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Prosiebensat.1 Media (PSM) investor relations material

Prosiebensat.1 Media Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Group revenues declined by 7% in Q2 2025 and 4% in H1 2025 year-over-year, mainly due to weak TV advertising, macroeconomic headwinds, and portfolio changes.

  • Adjusted EBITDA dropped 40% year-over-year in both Q2 and H1, impacted by lower high-margin TV ad revenues and the sale of Verivox.

  • Joyn achieved record user and watch time growth, with AVOD revenues up 62% year-over-year in Q2 2025.

  • Management confirmed full-year 2025 revenue and adjusted EBITDA targets, but expects EBITDA below the midpoint of the range.

  • Senior Facilities Agreement extended to 2029, with €250M prepayment from disposals, supporting long-term financing.

Financial highlights

  • Q2 2025 group revenues: €840M, down 7% year-over-year; H1 2025: €1.695B, down 4%.

  • Adjusted EBITDA: €55M in Q2 (down 40%), €99M in H1 (down 40%).

  • Adjusted net income: €14M in Q2, €0 in H1, with positive tax income partially offsetting profit decline.

  • Adjusted operating free cash flow: -€6M in Q2, -€50M in H1, impacted by earnings decline and higher programming investments.

  • Net financial debt at Q2 end: €1.541B, down €54M year-over-year; leverage ratio at 3.1x.

Outlook and guidance

  • Full-year 2025 group revenue target: ~€3.85B ±€150M; adjusted EBITDA guidance specified below midpoint of €520M ±€50M.

  • Entertainment advertising revenues in DACH expected to decline slightly year-over-year, versus prior guidance of 2% growth.

  • Anticipates moderate recovery in high-margin entertainment advertising in H2, supported by economic forecasts.

  • Leverage ratio targeted at 2.5–3.0x by year-end, with medium-term goal of 1.5–2.5x.

  • Deferred tax income from group merger to positively impact adjusted net income.

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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.

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