Preamble

image Frederik Beyens

people every day, making an important contribution to society in each of the countries where we operate. We expect the number of readers that we reach to further increase in the years to come as we continue on our acquisition path. ust six years after its creation, In addition to this, we will continue to further invest in the growth of following the merger of two Flemish our other activities. We are focusing on radio, digital marketplaces, publishers, has developed and companies specialising in education and media technology. into a European media group, with a Since March of this year, like everyone, Mediahuis has felt the portfolio of leading news brands in impact of the COVID-19 pandemic. In addition to giving rise to many The , Belgium, Ireland, operational challenges, this crisis has also caused a significant drop in and Luxembourg, generating a consolidated advertising revenues. On the other hand, consumers rely more than Jturnover of approximately 1 billion euros. ever on our news titles for information and as a connecting factor. Following a series of strategic acquisitions, we Moreover, consumers are increasingly prepared to pay for powerful now have the scale and the clout to face the digital journalism, giving rise to a group-wide increase in the number further transformation of the media industry with of subscriptions, which currently approximates 1.6 million. Thanks to a confidence and to help shape it. fast and accurate response and by capitalising on the wide range of This rapid development is founded on an talent available in our group, Mediahuis will be able to again post very unconditional belief in independent quality strong results in 2020. journalism, combined with professional management and rigorous financial discipline. September 2020 This is supported by a group of committed shareholders with a long-term vision. Our news Thomas Leysen brands currently reach more than 10 million Chairman

0323 History

2015 2017 NRC Media Wayne Parker Kent

In 2015, Mediahuis took over In 2017, Mediahuis took over Wayne NRC Media, the publisher of NRC Parker Kent (WPK), one of the fastest- Handelsblad and nrc.next. NRC growing digital media companies Handelsblad was first published in 1970, in the Netherlands. The company following the merger of Algemeen specialises in the development and Handelsblad (1828) and Nieuwe publication of online media brands in Rotterdams(ch)e Courant (1844). commercially attractive niches. Building on this expertise, WPK became a content marketing agency over time, 2017 helping brands with every content- Mediahuis Limburg related problem imaginable. WPK’s role 2014 provides added value in the services that A long Mediahuis Belgium In 2014, Media Groep Limburg (MGL), Mediahuis offers today. the publisher of the Netherlands’ journalistic In 2014, Corelio and Concentra decided to most-read regional De 2019 jointly establish Mediahuis, grouping their Limburger, among others, became part Independent News & Media tradition newspaper titles, i.e., and of Mediahuis. In 2017, the name MGL was Het Nieuwsblad (Corelio) and Het Belang changed to Mediahuis Limburg. In 2019, Mediahuis acquired van Limburg and Gazet van Antwerpen Independent News & Media (INM), ediahuis was founded in 2014, (Concentra), in this publishing group. Ireland’s largest media group. INM as a joint venture between Although Corelio and Concentra were 2017 publishes the and the Mtwo publishing groups with a reputed Belgian media companies, the Mediahuis Nederland Sunday Independent, Ireland’s largest Technology and internationalisation rich history rooted in the Flemish and general idea was that they had a stronger quality daily and Sunday newspaper Belgian press business. From the outset, chance of carving out a solid niche for In 2017, Mediahuis acquired the respectively, in addition to n line with their journalistic and social belief in journalistic values, customer Mediahuis posted steady growth, among themselves if they worked together in a Dutch Telegraaf Media Groep (TMG). and the country’s largest national tabloid mission, the Mediahuis brands and centricity, local roots, and a solid financial others thanks to a number of major rapidly digitising and internationalising TMG was one of the largest Dutch the . Icompanies always keep their finger basis with a clear vision of the future. acquisitions. Leading Dutch, Irish and media landscape. Initially only the news media companies and the publisher, In Northern Ireland, INM publishes the on the pulse of society. They continue Journalism and media are and continue Luxembourg media companies were brands of Corelio and Concentra were among others, of the newspaper De leading titles Belfast Telegraph and to evolve, both on content and business to be the core business of Mediahuis. added to the company’s portfolio, making grouped in Mediahuis. Over the following Telegraaf (first published in 1893) and Sunday Life. level. In recent years, however, the This does not prevent the group from an essential contribution to the group that years, the other activities of both five regional , including technological evolution was the main looking across the patch and exploring Mediahuis has become today: a leading companies were added to the , the country’s oldest 2019 driving force of change. The digital other sectors, however. This may include international media company with the venture. newspaper. In 2019, TMG was renamed Mather Economics transformation shifted the focus from print activities that are linked to the media ambition of becoming one of the most Mediahuis Nederland. to digital first. Moreover, the entrance of industry but are independent from it, important European market players in In 2019, Mediahuis acquired a 35% stake a number of global players in the media nonetheless. The emphasis is always on the near future. The history of the various in Mather Economics, an American industry required companies to scale up, growth markets. Sectors that may be at the companies of the Mediahuis Group is consultancy firm. The company prompting a wave of internationalisation. beginning of their life cycle today but will closely linked to the history of a series of specialises in yield management and is Mediahuis is at the forefront of these new flourish in years to come. newspaper titles with a long journalistic an expert in advanced, intelligent, and evolutions, successfully combining the tradition, some of which predictive analytics. The partnership with even have iconic status. Mather Economics enabled Mediahuis to The oldest publication is strengthen its position in the fast-growing the Dutch Haarlems Dagblad, which was market of media technology and services. More than 30 news brands in first published in 1656 as the Opregte 2014 Haarlemsche Courant. In the 19th and Mediahuis 2020 4 countries 20th centuries, many titles that still play Saint-Paul Luxembourg a significant role today were established. n 2020, Mediahuis publishes more than 30 news brands in four countries. Guaran- NRC (1843), Luxemburger Wort (1848), In 2020, the Saint-Paul Luxembourg teeing independent quality journalism that makes a contribution to democracy the Belfast Telegraph (1870), Het Belang Mediahuis is a Group became a part of Mediahuis. Icontinues to be the group’s core mission. In addition, the various Mediahuis com- van Limburg (1879), Gazet van Antwerpen This company publishes panies have developed new activities in various fields in the media industry over the (1891), (1893), the Irish young media group Luxemburger Wort, the largest years. While these activities differ depending on the country, they have all developed Independent (1905) and De Standaard newspaper in Luxembourg, among into autonomous, profitable initiatives. The Mediahuis Group operates in the audiovisual (1918) are all publications that are more with deep roots others. Additionally, Saint-Paul is market, the graphic industry and in sports. One market where Mediahuis has a presence than one hundred years old and that have also active in the magazine in all four countries is that of the digital marketplaces. Mediahuis platforms are among left their mark on social evolution. and radio market. the world leaders for real estate, automotive, and recruitment. Interview with CEO Gert Ysebaert

Predicting is not the same as being able to look into the future, according to Mediahuis CEO, Gert Ysebaert. “While we can practice for what the industry will look like in 2025, the end result will ultimately always be very different.” A talk with an inspiring team player.

