Similar to its competitor ProSiebenSat.1, RTL is having to contend with a weak television advertising market. However, the fact that the group's revenue fell by a good 3% to 2.78 billion euros in the first half of the year was also due to the shrinking production business of its subsidiary Fremantle. Its revenue fell by 5.4% to 905 million euros. RTL attributes this primarily to lower revenues from the US, where production costs are currently being cut across the board.

In a conference call with journalists, CEO Thomas Rabe highlighted the growth in the streaming business. In Germany, there were 6.36 million paying subscribers at the middle of the year – 14% more than a year earlier. Usage time and net reach also increased.

Streaming revenues also rose by just over a quarter due to higher subscription prices and advertising revenues in Germany (RTL+) and France (M6+). RTL+ is also active in Hungary. Start-up losses in streaming were more than halved to 34 million euros (previous year: 84 million euros), Rabe reported. „We are on track to achieve profitability next year.“ The statement refers to operating earnings (EBITDA) adjusted for special items.

Rabe is determined to achieve the 2026 earnings target: „We would offset lower revenues with cost reductions.“ The switch of RTL+ in Germany to the Bedrock technology platform, which is scheduled to be completed early next year, should contribute to this. The French company is owned by the RTL Group and M6.

At the end of June, RTL announced its intention to acquire the pay-TV and streaming provider Sky Deutschland. Rabe now said he hopes to receive approval from Brussels sooner rather than later in 2026. After RTL submitted documents to the EU Commission, the first questions from the competition authorities are now being answered.

The decline in start-up losses in the streaming business did not prevent RTL from seeing a drop in earnings in the first six months. Operating earnings after depreciation and amortization (EBITA), adjusted for special items, which is a key figure for RTL, fell to 160 (172) million euros, with the margin declining to 5.8 (6.0)%. Consolidated earnings fell to 59 (173) million euros, which RTL attributes primarily to special effects.

ProSiebenSat.1, the largest competitor in German private television, also suffered a decline in the first half of the year. Adjusted EBITDA fell to 99 (163) million euros, as the company reported a week before RTL. The bottom line is a net loss of 124 million euros. Revenue fell at a similar rate to that of RTL: adjusted for currency and portfolio effects, it fell by 2% to just under 1.7 billion euros. A major reason for this was also the weak, cyclical TV advertising business, which generates high margins. In contrast, revenue from the Joyn streaming platform continued to grow strongly. The company does not disclose revenue figures.

The management boards of the two groups expect the advertising business to recover in line with the economy in the second half of the year. Added to this is a base effect from the very weak fourth quarter of the previous year, which is crucial due to the Christmas business. For the confirmed annual forecast, RTL CEO Rabe assumes revenue growth from television advertising of 2 to 3% in this half-year.

Rabe is promising shareholders a special dividend of 5 euros in May 2026 for the sale of the Dutch subsidiary RTL Nederland. The sale to the private Flemish media group DPG Media was completed at the beginning of July for 1.1 billion euros in cash. RTL estimates the largely tax-free profit from this at around 900 million euros.