Broadcaster MFE posts H1 profit as outlook hinges on fourth quarter

Sept 16 (Reuters) - Italy's MFE-MediaForEurope said on Wednesday it recorded a first-half adjusted operating profit of €145.7 million ($168.09 million), after consolidating ProSiebenSat.1 and despite a softer advertising market.

The broadcaster, controlled by the Berlusconi family, said it pivoted to an adjusted metric for operating and net profit, to reflect amortization costs from the consolidation of the German rival and to offer a better underlying comparison basis.

• The first-half adjusted EBIT figure swung to profit from a pro-forma loss of €7.3 million in the same period of 2025.

• Adjusted net profit came in at €50.5 million in the first six months of the year.

• H1 net revenue stood at €2.95 billion, down 6% from pro-forma figures from last year.

• Advertising revenue in June and July was hit by rival channels in Italy, Spain and Germany broadcasting the FIFA World Cup and drawing viewers away.

• "Looking ahead to the full year, the group’s advertising revenue performance will largely depend on the development of the fourth quarter," the group said in a statement.

• The company sees 2026 as a transition year, but aims to improve profitability and cash generation compared to 2025.

($1 = 0.8668 euros)

(Reporting by Enrico Sciacovelli, editing by Matt Scuffham)