RTL Group (RRTL) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €1.3 billion, down 2.0% year-over-year, mainly due to lower content and TV advertising revenue, partially offset by strong streaming and digital advertising growth.

• Streaming subscribers rose 18.5% to 7.1 million, with streaming revenue up 29.1% year-over-year; digital advertising revenue increased 28.8%, offsetting TV ad declines.

• Strategic focus remains on core business, streaming expansion, and partnerships, including AI collaborations and new content deals.

Financial highlights

• Group revenue: €1,292 million (Q1 2025), down from €1,318 million (Q1 2024); organic revenue down 5.6%.

• Total advertising revenue stable at €685 million; TV advertising revenue fell 4.0% to €507 million, digital advertising revenue rose 28.8% to €103 million.

• Fremantle revenue declined 5.6% to €373 million, impacted by broadcaster and streamer budget cuts.

• Net debt at €-471 million as of March 31, 2025, improved from €-492 million at year-end 2024.

Outlook and guidance

• 2025 full-year revenue expected to rise to ~€6.45 billion, driven by streaming and portfolio effects.

• Adjusted EBITA for 2025 guided at ~€780 million, up from €721 million in 2024, mainly due to lower streaming start-up losses.

• Dividend policy unchanged: payout of at least 80% of adjusted full-year net result.

• Streaming profitability targeted for 2026; streaming subscribers expected to reach ~9 million and revenue ~€750 million by 2026.