ProSiebenSat.1 Media SE

Reported group revenue was EUR 768 million in Q2 and approximately EUR 1.5 billion in H1 2026, both down 9% year over year; on an organic basis, revenue declined 2% in both periods. Group EBITDA increased by EUR 102 million in Q2 and EUR 152 million in H1, moving back into positive territory after negative EBITDA in Q2 and H1 2025. Free cash flow before M&A was EUR 27 million in Q2 2026. Net financial debt was EUR 1.467 billion at June 30, 2026, down EUR 73 million versus June 30, 2025, and leverage was 3.2x EBITDA, within the 3x-3.5x target range. For guidance, management reaffirmed full-year 2026 outlook: moderate decline in group revenue adjusted for currency and portfolio effects, slight decline in Entertainment revenue, Commerce & Dating expected to offset that, slight organic group revenue growth, significant year-over-year EBITDA growth, and net financial debt expected to remain stable versus 2025 year-end.

Marco Giordani framed the first half as evidence that the transformation is delivering results, emphasizing simplification, cost discipline, and a more focused organization. He highlighted portfolio pruning, new executive capabilities in tech/AI/digital, the rollout of a shared streaming platform across six countries, and partnerships like ZDF as key strategic moves. His tone was confident but cautious on the market, repeatedly noting that visibility remains short and advertising conditions are uncertain.

Bob Rajan focused on the drivers behind the improved numbers: lower costs, especially programming expenses, and the impact of restructuring and portfolio changes. He said programming expenses fell to EUR 195 million in Q2, down EUR 60 million year over year, and to EUR 404 million in H1, down EUR 93 million, with roughly EUR 65 million to EUR 75 million of the H1 decline due to the new straight-line amortization method. He also noted personnel expenses were down EUR 91 million in Q2 and EUR 117 million in H1 versus the prior year, and detailed debt moves including a EUR 1.4 billion term loan, a EUR 225 million bridge facility outstanding, and leverage of 3.2x.

Analysts asked whether Flaconi’s recent growth could sustain into H2 and what its long-term margin target might be, and also whether World Cup-related ad spending might have been pulled forward away from Q4. Management said Flaconi should continue growing in the low double-digit range top line and described the business as executing well, but did not give a margin target. On advertising, Marco said the World Cup generally enlarges the market and does not usually depress the back half, though he stressed visibility is short and that the company remains flexible in content spending; he also said August improved versus July and that September remains hard to call.