Prosiebensat.1 Media Se · XETR:PSM
Prosiebensat.1 Media — Investor Presentation (March 2026)
59 slides from Prosiebensat.1 Media's investor presentation, March 2026
Slide 1: Company Presentation
Company Presentation © Joyn / Richard Hübner
Slide 2: Agenda
AGENDA 01 WHO WE ARE O5 ESG 02 STRATEGY O06 SHARE 03. FINANCIALS / OUTLOOK O7 APPENDIX 04 SEGMENT DEEP DIVES ProSiebenSat1 ‘el MediaSE
Slide 3: ProSiebenSat.1 at a Glance
PROSIEBENSAT.1 AT A GLANCE Prosiebensat.1 group revenues: 3,675m -6% Revenues reported; FY 2025; in EUR; growth in % ENTERTAINMENT | 2,167m -5% COMMERCE & Dating | 1,508m -7% CONSUMER ADVICE * 159M -46% * TV CORE ADVERTISING * 1,392M -10% BEAUTY & LIFESTYLE 651M +27% DIGITAL & SMART ADVERTISING EXPE
Slide 4: Our New Management
OUR NEW MANAGEMENT Career Background Previous Experience • 30+ years of experience in senior positions • Since Oct 2025: Group CEO, P7S1 at European listed companies, with a focus • 2000 – present: CFO, MFE Marco on finance, strategy and corporate management. He is considered a proven • 1998 – 2000:
Slide 5: Agenda
AGENDA 01 WHO WE ARE O5 ESG ( 02 STRATEGY ) O06 SHARE 03. FINANCIALS / OUTLOOK O7 APPENDIX 04 SEGMENT DEEP DIVES ProSiebenSat1 ‘el MediaSE
Slide 6: Strategic direction ProSiebenSat.1 Group
Strategic direction prosiebensat.1 Group ProSiebenSat.1 to become the leading Entertainment From diversified Group to player in the DACH-region Empowering growth focused media powerhouse while leveraging MFE as through financial discipline multiplier on a pan- European basis Image sources: “Germany’
Slide 7: Moving forward with five priorities
MOVING FORWARD WITH FIVE PRIORITIES Content Multi-Platform Monetization Tech & AI Financials We invest We increase We expand We innovate We focus in distinctive local and total video reach monetization to leveraging cutting- on cost discipline and live content to deepen through a broadened multiple
Slide 8: We strengthen attractive local genres that differentiate from competition
WE STRENGTHEN ATTRACTIVE LOCAL GENRES THAT DIFFERENTIATE PROSIEBENSAT.1 FROM THE COMPETITION IN TV AND STREAMING NEWS / SHOW / COMEDY FICTION SPORTS Social / FACTUAL REALITY Creator Image sources: ":newstime“ © Seven.One / Nadine Rupp; "RONZHEIMER – Wie geht's, Deutschland?" © SAT.1 / Joyn / Christo
Slide 9: Strategy builds on popular formats with mass reach
OUR STRATEGY BUILDS ON EXISTING POPULAR FORMATS THAT OFFER MASS REACH ON TV AND DIGITAL PLATFORMS SELECTION OF FORMAT HIGHLIGHTS Cross platform reach of selected formats Germany‘s Next Wer stiehlt mir Joko & Klaas gegen The Voice of Germany Villa der Versuchung Promi Big Brother Morlock Motors - Big
Slide 10: Creative content offering sharpened around local relevance
CREATIVE CONTENT OFFERING TO BE SHARPENED AROUND LOCAL RELEVANCE, EMOTIONAL CONNECTION, AND DISTINCTIVE BRAND CHARACTER EXEMPLARY GALILEO REACH & MONETIZATION ECOSYSTEM Brand & Thematic Ecosystems: • Brand Worlds: We leverage our key local brands to create immersive content ecosystems that drive Lin
Slide 11: Strategy adapted to changes in user behavior
OUR STRATEGY IS BEING ADAPTED TO ACCOUNT FOR CHANGES IN USER BEHAVIOR IN THE GERMAN-SPEAKING ENTERTAINMENT MARKET CHANGING USER BEHAVIOR IN MARKET … … REQUIRES EVOLUTION OF OUR STRATEGY FRAGMENTATION LEARNED PLATFORM FROM PURE JOYN-CENTRIC TO EXPANDED AND BUNDLING PREFERENCES MULTI-PLATFORM STRATEGY
Slide 12: Multi-platform approach maximizing total video reach