text Tjerk de Vries | image Iris Planting

CEO Gert Ysebaert ‘Mediahuis is made by everyone in our group’

0723 Interview with CEO Gert Ysebaert

newspaper readers. But we are in a period of transition. monopoly on reach, like we used to, as mass media. We have The future Currently, people are willing to pay 5 to 15 euros a month to contend with large, global players, which puts pressure for digital news. We hope to increase this amount over on our model. of print time. We are building a customer base. It is now up to us to Working together, joining forces with local players, is vital. increase the quality of our offering so that these customers We may also consider a large, local competitor, if this makes are willing to pay more for it. We have to increase the value us stronger. We have to think strategically to serve our and improve the customer experience, especially on mobile customers to the best of our ability. The acquisition of a platforms. But we are heading in the right direction. Digital company such as Wayne Parker Kent fits in with this stra- subscribers make up more than 50% of NRC’s subscriber tegy. A creative, digital agency, combined with Mediahuis, base. In Ireland we achieved in one month, what we set out is designed to offer answers to customer demands, which to achieve in one year. People of all ages pay for news there. have changed. We want to assist customers with their com- How do you think journalists react to this? It’s like air under munication strategy and ultimately execute it. This creates their wings, an oxygen boost! Because nobody likes it when a major challenge, and we are taking the right steps. But we their article is behind a paywall and nobody reads it.” can and should become even better at this. Brands adverti- Gert se less now, but I strongly believe in branded content as a Digital news has given us plenty of insights. Is format. We excel at storytelling, and a growing number of Ysebaert independent journalism at risk if we let ourselves be led companies want to tell a story rather than merely convey a by clicks? message like “buy my product”. “I’m a strong believer in the journalistic independence of he story is as old as the Internet our strong brands. We have major journalistic titles, which, The acquisition of Independent News & Media (INM) itself: “Print newspapers are in some cases, have been on the market for over 100 years or Saint-Paul Luxembourg in Luxemburg ties in with Talmost dead and buried”. And yet, and which play an important role in democracy. We need Mediahuis’ international growth strategy. Are there other Mediahuis still has a particularly high to keep them going. The digital transition must not change acquisitions in the pipeline? number of subscribers who prefer an old- this. It’s true that we have large screens in our newsrooms, “At the European level, there will only be a few players left school newspaper. What’s Gert Ysebaert’s where we can see exactly which article sold the most in the near future and we need to be one of them. Our am- opinion on the phenomenon with which it subscriptions. This is important information, but I can’t say bition is to become a major European media player. So yes, all started, i.e., print? that we are led exclusively by this. Independent journalism we will continue to focus on growth. We are not in a rush, “Print newspapers won’t die out in our and bringing the news will always be more relevant. The but we need to take advantage of any opportunities that ari- lifetime. I believe in print, but I won’t regret considerations are always rational, the data don’t dictate se. This is vital. We have local brands, but the competition is it if print newspapers become extinct. If this what we do. They give us insights and are used to serve our global. So we need scale. In addition to media, we also want happens and our brands survive this and we readers better. Perhaps the headline of the article doesn’t to generate new income that is not related to our existing can practice journalism digitally and people work, in which case we need to try another one. It helps to business. We really believe in our model, but looking across are happy, then I think we can do without practice better journalism. But we are data-informed, rather the patch, at other sectors, is always a good idea, to become print. In my opinion, print is still incredibly than data-controlled. Articles that are read by fewer readers more diverse. To ensure that 20% to 25% of our income is valuable at the moment. Hybrid formulas are are also part of our package and are equally important. generated from new activities. The stake in American ana- still a success with readers. On weekdays, Digital models are becoming increasingly similar, especially lytics company Mather Economics and the Jellow freelancer they turn to digital news rather than a print the mobile ones. Which is good, because this allows you to platform are examples of this. Promising companies that we newspaper. On weekends, they like to read differentiate with your content, with your journalism. are helping to grow. And they help us.” their newspaper at the breakfast table. This ow is Mediahuis The challenge for us is to see how we can produce more trend won’t change any time soon. And print doing today? personalised news items. Some people check their mobile Do you sometimes get it wrong? has plenty of benefits: you have an overview, “We’re doing relatively phones every ten minutes, others every three hours. Our (Laughs) “All the time! But that’s not the point. I find it more you are briefly disconnected, away from all well as a group. We are goal is to ensure that the one article that is relevant for a important that we are a flexible organisation that responds the stimuli. But ultimately, it’s the reader growing, we expan- specific person is also read by this person.” to events. Because you know that your predictions for 2025 who makes the decision. If readers say, “I’ll ded from Belgium to will be wrong by definition. But even if things don’t go as take the digital option”, then we won’t insist. the Netherlands, from the Netherlands Digitisation is particularly important for the you expected, looking ahead helps you think ahead. To look But it will be a gradual transition. And let’s Hto Ireland, and more recently also to organisation. How much progress has Mediahuis made in beyond what’s happening now. At the same time, you need continue to innovate in print. Think about Luxembourg. Subscriptions are on the its transition to becoming a digital company? to ensure that you are an agile company that responds to ways of improving our print newspaper. rise, mainly because of our digital sub- “To be fair, we have only just started. Currently, 95% of our opportunities. Developing major technological evolutions Innovation doesn’t just have to be digital. It is scribers. What we deemed impossible energy is going towards our digital transformation. We were take time, but you need to make sure that you have the right difficult to strike the right tone. If you defend just three years ago is happening now. always a print company that did digital on the side. But now technology to respond to these developments. You always print, you become a dinosaur that is unable People are willing to pay for quality we need to do exactly the opposite. We are working hard make mistakes when you look ahead. Which is why you need to turn its back on the past. But you can journalism on the website. There is sub- on that, and all our employees need to be on board. We are the flexibility, the margin, and the cash to move. also walk away too quickly. Ultimately, the stantial demand for independent news, making headway, but we must continually improve to offer I strongly believe in audio. People who have no time to read essence is not whether you have a print or which people can’t find on social media. our journalism a solid future. can listen. While they’re on the go, for example. I would an online newspaper. Good journalism with Obviously, digital subscribers generate Creating a future for ourselves also applies to advertising. like to do even more in radio. Radio is about to undergo a which we can reach a lot of people is all that less of a profit compared with printed This world is transforming as well. We no longer have the digital transformation. I’m not just thinking of the tran- matters.”

0923 Brands and activities

Portfolio The great Mediahuis brands Mediahuis is one of the leading media groups in Belgium, the Netherlands, Ireland, and Luxembourg.

