ProSiebenSat.1 reported Group revenues of €840 million in the second quarter of 2025, down 7% from €907 million a year ago, primarily due to weak advertising demand and the deconsolidation of Verivox; on an organic basis—adjusted for portfolio changes and currency effects—revenues declined by 3%, as detailed in the company’s press release. First-half revenues totaled €1,695 million, representing a 4% decline versus €1,774 million the prior year, or a 2% organic decrease.
Adjusted EBITDA fell sharply by 40% to €55 million in Q2 and likewise to €99 million for H1, amounts that remain below the midpoint of the €470–570 million full‑year guidance range, though the company reiterated its revenue target of €3.85 billion (± €150 million) for 2025. The decline in adjusted EBITDA reflects softness in the high-margin linear advertising business and the impact of Verivox’s sale.
Despite top‑line headwinds, the digital streaming platform Joyn delivered standout growth. Advertising video‑on‑demand (AVoD) revenues surged 62% year‑on‑year, while SVoD revenues (streaming subscriptions) increased by 28%. Joyn reached a new quarterly record with 9.2 million monthly video users in Q2 (up 31%) and generated 12.6 billion viewing minutes (up 29%). For the first half, monthly users averaged 8.7 million with total viewing time of 26.1 billion minutes. ProSiebenSat.1’s channels grew market share among 20‑59-year-olds to 21.3% in Q2 (from 19.4%), and to 20.5% for H1 (versus 19.8% the previous year).
The Commerce & Ventures segment produced €199 million in external revenues in Q2—stable year‑on‑year—but rose 23% organically post‑Verivox divestment, fueled by strong performance in beauty and lifestyle brands. First‑half revenues in the segment reached €427 million, up 6% year‑on‑year and 16% organically.
Adjusted net income fell €11 million to €14 million in Q2 and was €0 for the half‑year versus €33 million in the prior period. Leverage rose slightly to 3.1x (pro forma 3.3x excluding Verivox), above the target range of 2.5x to 3.0x.
CFO Martin Mildner stated, “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.”
ProSiebenSat.1 completed legal integration of its linear TV and streaming assets under Joyn GmbH, unlocking deferred tax income estimated at €125 million to be recognized in Q3, with cumulative cash flow benefits projected at around €110 million through 2029. The Group also extended most of its €810 million term loans and its RCF until 2029, and announced the early repayment of €250 million using proceeds from portfolio sales.
While advertising activity remained subdued in H1, ProSiebenSat.1 projected a recovery in Entertainment advertising revenues during H2—assuming improving macroeconomic conditions in German-speaking markets—supporting its reaffirmed full‑year targets for both revenue and adjusted EBITDA.
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