WITH OUR MULTI-PLATFORM APPROACH, WE ARE FIRST AND FOREMOST MAXIMIZING THE TOTAL VIDEO REACH OF OUR CONTENT… MULTI-PLATFORM APPROACH BENEFITS OF STRATEGY TOTAL VIDEO REACH (GERMANY) +• Incremental reach growth user and INTERNATIONAL STREAMING PLAYERS AND MORE SOCIAL NETWORKS e.g. ∅~61M +• Optimized
Slide 13: Broadening revenue streams and advertising relevance
…WHICH LAYS THE FOUNDATION FOR BROADENING REVENUE STREAMS AND INCREASING RELEVANCE IN THE ADVERTISING MARKET MULTI-PLATFORM GROWTH STRATEGY COMMERCIAL ADVANTAGES OF AD MONETIZATION DIVERSIFICATION Own Linear • Deliver large-scale mass reach and strong brand-building impact • Ensure high attention an
Slide 14: Multi-platform approach growing bookings of various media
MULTI-PLATFORM APPROACH TO ENABLE FURTHER GROWING BOOKINGS OF VARIOUS MEDIA BY PROSIEBENSAT.1’S ADVERTISING CUSTOMERS TV – INSTREAM – ATV – DIGITAL – AUDIO ADVERTISING REVENUE SHARE BASED ON NUMBER OF BOOKED MEDIA 2023 2024 2025 AMBITION 5 Media 16% 24% 24% 4 Media 24% 13% 18% 3 Media 26% 35% 30% 2
Slide 15: Digital transformation increases advertising effectiveness
OUR DIGITAL TRANSFORMATION INCREASES ADVERTISING EFFECTIVENESS AND POSITIONS US AS INNOVATION LEADER AD PRODUCTS TECH FOUNDATION DATA & IDENTITY AI ENABLER Expanding monetization through Enabling unified monetization and Transitioning data silos to integrated, Moving static campaign execution CPM-ba
Slide 16: Combining Seven.One Media with MFE Advertising
COMBINING LOCAL MARKET LEADERSHIP OF SEVEN.ONE MEDIA WITH MFE ADVERTISING AS MULTIPLIER FOR INTERNATIONAL SCALE & TECHNOLOGY A European Entertainment & Advertising powerhouse Unrivaled local market execution combined with pan-European reach, advanced AdTech, and streamlined access for multinational
Slide 17: Share technology, localize intelligence, execute with AI
WE SHARE TECHNOLOGY, LOCALIZE INTELLIGENCE, AND EXECUTE WITH AI TO DRIVE MARGIN EXPANSION SHARED LOCALIZED AdTech Infrastructure Programming & Content Expand unified advertising technology components across Local TV and streaming formats with cultural nuances optimized Europe for maximum reach and e
Slide 18: Retaining Flaconi as value-accretive asset
WE CONTINUOUSLY EVALUATE OUR PORTFOLIO AND RETAIN FLACONI AS LONG AS IT REMAINS A VALUE-ACCRETIVE ASSET EXTERNAL REVENUES [IN EUR M] • Flaconi closes a strong year with growth of +27% and reaches topline of EUR 651m, driven by an outstanding performance both 651 in e-commerce sales as well as in ret
Slide 19: Video reach and monetization foundation for deleveraging and returns
STRONG TOTAL VIDEO REACH AND MONETIZATION FORM THE FOUNDATION FOR CONTINUED DELEVERAGING AND SHAREHOLDER RETURNS t Investme investment nten nt in local and live content to deepen emotional viewer Co connection and drive content consumption Operating cash flow managed with strict financial discipline
Slide 20: Financials / Outlook
AGENDA 03 FINANCIALS / OUTLOOK 20
Slide 21: Group revenues down 6% in FY 2025
GROUP REVENUES DOWN 6% IN FY 2025 AMID MARKET HEADWINDS AND PORTFOLIO EFFECTS • ProSiebenSat.1 closed FY 2025 with revenues of EUR 3,675m and Q4 2025 revenues of EUR REVENUES, EARNINGS AND CASH FLOW KPIS [IN EUR M] 1,161m, reflecting challenging macroeconomic environment in its core Q4 2025 Q4 2024
Slide 22: Entertainment advertising challenged despite stable digital
ADVERTISING BUSINESS DEVELOPMENT CHALLENGED OVERALL DESPITE STABLE DIGITAL PERFORMANCE • Entertainment revenues decreased by 6% in FY 2025 on both reported and currency- ENTERTAINMENT EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] and portfolio-adjusted basis. In Q4 2025, revenues declined by 9% on re
Slide 23: Commerce & Ventures strong organic revenue growth
