ProSiebenSat.1 has confirmed its full-year financial targets for 2025 despite a 7% year-on-year revenue decline in the second quarter and continued weakness in the high-margin TV advertising business.
The German media group expects a recovery in advertising revenues in the second half of the year, driven by improving economic conditions.
The company reported Q2 2025 revenues of €840 million, down from €907 million a year earlier. For the first half of 2025, group revenues dropped 4% to €1.695 billion. On an organic basis – adjusted for currency effects and portfolio changes – the decline was 2%.
Chief Financial Officer Martin Mildner stressed the company’s progress amid economic headwinds. “We are pursuing effective cost management, expanding our reach across platforms and thus aiming to further consolidate our position in the market,” he said, citing audience share gains and record user numbers for streaming platform Joyn.
ProSiebenSat.1’s digital strategy is yielding results. AVOD revenues on Joyn grew by 62% in Q2, while SVOD revenues rose by 28%. Monthly video users on the platform reached a new record of 9.2 million in Q2, with a 31% year-on-year increase in reach and a 29% rise in viewing time.
Meanwhile, the group’s traditional TV advertising business continues to reflect consumer caution, contributing to a 9% drop in entertainment segment ad revenues. Despite this, the broadcaster increased its audience market share among 20- to 59-year-olds to 21.3% in Q2 (up from 19.4%).
The entertainment segment posted external revenues of €570 million in Q2, down 7% year-on-year, while first-half revenues fell 4% to €1.113 billion. Growth in streaming and distribution could not fully offset the decline in linear TV advertising.
The adjusted EBITDA dropped by 40% to €55 million in Q2 and by the same margin to €99 million in the first half. The decline reflects the downturn in TV advertising and the deconsolidation of Verivox. Adjusted net income dropped to €14 million in Q2 and broke even for the first half, compared to €33 million in H1 2024.
Net financial debt stood at €1.541 billion at the end of June 2025.
A key structural move is the merger of Seven.One Entertainment Group with Joyn, retroactive to 1 January 2025. The consolidation is expected to yield deferred tax income of around €125 million in Q3 and generate cumulative cash flow benefits of roughly €110 million through 2029.
Despite the revenue pressure in H1, ProSiebenSat.1 is maintaining its financial guidance for 2025. The group expects revenues of around €3.85 billion and adjusted EBITDA of around €520 million.
The company anticipates that advertising revenues in the German-speaking region will improve in the second half, supported by forecasts of a broader economic rebound.
