Prosiebensat 1 Media SE
XETRA:PSM
Prosiebensat 1 Media SE
ProSiebenSat.1 Media SE has its roots deeply embedded in Germany's broadcasting landscape, blooming into a multimedia powerhouse over the decades. Based in Unterföhring, a suburb of Munich, this company started its journey focused on traditional television, and it rode the wave of media evolution by diversifying its offerings. With a significant portfolio that includes free-to-air television channels, ProSiebenSat.1 made its mark by serving up a mixture of homegrown content, licensed shows, and popular international series, catering to diverse audiences. What sets this company apart is its ability to blend entertainment with advertising. Television remains a core revenue driver through advertising sales, taking advantage of broad viewership to attract brands eager to reach German-speaking markets across Europe.
Expanding beyond the traditional broadcast model, ProSiebenSat.1 recognized the changing tides in media consumption and strategically bolstered its digital presence. The company delved into online streaming via its digital and e-commerce segment, offering content that caters to younger, tech-savvy viewers. They also ventured into digitalization, launching platforms like Joyn, a digital service combining video-on-demand with live television. Additionally, ProSiebenSat.1 has invested in beauty and dating ventures, leveraging their media clout to cross-promote these businesses. This diversification not only provides new revenue streams but also prepares the company for the future, where digital and linear television coexist, ensuring they stay relevant in a rapidly shifting media environment.
ProSiebenSat.1 Media SE has its roots deeply embedded in Germany's broadcasting landscape, blooming into a multimedia powerhouse over the decades. Based in Unterföhring, a suburb of Munich, this company started its journey focused on traditional television, and it rode the wave of media evolution by diversifying its offerings. With a significant portfolio that includes free-to-air television channels, ProSiebenSat.1 made its mark by serving up a mixture of homegrown content, licensed shows, and popular international series, catering to diverse audiences. What sets this company apart is its ability to blend entertainment with advertising. Television remains a core revenue driver through advertising sales, taking advantage of broad viewership to attract brands eager to reach German-speaking markets across Europe.
Expanding beyond the traditional broadcast model, ProSiebenSat.1 recognized the changing tides in media consumption and strategically bolstered its digital presence. The company delved into online streaming via its digital and e-commerce segment, offering content that caters to younger, tech-savvy viewers. They also ventured into digitalization, launching platforms like Joyn, a digital service combining video-on-demand with live television. Additionally, ProSiebenSat.1 has invested in beauty and dating ventures, leveraging their media clout to cross-promote these businesses. This diversification not only provides new revenue streams but also prepares the company for the future, where digital and linear television coexist, ensuring they stay relevant in a rapidly shifting media environment.
Revenue: Group revenue for Q2 was EUR 840 million, down 7% year-on-year, and first half revenue was EUR 1.695 billion, down 4%.
Profitability: Adjusted EBITDA dropped sharply by 40% in both Q2 and H1, mainly due to lower TV ad revenues and the sale of Verivox.
Guidance: Full year revenue and adjusted EBITDA guidance were confirmed, but adjusted EBITDA is now expected to come in below the midpoint of the range.
Advertising Market: Management expects an advertising recovery in the second half of 2025, with Q3 forecasted to be stable to slightly up, led by digital growth.
Joyn Growth: Joyn AVoD revenues surged 62% in Q2, user numbers grew 31%, and watch time rose 29%, marking its best quarter ever.
Flaconi Performance: Flaconi delivered 33% revenue growth in Q2 and improved profitability, with plans ongoing to crystallize value through a possible sale.
Tax Impact: A merger will enable use of EUR 460 million in Joyn tax loss carryforwards, resulting in a deferred tax income of EUR 124 million in Q3.
Debt & Leverage: Debt levels fell to EUR 1.541 billion; leverage was 3.1x and expected to decrease further by year-end.
