Bertelsmann (BERTELSMANN) H2 2025 earnings summary

Executive summary

• Revenues were stable at EUR 19 billion, with organic growth of 1.9% year-over-year despite macroeconomic challenges.

• Operating EBITDA adjusted reached EUR 3.019 billion, with a margin of 15.9%.

• Group profit exceeded EUR 1 billion for the 11th consecutive year.

• Strategic focus remained on national media, global content, services, education, and investments, with EUR 7 billion invested since 2021 under Boost initiatives.

• The group maintained a strong financial position, with a leverage factor of 2.0x EBITDA and a solid liquidity profile.

Financial highlights

• Revenues reported at EUR 19 billion, with organic growth of 1.9% and Boost-adjusted growth of 3.9% year-over-year.

• Operating EBITDA adjusted at EUR 3.019 billion, slightly below the previous year due to RTL Nederland disposal and currency effects.

• Group profit at EUR 1.007 billion, slightly below prior year due to higher adjustment expenses and fair value changes, partially offset by capital gain from RTL NL sale.

• Cash conversion rate was stable at 67%, with operating free cash flow at EUR 880 million, mainly due to higher CAPEX.

• EBITDA margin stood at 15.9%.

Outlook and guidance

• Revenue and earnings growth expected for continued operations in 2026, with pro forma revenue (including Sky DACH) projected at approximately EUR 21 billion.

• Continued robust portfolio and further Boost investments planned, totaling around EUR 8 billion by end of 2026.

• Group profit expected to remain above EUR 1 billion.

• Sale of RTL Nederland will keep reported revenues and earnings stable.