Marco, 2025 was a year of great change for ProSiebenSat.1. MFE-MEDIAFOREUROPE has been the new majority shareholder since September. You've been the new Group CEO since October. How have the first few months been for you?

I was welcomed very openly from day one by a strong team that works together with great passion. It was important to me that we see ourselves as a joint team right from the start – not "we" and "they", but just "we". That worked very well.

Our Group CFO Bob Rajan and I then took a very thorough look at the business and organization – with the clear aim of successfully positioning ProSiebenSat.1 for the coming years. The Company has a strong base, a wide reach and a great deal of expertise. But it's just as clear: Keeping the status quo is not an option. We have to change if we want to be successful in the long term in the current market environment.

A market environment that remains much more challenging than many had expected...

Yes, absolutely. The overall economic situation in the German-speaking region remains very tense, and this is having a direct impact on the advertising market. Despite many successes in TV and streaming, 2025 was a difficult year for ProSiebenSat.1 in terms of revenues and earnings. What's more: The media industry is undergoing profound structural change. Usage is becoming more fragmented and competition for attention is increasing. It's therefore all the more important that we don't rely on external factors. We'll consistently focus on our own strengths and further develop our competitiveness in a targeted manner.

Does this involve a strategic turnaround?

No. Not a turnaround, but a focus. We're concentrating more on what really drives us forward and have defined five focus areas for this: compelling local content, a cleverly interlinked interplay of our platforms, broader digital monetization, the targeted use of new technologies – and an organization with strong cost discipline.

What does that mean in concrete terms?

Entertainment is and remains at the heart of ProSiebenSat.1 – local, relevant, live. That's exactly what we'll be intensifying. We're investing specifically in formats that create proximity and clearly differentiate us from the competition, both nationally and globally. We're also building up our own content and brands even more strongly. Our aim is to license less and create more intellectual property. We need to own the rights to our formats so that we can exploit them optimally via our platforms and partners. This means: First we produce strong content – then we ensure the best possible distribution. We want to further develop formats, create different versions depending on the channel and target group and extend them across platforms. In this way, we get more value out of every good idea and create additional contact points for the audience.

What's more important for ProSiebenSat.1: Linear television or streaming?

For us, this is not a question of "either/or”. Rather, it’s clearly: "and"! These are our linear channels and Joyn. Both are equally important pillars of an integrated entertainment offering. Our channels are reach‑champions, Joyn is the key growth driver. With the power of linear business, we're also consistently accelerating the growth of Joyn – and making great progress!

How do you measure this progress?

We're seeing strong momentum: Joyn had 12.4 million users at the end of 2025 – that's an increase of over 100% compared to December 2024. Key figures like these show that interlinking linear and digital is working – and that we can use this as a basis for broader monetization: more data-based, technology-driven and flexible for our customers. At the same time, we're continuing to develop Joyn – with additional product offerings and user paths where they combine reach and monetization in a meaningful way. The aim is to translate the strong use of Joyn even more clearly into commercial success.

What matters is that we take our content to where people can see it – and not wait for them to come to us. That's why we bundle reach, data and products across platforms – and also use platforms from other providers when it makes sense and provides additional reach. This is a multi-platform approach in which we consistently integrate TV, Joyn and other distribution partners.

You've already mentioned content, platforms and monetization. What about technologies and cost discipline?

Both are important levers. For us, technology is not about buzzwords, but about becoming better in everyday life – producing content more efficiently, understanding user behavior better and developing products in such a way that they really benefit our viewers and advertising customers. And when it comes to cost discipline, it's clear: We make very targeted investments where we see an impact and deliberately keep the organization lean in other areas. This combination creates the freedom we need for growth. Because for us, change always means growth: We're aligning the Company in such a way that better processes and clearer priorities result in very specific growth initiatives – be it through new technologies, more efficient production methods or additional revenue streams.

Finally, let's look specifically to 2026: What content highlights can we expect this year?

Our pipeline for 2026 is well-stocked. Our major brands such as "Germany's Next Topmodel by Heidi Klum", "Wer stiehlt mir die Show?" (Stealing the Show), "The Voice (Kids)" and "The Taste" remain strong anchors. Formats like these set us apart from our global competitors – local, warm entertainment that is firmly anchored in the German-speaking region. Live content is also playing an increasingly important role for us. I'm a big sports fan. So, I'm also personally delighted about the many sports rights that we have secured on a long-term basis, including handball, basketball, ice hockey and, most recently, the Darts World Cup. This will enable us to create reliable coverage and great shared television moments in the coming years.

Besides entertainment and sports, we also have many documentaries and offer daily news in our program with :newstime. What about our journalistic profile – especially in view of current global developments?

Independent media are a cornerstone of an open society. We have a particular responsibility in times of uncertainty, polarization and increasing disinformation. We stand for reliable information, journalistic quality and diversity of opinion – and we're investing in an organization that can sustain this in the long term. This is part of our self-image and an integral part of our strategic framework.

And what are your financial and economic expectations for 2026?

The external environment will remain very challenging, no question about it. But we'll concentrate on the things that are in our own hands. 2026 will be a year of implementation: Clear priorities, rapid action and measurable progress. We'll expand content, platforms and monetization in equal measure. I'm convinced: By making consistent use of our strengths, ProSiebenSat.1 will face the year with renewed vigor.

Thanks for the interview, Marco.