COMMERCE & VENTURES SEGMENT ACHIEVED STRONG ORGANIC REVENUE GROWTH THROUGHOUT FY 2025 • Commerce & Ventures segment revenues remained broadly stable at EUR 1,007m in COMMERCE & VENTURES EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] FY 2025 despite deconsolidation of Verivox at the end of Q1 2025. In
Slide 24: Dating & Video revenues declining, Q4 margin improvement
DATING & VIDEO SEGMENT REVENUES DECLINING IN FY 2025 BUT MARGIN IMPROVEMENT IN Q4 2025 • Dating & Video segment revenues declined by 24% in FY 2025 and by 25% in Q4 2025. DATING & VIDEO EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] On a currency- and portfolio-adjusted basis segment revenues decrease
Slide 25: Eight M&A deals since January 2025, around EUR 300m inflows
WE HAVE OPTIMIZED OUR PORTFOLIO WITH EIGHT M&A DEALS SINCE JANUARY 1, 2025 WHICH HAVE GENERATED TOTAL CASH INFLOWS OF AROUND EUR 300M Closed Closed Closed in March 2025 in July 2025 in August 2025 Closed Signed on Signed on in February 2026 March 18, 2026 March 25, 2026 → ~EUR 300m Note: Deconsolida
Slide 26: Change in net debt
CHANGE IN NET DEBT REFLECTS SIGNIFICANT EXCEPTIONAL CASH EXPENSES AS WELL AS PROCEEDS AND OUTFLOWS FOR M&A ACTIVITY NET DEBT DEVELOPMENT 31/12/2025 VS. 31/12/2024 IN EUR M FCF generation • FCF development largely determined by sales proceeds of EUR 263m (proceeds from wetter.com sale not yet include
Slide 27: Net financial debt reduced by >EUR 900m since 2019
NET FINANCIAL DEBT SIGNIFICANTLY REDUCED BY >EUR 900M SINCE 2019 EUR NET FINANCIAL DEBT [IN EUR M] 326m DEBT MATURITY PROFILE [IN EUR M AS OF FEBRUARY 28, 20262)] dividends paid since 2019 Promissory Loans RCF (undrawn) Amortization of Term Loan Bridge Facility Term Loan -902 2,245 400 1,968 1,852 1
Slide 28: Proposed dividend of EUR 0.05 per share for FY 2025
PROSIEBENSAT.1 PROPOSES DIVIDEND OF EUR 0.05 PER SHARE FOR FY 2025 COMMENTS • Dividend proposal for FY 2025 takes into FY 2025 FY 2024 account ProSiebenSat.1's objective to significantly reduce net debt and financial leverage as well as to be able to make Group adjusted net income1) EUR 209m EUR 229
Slide 29: FY 2026 outlook
SLIGHT ORGANIC REVENUE GROWTH, STRONG EBITDA MOMENTUM AND FINANCIAL DISCIPLINE IN FY 2026 FY 2025 FY 2026 (REPORTED) TARGET GROUP REVENUES EUR 3,675m Slight decline • Economic conditions in DACH-region are volatile, in Germany the economy is expected to gain momentum only as the year progresses • En
Slide 30: Transforming ProSiebenSat.1 into a focused entertainment company
Summary TRANSFORMING PROSIEBENSAT.1 INTO A FOCUSED ENTERTAINMENT COMPANY 1 Focus on Entertainment in the German-speaking region, driven by strong local content, broad reach, and multi-platform distribution 2 Maximizing Total Video Reach and monetizing content across all relevant platforms 3 Technolo
Slide 31: Segment Deep Dives
AGENDA 04 SEGMENT DEEP DIVES 31
Slide 32: Entertainment
entertainment 32
Slide 33: Macro weakness burdening German TV advertising market
MACRO WEAKNESS AND POLITICAL UNCERTAINTY BURDENING GERMAN TV ADVERTISING MARKET DEVELOPMENT CUMULATIVE REAL GDP GROWTH [2019-2025 IN %] TV NET ADVERTISING MARKET [INDEXED TO 2019] 10,2 105 100 95 6,4 6,1 90 5,1 5,1 85 80 18%pts 75 0,3 70 2019 2020 2021 2022 2023 2024 2025E Spain Euro area Italy Fran
Slide 34: Gained TV advertising market share vs RTL's Ad Alliance
PROSIEBENSAT.1 GAINED MARKET SHARE VIS-À-VIS RTL’S AD ALLIANCE IN THE GERMAN TV ADVERTISING MARKET IN THE FOURTH QUARTER SHARE OF ADVERTISING SHARE OF ADVERTISING DEVELOPMENT VS. PY 40.8% 2.5%pts 39.3% 39.6% 39.0% 37.2% 35.7% 34.8% 33.1% 1.2%pts 1.1%pts 1.1%pts 0.5%pts 0.3%pts Q1 2025 Q2 2025 Q3 202
