We had a good 2024, a financial year in which our strategy of recent years, our operational strength, and our broad international positioning once again paid off. Almost all businesses contributed to this success. Despite the sale of Majorel, which had an earnings effect of €311 million, our operating result remained at the previous year’s high level of €3.1 billion. Group profit exceeded €1 billion for the tenth consecutive year. At €2.1 billion, our investment activity was the highest it’s been in 20 years.

Bertelsmann has a solid financial position. For the financial year 2025, we expect our current businesses to achieve revenue growth of 4 to 5 percent and an increase in earnings.