Industry

ProSiebenSat.1 Media SE closed the third quarter of 2025 in line with its adjusted expectations, as the group continues to face a weak advertising environment and broader economic uncertainty. Group revenues fell by 7% to EUR 820 million in the quarter and by 5% to EUR 2,515 million for the first nine months, reflecting the deconsolidation of Verivox and cautious ad spending. On an organic basis, revenues declined by 2%.

The Entertainment segment, which includes the core TV and streaming operations, reported external revenues of EUR 546 million in Q3, down 6% year-on-year. However, the streaming platform Joyn continued to outperform, with AVoD advertising revenues surging 42% in the quarter and 48% in the nine-month period. Joyn’s reach and engagement also rose sharply, averaging 7.7 million monthly users (+13%) and 42% higher viewing time. ProSiebenSat.1’s linear TV channels increased their market share among 20–59-year-olds to 20.7%.

In the Commerce & Ventures segment, revenues dropped by 5% to EUR 208 million due to the Verivox sale, but grew 16% organically thanks to strong performance from beauty retailer flaconi. Meanwhile, the Dating & Video division (ParshipMeet Group) saw revenues fall 23% amid consumer restraint and a competitive market, particularly in Germany and the US.

Adjusted EBITDA fell 27% to EUR 76 million in Q3 and 35% to EUR 174 million in the first nine months, mainly due to the drop in high-margin TV ad revenues and the loss of Verivox contributions. Nevertheless, adjusted net income rose to EUR 91 million, boosted by deferred tax income following the merger of Seven.One Entertainment Group into Joyn GmbH, which unlocked significant tax loss carryforwards.

Financially, the company remains stable despite the ownership change following MFE-MEDIAFOREUROPE’s acquisition of a 75.6% stake. ProSiebenSat.1 secured a new EUR 2.1 billion financing package with international banks, ensuring liquidity after the change of control. Net financial debt stood at EUR 1.53 billion as of September 30, 2025, slightly below the previous year’s level.

Looking ahead, ProSiebenSat.1 expects continued economic uncertainty and modest advertising declines in Q4, its strongest quarter. The company confirmed its full-year revenue guidance of EUR 3.65–3.80 billion and narrowed its adjusted EBITDA forecast to EUR 420–450 million. While profitability remains under pressure, the group anticipates adjusted net income to exceed last year’s level thanks to tax effects.