THE NETHERLANDS

LIMBURG ‘I firmly believe in the journalistic independence of our strong brands’

Ireland

sition from FM to DAB. Radio will be You’re an unassuming man who prefers to have more demand-driven. There are various his picture taken with others. But you are solely streaming services already, but it seems responsible for Mediahuis. that they have already established “I don’t work alone; I am surrounded by a good team. themselves. I don’t think there’s much I trust them and I touch base with them every day. more margin for growth. Which means Mediahuis is a network organisation with a very thin that we mainly need to focus on how to corporate layer. Mediahuis is made by everyone in properly serve this group of potentially our group. We don’t believe in a top-down approach, younger listeners in a digital world. If where we tell everyone how and what to do. And it’s not people spend more time listening to because we originally are a Belgian company, that we Belgium content online, this may create new think we know it better in Belgium. There is no manu- opportunities that we need to examine. al. If there is such a thing as the Mediahuis formula for Podcasts are a really strong medium success, it is our openness and transparency that allows BELGIUM for journalism. I think that people will us to connect with people very quickly. And we always increasingly listen to them. So we need show respect for what’s available, for the local culture, Luxembourg to build the potential for this. But gra- for the power of local brands. We look at people, who SAINT dually, we will add these podcasts to our they are and what we can learn from each other. This, in paid content.” combination with the strength of a larger group, is what PAUL makes us so unique. n LUXEMBOURG

23 Brands and activities

Every day, An average of more than news brands Belgium The Ireland Luxembourg reach 1,4 million Netherlands people use our apps daily News media News media News media more than De Standaard Irish Independent Luxemburger Wort News media Het Nieuwsblad 10 million readers NRC Handelsblad Sunday Independent Luxembourg Times 3 De Gentenaar The Herald NRC Next 0 Gazet van Antwerpen Sunday World Magazines De Telegraaf Het Belang van Limburg The Belfast Telegraph Auto Moto (NL/FR) Haarlems Dagblad Sunday Life Télécran IJmuider Courant Arklow People Magazines Bray People Digital marketplaces 1 in 2 Dutch people The Bulletin De Gooi- en Eemlander Drogheda Independent Jobfi nder.lu 7 in 10 Flemish people Jet Metro Enniscorthy Guardian Wortimmo.lu 1 in 2 Irish people Fingal Independent Mystuff.lu 7 in 10 Luxembourgers Digital marketplaces VIA weekkrant Gorey Guardian Jobat.be Irelands Own Radio Jellow.be The Corkman Radio Latina Magazines Zimmo.be Mid Louth Independent Autovisie Immoproxio.be News Ross Standard Privé Zabun Vrouw Inmemoriam.be The Sligo Champion West Wicklow People Digital marketplaces Online platforms Wexford People Limburgvac.nl Madein.be Wicklow People An average of Gaspedaal.nl Gezondheid.be Swords Independent AutoTrack.nl PassionSanté.be The Argus Autowereld.nl Minimi.be 4,5 million GroupDeal.nl Culy.be Jaap.nl Magazines Famme.be people visit our Relatieplanet.nl Irelands Own Manners.be Speurders.nl Ulster Business news sites daily Nsmbl.be Dumpert.nl Ulster Grocer Hospitality Review NI Radio and television Online platforms Nostalgie (NL/FR) UittipsLimburg.nl Digital marketplaces NRJ WijLimburg.nl Cars Ireland.ie ATV Beautify.nl Cartell.ie 1,6 ROBtv Choosy Bedrock.nl 3.940 TVL NIjobFinder.co.uk Culy.nl TVO million employees Famme.nl PropertyNews.ie Jmouders.nl Sports subscribers Mamaenzo.nl Classics (print and digital) Manners.nl Nsmbl.nl The Netherlands Luxembourg Onemorething.nl Roomed.nl 1600 345 Want.nl Workjuice.nl Belgium Ireland 1.560 1250 745 Puzzles journalists Keesing

13 23 News media

News media

News media at the heart of our society

Mediahuis is built on the strong foundation of a wide range of quality brands in four European countries. The news brands that provide a positive contribution 24/7, whether at the national or regional level, are at the heart of our group.

istorically, strong titles precisely because of their regional such as De Standaard, focus. The various Mediahuis news H Het Nieuwsblad, NRC brands have their own culture and Handelsblad, De Telegraaf, identity but all share the same Luxemburger Wort, and the Irish strength: they unconditionally Independent are leaders in their champion qualitative, independent national markets, for news gathering, journalism, which is why their interpretation and commentary. readership trusts them. Print or Newspapers such as Gazet van digital? The editorial staff of our Antwerpen, Het Belang van Limburg, news brands have successfully Regional news continues to be Noordhollands Dagblad, De made the transition from print to Local news Limburger and Belfast Telegraph digital first in recent years. We popular, even in its digital version are also an indispensable source of will, however, continue to produce appeals to news and part of the daily routine for beautiful printed papers as long as he number of digital subscribers has changed, and about the force of many readers and loyal subscribers, readers expect this from us. people of of national Mediahuis titles, such regional journalism. Local and regional all ages and T as NRC Handelsblad and De news have retained their value, also Standaard, is growing at a rapid pace. and especially in our hyper-mediatised effortlessly At the time of writing, NRC even has society. Local news appeals to people The value of data more digital than print subscribers. of all ages, effortlessly making the makes the But regional newspaper readers have transition to digital news. The keywords also gradually found their way to the for success are involvement, connection ournalists rely on data to know exactly digital newspaper, contributing to the and, last but not least, quality. If all the- which articles are read more or less digital strong digital growth of our regional se conditions are fulfilled, readers are often. This valuable information offers J transition news brands. This evolution tells us prepared to pay for their news, including an insight into the subjects that readers are something about how reading behaviour for digital news. mainly interested in. News brands also carry out qualitative reader surveys, ensuring newspapers cater to readers’ needs. Data is a resource for determining the content of online news platforms and newspapers. Which Listening to quality news will be published is the privilege and prerogative of an independent editorial team. journalism

he popularity of podcasts 3 podcasts, that jointly account for Relying on is increasing in leaps and approximately 260,000 downloads Tbounds. Our titles create each week. De Standaard’s daily data to know audio stories or podcasts making podcast generates no less than information available to news consu- 70.000 unique downloads or listens which sections mers hands-free. Our journalists are every week. Sixty percent of our pod- experts in their field and know much cast listeners are under 35 years of or articles are more than they can often share in age. Currently almost all Mediahuis a 1,000-word article. A 30-minute titles produce one or more podcasts, most-read podcast is another way of providing that are geared to their specific rea- quality journalism. NRC publishes der target group.

2315 Independent journalism

René Moerland, Editor-in-Chief, NRC ‘Real ‘Good, independent journalism stories provides reliable information’ worth paying “NRC has a rigorous practice to ensure that our information is correct. We provide accountability for this. We name sources in our articles, apply strict journalistic starting for’ principles which are set out in the NRC Code. We think that you need to earn trust.”

