MFE-Mediaforeurope (MFEB) investor relations material

Executive summary

• Net consolidated revenues reached €1,463.1 million in Q1 2026, reflecting the full consolidation of P7S1, but declined 4.5% year-over-year on a pro forma basis.

• EBITDA increased 29.6% year-over-year to €241.3 million, driven by operational efficiency.

• EBIT turned positive at €13.6 million, up from a pro forma loss of €50.1 million in Q1 2025.

• Net profit loss narrowed to €26.1 million from €41.3 million pro forma, a 36.8% improvement.

• Significant cost reductions and efficiency measures supported profitability despite a challenging macroeconomic and advertising environment.

Financial highlights

• Net advertising revenues fell 4.7% year-over-year to €1,016.9 million, with Italy stable at €454.5 million and Spain down 3.4%.

• Total OPEX decreased by 9.3% to €1,221.8 million, supporting margin expansion.

• Free cash flow was €19.3 million, with Italy and Spain contributing €189.8 million, while P7S1's free cash flow remained negative.

• Net financial position improved to €2,660.5 million from €2,700.1 million at year-end 2025, and adjusted net financial debt for covenant purposes was €808.6 million.

• Group free cash flow was €162.4 million, down from €217.0 million year-over-year.

Outlook and guidance

• Q2 expected to be impacted by economic uncertainty and the FIFA World Cup, but early trends show improvement in Spain and DACH, with Italy remaining resilient.

• Management anticipates further financial and cash generation improvements, especially in Q4 2026.

• 2026 is a transition year focused on strengthening the European advertising market position and operational efficiency.

• Pro-forma figures assume full consolidation of P7S1 from January 1, 2025, for comparability.