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ProSiebenSat.1 closes second quarter 2023 in line with expectations

03/08/2023

ProSiebenSat.1 closes second quarter 2023 in line with expectations

Group revenues as announced below previous year: Due to the continuing economic weakness in the German-speaking region as well as consolidation effects, Group revenues decreased to EUR 868 million in the second quarter of 2023 (previous year: EUR 1,043 million).

TV advertising market still characterized by consumer restraint, revenue growth in digital business: TV advertising revenues in the German-speaking region declined in the second quarter compared to the previous year. The growth of digital & smart advertising revenues continued, driven by Joyn among others.

Earnings mainly declined due to lower profitability of advertising business: As expected, the Groups adjusted EBITDA of EUR 79 million (previous year: EUR 155 million) in the second quarter was significantly below the previous year.

Full-year outlook confirmed: Based on forecasts of economic research institutes, ProSiebenSat.1 expects an improved economic development in the second half of the year compared to the previous year, with corresponding positive effects on the advertising market in the German-speaking region.

Strong focus on cost efficiency: The aim is to create processes clearly aligned to the digital transformation and a competitive cost base, while at the same time having headroom for strategically important investments.

Unterf hring, August 3, 2023. ProSiebenSat.1 Group closed the second quarter of 2023 as expected: Against the backdrop of the continuing challenging macroeconomic environment in the German-speaking region (Germany, Austria, Switzerland), Group revenues in this period were 17% below the previous year at EUR 868 million (previous year: EUR 1,043 million). The TV advertising business in particular continued to be affected by ongoing consumer restraint in the second quarter, albeit to a somewhat lesser extent than in the first quarter. Also consolidation effects had a negative impact on the Groups revenue performance. Organically1, i.e., adjusted for portfolio and currency effects, revenues declined accordingly by 10%. These developments also characterized the half-year period: The Group recorded revenues of EUR 1,683 million (previous year: EUR 1,983 million) on a half-year basis, a decline of 15% or organically1 of 9% compared to the previous-year period.

Bert Habets, Group CEO of ProSiebenSat.1 Media SE: As expected, the second quarter continued to be characterized by a weak TV advertising market. This once again underlines how crucial it is that we focus on our digital business at ProSiebenSat.1. We are clearly aligning our organization and processes to our digital transformation. We are already seeing the first positive results here with our streaming platform Joyn: The launch in Austria was successful, advertising revenues on the platform are growing and Video Viewtime increased by 6% to 6.5 billion minutes watched in the second quarter. We are consistently pursuing this path, combined with our strong focus on costs and efficiency. With the organizational and strategic realignment now initiated, we are creating the basis for consistently implementing our growth strategy.

Operational development

In the second quarter of 2023, external revenues in the Entertainment segment were down 21% to EUR 592 million (previous year: EUR 748 million). Against the backdrop of the recessionary overall economic environment, advertising customers continued to invest only cautiously in TV advertising, as expected. Accordingly, the segments advertising revenues in the German-speaking region in the second quarter were 9% below the previous year. Hereby, the growth in digital & smart advertising revenues partially offset the decline in TV advertising revenues. Digital & smart advertising revenues recorded an increase of 5% in the German-speaking region, especially driven by the streaming platform Joyn and the audio segment. Segment revenues were also significantly impacted by a consolidation effect: The US production business of Red Arrow Studios, which was sold as of July 1, 2022, had still contributed revenues of EUR 75 million in the second quarter of the previous year. Organically1, segment revenues in the second quarter were accordingly 13% below the previous year. These effects also impacted the segment's revenue development in the first half of the year: External revenues recorded a decline of 21% to EUR 1,119 million (previous year: EUR 1,410 million) or organically1 of 13%.

External revenues in the Commerce & Ventures segment, by contrast, grew again and were up 3% at EUR 169 million (previous year: EUR 164 million). Organic1 growth was also 3%. This was driven by the online comparison portal Verivox (Consumer Advice). Verivox has benefitted from the easing in the energy markets since the beginning of the year and has since returned to dynamic and profitable growth. In addition, the Beauty & Lifestyle business with flaconi increased despite ongoing consumer restraint in the German-speaking region. In contrast, the media-for-revenue and media-for-equity business of SevenVentures declined as expected, partly due to the weak advertising environment. In the months January to June 2023, segment revenues grew in total by 9% to EUR 340 million (previous year: EUR 311 million) or organically1 by 10%. Here, too, the strong growth in the Digital and Commerce portfolio, driven in particular by Verivox and flaconi, more than compensated for the revenue decline at SevenVentures.

External revenues in the Dating & Video segment amounted to EUR 107 million in the second quarter of 2023, a decrease of 18% (previous year: EUR 130 million), or 16% adjusted for currency effects. Last year, stricter regulations regarding fair consumer contracts came into force in Germany, affecting in particular the subscription models of the Parship and ElitePar
LINK: https://en.prosiebensat1.com/en/press/prosiebensat-1-closes-second-qua...
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