Prosiebensat.1 Media Se · XETR:PSM
Prosiebensat.1 Media — Q2 2025 Earnings Presentation
35 slides from Prosiebensat.1 Media's earnings presentation, Aug 1, 2025
Slide 1: Q2 2025 Results Presentation
Q2 2025 Presentation Results Presentation July 31, 2025 © ProSieben / Daniel Graf
Slide 2: Summary, Financials, Operations, Outlook
© Joyn / Claudius Pflug © Joyn, © Joyn / Julien ProSieben / TheisMathieu Poulsen © Joyn / Claudius © Joyn Pflug / Willi Weber © Seven.One / Nadine Rupp 01 02 03 04 Summary Financials Operations Outlook
Slide 3: Summary
01 Summary © ProSieben / Richard © Joyn Hübner / Claudius Pflug
Slide 4: Key Financial and Operational Highlights
Group revenues H1 2025 Group Strategic and Successful FY 2025 of EUR 1,695m in Adjusted EBITDA operational extension of financial H1 2025, -2% yoy of EUR 99m, progress in senior facilities target ranges organically down -40% yoy Entertainment agreement confirmed business reflecting lack of recovery
Slide 5: Financials
To be updated Picture to be updatedIR by by IR 02 Financials © Joyn, © Joyn / Julien ProSieben / TheisMathieu Poulsen © Seven.One / Florida TV / Julian Mathieu
Slide 6: H1 2025 Group Revenue Development Reflects Still Uncertain Macroeconomic Environment
H1 2025 GROUP REVENUE DEVELOPMENT REFLECTS STILL UNCERTAIN MACROECONOMIC ENVIRONMENT COMMENTS • Group revenues amounted to EUR 840m in REVENUES, EARNINGS AND CASH FLOW KPIS [IN EUR M] Q2 2025 and EUR 1,695m in H1 2025, reflecting demanding macroeconomic environment in our core markets and Q2 2025 Q2
Slide 7: Joyn and Distribution Revenue Growth Mitigated Entertainment Segment Revenue Decline
JOYN AND DISTRIBUTION REVENUE GROWTH MITIGATED ENTERTAINMENT SEGMENT REVENUE DECLINE COMMENTS • Entertainment revenues decreased by 7% ENTERTAINMENT EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] in Q2 2025, both on reported and on portfolio and currency-adjusted basis. In H1 2025 revenues fell by 4%,
Slide 8: Commerce & Ventures Achieved Strong Organic Revenue Growth in Q2 and H1 2025
COMMERCE & VENTURES ACHIEVED STRONG ORGANIC REVENUE GROWTH BOTH IN Q2 2025 AND H1 2025 COMMENTS • Revenues of Commerce & Ventures COMMERCE & VENTURES EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] segment stable in Q2 2025 despite deconsolidation of Verivox at the end of Q1 2025. H1 2025 recorded reve
Slide 9: Dating & Video Segment Shows Ongoing Revenue Decline While Adj. EBITDA Stabilized
DATING & VIDEO SEGMENT SHOWS ONGOING REVENUE DECLINE WHILE ADJ. EBITDA STABILIZED IN Q2 2025 COMMENTS • Dating & Video revenues declined by 27% in DATING & VIDEO EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] Q2 2025 and by 24% in H1 2025. Softer trends in both verticals and continued exchange-rate he
Slide 10: Accelerated Digital Transformation Through Merger of Seven.One Entertainment and Joyn
ACCELERATED DIGITAL TRANSFORMATION THROUGH MERGER OF SEVEN.ONE ENTERTAINMENT AND JOYN – USE OF TAX LOSS CARRYFORWARDS IN COMING YEARS Utilization of Tax Loss Carryforwards Joyn will be able to utilize existing tax loss carryforwards in the amount of approx. EUR 460m Legal Restructuring of Recognitio
Slide 11: Successful Extension of EUR 1.25bn Senior Facilities Agreement
SUCCESSFUL EXTENSION OF EUR 1.25BN SENIOR FACILITIES AGREEMENT AT ATTRACTIVE TERMS PROVIDES SUSTAINABLE LONG-TERM FINANCING UNTIL 2029 CURRENT DEBT MATURITY PROFILE IN EUR M COMMENTS 500 Extension of Senior Facilities Agreement 346 • Successful extension of EUR 1.25bn Senior Facilities Agreement1) t
Slide 12: Operations
To be updated Picture to be UpdateIR by updated IRIR by 03 Operations © Joyn © Joyn / Willi Weber / Claudius Pflug
