MFE-Mediaforeurope (MFEB) Q2 2025 earnings summary

Executive summary

• Consolidated net revenues for H1 2025 were €1,436.8m, down 2.7% year-over-year, with stable advertising sales despite a challenging macroeconomic environment.

• Operating result (EBIT) was €105.6m, a 22.5% decrease from H1 2024.

• Group net profit rose 24.4% to €130.2m, marking ten consecutive six-month periods of positive results, aided by a reversal of impairment on the ProSiebenSat.1 investment.

• Free cash flow increased 13.9% to €254.4m, and net financial debt was reduced to €620.0m.

• Completion of the takeover bid on ProSiebenSat.1 is seen as a strategic milestone for European expansion.

Financial highlights

• Gross advertising revenues were €1,423.5m (-0.7% year-over-year); Italy grew 2.0% while Spain declined 8.0%.

• EBITDA was €319.2m, down 10.6% from H1 2024.

• Adjusted group net profit (excluding ProSiebenSat.1 effects) was €80.7m, down 19.3% year-over-year.

• Investments totaled €287.8m, and dividends paid amounted to €151.1m.

• Net financial debt reduced to €620.0m from €691.5m at year-end 2024.

Outlook and guidance

• Management expects performance in the coming months to align with the prior year, targeting positive operating result, net result, and free cash flow on a like-for-like basis.

• Consolidation of ProSiebenSat.1 results will occur in Q4 2025, with continued market and advertising challenges anticipated in Germany.

• Advertising sales in Italy showed substantial growth in July and August, while Spain remained weak.