explain now here. But I mean, we do think that this type of increasing our perimeter by investment, by media, or by cash is a way to increase our revenues and increase the value of the company, and so far, it's doing quite well. And we will go on for the future. I mean, these are the five pillars which were related, let's say, to the business itself.
And if we go to the operations, what we are trying is to begin to implement the AI in the company. We begin in starting use cases of use that we think would improve our operations. And we implemented in advertising, in some recommendation system in Atresmedia. But now in 2025, we are increasing the scope. And we are trying to implement in some other different areas of the company, most of them related with news and with content so that let's see what's the effect. And by the end of 2025, we could see which are the effects of implementing AI in the company. So, of course, and we are on the day-to-day trying to be more efficient in identifying actions and try to increase the results of our processes.
Of course, I mean, it's a seven, but we think it's the first one because it's, let's say, it's on top of everything, is to maximize and still hold the return. I think that 2024 has been a very good year, both in terms of the market cap of the company, but also in the dividends that we paid. We paid in 2024 EUR 101 million, which means the final we paid in 2023, and then plus the interim in 2024. The dividend yield has been something like 11%, which I think should be one of the higher of the Spanish stock exchange. We will go on with the same policy. We expect that the conversion of operating cash flow will be something like 0.8, which is more or less the average of the company in the long term.
We do think that we will go with the same line. The dividend policy will be more or less the same, on top of 80% pay-out for the company, which means a little bit lower than this year. But remember that this year, we are including the sale of Fever that meant for us something like EUR 60 million of cash for the company. So that's what we are doing for that. Of course, we are also searching the market if there's any company that could increase our perimeter and also increase in terms of getting more revenues and more EBITDA. And there are some companies we are looking for them, but we have not had any final result in order to say that we are just to invest in anything.
But we are very active in searching the market in order to see if there's something that could meet our expectations in terms of low price, good revenues, and good EBITDA for the company. And so this is the thing. And let's go to the guidance for 2025. I mean, what do we expect for the market? Well, January has not been a good market because, I mean, it's been slightly negative. But remember that in January 2023, there was a huge increase of the advertising market, nearly by 14%. And so if we adapt the two years, by the end of 2025, January has grown up by something 12%. So, I mean, very high increase in 2024, slight decrease in 2025. So as an average, and compared to 2022, January will be something like plus 12%. So that's what we see.
I mean, the market is a little bit strange because, I mean, there are a lot of uncertainty in different sectors. The automobile sector has there's a lot of uncertainty about which could be the help to the acquisition of electric cars. In this very moment, there's no any subsidy to that. But we do think that in the near future, there will be a government decision in order to subsidy the acquisition of this type of car. But what we expect for the revenues of 2025 is a small growth of low single digit. That's what we expect for the whole year. We should maintain the margin in the range of 17%-18% for 2025.
In terms of the net financial position after the dividends we are paying and the interim dividend we'll pay in 2025 in June, we say that it should be in the range of EUR 50 million to EUR 75 million. That's the range that we expect, and we will pay dividend in June 2025 of EUR 105 million, which means, as I have said, a result of 0.47 EUR per share, so that's what we thought of 2024. This is our guidance for 2025.
We should see it as a good year, let's say that, but we don't expect the market to grow very heavily because I think that there are still a lot of uncertainties in the economic world, in the geopolitical world, and it's difficult to make any guidance, to make any prophecy of what's going to happen in the future, so I think we finish with all that. Now we are open to your questions. Thank you.
Thank you very much. We'll move into the Q&A session. Please ask your question if you have any.
Ladies and gentlemen, we will now begin the Q&A session. If you'd like to ask a question, please press star five on your telephone keypad. If you change your mind, please press star five again. Please ensure that your device is unmuted locally before proceeding with your question. Our first question comes from the line of Álvaro from Alantra. Álvaro, your turn.
Hi. Thank you. Yes. Hi. Thank you for taking my question. Just a clarification because I don't think I've understood completely, so pardon me if you have mentioned this already. Just looking at the sector trends from the TV ad market in Spain, how they have started the year, I didn't catch you correctly with the 12%. I don't know if you were talking about January in 2025 and also how it has evolved in February. Thank you. And for the rest of the year. Thanks.
Thank you, Álvaro. No, it wasn't usually. Yeah. I mean, it was compared with 2023. I mean, that January 2024 was a very good month with an increase of 14%, and in January 2025, there has been a slight decrease of 2.4%. So if you take these two years, you make the average. I mean, January has been 10% on top of the end of 2023, so that's the result. That's all.
Okay. Understood and regarding February, how is it evolving?
February?
February, Costa.
February, well, it's not doing as well as January. But also remember that in February 2024, the increase was 25%. So, I mean, we should do the same thing. But, I mean, now it's a little bit worse than January. The main point here is that the automobile sector is doing very, very poorly, as I told you. And when we go to them and ask why, this is what they tell us is that in this very moment, they don't know what's going on with their sector because, I mean, electric cars, the sales are very poor because they're on a subsidy. And on the other type of cars, because they have to pay, as you know, a certain tax or the CO2 emissions.
So that's what we expect that if the new measures of the government in order to subsidize the electric cars, and they do expect that as well, that it will increase their sales. And so this sector will come back to the, let's say, regular activity, which is not doing that in that very moment. So that's why we do think February is being a poor market, poorer than we expected.
Okay. Understood. I was just trying to get around the guidance of same trend than in 2024, which is flat market. And it was just puzzling me a bit. I wanted to see how the year was starting. And given that consumption continues to fall, it's hard to see that it stays flat. So it's just the outlook for the full year that surprises me.
Well, yeah. I mean, when we prepared the budget and after looking at what happened in 2024, I mean, and the incredible result of the first quarter with that increase, we expected that the first quarter 2025 will be not that good, and we thought that, yeah, let's say the increase will come more in the fourth quarter of 2025. So because, I mean, remember that also the fourth quarter of 2024 was poorer than we expected, and so that's what, I mean, the thing is that the market is more or less going in line with what we expected. It is true that February is a little bit worse than we expected, but, I mean, we thought that the first quarter will have a result which will be smaller than it was in 2024 because of the increase in that year.
That was something that, I mean, it was really exceptional for us because, I mean, there were increases that we didn't expect at all. I mean, it was 14% in January, 25% in February, which were incredible results that they were, let's say, not normal for that part of the year.