Mfe-MediaForEurope closed on first quarter of 2025 with strongly improving results, confirming the annual objectives and consolidating the recovery of the advertising revenue, particularly on the Italian market. The group led by Pier Silvio Berlusconi has registered a net profit of 51,4 million of euros, almost tripled compared to the 16,8 million of the same period in 2024, and generated a characteristic case a record 253,6 million, with an increase of 19,1%.
In parallel, theconsolidated net debt fell to 460,9 million euros, down 33,3% compared to 691,5 million at the end of 2024, while adjusted net financial debt fell to 340,7 million.
On the strategic front, Mfe benefited from the revaluation of his own Participation in the German group Prosiebensat.1 for 48,1 million euros, supported by the stock's rally in Frankfurt (+35% since the beginning of the year), fueled by the ongoing competition between Mfe and the Czech group Ppf for control of the company.
Prosiebensat Board of Directors to Members: “MFE Offer Inadequate, Do Not Join”
“The Board of Directors and the Supervisory Board of ProSiebenSat.1 recommend to the shareholders to do not accept the voluntary public purchase offer presented by Mfe“. This is stated in a note issued today. “After examining the offer document dated May 8, 2025, both management bodies have concluded that the offer is financially inadequate. The assessment is supported by corresponding opinions provided by Morgan Stanley, which advises the executive board, and by Goldman Sachs, which advises the supervisory board,” ProSieben emphasizes.
Revenues and margins down, but advertising holds up
Despite a decline in consolidated net revenues – from 699,8 to 671,8 million – and a contraction ofEbitda from 140,4 to 114,8 million, Mfe benefited from the stability of the harvesting Advertising. In Italy, gross advertising reached 494,3 million, marking a +1% after the strong +5,7% of the same quarter of 2024, also exceeding the growth of the overall advertising market, which stopped at 0,9%.
Even in the months of April and May the trend remained positive, with an increase of more than 2%, above expectations. In Spain, instead, the collection decreased from 180,2 to 167,9 million, discounting the comparison with a particularly positive first quarter of 2024 (+8%). However, there are signs of progressive recovery.
Television performance
As for the you listen, Mediaset maintained its leadership in Italy: according to Auditel data, the total networks recorded a share of 36,9% in 24 hours, with peaks of 37,2% in Day Time and 34,9% in Prime Time. On the commercial target (15-64 years), Mediaset confirmed its leadership with 39,9% in 24 hours, 40,4% in Day Time and 37,7% in Prime Time. Canale 5 remains the first national network on this target, both throughout the day and in the daytime slot.
In Spain, Mediaset Spain obtained in 24 hours a share of 24,9% of the total individuals and 27,4% of the commercial target. In Prime Time it settled at 23,7% (total individuals) and 25,9% (commercial target), while in Day Time it reached 25,4% and 28,2% respectively.
Full-year guidance confirmed
Looking ahead to the next few months, Mfe expects a continuation of the positive trend in advertising in Italy, where a further boost could come from free-to-air rights Fifa Club World Cup, broadcast between June and July on Mediaset channels. In Spain, a possible stabilization is expected, barring negative developments in the global scenario.
In light of the performance of the first quarter, the group confirmation their targets for 2025: positive operating result, net profit and cash flow generation on an annual basis.