Independent journalism plays a key role, especially in times of fake news. What is the view of the Mediahuis editors-in- Paul Jansen, Cormac Bourke, Editor-in-Chief, Editor-in-Chief, chief on the importance of qualitative De Telegraaf the Irish Independent journalism? And what makes our brands ‘De newsroom makes its own and, ‘The reader is our critical success so unique? where necessary, opinionated factor’

choices’ “At the Irish Independent, we have always told stories in a relevant way, that readers can relate to. We always ask ’ve led editorial teams for Mediahuis in journalism. Let’s not waste our scarce resources on “At De Telegraaf, independent journalism means bringing good ourselves: what does this story mean to our reader? Our Flanders, the Netherlands, and Ireland. doing what others are already doing. Let’s produce stories that people will talk about: revealing reporting about duty is to offer them something unique, the stories must Every time I address a group of editors, I unique journalism. vested interests and sacred cows: a distinctive voice, close to have a certain value, especially if you need to convince your start by explaining why I’ve been working for the people, between a laugh and a tear. If your news brand is no readership to pay for this journalism.” this company for over thirty years already: What we do is more important than ever for our longer relevant, people won’t want to make time or pay for your because Mediahuis was created to facilitate society, because we are journalists in a world that is product.” journalism. Except that journalism has changed dominated by algorithms and large platforms, a world Isubstantially in these past thirty years. Obviously, that is awash with information and disinformation, we have evolved, from a newspaper company to news and fake news. It is crucial that we practice good a digital enterprise (that still prints newspapers), journalism in this world. Crucial for the welfare of Karel Verhoeven, expanding our scope, from Flanders to Europe. More citizens and for the quality of our democratic society. Editor-in-Chief, importantly, however: the essence of what we do has Liesbeth Van Impe, De Standaard changed and, of this I am certain, has become more If we, the hundreds of journalists who work for one of Editor-in-Chief, important than ever for our society. the many Mediahuis titles, do our job properly, we’ll Het Nieuwsblad find people who are prepared to pay for our journalism ‘Journalistic independence must Our journalism is different, because journalism across all our markets, whether in print or digital. Real digs deeper, to the essence of things, in a world in stories worth paying for is one of the key messages of ‘Good journalism enables citizens be set in stone’ which we are inundated with news, messages, and our journalism. If you have paying readers who spend opinions. Finding the facts, the nuanced context, a lot of time on our physical or digital platforms, you’ll to talk about their society’ “Professional, independent journalism, that readers pay for, opinions that matter, the opposition that is not also find advertisers that want to reach these readers. has melted like snow under the sun. In a digital universe tolerated elsewhere. Finding unique stories that are This combination – in this sequence! – explains why “Important conditions that enable a journalist to practice that is dominated by monopolists, that refuse to take any sometimes difficult to reveal, perspectives that are Mediahuis is a good home for… journalism. qualitative, independent journalism are time, a creative responsibility for the content of the information that they forgotten elsewhere, opinions that are ignored. That editorial environment that is not afraid of challenging, trust, disseminate and that fold to great political power, this very is why one of my mantras in all the newsrooms that Peter Vandermeersch a thirst for news, and insight and ambition. And a bit of bad public, critical, and democratic mission only becomes more I’ve worked in is less reporting, more investigative Publisher Independent News and Media character.” important.”

2317 Independent journalism

Indra Dewitte, Eoin Brannigan, ‘Let’s produce Editer-in-Chief, Editor-in-Chief, Het Belang van Limburg the Belfast Telegraph and Sunday Life unique journalism’ ‘Our work is more vital ‘Without real journalism, the truth than ever’ would never come to light’ Peter Vandermeersch

“What if there was no such thing as qualitative, “Independent journalism has always been about reporting the independent journalism? A whole slew of unethical and truth, regardless of how unsavoury it is. Fearlessly and without often criminal practices would never see the light of preferences. Nowadays independent journalism has another day. Just think of Wikileaks, the Panama Papers or the important task: to deliver high-quality stories. Because these fraud with certified cash registers and fuel in our region. days, anyone can claim to be a journalist, information spreads like Brian Farrell, Independent journalists question the power structures wildfire – including unreliable information.” Editor-in-Chief, and make available reliable information to citizens.” Sunday World Bjorn Oostra, Editor-in-Chief, De Limburger ‘Truth and trust are the pillars on wich our profession is Kris Vanmarsenille, ‘Quality will always come first, Roland Arens, Editor-in-Chief, Editor-in-Chief, founded’ Gazet van Antwerpen regardless of the format’ Luxemburger Wort “In an era of disinformation and fake news, it is vitally “We set high standards for ourselves because reliability is important that strong, independent journalism has a ‘Offer somethingno other media paramount. We have an extensive code of conduct and are ‘We can only stand strong if place at society’s top table. Truth, accuracy and trust title offers’ one of the few titles to have an external ombudsman who readers ’ are the pillars on which our great profession is founded. regularly checks what we do. Bad journalism is also slated have faith in what we do It is imperative that our titles continue to adhere to the online. If digitisation has any impact on quality journalism, “A regional newspaper must resolutely commit to local news. highest quality standards. By doing so, we will create I would dare say that this impact is positive for the most “Readers must be able to experience the added value of our Focussing on issue-based reporting, with stories about people who the right culture in our newsrooms and guarantee the part.” live in the reader’s environment, and critical policy analyses. That is journalistic work: the way in which our journalists dig deep, reliability of our journalism.” select, control and interpret the news, always in line with a the only way how a regional newspaper can become relevant for a very strict code of conduct.” broad audience. And how journalism can offer good value for people’s money. Literally.”

Alan Steenson, Corine de Vries, Editor-in-Chief, Editor-in-Chief, Alan English, The Herald regional dailies Mediahuis Nederland Editor-in-Chief, Jim Hayes, Sunday Independent Editor-in-Chief, ‘Traditional news brands are INM regionals ‘Confronting populism and the ‘Qualitative journalism in the becoming more important spread of fake news head on’ ‘Qualitative and independent, public interest’ because of fake news’ “Our journalists must have the freedom and the journalism will prevail’ independence to report on issues, without outside “Independent journalism implies the absence of any “People have come to realise how important news sources influences, in the interest of society. This is the only way political, commercial, or other interference, giving you the are because of the rise of fake news through social media, “We must make certain that good, trusted journalism is at our to confront the two greatest challenges to a qualitative and opportunity to generate qualitative journalism, in a fair which is why they are turning to traditional, reliable news beating heart and we must show our audience that it has an independent press head on. This first and foremost includes and accurate way, in the interest of society. The kind of brands again. In times of crisis, this is even more apparent. intrinsic value, whatever the platform. If we stick to the task, print the populism of such leaders as Donald Trump, who want to journalism that will always have a place in our society, which Site visits rise to new, unprecedented levels. Even at the will find its niche, digital will continue to offer opportunities right muzzle journalists and limit the freedom of the press. And sets us apart from the competition, and that people are regional level: people want to know what’s happening near down to community level and quality, independent journalism will secondly, the spread of fake news on social media because willing to pay for.” them.” prevail.” of the lack of sufficient self-regulation.”

