Rtl Group S.a. · LUXSE:RTLL
Rtl — Investor Presentation (January 2026)
72 slides from Rtl's investor presentation, January 2026
Slide 1: Investor Relations at RTL Group
January 2026 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 3
Slide 3: RTL Group at a glance
01 RTL Group at a glance 4
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 6
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 7
Slide 7: 52 TV channels
52 TV channels Europe’s largest commercial broadcaster 8
Slide 8: 6 streaming services
6 streaming services 9
Slide 9: 40 radio stations
40 radio stations in 4 European countries 10
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
2.24% 22.76% Publicly traded on the Treasury Frankfurt/Main and Luxembourg Stock Exchanges Shareholding Listed on MDAX structure 75.00% Bertelsmann 12
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 Immanuel Hermreck Lauren Zalaznick1 Rolf Hellermann Jean-Louis Sc
Slide 14: Strong Management Team
Strong Management Team Thomas Rabe Björn Bauer Chief Executive Officer (since 2019) Chief Financial Officer (since 2019) The Executive Committee Active dialogue with the Board Proposal of annual budgets, Responsibilities of the 01 is vested with internal 02 of Directors about the status 03 to be app
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 28
Slide 24: Highlights in H1/2025
Highlights in H1/2025 ꟷ Acceleration of RTL Group’s transformation ꟷ Dynamic growth in streaming; on track for profitability in 2026 ꟷ Renewal of distribution partnership with Deutsche Telekom until at least 2030 ꟷ Announced acquisition of Sky Deutschland to further boost RTL’s streaming business ꟷ
Slide 25: H1/2025: Key financials
H1/2025: Key financials Group revenue Adjusted EBITA1 Total Group profit in € million Organic Adjusted EBITA decrease1 -5.1% 6.0% 5.8% margin1 -3.2% 173 Continuing 63 operations 2,872 2,781 172 160 59 Discontinued 110 operations 53 Continuing operations 6 H1/2024 H1/2025 H1/2024 H1/2025 H1/2024 H1/2
Slide 26: FY/2024: Key financials
FY/2024: 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 202
Slide 27: 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 28: H1/2025: Group profit
H1/2025: Group profit in € million H1/2024 H1/2025 Adjusted EBITA 172 160 Significant special items (33) (74) EBITA 139 86 Impairment of goodwill of subsidiaries - - Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries (20) (24) Impairment and reversals of investment
Slide 29: FY/2024: Group profit
FY/2024: 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
Slide 30: H1/2025: Cash flow
H1/2025: Cash flow in € million H1/2024 H1/2025 Net cash from/(used in) operating activities 72 88 - thereof discontinued operations 12 93 Operating free cash flow 70 116 - thereof discontinued operations 11 91 Income tax paid (71) (103) Acquisitions/disposals of subsidiaries, at-equity investments
Slide 31: FY/2024: Cash flow
FY/2024: 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 investmen
Slide 32: Dividend for 2024
Dividend for 2024 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 387 Divi
Slide 33: FY/2024: Statement of financial position (balance sheet)
FY/2024: 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 34: Our industry in the digital media world
04 Our industry in the digital media world 40
Slide 35: RTL Group's business model
RTL Group’s business model Generic broadcast value chain 41
Slide 36: RTL Group's business model
RTL Group’s business model Streaming value chain 42
Slide 37: 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 38: 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 44
Slide 39: Business update
05 Business update 45
Slide 40: H1/2025: RTL Deutschland
H1/2025: RTL Deutschland Key financials Family of channels Highlights in € million Audience shares, in % 14-59, H1/2025 6.363 million paying subscribers 25.9% at 30 June 2025: +14% yoy Viewing time +18% yoy Net reach of 10.2 million people, +50% yoy -3.5% Renewal of distribution partnership: RTL+ 9.
