ProSiebenSat.1 reported a 6% decline in group revenues to €3.675 billion in the 2025 financial year, in line with guidance, and said it expects slight organic revenue growth in 2026 as it sharpens its strategic focus on entertainment and continues cost and cash discipline measures.
According to the German media company, the revenue decline reflected the weak TV advertising market and the deconsolidation of Verivox, while organic revenues fell by 2%. The company is reorganising its business into two segments, entertainment and commerce & dating, from January 2026 to strengthen its focus on the core entertainment business and optimise its portfolio.
In the entertainment segment, external revenues fell 6% to €2.383 billion, with TV advertising revenues down year-on-year, while digital & smart advertising revenues remained stable. Streaming platform Joyn recorded strong growth, with AVOD revenues rising by 36% and SVOD revenues increasing by 25%, while distribution revenues grew by 3%.
Adjusted EBITDA fell 28% to €403 million, while reported EBITDA declined to €241 million, partly due to higher one-off items related to the group’s reorganisation and portfolio changes. Adjusted net income decreased to €209 million. Net financial debt was reduced to €1.343 billion, bringing the leverage ratio to 3.3x, within the company’s target range.
According to group CEO Marco Giordani, the company is continuing its transformation into a focused entertainment player with strong reach across the German-speaking region, supported by investments in local and live content, a multi-platform distribution strategy, broader monetisation and technology including artificial intelligence.
For 2026, group revenues are expected to be slightly below the previous year’s level due to portfolio changes, but to show slight organic growth. Revenues in the entertainment segment are expected to remain stable for the full year, with the advertising market expected to remain weak in the first half before improving in the second half.
The company expects EBITDA to increase significantly in 2026, driven by cost reductions and the absence of prior-year one-off effects. Net financial debt is expected to remain stable, with the leverage ratio targeted in a range of 3.0x to 3.5x at the end of 2026.
The Executive Board and Supervisory Board will propose a dividend of €0.05 per share for the 2025 financial year, unchanged from the previous year.
