Rtl Group S.a. · LUXSE:RTLL
Rtl — Investor Presentation (July 2025)
67 slides from Rtl's investor presentation, July 2025
Slide 1: Investor Relations at RTL Group
July 2025 Investor Relations at RTL Group
Slide 2: Contents
Contents 01 RTL Group at a glance 02 Responsibility 03 Financials 04 Our industry in the digital media world 05 Business update 06 Strategy update 07 RTL Group share 08 Outlook 2
Slide 3: RTL Group at a glance
01 RTL Group at a glance 3
Slide 4: A leader across broadcast, content and digital
A leader across broadcast, content and digital Leading commercial Leading global Leading European media broadcaster in Europe content business company in digital video 26.3% #1 RTL − Responsible for more than 11,000 hours of − Extensive portfolio of national streaming Deutschland programming per yea
Slide 5: Europe's leading free-to-air broadcaster…
Europe’s leading free-to-air broadcaster… FY 2024 revenue in € billion 0 1 2 3 4 5 6 7 8 6.3 1 3.9 4.91 2.9 2.4 1.62 Source: published full-year results 1 Converted at an exchange rate of £0.8466166 to €1.00 2 Converted at an exchange rate of SEK 11.4325191 to €1.00 5
Slide 6: …with global content business…
…with global content business… Operating in 28 countries and responsible for more than 11,000 hours of programming each year History of creating, producing, distributing and investing in worldwide content for over 100 years 6
Slide 7: 52 TV channels
52 TV channels Europe’s largest commercial broadcaster 7
Slide 8: 6 streaming services
6 streaming services 8
Slide 9: 37 radio stations
37 radio stations in 4 European countries 9
Slide 10: RTL – Europe's leading entertainment brand
RTL – Europe‘s leading entertainment brand In 2021, RTL strengthened its position as a leading European media brand by creating one unified RTL brand. RTL Group, RTL Deutschland, RTL Hungary, RTL Luxembourg and the international sales unit RTL AdAlliance all operate under one RTL brand. RTL is unite
Slide 11: Shareholding structure
23.71% Publicly traded on the Frankfurt/Main and Luxembourg Stock Exchanges Shareholding Listed on MDAX structure 76.29% Bertelsmann 11
Slide 12: Corporate Governance (1/2)
Corporate Governance (1/2) Board of Martin Taylor1 Directors Chairman of the Board of Directors Jean-Louis Schiltz1 Vice-Chairman of the Board of Directors 01 Approval of RTL Group’s annual budget 02 Oversight of significant acquisitions and disposals Executive Directors Non-Executive Directors 03 M
Slide 13: Corporate Governance (2/2)
Corporate Governance (2/2) Nomination & Compensation Committee Audit Committee Chairman of the Nomination Martin Taylor1 and Compensation Committee Pernille Erenbjerg1 Chairman of the Audit Committee Chairman of the Board of Directors Thomas Götz Immanuel Hermreck Lauren Zalaznick1 Thomas Götz Rolf
Slide 14: Strong Management Team
Strong Management Team Thomas Rabe Elmar Heggen Björn Bauer Responsibilities of the Chief Executive Officer Chief Operating Officer & Deputy CEO Chief Financial Officer Executive Committee − CEO since 2019 − Deputy CEO since 2018 − CFO since 2019 01 The Executive Committee is vested with internal −
Slide 15: RTL Group corporate structure (simplified)
RTL Group corporate structure (simplified) as at 31 December 2024 RTL Deutschland Groupe M62 Fremantle Other segments 100%1 48.5%1 100%1 RTL Hungary RTL Luxembourg 100%1 100%1 Atresmedia4 We Are Era 15.1%3 100%1 1 Fully consolidated 2 Net of treasury shares and own shares held by Métropole Télévisio
Slide 16: Responsibility
02 Responsibility
Slide 17: Our role in society
Our role in society Our commitment to our … in three focus areas main stakeholders … #RTLcares We create and share stories that entertain, inform, and engage audiences around the world. Viewers, listeners and The creative community Content digital users We embrace independence and diversity in our p
Slide 18: Our Sustainability report
Our Sustainability report The Sustainability report 2024 represents an important milestone in our ongoing commitment to sustainability. This year’s report reflects our efforts to align with the European Union’s Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Repor
Slide 19: Our material ESG topics
