RTL Group S.A.

First-half 2026 revenue increased 3.9% to EUR 2.9 billion, driven mainly by Sky Deutschland and continued streaming growth; organically, group revenue was stable. Adjusted EBITA rose from EUR 160 million to EUR 239 million, with the margin improving from 5.8% to 8.3%. Profit from continuing operations increased from EUR 6 million to EUR 61 million. RTL Deutschland revenue rose 11.1% to EUR 1.3 billion and adjusted EBITA increased from EUR 17 million to EUR 129 million. Groupe M6 revenue increased 1.7% to EUR 644 million, while adjusted EBITA fell to EUR 54 million. Fremantle revenue declined 7.7% to EUR 835 million, adjusted EBITDA was EUR 83 million (9.9% margin), and adjusted EBITA was EUR 60 million (7.2% margin).For 2026, RTL confirmed revenue guidance of around EUR 7.1 billion to EUR 7.2 billion and adjusted EBITA of around EUR 725 million, plus/minus 3%. Streaming revenue is expected to grow around 25% for the full year, with streaming adjusted EBITA now expected to reach around EUR 100 million, up from prior guidance of EUR 25 million to EUR 50 million. Fremantle revenue is expected to grow slightly for the year, and the group maintained its EUR 250 million synergy target from Sky Deutschland over three years.

Clement Schwebig framed the first half as proof that RTL’s transformation strategy is working, especially the shift toward streaming and the integration of Sky Deutschland. He called the Sky deal the most transformational in RTL’s recent history and emphasized execution, synergy capture, and disciplined cost management. His tone was confident and upbeat, but he also stressed that the macro and advertising backdrop remains volatile.

Björn Bauer focused on the numbers: H1 revenue of EUR 2.9 billion, adjusted EBITA of EUR 239 million, and a margin of 8.3%, with Sky Deutschland and streaming as the main drivers. He said streaming adjusted EBITA improved by EUR 65 million year-on-year and that the full-year streaming profit target of around EUR 100 million does not include Sky. He also noted Fremantle’s adjusted EBITA margin improved to 7.2% and said Sky’s June contribution is seasonally favorable and not representative of the full year; outside June, Sky’s contribution for the rest of 2026 should be around break-even.

Analysts pressed on the EUR 250 million Sky synergy target, possible job cuts, and whether RTL would pursue a more expansionary strategy than peers like ProSiebenSat.1. Management said the synergy target is fully confirmed, with most benefits expected in 2027 and 2028, and said roughly 75% of the synergies are cost-related, including content optimization, overhead reductions, and lower media spend; they also said some duplication will be removed, but the goal is to keep the best talent. On streaming, management clarified that the EUR 100 million profit target excludes Sky and reflects the legacy streaming scope, while a combined RTL/Sky package or sports tier is being considered but not yet announced. They also said no further group-level M&A is expected for the rest of the year.