Slide 35: Strengthened channel performance, narrowed gap to Ad Alliance
PROSIEBENSAT.1 STRENGTHENED CHANNEL PERFORMANCE AND NARROWED GAP TO RTL’S AD ALLIANCE IN FY 2025 LINEAR AUDIENCE SHARE DEVELOPMENT Performance Highlights [FULL DAY, A 20-59, IN %] • Overall FY 2025 gap to Ad Alliance decreased to 1.6%pts, full day, and 1.1%pts, prime time -0.5%pts • SAT.1 increases
Slide 36: Continuing strong growth of Joyn KPIs
CONTINUING STRONG GROWTH OF MOST RELEVANT JOYN KPIS JOYN Another highly successful quarter especially Successful SAT.1 Fiction DER LETZE BULLE S6 (642k h TVV) and FRIER UND FÜNFZIG S1 (891k h TVV) launched in Nov. ‘25 for our users’ engagement on the platform 9.6m 16.3bn +16% Monthly Video Minutes V
Slide 37: HD penetration and Magenta TV distribution deal
INCREASING HD PENETRATION AND NEW COMPREHENSIVE LONG-TERM DISTRIBUTION DEAL WITH MAGENTA TV SECURING REACH & REVENUE GROWTH EUR 215m I +3% yoy HD FREE-TO-AIR SUBSCRIBERS DISTRIBUTION [IN M]1) DISTRIBUTION REVENUES in FY 2025 NEW LONG-TERM DEAL 40% 14.3 HD penetration 12.9 Complete renewal of long-te
Slide 38: Advanced TV product portfolio
ENTERTAINMENT | OUR COMPLEMENTARY ADVANCED TV PRODUCT PORTFOLIO ENABLES A WIDE RANGE OF USE CASES – ALWAYS WITH PREMIUM TV QUALITY ADDRESSABLE TV TOTAL VIDEO AUDiENCE TV PROGRAMMATIC TV based on CFlight The power hybrid of TV impact Germany's first fully integrated The new, efficient way to book Eas
Slide 39: Commerce & Dating
Commerce & DATING 39
Slide 40: Strengthening product offering for future growth
WE ARE STRENGTHENING OUR PRODUCT OFFERING FOR FUTURE GROWTH Marc Launched Single Profile Consolidated our Video apps onto Pricing and onboarding Discovery feature that increased one joint product platform reducing improvements increased average engagement on our matchmaking cost and complexity and b
Slide 41: Agenda
AGENDA 01 02 03 04 WHO WE ARE STRATEGY FINANCIALS / OUTLOOK SEGMENT DEEP DIVES ProSiebenSat1 ‘el MediaSE < OS ESG O06 SHARE O7 APPENDIX 4
Slide 42: Our approach to sustainability/ESG
OUR APPROACH TO SUSTAINABILITY/ESG P7S1 has expanded the sustainability organization 3 in the last years by installing a Sustainability Committee and a P7S1 defines sustainable 1 Sustainability & DEI team; Executive entrepreneurial activity Board-level responsibility for non- as an integrated approa
Slide 43: Sustainability strategy
SUSTAINABILITY STRATEGY OUR GOAL Our goal is to implement sustainability, diversity and inclusion as an integral management concept in all areas of the P7S1 Group. Sustainable management as the basis for all our business decisions is to become a matter of course. We take our corporate and social res
Slide 44: ESG targets integrated in Executive Board compensation
ESG TARGETS FULLY INTEGRATED IN EXECUTIVE BOARD COMPENSATION STRUCTURE COMPENSATION STRUCTURE SPLIT SHORT-TERM INCENTIVE The Short-Term Incentive depends on the 20% business success of ProSiebenSat.1 Group 35 – 40% in the respective financial year. It is calculated based on the target achievements d
Slide 45: Selected non-financial key figures
SELECTED NON-FINANCIAL KEY FIGURES ENVIRONMENTAL SOCIAL 2025 2024 ∆ 2025 2024 ∆ Total energy consumption in GWh 30.13 32.48 -7% Ratio of women (employees) 50.5% 49.8% +0.7 pp share of renewable energy in GWh 22.57 22.85 -1% Ratio of women (management) 38.2% 36.3% +1.9 pp share of non-renewable energ
Slide 46: ESG ratings and rankings
