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Prosiebensat.1 Media (PSM) investor relations material
Prosiebensat.1 Media Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Group revenues reached €820m in Q3 2025, down 7% year-over-year, mainly due to a weak TV ad market and Verivox deconsolidation.
Adjusted EBITDA was €76m in Q3 2025, a 27% decline year-over-year, driven by lower high-margin advertising revenues and portfolio changes.
Joyn AVOD revenues grew 42% year-over-year, supporting stable digital and smart advertising revenues.
MFE increased its stake to 75.61%, triggering a change of control, new financing, and executive leadership changes.
Adjusted net income in Q3 2025 was €91m, benefiting from deferred tax asset capitalization.
Financial highlights
Q3 2025 revenues: €820m (down 7% year-over-year); nine months: €2,515m (down 5%).
Adjusted EBITDA: €76m in Q3 (down 27%); €174m for nine months (down 35%).
Adjusted net income: €91m in Q3, with a positive tax effect; net income for nine months was negative at €-48m due to one-time items.
Net financial debt as of September 30, 2025, was €1,531m; leverage ratio at 3.3x.
Adjusted operating free cash flow was -€9m in Q3 2025.
Outlook and guidance
2025 revenue guidance confirmed at €3.65bn–€3.80bn; adjusted EBITDA expected between €420m and €450m.
Entertainment advertising DACH revenues expected to decline mid-single-digit percentage for the year.
Adjusted net income will be positively influenced by deferred tax income.
Financial leverage expected between 3.0x and 3.5x by year-end.
Assess the new financing's impact on debt covenants
How is Joyn's growth offsetting TV ad decline?
Quantify restructuring impact on cash flow
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Next Prosiebensat.1 Media earnings date
Q4 202526 Mar, 2026
Next Prosiebensat.1 Media earnings date
Q4 202526 Mar, 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.
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