Germany · Delayed Price · Currency is EUR ProSiebenSat.1 Media SE Earnings Call Transcripts
Fiscal Year 2026
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The AGM highlighted a strategic refocus on entertainment, strong cost discipline, and improved profitability despite macroeconomic headwinds. Board changes, a EUR 0.05 dividend, and a reduction in Supervisory Board size and compensation were approved. Digital transformation and local content remain top priorities.
Fiscal Year 2025
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2025 results met guidance despite revenue and advertising declines, with strong cost discipline and portfolio restructuring. 2026 targets slight revenue growth, significant EBITDA improvement, and €130 million in cost savings, while maintaining a stable dividend and leverage ratio.
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FY 2025 saw revenue and EBITDA declines due to advertising market weakness, but strict cost discipline and asset sales improved net debt. For 2026, significant cost savings are targeted, with stable entertainment revenue and EBITDA growth expected despite ongoing macroeconomic and industry headwinds.
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Group revenues and adjusted EBITDA declined year-over-year due to weak TV ad markets and portfolio changes, but digital and AVOD segments, especially Joyn, showed strong growth. Management expects a gradual ad market recovery in H2 2025 and confirms full-year targets, with Flaconi and Joyn as key growth drivers.
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The AGM highlighted solid financial results in a challenging market, with revenue and EBITDA growth, a minimal dividend, and major cost-saving initiatives. Leadership changes and board elections were addressed, alongside strategic focus on digital transformation and asset divestments. Shareholder engagement and governance reforms were emphasized.
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Q1 2025 revenues were stable at EUR 855 million amid a tough macro backdrop, with strong growth in commercial ventures offsetting declines in entertainment and dating/video. Adjusted EBITDA fell 39% to EUR 44 million. Full-year guidance is confirmed, with H2 expected to drive recovery.
Fiscal Year 2024
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Revenue grew 2% to EUR 3.918 billion in 2024, driven by strong digital and Commerce & Ventures performance, offsetting TV ad declines. Joyn AVOD revenues surged 36%, while Adjusted EBITDA fell 4% to EUR 557 million. 2025 guidance targets EUR 4 billion revenue and stable EBITDA.
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Group revenues rose 3% to €2.66B in the first nine months, with strong Commerce and Ventures growth offsetting TV ad and Dating/Video declines. Adjusted EBITDA is up 10% for the period, but Q3 was weaker, and full-year EBITDA is now expected below target due to a soft TV ad market.
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Q2 2024 saw 5% revenue growth and a 14% rise in adjusted EBITDA, driven by strong digital and commerce segments. Joyn's user base and ad revenues surged, while the company confirmed its full-year guidance despite headwinds from major sports events and increased programming costs.