German teleshopping broadcaster HSE increased both revenue and earnings in 2025, underlining the resilience of its integrated TV and digital commerce model at a time when the wider teleshopping sector is facing mounting pressure.
According to the company, revenue rose by 4% year-on-year to €641.6 million, while its adjusted EBITDA margin reached 14.7%, demonstrating the structural strength of its business model despite continued consumer caution, higher savings rates and geopolitical uncertainty.
The results stand in contrast to the difficult conditions affecting parts of the teleshopping market. In recent months, German broadcaster Channel21 filed for insolvency, while in the United States, QVC Group entered Chapter 11 proceedings as part of a debt restructuring while accelerating its shift towards social and streaming commerce.
HSE appears to have found a strategy to adapt to changing consumer habits and the structural decline of linear TV shopping. The company has increasingly focused on a platform-based live-commerce approach integrating linear television, e-commerce and social commerce, with digital operations becoming its main growth driver.
“At a time when consumers face an almost unlimited choice, curated guidance, personal advice and entertainment become the decisive differentiating factors,” said Sandra Rehm, Chair of the Management Board. “This is exactly where HSE positions itself, with an integrated live-commerce approach that combines content, commerce and community into a seamless customer experience.”
According to HSE, its business continues to benefit from a loyal customer base of around 1.15 million active customers, alongside successful acquisition of new customers through digital channels.
While digital operations gained further importance in 2025, HSE said linear TV remained a key anchor of the overall model, maintaining stable reach and viewing figures. The company operates the TV channels HSE, HSE Extra and HSE Trend, reaching around 45 million households across Germany, Austria and Switzerland.
Since 2020, HSE has invested heavily in livestreaming and social commerce formats, expanding its digital live-commerce capabilities as consumer behaviour shifts towards online and creator-driven shopping experiences. The company now produces around 12,000 hours of live content annually, which it describes as a unique production and distribution base in Europe.
Unlike purely transactional online marketplaces, HSE said it is focusing on a customer-centric platform in which creators play a central role in customer engagement and retention.
HSE employs around 800 staff directly with partner companies supporting a further 1,700 jobs in logistics, call centres and technology development. The company has been majority-owned by private equity investor Providence Equity Partners since 2012.