Our material ESG topics CSRD Topics RTL Group‘s material ESG topics derived from its double materiality assessment Environment Governance Environmental Climate Change Business Conduct − Energy − Corporate culture − Climate change mitigation − Protection of whistleblowers − Political engagement and l
Slide 20: Overview on selected ESG initiatives and measures (1/2)
Overview on selected ESG initiatives and measures (1/2) Environmental Social Governance Employee and content related initiatives Human rights − RTL Group‘s Code of Conduct and Supplier Code of − Promoting sustainable mobility in the company − Newsroom guidelines Conduct and related training (such as
Slide 21: Overview on selected ESG initiatives and measures (2/2)
Overview on selected ESG initiatives and measures (2/2) Content related initiatives − Partnerships such as Stiftung Lesen − Child-protection standards − Hosting child-friendly programmes − Media literacy initiatives − Cross-media optimism initiative ‘Mein Grund für Zuversicht‘ (Why I feel confident)
Slide 22: Our ambitions and targets
Our ambitions and targets Our content Our diversity target Our news organisations strive for truthful, fair and impartial reporting, while protecting individual rights and shielding minors from Our long-term ambition is for women and men to be represented equally at all levels. RTL Group’s 31% corpo
Slide 23: Financials
03 Financials 23
Slide 24: 2024 Highlights
2024 Highlights ꟷ 2024 results in line with guidance ꟷ Dynamic growth of streaming services and significant reduction of start-up losses ꟷ Strong operating performance in Germany: increased audience lead over P7S1, TV advertising market share gain ꟷ Fremantle with substantial profit growth and highe
Slide 25: Key financials
Key financials in € million Group revenue Adjusted EBITA (margin)1 Total Group profit Pro forma 6,854 6,888 927 887 Organic growth1 -1.5% -7.2% 0.3% -7.8% 598 555 115 Discontinued 127 operations Continuing operations 6,234 6,254 782 721 (12.5%) (11.5%) 483 428 Continuing operations 2023 2024 2023 20
Slide 26: RTL Group is transforming its revenue streams
31.7% 37.6% Content TV advertising FY RTL Group is 6.7% Selling goods and 2024 2021: 46.1% transforming its merchandise and providing services revenue streams 6.0% 5.8% RTL Group revenue split Other rights Radio, print and exploitation 6.4% streaming other advertising revenue1 5.7% Various revenue s
Slide 27: Group profit
Group profit in € million FY2024 FY2023 Adjusted EBITA 721 782 Significant special items (87) (125) EBITA 634 657 Impairment of goodwill of subsidiaries - - Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries (54) (43) Impairment and reversals of impairment losses o
Slide 28: Cash flow
Cash flow in € million FY2024 FY2023 Net cash from/(used in) operating activities 761 537 -thereof discontinued operations 110 77 Operating free cash flow 750 523 - thereof discontinued operations 106 74 Income tax paid (154) (162) Acquisitions/disposals of subsidiaries, at-equity investments and ot
Slide 29: Attractive dividend yield
Attractive dividend yield in € million FY2024 Total Group profit 555 8.3% of which attributable to RTL Group shareholders 460 Dividend policy adjustments 8 2 Adjusted Total Group profit attributable to RTL Group shareholders 468 Dividend, in € per share 2.50 Dividend yield Dividend, absolute amount
Slide 30: FY2024: Statement of financial position (balance sheet)
FY2024: Statement of financial position (balance sheet) In € million 31 December 2024 31 December 2023 Goodwill 3,363 3,148 Other intangible assets/programme rights 707 625 Property, plant and equipment 254 257 Other non-current assets 1,080 1,091 Non-current assets 5,404 5,121 Current assets 4,394
Slide 31: Our industry in the digital media world
04 Our industry in the digital media world 31
Slide 32: RTL Group's business model
RTL Group’s business model Generic broadcast value chain 32
Slide 33: RTL Group's business model
RTL Group’s business model Streaming value chain 33
Slide 34: RTL Group's business model
