Prosiebensat.1 Media (PSM) Q3 2025 earnings summary

Executive summary

• Group revenues reached €820m in Q3 2025, down 7% year-over-year, mainly due to a weak TV ad market and Verivox deconsolidation.

• Adjusted EBITDA was €76m in Q3 2025, a 27% decline year-over-year, driven by lower high-margin advertising revenues and portfolio changes.

• Joyn AVOD revenues grew 42% year-over-year, supporting stable digital and smart advertising revenues.

• MFE increased its stake to 75.61%, triggering a change of control, new financing, and executive leadership changes.

• Adjusted net income in Q3 2025 was €91m, benefiting from deferred tax asset capitalization.

Financial highlights

• Q3 2025 revenues: €820m (down 7% year-over-year); nine months: €2,515m (down 5%).

• Adjusted EBITDA: €76m in Q3 (down 27%); €174m for nine months (down 35%).

• Adjusted net income: €91m in Q3, with a positive tax effect; net income for nine months was negative at €-48m due to one-time items.

• Net financial debt as of September 30, 2025, was €1,531m; leverage ratio at 3.3x.

• Adjusted operating free cash flow was -€9m in Q3 2025.

Outlook and guidance

• 2025 revenue guidance confirmed at €3.65bn–€3.80bn; adjusted EBITDA expected between €420m and €450m.

• Entertainment advertising DACH revenues expected to decline mid-single-digit percentage for the year.

• Adjusted net income will be positively influenced by deferred tax income.

• Financial leverage expected between 3.0x and 3.5x by year-end.