ProSiebenSat.1, the German media group controlled by the Berlusconi family’s MFE-MediaForEurope, just delivered an earnings print that looks stronger than its top line. Revenue for the first nine months of 2026 fell 11% to €2.24 billion ($2.48 billion), yet EBITDA climbed to €198 million ($219 million) from €39 million a year earlier and EBIT turned positive at €73 million ($81 million).
That gap is almost entirely a cost story. Programming costs fell €126 million to €588 million, mainly because of a change in amortisation policy announced in the first half, while the company also leaned on savings from last year’s restructuring. The result is a broadcaster manufacturing margin growth despite a softening advertising market.
TV advertising is weakening
The organic numbers show the pressure more clearly. Stripping out currency moves and portfolio changes, nine-month revenue was down just 3%, but the trend worsened in the third quarter. Q3 revenue fell 15% to €701 million on a reported basis, or 4% organically. Entertainment external revenue dropped 7% to €1.4 billion over nine months, and 10% to €443 million in Q3 alone.
Advertisers are holding back on TV, and ProSiebenSat.1 responded by cutting its full-year organic revenue forecast on Oct. 29 from slight growth to a slight decline. All other targets, including a substantial EBITDA increase on 2025’s €241 million, remain in place.
Joyn gives the counter-narrative
The group’s streamer Joyn moved against the trend. Ad-supported revenue rose 9%, up from 8% at the half-year, while subscription revenue jumped 20%. Podcast revenue posted double-digit growth, and distribution revenue, which does not sit on the TV ad cycle, grew 4%.
Commerce & Dating was more mixed. External revenue fell 16% to €849 million, but that included the sale of Studio71 US. On an organic basis the segment grew 6%, powered by double-digit growth at beauty and lifestyle business flaconi. Dating and video social dating stayed under pressure from cautious consumers and intense competition.
The balance sheet caveat
Net financial debt rose to €1.54 billion from €1.34 billion at the end of 2025, which the company attributes to seasonal cash flow and severance payments from first-half reorganisations. Leverage stood at 3.4x. That does not derail the profit story, but it means the earnings improvement is partly a timing and accounting gain, not a demand recovery.
What the numbers mean
- Nine-month revenue: €2.24 billion, down 11%.
- Nine-month EBITDA: €198 million, up from €39 million.
- Joyn: ad revenue +9%, subscription revenue +20%.
- Net financial debt: €1.54 billion, leverage 3.4x.
For media planners, the report confirms that linear TV budgets remain soft while ad-supported streaming is still finding growth. For operators, ProSiebenSat.1 is a template for cost discipline and streaming diversification offsetting a weak core. MFE, which controls 75.61% of the group and runs Mediaset’s TV operations in Italy and Spain, is betting that this discipline carries the business until ad demand returns.
Source: Variety
