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RTL Group (RRTL) investor relations material
RTL Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Accelerated transformation with nearly 30% streaming revenue growth, a 15% increase in paying subscribers, and a target for streaming profitability by 2026.
Announced acquisition of Sky Deutschland to boost streaming and pay TV presence, expected to close in 2026.
Completed sale of RTL Nederland for €1.1bn, generating a €900m capital gain and an expected €5/share dividend.
Portfolio focused on core business units, generating €2.7bn from disposals since 2019 and high cash returns to shareholders.
Outlook for 2025 confirmed, with adjusted EBITA expected to rise to ~€780m, assuming 2–3% TV ad revenue growth in H2.
Financial highlights
Group revenue down 3.2% to €2.78bn, mainly due to lower TV ad and content revenue, partly offset by higher streaming revenue.
Adjusted EBITA decreased 7% to €160m; margin at 5.8%.
Adjusted EBITDA margin at 9.8% (H1/2025: €273m).
Group profit at €59m, impacted by one-time effects including restructuring and portfolio measures.
Net cash from operating activities rose to €88m; net debt increased to €1.05bn due to dividend payment.
Outlook and guidance
Full-year 2025 revenue expected to rise to ~€6.45bn, mainly from streaming and portfolio effects.
Adjusted EBITA for 2025 guided to ~€780m, driven by lower streaming startup losses and continued performance.
Streaming business on track for profitability in 2026; €750m streaming revenue target for 2026 remains ambitious but achievable.
Dividend policy unchanged: payout of at least 80% of adjusted full-year net result.
Fremantle's Adjusted EBITA margin expected to reach 9% by 2026.
Next RTL Group earnings date

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