Slide 1: RTL Group Interim results H1/2025
8 August 2025 RTL Group Interim results H1/2025
Slide 2: Agenda
Agenda 01 02 03 04 Highlights Financials Operations Strategy & Outlook RTL Group interim results 2025 2
Slide 3: Highlights
01 Highlights
Slide 4: Highlights
Highlights 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 Significant
Slide 5: Financials
02 Financials
Slide 6: Key financials
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 H1/2025 Basic
Slide 7: Quarterly development
Quarterly development RTL Group’s TV advertising revenue in € million -5.6% -6.4% +10.0% -6.6% +0.2% -14.0% -9.6% -2.2% -2.3% -4.0% 840 793 604 742 558 528 564 565 543 531 519 480 507 511 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Note: All periods ex
Slide 8: Group profit
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 investments account
Slide 9: Cash flow
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 and other
Slide 10: Operations
03 Operations
Slide 11: RTL Deutschland
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+ 9.4 and Mag
Slide 12: Groupe M6
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 most-wat
Slide 13: Fremantle
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 & genres
Slide 14: Strategy & Outlook
04 Strategy & Outlook 14
Slide 15: Strategy framework
Strategy framework Alliances & Core Growth partnerships Portfolio transformation Creativity & Communications & People Regulation AI entrepreneurship marketing Enabler RTL Group interim results 2025 15
Slide 16: 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 17: RTL Group to acquire Sky Deutschland and 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 18: Transaction overview
Transaction overview Scope: RTL Group acquires 100% of Sky’s businesses in Germany, Austria, Switzerland, including customer relationships in Luxembourg, Liechtenstein and South Tyrol; on a cash- and debt-free basis and normalised net working capital Upfront consideration: €150 million in cash RTL D
Slide 19: 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 € billion Advertising Subscription- based1 ~40% ~27% (-10 pp) (+19 pp) ~4.6 ~45% ~2.5 2.7 1.2 ~15% Revenue Subscription- Conten
Slide 20: 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 − Upselling existing RTL+ − Optimisation of content Adjusted EBITA1 subscribers to Sky products portfolio across free TV, i
Slide 21: Sale of RTL Nederland to DPG Media completed
Sale of RTL Nederland to DPG Media completed Key terms + strategic partnership with DPG Media1 ꟷ Closing on 1 July 2025 Technical services (4 years) ꟷ €1.1bn cash on debt- and cash-free basis Streaming tech (3 years) ꟷ Capital gain of approx. €0.9bn (mostly tax free) International advertising sales
Slide 22: Portfolio transformation
Portfolio transformation Selected assets sold since 2019 Dividend paymentsxxx since 2019 2020 BroadbandTV 2021 2021 SpotX Ludia €20.25/share 2022 VideoAmp or 2022 2022 RTL Belgium RTL Croatia €3.1bn 2025 RTL Nederland1 Total proceeds from asset disposals since 2019: €2.7bn Note: 1. Not considered in
Slide 23: Outlook 2025 confirmed
Outlook 2025 confirmed The geopolitical and macroeconomic environment remains uncertain, and the impact on RTL Group’s businesses continues to be hard to predict. Provided – as currently expected – RTL Group’s TV advertising revenue grows by 2 to 3 per cent in the second half of 2025, in particular
Slide 24: #RTLresults
8 August 2025 #RTLresults
Slide 25: 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 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 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 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