RTL Group (RRTL) investor relations material

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.

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

• Streaming businesses achieved profitability, with paid subscriptions up 20.7% to 8.7 million and streaming revenue up 27.2%.

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

• Full-year revenue expected between €7.1 billion and €7.2 billion, with Adjusted EBITA of €725 million and a medium-term target of €1 billion.

Financial highlights

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

• Adjusted EBITDA grew to €347 million (margin 12.0%) from €273 million (margin 9.8%) year-over-year.

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

• Streaming revenue up 27% year-over-year; adjusted EBITA from streaming up €65 million.

• Fremantle’s adjusted EBITA rose to €60 million (7.2% margin), up from 4.3% in H1 2025.

Outlook and guidance

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

• Streaming adjusted EBITA for 2026 raised to €100 million, above previous guidance.

• Linear TV advertising revenue expected to decline ~4% for 2026; streaming revenue to grow ~25%.

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

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