RTL Group today presented its financials for the first half of 2026. These are the highlights:
- Sky Deutschland (DACH) acquisition closed on 1 June 2026; RTL Group’s H1/2026 results include Sky Deutschland for one month following its full consolidation
- H1/2026: Group revenue up 3.9 per cent to €2.9 billion (H1/2025: €2.8 billion); Group revenue up 0.1 per cent organically
- Adjusted EBITA at €239 million (H1/2025: €160 million); Adjusted EBITA up by €18 million excluding the impact from Sky Deutschland, driven by streaming and Fremantle – despite Fifa World Cup content spend at Groupe M6
- Continued dynamic growth of RTL Group’s streaming services: paid subscriptions for RTL+ and M6+ up 20.7 per cent year on year to 8.7 million; streaming revenue up 27.2 per cent
- Adjusted EBITA from streaming was €31 million in H1/2026 and is expected to reach around €100 million for the full year 2026 (previous guidance: around €25 million to €50 million)
- TV advertising revenue down 4.0 per cent, digital advertising revenue up 10.9 per cent in H1/2026
- RTL Deutschland and Groupe M6 with TV advertising and TV audience share gains
- New outlook (including Sky Deutschland from June to December 2026): RTL Group expects full-year revenue of €7.1 billion to €7.2 billion and Adjusted EBITA of around €725 million – in line with previous guidance
- Medium-term Adjusted EBITA target of €1 billion confirmed
RTL Group announces its reviewed results for the first six months ending 30 June 2026. Group revenue was up 3.9 per cent to €2,890 million (H1/2025: €2,781 million), mainly driven by the acquisition of Sky Deutschland in June 2026 and continued streaming growth. Group revenue was up 0.1 per cent organically. Group revenue for the second quarter of 2026 was €1,595 million (Q2/2025: €1,489 million). RTL Group’s digital advertising revenue was up 10.9 per cent to €255 million (H1/2025: €230 million).
RTL Group’s global content business Fremantle generated revenue of €835 million in the first half of 2026 (H1/2025: €905 million), down 7.7 per cent year on year. Fremantle’s revenue was down 5.5 per cent organically6. This was mainly due to timing effects at Fremantle’s drama and film business, while the entertainment and documentaries businesses were broadly stable. The revenue decrease at Fremantle is expected to reverse in H2/2026, resulting in slightly higher revenue for the full year 2026 – driven by productions such as Baywatch and Kill Jackie.
Streaming revenue was up 27.2 per cent to €299 million (H1/2025: €235 million), driven by a higher number of paying subscribers, increased subscription prices in Germany and rapidly growing advertising revenue on RTL+ in Germany and M6+ in France. Distribution revenue was up 9.6 per cent to €194 million (H1/2025: €177 million), mainly driven by RTL Deutschland and RTL Hungary.
Adjusted EBITA was up 49.4 per cent to €239 million (H1/2025: €160 million). The strong increase was driven by the streaming business, the acquisition of Sky Deutschland (DACH) and Fremantle. RTL Group’s Adjusted EBITA margin10 was 8.3 per cent (H1/2025: 5.8 per cent).
Sky Deutschland contributed €61 million to RTL Group’s Adjusted EBITA in the first half of 2026. This is not indicative of the full-year Adjusted EBITA contribution by Sky Deutschland as the month of June is seasonally favourable with no Bundesliga or German Cup football matches broadcast and no related sports rights and production costs incurred in June. RTL Group’s Adjusted EBITA excluding the impact from Sky Deutschland was up by €18 million, driven by the Group’s profitable streaming business and Fremantle.
Adjusted EBITA from streaming was €31 million – up €65 million year on year (H1/2025: €-34 million).
Fremantle’s Adjusted EBITA increased to €60 million (H1/2025: €39 million). The Adjusted EBITA margin was up significantly, to 7.2 per cent (H1/2025: 4.3 per cent), on track to reach the target margin of 9 per cent in the full year 2026. These positive effects were partly offset by lower contributions from the Group’s linear TV channels, also due to higher programming costs related to the Fifa World Cup 2026 at Groupe M6.
Adjusted EBITDA11 increased to €347 million (H1/2025: €273 million). The Adjusted EBITDA margin was 12.0 per cent (H1/2025: 9.8 per cent). Fremantle’s Adjusted EBITDA – the metric used by most of Fremantle’s competitors – increased to €83 million (H1/2025: €65 million), also due to cost control measures. The Adjusted EBITDA margin increased to 9.9 per cent (H1/2025: 7.2 per cent).
Group profit from continuing operations rose significantly to €61 million in H1/2026 (H1/2025: €6 million) mainly due to the contribution from the acquisition of Sky Deutschland. Total Group profit was €61 million (H1/2025: €59 million). The amount in H1/2025 was mainly driven by profit from discontinued operations (RTL Nederland). Total operating free cash flow was at €-71 million (H1/2025: €116 million). As at 30 June 2026, RTL Group had net debt of €-1,019 million12 (31 December 2025: net cash of €126 million).
Statement from Clément Schwebig, Chief Executive Officer of RTL Group:
“RTL Group delivered a strong first half performance in 2026, driven by rapid streaming growth, gains in both TV audience and TV advertising market shares, and the successful completion of the acquisition of Sky Deutschland. We also demonstrated the unique power of our content and brands, as the coverage of the football World Cup on M6 and M6+ attracted 60 million viewers and generated exceptional digital engagement. Our streaming businesses deliver strong profitability. Streaming revenue and paid subscriptions continue to grow dynamically. As a result, streaming is now expected to contribute around €100 million to our full-year operating profit. The acquisition of Sky Deutschland is transformational for RTL Group. Following the successful closing of the transaction, our RTL Deutschland management team is moving quickly to integrate the businesses. With 12.4 million paid subscriptions in the DACH region, we are now the clear number three in the German-speaking streaming market. We confirm our target to deliver €250 million in annual synergies within three years. Our transformation strategy is delivering tangible results, and we are executing it with speed and discipline. Including the effects from the Sky Deutschland acquisition, we expect to grow to between €7.1 billion and €7.2 billion in full-year revenue with an Adjusted EBITA of €725 million.”
