ProSiebenSat.1 Media SE

Q2 group revenue was EUR 768 million and H1 group revenue was about EUR 1.5 billion, both down 9% year over year; organically, revenue declined 2% in both periods. Q2 EBITDA increased by EUR 102 million and H1 EBITDA increased by EUR 152 million, with EBITDA returning to positive territory after negative results in Q2 and H1 2025. Q2 free cash flow before M&A was EUR 27 million. Net financial debt at June 30, 2026 was EUR 1.467 billion, down EUR 73 million versus June 30, 2025, and leverage was 3.2x EBITDA. Entertainment revenue fell 4% in Q2 and 6% in H1, while digital and smart advertising revenue rose 3% in Q2 and 6% in H1. Commerce & Dating revenue fell 16% in Q2 and 14% in H1 reported, but was up 3% in Q2 and 5% in H1 organically. Full-year guidance was confirmed: moderate decline in group revenue adjusted for currency and portfolio effects, slightly lower Entertainment revenue, Commerce & Dating to offset this, slight organic growth at group level, significant year-on-year EBITDA growth, leverage of 3x to 3.5x, and net financial debt expected to remain stable versus 2025 year-end.

Marco Giordani framed the quarter as proof that the transformation is working, emphasizing simplified portfolio structure, stronger governance, and greater accountability. He highlighted cost discipline, synergies from the larger group, and the move to a shared streaming platform across the six MFE markets as sources of additional savings and efficiency. His tone was cautiously upbeat: he acknowledged macro and advertising-market headwinds, but said the company is now better equipped and “set for the future.”

Bob Rajan focused on the P&L recovery and cash/debt profile. He said H1 revenue fell 9% year over year, mainly because TV advertising spending weakened, but EBITDA rose by EUR 152 million in H1 and EUR 102 million in Q2, helped by lower costs, including programming expenses, which declined to EUR 195 million in Q2 and EUR 404 million in H1. He also noted personnel expenses were down EUR 91 million in Q2 and EUR 117 million in H1, free cash flow before M&A was EUR 27 million in Q2, and net debt was EUR 1.467 billion with leverage at 3.2x, within the 3x-3.5x target range.

The analyst asked whether Flaconi’s strong growth can continue, what a steady-state growth rate and margin target might look like, and whether Q2 advertising strength around the World Cup could have pulled spending forward from Q4. Bob said Flaconi should continue growing in the low double-digit range, while Marco said the World Cup typically enlarges the market rather than causing a simple pull-forward, though visibility for H2 remains short. Marco added that July was still affected by the World Cup, August improved, and September was too early to call, so the company remains flexible on spending and programming grids.