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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
ProSiebenSat.1 Media
ProSiebenSat.1 Media (PSM) investor relations material
ProSiebenSat.1 Media Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2026
Executive summary
Group revenues for H1 2026 declined 9% year-over-year to €1,544 million, mainly due to lower TV advertising and portfolio disposals, but digital advertising and flaconi growth partially offset declines.
EBITDA rebounded to €124 million in H1 2026, up €152 million year-over-year, driven by significant cost reductions, lower programming and personnel expenses, and strategic disposals.
Net financial debt improved to €1,467 million as of June 30, 2026, with leverage at 3.2x, within the target range.
Major disposals, including Studio71 US and other non-core assets, sharpened focus on core Entertainment and led to a new segment structure: Entertainment and Commerce & Dating.
Full-year 2026 outlook confirmed, expecting slight organic revenue growth and significant EBITDA increase, with stable net financial debt.
Financial highlights
H1 2026 revenues: €1,544 million (down 9% year-over-year); Q2 revenues: €768 million (down 8.5–9%).
EBITDA: €124 million in H1 2026 (up €152 million year-over-year); Q2 EBITDA: €80 million (up €102 million year-over-year).
EBIT improved to €42 million in H1 2026 (up €171 million year-over-year), returning to positive territory.
Net income in H1 2026 was -€26 million, a €98 million improvement year-over-year.
Free cash flow before M&A was €27 million in Q2 2026, reflecting EBITDA improvement and lower CapEx.
Outlook and guidance
Full-year 2026 outlook confirmed: moderate reported revenue decline, slight organic growth, and significant EBITDA increase expected.
Entertainment segment revenues expected to decrease slightly, offset by Commerce & Dating segment organic growth.
Leverage target range remains 3.0x–3.5x EBITDA, with net financial debt expected to remain stable.
Total video reach projected to decline slightly due to major sporting events aired by competitors.
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Latest events from ProSiebenSat.1 Media
- AGM focused on digital growth, cost savings, board renewal, and robust governance amid market headwinds.PSM
AGM 2025 - Strategic refocus, cost discipline, and digital growth drive improved results and future plans.PSMAGM 2026
- EBITDA surged despite revenue decline, driven by cost control and digital growth.PSMCorporate presentation
- EBITDA surged to EUR 44m despite a 9% revenue drop, driven by digital growth and cost efficiency.PSMQ1 2026
- FY 2025 saw revenue decline but strong digital growth, debt reduction, and robust ESG progress.PSMCompany presentation
- 2025 met guidance amid revenue decline; 2026 targets EBITDA growth and €130M cost savings.PSMQ4 2025 (Media)
- Cost discipline and asset disposals support EBITDA growth amid advertising market challenges.PSMQ4 2025
- Revenue and EBITDA rose in Q2 2024, with digital and Commerce & Ventures driving growth.PSMQ2 2024
- Q1 revenues stable at EUR 855m; digital and Commerce gains offset TV ad weakness; FY outlook confirmed.PSMQ1 2025
Next ProSiebenSat.1 Media earnings date
Q3 202612 Nov, 2026
ProSiebenSat.1 Media
Next ProSiebenSat.1 Media earnings date
Q3 202612 Nov, 2026
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Frequently asked questions
ProSiebenSat.1 Media SE, through its subsidiaries, operates as a television broadcasting company in Germany; and operates as an integrated media company in Europe. The company engages in the production, broadcast, and distribution of television content, mainly in the fields of entertainment and general interest. Its channels include ProSieben, SAT.1 Gold, kabel eins, sixx, Sat.1 emotions, Sat.1 comedy, Sat.1 drama, and VOX.