ESG RATINGS AND RANKINGS Climate Change Score: B Rating: AA In line with Europe regional Industry-adjusted score: 8.2 average and media & telco average Top 31 % of Media/Entertainment Quality Score EcoVadis Environment: 2 Silver Status 2025 Social: 1 Top 15 % Governance: 2 Overall score: 73 / 100 (a
Slide 47: Strategic goals
STRATEGIC GOALS PUBLIC VALUE & CORPORATE CITIZENSHIP • Focus increasingly on socio-politically relevant issues in terms of media and content (Public Value) and social engagement (Corporate Citizenship) and structural expansion of sustainable storytelling DIVERSITY & INCLUSION • Structural support an
Slide 48: Agenda
AGENDA 01 WHO WE ARE 02 STRATEGY 03. FINANCIALS / OUTLOOK 04 SEGMENT DEEP DIVES ProSiebenSat1 ‘el MediaSE O5 ESG O06 SHARE O7 APPENDIX 48
Slide 49: ProSiebenSat.1 Share
PROSIEBENSAT.1 SHARE SHAREHOLDER STRUCTURE IN % Free Float 24.31% MFE- MEDIAFOREUROPE N.V. 75.61% Treasury Shares 0.08% ProSiebenSat.1 Media SE BASIC DATA SHARE CAPITAL EUR 233,000,000 STOCK EXCHANGES Frankfurt / Luxembourg ISIN DE000PSM7770 WKN PSM777 COMMON CODE 095725104 SEDOL BCZM1B2 Note: Treas
Slide 50: Covered by financial analysts
PROSIEBENSAT.1 IS CURRENTLY ACTIVELY COVERED BY 10 FINANCIAL ANALYSTS ANALYST COVERAGE BANK ANALYST LATEST RECOMMENDATION DZ Bank Armin Kremser Hold J.P. Morgan Daniel Kerven Buy Oddo-BHF Securities Jérôme Bodin Neutral Barclays Julien Roch Equal weight Bernstein Societe Generale Annick Maas Neutral
Slide 51: Agenda
AGENDA 01 WHO WE ARE 02 STRATEGY 03. FINANCIALS / OUTLOOK 04 SEGMENT DEEP DIVES ProSiebenSat1 ‘el MediaSE O05 06 07 ESG SHARE APPENDIX Sl
Slide 52: Appendix
Appendix © Joyn / Richard Hübner
Slide 53: Group P&L
GROUP P&L [in EUR m] Q4 2025 Q4 2024 YoY FY 2025 FY 2024 YoY Revenues 1,161 1,262 -8% 3,675 3,918 -6% Adjusted EBITDA 229 290 -21% 403 557 -28% Reconciling items -27 -18 +48% -161 -45 >+100% EBITDA 202 272 -26% 241 512 -53% Depreciation, amortization, impairments -240 -412 -42% -387 -553 -30% and re
Slide 54: Group and segment revenue breakdown Q4 2025
GROUP AND SEGMENT REVENUE BREAKDOWN Q4 2025 Entertainment Commerce & Ventures Dating & Video Total Group External revenues [in EUR m] Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Advertising revenues 591 663 31 29 622 692 DACH 528 584 31 29 559 613 Thereof TV 429 486 429 486 There
Slide 55: Group and segment revenue breakdown FY 2025
GROUP AND SEGMENT REVENUE BREAKDOWN FY 2025 Entertainment Commerce & Ventures Dating & Video Total Group External revenues [in EUR m] FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY2024 FY 2025 FY 2024 Advertising revenues 1,884 2,055 114 117 1,998 2,172 DACH 1,638 1,784 114 117 1,752 1,900 Thereof TV 1,
Slide 56: New segment reporting – pro-forma financials
NEW SEGMENT REPORTING – PRO-FORMA FINANCIALS FY 2025 AND FY 2024 2025A 2025 2024A In EURm (adjusted for M&A)1) GROUP Changes in segment reporting External revenues 3,675 3,528 3,918 • Effective 2026, the Entertainment EBITDA 241 250 512 segment will comprise only businesses that are part of the Grou
Slide 57: Operational KPIs
OPERATIONAL KPIS Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Linear TV Audience Share A 20-591) 20.1% 18.3% 18.3% 21.0% 19.4% 18.9% 21.0% 19.9% 20.7% 20.1% Joyn (DE+AT+CH)2) Monthly Video Users3) 6.54m 7.05m 6.76m 7.88m 7.06m 8.27m 9.21m 7.67m 9.60m 8.69m Video Vi
Slide 58: Disclaimer
DISCLAIMER This presentation contains "forward-looking statements" regarding ProSiebenSat.1 Media SE ("ProSiebenSat.1") or ProSiebenSat.1 Group, including opinions, estimates and projections regarding ProSiebenSat.1's or ProSiebenSat.1 Group's financial position, business strategy, plans and objecti
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