Slide 13: Macroeconomic Environment Starts to Brighten in Germany
MACROECONOMIC ENVIRONMENT STARTS TO BRIGHTEN IN GERMANY DESPITE REMAINING UNCERTAINTY REGARDING U.S. TARIFF SITUATION Real GDP +/-% vs. PY Real Private Consumption +/-% vs. PY Ifo Business Climate Index (2015=100) 1.0 93 Business Climate Business Expectations 92 0.7 0.8 91 90 89 0.3 88 87 0.1 86 85
Slide 14: Media Agencies Expect Slight Decline of Combined TV and Long-Form Video Ad Market in 2025
MEDIA AGENCIES EXPECT SLIGHT DECLINE OF COMBINED TV AND LONG-FORM VIDEO AD MARKET IN 2025 Long-Form Linear 2025 + Premium = total TV1) video2) -5.2% 26.1% -0.7% June 25 -6.0% 12.0% -0.4% June 25 -4.7% 4.9% -1.7% May 2025 1) Uniform definition of linear TV as forecasts are based on official historica
Slide 15: Entertainment: From Global Icons to Mid-Market Champions
ENTERTAINMENT | FROM GLOBAL ICONS TO MID-MARKET CHAMPIONS – DRIVING GROWTH ACROSS ALL SEGMENTS & INDUSTRIES WITH MEDIA INNOVATIONS CREATIVE IMPACT ADVANCED TV & AI-POWERED EFFICIENCY & SOLUTIONS INNOVATIVE AD PRODUCTS PERSONALIZATION Tailored creative placements and branded content Innovative Ad pro
Slide 16: Entertainment: Commercial Partnership with Freewheel
ENTERTAINMENT | COMMERCIAL PARTNERSHIP WITH FREEWHEEL TO SIMPLIFY TOTAL VIDEO BUYING FOR BROADCASTERS AND ADVERTISERS Commercial partnership between Freewheel’s … and the possibilities of ProSieben SAT.1’s well established, broadcaster owned advertising Media Manager to facilitate the booking of TV
Slide 17: Entertainment: P7S1 Audience Share Recovered in Past Quarters
ENTERTAINMENT | P7S1 AUDIENCE SHARE RECOVERED IN PAST QUARTERS, CLOSING THE GAP TO AD ALLIANCE LINEAR AUDIENCE SHARE DEVELOPMENT 2024/25 [FULL DAY, A 20-59, IN %] COMMENTS 24.5 Performance 23.1 22.9 • P7S1 channel portfolio continues 21.8 21.9 to close gap to Ad Alliance 21.6 • Improved Q2 2025 perf
Slide 18: Entertainment: Strong Performing Local Highlights on Linear and Digital Channels
ENTERTAINMENT | STRONG PERFORMING LOCAL HIGHLIGHTS ON LINEAR AND DIGITAL CHANNELS Selected TV and Joyn formats Q2 market share vs. slot average LTM | Q2 video views on Joyn Existing formats New Joyn focus Also on Saturday and Sunday +7.9pts +2.3pts +1.8pts1) 10.7m 19.0m 18.1m 3.8m +7.9pts +2.1pts +1
Slide 19: Entertainment: High Volume of Sports Highlights in Q2 2025
ENTERTAINMENT | HIGH VOLUME OF SPORTS HIGHLIGHTS IN Q2 2025 BUNDESLIGA FIFA CLUB U21 EUROPEAN ICE HOCKEY WORLD RELEGATION WORLD CUP CHAMPIONSHIP Peak CHAMPIONSHIP Joyn SAT.1 Joyn SAT.1 Joyn SAT.1 audience: Joyn ProSieben 42.9% share Performance SAT.1 Performance SAT.1 Performance SAT.1 4.54 M net Pe
Slide 20: Entertainment: Selection of Upcoming Content Highlights in H2 2025
TV Total Stand Up Club ENTERTAINMENT | SELECTION OF UPCOMING CONTENT HIGHLIGHTS IN H2 2025 PRIME Das große Backen Hast du Töne? 99 – Wer schlägt sie alle? Das 1% Quiz The Taste Villa der Versuchung Der letzte Bulle TIME / ACCESS TIME Hochzeit auf den Promi Big Brother ersten Blick Bitte melde dich D
Slide 21: Entertainment: P7S1 and NBCUniversal Close New Features and Series Free TV Deal
ENTERTAINMENT | P7S1 AND NBCUNIVERSAL CLOSE NEW FEATURES AND SERIES FREE TV DEAL P7S1 SECURES ACCESS TO HIGH QUALITY CONTENT MADE IN HOLLYWOOD THROUGH EXTENSION OF ITS EXISTING PARTNERSHIP WITH NBCU EXEMPLARY SELECTION CONTENT HIGHLIGHTS • New theatrical feature films such as Jurassic World Rebirth,
Slide 22: Entertainment: Continuing Strong Growth of All Relevant Joyn KPIs
ENTERTAINMENT | CONTINUING STRONG GROWTH OF ALL RELEVANT JOYN KPIS ANOTHER HIGHLY SUCCESSFUL QUARTER GROWTH DRIVERS OF JOYN Viewtime • Significant increase of viewtime driven by stronger 9.2m 12.6bn +62% engagement across the board underscoring the platform's rising relevance and strong user appeal
