MFE MediaForEurope reported net revenues of €1.94 billion for the first nine months of 2025, modestly below the previous year’s €2 billion, yet free cash flow increased 9.4 % to €348.9 million, according to the company.
The strong cash‑flow performance came even as advertising revenues in Spain declined from €535.8 million to €494.4 million. In Italy, gross ad revenues rose 1.4 %, outperforming the Italian market’s contraction of 1.6 %. CEO Pier Silvio Berlusconi noted that “despite the very complex TV market in Spain and the impact of ProSiebenSat.1’s financials … MFE continues to grow and exceed forecasts,” signalling resilience amid regional challenges.
At the same time, MFE’s channel business is gaining momentum as streaming usage climbs. The company’s channels have recorded increased audience share in Italy and higher OTT consumption overall, reinforcing MFE’s strategy to pivot toward digital platforms even as legacy ad markets soften. The dual strength of disciplined cost control and digital growth underpins MFE’s outlook for a “strongly positive” full‑year profit and cash‑flow outcome.
Looking ahead, the group emphasises scaling its multi‑platform reach and leveraging international operations to offset localized advertising headwinds, positioning MFE as a tighter competitor in Europe’s evolving media landscape.