RTL Group (RRTL) Q2 2026 earnings summary

Executive summary

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

• Streaming businesses achieved profitability, with streaming revenue and paid subscriptions growing dynamically; streaming is expected to contribute €100 million to Adjusted EBITA in 2026.

• Sky Deutschland acquisition closed June 2026, positioning the group as the third-largest streaming provider in the DACH region and targeting €250 million in annual synergies within three years.

• TV advertising and audience share gains in Germany and France, with significant audience success during the Fifa World Cup 2026.

• Full-year Adjusted EBITA 2026 forecasted at €725 million, confirming previous guidance and medium-term target of €1 billion.

Financial highlights

• Adjusted EBITA rose 49.4% to €239 million (margin 8.3%), with streaming and Fremantle as key contributors.

• Group profit from continuing operations increased to €61 million from €6 million year-over-year.

• Adjusted EBITDA increased to €347 million, margin at 12.0%.

• Paid streaming subscriptions increased 20.7% year-over-year to 8.7 million; streaming revenue up 27%.

• 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 €725 million (±3%).

• Streaming revenue projected to grow ~25% for the year; Adjusted EBITA from streaming expected to reach €100 million.

• Linear TV advertising revenue anticipated to decrease by ~4% for the full year.

• Medium-term Adjusted EBITA target of €1 billion, with €250 million annual synergies from Sky Deutschland by 2028.

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