RTL Group (RRTL) Q3 2025 earnings summary

Executive summary

• Group revenue for January to September 2025 declined 2.2% year-over-year to €4.1 billion, mainly due to lower TV advertising and content revenue from Fremantle, while digital advertising revenue surged 31.7%.

• Q3 2025 revenue remained stable at €1,337 million, with digital advertising revenue up 40.2% year-over-year.

• Streaming business showed strong momentum: paying subscribers rose 17.4% to 7.6 million, and streaming revenue increased 26.6% in the first nine months.

• Strategic partnerships were formed with Amazon and Warner Bros Discovery, enhancing streaming and advertising capabilities.

• The sale of RTL Nederland was completed, and the acquisition of Sky Deutschland is progressing, with regulatory approval expected in H1 2026.

Financial highlights

• Digital advertising revenue for January–September 2025 reached €345 million, up 31.7% year-over-year, offsetting 70% of the TV advertising revenue decline.

• Fremantle's revenue dropped 5.1% to €1,352 million due to lower US revenue and phasing effects, partially offset by the Asacha Media Group acquisition.

• Streaming revenue climbed to €351 million, up 26.6% year-over-year, driven by more subscribers and higher prices.

• Net debt as of 30 September 2025 was €-71 million, improved from €-492 million at year-end 2024, reflecting the dividend payout and proceeds from the RTL Nederland sale.

Outlook and guidance

• Full-year 2025 revenue is now expected at €6.0–6.1 billion (previously ~€6.45 billion), and Adjusted EBITA at €650 million (previously ~€780 million).

• Total Group profit for 2025 is projected at approximately €1 billion.

• Medium-term Adjusted EBITA target of €1 billion is reaffirmed, with streaming profitability expected by 2026.

• Dividend from RTL Nederland sale of €5 per share to be paid in May 2026.