Prosiebensat.1 Media (PSM) investor relations material

Strategic direction and priorities

• Transitioning from a diversified group to a focused entertainment powerhouse in the DACH region, leveraging MFE for pan-European scale and growth through financial discipline.

• Five key priorities: investing in local/live content, expanding multi-platform reach, diversifying monetization, leveraging tech & AI, and maintaining cost discipline.

• Strategy adapts to fragmented user behavior, shifting from Joyn-centric to a broad multi-platform approach, maximizing total video reach and hybrid monetization.

• Emphasis on local content, strong brands, and cross-platform distribution to differentiate from competitors and drive audience engagement.

• Ongoing portfolio evaluation based on financial merits, with a focus on core entertainment assets.

Financial performance and outlook

• Q1 2026 group revenues declined 9% to €775m, mainly due to macroeconomic uncertainty and portfolio changes, but EBITDA rose to €44m from -€6m, reflecting cost discipline.

• Entertainment segment revenues fell 8%, but EBITDA increased 62% due to cost management and lower programming expenses.

• Commerce & Dating segment saw organic revenue growth of 6% despite an 11% reported decline, with strong performance from flaconi and Aroundhome.

• Net financial debt increased to €1,463m, reflecting exceptional cash expenses and M&A activities; deleveraging remains a priority.

• FY 2026 outlook confirmed: moderate revenue decline, significant EBITDA increase, and stable net debt expected.

Content and platform strategy

• Focus on strengthening local genres and leveraging popular formats for mass reach across TV and digital platforms.

• Multi-platform approach maximizes total video reach (~61m monthly), with strong cross-platform performance for key shows.

• Joyn continues to deliver strong growth in users (+15%), viewtime (+20%), and AVOD revenues (+14%).

• Audio business and HD distribution are emerging growth drivers, supported by new long-term distribution deals.

• Advanced TV product portfolio enables addressable, programmatic, and convergent video advertising solutions.