RTL Group (RRTL) Q4 2025 (Media) earnings summary

Executive summary

• Accelerated transformation focused on core markets and streaming profitability by 2026, with dynamic streaming growth and near break-even in Q4 2025.

• Revenue for 2025 reported at €6.0 billion, down 3.8% year-over-year, mainly due to lower TV and content revenue.

• Adjusted EBITA was €661 million in 2025, with an 11.0% margin.

• Strategic acquisition of Sky Deutschland to strengthen streaming, expected to close in H1 2026.

• Proposed dividend of €5.50 per share for 2025.

Financial highlights

• Digital advertising revenue rose 27.7% to €517 million, offsetting 68% of TV ad revenue decline.

• Fremantle revenue fell 9.4% to €2,043 million, mainly due to weaker US and UK entertainment business.

• Adjusted EBITDA was €910 million, down from €992 million, with a margin of 15.1%.

• Net income from continuing operations at €555 million in 2025, up 85.2% year-over-year.

• Significant negative special items of €-371 million impacted profit, mainly from RTL Deutschland and Fremantle.

Outlook and guidance

• 2026 revenue guidance of €6.1–6.2 billion, with Adjusted EBITA forecast at ~€725 million.

• Streaming business projected to turn profitable in 2026, with medium-term Adjusted EBITA target of €1 billion.

• Dividend policy unchanged, aiming to pay out at least 80% of adjusted net result.

• Acquisition of Sky Deutschland to add ~€250 million in annual synergies.