ProSiebenSat.1 Media (PSM) Q2 2026 earnings summary

Executive summary

• Group revenues for H1 2026 declined 9% year-over-year to €1,544 million, mainly due to lower TV advertising and portfolio disposals, but digital advertising and flaconi growth partially offset declines.

• EBITDA rebounded to €124 million in H1 2026, up €152 million year-over-year, driven by significant cost reductions, lower programming and personnel expenses, and strategic disposals.

• Net financial debt improved to €1,467 million as of June 30, 2026, with leverage at 3.2x, within the target range.

• Major disposals, including Studio71 US and other non-core assets, sharpened focus on core Entertainment and led to a new segment structure: Entertainment and Commerce & Dating.

• Full-year 2026 outlook confirmed, expecting slight organic revenue growth and significant EBITDA increase, with stable net financial debt.

Financial highlights

• H1 2026 revenues: €1,544 million (down 9% year-over-year); Q2 revenues: €768 million (down 8.5–9%).

• EBITDA: €124 million in H1 2026 (up €152 million year-over-year); Q2 EBITDA: €80 million (up €102 million year-over-year).

• EBIT improved to €42 million in H1 2026 (up €171 million year-over-year), returning to positive territory.

• Net income in H1 2026 was -€26 million, a €98 million improvement year-over-year.

• Free cash flow before M&A was €27 million in Q2 2026, reflecting EBITDA improvement and lower CapEx.

Outlook and guidance

• Full-year 2026 outlook confirmed: moderate reported revenue decline, slight organic growth, and significant EBITDA increase expected.

• Entertainment segment revenues expected to decrease slightly, offset by Commerce & Dating segment organic growth.

• Leverage target range remains 3.0x–3.5x EBITDA, with net financial debt expected to remain stable.

• Total video reach projected to decline slightly due to major sporting events aired by competitors.