Prosiebensat.1 Media Se · XETR:PSM

Prosiebensat.1 Media — Q2 2026 Earnings Presentation

31 slides from Prosiebensat.1 Media's earnings presentation, Aug 6, 2026

Slide 2: Summary, Financials, Operations, Outlook
© ProSieben / Max Montgomery © Joyn / Christoph Köstlin © ProSieben / Nadine Rupp © Joyn / Christoph Köstlin 01 02 03 04 Summary Financials Operations Outlook
Slide 4: Performance Overview and Outlook 2026
Group revenues Digital & Smart Group EBITDA Net financial FY 2026 outlook of EUR 1,544m in Ad Revenues increased debt at EUR unchanged H1 2026 in line grew by 6% in strongly by 1,467m as of June with H1 2026 EUR 152m to EUR 30, 2026 expectations 124m in H1 2026 with organic revenues and, together wi
Slide 5: Key Transformation Milestones Achieved Since January 2026
KEY TRANSFORMATION MILESTONES ACHIEVED SINCE JANUARY 2026 ACTIVE PORTFOLIO NEW NEW KEY PERFORMANCE EXECUTIVE MANAGEMENT SEGMENTATION INDICATORS BOARD • Value-optimizing portfolio • Introduction of a two-segment • Shift from adjusted metrics to • Luca Poloni appointed Group strategy structure: Entert
Slide 7: Group EBITDA Increased Strongly in Q2 and H1 2026
GROUP EBITDA INCREASED STRONGLY IN Q2 AND H1 2026 DUE TO SIGNIFICANT DECREASE IN COSTS • Group revenues amounted to EUR 768m in Q2 and to EUR 1,544m in H1 2026 reflecting weaker TV advertising market, portfolio REVENUES, EARNINGS AND CASH FLOW KPIS [IN EUR M] measures and impact of major sporting ev
Slide 8: Entertainment: Cost Decline Offset Advertising Revenue Decrease
DECLINE IN COSTS MORE THAN OFFSET HIGH-MARGIN ADVERTISING REVENUE DECREASE IN Q2 AND H1 2026 • Entertainment revenues declined by 4% in Q2 and by 6% in H1 2026 (reported and organic) ENTERTAINMENT EXTERNAL REVENUES AND EBITDA [IN EUR M] • TV advertising revenue decline reflects Absolute Change Absol
Slide 9: Commerce & Dating Segment Grew Organically
COMMERCE & DATING SEGMENT GREW ORGANICALLY DESPITE WEAK DATING & VIDEO PERFORMANCE • Commerce & Dating revenues declined by 16% in Q2 and by 14% in H1 2026. Organically, however, revenues increased by 3% and 5%, COMMERCE & DATING EXTERNAL REVENUES AND EBITDA [IN EUR M] respectively, driven by strong
Slide 10: Financial Leverage of 3.2x as of June 30, 2026
FINANCIAL LEVERAGE OF 3.2X AS OF JUNE 30, 2026 - NET DEBT IMPROVED BY EUR 73M NET FINANCIAL DEBT [IN EUR M] DEBT MATURITY PROFILE [IN EUR M AS OF JUNE 30, 2026] Promissory Loans RCF (undrawn) Amortization/Repayment of Term Loan Bridge Facility Term Loan 400 -73 1,541 1,467 1,343 3.1x1) 3.3x1) 3.2x1)
Slide 12: Macroeconomic Environment and German Advertising Market Expected to Improve
ENTERTAINMENT Research institutes expect macroeconomic environment and German advertising market to improve in 2026 GDP Development Consumer Climate German Ad Market Economic Real GDP growth Real growth in private Growth German Ad market and ad market 2026 vs. PY consumer spending 2026 vs. PY 2026 v
Slide 13: Audience Market Share on Prior Year Level Excluding Major Sporting Events
ENTERTAINMENT | AUDIENCE MARKET SHARE ON PRIOR YEAR LEVEL EXCLUDING MAJOR SPORTING EVENTS P7S1 Audience Share A 20-59 FULL DAY IN % 20.5 20.5 19.7 excluding time period of FIFA World Cup and Winter Olympics1) H1 2025 H1 2026 H1 2026 AGF Videoforschung; AGF SCOPE 1.15; 01/01/2026–06/30/2026; Market S
Slide 14: ProSiebenSat.1 Expanding Reach with New Multiplatform Brand SAT.2
ENTERTAINMENT | PROSIEBENSAT.1 IS EXPANDING ITS REACH AND LAUNCHING A NEW MULTIPLATFORM BRAND Launch 2027 SAT.1 is deeply loved by its audience. With SAT.2, we’re creating a perfect, complementary offer. IT’S A JOY TO WATCH AGAIN. Focus on German fiction & factual Cross-platform availability Key Tar
Slide 15: Strong Performing Highlights on Linear and Digital Channels
ENTERTAINMENT | STRONG PERFORMING HIGHLIGHTS ON LINEAR AND DIGITAL CHANNELS H1 2026 TOTAL VIDEO REACH1) IN M | MARKET SHARE IN %PTS Ø 60m Monthly Total 76% Video Reach2) ~ of total population2) 19.5m +1.4%pts vs. prior 35.6m +0.5%pts above 19.0m +3.1%pts above 22.1m +0.6%pts vs. prior channel channe
Slide 16: One Format, Multiple Platforms, Maximum Reach