RTL Group’s business model Content production value chain Concept creation Pre-production Production IP creation IP development Shooting Script Funding Screenplay Character design Scheduling Storyboard Story Integration of process Attach key cast Storyboard Post-production International distribution
Slide 35: RTL Group's business model
RTL Group’s business model Ad-tech value chain Controlling our ad-tech strategy requires a full stack approach, secure TV data and programmatic addressable TV advertising 35
Slide 36: Business update
05 Business update 36
Slide 37: RTL Deutschland
RTL Deutschland Key financials Family of channels Highlights in € million Audience shares, in % 14 to 59, 2024 26.3% 6.061 million paying subscribers +1% at 31 Dec 2024 +23% yoy Viewing time +67% yoy 9.6 +2% Only major commercial channel to gain 25.1 6.2 audience share (14-59) in Germany Others 2,62
Slide 38: Groupe M6
Groupe M6 Key financials Family of channels Highlights in € million Audience shares, in % 25 to 49, 2024 19.6% 0% Successful launch of M6+ Monthly users +30% yoy Viewing time +35%1 yoy 12.2 -19% Others 7.4 1,316 1,311 35.5 Acquisition of free-TV rights for 54 matches 311 each for the Fifa World Cups
Slide 39: Fremantle
Fremantle Key financials Highlights in € million -8% Organic decrease -1% Acquisition +41% of strong +23% catalogues 2,266 2,254 260 Death in Paradise Mare Fuori Survival of the Beast 184 (11.5%) 171 139 (7.6%) (8.1%) (6.1%) 2023 2024 2023 2024 2023 2024 190 awards Revenue Adjusted EBITDA Adjusted E
Slide 40: Strategy update
06 Strategy update 40
Slide 41: Strategy framework
Strategy framework Alliances & Core Growth partnerships Portfolio transformation Creativity & Communications & People Regulation AI entrepreneurship marketing Enabler 41
Slide 42: RTL Group to acquire Sky Deutschland
RTL Group to acquire Sky Deutschland − Transformational move for RTL Group, bringing full-year revenue to over €8 billion − Combination of RTL Deutschland and Sky Deutschland (DACH) unique proposition across free TV, pay TV, streaming highly complementary (target groups, content, business expert
Slide 43: Become the clear #3
Become the clear #3 Streaming/video subscriptions in DACH in million + ~ 11.5 12 5 6 ~ 6.3 ~ 5.1 43 Note: Based on latest available data
Slide 44: Transaction overview
Transaction overview Scope: RTL Group acquires 100% of Sky’s businesses in Germany, Austria, Switzerland, including customer relationships in Luxem- bourg, Liechtenstein and South Tyrol; on a cash- and debt-free basis and normalised net working capital Upfront consideration: €150 million in cash RTL
Slide 45: Transformational move for RTL
Transformational move for RTL RTL Deutschland RTL Group revenue split incl. Sky DACH 2024 actuals 2024 pro-forma2) 2024 pro-forma incl. Sky DACH (xx pp) delta vs. actuals in €bn Advertising Subscription- based1) ~40% ~27% (-10 pp) (+19 pp) ~4.6 ~45% ~2.5 2.7 1.2 ~15% Revenue Subscription- Content sp
Slide 46: Value creation: high synergies
Value creation: high synergies 250 250 Run-rate estimated annual synergies in €m, to be fully realised 3 years after closing ~€250m 63 63 Revenue synergies Cost synergies Total Adjusted EBITA1) − Upselling existing − Optimisation of content portfolio across free TV, impact RTL+ subscribers to Sky pr
Slide 47: Sale of RTL Nederland to DPG Media
RTL Group welcomes final approval for the sale of RTL Nederland to DPG Media + strategic partnership Value creation with DPG Media1) Key figures Key items Revenue Adjusted EBITA in € million in € million Technical services ꟷ Closing on 1 July 2025 (4 years) 620 634 166 145 ꟷ €1.1bn cash on debt- and
Slide 48: Strategy update – Core
Strategy update – Core Investing in premium sports content: essential for linear TV and streaming RTL Deutschland Groupe M6 2025 2026 2027 2028 2029 2030 2025 2026 2027 2028 2029 2030 33 matches per season for 2nd league Final matches + 1st & 2nd league highlights on RTL+ Total of 54 Various matches
Slide 49: Strategy update – Growth: expand global content business
Strategy update – Growth Expand global content business Revenue growth and margin expansion Strategic priorities FY, in € billion Adj. EBITA margin 5.7% 6.9% 7.6% 1. Ramp-up of own IP development 2.3 2.3 2. Rapid AI deployment across the value chain 1.5 3. Focus on IP-driven small to mid-size M&A 4.
