ProSiebenSat.1 Group generated revenues of €855 million in the first quarter of 2025, down from €867 million in Q1 2024.

While revenues primarily in the linear TV advertising business and in the Dating & Video segment were below the previous year, growth continued in the Commerce & Ventures segment. Adjusted for currency effects and portfolio changes, the German broadcasting group’s revenues decreased by 2 per cent or €15 million.

Martin Mildner, CFO of ProSiebenSat.1 Media SE, commented: “It has been confirmed that the economic situation is still challenging and that advertising revenues in the German-speaking region will decline in the first half of the year. In this context, our Group revenues and adjusted EBITDA are developing as expected. Taking into account the sale of Verivox, we therefore confirm our full-year outlook and are confident that advertising revenues will also grow again in the second half of the year.

“At the same time, we are making important operational progress in establishing Joyn as the leading cost-free digital entertainment platform in the German-speaking region. To increase our competitiveness, we will continue to invest in this area while working on our cost base across all segments. The sale of Verivox in March 2025 was a first important step in the consistent implementation of ProSiebenSat.1’s strategy to strengthen its focus on the Entertainment business and increase the Company’s financial flexibility,” added Mildner.

Operational development

External revenues in the Entertainment segment amounted to €544 million in the first quarter of 2025 and were thus 2 per cent or €10 million below the previous year’s figure. The revenue development reflects the macroeconomic environment and is characterised by restraint in advertising spending. As expected, this applies in particular to the linear TV advertising business, which also benefited in the first quarter of the previous year from an earlier Easter date and the associated advertising intensity.

Overall, advertising revenues decreased by 5 per cent in the first quarter of 2025. Digital & Smart advertising revenues in the German-speaking region were 2 per cent below the previous year’s figure.

While some digital advertising offerings declined due to the challenging industry environment, Joyn once again grew strongly. The streaming platform increased its marketable reach to a new record: The number of average monthly video users rose to 8.3 million (+26 per cent compared to the same quarter of the previous year) and the total viewing time increased to 13.5 billion minutes (+48 per cent compared to the same quarter of the previous year). Joyn achieved a 39 per cent increase in AVoD (advertising video-on-demand) revenues, while SVoD (subscription video-on-demand) revenues, which are reported under other revenues, rose by 16 per cent. Joyn’s double-digit growth confirms the strategic focus on a predominantly advertising-financed streaming service.

At the same time, revenues in the production business also increased. The production companies under the Seven.One Studios umbrella brand successfully positioned themselves in the market, particularly in the UK and Germany. Distribution revenues recorded an increase of 5 per cent. The distribution business is very profitable and at the same time strategically relevant, as revenues develop independently of the economically sensitive advertising market. ProSiebenSat.1 thus participates in the technical activation fees that end customers pay to the respective providers for programs in HD quality. In this context, ProSiebenSat.1 renewed the contractual agreements with SES Astra and HD+ so that Joyn is also available via their offerings. In addition, the Joyn app has been available in the in-car entertainment systems of five Mercedes-Benz models since April; the streaming platform will be rolled out in other model series in the coming years.

Outlook

ProSiebenSat.1 is aiming for Group revenues of around €3.85 billion for the financial year 2025 – taking into account the sale of Verivox – with a variance of plus/minus €150 million (previous year adjusted for currency effects and portfolio changes: €3.77 billion). With Group revenues at the midpoint of the target range, ProSiebenSat.1 continues to expect Entertainment advertising revenues in the German-speaking region to grow by around 2 per cent for the full year. For the TV advertising revenues included in this figure, ProSiebenSat.1 assumes for the full-year a slight year-on-year decline and dynamic growth in Digital & Smart advertising revenues.

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