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ProSiebenSat.1 Media SE: Trading statement for Q3 2017

TV advertising revenues to develop below previous expectations for Q3 2017 Q3 2017 Group revenues expected to grow mid-single digit percent; stable adjusted EBITDA in Q3 2017 targeted Group financial outlook for FY 2017 confirmed Etraveli disposal gain in the amount of c. EUR 319 million largely offset by other balance sheet effects ProSiebenSat.1 undertakes review of its Group segment structure and certain other portfolio measures

Munich, August 28, 2017. Due to latest indications regarding the month of September for the Group's TV advertising business, ProSiebenSat.1 Media SE is now expecting Q3 2017 revenues of its Broadcasting German-speaking segment to decline by a mid-single digit percentage compared to the prior year (Q3 2016: EUR 472 million). After a promising start into the quarter, early customer feedback for the month of September – which is in terms of revenue contribution the most important month of the current reporting period – suggests that previous expectations regarding an improved TV advertising revenue performance in the Broadcasting German-speaking segment of ProSiebenSat.1 Group in Q3 2017 are unlikely to be met. However, owing to a continued positive development of the TV distribution, content production and digital activities, Group revenues are still expected to increase by a mid-single digit percentage in Q3 2017 compared to the prior year (Q3 2016: EUR 857 million). In terms of Q3 2017 adjusted EBITDA, the Group is targeting an amount comparable to the corresponding prior year period (Q3 2016: EUR 202 million). This estimate already takes into account deconsolidation effects as a result of the disposal of the international online flight agency Etraveli. While the Company continues to anticipate a back-end loaded TV advertising spending pattern for 2017 with a notable improvement in the fourth quarter, the Group revises its full-year TV advertising market outlook for Germany. Subject to TV advertising dynamics in the fourth quarter, ProSiebenSat.1 now expects the German TV advertising market in 2017 to reach about prior year’s level, which compares to a previous estimate at the lower end of a +1.5 to +2.5 percent growth range. Total TV advertising revenues of the Broadcasting German-speaking business, which also include internally built and acquired customers (such as ParshipElite or Verivox) and which are, in addition to external revenues, reflected as internal revenues of the segment, could however grow low-single digit percent in 2017. Overall, ProSiebenSat.1 remains convinced that it can achieve continued strong growth of the businesses outside traditional TV advertising and further leverage flexibility in its cost base. Against this backdrop, but subject to improved advertising trends in the fourth quarter, the Group holds to its financial targets for the full year 2017, which comprise a targeted increase of consolidated revenues (FY 2016: EUR 3,799 million) by at least a high-single digit percentage, while both adjusted EBITDA (FY 2016: EUR 1,018 million) and adjusted net income (FY 2016: 536 million) for the Group continue to be targeted to exceed prior year’s level. ProSiebenSat.1 also confirms its communicated dividend policy and financial leverage target range. The successful closing of the Etraveli disposal results in an extra-ordinary gain of c. EUR 319 million in the third quarter. This positive earnings effect will be largely offset by certain other balance sheet effects that will be expensed through the income statement and recognized in the third quarter as well. These effects will predominantly be related to a strategic revaluation of parts of the Group’s programming assets, which will not negatively affect the Group’s financial cash position. ProSiebenSat.1 furthermore announces that it has started a review of its Group segment structure and certain other portfolio measures. Objectives are the alignment of the Group structure to a dynamically developing media landscape and to maximizing shareholder value. Focus of the segment structure review is a potential combination of the Broadcasting German-speaking and Digital Entertainment segments into one combined entertainment segment. This also includes the realization of meaningful cost synergies in the medium term. Regarding certain other portfolio measures, the Group is reviewing options for its content production and commerce businesses. The objective is to push future growth in both businesses even more. In this context, the Company will enter discussions with interested third parties regarding a potential co-investment in or business combinations with its content production and digital commerce businesses through their respective holding entities. The review also includes the possibility for potential future public listings. The Company intends to provide updates on the review processes at its regular third quarter results reporting on November 9, 2017, and on its Capital Markets Day on December 6, 2017. Note on reporting With the adjusted net income and the adjusted EBITDA, ProSiebenSat.1 Group also uses non-IFRS figures. Since the beginning of financial year 2017, ProSiebenSat.1 publishes a full income statement adjusted for certain influencing factors. These changes take into account the development of reporting practices for non-IFRS figures and more stringent regulatory transparency requirements in this area. Information regarding the composition of the adjusted net income and the adjusted EBITDA can be found on page 73/74 in the Annual Report 2016 which is available on our Group website More key figures can be downloaded on our Group website

Corporate Communications; Corporate & Finance Communication
Stefanie Rupp-Menedetter
Spokeswoman / Executive Vice President Group Communications
+49 [0]89 9507-2598
ProSiebenSat.1 Media SE
Ralf Peter Gierig
Deputy Group CFO; Executive Vice President Group Finance & Investor Relations
+49 [0]89 9507-1150
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