Bertelsmann (BERTELSMANN) H1 2026 earnings summary

Executive summary

• Revenues rose to €9.3 billion in H1 2026, with organic growth of 5.1%, the highest in 20 years outside the pandemic year.

• Group profit surged 45% year-over-year to €292 million, reflecting improved operating performance and favorable fair value measurements.

• Operating EBITDA adjusted increased by 4.9% to €1,311 million, with the EBITDA margin improving to 14.1%.

• Major milestones included the acquisition of Sky Deutschland and the planned BMG-Concord combination, both nearing completion.

• Strategic focus remains on digital, international, and diversified growth, supported by high investment levels and the Boost investment program.

Financial highlights

• Revenues: €9,297 million (H1 2026), up 2.3% from €9,084 million in H1 2025.

• Operating EBITDA adjusted: €1,311 million (up 4.9%), EBITDA margin improved to 14.1%.

• Group profit: €292 million (up from €201 million in H1 2025, +45%).

• Economic debt increased to €6,359 million, with a leverage factor of 2.4x EBITDA.

• Equity ratio stood at 47%, well above the 25% minimum target.

Outlook and guidance

• Full-year 2026 outlook raised, expecting strong revenue growth and significant increase in operating EBITDA adjusted.

• With Sky and Concord, full-year revenues projected at around €22 billion and EBITDA at €3.8 billion, including synergies.

• Profitability achieved in RTL Group's streaming business supports confidence in outlook.

• IMF forecasts global economic growth of 3.0% in 2026; group expects to outperform sector averages.

• RTL Group's streaming business expected to contribute €120 million in Operating EBITDA adjusted for the year.