RTL Group (RRTL) Q1 2026 earnings summary

Executive summary

• Organic revenue grew 2.5% year-over-year to €1.3 billion in Q1 2026, driven by streaming and content.

• Streaming business achieved profitability for the first time, with paying subscribers up 18.8% to 8.4 million.

• TV advertising revenue declined 6.5%, while digital advertising revenue rose 14.6%.

• Acquisition of Sky Deutschland approved by the European Commission, closing expected June 2026.

Financial highlights

• Group revenue stable at €1,295 million (Q1 2025: €1,292 million), up 2.5% organically.

• Streaming revenue up 27% to €141 million, driven by subscriber growth and higher prices.

• Fremantle revenue stable at €372 million, up 4.2% organically.

• Net debt at €-73 million as of March 31, 2026, after €832 million dividend payout.

Outlook and guidance

• Full-year 2026 revenue expected at €6.1–6.2 billion; Adjusted EBITA to rise to ~€725 million.

• Streaming Adjusted EBITA forecasted at €25–50 million for 2026.

• Dividend policy unchanged: at least 80% of adjusted net result to be paid out.

• Medium-term Adjusted EBITA target of €1 billion confirmed.