MFE - Media for Europe (AO) | Buy | Better EBIT in Q126. Solid trading and outlook for the rest of the year

Research evidence excerpt

MFE - Media for Europe (AO) | Buy | Better EBIT in Q126. Solid trading and outlook for the rest of the year

News comment

Release date: 14 May 2026

Inigo Egusquiza

Head of Iberian Equity Research

Buy +34 914 36 5112MFE - Media for Europe iegusquiza@keplercheuvreux.com

Italy | Media Beta Profile: MCap: EUR2.2bn

Target Price: EUR4.65 Bloomberg: MFEB IM Reuters: MFEB.MI

Current Price: EUR3.62 Free float 26%

Up/downside: 28.5% Avg. daily volume (EURm) 2.4

YTD abs performance -12.0% Market data: 13 May 2026

52-week high/low (EUR) 5.20/3.14

Better EBIT in Q126. Solid trading and outlook for the rest of the year

Key points:

Q1 EBIT stronger than expected, revenues in line but with better costs (-8.4% YOY), both TV and others. Synergies coming through.

MFE Entertainment: top line, Italy ad rev offsets the weakness of Spain and Germany. Solid EBIT (costs under control).

PS (Commerce & Dating), non-core assets, reduce revenues but also EBIT losses.

Net debt for covenants continues coming down to EUR808.6m. Total net debt of EUR2.7bn is similar to December 2025.

Better trading update: Italy keeps growing whilst Spain & Germany improve during April and May.

Although the current geopolitical and economic environment, MFE expects significantly improved performance over the coming

quarters, both in terms of financial results and cash generation, particularly in Q426. We expect a positive share price reaction.

Q1 EBIT stronger than expected, revenues in line but with better costs (-8.4% YOY). Synergies coming through.

Revenues stood at c. EUR1.463bn (-4.6% YOY) reflecting both the expansion of operations, the strength of the business in its key

markets (namely Italy) and the full integration of ProSieben. Net advertising revenues reached EUR1bn (-4.7% YOY) and other