23 Advertising market

Mediahuis advertising Tailor-made The power of campaigns good content

Our advertising agency dvertisers are always sear- Video reigns Wayne Parker Kent offers ching for the right environ- much more than just media A ment to tell the story behind supreme solutions. Wayne Parker their brand. A story in which consu- online Kent, or WPK for short, mers can discover added value and develops and produces a sense of unity. And an environ- Advertisers that use storytelling tailor-made advertising ment that appeals to their interests cannot think of a better format campaigns. From strategy to and exudes credibility. The native than video to tell their brand story. concept, content marketing advertising teams and branded Moreover, videos in a qualitative to brand positioning, content specialists at Mediahuis help news context always guarantee production to distribution. advertisers communicate creatively brand safety. This means that you Our expertise is founded on about their brand. They tailor their will never see a video ad alongside our experience as an online commercial messages to the right content that runs counter to the publisher. Wayne Parker audience, ensuring their seamless brand’s DNA. Kent works for national and integration in the right media title international customers and the perfect format. From native and has already developed advertising and branded content to Reaching campaigns for brands brand partnerships. Always trans- listeners on such as Samsung (the parently, with respect for readers Netherlands), FedEx (U.S.A.) and the medium, starting from the the go and Henkel (Germany). advertiser’s objectives.

The advertising messages in Focus on innovation and trust the Mediahuis podcasts reach a mainly young and engaged The digitisation of society has fundamentally changed consumer Data-driven audience. Sixty percent of our behaviour, redefining advertisers’ needs in the process. Mediahuis: podcast listeners are under 35 communication years of age and listen in a very n this new world, Mediahuis is no longer print and online campaigns, together with the a one-stop-shop for conscious and focused way. merely a provider of media space and customer. Depending on the objective, these online campaigns s a result of an Podcast consumers are attentive Ireach. Instead, it has become an innovative, pursue both short-term and long-term effects. oversupply in and loyal listeners, who find the full-service business partner of brands and Mediahuis also offers new opportunities to Aadvertising, broad sponsored messages in their advertisers. Our marketing specialists, data regional advertisers that often find the online reach has made way for a more favourite podcasts very reliable. teams, and creative teams develop integrated landscape more difficult to navigate. ediahuis is the perfect targeted reach. Advertisers partner for smart ad- therefore go in search of Mvertisers, wanting innovative and personalised to advertise on several AdStudio, ways to reach their target group. different online chan- that’s smart and fast A data-driven approach is a Strong local partnerships nels simultaneously to online advertising good solution. Mediahuis offers maximise the performan- its advertisers a personalised ediahuis believes in strong newspaper Le Soir, among others, ce of their campaign. At data service, in addition to a local data partnerships. offering advertisers targeted the same time, we also offer wide range of ready-made data MA well-thought-out reach, both in Dutch-speaking and regional advertisers the option of adverti- segments. Our data scientists combination of forces will only French-speaking Belgium. When sing on the best news sites, in combination help customers build target serve to strengthen the local digital establishing data partnerships, with strong social media. This combination groups that are tailored to advertising ecosystem. Such data the various parties will collect enhances the campaign’s results. The ad- their brand. The more targeted partnerships offer significant added and combine the data of their site vertiser uses the AdStudio tool of Mediahuis the campaign, the more value for advertisers, enabling visitors, subject to their consent. Belgium to determine which target groups relevant its message will be for them to reach a more defined Marketing professionals can use to reach within a specific region. In the next consumers and the better the target group, in a very targeted these data to develop even more phase, the AdStudio tool checks how the results it generates. Mediahuis and automated way. In Belgium, targeted campaigns. Readers are available budget can be used as efficiently as guarantees a transparent and Mediahuis entered a data alliance given the guarantee that their data possible. Material can be easily uploaded and respectful use of the available with Rossel, the publisher of the will not be passed on to third parties. campaign results monitored. data of readers and advertisers.

2321 Digital marketplaces

Digital marketplaces Economies of scale and synergies as a recipe for success

Digital marketplaces for recruitment, Paul Verwilt, CEO Mediahuis Digital Marketplaces real estate, automotive and relationships continue to grow at the international level, making a significant contribution income, making a substantial contribution to Mediahuis overall operating result. Market potential continues to be significant, to the financial results of Mediahuis. an opportunity that we want to capitalise on as much as possible. By providing platforms that match consumers with providers in addition to positioning ourselves more broadly in the market and playing a role of greater significance in the to generate added value for consumers. While value chain. For consumers, this means that we can help them Mediahuis has already made a great leap n recent years, global players have also find the right house but can also assist them with choosing forward in this respect, we all need to get even ‘The customer is entered these markets. Nonetheless, a mortgage or fire insurance policy. We want to be a reliable better at this.” Mediahuis has succeeded in claiming the partner for intermediaries, offering efficient platforms in at the centre of lead in multiple fields, across borders. addition to assisting them with their organisation and the This dominance has its roots in the management of their portfolio. Last year, we launched Zabun as Maximum synergies everything we do Igroup’s regional strength. In Flanders, we are the a full service for real estate agents, with tailor-made software In addition to ensuring that everything always no. 1 in the recruitment market with Jobat and applications, modules for building websites and tools for revolves around consumers at every level, Paul at Mediahuis’ Jellow and in the property market with Zimmo. valuations, prospection reports, etc. Verwilt sees economies of scale and synergy In the Netherlands, we have list positions Paul Verwilt, COO of Mediahuis Group, manages all our as the main recipe for success. “If you want with Gaspedaal, Autotrack, Relatieplanet, Jaap activities and developments in terms of digital marketplaces. to compete with global players, you have to and Jellow. CarsIreland, Propertynews and “In the past, our classified advertising was merely an advertising develop economies of scale and work together NIjobfinder are our strongholds on the Island model, designed to financially support our news brands”, says as much as possible, even with parties that of Ireland, together with the recent addition Paul. “Nowadays, it is still an important source of income, were your main competitor at one time. In 2019, of Mediahuis operate autonomously but always keep tabs of Cartell.ie and the start-up comparison but it also provides added value for major life events, such as Mediahuis and DPG Media brought together on what the others do, across national borders and areas of brand, Choosy. And in Luxembourg, we operate finding a job or a home, buying a car or finding a partner. The some of their strong brands to become even expertise. An initiative that proved successful in Ireland will not Wortimmo.lu and Jobfinder.lu. customer is at the centre of everything that Mediahuis does. bigger and more powerful: in Belgium, the DPG necessarily be transposed to other markets. It will, however, be We start from this same customer-centric philosophy for Media recruitment platform Vacature merged reviewed to see whether it contains elements that can be used the development of our digital marketplaces. We must assist with Jobat (Mediahuis). In the Netherlands, elsewhere. The greatest synergy is achieved at technological Consumer-centric philosophy consumers to achieve their dreams. If we succeed in doing this, Mediahuis and DPG Media decided to join level, however. Paul Verwilt: “Building the right technology is a Thanks to our market knowledge, commercial consumers are happy, remain loyal to us, which in turn benefits forces for automotive, creating a joint venture, difficult, time-consuming, and expensive process. If we can roll clout, and technological innovations, we were the advertisers that rely on our platforms. To maximally help called Automotive Mediaventions from the out innovations in our different markets, across various areas able to significantly strengthen our positions our customers, we must know them as much as possible. merger of AutoTrack (DPG) and Gaspedaal of expertise, such as jobs, real estate, automotive, etc., then the in recent years. This has generated more Which is why we collect, analyse, and transparently use data (Mediahuis).” The various digital marketplaces benefits are huge.” n

