Mfe: revenue down, but cost control and efficiency measures are boosting the results
In the first half of the year, revenue fell to 2.95 billion (-6 per cent), but profitability picked up. Berlusconi: “Operating profit well above estimates.” Italia is the most resilient advertising market
Key points
Higher margins despite lower revenues, which fell by 6 per cent on a pro forma basis year-on-year. This is the picture for the first half of 2026 at Mfe-MediaForEurope, the first half-year period to fully incorporate Prosiebensat and which therefore serves as a test case for the European project built by Pier Silvio Berlusconi (particularly given that the group has decided to provide a pro forma comparison, as if the German subsidiary had been included in the consolidated accounts for the whole of 2025, even though the acquisition was not finalised until September).
Improve profitability
In a weak advertising market – and with the impact of the World Cup being broadcast by rival networks – the group has brought its adjusted EBIT to €145.7 million, an improvement of €153 million compared with the pro forma loss of €7.3 million in the first half of 2025. Adjusted net profit, meanwhile, rose from €6.9 million to €50.5 million.
‘In order to enable investors and the market to assess the Group’s underlying performance more clearly, the Group presents its Adjusted operating profit and Adjusted net profit, excluding amortisation relating to PPAs, and, at the net profit level, the related tax effects and the share of net profit attributable to minority shareholders”, the Cologno-based group specifies in its press release.
Decline in revenue
However, this increase in profitability comes at a time when turnover is falling. Consolidated revenue stood at 2.951 billion, compared with 3.142 billion pro forma for the same period last year (-6 per cent). The main factors weighing on results are the weakness of the advertising market in the key markets, the impact of the World Cup and changes in the scope of the Commerce & Dating segment.
“In a market that proved extremely challenging in the first six months of 2026, partly due to major sporting events being broadcast on rival channels, MFE, thanks to constant and intensive efforts in editorial and digital development, and thanks to its prompt pursuit of new efficiencies and synergies, has closed the half-year with an adjusted operating profit of €146 million, well above estimates”, said Pier Silvio Berlusconi, Chairman and Group CEO of Mfe.
