ProSiebenSat.1 Profit Climbs as Sales Slip
German broadcaster ProSiebenSat.1 made a profit in the first nine months of 2026, even though its sales fell. The company, controlled by the Berlusconi family's MFE-MediaForEurope, reported that its operating profit (EBIT, the money left after running costs but before interest and tax) turned positive at €73 million. Variety reported the figures on 12 November 2026.
Sales are the weak spot. Revenue for January to September was €2.24 billion, down €271 million on a year earlier. That is an 11% fall as reported. Strip out currency movements and changes to the company's business portfolio, and the drop is 3%.
TV advertising is the main cause. Revenue from the Entertainment division, which includes the TV channels, fell 7% to €1.4 billion, and the company pointed to weak spending by advertisers on television. The third quarter was harder still. Revenue for July to September fell 15% to €701 million, or 4% once the same adjustments are made.
Profit moved the other way. EBITDA (earnings before interest, tax, depreciation and amortisation, a common measure of day-to-day earnings) rose to €198 million from €39 million. Entertainment's EBITDA climbed to €174 million from €46 million. Part of that lift came from lower programming costs, which fell €126 million to €588 million. Variety reports that the drop was mainly due to a change in amortisation policy, the way the cost of a programme is spread over the periods in which it is used. The company announced that change in the first half of the year.
The streaming service Joyn grew on both sides of its business. Its advertising revenue rose 9%, and its subscription revenue, from viewers who pay each month, jumped 20%.
The Commerce & Dating division, which includes the online beauty retailer flaconi, saw revenue fall 16% to €849 million. Most of that drop came from the sale of Studio71 US in the second quarter, which accounted for €201 million. Without the sale and currency effects, the division grew 6%, with flaconi growing in double digits. Its EBITDA swung to €23 million, against a €7 million loss a year earlier.
The company also owes more. Net financial debt, which is borrowing minus cash held, stood at €1.54 billion on 30 September 2026. That was up from €1.34 billion at the end of 2025.
So the picture is a company selling less but keeping more of what it earns. Advertising is the soft spot. Subscriptions and cost changes are doing much of the work.
