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Investing.com - MFE-MediaForEurope N.V. (MFE) on Thursday reported its net profit more than doubled to €243.1 million in the first nine months of 2025, compared to €96.2 million in the same period last year, despite facing challenges in the Spanish advertising market and the recent consolidation of ProSiebenSat.1.
The commercial broadcaster, controlled by Italy’s Berlusconi family, saw its operating profit (EBIT) decline to €61.3 million from €126.6 million a year earlier, but still exceeded analyst expectations of €43 million.
The drop in operating profit was primarily attributed to reduced margins in Spain and weaker advertising sales in that market.
Consolidated net revenues totaled €1.94 billion, down from €2 billion in the same period of 2024. Free cash flow generation improved by 9.4% to €348.9 million, demonstrating the group’s financial strength despite market headwinds.
"Despite the very complex TV market in Spain and the impact of ProSiebenSat.1’s financials, which we have just begun work on, MFE continues to grow and exceed forecasts," said CEO Pier Silvio Berlusconi. "These are clear signs of MFE’s growing international strength."
The company’s performance was bolstered by its Italian operations, where gross advertising revenues increased by 1.4% compared to the same period in 2024, outperforming the broader Italian advertising market which contracted by 1.6%. In contrast, Spanish advertising revenues fell to €494.4 million from €535.8 million a year earlier.
MFE completed its acquisition of ProSiebenSat.1 Media SE in the latter part of the third quarter, with the German broadcaster’s assets and liabilities now fully consolidated as of September 30. The economic effects of this consolidation will become apparent from the fourth quarter onwards.
Looking ahead, MFE expects advertising revenues at year-end to be in line with the first nine months on a like-for-like basis, with continued positive trends in Italy offsetting ongoing declines in Spain.
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