Rtl Group S.a. · LUXSE:RTLL
Rtl — Investor Presentation (September 2026)
72 slides from Rtl's investor presentation, September 2026
Slide 1: Investor Relations at RTL Group
September 2026 Investor Relations at RTL Group
Slide 2: Contents
Contents RTL Group at a glance 01 Responsibility RTL Group at a glance 02 Financials Responsibility 03 Financials Our industry in the digital media world 04 Strategy update Our industry in the digital media world 05 RTL Group share Strategy update 06 Outlook RTL Group share 07 Outlook RTL Group Inve
Slide 3: RTL Group at a glance
01 RTL Group > at a glance pe FCS (he
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 25.9% #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 2025 revenue in € billion 0 1 2 3 4 5 6 7 8 8.01 6.0 3.7 4.0 4.82 2.3 1.63 Source: published full-year results 1 Pro-forma revenue 2025 including Sky Deutschland 2 Converted at an exchange rate of £0.8567923 to €1.00 3 Converted at an exchange rate of SEK
Slide 6: …with global content business…
…with global content business… One of the world’s largest creators, producers and distributors of content Fremantle produces, licenses and distributes a vast array of programmes that range from high-end drama and documentaries through to game shows, daily dramas and reality TV formats RTL Group Inve
Slide 7: 86 TV channels
86 TV channels Europe’s largest commercial broadcaster RTL Group Investor Relations presentation 7
Slide 8: 7 streaming services
7 streaming services RTL Group Investor Relations presentation 8
Slide 9: 42 radio stations
42 radio TODAY stations in 4 European countries RTL Group Investor Relations presentation 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: A house of powerful brands
A house of powerful brands Masterbrand RTL RTL Group, RTL Deutschland, RTL Hungary, Corporate RTL Luxembourg, RTL AdAlliance RTL+ RTL, RTL Up, RTL Passion, RTL Crime, RTL Living, RTL Super, Product RTL Nord, RTL West, RTL Hessen, RTL 104.6, RTL 89.0 RTL Három, RTL Kettö, RTL Gold, RTL Otthon RTL Pla
Slide 12: Shareholding structure
2.59% 22.41% Publicly traded on the Treasury Frankfurt/Main and Luxembourg Stock Exchanges Shareholding Listed on MDAX structure 75.00% Bertelsmann RTL Group Investor Relations presentation 12
Slide 13: 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 14: 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 Immanuel Hermreck Lauren Zalaznick1 Rolf Hellermann Jean-Louis Sc
Slide 15: Strong management team
Strong management team Responsibilities of the Executive Committee 01 The Executive Committee is vested with internal management authority Clément Schwebig Thomas Rabe Alexander von Torklus 02 Active dialogue with the Board of Directors about Chief Executive Officer Executive Director Chief Financia
Slide 16: RTL Group corporate structure (simplified)
RTL Group corporate structure (simplified) as at 31 December 2025 RTL Deutschland Groupe M62 Fremantle Other segments 100%1 49.3%1 100%1 RTL Hungary RTL Luxembourg 100%1 100%1 Atresmedia4 We Are Era Bedrock 15.1%3 100%1 100%1,5 1 Fully consolidated 2 Net of treasury shares and own shares held by Mét
Slide 17: Responsibility
02 Responsibility
Slide 18: 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 19: Our sustainability report
Our sustainability report RTL Group’s sustainability report 2025 reflects our continued commitment to sustainability. The report voluntarily aligns with the principles of the European Union’s Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESR
Slide 20: 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 21: 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 − Human rights statement Conduct and related training (such
Slide 22: 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 − Part of Bertelsmann’s cross-divisional ‘Freedom of the Press‘ working group − Arti
Slide 23: 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 30% corpo
Slide 24: Financials
03 Financials
Slide 25: Highlights in H1/2026
Highlights in H1/2026 RTL Group delivers on transformation strategy ꟷ Sky Deutschland (DACH) acquisition closed on 1 June 2026 ꟷ Dynamic growth of streaming services; streaming businesses profitable ꟷ Streaming businesses to contribute ~€100 million to Adjusted EBITA in full year 2026 ꟷ TV advertisi
Slide 26: H1/2026: Key financials
H1/2026: Key financials Group revenue Adjusted EBITA1 Group profit in € million Continuing operations Adjusted Organic growth1 +0.1% EBITA 5.8% 8.3% margin1 +3.9% 2,781 2,890 239 61 160 6 H1/2025 H1/2026 H1/2025 H1/2026 H1/2025 H1/2026 Basic & diluted Adjusted EBITDA1 273 347 EPS €(0.14) €0.30 Adjus
Slide 27: FY/2025: Key financials
FY/2025: Key financials 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 Contin
Slide 28: RTL Group is transforming its revenue streams
25.9% 33.8% Content TV advertising RTL Group is 6.7% 2021: 43.5% transforming its Selling goods and merchandise and revenue streams providing services 5.6% RTL Group revenue split in H1/2026 12.5% Radio, print and other Other rights exploitation advertising 10.4% Streaming 5.9% revenue1 Distribution
Slide 29: H1/2026: Key financials – Main business units
H1/2026: Key financials Main business units RTL Deutschland Groupe M6 Fremantle in € million in € million in € million +11% 26.3% 22.0% Audience share Audience share 14 to 59, 25 to 49 excl. Sky DACH -8% Adjusted EBITDA (margin) +2% 1,296 65 83 1,167 7.2% 9.9% 905 >100% 835 -51% +54% 633 644 39 129
