ProSiebenSat.1 achieves adjusted EBITDA plus in the third quarter of 2023 despite difficult market environment
Revenues stabilize after a difficult first half of the year: Group revenues in the third quarter of 2023 were 3% below the previous year at EUR 888 million (previous year: EUR 911 million). Organic1 revenue growth was almost stable.
Further growth in digital & smart advertising revenues partially offsets decline in TV advertising business: TV advertising revenues in the German-speaking region declined in the third quarter due to the economic situation - but to a lesser extent than in the first half of the year. In addition, digital & smart advertising revenues in the German-speaking region increased by 16%.
Joyn grows significantly again and records strongest quarter of the year: The streaming platform Joyn is driving growth in digital & smart advertising revenues and continues to grow significantly with an increase of 58% in AVoD advertising revenues.
Adjusted EBITDA is now again above the previous year and benefits from dynamic growth at Verivox and flaconi: At EUR 110 million, the Groups adjusted EBITDA was above the previous year's level (previous year: EUR 108 million). Here, targeted cost adjustments and profitable revenue growth in the Commerce & Ventures segment had a positive impact.
Group specifies financial outlook for 2023 with expected slightly positive development in the fourth quarter: ProSiebenSat.1 expects adjusted EBITDA to be at the lower end of the range of EUR 600 million plus/minus EUR 50 million forecast at the beginning of the year. Group revenues are expected to be slightly below the target range of EUR 4.10 billion plus/minus EUR 150 million. The Group is assuming slight growth for the important fourth quarter.
Cost efficiency program fully completed, gross savings of EUR 100 million expected in 2024: ProSiebenSat.1 is laying the foundations for effective implementation of the strategy with a focus on Entertainment. At the same time, the Group is focusing on profitability and a competitive cost structure.
Unterf hring, November 14, 2023. Group revenues of ProSiebenSat.1 slightly decreases in the third quarter of 2023 and amounted to EUR 888 million (previous year: EUR 911 million). This decline of 3% is due to the continuing weak economy and the associated cautious approach to advertising budgets. By contrast, advertising revenues from digital entertainment offerings in the German-speaking region (Germany, Austria, Switzerland), such as the streaming platform Joyn, grew dynamically. In addition, the Commerce & Ventures companies Verivox and flaconi once again recorded significant growth. This almost completely compensated for the decline in TV advertising revenues. Organically1, i.e. adjusted for portfolio and currency effects, Group revenues were almost stable in the third quarter and amounted to EUR 866 million (previous year: EUR 877 million). Group revenues for the first nine months were EUR 2,571 million, which corresponds to a decrease of EUR 323 million or 11%. Organically1, Group revenues in this period declined by EUR 182 million or 7% compared to the previous year.
Bert Habets, Group CEO of ProSiebenSat.1 Media SE: We have taken the challenges in the market as an opportunity to realign our Group in terms of both personnel and organizational. In doing so, we are setting the course to expand our digital business areas more strongly. At the same time, we have now successfully implemented the cost efficiency program that we initiated at the beginning of the year. This applies above all to the Entertainment segment, but we have also responded to the declining revenues in the Dating & Video segment. We are confident and see a positive trend in the third quarter: Joyn recorded a very good quarter once again with an increase of 58% in AVoD advertising revenues, while the audio segment and programmatic trade of advertising time also increased their revenues dynamically. The commerce business around our majority investments and in particular Verivox and flaconi is picking up strongly. We will fully realize the savings from our efficiency program in the fourth quarter respectively in 2024.
Martin Mildner, Group CFO of ProSiebenSat.1 Media SE: After a difficult first half of the year, we managed to keep our revenues almost stable in the third quarter compared to the previous quarters, despite the continuing challenging market environment. We are seeing first signs that our clear focus on our strategically important business areas is paying off. At the same time, we are acting in an extremely cost-conscious manner - our adjusted EBITDA in this quarter is therefore above the previous year for the first time since 2021 despite the weakness of the advertising market. For the Group, we want to continue this trend and are currently expecting a slight increase in revenues and earnings in the crucial fourth quarter.
Operational development
External revenues in the Entertainment segment amounted to EUR 598 million in the third quarter of 2023 and hence 4% below the previous year's figure (previous year: EUR 621 million). Against the backdrop of the macroeconomic environment, advertising revenues in the German-speaking region decreased again compared to the previous year, although the decline of 5% was significantly lower than in the first half of the year. At the same time, digital & smart advertising revenues in the German-speaking region grew by 16%, partially offsetting the decline in TV advertising revenues. Joyn in particular saw very significant growth here. Organically1, revenues in the Entertainment segment decreased by 3% in the third quarter. Over the nine-month period, they declined by 16% to EUR 1,717 million (previous year: EUR 2,032 million). The disposal of the U.S. production business on July 1, 2022, also had an impact here
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ProSiebenSat.1 achieves adjusted EBITDA plus in the third quarter of 2023 despite difficult market environment 
