Germany · Delayed Price · Currency is EUR ProSiebenSat.1 Media SE Earnings Call Transcripts
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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2025 saw revenue and EBITDA declines due to advertising headwinds, but cost discipline and asset sales improved net debt. 2026 guidance targets stable entertainment revenue, significant EBITDA growth from €130 million in cost savings, and a continued focus on multi-platform reach and deleveraging.
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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 meeting reviewed 2024's modest revenue growth amid a weak ad market, major cost-cutting, and digital transformation. Board changes, a low dividend, and compliance actions were addressed, with strategic focus on streaming and operational efficiency.
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Q1 2025 revenues were stable at EUR 855 million amid a tough macro environment, with strong growth in commercial ventures (flaconi) offsetting declines in entertainment and dating/video. Full-year guidance is confirmed, with improvements expected in H2 2025 and continued focus on digital growth and portfolio optimization.
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.