Slides
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RT SEBREAKER RTL Group L Interim results 2026 Analyst call 11 August 2026
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2 Agenda RTL Group interim results 2026 Financials 03 Strategy & outlook 05 0201 Highlights
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01 Highlights
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4 Highlights 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 advertising and audience share gains in Germany and France ꟷ Full-year Adjusted EBITA 2026 to increase to ~€725 million, in line with previous guidance ꟷ Medium-term Adjusted EBITA target of €1 billion confirmed 4
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02 Financials
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Notes: 1. For definition, see slide 24 to 26. 2. Total Group profit in H1/2025 was mainly driven by profit from discontinued operations (RTL Nederland) 160 239 H1/2025 H1/2026 Organic growth1 5.8% 8.3% Adjusted EBITA margin 1 in € million Group revenue Adjusted EBITA1 Group profit +0.1% 6 61 H1/2025 H1/2026 2,781 H1/2025 2,890 H1/2026 +3.9% Basic & diluted EPS €(0.14) €0.30273 347 9.8% 12.0% Key financials H1/2026 Adjusted EBITDA1 Adjusted EBITDA margin 1 6RTL Group interim results 2026 Continuing operations Total Group profit2 59 61
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Sky DACH (June) FremantleStreaming Note: 1. Without streaming and Sky DACH Adjusted EBITA development in H1/2026 7 Broadcaster1) & Other Adjusted EBITA in € million Fifa World Cup at Groupe M6 160 239 H1/ 2025 H1/ 2026 -68 +65 +21 +61 RTL Group interim results 2026 H1/2025 H1/2026
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8 Key financials: main business units in € million 1,167 H1/2025 1,296 H1/2026 +11% 17 (1.5%) H1/2025 129 (10.0%) H1/2026 >100% Revenue Adjusted EBITA (margin) RTL Deutschland in € million 633 644 H1/2025 H1/2026 +2% 110 (17.4%) H1/2025 54 (8.4%) H1/2026 -51% Revenue Groupe M6 Adjusted EBITA (margin) Fremantle in € million 905 835 H1/2025 H1/2026 -8% 39 (4.3%) H1/2025 60 (7.2%) H1/2026 +54% Revenue Adjusted EBITA (margin) 65 83 Adjusted EBITDA (margin) 7.2% 9.9% 26.3% Audience share 14 to 59, excl. Sky DACH 22.0% Audience share 25 to 49 RTL Group interim results 2026
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9 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 impairment losses of investments accounted for using the equity method - 9 Impairment and reversals of impairment losses on other financial assets at amortised cost - - Fair value measurement of investments and re-measurement of contingent consideration arrangements 2 - Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree (5) - EBIT 104 71 Financial result (30) (31) Income tax expense (13) (34) Group profit from continuing operations 61 6 Group profit from discontinued operations - 53 Total Group profit 61 59 RTL Group interim results 2026
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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 subsidiaries (deposits) 403 - Transactions with shareholders and their subsidiaries (loans) 550 355 (Acquisition)/disposal of treasury shares (13) - Dividends paid (913) (469) Other changes (72) (20) Net increase/(decrease) in cash and cash equivalents (206) (213) Operating cash conversion rate (54)% 29% 10RTL Group interim results 2026 Cash flow Notes: 1. Continuing operations. 2. For definition, see slide 26
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03 Strategy & outlook
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Creativity & Entrepreneurship People Communications & Marketing Regulation Enabler Growth 12 Strategy framework Core Alliances & partnerships Portfolio transformation AI RTL Group interim results 2026
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13 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 channels
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Strategy update – Core 14 Significant cost reduction programmes underway Cost savings of ~€75 million in 2026 Reduction of ~600 positions at RTL Deutschland in 2026, with mid- double-digit million annualised savings Cost reduction programme announced to be implemented by 2030 (optimisation of production costs, simplification of processes, reduction of technical costs – driven by AI) Reduction of >600 FTEs since 2023 (integration of acquired production companies, overhead reduction) Migration of RTL+ (Germany) completed end of April 2026, which will generate significant cost savings RTL Group interim results 2026
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RTL Group acquired Sky Deutschland (DACH)… − Transformational move for RTL Group, bringing full-year revenue to €8 billion − Combination of RTL Deutschland and Sky Deutschland (DACH) unique proposition across free TV, pay TV, streaming highly complementary (business model, target groups, content) − Value creation: ~€250 million (run-rate) annual synergies − Unconditional approval from European Commission received; transaction closed on 1 June 2026 − ~12.4 Streaming/video subscriptions in the DACH region in million Note: Based on YouGov SVoD-Tracker Strategy update – Growth … becoming the clear #3 15RTL Group interim results 2026
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Content >€2.5bn content spend Consumer 100m people in the DACH region Free-TV Pay-TV Streaming Digital publishing Audio 47 channels 10+ magazines 31 radio stations 180 podcasts Entertainment Films & series Sports News 16 Strategy update – Growth Entertainment and information at scale RTL Group interim results 2026