Slide 50: Strategy update – Growth: streaming subscribers and revenue
Strategy update – Growth Dynamic growth in subscribers and revenue Long-term targets confirmed 21% 6.76 M6+ Paying subscribers 5.57 0.70 in million 0.63 RTL+ HU Streaming targets for RTL+ in Germany and Hungary and M6+ in France by 2026 RTL+ DE 0.90 0.78 2019 1.29 2020 2.71 2021 4.27 2022 0.78 4.94
Slide 51: Streaming: clear path to profitability
Strategy update – Growth Streaming: clear path to profitability Attract and retain subscribers Streaming Adjusted EBITA 2024 137-€137m Number of subscribers Improve monetisation with advertising, pricing and partnerships Revenue per subscriber Focus on reality, sports and best brands Content costs (
Slide 52: Alliances and partnerships
Alliances and partnerships Strategic partnerships across RTL Group’s value chain Content Aggregation/distribution Monetisation AI RTL Deutschland and RTL Deutschland and RTL Deutschland and Smartclip and Bertelsmann/RTL Group Sky Deutschland Deutsche Telekom ProSiebenSat1 M6 Publicité and OpenAI Con
Slide 53: RTL Group share
07 RTL Group share 53
Slide 54: FY2024: Share price performance
FY2024: Share price performance 1 January 2024 to 31 December 2024 RTL Group share price development for January to December 2023 based on the Frankfurt Stock Exchange (Xetra) against MDAX, Euro Stoxx 600 Media (SXMP) and ProSiebenSat1 54
Slide 55: RTL Group's dividend policy
RTL Group’s dividend policy RTL Group’s dividend policy, which was updated in August 2019, states that the Group will pay out at least 80 per cent of the adjusted full year net result. The adjusted net result is the reported net result available to RTL Group shareholders, adjusted for any material n
Slide 56: RTL Group's historical dividends
RTL Group’s historical dividends Dividend in € per share for the respective financial year 5.00 4.00 3.00 3.00 2.75 2.50 Dividend payments since 2019: €20.25/share or 0.00 €3.1 billion 2018 20191 2020 2021 2022 2023 2024 1 FY 2019: no dividend paid for FY2019 due to Covid-19 (dividend proposal withd
Slide 57: Analysts' view
Analysts’ view Recommendation by Analysts Analysts covering RTL Group in % Latest update: July 2025 Latest Target price Date1 Bank Analyst recommendation (in €) 06/07/2023 Barclays Capital Julien Roch Equal weight 37.00 Bernstein/Société 17/03/2023 Annick Maas Market perform 28.00 Générale 21/02/202
Slide 58: RTL Group's equity story
RTL Group’s equity story 01 National cross- media champions 02 A leading global content business 03 Well-diversified growing revenue & 04 Efficient cost structures and cash RTL Group is leading the With Fremantle, RTL Group streams flow generation consolidation of the European owns one of the world’
Slide 59: Outlook
08 Outloo i ih
Slide 60: Outlook 2025
Outlook 2025 2024 2025e Revenue €6.3bn ~€6.45bn Adjusted EBITA €721m ~€780m Streaming start-up losses €137m ~€80m 61
Slide 61: Financial calendar 2025
Financial calendar 2025 January RTL Group Financial Results 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 20 March 2025 February at 08:00 CET 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Full-Year Results: January to December 2024 M
Slide 62: Contact
Contact Oliver Irina Fahlbusch Mettner-Isfort Executive Vice President Vice President Communications & Investor Relations Media & Investor Relations +352 2486 5200 +49 221 456 56410 oliver.fahlbusch@rtl.com irina.mettner.isfort@rtl.com 63
Slide 63: Investor Relations at RTL Group
July 2025 Investor Relations at RTL Group Stay connected with RTL Group
Slide 64: Definitions
Definitions Alternative performance measure Explanation Adjusted EBITA represents a recurring operating result and excludes significant special items. RTL Group management has established an ‘Adjusted EBITA’ that neutralises the impacts of structural distortions for the sake of transparency. Based o
Slide 65: Definitions
Definitions Alternative performance measure Explanation In line with RTL Group’s strategy, the company continued to invest heavily in its streaming services, RTL+ in Germany and Hungary and M6+ in France. The Group’s streaming services have seen a rapid increase in the number of paying subscribers (
Slide 66: Definitions
Definitions Alternative performance measure Explanation Operating cash conversion rate Operating cash conversion rate means operating free cash flow divided by EBITA. The net cash/(debt) is the gross balance sheet financial debt adjusted for ‘Cash and cash equivalents’; and current deposits with sha
Slide 67: Disclaimer
Disclaimer This presentation is not an offer or solicitation of an offer to buy or sell securities. It is furnished to you solely for your information and use at this meeting. It contains summary information only and does not purport to be comprehensive or complete, and it is not intended to be (and