Slide 30: FY/2025: Key financials – Main business units
FY/2025: 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% 32
Slide 31: FY/2025: Streaming performance by quarter
FY/2025: 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 Investor Relations presentation 35
Slide 32: H1/2026: Group profit
H1/2026: Group profit in € million H1/2026 H1/2025 Adjusted EBITA 239 160 Significant special items (107) (74) EBITA 132 86 Impairment of goodwill of subsidiaries - - Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries (25) (24) Impairment and reversals of impairmen
Slide 33: FY/2025: Group profit
FY/2025: 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
Slide 34: FY/2025: Significant special items
FY/2025: 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) (1
Slide 35: H1/2026: Cash flow
H1/2026: Cash flow in € million H1/2026 H1/2025 Net cash from/(used in) operating activities (25) (5) Operating free cash flow (71) 25 Income tax paid (40) (103) Acquisitions/disposals of subsidiaries, at-equity investments and other financial assets (50) (1) Transactions with shareholders and their
Slide 36: FY/2025: Cash flow
FY/2025: 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 investmen
Slide 37: Dividend for 2025
Dividend for 2025 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, absolute amount 832
Slide 38: FY/2025: Statement of financial position (balance sheet)
FY/2025: Statement of financial position (balance sheet) In € million 31 December 2025 31 December 2024 Goodwill 3,374 3,363 Other intangible assets/programme rights 752 707 Property, plant and equipment 244 254 Other non-current assets 962 1,080 Non-current assets 5,332 5,404 Current assets 5,156 4
Slide 39: Our industry in the digital media world
04 Our industry in the digital media world
Slide 40: RTL Group's business model – broadcast value chain
RTL Group’s business model Generic broadcast value chain Content procurement Aggregation Distribution Audience and production and monetisation Reach Advertising Commercials revenue Content TV channels andContent streaming Technical access to content Advertising revenue RTL Group Investor Relations p
Slide 41: RTL Group's business model – streaming value chain
RTL Group’s business model Streaming value chain Content procurement Aggregation and production Monetisation and distribution Subscription revenue Consumer Content Distribution revenue Advertising revenue RTL Group Investor Relations presentation 45
Slide 42: RTL Group's business model – content production value chain
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 43: RTL Group's business model – ad-tech value chain
RTL Group’s business model Ad-tech value chain Planning DSP SSP AdServer SSAI tools Advertiser Agency/ Saleshouse Content Trading desk RTL United Master 47 Controlling our ad-tech strategy requires a full stack approach, secure TV data and programmatic addressable TV advertising RTL Group Investor R
Slide 44: Strategy update
05 Strategy update
Slide 45: Strategy framework
Strategy framework Alliances & Core Growth partnerships Portfolio transformation Creativity & Communications & People Regulation AI Entrepreneurship Marketing Enabler RTL Group Investor Relations presentation 50
Slide 46: Strategy update – Core: Fifa World Cup 2026
Strategy update – Core Fifa World Cup 2026 Unprecedented audience success 60m viewers in France on M6 & M6+ 20m viewers for the France vs Spain match; 2nd-highest audience ever recorded by M6 4.2m new users registered on M6+ during the World Cup 1.4bn video views in France on M6 & M6+ social media c
Slide 47: Strategy update – Core
Strategy update – Core Reduction of ~600 positions at RTL Deutschland in 2026, with mid- double-digit million annualised savings Migration of RTL+ (Germany) Significant cost reduction completed end of April 2026, which programmes underway will generate significant cost savings Cost reduction program
Slide 48: Strategy update – Growth: Sky Deutschland (DACH) acquisition
Strategy update – Growth RTL Group acquired Sky Deutschland (DACH)… … becoming the clear #3 − Transformational move for RTL Group, bringing full-year revenue to €8 billion − Combination of RTL Deutschland and ~12.4 Sky Deutschland (DACH) → unique proposition across free TV, pay TV, streaming → highl
Slide 49: 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 EBITA impact Total − Upselling existing − Optimisation of content portfolio across free TV, Adjusted EBITA1) RTL+ subscribe
Slide 50: Strategy update – Growth: Entertainment and information at scale
Strategy update – Growth Entertainment and information at scale Content Consumer >€2.5bn content spend 100m people in the DACH region Entertainment Films & series Sports News Free-TV Pay-TV Streaming Digital publishing Audio 47 channels 10+ 31 magazines radio stations 180 podcasts RTL Group Investor
Slide 51: Strategy update – Growth: streaming
Strategy update – Growth Paid subscriptions Streaming revenue1 Adjusted EBITA from streaming2 in million in € million in € million +21% ~9 ~600–650 8.73 M6+ 1.13 RTL+ HU 7.23 +27% 6.27 0.87 0.68 5.03 0.54 ~100 7.60 RTL+ DE +65 6.36 299 5.59 31 4.49 235 185 -13 -34 3.43 -59 -74 130 -89 -84 2.03 79 0.
