Prosiebensat.1 Media Se · XETR:PSM
Prosiebensat.1 Media — FY 2025 Earnings Presentation
40 slides from Prosiebensat.1 Media's earnings presentation, Mar 26, 2026
Slide 1: FY 2025 Results Presentation
FY 2025 PRESENTATION Results Presentation March 26, 2026 © Joyn / Richard Hübner
Slide 2: Summary, Financials, Strategy, Outlook
© Julia Feldhagen © Joyn / Christoph Köstlin © Julia Feldhagen © ProSieben / Daniel Graf 01 02 03 04 Summary Financials Strategy Outlook
Slide 3: Summary
01 Summary © Julia Feldhagen © ProSieben / Richard Hübner
Slide 4: Executive Summary
Group revenues Digital & Smart New measures Strategic shift ProSiebenSat.1 of EUR 3.675bn in Ad Revenues in taken in Q4 to with Dedicated expects slight FY 2025 (-2% yoy the DACH region further secure focus on organic organically), remained and increase Entertainment revenue adjusted EBITDA stable a
Slide 5: Financials
02 Financials © Joyn / Christoph Köstlin
Slide 6: Group revenues down 6% in FY 2025 amid market headwinds and portfolio effects
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 7: Advertising business development challenged overall despite stable digital performance
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 8: Macro weakness and political uncertainty 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 9: Commerce & Ventures segment achieved strong organic revenue growth throughout FY 2025
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 10: Dating & Video segment revenues declining in FY 2025 but margin improvement in Q4
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 11: Portfolio optimized with eight M&A deals since January 1, 2025
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 12: Change in net debt reflects exceptional cash expenses and M&A proceeds
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 13: Net financial debt significantly 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 14: 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 15: Strategy
03 Strategy © Julia Feldhagen
Slide 16: 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 17: 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 18: Content: strengthen local genres that differentiate from the competition
CONTENT | 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
Slide 19: Content: strategy builds on popular formats with mass reach
CONTENT | 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 Mo
Slide 20: Content: creative offering sharpened around local relevance and brand character
CONTENT | 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
Slide 21: Multi-platform: strategy adapted to changes in user behavior
MULTI-PLATFORM | 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-
Slide 22: Multi-platform: maximizing total video reach of our content
MULTI-PLATFORM | 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. ∅~
Slide 23: Monetization: broadening revenue streams and advertising relevance
MONETIZATION | …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 hi
Slide 24: Monetization: growing bookings of various media by advertising customers
MONETIZATION | 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
Slide 25: Monetization: digital transformation increases advertising effectiveness
MONETIZATION | 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 e
Slide 26: Combining Seven.One Media local leadership with MFE Advertising
MONETIZATION | 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
Slide 27: Tech & AI: share technology, localize intelligence, execute with AI
TECH & 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
Slide 28: Portfolio evaluation: retain Flaconi as long as value-accretive
FINANCIALS | 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 w
Slide 29: Video reach and monetization foundation for deleveraging and shareholder returns
FINANCIALS | STRONG TOTAL VIDEO REACH AND MONETIZATION FORM THE FOUNDATION FOR CONTINUED DELEVERAGING AND SHAREHOLDER RETURNS Investm investment ntent en in local and live content to deepen emotional viewer Co t connection and drive content consumption Operating cash flow managed with strict financi
Slide 30: Outlook
04 Outlook © ProSieben / Daniel Graf
Slide 31: Outlook: slight organic revenue growth, strong EBITDA momentum in 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 progr
Slide 32: 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 33: Appendix
Appendix © Joyn / Richard Hübner
Slide 34: 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 35: 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 36: 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 37: New segment reporting: pro-forma financials FY 2025 and FY 2024
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 38: 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 39: 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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