MFE-Mediaforeurope (MFEB) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw consolidated net revenues of EUR 671.8 million, down 4.0% year-over-year, with stable advertising sales in Italy and a decline in Spain.

• Group net profit reached EUR 51.4 million, up from EUR 16.8 million in Q1 2024, mainly due to a one-off gain from the ProSiebenSat.1 investment.

• Free cash flow increased 19.1% to EUR 253.6 million, reducing net financial debt to EUR 460.9 million.

Financial highlights

• Consolidated net revenues: EUR 671.8 million (Q1 2025), down from EUR 699.8 million (Q1 2024).

• Operating result (EBIT): EUR 6.3 million, down from EUR 23.5 million year-over-year.

• Group net profit: EUR 51.4 million, up from EUR 16.8 million, driven by a EUR 63.1 million gain from ProSiebenSat.1.

• Adjusted group net profit (excluding ProSiebenSat.1): EUR 6.8 million, down from EUR 16.3 million.

• Free cash flow: EUR 253.6 million, up from EUR 213.0 million.

Outlook and guidance

• Italian advertising revenues rose over 2% in April and May, exceeding expectations.

• Spanish advertising sales remain negative for the first five months, reflecting a tough comparison base.

• Group expects a more favorable advertising trend in both markets for the remainder of the year, supported by major sports broadcasting rights.

• Annual targets for positive operating result, net result, and free cash flow are confirmed, contingent on improved macroeconomic conditions in H2.