ProSiebenSat.1 increased earnings sharply in the first nine months of 2026 as lower costs outweighed declining revenue at the German media company. The group, controlled by the Berlusconi family’s MFE-MediaForEurope, faced continued weakness in television advertising while company sales also reduced its reported revenue.
Revenue for January through September totaled €2.24 billion, down €271 million, or 11%, from a year earlier. Excluding currency movements and changes to the business portfolio, the decline was 3%. EBITDA increased from €39 million to €198 million. EBIT returned to positive territory at €73 million, an improvement of €180 million.
The third quarter brought a steeper revenue decline, with sales falling 15% to €701 million, or 4% organically. Nevertheless, quarterly EBITDA rose to €75 million from €68 million, while EBIT increased to €30 million from €21 million. The organic revenue decline had been 2% in the second quarter, indicating a tougher advertising environment as the year progressed.
Entertainment’s external revenue fell 7% to €1.4 billion over the nine months, which the company attributed to advertisers holding back spending, particularly on television. Third-quarter revenue in the segment dropped 10% to €443 million, compared with a 4% decline in the second quarter. Nine-month Entertainment EBITDA nevertheless climbed to €174 million from €46 million, accounting for nearly all of the group’s earnings improvement.
Streaming service Joyn provided growth within Entertainment. Its advertising-supported revenue increased 9%, compared with 8% growth at the half-year point, while subscription revenue rose 20%. In April, the Joyn+ subscription offering introduced instant restart, mobile offline downloads and additional exclusive content. Podcast revenue grew by a double-digit percentage, and distribution revenue, which does not depend on television advertising, increased 4%.
Commerce & Dating reported a 16% fall in external revenue to €849 million, including €201 million in portfolio effects such as the second-quarter disposal of Studio71 US. Organic revenue grew 6%, supported by continued double-digit growth at beauty and lifestyle business flaconi. Dating & Video faced cautious consumers and strong global competition, with Video Social Dating revenue significantly below the previous year. The segment’s nine-month EBITDA recovered to €23 million from a €7 million loss.
Reduced programming expenses were central to the profit improvement. Those costs fell €126 million to €588 million over nine months, largely because of an amortization policy change announced in the first half. Savings from the previous year’s restructuring also contributed. The company additionally highlighted efforts to generate more value from content across platforms around major sporting events, including the FIFA World Cup and Winter Olympics.
Net financial debt reached €1.54 billion on September 30, compared with €1.34 billion at the end of 2025. ProSiebenSat.1 attributed the increase to seasonal cash flow patterns and severance payments associated with first-half reorganizations. Its leverage ratio stood at 3.4 times.
On October 29, the group lowered its full-year organic revenue outlook from slight growth to a slight decline, citing economic conditions and consumer spending below economic institutes’ expectations. Other targets remained unchanged: a substantial EBITDA increase from 2025’s €241 million, a moderate revenue decline from €3.68 billion, stable net financial debt and year-end leverage of 3.0 to 3.5 times.
MFE, which operates Mediaset television businesses in Italy and Spain, acquired a 75.61% stake in ProSiebenSat.1 last year through a takeover offer valuing the German company at approximately €1.8 billion. Led by Group CEO Marco Giordani, ProSiebenSat.1 is depending on cost control and careful cash management as economic conditions weigh on its television advertising business.
