Mfe: Revenues hold, profit rises to 130.2 million

Mfe-MediaForEurope closed the first half of the year with consolidated net revenue of EUR 1,436.8 million, down 2.7% compared to EUR 1,476.5 million in the same period of 2024. The group's net result rose to EUR 130.2 million (+24%) compared to EUR 104.7 million a year earlier. The adjusted net result, excluding the effects of the shareholding in ProSiebenSat.1, was a positive 80.7 million. Group operating profit (EBIT) was positive at EUR 105.6 million, a year-on-year decrease of 22.5%. The result is above the analysts' consensus, which indicated an Ebit of EUR 94 million. Revenues were in line with expectations.

Total operating costs were EUR 1.33bn, in line with 2024 (EUR 1.34bn). Net financial debt as of 30 June 2025 was EUR 620m, down EUR 691.5m from 31 December 2024. Typical cash flow generation (free cash flow) was positive at 254.4m (+13.9% p.a.).

Mfe-MediaForEurope recorded substantially stable advertising revenues in the first half of 2025, amounting to EUR 1,423.5 million (-0.7%) compared to EUR 1,434.2 million in the same period of the previous year, when overall growth had been extremely strong (+6.7% compared to 2023). In Italy, gross advertising sales on the media managed by the group grew to EUR 1,060.6 million, up 2% compared to the first half of 2024, when it had increased by +7.2%. According to Nielsen figures, the overall advertising market declined slightly by -0.4% in the first half of 2025. In Spain, gross advertising revenue stood at EUR 363m, down 7.9%, compared to EUR 394.4m in H1 2024, which had seen an annual increase of 5.7%.

Commenting on the results for the first half of the year, CEO Pier Silvio Berlusconi recalled that 'Mfe closes its tenth consecutive half-year with positive results and a profit that is still clearly growing', also stating that 'our work and these results give us the solidity to undertake with concreteness and conviction the challenge to become the leading TV and media player in Europe'.