Slide 1: RTL Group Full-year results 2025
12 March 2026 RTL Group Full-year results 2025
Slide 2: Agenda
Agenda 01 02 03 05 Highlights Financials Strategy & outlook RTL Group Full-year results 2025 2
Slide 3: Highlights
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Slide 4: Highlights
Highlights ꟷ RTL Group accelerates transformation ꟷ Dynamic growth of streaming services; on track for profitability in 2026; Q4/2025 near break-even ꟷ Partnerships with Deutsche Telekom, Amazon, HBO Max/Warner Bros Discovery ꟷ Planned acquisition of Sky Deutschland to further boost RTL’s streaming
Slide 5: Financials
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Slide 6: Key financials: RTL Group
Key financials: RTL Group in € million Group revenue Adjusted EBITA (margin)1 Total Group profit Pro forma 6,888 6,326 887 734 Organic -4.3% decrease1 +85.2% -3.8% -8.3% 1,028 Continuing Discontinued 555 operations 6,254 6,254 6,018 721 (11.5%) 661 operations 127 956 (11.0%) (RTL Nederland) 428 Cont
Slide 7: Key financials: main business units
Key financials: main business units RTL Deutschland Groupe M6 Fremantle in € million in € million in € million -4% 25.8% 21.0% -9% Audience share Audience share 14 to 59, 2025 25 to 49, 2025 Adjusted EBITDA (margin) -4% 2,657 260 232 2,543 2,254 11.5% 11.4% 2,043 -12% 1,311 1,256 -14% +2% 327 287 25
Slide 8: Key financials: streaming performance by quarter
Key financials: streaming performance by quarter Revenue Adjusted EBITA in € million in € million +27% +26% +50 +40 235 274 -34 -13 Streaming Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 RTL Group 1,292 1,489 1,337 1,900 Full year 6,018 661 Group vs streaming 509 -47 RTL Group Full-year results 2025 8
Slide 9: Group profit
Group profit in € million FY2025 FY2024 Adjusted EBITA 661 721 Significant special items (371) (87) EBITA 290 634 Impairment of goodwill of subsidiaries - - Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries (98) (54) Impairment and reversals of impairment losses o
Slide 10: Significant special items
Significant special items in € million FY2025 FY2024 Cost reduction programmes (154) (63) Discontinuation of selected content activities at Fremantle & other content-related measures (95) - Migration RTL+ Germany to Bedrock and other related measures (80) (13) Other one-time effects (42) (11) Adjust
Slide 11: Cash flow
Cash flow in € million FY2025 FY2024 Net cash from/(used in) operating activities 561 761 -thereof discontinued operations 88 110 Operating free cash flow 537 750 - thereof discontinued operations 97 106 Income tax paid (160) (154) Acquisitions/disposals of subsidiaries, at-equity investments and ot
Slide 12: Proposal in line with dividend policy
Proposal in line with dividend policy in € million FY2025 Total Group profit 1,028 16.5% of which attributable to RTL Group shareholders 979 Dividend policy adjustments (9) 2 Adjusted Total Group profit attributable to RTL Group shareholders 970 Dividend, in € per share 5.50 Dividend yield Dividend,
Slide 13: Strategy & outlook
03 Strategy & outlook
Slide 14: Strategy framework
Strategy framework Alliances & Core Growth partnerships Portfolio transformation Creativity & Communications & People Regulation AI entrepreneurship marketing Enabler RTL Group Full-year results 2025 14
Slide 15: Strategy update – Core
Strategy update – Core Reduction of ~ 600 heads in 2026, with mid-double-digit million annualised savings Migration of RTL+ (Germany) to be Significant cost reduction completed by the end of April 2026, which will generate significant cost programmes underway savings Cost reduction programme announc
Slide 16: Portfolio management
Portfolio management Portfolio focused: selected asset disposals Dividend paymentsxxx since 20191 2020 BroadbandTV 2021 2021 SpotX Ludia €25.75/share 2022 VideoAmp or 2022 2022 RTL Belgium RTL Croatia €4.0bn 2025 RTL Nederland Total proceeds since 2019: €2.7bn Note: 1. Already including the proposed
Slide 17: Strategy update – Core: AI opportunities across the content value chain
Strategy update – Core AI opportunities across the content value chain Development Production Post-production Target 10-15% production cost savings (gross ambition by 2030) Fremantle’s dedicated Project leveraging AI- Pilot project to integrate RTL Deutschland’s AI studio to drive supported developm
Slide 18: Strategy update – Growth
Strategy update – Growth Paying subscribers Streaming revenue1 Adjusted EBITA from streaming2 in million in € million in € million ~9 ~600-650 8.06 M6+ 1.05 6.76 RTL+ HU +48% p.a. 0.70 ~25-50 +38% p.a. +90 509 -8 -60 -47 7.01 RTL+ DE 403 5.57 6.06 -156 -176 -137 4.27 283 -222 2.71 164 132 91 0.78 1.
Slide 19: Strategy update – Growth: Sky Deutschland acquisition
Strategy update – Growth RTL Group to acquire Sky Deutschland (DACH)… …and to become the clear #3 − Transformational move for RTL Group, bringing full-year revenue to €8 billion − Combination of RTL Deutschland and ~12 Sky Deutschland (DACH) unique proposition across free TV, pay TV, streaming ~7
Slide 20: Strategy update – Growth: Fremantle
Strategy update – Growth Expand global content business Strategic priorities Highest margin ever 1. Ramp-up of own IP development FY revenue, in € billion 2. AI deployment across the value chain Adj. EBITA 5.7% 7.3% 6.9% 6.1% 7.6% 8.6% margin 3. Focus on IP-driven small to medium-size M&A 2.3 2.3 2.
Slide 21: Strategy update – Alliances & partnerships
Strategy update – Alliances & partnerships Streaming and distribution partnerships Streaming and distribution partnerships RTL Deutschland Groupe M6 RTL Hungary RTL Group Renewal of RTL+ and Magenta TV bundling until 2030 Launch of M6+ Exclusive distribution DPG Media deal RTL+ bundling with HBO Max
Slide 22: Outlook 2026
Outlook 2026 2025 2026e ~€6.1bn to Revenue €6.0bn €6.2bn Adjusted EBITA €661m ~€725m Adjusted EBITA from ~€25m to €(47)m streaming1 €50m 1. Adjusted EBITA from streaming is defined as a total of Adjusted EBITA from RTL+ in Germany and Hungary, M6+ in France, and Bedrock as consolidated at RTL Group
Slide 23: Accelerated transformation
Accelerated transformation − Portfolio: focused on core markets Adjusted EBITA in € ~1bn − Streaming: continuous profitable growth − Sky Deutschland acquisition with ~ €250m synergies 661 m − Fremantle: return to growth and further margin expansion, selected M&A − AI: significant benefits across the
Slide 24: #RTLresults
12 March 2026 #RTLresults
Slide 25: Financial calendar 2026
Financial calendar 2026 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 12 March 2026 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 2025 M
Slide 26: 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 27: 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 28: Definitions
Definitions Alternative performance measure Explanation Operating free cash flow is equal to net cash from operating activities adjusted by income tax paid; transaction-related costs with regard to Operating free cash flow significant disposals of subsidiaries; cash outflows from the acquisitions of
Slide 29: 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