(Reuters) -German media group ProSiebenSat.1 cut the upper end of its annual profit guidance on Wednesday, as it reported a fall in adjusted core profit for the third quarter on weak TV advertising sales.
The group said it now expected adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to be between 420 million euros and 450 million euros ($490 million-$525 million) this year, compared to its previous target of 420 million euros to 470 million euros.
The company had cut its outlook for 2025 in September, citing economic uncertainty in German-speaking markets.
Third-quarter EBITDA amounted to 76 million euros, down from 104 million euros the prior year but in line with analysts’ estimates in a company provided poll.
Earnings were hit by a drop in sales in the “highly profitable but economically sensitive” TV advertising business, the company said in a statement, noting a “reluctance to invest in advertising.”
The sale of comparison website Verivox earlier in the year also weighed on earnings, it said.
($1 = 0.8575 euros)
(Reporting by Linda Pasquini and Bernadette Hogg, editing by Thomas Seythal, Elaine Hardcastle)
