ProSiebenSat.1 increases full-year outlook
JULY 19, 2021 19.01 EUROPE/LONDON BY JÖRN KRIEGER

German media company ProSiebenSat.1 has increased its outlook for the financial year 2021 following a strong recovery in Q2 2021 compared to the COVID-19 impacted previous-year quarter.

On the basis of preliminary and unaudited figures, group revenues rose in Q2 2021 by 47% to around €1,045 million (Q2 2020: €709 million). Adjusted EBITDA also developed positively on this basis and grew more than sevenfold to around €165 million (€23 million).

The rise was driven by the dynamic increase of the group’s advertising revenues which have recovered even more strongly than expected from the impact of the COVID-19 pandemic.

The growth in the group’s advertising business in Germany, Austria and Switzerland amounted to 56% in Q2 2021 compared to the same period last year, following a decline of 15% in Q1 2021 and a decline of 37% in Q2 2020. With this development, advertising revenues in a quarterly comparison are at the level of the pre-crisis year 2019, according to ProSiebenSat.1.

The media company has therefore decided to further increase its target ranges for revenues and adjusted EBITDA in full-year 2021 compared to the outlook published on May 12, 2021 on the occasion of the Q1 2021 quarterly statement.

ProSiebenSat.1 is now targeting for full-year 2021 – without further portfolio changes – revenues of €4.400 billion (previously: €4.250 billion) as the lower end and revenues of €4.500 billion (previously: €4.450 billion) as the upper end of the target range. In financial year 2021, group revenue growth would thus be in a range between 9% and 11% compared to the previous year (previously: 5% to 10%).

The range of the revenue target figures continues to depend particularly on the development of advertising revenues in Germany, Austria and Switzerland in the context of the further course of the COVID-19 pandemic, stresses the company.