ProSiebenSat.1 generated Group revenues of €840 million in the second quarter of 2025 (previous year: €907 million). In a challenging overall economic environment, revenues were thus 7 per cent below the previous year. Organically – i.e. adjusted for currency effects and portfolio changes – they decreased by 3 per cent. Group revenues for the first half of the year amounted to €1,695 million (previous year: €1,774 million). This represents a decline of 4 per cent compared to the same period of the previous year, or 2 per cent on an organic basis.

As expected, revenues were below the previous year, with the economically dependent TV advertising market in particular decreasing and leading to a decline in revenues, noted the German broadcaster. Portfolio measures also had an impact: Verivox was sold in March 2025 and is only included in the revenue figures until its deconsolidation in the first quarter.

Martin Mildner, CFO of ProSiebenSat.1 Media, commented: “Especially in times of economic uncertainty, it is essential that we consistently drive forward our transformation. We are pursuing effective cost management, expanding our reach across platforms and thus aiming to further consolidate our position in the market. We made important progress in the first half of the year: our audience market shares are developing well, Joyn achieved new record figures and has now exceeded the 10 million user mark in Germany alone. We are confident that we will benefit quickly and directly from a possible economic recovery in the second half of the year. In addition, we are strengthening our financial flexibility in the long term by extending our financing instruments and making targeted use of cashflows from portfolio measures. These measures create stability and open up scope for investment in future growth.”

Operational development

External revenues in the Entertainment segment amounted to €570 million in the second quarter of 2025 (previous year: €612 million). This was 7 per cent below the previous year`s figure. In the first half of the year, the segment’s external revenues decreased by 4 per cent to €1,113 million (previous year: €1,165 million). The streaming platform Joyn once again recorded strong growth. In addition, distribution revenues continued to grow. This applies to both the second quarter and the first half of the year.

On a quarterly basis, Digital & Smart advertising revenues in the German-speaking region increased by 2 per cent year-on-year, while total advertising revenues in the Entertainment segment declined by 9 per cent. Joyn achieved a 62 per cent increase in AVoD revenues. This development confirms the strategic focus on Joyn and a predominantly advertising-financed streaming offering. SVoD revenues also increased by 28 per cent.

ProSiebenSat.1 aims to strengthen its market share in linear TV and the growth of Joyn by focusing on exclusive local and live content. This strategic approach is yielding positive results: ProSiebenSat.1 channels increased their market share among 20- to 59-year-olds to 21.3 per cent (previous year: 19.4 per cent); in the first half of the year, the audience market share rose to 20.5 per cent (previous year: 19.8 per cent). Joyn reached an average of 9.2 million monthly video users in the second quarter of 2025 – a new quarterly record and an increase of 31 per cent compared to the same period last year. The viewing time grew by 29 per cent to 12.6 billion minutes in the same period. In the first half of the year, Joyn again significantly increased its marketable reach with an average of 8.7 million video users per month and a viewing time of 26.1 billion minutes.

In the Commerce & Ventures segment, external revenues remained stable on a quarterly basis at €199 million (previous year: €197 million), despite deconsolidation effects. The online comparison portal Verivox was sold at the end of March 2025, having made a significant contribution to revenues in the second quarter of the previous year. Adjusted for currency effects and portfolio changes, segment revenues increased by 23 per cent.

External revenues in the Dating & Video segment (ParshipMeet Group) amounted to €71 million in the second quarter of 2025 (previous year: EUR 98 million). This represents a decline of 27 per cent, or 24 per cent adjusted for currency effects.

The Group’s adjusted EBITDA was below the previous year, decreasing by 40 per cent to €55 million (previous year: €91 million). The earnings development reflects the decline in the high-margin but economically sensitive TV advertising business. In addition, the deconsolidation of Verivox in particular had a negative effect.

Outlook

ProSiebenSat.1 is aiming for Group revenues of around €3.85 billion for the financial year 2025, with a variance of plus/minus €150 million (previous year adjusted for currency effects and portfolio changes: €3.77 billion), taking into account the sale of Verivox. ProSiebenSat.1 expects Entertainment advertising revenues in the German-speaking region to decline slightly year-on-year. At the same time, the Group anticipates that it will continue its organic growth momentum in the Commerce & Ventures segment.

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