ProSiebenSat.1 Media (ETR:PSM) used its annual common assembly to stipulate a sharper concentrate on leisure, tighter monetary self-discipline and continued value reductions following a yr marked by weak promoting markets, portfolio disposals and a change in management after MFE grew to become majority shareholder.
Maria Kyriacou, chairwoman of the Supervisory Board, advised shareholders the previous 12 months had been troublesome amid a difficult financial setting within the DACH area and world volatility. She stated the corporate had “stayed the course” by concentrating on its core leisure enterprise, divesting non-core belongings and initiating a significant effectivity and financial savings program.
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Kyriacou stated the corporate’s digital transformation was gaining momentum, highlighting “excellent improvement” at streaming platform Joyn. She additionally stated Marco Giordani, appointed Group CEO in October, and Bob Rajan, appointed interim Group CFO, had made a optimistic influence by emphasizing money administration and a leaner construction. Luca Poloni, who grew to become Group COO and an Government Board member on Might 1, was additionally cited for his expertise and synthetic intelligence expertise.
Leisure Focus and New Strategic Priorities
Giordani advised shareholders that administration moved rapidly after his arrival to refocus the group on leisure, which he described as the corporate’s heritage and core power. He stated ProSiebenSat.1 had simplified its construction into two primary segments: leisure, and commerce and relationship.
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The CEO laid out 5 strategic priorities for the corporate:
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Content material: Giordani stated the corporate will focus more and more on native German and DACH-region content material, utilizing its manufacturers, stars and artistic expertise to distinguish itself from extra worldwide platforms.
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Multichannel distribution: The corporate plans to distribute content material throughout linear TV, Joyn, social media and different platforms. Giordani stated Complete Video Attain would change into a key efficiency indicator, noting that ProSiebenSat.1 already reaches greater than 61 million folks in Germany.
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Monetization: Giordani stated Seven.One Media had been reorganized to raised serve advertisers and media businesses, with the objective of monetizing whole attain and offsetting fragmentation in viewing habits.
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Expertise and AI: The corporate expects synthetic intelligence and expertise to have an effect on processes, operations and content material versioning, whereas Giordani stated creativity would stay human-led.
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Monetary self-discipline: Administration plans to strictly management prices and investments and frequently evaluation portfolio belongings to find out whether or not to take a position, maintain or exit.
Giordani stated ProSiebenSat.1 has bought 9 corporations since January 2025 and that the divestment course of accelerated after he joined. He stated the corporate can also be analyzing greater than 20 initiatives aimed toward development in leisure.
2025 Outcomes and 2026 Outlook
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For 2025, Giordani reported group income of EUR 3.675 billion, adjusted EBITDA of EUR 403 million and adjusted internet earnings of EUR 209 million. Internet monetary debt improved to EUR 1.343 billion at year-end, equivalent to a leverage ratio of three.3 instances.
Giordani stated MFE grew to become majority shareholder in September 2025, triggering change-in-control provisions within the firm’s financing bundle. ProSiebenSat.1 renegotiated a brand new financing bundle with banks in November 2025 and repaid a EUR 647 million promissory word in January 2026. The corporate additionally started utilizing proceeds from the sale of wetter.com to repay debt.
The Government Board and Supervisory Board proposed a dividend of EUR 0.05 per share, consistent with the prior yr. Giordani additionally stated the corporate’s first-quarter outcomes, printed the week earlier than the AGM, have been affected by a weak macroeconomic setting however confirmed improved profitability by way of money self-discipline and price reductions. He stated EBITDA improved by EUR 50 million and returned to a optimistic determine in contrast with the prior-year interval.
For 2026, Giordani stated ProSiebenSat.1 confirmed its outlook, with income adjusted for the sale of Studio71 actions. He stated the corporate expects a major enhance in EBITDA and EBIT and goals to maintain leverage between 3.0 instances and three.5 instances at year-end.
Supervisory Board Evaluations MFE Provide, Divestments and Governance
Michael Eifler, vice chairman of the Supervisory Board and chair of the AGM, stated the Supervisory Board held 5 common conferences and 25 particular conferences in fiscal 2025. He stated the board carefully monitored the difficult German TV promoting market, cost-cutting measures, the corporate’s strategic course and the concentrate on core leisure.
Eifler stated the board reviewed the gross sales of non-strategic investments together with Verivox, About You, City Sports activities Membership and wetter.com. He additionally famous that the previous Government Board applied a restructuring program that minimize greater than 400 jobs.
A central focus of the Supervisory Board’s work was the general public takeover bid by MFE and the partial acquisition provide by PPF. Eifler stated that in early August 2025, after MFE elevated its provide consideration, the Supervisory Board and Government Board reviewed the amended provide construction and advisable acceptance.
Eifler additionally stated the Supervisory Board established a related-party transactions committee in mild of MFE’s position as majority shareholder. The committee helped put together a coordination settlement between ProSiebenSat.1 and MFE, in addition to two non permanent staffing agreements with MFE corporations. He stated potential conflicts of curiosity amongst particular person Supervisory Board members have been addressed by way of limits on info entry, absence from sure conferences and voting abstentions.
Board Adjustments and Capital Measures
The AGM additionally addressed a number of governance and capital construction issues. Eifler stated the corporate proposed lowering the Supervisory Board from 9 members to seven to enhance effectivity and scale back prices. Dr. Katrin Burkhardt is leaving the Supervisory Board after the assembly, whereas Professor Dr. Cai-Nicolas Ziegler shouldn’t be standing for re-election.
Katharina Behrends, Thomas Ingelfinger, Simone Sole and Eifler launched themselves as candidates for election or re-election to the Supervisory Board. Eifler additionally stated the corporate proposed lowering whole Supervisory Board compensation by 10% whereas protecting the present compensation construction in place.
Agenda gadgets additionally included proposals for brand spanking new approved capital, renewed authorization to subject convertible and/or choice bonds, new contingent capital to service these bonds and authorization to accumulate and use treasury shares. Eifler stated the bundle was supposed to increase financing flexibility and help the group’s transformation.
Rajan, introducing himself as interim CFO, stated his focus is monetary administration and stability, together with finance features, investor relations, governance, danger, compliance, M&A and the commerce and relationship section. “We pay payments with money, not with adjusted EBITDA,” he stated, emphasizing liquidity as the inspiration of enterprise selections.
Poloni, the brand new COO, stated he’s liable for development and digital enterprise, expertise, knowledge and AI, content material operations, distribution and human sources. He stated expertise, digital enterprise fashions, innovation and synthetic intelligence had change into essential success components for ProSiebenSat.1.
About ProSiebenSat.1 Media (ETR:PSM)
ProSiebenSat.1 Media SE operates as a media firm in Germany, Austria, Switzerland, the USA, and internationally. It operates by way of three segments: Leisure, Courting & Video, and Commerce & Ventures. The Leisure section operates free TV stations and digital platforms, reminiscent of SAT.1, ProSieben, Kabel Eins, sixx, SAT.1 Gold, ProSieben MAXX, and Kabel Eins Doku, in addition to PULS4, PULS24, ATV I, ATV II, and PLUS 8. This section is concerned in working business web sites; manufacturing and distribution programming portfolio, together with leisure, actuality, and factual codecs, in addition to TV sequence, TV movies, and digital content material; and operates Studio71 which creates and sells digital choices for influencers.
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The article “ProSiebenSat.1 Media AGM Places Leisure Pivot, Price Cuts in Highlight” was initially printed by MarketBeat.
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