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17 Strategy update – Growth Notes: 1. Streaming revenue includes SVOD, advertising and distribution revenue from RTL+ in Germany, M6+ in France (previously 6play), RTL+ in Hungary (including RTL+/RTL+ Active/RTL+ Light), and external revenue of Bedrock 2. Total of Adjusted EBITA from RTL+ in Germany and Hungary, M6+/6play in France, Salto and Bedrock as consolidated on RTL Group level. The Adjusted EBITA of RTL+ in Germany and Hungary and M6+/6play in France includes synergies with TV channels at business unit level M6+ RTL+ DE RTL+ HU Paid subscriptions Streaming revenue1 Adjusted EBITA from streaming2 ~9 ~100 in € million in € millionin million 0.93 H1/ 2020 2.03 3.43 0.54 4.49 0.68 5.59 0.87 6.36 H1/ 2025 1.13 7.60 H1/ 2026 2026e 5.03 6.27 7.23 8.73 +21% 31 -13 H1/ 2020 -59 -74 -89 -84 -34 H1/ 2025 H1/ 2026 2026e +65 2026e ~600–650 40 61 79 H1/ 2020 130 185 235 H1/ 2025 299 H1/ 2026 +27% RTL Group interim results 2026
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Strategy update – Growth 18 Highly diversified revenue streams H1/2026, in % Notes: 1. Based on total segment revenue 2. Location of legal entity 3. Belgium, Denmark, Finland, France, Germany, Hungary, Israel, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden, UK 4. Indicative analysis based on production companies 5. Indicative analysis based on significant brands Creative successes Strategic priorities 1. Ramp-up of own IP development 2. AI deployment across the value chain 3. Focus on IP-driven small to medium-size M&A 4. Expansion into attractive new geographies and genres 5. Continued cost discipline and operating leverage By genre1 By customer4 By region1,2 By IP ownership5 Entertainment Drama and film Documentaries Europe3 USA Rest of world Format at least partially owned or IP retained Streamer Linear – Free-to-air Linear – Pay-TV Distribution & other Other 4 Oscar nominations RTL Group interim results 2026
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19 Strategy update – YouTube monetisation − Enhance monetisation of content libraries & IP − Reach complementary audiences beyond linear TV and streaming − Drive inflow to streaming services − Strengthen brands & audience engagement 495 Channels Views1 10bn RTL Group interim results 2026 Cumulated numbers of RTL Deutschland, Groupe M6, RTL Hungary and RTL Luxembourg 47Channels Views 0.8bn 452 6bn H1/2025 H1/2026 70 1.6bn H1/2025 H1/2026 Note: 1. Including YouTube shorts
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2025 2026e old (excl. Sky DACH) 2026e new (excl. Sky DACH) Contribution Sky DACH Jun to Dec 20262 2026e new (incl. Sky DACH) Revenue €6,018m ~€6.1bn to €6.2bn ~€6.1bn to €6.2bn ~€1bn ~€7.1bn to €7.2bn Adjusted EBITA €661m ~€725m ~€725m ~€0m ~€725m Adjusted EBITA from streaming1 €(47)m ~€25m to €50m ~€100m N/A ~€100m Notes: 1. Adjusted EBITA from streaming is defined as a total of Adjusted EBITA from RTL+ in Germany and Hungary, M6+ in France, and Bedrock as consolidated at RTL Group level. For further details see slide 24. 2. Subject to opening balance sheet of Sky Deutschland (DACH) Outlook 2026
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661 2025 2026e medium-term ambition ~725 ~1bn RTL Group interim results 2026 21 Accelerated transformation − Portfolio: focused on core markets − Streaming: continuous profitable growth − Sky Deutschland acquisition with ~€250m synergies − Fremantle: return to growth and further margin expansion, selected M&A − AI: significant benefits across the value chain − Strong partnerships Adjusted EBITA in € m m
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#RTLresults
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January 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 February 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 March 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 April 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 May 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 June 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 July 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 August 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 September 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 October 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 November 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 December 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 13 11 17 23 Financial calendar 2026 12 March 2026 at 08:00 CET Full-Year Results: January to December 2025 13 May 2026 at 08:00 CEST Quarterly Statement: January to March 2026 17 November 2026 at 08:00 CET Quarterly Statement: January to September 2026 11 August 2026 at 08:00 CEST Interim Results: January to June 2026 29 April 2026 at 15:00 CEST Annual General Meeting RTL Group Financial Results 12 29 23RTL Group interim results 2026
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Definitions Alternative performance measure Explanation Adjusted EBITA 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 on the accelerated industry trends explained in the Market section (pages 46 ff of RTL Group’s Annual Report 2025) and Strategy section (pages 49 ff of RTL Group’s Annual Report 2025), RTL Group plans to increase its investments in business transformation, including streaming, premium content, technology and data. data. At the same time, management continually assesses opportunities to reduce costs in the Group’s traditional broadcasting activities – for example, reallocating resources from its traditional businesses to its growing digital businesses – and this may lead to restructuring expenses that are neutralised in the Adjusted EBITA. Adjusted EBITA is determined as earnings before interest and taxes (EBIT) as disclosed in the income statement excluding the following elements: − Impairment of goodwill of subsidiaries − Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries − Impairment and reversals of impairment losses of investments accounted for using the equity method − Impairment and reversals of impairment losses on other financial assets at amortised cost presented in ‘Other operating expenses’ or ‘Other operating income’ − Re-measurement of contingent consideration arrangements presented in ‘Other operating income’ or ‘Other operating expenses’ − Fair value measurement of investments presented in ‘Other operating income’ or ‘Other operating expenses’ − (Gain)/loss from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree − Significant special items Adjusted EBITA margin The Adjusted EBITA margin as a percentage of Adjusted EBITA of revenue is used as an additional criterion for assessing business performance. Adjusted EBITDA margin RTL Group estimates and reports the Adjusted EBITDA margin as a percentage of Adjusted EBITDA of revenue. 24RTL Group interim results 2026
