Investor Alert

Jan. 22, 2021, 1:17 a.m. EST

ProSiebenSat.1 beats 2020 uutlook amid strong 4Q

By Mauro Orru

ProSiebenSat.1 Media SE said late Thursday that its revenue as well as adjusted earnings before interest, taxes, depreciation, and amortization for 2020 exceeded company guidance and market expectations amid a strong performance in the fourth quarter, according to preliminary figures.

The German broadcaster said revenue for the year should come in at about 4.04 billion euros ($4.92 billion) with adjusted Ebitda of around EUR700 million, citing growth in the low-single-digit percentage range in the fourth quarter for its advertising business as a key driver.

It had previously guided for 2020 revenue between EUR3.85 billion and EUR3.95 billion, with adjusted Ebitda between EUR600 million and EUR650 million.

"We are very satisfied with our development in the fourth quarter. We are pleased that we were thus able to bring a conciliatory ending to 2020, which was a difficult year for everyone due to Covid-19," Chief Financial Officer Rainer Beaujean said.

Mr. Beaujean reiterated that current lockdown measures to contain coronavirus infections in ProSiebenSat.1's core markets would harm its advertising business in the first quarter of 2021.

However, the company is expecting a significant improvement in the entertainment segment on year, particularly in the second quarter, he added.

ProSiebenSat.1 will publish 2020 results on March 4.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

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