Slide 41: FY/2024: RTL Deutschland
FY/2024: 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 Ot
Slide 42: H1/2025: Groupe M6
H1/2025: Groupe M6 Key financials Family of channels Highlights in € million Audience shares, in % 25-49, H1/2025 20.8% Average monthly active users +35% yoy Viewing time +17%1 yoy -3.7% 12.6 Others -9.8% 8.2 36.2 8.7 million viewers for the Uefa Champions League final (PSG vs. Inter Milan); 657 633
Slide 43: FY/2024: Groupe M6
FY/2024: 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 W
Slide 44: H1/2025: Fremantle
H1/2025: Fremantle Key financials Strategic priorities in € million 1. Ramp-up of own IP development Revenue Adjusted EBITDA Adjusted EBITA 2. Rapid AI deployment across the value chain -5.4% (margin) (margin) +3.2% 3. Focus on IP-driven small to mid-size M&A 4. Expansion into attractive geographies
Slide 45: FY/2024: Fremantle
FY/2024: 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 A
Slide 46: Strategy update
06 Strategy update 52
Slide 47: Strategy framework
Strategy framework Alliances & Core Growth partnerships Portfolio transformation Creativity & Communications & People Regulation AI entrepreneurship marketing Enabler 53
Slide 48: RTL Group to acquire Sky Deutschland… …and to become the clear #3 in Germany
RTL Group to acquire …and to become the Sky Deutschland… clear #3 in Germany − Transformational move for RTL Group, Streaming/video subscriptions in DACH in million bringing full-year revenue to €8.2 billion − Combination of RTL Deutschland and Sky Deutschland (DACH) unique proposition across free
Slide 49: Transaction overview
Transaction overview Scope: RTL Group acquires 100% of Sky’s businesses in Germany, Austria, Switzerland, including customer relationships in Luxem- bourg, Liechtenstein an<d South Tyrol; on a cash- and debt-free basis and normalised net working capital Upfront consideration: €150 million in cash Va
Slide 50: 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 51: 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 52: RTL Group welcomes final approval for the 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 53: Strategy update – Growth
Strategy update – Growth Dynamic growth in subscribers and revenue Long-term targets confirmed Paying subscribers +15.3% Streaming targets for RTL+ in Germany and in million Hungary and M6+ in France by 2026 7.23 M6+ 6.27 0.87 5.57 0.68 RTL+ HU 4.27 2.71 0.90 6.36 RTL+ DE ~9m ~€750m 5.59 1.29 0.78 0
Slide 54: Strategy update – Growth
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 55: 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 56: RTL Group share
07 RTL Group share 65
Slide 57: H1/2025: Share price performance
H1/2025: Share price performance 1 January 2025 to 30 June 2025 RTL Group share price development for January to June 2025 based on the Frankfurt Stock Exchange (Xetra) against MDAX, Euro Stoxx 600 Media (SXMP) and ProSiebenSat1 66
Slide 58: FY/2024: Share price performance
FY/2024: Share price performance 1 January 2024 to 31 December 2024 RTL Group share price development for January to December 2024 based on the Frankfurt Stock Exchange (Xetra) against MDAX, Euro Stoxx 600 Media (SXMP) and ProSiebenSat1 67
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 5.00 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 61: Analysts' view
Analysts’ view Recommendation by Analysts Analysts covering RTL Group in % Latest update: January 2025 12.5% Sell Latest Target price Date1 Bank Analyst recommendation (in €) 06/07/2023 Barclays Capital Julien Roch Equal weight 34.00 Bernstein/Société 17/03/2023 Annick Maas Market perform 30.00 Géné
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
08 Outloo i ih
Slide 64: Outlook 2025
Outlook 2025 In August 2025, RTL Group confirmed its outlook on the basis that TV advertising revenue would grow by 2 to 3 per cent in the second half of 2025, in particular in Germany. RTL Group now expects its TV advertising revenue in the second half to be down by high single-digit percentage. Du
Slide 65: 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 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 76
Slide 68: Investor Relations at RTL Group
January 2026 Investor Relations at RTL Group Stay connected with RTL Group
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 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’; current deposits with shareho
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