ENTERTAINMENT | ONE FORMAT, MULTIPLE PLATFORMS, MAXIMUM REACH Example: Germany’s Next Topmodel 2026 MASS REACH 32m Total Video Reach Cumulative net reach Audience 3+ EXTENSION: JOYN 3m unique users EXTENSION: SOCIAL MEdiA 4m followers Sources: Total Video Reach: AGF Videoforschung; AGF SCOPE 1.15; 0
Slide 17: TV & Creator Relevance Drive Incremental Reach
ENTERTAINMENT | TV & CREATOR RELEVANCE DRIVE INCREMENTAL REACH ACROSS PLATFORMS AND ATTRACTS YOUNG AUDIENCE MASS REACH 4.2m Total Video Reach Cumulative net reach Audience 3+ Smart cross-platform strategy exemplified by “The Race” • Distribute as preview to YouTube • Engagement rate significantly ab
Slide 18: Release Pipeline of Hybrid Content Including Seven World Championships
ENTERTAINMENT | A STRONG RELEASE PIPELINE OF HYBRID CONTENT INCLUDING SEVEN WORLD CHAMPIONSHIPS WITHIN THE NEXT 18 MONTHS WORLD- CHAMPIONSHIPS Womens’ Handball Mens’ Handball Womens’ Basketball Mens’ Basketball Mens’ Ice Hockey Darts Mens’ Rugby Bundesliga UEFA Europ. U21 Championship “Beauty & the
Slide 19: Joyn Maintains Strong Momentum with Content and New Features
ENTERTAINMENT | JOYN MAINTAINS STRONG MOMENTUM WITH ATTRACTIVE CONTENT AND NEW FEATURES NEW Video Podcast Joyn+ Refresh 11.1m 15.9bn +7% Monthly Video Minutes Video Joyn AVoD and SVoD Joyn has started a Video Users Q2 20261) Viewtime Q2 20261) Revenues Q2 2026 vs. PY2) Podcast initiative and integra
Slide 20: More Variety in Streaming: ZDF Content Coming to Joyn
ENTERTAINMENT | MORE VARIETY IN STREAMING: ZDF CONTENT COMING TO JOYN Launch Q4 2026 Partnership with ZDF strengthens Joyn’s free aggregation proposition Seamless in-platform access without redirects, enhancing user convenience and Joyn’s platform relevance Broader premium German content offering Po
Slide 21: Building One Pan-European Streaming Tech Platform
ENTERTAINMENT | BUILDING ONE PAN-EUROPEAN STREAMING TECH PLATFORM + Full launch targeted for Q2 2027 One streaming technology platform Build future-ready Realize synergies Expand significant Pan-European scale & and competitive cost benefits for key strength advantage stakeholders 21
Slide 22: Flaconi Continues Its Growth Course
COMMERCE & DATING | FLACONI CONTINUES ITS GROWTH COURSE EXTERNAL REVENUES [In EUR m] +23% +29% 313 254 197 H1 2024 H1 2025 H1 2026 • Flaconi continues its growth course and significantly outperformed the German premium online beauty market • H1 2026 with 23% YoY growth and achieving more than EUR 30
Slide 24: We Are Confirming Our FY 2026 Outlook
OUTLOOK | WE ARE CONFIRMING OUR FY 2026 OUTLOOK FY 2025 FY 2026 (Reported) Target Group revenues EUR 3,675m Moderate • Economic conditions in DACH-region are volatile, in Germany growth prospects for decline the economy remain limited • Given the apparent decline in the TV advertising market in H1 2
Slide 26: Group P&L
GROUP P&L Absolute Change Absolute Change [in EUR m] Q2 2026 Q2 2025 change in % H1 2026 H1 2025 change in % Revenues 768 840 -71 -9% 1,544 1,695 -151 -9% EBITDA 80 -22 +102 n/a 124 -28 +152 n/a Other depreciation, amortization -40 -49 +9 +19% -81 -100 +19 +19% and impairments Thereof PPA -4 -4 +1 +
Slide 27: Group and Segment Revenue Breakdown Q2 2026
GROUP AND SEGMENT REVENUE BREAKDOWN Q2 2026 Entertainment Commerce & Dating Total Group External revenues [in EUR m] Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Advertising revenues 370 402 22 74 392 476 DACH 370 402 4 13 374 416 Thereof TV 291 325 291 325 Thereof Digital & Smart 79 77 79 77 Res
Slide 28: Group and Segment Revenue Breakdown H1 2026
GROUP AND SEGMENT REVENUE BREAKDOWN H1 2026 Entertainment Commerce & Dating Total Group External revenues [in EUR m] H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Advertising revenues 714 783 85 146 799 929 DACH 714 783 15 24 729 808 Thereof TV 565 643 565 643 Thereof Digital & Smart 149 140 149 1
Slide 29: Operational KPIs
OPERATIONAL KPIS Q2 Q3 Q4 FY Q1 Q2 2025 2025 2025 2025 2026 2026 Linear TV Audience Share A 20-591) 21.0% 19.9% 20.7% 20.1% 18.9% 18.2% Joyn (DE+AT+CH) Monthly Video Users2) 9.21m 7.67m 9.60m 8.69m 9.53m 11.10m Video Viewtime in minutes2) 12.6bn 12.7bn 16.3bn 55.2bn 16.2bn 15.9bn AVoD Revenues (YoY)
Slide 30: 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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ProSiebenSat.1 Media — Q2 2026 Earnings Presentation on 6ix

