Industry

MFE–MediaForEurope delivered an exceptionally strong performance in the first nine months of 2025, with net profit surging to €243.1 million, more than double the €96.2 million recorded a year earlier. The Group also generated €348.9 million in free cash flow, marking a 9.4% increase compared to 2024.

CEO Pier Silvio Berlusconi highlighted; “Despite the very complex TV market in Spain and the impact of ProSiebenSat.1's financials, which we have just begun work on, MFE continues to grow and exceed forecasts. Even after the third quarter, historically the weakest of the year, we closed the nine months with increased profits and improved cash flow generation of around 10%, thanks to our management focus and cross-media strategy. These are clear signs of MFE's growing international strength. After Italy and Spain, we are confident that our work in Germany will further solidify the group and create value for all shareholders over time. The significant increase in Mediaset's audience in Italy, in such a crowded and competitive market, is also notable. All of this demonstrates that we are on the right track and that the group has the capacity and energy to continue growing."

The Group’s performance reflects the resilience of its industrial model, with solid operating and net margins. Mediaset also recorded significant audience growth in Italy, improving both its 24-hour and prime-time shares and further widening its lead over competitors. In the third quarter, MFE completed its acquisition of ProSiebenSat.1, whose full consolidation will impact results starting from the last quarter of the year.

While consolidated revenues slightly declined to €1.94 billion, advertising revenues in Italy rose +1.4%, outperforming a declining national market. Spain remained negative. Operating costs were stable, and the Group continues to maintain a solid financial position.

Looking ahead, MFE expects full-year operating profit, net profit, and free cash flow to remain positive, although visibility remains limited due to the global economic context and the integration of ProSiebenSat.1.