ProSiebenSat.1 has reaffirmed its financial projections for 2025, despite experiencing a 7% year-on-year drop in revenue during the second quarter. This downturn is largely attributed to persistent weakness within the high-margin TV advertising sector. The German media conglomerate anticipates a resurgence in advertising revenue during the latter half of the year, fueled by predicted improvements in the overall economic climate.
The company's Q2 2025 revenue totaled €840 million, a decrease from €907 million in the same period the previous year. First-half 2025 group revenues exhibited a 4% decline, reaching €1.695 billion. After adjusting for currency fluctuations and portfolio changes, the organic decrease was 2%. Martin Mildner, Chief Financial Officer, highlighted the company's achievements despite economic challenges. “We are pursuing effective cost management, expanding our reach across platforms and thus aiming to further consolidate our position in the market,” he stated, emphasizing the platform's audience share gains and record user numbers for the streaming platform Joyn.
ProSiebenSat.1's digital approach is demonstrating positive outcomes. AVOD revenues on Joyn saw a substantial 62% increase in Q2, while SVOD revenues grew by 28%. The platform achieved a record 9.2 million monthly video users in Q2, reflecting a 31% year-on-year increase in reach and a 29% rise in viewing time. Conversely, the group's traditional TV advertising business continues to show the effects of cautious consumer spending, leading to a 9% decrease in entertainment segment ad revenues. Despite this, the broadcaster successfully increased its audience market share among viewers aged 20 to 59 to 21.3% in Q2 (up from 19.4%).
The entertainment segment generated €570 million in external revenues during Q2, a 7% year-on-year reduction. First-half revenues fell by 4% to €1.113 billion. The growth seen in streaming and distribution couldn't fully offset the decline in linear TV advertising. Adjusted EBITDA decreased by 40% to €55 million in Q2 and by a similar margin to €99 million in the first half. This downturn reflects the weakness in TV advertising and the deconsolidation of Verivox. Adjusted net income fell to €14 million in Q2 and reached break-even for the first half, in contrast to €33 million in H1 2024. Net financial debt amounted to €1.541 billion at the end of June 2025.
A significant structural change is the merger of Seven.One Entertainment Group with Joyn, effective January 1, 2025. This consolidation is projected to yield deferred tax income of around €125 million in Q3 and generate cumulative cash flow benefits of approximately €110 million through 2029. Despite the revenue challenges in the first half of the year, ProSiebenSat.1 maintains its financial guidance for 2025, anticipating revenues of around €3.85 billion and adjusted EBITDA of approximately €520 million. The company expects an upturn in advertising revenues within the German-speaking region in the second half, supported by predictions of a wider economic recovery.