ProSiebenSat.1 Media (PSM) Company presentation summary

Strategic direction and transformation

• Transitioning from a diversified group to a focused media powerhouse, aiming for leadership in the DACH entertainment market and leveraging pan-European scale through MFE partnerships.

• Five strategic priorities: investing in local/live content, expanding multi-platform reach, diversifying monetization, leveraging technology and AI, and maintaining financial discipline.

• Emphasis on local genres and popular formats to differentiate in TV and streaming, with strong cross-platform video reach and social engagement.

• Multi-platform strategy adapts to fragmented user behavior, maximizing total video reach and enabling hybrid monetization models.

• Ongoing portfolio evaluation, with asset retention based on value creation and active M&A generating significant cash inflows.

Financial performance and outlook

• FY 2025 group revenues declined 6% to €3,675m, mainly due to macroeconomic headwinds and portfolio changes; organic revenues down 2%.

• Adjusted EBITDA fell 28% to €403m, driven by lower high-margin advertising and deconsolidation effects.

• Entertainment segment revenues dropped 6%, with TV advertising down 10% but digital advertising stable; Joyn AVOD revenues up 36%.

• Commerce & Ventures segment saw stable revenues, with organic growth of 16% and strong performance from Beauty & Lifestyle (Flaconi).

• Dating & Video segment revenues declined 24%, but Q4 margin improved due to restructuring.

• Net financial debt reduced by over €900m since 2019; strict financial discipline and deleveraging remain priorities.

• Proposed dividend of €0.05 per share for FY 2025, reflecting focus on debt reduction and investment.

• FY 2026 outlook: slight organic revenue growth, significant EBITDA increase, and stable net debt expected.

Operational highlights and market position

• Gained TV advertising market share versus RTL's Ad Alliance in Q4 2025; narrowed audience share gap.

• Joyn platform achieved record user engagement and AVOD revenue growth, with monthly video users reaching 9.6m in Q4 2025.

• New long-term distribution deal with Magenta TV secures reach and revenue growth; HD penetration in Germany at 40%.

• Advanced TV advertising products and unified AdTech infrastructure drive cross-platform monetization and campaign effectiveness.

• Flaconi delivered 27% revenue growth in 2025, expanding to 12 countries and increasing market share in premium fragrance.