RTL Group reported its financial results for the first half of 2025, highlighting strong streaming momentum and key strategic moves despite a softer TV advertising market. Paying streaming subscribers rose 15.3% year-on-year to 7.2 million, driving streaming revenue up 27.0%, while start-up losses were cut by more than half to €34 million. The company renewed its distribution partnership with Deutsche Telekom until at least 2030 and announced the acquisition of Sky Deutschland (DACH) to further expand its streaming operations and diversify revenue streams. Significant value creation was also achieved with the €1.1 billion sale of RTL Nederland to DPG Media, which is expected to generate a dividend of €5 per share. Group revenue reached €2.8 billion in H1/2025 compared to €2.9 billion in H1/2024, with Adjusted EBITA at €160 million versus €172 million a year earlier, broadly in line with expectations due to cost containment measures. While TV advertising revenue declined 6.9%, digital advertising revenue surged 27.1% over the same period. The company confirmed its outlook for 2025, projecting full-year Adjusted EBITA of around €780 million, assuming RTL Group’s TV advertising revenue grows by 2 to 3% in the second half of the year.
Thomas Rabe, Chief Executive Officer of RTL Group: “In the first half of 2025, we made key steps to accelerate the transformation of RTL Group. We grew our streaming revenue by almost 30 per cent, renewed our successful distribution partnership with Deutsche Telekom until 2030 and announced the acquisition of Sky Deutschland. Following a long regulatory review, we closed the sale of RTL Nederland to DPG Media. Our shareholders will benefit from the sale via an expected dividend of €5 per share, payable in 2026. Over the past five years, we have focused RTL Group’s portfolio on our biggest business units. We have generated proceeds from disposals of more than €2.7 billion with high cash returns to our shareholders. We are confident to significantly increase our operating profits in the coming years, driven by improved macroeconomic conditions in Germany, streaming profitability and synergies from the Sky Deutschland acquisition, when approved by the regulators.”
RTL Group’s revenue was down 3.2 per cent to €2,781 million (H1/2024: €2,872 million), mainly due to lower TV advertising and content revenue, partly offset by higher streaming revenue. RTL Group’s total advertising revenue was €1,405 million (H1/2024: €1,443 million), of which €1,018 million TV advertising revenue (H1/2024: €1,093 million), €230 million digital advertising revenue (H1/2024: €181 million) and €157 million radio, print and other advertising revenue (H1/2024: €169 million). RTL Group’s global content business Fremantle generated revenue of €905 million in the first half of 2025 (H1/2024: €957 million), down 5.4 per cent year on year. This was mainly due to lower revenue from the US and phasing effects, partly offset by the acquisition of Asacha Media Group in March 2024. The revenue decrease in the US was largely expected as the first half of 2024 benefited from a spin-off of America’s Got Talent.
RTL Group‘s streaming revenue was up 27.0 per cent to €235 million (H1/2024: €185 million), driven by a higher number of paying subscribers, increased subscription prices in Germany and rapidly growing advertising revenue on RTL+ in Germany and M6+ in France. Distribution revenue was stable at €177 million (H1/2024: €177 million).
RTL Group‘s adjusted EBITA decreased 7.0 per cent to €160 million (H1/2024: €172 million), mainly due to the decrease in TV advertising revenue. This was partly offset by lower streaming start-up losses, reduced by 59.5 per cent to €34 million (H1/2024: €84 million). Adjusted EBITA margin was 5.8 per cent (H1/2024: 6.0 per cent).
The total Group profit decreased to €59 million (H1/2024: €173 million), mainly due to one-time effects, including higher special items and positive fair value measurement effects in the first half of 2024. Group profit from continuing operations was down to €6 million (H1/2024: €110 million). Group profit from discontinued operations was €53 million (H1/2024: €63 million).