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Definitions Alternative performance measure Explanation Adjusted EBITA from streaming 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 (see Building national streaming champions on page 50 of RTL Group’s Annual Report 2025). As part of this strategy, RTL Group’s Adjusted EBITA has been impacted by losses associated with the expansion of its streaming services. Adjusted EBITA from streaming is defined as a total of Adjusted EBITA from RTL+ in Germany and Hungary, M6+ in France and Bedrock as consolidated at RTL Group level. Significant special items Significant special items exceeding the cumulative threshold of €5 million need to be approved by management, and primarily consist of restructuring expenses or reversal of restructuring provisions and other special factors or distortions. The adjustments for special items serve to determine a sustainable operating result that could be repeated under normal economic circumstances and is not affected by special factors or structural distortions. 25RTL Group interim results 2026
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Definitions Alternative performance measure Explanation Operating free cash flow Operating free cash flow is equal to net cash from operating activities adjusted by income tax paid; transaction-related costs with regard to significant disposals of subsidiaries; cash outflows from the acquisitions of programme and other rights and other intangible assets and tangible assets; and cash inflows from proceeds from the sale of intangible and tangible assets. Operating cash conversion rate Operating cash conversion rate means operating free cash flow divided by EBITA. Net cash/(debt) The net cash/(debt) is the gross balance sheet financial debt adjusted for ‘Cash and cash equivalents’; and current deposits with shareholder and its subsidiaries, reported in ‘Accounts receivable and other financial assets’. Organic growth/decline Organic growth is calculated by adjusting the reported revenue growth mainly for the impact of exchange rate effects, corporate acquisitions and disposals. It should be seen as a component of the reported revenue shown in the income statement. Its main objective is for the reader to isolate the impacts of portfolio changes and exchange rates on the reported revenue. When determining the exchange rate effects, the functional currency that is valid in the respective country is used. Potential other effects may include changes in methods and reporting. 26RTL Group interim results 2026
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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 should not be used as) the sole basis of any analysis or other evaluation. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of RTL Group S.A. (the “company”) and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the company’s business. This presentation contains certain forward-looking statements relating to the business, financial performance and results of the company and/or the industry in which the company operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, “will”, “would”, “could” and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the company or cited from third-party sources, are solely opinions and forecasts which are uncertain and subject to risks and uncertainty because they relate to events and depend upon future circumstances that may or may not occur, many of which are beyond the company’s control. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company or any of its subsidiaries (together with the company, the “Group”) or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in general economic conditions, in particular economic conditions in core markets of the members of the Group, changes in the markets in which the Group operates, changes affecting interest rate levels, changes affecting currency exchange rates, changes in competition levels, changes in laws and regulations, the potential impact of legal proceedings and actions, the Group’s ability to achieve operational synergies from past or future acquisitions and the materialization of risks relating to past divestments. The company does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors and it does not accept any responsibility for the future accuracy of the opinions expressed in this presentation. The company does not assume any obligation to update any information or statements in this presentation to reflect subsequent events. The forward-looking statements in this presentation are made only as of the date hereof. Neither the delivery of this presentation nor any further discussions of the company with any of the recipients thereof shall, under any circumstances, create any implication that there has been no change in the affairs of the company since such date. This presentation is for information purposes only, and does not constitute a prospectus or an offer to sell, exchange or transfer any securities or a solicitation of an offer to purchase, exchange or transfer any securities in or into the United States or in any other jurisdiction. Securities may not be offered, sold or transferred in the United States absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended. 27RTL Group interim results 2026