ProSiebenSat.1 Group with considerable earnings increase of 13% in adjusted EBITDA in the third quarter of 2020
Group sees clear improvement in revenues and earnings compared to highly COVID-19 influenced previous quarter
Group revenues with EUR 921 million at about previous year's level; adjusted EBITDA increases 13% to EUR 149 million compared to the previous year; adjusted net income positive again at EUR 29 million compared to the COVID-19 influenced second quarter of 2020
Strict cost management pays off, liquidity position remains good with EUR 1,056 million in cash as of September 30, 2020
Active portfolio management: Successful acquisition of The Meet Group as well as disposal of myLoc and WindStar Medical underscore long-term strategy focusing on core business and synergies
New fourth segment ParshipMeet Group strengthens diversification of ProSiebenSat.1
Outlook: Assuming about stable conditions compared to the third quarter and no further substantial restrictions in the fourth quarter beyond the measures announced in Germany at the end of October, the Group is targeting Group revenues between EUR 3.85 billion and EUR 3.95 billion and adjusted EBITDA between EUR 600 million and EUR 650 million for the full-year
Unterfoehring, November 5, 2020. In the third quarter of 2020, ProSiebenSat.1 Group posted improved revenue and earnings figures compared to the highly COVID-19 influenced previous quarter. After the global pandemic and the resulting restrictions had considerably affected the Group's business performance in the second quarter, ProSiebenSat.1 generated revenues of EUR 921 million (previous year: EUR 926 million) between July and September 2020 and thus at about the previous year's level. This reflects, as announced, a recovery in the Group's entertainment advertising business since July, a dynamic revenue development of the online beauty provider Flaconi and the positive effects of the acquisition of the US online dating company The Meet Group, with initial consolidation in September. The Meet Group and the matchmaking business Parship Group are forming the Group's new fourth segment ParshipMeet Group, which operates in a fast-growing market. Organically(1), Group revenues declined by 4% (Q2 2020: -26%) in this quarter. Despite the recovery in revenues in the third quarter, the first nine months of the year are affected by the COVID-19 influenced previous quarter: In this period, ProSiebenSat.1 generated revenues of EUR 2,555 million (previous year: EUR 2,786 million) and is thus down 8% year-on-year.
Rainer Beaujean, Chairman of the Executive Board & Chief Financial Officer of ProSiebenSat.1 Media SE: We are very satisfied with our development in the third quarter. As an early-cyclical company, we were now able to benefit from the economic recovery in the summer, following the difficult first half of the year, and have seen an upward trend in the advertising market. At the same time, our strict cost management is taking effect, with our adjusted EBITDA growing again compared to the previous year for the first time since the first quarter of 2018. With the launch of the umbrella brand Seven.One Entertainment Group as well as the formation of our ParshipMeet Group, we are furthermore advancing the reorganization of the Group. While the online dating business is clearly supporting our diversification, we are focusing on our core competencies in the entertainment business. This also includes disposing of companies that do no longer contribute to our core business. This was the case with myLoc, a provider of hosting solutions. The sale of WindStar Medical in NuCom Group's beauty and lifestyle segment also falls into this category. This reflects our long-term strategy, which aims to create value for all stakeholders - through operational progress as well as active portfolio management.
Operating performance in the third quarter of 2020
In the third quarter, external revenues in the Seven.One Entertainment Group segment recovered significantly compared to the previous quarter and, after a 34% decrease in the second quarter, now declined by only 5% to EUR 499 million (previous year: EUR 525 million). Organically, external revenues likewise declined by 5%. This shows that advertising bookings benefited as expected from the economic recovery and the decline in advertising revenues of minus 6% reduced significantly compared to the previous quarter (Q2: -37%). While the pharmaceutical and automotive industries, among others, again increased their TV advertising spending, other sectors such as tourism and beverages continue to cut their advertising investment strongly due to the pandemic. In the first nine months of the year, external revenues - influenced by the effects of the COVID-19 pandemic - declined by 14% to EUR 1,460 million (previous year: EUR 1,705 million).
Seven.One Entertainment Group's entertainment and infotainment offerings continued to generate success, especially in prime time that is relevant for advertising customers. With shows like Joko & Klaas Live: A Short Story of Moria or the special report ProSieben Spezial: Rechts. Deutsch. Radikal. , ProSieben not only focused on socially relevant issues but also achieved high reach. Since October 1, 2020, all entertainment activities have also been bundled under the umbrella brand Seven.One Entertainment Group. In this way, the Group connects its content, digital and sales businesses even closer and thus offers viewers content cross-media and platform-independently.
The effects of the COVID-19 related restrictions continue to have an impact on the Red Arrow Studios segment, albeit significantly weaker than in the previous quarter. Particularly in the US, the program production business was still affected through most of the third quarter. In contrast, business already improved
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ProSiebenSat.1 Group with considerable earnings increase of 13% in adjusted EBITDA in the third quarter of 2020 
