ProSiebenSat.1 Media (PSM) Q4 2025 (Media) earnings summary

Executive summary

• 2025 results met January guidance, with leadership changes and a strategic shift toward focusing on entertainment and media powerhouse ambitions in the DACH region.

• New CEO for Seven.One Media and strong cash discipline initiatives were implemented in late 2025.

• Portfolio restructuring underway, with divestments of non-core assets and a focus on maximizing value from core entertainment and select commerce/dating businesses.

Financial highlights

• Revenue declined 6% year-over-year (absolute), or 2% adjusted for portfolio and currency effects.

• Group advertising revenue fell 8% for the full year and 10% in Q4 2025 compared to Q4 2024.

• Adjusted EBITDA was €403 million, down from the prior year but in line with guidance.

• Adjusted net income decline was mitigated by positive tax effects.

• Operating free cash flow and net debt remained stable, with strong free cash generation in Q4 2025.

Outlook and guidance

• Targeting slight top-line growth for 2026, despite market volatility and limited visibility.

• Significant increase in reported EBITDA expected, driven by cost efficiencies and operational changes.

• Over €130 million in operating cost savings targeted for 2026, mainly in entertainment.

• Financial leverage expected between 3x and 3.5x, in line with credit covenants.

• Dividend proposal of €0.05 per share, unchanged from last year.