ProSiebenSat.1’s preliminary nine-month numbers for 2026 show a German broadcaster squeezed by the TV ad market and choosing to protect profit rather than chase revenue. Group revenue reached €2.24bn (US$2.51bn), an 11% drop year on year. The organic decline was 3% after adjusting for portfolio effects.
The company attributed the fall to “the continued challenging economic environment including, in particular, the persistently subdued demand in the TV advertising market.”
Profitability improves as programming costs fall
EBITDA rose €159m to €198m. The swing came largely from lower expenses: programming spend decreased €126m to €588m. ProSiebenSat.1 said that reflects a consistent focus on using and monetising content efficiently across platforms, not simply buying less.
Chief financial officer Bob Rajan said the group has “significantly increased our profitability” and kept its leverage ratio within the target range. He added: “This proves our cost measures are working.”
The revenue forecast flips
The sobering part for ad-dependent broadcasters is the forecast change. ProSiebenSat.1 now expects a slight decline in organic group revenue for the full year, after earlier guiding for slight growth. That flip is the clearest sign that Germany’s TV advertising recovery remains fragile.
- Reported vs organic: headline revenue fell 11%, but the underlying business shrank 3%.
- Profit over volume: EBITDA improved by €159m despite the revenue drop.
- Spend is down: programming costs fell to €588m, down €126m.
What media buyers and sellers should track
For planners, a soft ad market usually means softer pricing power for sellers, so advertisers may find room to negotiate annual deals. For broadcasters and content suppliers, the approach is a template: fix the cost base now, keep cash disciplined, and treat revenue recovery as the variable you cannot control.
The full financial report on November 12 will show whether the cost reductions are sustainable and how the company’s leverage and cash position hold up. Until then, the message is clear: in a weak ad market, profitability is the preferred metric.
Source: C21media
