MFE-Mediaforeurope (MFEB) investor relations material

Executive summary

• Net consolidated revenues declined by 4.5% year-over-year to €1,463.1 million in 1Q 2026, with EBIT increasing by over €60 million to €13.6 million from a loss of €50.1 million in Q1 2025.

• EBITDA increased 29.6% year-over-year to €241.3 million, reflecting improved operational efficiency.

• Net profit loss narrowed to €26.1 million from €41.3 million in the prior year, a 36.8% improvement.

• The group accelerated international expansion and improved profitability despite macroeconomic and geopolitical uncertainty in Europe.

• Full consolidation of ProSiebenSat.1 in 2026 impacts comparability with prior periods; pro forma 2025 figures are used for meaningful comparison.

Financial highlights

• Net advertising revenues fell 4.7% year-over-year to €1,016.9 million.

• Total OPEX decreased by 9.3% to €1,221.8 million, supporting margin expansion.

• Total consolidated costs decreased by €133.3 million (-8.4%) to €1,449.6 million compared to pro forma Q1 2025.

• Pre-tax loss reduced significantly to €10.0 million from €75.7 million year-over-year.

• Net financial position improved by €150.6 million since December 2025, standing at -€808.6 million at March 2026.

Outlook and guidance

• Pro-forma figures assume full consolidation of P7S1 from January 1, 2025, indicating a strategic focus on integration.

• The group expects improved performance and cash generation in the coming quarters, especially in Q4 2026.

• 2026 is considered a transition year, with a focus on strengthening the European advertising market position and operational efficiency.

• April and May showed positive trends in Spain and DACH, with Italy remaining resilient.