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ProSiebenSat.1 Q1 Adj. Profit Slightly Rises, Revenues Up 4%; Confirms Targets

ProSiebenSat.1 Group (PBSFF.PK) said its business performance in the first quarter was in line with the full-year targets for 2019. For the full-year, ProSiebenSat.1 continues to target a revenue increase in the mid-single-digit percentage range and an adjusted EBITDA margin between 22% and 25% on Group level, respectively. The company noted that lower advertising revenues and investments in the Entertainment segment affected the Group's profitability and earnings performance in the first quarter.

For the first-quarter, net result attributable to shareholders of ProSiebenSat.1
Media SE was 122 million euros compared to 27 million euros, prior year. Adjusted net income increased slightly by 1% to 94 million euros. Adjusted earnings per share was 0.42 euros compared to 0.41 euros. Adjusted EBITDA decreased by 5% in the first quarter to 190 million euros.

First-quarter revenues were up by 4% to 913 million euros from 881 million euros, prior year. This was mainly driven by the strong development in the Content Production & Global Sales and Commerce segments.

Looking forward, the Group expects a pronounced decline in earnings for the second and third quarter, respectively, as planned investments in the Entertainment segment will focus on these two quarters. For the full-year, ProSiebenSat.1 Group expects that the decline in Group adjusted EBITDA in fiscal 2019 will be limited to a mid-double-digit million amount compared to the previous year.

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