23 Multimedia

A multimedia Radio In addition approach to news to news There’s music in Mediahuis brands and entertainment adio continues to be a with a market share of 16.7% popular fixture on the and a total reach of more than and digital Rmedia landscape. Digital 608,000 listeners every day. In In addition to news brands and digital marketplaces, Me- audio broadcasting (DAB+) has Flanders, Nostalgie’s market marketplaces, diahuis has a wide range of other media and media-rela- become the new standard as share is 7.4%, or the equivalent of ted activities in its portfolio. The offering is diverse and dif- a result of the technological a daily reach of approx. 465,000 Mediahuis ferent, in every country. The various brands and activities evolution, increasing the impact listeners. At the end of 2018, has a wide operate autonomously, like the news titles. Where there of this medium among listeners Mediahuis launched the new are opportunities to strengthen each other – in terms of and advertisers in leaps and radio channel NRJ in Flanders. range of content, sales, or technology - this also happens. Always bounds. Mediahuis has four The station is part of the largest with respect for the DNA of every brand. radio channels in its portfolio: international radio network NRJ, other media Nostalgie in Dutch and French- which broadcasts in more than speaking Belgium, NRJ and 15 countries, including Germany, in its Radio Latina. The group intends Sweden, France, and Russia. NRJ to further grow this activity in the Flanders plays popular music, portfolio. future. targeting an audience of active listeners between the ages of 14 Feel-good music programmes and 44 years of age. The channel Nostalgie is the preferred music broadcasts on FM, online and via channel for adult listeners in cable. In Luxembourg, Saint-Paul Dutch and French-speaking Luxembourg has a presence Regional television Belgium. It broadcasts music in the radio market with the from the sixties to the nineties interactive and multicultural all day, alternated with more radio channel Radio Latina. This An eye on local news recent hits. The feel-good music Portuguese-language channel programmes are interspersed was founded in 1992, reaching In Belgium, Mediahuis has four important source of information in with own news broadcasts. approximately 67% of the regional TV channels in its port- their respective broadcasting areas, In French-speaking Belgium, Portuguese-speaking community folio, namely ATV, TVL, TV OOST because of the solid regional journa- Nostalgie is the market leader, in Luxembourg every week. and ROBtv. These channels are an listic reporting.

Magazines

A wide range of magazines

herever Mediahuis has trendy target audiences. In Belgium, a presence, the group Mediahuis publishes the popular free Keesing Wpublishes magazines. magazine Jet and a digital magazine Most of its magazine activity is Gezondheid / PassionSanté, which centred in the Dutch market. The is a leading resource for medical From puzzle magazines portfolio includes Privé, the number topics and a healthy lifestyle in the one for all entertainment news; broadest sense of the word. Saint- to digital publications Vrouw, a bimonthly glossy for active Paul Luxembourg publishes Télécran, Cycling women; and Autovisie, the favourite Contacto and Auto Moto, among Mediahuis participates in Keesing Media Group, an magazine of every car enthusiast. The others. Within INM, magazine titles Flanders Classics was founded in 2009 and marked international publisher of puzzle magazines. Keesing is a magazines of Wayne Parker Kent are include the popular weekly Irelands the start of a thorough professionalisation of cycling monument in the world of puzzle magazines but also focuses all digital magazines: titles such as Own, as well as Ulster Business, in Flanders. Mediahuis has a 50% stake in Flanders on digital brain training applications for young people, adults Famme, Culy, Manners and NSMBL, Ulster Grocer and Hospitality Review Classics, world’s third largest organiser of professional and seniors. which mainly focus on young, NI in Northern Ireland. road cycling races.

2325 Diversification

Exploring new horizons Accelerated growth trough partnerships

The vision and ambition of Mediahuis are crystal clear: soon a handful of large companies will dominate the media market in Europe, and Mediahuis will be one of them.

hat is why we have opted for a diversification strategy, in addition to a leadership role in the media industry. becoming increasingly important in a company’s We want to focus on new growth markets and growth process. Lepaya has specialised in this business models, to widen the scope of the group’s area of expertise, working with an international development potential. team of training experts, who are in charge TMediahuis has already taken a number of important steps in of developing the content of its training this respect, with its stakes in the American company Mather the pricing of their subscriptions. These growth in the European market. The strategic partnership with programmes. Lepaya also has a development Economics and the Dutch scale-up Lepaya. customers, in turn, serve 30 million households, Mediahuis will enable the company to accelerate its ambitious team that develops its own software and with a total turnover of 4 billion USD. Thanks to growth plans. For Mediahuis, the participation in the American applications. The majority of the training its operational expertise, Mather has become the consultancy is a first but important step in the growth market of sessions is organised online using Lepaya’s own Mather Economics expert for subscription-driven business models media technology. platform. Mather Economics, a consulting firm based in Atlanta, was and the analytical approach of digital target Lepaya’s blended training model, combining founded in 2002 and is one of the fastest-growing companies in groups. online and classroom training for soft skills the United States. It specialises in yield management, a strategy Mather Economics operates in sectors such as Lepaya and focusing on results, is also an international that strives for the highest possible return. Mather has developed e-commerce, sports, lotteries, digital services, In 2020, Mediahuis invested in Lepaya, a promising scale-up success. The capital injection by Mediahuis will analytical tools that help companies gain more insight into their and telecom. It has also developed extensive specialised in soft skill training to develop personal skills. With its enable Lepaya to accelerate its growth, both in customers’ behaviour. It advises companies on the development expertise in the publishing industry, helping participation in Lepaya, our group took its first steps in the fast- the Netherlands and internationally. At the same and implementation of pricing strategies aimed at increasing sales publishers to build long-term relationships with growing market of education technology. The development of soft time, this investment enables Lepaya to further and customer loyalty. print and digital subscribers and advertisers. skills - personal skills such as powerful communication, coaching develop its training offering and the underlying Mather has approximately 500 customers worldwide, optimising In recent years, Mather has achieved significant leadership, coping with stress or effective team leadership - is technology. n

2723 Printing and distribution

Printing and distribution State of the Art and futureproof

The sight of hundreds of thousands of newspapers We use 130,000 tons rolling off the presses at a rapid pace never fails of paper every year, of to impress. Meanwhile, the man-sized newsprint which 90% is recycled rolls patiently wait their turn to be printed with and 10% is sourced the latest news. Every day, the Mediahuis printing from sustainably facilities provide the backdrop for this enchanting managed forests spectacle.

