Bertelsmann (BERTELSMANN) H1 2025 earnings summary

Executive summary

• Revenue reached €9.1 billion in H1 2025, with organic growth of 1.1% and reported growth of 1.2%.

• Operating EBITDA adjusted remained stable at €1,249 million, with an EBITDA margin of 13.8%.

• Group profit declined to €201 million from €416 million, mainly due to negative fair value measurements and currency effects.

• Major strategic milestones included the acquisition of Sky Deutschland (pending approval), sale of RTL Nederland, and entry into US fashion logistics.

• International revenues now represent 74% of the total, with North America as the largest single market.

Financial highlights

• Revenue increased by 1.2% reported and 1.1% organic year-over-year to €9,084 million.

• Operating EBITDA adjusted was unchanged at €1,249 million; EBITDA margin at 13.8%.

• Group profit dropped from €416 million to €201 million, impacted by €-144 million in fair value measurements.

• Investments totaled €879 million, with significant acquisitions in logistics and publishing.

• Economic debt increased to €6,663 million; leverage factor at 2.5.

Outlook and guidance

• Slight growth in revenue and operating result expected for FY 2025.

• Group profit forecasted at around €1.5 billion for the full year.

• Outlook impacted by negative exchange rate effects, especially a weak US dollar, and the sale of RTL Nederland.

• Forecasts are subject to high uncertainty due to geopolitical and economic risks.