RTL Group (RRTL) Q2 2026 (Media) earnings summary

Executive summary

• Closed the Sky Deutschland acquisition on June 1, 2026, marking the most transformational deal in 25 years and fully consolidating results from June.

• Streaming businesses achieved profitability, now a high-margin, high-growth segment, expected to contribute €100 million to Adjusted EBITA for full year 2026.

• Revenue grew 3.9% year-over-year to €2.89 billion in H1 2026, driven by Sky Deutschland and streaming growth.

• TV audience and advertising market share increased in Germany and France, despite a soft TV ad market.

• Full-year Adjusted EBITA 2026 projected at ~€725 million, with a medium-term target of €1 billion reaffirmed.

Financial highlights

• Group revenue rose 3.9% year-over-year to €2.89 billion, mainly from Sky Deutschland and streaming growth.

• Adjusted EBITA increased from €160 million to €239 million, margin up from 5.8% to 8.3%.

• Profit from continuing operations rose from €6 million to €61 million.

• Streaming Adjusted EBITA up €65 million year-over-year; Fremantle Adjusted EBITA up €21 million.

• Net debt stood at €1,019 million as of June 30, 2026, compared to net cash of €126 million at year-end 2025.

Outlook and guidance

• Full-year 2026 revenue expected at €7.1–7.2 billion, Adjusted EBITA at around €725 million (±3%).

• Streaming Adjusted EBITA for 2026 expected to reach €100 million, up from previous guidance of €25–50 million.

• Medium-term Adjusted EBITA target of €1 billion confirmed, driven by streaming and Sky synergies.

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