2923 Sustainability

ediahuis has printing facilities in Belgium, Reach Group Mediahuis and sustainability the Netherlands, Ireland, and Luxembourg. Anyone who wants to be future-proof, should focus on sustainability. This commitment is apparent on all the printing Newspaper Msites of our group. Paul Huybrechts, the director of Printing distribution and The three & Distribution at Mediahuis: “Ninety percent of the paper that is used in all our printing facilities for the newspapers much more and magazines of Mediahuis is recycled paper. The remaining pillars of 10% - which is mainly used for our magazines – comes from The Irish Reach Group, a subsidiary of sustainably managed forests. But the biggest challenge for Independent News & Media (INM), is a sustainable printing companies is not the paper. It’s the leading distribution and retail service distribution of our titles. We must reduce the CO2 emissions company. Reach has an extensive transport corporate associated with this. In the following years, we will focus on network, supplying more than 6,000 points ways of greening our transport.” Also our energy policy is a of sale. The company also delivers to the permanent concern for the Mediahuis printing facilities. “We hospitality industry, schools, hospitals, chemists, etc. Reach Group has five responsibility monitor our energy consumption and strive for continuous improvement”, says Huybrechts. “Inevitably some sites divisions: Reach Retail Services, Reach have made more progress than others. The printing facility Merchandising, Reach Stationary, Reach Green in Beringen (Belgium) has solar panels on its roof, which Books and Newspread, the most important transition account for 5% of its energy consumption. The wind turbine distribution organisation for newspapers and In recent years, Mediahuis has made a sustained next to it generates 50% of the site’s energy requirements. magazines in Ireland. effort in terms of Corporate Social Responsibility But more importantly, our employees also need to focus on sustainability and work on making progress together.” The (CSR), wanting to be a pioneer. Our sustainability printing facilities have to contend with a very variable paper supply. “We are constantly balancing shortages and surpluses. approach focuses on three pillars. Demand for paper is continually dropping around the world but factories don’t always close down when the demand dries up, resulting in oversupply and a drop in prices. But things can change at the drop of a hat. Our procurement strategy is all about diversification, to ensure that we never depend on one manufacturer.” If you think about the enormous quantity Mediahuis wants to be a clima- of reading materials that we must deliver to consumers every Unlocking te-neutral – and by 2035 even a day, this is quite an impressive feat to pull off. In good times Journalism talent climate-positive – organisation. To and bad times, regardless of the weather: Mediahuis is always that matters this end, the net CO2 emissions at the service of its readers. n of the printing and distribution of newspapers, of the offices and of transport must be reduced to zero. We examine the environmental impact of our use of paper and other materials for printing. Where paper is How we do it: concerned, we believe in responsi- ble forest management, short trans- port distances, and the maximum Every day Mediahuis prints 1.5 million newspapers, half of which are destined reuse (recycling) of paper. for the Dutch market, 30% for Belgium, 15% for Ireland, and 5% for Luxembourg. The company continually checks Mediahuis also has a mobility Mediahuis wants to have a positive how everyone can give their best programme for its employees, To print this tremendous quantity of newspapers and magazines, Mediahuis impact on people and society with performance and feel good on encouraging them to avoid travel as uses 130,000 tons of paper annually, of which 90% is recycled and 10% from its journalistic products. In an era the job, ensuring that everyone much as possible or to choose more sustainably managed forests. where fake news continues to be makes the most of their talent. sustainable and greener transport a problem, Mediahuis invests in The development and the vitality options. By making adjustments to To fill all these newspapers with compelling articles, we use 1,800 tons of ink. quality journalism and pluralism. of its employees are key in this its corporate car policy, the compa- By making changes to its printing process, Mediahuis was able to reduce its ink Both with the tremendous diversity respect. Increasing diversity is just ny has created incentives for hybrid consumption by 3% per m² of paper printed in the past year. of its titles and with the many as important, as part of Mediahuis’ and electric cars. Energy usage is different voices that are given a effort to become a more inclusive also continually monitored and is as platform in these titles. employer. green as possible.

2331 Interview with HR director Martine Vandezande

When you sit down for an interview with an HR Director, you don’t expect her to be the co-founder of Pukkelpop, one of Europe’s biggest music festivals, and still be very actively involved in the festival’s organisation. But this suits an energetic personality like Martine Vandezande to a tee. An HR director who is bursting with ideas and who works tirelessly every day, putting all her passion into securing a healthy future for Mediahuis. She summarises her views in four statements.

HR-director Martine Vandezande ‘We mainly focus on people’s talent and skills’

Mediahuis is continuously looking for collaborations, benefit from this. But despite these connections, with different countries, cultures, and a wide variety we always pay attention to the brand identity 1of brands. of all our titles. We are one company, but the “It’s true that Mediahuis grew very quickly, in a relatively short DNA of our strong brands, independently from period of time, requiring our employees to be flexible. I think each other, is equally important. We also work that transparency plays a crucial role in this. Openness is very together at the HR level, checking our common important. And we are very open. You can only collaborate goals at group level. How do we treat our talent? with each other when you share information with each other. Where do we find it and how do we retain it? We We already had experience doing this in Belgium. The fact want to set clear objectives for our employees. that various newspapers, which are each other’s competitors Not just quantitative objectives such as “we need to some extent, suddenly found themselves under one roof. to make this much of a profit” but also qualitative You can only benefit by working together effectively. Take goals. We also take the company culture into the tech departments. Why should they operate separately account. We want a tighter consultation and from each other? Where relevant, our ambition is to enforce meeting culture. These are some of the things homogeneous processes, across all the departments. that we are currently discussing. We can all learn Including for the editorial staff. It’s nice to see how they are from each other. And ultimately all that matters increasingly working together. Our readers only stand to is that we’re all working towards the same goal.”

2333 Financial results 2019

Room for the development of our portfolio and further investments in growth. ‘If you don’t develop yourself, Financial results 2019 you’ll run into In the rapidly transforming media landscape in recent years we have succeeded problems’ in linking strong growth, mainly driven by acquisitions, to solid financial results with a cautious financing policy.

