RTL Group (RRTL) Q4 2025 earnings summary

Executive summary

• Accelerated transformation focused on streaming, partnerships, and cost reduction amid challenging advertising markets in Germany and France.

• Streaming services exceeded 8.1 million paying subscribers, with revenue up 26% to €509 million and near break-even in Q4 2025; profitability expected in 2026.

• Sale of RTL Nederland for €1.1 billion enabled a proposed dividend of €5.50 per share, totaling €832 million and an 86% payout ratio.

• Acquisition of Sky Deutschland expected to close in H1 2026, projected to add €2 billion revenue, 4 million subscribers, and €250 million annual synergies.

• TV advertising market share gains in Germany, France, and Hungary despite overall market softness.

Financial highlights

• 2025 revenue declined by 3.8% to just over €6 billion; adjusted EBITA fell 8.3% to €661 million, mainly due to lower TV advertising and content revenue.

• Group profit surged to €1,028 million, driven by the RTL Nederland sale; EPS rose from €2.97 to €6.36.

• Streaming revenue grew 26% year-over-year to €509 million, representing 8.5% of total revenue.

• Adjusted EBITDA margin for continuing operations at 15.1%.

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

Outlook and guidance

• 2026 revenue expected to rise to €6.1–6.2 billion, with adjusted EBITA around €725 million.

• Streaming business projected to turn profitable in 2026, contributing €25–50 million to adjusted EBITA.

• Medium-term adjusted EBITA/EBITDA target of €1 billion confirmed, a 50% increase from 2025.

• Dividend policy unchanged, targeting at least 80% payout of adjusted net results.

• Sky Deutschland acquisition to bring full-year revenue to €8 billion post-closing.