RTL Group (RRTL) Q2 2025 (Media) earnings summary

Executive summary

• Accelerated transformation with dynamic streaming growth, nearly 30% streaming revenue increase, and profitability targeted for 2026.

• Extended Deutsche Telekom partnership to 2030 and announced Sky Deutschland acquisition for further revenue diversification.

• Completed sale of RTL Nederland for €1.1bn, expecting a €5/share dividend in 2026.

• Portfolio focused on core business units, generating €2.7bn from disposals since 2019, with high cash returns to shareholders.

• Confident in increasing operating profits, driven by improved macro conditions, streaming profitability, and synergies from acquisitions.

Financial highlights

• H1 2025 revenue from continuing operations: €2,781m, down from €2,872m in H1 2024, mainly due to lower TV advertising and content revenue.

• Adjusted EBITA margin fell to 5.8% from 6.0% year-over-year; adjusted EBITDA margin at 9.8%.

• Net income from continuing operations: €160m, down from €172m in H1 2024.

• Group profit from continuing operations fell to €6m (H1/2024: €110m); total group profit at €59m (H1/2024: €173m).

• Net debt increased to €1,052m as of 30 June 2025, with €1.1bn received from RTL Nederland sale post-period.

Outlook and guidance

• 2025 outlook confirmed: revenue expected at ~€6.45bn, adjusted EBITA at ~€780m, assuming 2-3% TV ad growth in H2 2025.

• Streaming start-up losses projected to decrease to ~€80m in 2025 from €137m in 2024.

• Streaming profitability targeted by 2026; Fremantle’s Adjusted EBITA margin expected to reach 9% by 2026.

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

• Geopolitical and macroeconomic uncertainties remain high.