Slide 1: RTL Group Full-year results 2024
20 March 2025 RTL Group Full-year results 2024
Slide 2: Agenda
Agenda 01 02 03 04 05 Highlights Financials Operations Strategy & Deep dive: outlook RTL+ Germany RTL Group Full-year results 2024 2
Slide 3: Highlights
01 Highlights
Slide 4: Highlights
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 higher mar
Slide 5: Financials
02 Financials
Slide 6: 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 7: 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 8: 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 9: 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 10: Proposal in line with dividend policy
Proposal in line with dividend policy 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, abso
Slide 11: Operations
03 Operations
Slide 12: 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 13: 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 14: 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 15: Strategy & outlook
04 Strategy & outlook 15
Slide 16: Strategy framework
Strategy framework Alliances & Core Growth partnerships Portfolio transformation Creativity & Communications & People Regulation AI entrepreneurship marketing Enabler RTL Group Full-year results 2024 16
Slide 17: 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 18: 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 19: Strategy update – Growth: 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 20: 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 21: Alliances & partnerships
Alliances & 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 Conte
Slide 22: Outlook 2025
Outlook 2025 2024 2025e Revenue €6.3bn ~€6.45bn Adjusted EBITA €721m ~€780m Streaming start-up losses €137m ~€80m 22
Slide 23: RTL+ in Germany Path to profitability 2026
05 RTL+ in Germany Path to profitability 2026 Stephan Schmitter, CEO of RTL Deutschland 23
Slide 24: Our streaming broadcaster
Our streaming broadcaster Brand Portfolio Only local player competing at Ad Alliance superpower boosts scale in both linear & streaming ad-supported streaming under one strong brand and Bertelsmann enables unique streaming tech multi-entertainment offer Content Marketing Must-have local entertainmen
Slide 25: Video is winning, streaming is the engine
Video is winning, streaming is the engine Video is massive… …shift in usage… …potential for growth Video usage on TV devices (3+) Video usage on TV devices by age Market potential for streaming hours per day hours per day subscriptions in Germany in million Linear TV Linear TV Advertising Non-linear
Slide 26: Market 2x since 2020, with RTL+ growing fastest
Market 2x since 2020, with RTL+ growing fastest Subscription development in Germany 2020-2024 CAGR 2020-2024 (Q4 basis, major players), in % 2.3 2.4 Subscriptions per +53% subscriber 2.0 1.9 1.8 1.6 Peer 1 72 67 SVOD subscriptions, 53 Market +15% in million 51 44 34 Peer 2 Peer 3 2020 2021 2022 2023
Slide 27: RTL+ growth story – #4 by paying subscribers & #2 by usage
RTL+ growth story – #4 by paying subscribers & #2 by usage Ranking by paying subscribers & usage Profitability Paying subscribers 2024 RTL+ paying subscribers in million in million Peer 3 16.5 ~8 Peer 2 15.8 Peer 1 7.4 6.1 +40% p.a. 6.1 … Peer 4 0.9 Daily usage 2024 monthly average in min Peer 2 32
Slide 28: Market-leading German offering
Market-leading German offering Record RTL+ viewing hours… …clear leadership position vs Joyn Total viewing hours RTL+ Total viewing 1.9x in million hours hours 2024 649 in million hours 649 338 +67% 389 1.4x Net reach 10.3 January 2025 in million people 7.6 2023 2024 Source: AGF RTL Group Full-year
Slide 29: Clearly defined path to profit in 2026
Clearly defined path to profit in 2026 RTL+ Adjusted EBITA 2024-2026 New growth Deutsche Telekom Streaming Adjusted EBITA 2024 137 target groups partnership Number of subscribers Continuing price Ad-boost increases Revenue per subscriber Fiction & sports Content costs Video focus frontiers Other cos
Slide 30: Pricing/ads: Optimised tiering with ARPU boost
Pricing/ads: Optimised tiering with ARPU boost Four new tiers introduced in 2024… …delivering strong ARPU2 growth New tier All inclusive O&O take rate by tier1, in % (ARPU, in €) Basic Premium Max Free Basic Premium Max ✓ Catch-up/FAST ✓ 1 device ✓ 1 device ✓ 2 devices ARPU ✓ Free podcasts & simulta
Slide 31: Content: clear pockets to drive further growth
Content: clear pockets to drive further growth Leadership in usage and offering Untapped potential Expand position TV & shows Reality Fiction Sports Other Content Leverage unique linear Current USP, but come Talk-of-town originals Key inflow and growth Kids offering & focused pillar and streaming po
Slide 32: Content: Bundesliga rights to leverage one brand
Content: Bundesliga rights to leverage one brand Weekly top Highlights of match all matches Audience share increase Additional content for sports for RTL and Nitro growth target group Exclusivity on free-TV Strengthening RTL+ livestream Teasing opportunity for Efficient and innovative RTL+ highlight
Slide 33: Content: Leadership in reality & shows
Content: Leadership in reality & shows Top 10 1 Sommerhaus der Stars formats 2 Peer format 1 Peer 3 based on 3 Peer format 2 Peer 2 usage 4 Hartz und Herzlich November 2024 5 Peer format 3 Peer 2 6 Peer format 4 Peer 2 7 Peer format 5 Peer 3 8 Love Island VIP 9 Die Verräter 10 Hartz und Herzlich – T
Slide 34: Wrap-up: RTL+ on its path to profitability
Wrap-up: RTL+ on its path to profitability Linear and streaming under one brand Tailwind from strong market growth Unmatched content offering Top 3 position in Germany Industry-defining ~8m in 2026 paying subscribers partnerships 2026 (Adjusted EBITA) profitability Execution excellence RTL Group Ful
Slide 35: #RTLresults
#RTLresults
Slide 36: 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 37: 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 38: 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 39: 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 40: 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