Slide 23: Entertainment: Increasing HD Penetration Securing Reach & Revenue Growth
ENTERTAINMENT | INCREASING HD PENETRATION SECURING REACH & REVENUE GROWTH WITHIN DISTRIBUTION BUSINESS 38% HD penetration HD FREE-TO-AIR DISTRIBUTION [IN M]1) in Germany2) 14.0 EUR 55m Distribution revenues in Q2 2025 11.7 +10% vs. PY 10.9 9.8 7.8 FTA DISTRIBUTION ON SATELLITE, 5.9 +12% CABLE, IPTV
Slide 24: Commerce & Ventures: Flaconi Continues Its Strong Growth Momentum
COMMERCE & VENTURES | FLACONI CONTINUES ITS STRONG GROWTH MOMENTUM AFTER SUCCESSFUL Q1 2025 – REVENUES UP +33% IN Q2 2025 INCREASING RETURNING STRONG GROWING ACTIVE CUSTOMER SHARE CUSTOMER BASE 4.7m • Following its strong performance in Q1 June 2025, Flaconi has continued to grow, 5 2025 achieving d
Slide 25: Dating & Video: New CEO: Days of Focused Leadership and Strategic Action
DATING & VIDEO | NEW CEO: 100 DAYS OF FOCUSED LEADERSHIP AND STRATEGIC ACTION KEY TRANSFORMATION STEPS COMPLETED IN THE FIRST 100 days of new CEO Matthew Gain Organizational Cost Strategic Team Data-driven reset control direction connection decisions Instigated new organiza- Undertook various cost P
Slide 26: Dating & Video: Unlocking New Growth Potential
DATING & VIDEO | UNLOCKING NEW GROWTH POTENTIAL… …through re-defined target group, marketing & product strategies: Target Audience Marketing Product Sharp focus on an under-served, A re-defined marketing approach Tests are currently underway to place but lucrative 40+ target audience has already see
Slide 27: Outlook
To be updated Picture to be UpdateIR by updated IRIR by 04 Outlook © ProSieben/Willi © Seven.One / Nadine Rupp Weber
Slide 28: Confirming Financial Target Ranges of 2025 Outlook
WE ARE CONFIRMING OUR FINANCIAL TARGET RANGES OF OUR 2025 OUTLOOK – GROUP ADJUSTED EBITDA NOW EXPECTED BELOW MID-POINT OF TARGET RANGE FY 2024 (pro-forma SPECIFIED FY 2024 Verivox/adjusted for currency and PREVIOUS FY 2025 TARGET ADJUSTED FOR COMMENT (reported) portfolio effects)1) FY 2025 TARGET VE
Slide 29: Appendix
Appendix © ProSieben / Daniel Graf
Slide 30: Group P&L
GROUP P&L [in EUR m] Q2 2025 Q2 2024 YoY H1 2025 H1 2024 YoY Revenues 840 907 -7% 1,695 1,774 -4% Adjusted EBITDA 55 91 -40% 99 163 -40% Reconciling items -77 -14 >+100% -127 -21 >+100% EBITDA -22 77 n/a -28 142 n/a Depreciation, amortization and -49 -46 +7% -100 -94 +7% impairments Thereof PPA -4 -
Slide 31: Group and Segment Revenue Breakdown Q2 2025
GROUP AND SEGMENT REVENUE BREAKDOWN Q2 2025 Entertainment Commerce & Ventures Dating & Video Total Group External revenues [in EUR m] Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Advertising revenues 444 491 32 31 476 522 DACH 384 425 32 31 416 456 Thereof TV 307 349 307 349 There
Slide 32: Group and Segment Revenue Breakdown H1 2025
GROUP AND SEGMENT REVENUE BREAKDOWN H1 2025 Entertainment Commerce & Ventures Dating & Video Total Group External revenues [in EUR m] H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Advertising revenues 872 942 57 59 929 1,002 DACH 750 818 57 59 808 877 Thereof TV 608 675 608 675 The
Slide 33: Operational KPIs
OPERATIONAL KPIS Q2 Q3 Q4 FY Q1 Q2 2024 2024 2024 2024 2025 2025 Linear TV Audience Share A 20-591) 18.3% 18.3% 21.0% 19.4% 18.9% 21.0% Joyn (DE+AT+CH)2) Monthly Video Users3) 7.05m 6.76m 7.88m 7.06m 8.27m 9.21m Video Viewtime in minutes3) 9.8bn 9.0bn 12.3bn 40.2bn 13.5bn 12.6bn AVoD Revenues (YoY)4
Slide 34: 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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