Prosiebensat.1 Media — Q2 2026 Earnings Presentation

Slide 1: Q2 2026 Results Presentation

Slide 2: Summary, Financials, Operations, Outlook

Slide 3: Summary

Slide 4: Performance Overview and Outlook 2026

Slide 5: Key Transformation Milestones Achieved Since January 2026

Slide 6: Financials

Slide 7: Group EBITDA Increased Strongly in Q2 and H1 2026

Slide 8: Entertainment: Cost Decline Offset Advertising Revenue Decrease

Slide 9: Commerce & Dating Segment Grew Organically

Slide 10: Financial Leverage of 3.2x as of June 30, 2026

Slide 11: Operations

Slide 12: Macroeconomic Environment and German Advertising Market Expected to Improve

Slide 13: Audience Market Share on Prior Year Level Excluding Major Sporting Events

Slide 14: ProSiebenSat.1 Expanding Reach with New Multiplatform Brand SAT.2

Slide 15: Strong Performing Highlights on Linear and Digital Channels

Slide 16: One Format, Multiple Platforms, Maximum Reach

Slide 17: TV & Creator Relevance Drive Incremental Reach

Slide 18: Release Pipeline of Hybrid Content Including Seven World Championships

Slide 19: Joyn Maintains Strong Momentum with Content and New Features

Slide 20: More Variety in Streaming: ZDF Content Coming to Joyn

Slide 21: Building One Pan-European Streaming Tech Platform

Slide 22: Flaconi Continues Its Growth Course

Slide 23: Outlook

Slide 24: We Are Confirming Our FY 2026 Outlook

Slide 25: Appendix

Slide 26: Group P&L

Slide 27: Group and Segment Revenue Breakdown Q2 2026

Slide 28: Group and Segment Revenue Breakdown H1 2026

Slide 29: Operational KPIs

Slide 30: Disclaimer

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