Prosiebensat1 Media U/Adr

Good morning ladies and gentlemen. Welcome to our Q2 and H1 2026 results conference call of ProSiebenSat1 Media SE. This conference is being recorded. Today's call is hosted by Ms. Birte Stein. Please go ahead.

Good morning ladies and gentlemen. Welcome to ProSiebenSat1 Investor and Analyst Q2 and H1 2026 results conference call. Today's call will be hosted by our CEO Marco Giordani and our CFO Bob Rajan. Marco will start with a performance overview and key transformation milestones. Bob will then provide you with a deeper dive into our financial performance. Going forward Marco will take over again and present the operational performance and share the outlook for the current financial year which we have confirmed today. Following the presentation, we will open the floor for a Q&A session. I now hand over to Marco.

Thank you and thank you all for joining this call. I will take you through, let's say, some slides and then hand over to Bob for the financial highlights. First of all, I would like to underline immediately that our transformation is delivering results and then you will see the details in the P&L. Revenue in the first half was in line with the expectation. Digital and smart revenue grew by almost 6% and that's clearly a combination of joint performance and also other activities performance. Our IBDA grew significantly by 152 million euros in the first half 2026 versus first half 2025. That's clearly mainly driven by cost discipline and focus on savings and efficiency. Our debt was fully under control. At the June end, the debt level was €1,467,000,000. And in terms of ratio and leverage, it was 3.2%. Thank you very much. We deliver on our target of simplifying the portfolio structure. Bob will tell you more about that, but clearly we achieve several disposal. The group now is simpler. As you know, we have segmented the group into main area, the entertainment and the commerce and dating. It's also, let's say, granting a simplification of the management work and it's also giving more accountability to the organization. We have set new performance indicator. The main industrial one is the total video reach. We will talk about that later on. As you can remember, we have a large executive board to Luca Poloni. Clearly that is taking to the board, to the executive board, tech, AI, and digital kind of expertise exactly where we are targeting to. So we are now set for the future with all the capability and all the know-how in the executive board. You probably remember that we also changed the organization. Now we have an organization set for where we want to go in terms of future. that has been live since March 2026 and clearly we had some spot empty at that time that now has been covered so we are fully equipped for the future month and the full year let's say performance. In terms of managing our debt we have let's say repaid a part of our bridge financing as foreseen by our Agreement with the with the financing banks and lastly clearly we are going on and probably also increase the speed on getting synergies out of the larger group we are part of we are going to have the same streaming platform within the six country in first half 2026 that will give not only savings larger than expected but also better Better experience and better performance versus our content providers. All in all, four, let's say, pillars. Certainly, we are now faster in executing things. Cost discipline is our main priority and is also shown by our results, given the fact that our profit clearly increased a lot due to that. We have a simplified governance structure and organization that is allowing us and all the team to be more focused on the strategic priority. Let me now hand over to Bob for a detailed look at our financial and I will be back after him.