ProSiebenSat.1 has a very good start to 2024 as expected and confirms full-year outlook

Unterföhring, April 15, 2024. ProSiebenSat.1 Group had a very good start to the year, as expected. This is the result of an analysis of preliminary figures for the first quarter 2024 completed today.

The Group increased its revenues in the first quarter by 6% to EUR 867 million compared to the first quarter of 2023 (previous year: EUR 816 million). The recovery in TV advertising revenues made a significant contribution to this. At the same time, revenue growth continued in digital & smart advertising revenues in the German-speaking region – mainly driven by the streaming platform Joyn. With an increase of 36% in monthly video users and a rise in AVoD revenues of 50% in the first quarter compared to the previous year quarter, Joyn continues to develop very positive. While the Dating & Video business remained below the previous year as expected, the Group recorded very dynamic and profitable growth in the Digital Platform & Commerce portfolio. In particular, the online comparison portal Verivox and the online beauty provider flaconi developed very positively.

Despite the announced increase in programming expenses, adjusted EBITDA increased by 35% to EUR 72 million in the first quarter (previous year: EUR 53 million). As announced, ProSiebenSat.1 Group is increasingly investing in exclusive local content to strengthen its market share in linear TV and the growth of Joyn. At the same time, consistent cost management continued, which had a positive impact on earnings performance. In addition to the recovery of the advertising market and the associated positive development of the high-margin advertising business in the first quarter, the Digital Platform & Commerce companies Verivox and flaconi in particular made a contribution to the increase in earnings.

Adjusted net income for the first quarter also improved significantly year-on-year by EUR 22 million to EUR 8 million (previous year: EUR -15 million), mainly reflecting the development of adjusted EBITDA and lower tax expenses.

With this development, business performance in the first quarter is in line with the full-year targets for 2024, which the Group most recently confirmed on March 7, 2024. The full-year outlook takes into account both the major sporting events not broadcast by ProSiebenSat.1, such as the Summer Olympics and the European Football Championship in the second and third quarters, as well as seasonality resulting from the different comparative figures for the previous year. After a weak first half of the year, the Group had gained significant momentum towards the end of 2023. Accordingly, ProSiebenSat.1 is still aiming to increase consolidated revenues for the full-year to around EUR 3.95 billion with a variance of plus/minus EUR 150 million (previous year: EUR 3.85 billion). At the same time, ProSiebenSat.1 Group continues to expect an adjusted EBITDA of EUR 575 million (previous year: EUR 578 million) with a variance of plus/minus EUR 50 million – and thus in the midpoint at previous year's level.

Note: All figures stated in this release for the first quarter of 2024 are preliminary. ProSiebenSat.1 Group will publish its figures for the first quarter of 2024 on May 14, 2024. The key figures “adjusted EBITDA” (EBITDA adjusted for reconciling items) and “adjusted net income” (group net income adjusted for reconciling items) are not key figures in accordance with IFRS. Information on the definition of “adjusted EBITDA” and “adjusted net income” can be found in the Annual Report 2023 of ProSiebenSat.1 Media SE on p. 129 and p. 130.