MFE-Mediaforeurope (MFEB) Q2 2026 earnings summary

Executive summary

• Net consolidated revenues declined 6.1% year-over-year to €2,951.4 million in H1 2026, mainly due to lower advertising sales, asset disposals, and macroeconomic/geopolitical uncertainty, with the FIFA World Cup negatively impacting advertising demand.

• Adjusted EBIT surged to €145.7 million, a €153 million improvement from a pro forma loss of €7.3 million in H1 2025, driven by cost efficiencies and lower non-recurring charges.

• Adjusted net profit rose to €50.5 million from €6.9 million pro forma, while reported net profit was negative at €-6.4 million due to PPA amortisation and legal expenses.

• Digital transformation accelerated, with digital platforms reaching over 32 million viewers, 15 million monthly logged-in users, and double-digit digital revenue growth.

• Net financial position improved to €857.1 million at June 30, 2026, reflecting strengthened financial structure and cash generation.

Financial highlights

• Consolidated net revenues: €2,951.4 million (H1 2026), down from €3,142.0 million pro forma (H1 2025).

• Adjusted EBIT: €145.7 million (H1 2026) vs. €-7.3 million pro forma (H1 2025); reported EBIT: €64.3 million.

• Adjusted net profit: €50.5 million (H1 2026) vs. €6.9 million pro forma (H1 2025); reported net profit: €-6.4 million.

• EBITDA: €519.9 million (H1 2026), up from €480.4 million pro forma in H1 2025.

• Net financial debt: €2,702.3 million at June 30, 2026, stable from year-end.

Outlook and guidance

• Full-year 2026 guidance confirmed, with continued focus on cost efficiency, capital discipline, and digital transformation.

• Q3 2026 advertising revenue expected to decline low single digit year-on-year, with Italy remaining resilient and digital/Connected TV investments growing double digit.

• Full-year performance will depend on Q4, especially in Germany, but guidance for improved operating profitability and cash generation versus 2025 pro forma is confirmed.

• Expected total efficiency gains for 2026 are between €120 million and €160 million, with further progress anticipated.

• Leverage guidance confirmed, targeting around 1x net debt/EBITDA for Italy and Spain in the next couple of years.