Slide 52: Strategy update – Growth: Fremantle
Strategy update – Growth Highly diversified revenue streams Strategic priorities H1/2026, in % 1. Ramp-up of own IP development By genre1 By region1,2 2. AI deployment across the value chain 3. Focus on IP-driven small to medium-size M&A Entertainment Europe3 4. Expansion into attractive new geograp
Slide 53: 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 54: Strategy update – YouTube monetisation
Strategy update – YouTube monetisation − Enhance monetisation of Channels 452 495 content libraries & IP Views1 6bn 10bn − Reach complementary audiences H1/2025 H1/2026 beyond linear TV and streaming − Drive inflow to streaming services − Strengthen brands & audience Channels 47 70 engagement Views
Slide 55: 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. including the dividend for FY
Slide 56: RTL Group share
06 RTL Group share
Slide 57: H1/2026: Share price performance
H1/2026: +2.68% MDAX Index = 100 Share price -6.55% SXMP performance -10.49% RTL Group 1 January 2026 to 30 June 2026 -32.09% ProSiebenSat1 RTL Group share price development for January to June 2026 based on the Frankfurt Stock Exchange (Xetra) against MDAX, Euro Stoxx 600 Media (SXMP) and ProSieben
Slide 58: FY/2025: Share price performance
FY/2025: Share price +26.89% RTL Group +19.05% MDAX performance Index = 100 -6.15% ProSiebenSat1 -15.47% SXMP 1 January 2025 to 31 December 2025 RTL Group share price development for January to December 2025 based on the Frankfurt Stock Exchange (Xetra) against MDAX, Euro Stoxx 600 Media (SXMP) and
Slide 59: 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 60: RTL Group's historical dividends
RTL Group’s historical dividends Dividend in € per share for the respective financial year 5.50 5.00 4.00 3.00 3.00 2.75 2.50 Dividend payments since 2019: €25.75/share or 0.00 €4.0 billion 2018 20191 2020 2021 2022 2023 2024 2025 1 FY 2019: no dividend paid for FY2019 due to Covid-19 (dividend prop
Slide 61: Analysts' view
Analysts’ view Recommendation by Analysts Analysts covering RTL Group in % Latest update: September 2026 14.3% Buy 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 37.00 14.
Slide 62: 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 63: Outlook
07 Outlook
Slide 64: Outlook
Outlook 2026 Contribution 2025 2026e 2026e Sky DACH 2026e old new Jun to Dec new (excl. Sky DACH) (excl. Sky DACH) 20262 (incl. Sky DACH) ~€6.1bn to ~€6.1bn to ~€7.1bn to Revenue €6,018m ~€1bn €6.2bn €6.2bn €7.2bn Adjusted EBITA €661m ~€725m ~€725m ~€0m ~€725m Adjusted EBITA ~€25m to €(47)m ~€100m N
Slide 65: Accelerated transformation
Accelerated transformation − Portfolio: focused on core markets Adjusted EBITA in € ~1bn − Streaming: continuous profitable growth − Sky Deutschland acquisition with ~725 m ~€250m synergies 661 m − Fremantle: return to growth and further margin expansion, selected M&A − AI: significant benefits acro
Slide 66: 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 67: 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 RTL Group Investor Relations presentation 73
Slide 68: Investor Relations at RTL Group
September 2026 Investor Relations at RTL Group Stay connected with RTL Group A white x on a black background Description automatically generated
Slide 69: 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 70: 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 71: 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 72: 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