In Q4 2023, German broadcasting group ProSiebenSat.1 recorded what it called “a significant increase” in the adjusted EBITDA of 11 per cent compared to the previous year quarter to around €335 million based on preliminary figures (Q4 2022: €303 million). Thereby, the Group exceeded its previous earnings expectations for this quarter.

Most recently, the Group had expected slight growth in adjusted EBITDA in the fourth quarter of 2023 compared to the previous year quarter. The increase in adjusted EBITDA reflects a combination of the expected positive business development in the fourth quarter of 2023 as well as various smaller and non-recurring earnings effects that arose during the preparation of the consolidated financial statements.

For the full year, ProSiebenSat.1 Group generated adjusted EBITDA of around €578 million (2022: €678 million). Group revenues developed as expected and amounted to around €3.85 billion in the financial year 2023 (2022: €4.16 billion). Of this amount, around €1.28 billion was attributable to the important fourth quarter (Q4 2022: €1.27 billion), corresponding to an increase of 1 per cent compared to the previous year quarter. In addition, the Group’s net financial debt decreased significantly to around €1.546 billion in the fourth quarter (September 30th 2023: €1.775 billion, December 31st 2022: €1.613 billion).

For the financial year 2024, ProSiebenSat.1 Group specifies its expectation such that it continues to assume adjusted EBITDA at the previous year’s level, but now anticipating an increased adjusted EBITDA of around €575 million (with a variance of plus/minus €50 million) compared to the outlook published on December 19th 2023. On the one hand, this forecast reflects the previously announced increase in programming investments. On the other hand, this is based on the unchanged assumption of a slight increase in consolidated revenues. The Group says it continues to focus on a lean cost structure, which is having a positive impact on earnings and at the same time opening up headroom for investments, especially in local content.

Martin Mildner, Group CFO of ProSiebenSat.1 Media SE, commented: “We ended 2023 on a good note. In the crucial fourth quarter, our advertising revenues in the DACH region were slightly above the previous year’s level and we were able to improve our performance in many parts of the Commerce & Ventures portfolio. At the same time, our cost measures are taking effect, which strengthens our profitability. This gives us confidence for 2024, even if the economic environment remains challenging.”