A good balance between our Recurring operating income (in € mio) journalistic DNA, an efficient, 858 client-focused commercial policy, 819 well-considered investments and 642 continuous care for the efficiency 433 431 Mediahuis finds it important that employees understand of our processes are the basis for 285 how crucial continuous development is. our financial performance and the 2“If you don’t develop yourself, ultimately you’ll run into solid financial structure of the group. problems. A rule that applies to companies, as well as individuals. This makes us resilient to all the We are in a full digital transition. Our employees have to grow challenges that cross our path and 2014 2015 2016 2017 2018 2019 along with this. Half of our internal training programmes are gives us the necessary room for further related to digitisation. But getting our colleagues to attend these development of our current portfolio training sessions is a struggle. Perhaps we need to enforce this and investments in the expansion of Operational result * more rigorously, but I find this a tricky problem. I don’t like the the group in the coming years. (in € mio) word ‘obligation’. I believe that their immediate supervisors 65 53 54 55 should take the initiative and say ‘let’s do this together’. There 49 is so much we can all still learn. And things that look simple at plan for this. We no longer exclusively look Kristiaan De Beukelaer first glance can also be done better. We need to become much at people’s diplomas for example. Instead we CFO Mediahuis Group better at giving feedback to each other. Positive feedback, it’s mainly focus on their talent and skills.” 19 so easy, right? Everyone likes it. But if I tell you that you need to a do a better job on this interview next time, things will start Our organisation needs a ‘digital first’ to feel uncomfortable. Giving and receiving negative feedback mindset. 2014 2015 2016 2017 2018 2019 is difficult. But you learn from it. People need to learn to speak “We are working hard on this. As I 4 * Operating Result = REBITDA less depreciations, excluding amortization up when they don’t understand something. Sometimes they find already indicated, we have plenty of training (allocated) goodwill that very difficult. Some will be in a meeting and have no idea programmes for this. Digital skills are not what is being discussed. But they are afraid to say something. I age-related, meaning everyone can grow in always ask. I’m not stupid. If I don’t understand it, I can’t make this. We must rely on experts less. We tend Recurring net result before amortization 50 it work. And chances are that other people don’t understand to do this because you have faster access of (allocated) goodwill it either, or misinterpret it. Which is when you really have a to the knowledge when you do. And we are (in € mio) problem.” an attractive company for digital experts. 37 They like the diversity of a media company 31 Mediahuis still has plenty of ground to cover in terms of with a portfolio of different brands. But 29 diversity. we need to focus on training more. And if 25 3“Our goal is more diversity. Give the company more colour we hire someone with specific knowledge, in every respect. While this is a complex process, it does make the requirement should be that this person you stronger. We are currently working on this. We also want ensures that Jan, Mo, and Marieke have all more women in leadership positions but ultimately, it’s always acquired this knowledge by the time this 8 about quality. When I applied for the job, I immediately said: I external consultant leaves. Shadowing an don’t want to be your token female diversity hire. We now have expert and taking in their knowledge is the a clear vision on what we want to achieve and are developing a best training you can get.” n 2014 2015 2016 2017 2018 2019 image Frederik Beyens

2335 Financial results 2019

Consolidated balance sheet (in € mio) Consolidated income statement (in € mio)

31/12/19 31/12/18 2019 2018

Fixed assets 880,82 689,98 RECURRING OPERATING INCOME 857,95 819,18 Goodwill and intangible assets 609,86 510,62 Property, plant and equipment 161,58 93,04 Recurring operating expenses Companies accounted for using the equity method 60,91 48,36 Raw and auxiliary materials (54,61) (86,70) Financial fixed assets at fair value 16,69 15,23 Services and miscellaneous goods (397,44) (379,67) Deferred tax assets 20,03 18,74 Personnel expenses (285,13) (260,24) Other receivables 11,75 3,99 Other operating expenses (1,90) (1,95) (739,08) (728,56) Current assets 202,24 129,65 Inventories 9,90 5,33 Trade and other receivables 109,53 75,47 REBITDA 118,87 90,62 Tax receivables 1,13 9,48 Non recurring results (36,81) (5,45) Other current assets 13,75 11,89 Cash and cash equivalents 67,93 27,48 EBITDA 82,06 85,17 Depreciation and amortisation (75,74) (55,08) Assets held for sale 19,17 32,31 Impairment losses and book losses (5,18) (2,40)

TOTAL ASSETS 1.102,23 851,94 Operating profit 1,14 27,69 Results from financial assets 0,35 0,44 Equity attributable to shareholders 324,57 311,47 Other financial income 0,69 0,29 Financial costs (7,34) (7,39) Minority interest 0,50 0,83 Share in the profit (loss) of companies consolidated using the equity method 5,01 1,51

Non-current liabilities 368,01 242,13 Subordinated loans 20,00 33,88 Result from continuing operations before tax (0,15) 22,54 15,19 5,58 Interest-bearing loans and other non-current borrowings 245,79 116,77 Profit tax Derivative financial instruments 0,10 0,18 Employee benefits 29,70 4,43 Net result from continuing operations 15,04 28,12 Provisions 35,58 32,50 Result from discontinued operations, net of tax 0,00 0,05 Other non-current liabilities 0,63 0,00 Deferred tax liabilities 36,21 54,37 NET RESULT 15,04 28,17 Allocated to: Current liabilities 409,15 297,51 Minority shareholders 14,72 28,30 Interest-bearing loans and other current borrowings 80,04 38,45 Shareholders of the group 0,32 (0,13) Derivative financial instruments 0,05 0,05 Trade and other payables 81,96 68,45 Advances received 94,44 100,36 NET RECURRING OPERATING RESULT BEFORE AMORTISATION (ALLOCATED) GOODWILL 50,1 36,8 Provisions 34,76 8,17 Tax liabilities 1,58 11,47 Employee-related liabilities 66,37 45,09 Other current liabilities 49,95 25,47

TOTAL EQUITY AND LIABILITIES 1.102,23 851,94

Net financial debt * 181,20 127,74 Net financial debt / REBITDA 1,52 1,41

For all graphs: figures in millions of euros Mediahuis prepares a consolidated financial statements applying IFRS. The financial year covers the period 01-01-2019 to 31-12-2019. The comparative figures For all graphs: figures in millions of euros covers the period 31-12-2017 to 31-12-2018. Mediahuis prepares a consolidated financial statements applying IFRS. The financial year covers the period 01-01-2019 to 31-12-2019. The comparative figures * Interest-bearing loans and borrowings, excluding lease liabilities IFRS 16, minus cash and cash equivalents. covers the period 31-12-2017 to 31-12-2018.

2337 Board of Directors

Chairman Thomas Leysen

Vice-Chairman Robert Ceuppens

Directors Jan Baert Arian Buurman Bruno de Cartier Patrick Hermans Peter Hinssen Jan Suykens Guus van Puijenbroek Philippe Vandeurzen Philippe Vlerick

Mediahuis Group Team Management Committee Top row, from left to right: Geert Steurbaut - Secretary-General Mediahuis Group Rien van Beemen - CEO Mediahuis the Netherlands Gert Ysebaert - CEO Peter Soetens - CDI Mediahuis Group Paul Verwilt - COO Dominic Stas - CEO NRC Media Kristiaan De Beukelaer - CFO Martine Vandezande - Group HR Director

Lower row, from left to right: Kristiaan De Beukelaer - CFO Mediahuis Group Koen Verwee - CEO Mediahuis Belgium Gert Ysebaert - CEO Mediahuis Group Paul Verwilt - COO Mediahuis Group Marc Vangeel - CEO Independent News & Media Paul Peckels - CEO Saint-Paul Luxembourg (not in the picture)