ProSiebenSat.1 Media SE (PBSFF) Q2 2023 Earnings Call Transcript

ProSiebenSat.1 Media SE (OTCPK:PBSFF) Q2 2023 Earnings Conference Call August 3, 2023 4:00 AM ET

Company Participants

Dirk Voigtlander – Head-Investor Relations and Senior Vice President

Bert Habets – Group Chief Executive Officer

Martin Mildner – Group Chief Financial Officer

Conference Call Participants

Thomas Singlehurst – Citi

Conor O’Shea – Kepler

Annick Maas – Societe Generale

Julien Roch – Barclays

Matthew Walker – Credit Suisse

Dirk Voigtlander

Good morning, ladies and gentlemen, and thank you for joining ProSiebenSat. 1’s Q2 and H1 2023 Results Conference Call. I’m very happy to have with me Bert Habets, CEO of ProSiebenSat. 1; as well as Martin Mildner, our new CFO. Bert and Martin will first take you through the financial and operational performance for the reporting period. Bert will conclude the presentation with comments on the group-wide transformation and cost savings program as well as our outlook for the current financial year. As always, the presentation will be followed by a Q&A session.

With this, I now hand over to Bert.

Bert Habets

Good morning, everyone, also from my side, and thank you for joining our results call on the second quarter and the first half of the year. Before we go into details, let me give you a quick overview of the most important developments and results of the last months. As expected, in the German-speaking region, the still high inflation rates and weak economic development continued to impact our group with our most important financial KPIs being below the previous year’s level.

Especially, our TV core advertising revenues declined in the second quarter, although to a somewhat lower extent than in Q1. On a more positive note, we were able to compensate for the decline partially with the growth in advertising revenues from our digital businesses in the DACH region like [ph]Joyn or audio. In our Commerce & Ventures

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