Prosiebensat.1 Media (PSM) Q4 2025 earnings summary

Executive summary

• 2025 ended with a 6% revenue decline amid significant macroeconomic and advertising headwinds, with new management joining in October to focus on transforming the group into a core entertainment and multi-platform content company.

• Strategic priorities shifted to local and live content, multi-platform reach, technology and AI, and strict financial discipline.

• Portfolio optimization included eight M&A deals since January 2025, generating €300 million in cash inflows.

Financial highlights

• Full-year 2025 revenue declined by 6% year-over-year to €3,675 million, or 2% organically after portfolio and currency effects.

• TV advertising revenue dropped 8% year-over-year, while digital and smart streaming remained relatively flat.

• Adjusted EBITDA was €403 million, down 28% due to lower advertising revenues and the deconsolidation of Verivox.

• Adjusted net income declined by 9%, supported by tax benefits.

• Net debt reduced from €1.5 billion to €1.3 billion by year-end 2025, mainly due to asset sales.

Outlook and guidance

• 2026 outlook targets stable or slightly growing total video reach, with entertainment revenues expected to be stable year-over-year.

• Significant EBITDA growth is forecast for 2026, driven by over €130 million in cost savings in entertainment.

• Net financial debt expected to remain stable, with leverage targeted between 3x and 3.5x EBITDA.

• Dividend proposal of €0.05 per share, unchanged from the prior year.