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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.
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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