H1/2022: RTL Group reports record revenue and 4.5 million paying streaming subscribers

Luxembourg, 5 August 2022 − RTL Group announces its reviewed results for the six months ending 30 June 2022. 

H1/2022: Record Group revenue and Adjusted EBITA ahead of H1/2021 despite more challenging macroeconomic conditions and higher streaming start-up losses

CEO quote

“RTL Group continues to deliver on its targets for its growth businesses of streaming and content.

Statement from Thomas Rabe, Chief Executive Officer of RTL Group:

“RTL Group had a solid first half of the year 2022, despite the growing economic uncertainties resulting from the war in Ukraine, increasing inflation and supply chain issues. Thanks to our investments into streaming and content and the strong performance of RTL Nederland, our first-half revenue reached a new record level of €3.3 billion. Despite significantly higher streaming start-up losses and a slowdown of the TV advertising markets since March, RTL Group generated a higher Adjusted EBITA – once again demonstrating our ability to generate strong financial results even in challenging conditions.

Given the challenging macroeconomic environment and its impact on advertising markets in particular, we have decided to revise RTL Group’s outlook for the full year 2022. RTL Group now expects its Adjusted EBITA to come in at between €1.05 and €1.15 billion including streaming start-up losses and €1.3 and €1.4 billion before streaming start-up losses.

RTL Group continues to deliver on its targets for its growth businesses of streaming and content. Our streaming services continued to grow dynamically and passed the 4.5 million paying subscriber mark. In the second half of 2022, we will expand RTL+ to become a cross-media entertainment service. Our content business is also accelerating, with five acquisitions and step-ups in the past six months, major talent deals and 30 planned films for 2022.

We have also made significant progress in executing our strategy to establish national cross-media champions. The integration of RTL Deutschland and Gruner + Jahr is progressing according to plan, and we sold RTL Belgium and RTL Croatia. We expect the competition authorities in France and the Netherlands to decide on the proposed combinations of both Groupe TF1 and Groupe M6, and Talpa Network and RTL Nederland in autumn. We remain convinced that market consolidation is necessary to compete with the global tech platforms.”


Strengthening RTL Group’s core – creating national media champions


Boosting growth businesses

All aforementioned transactions further demonstrate Fremantle’s strategic plan to invest in and grow premium production companies and creative talents from around the world.


Fostering alliances and partnerships



Following the initial outlook for the full year 2022 dated 17 March 2022, RTL Group communicated on 6 May 2022 that the German advertising market had been weaker than expected in March and April. Since then, current trading and future prospects of most European advertising markets have continued to soften. Due to this development, the effects of the Fifa World Cup in November and December, and numerous external factors – in particular the war in Ukraine, inflation, energy supply and supply chain issues – RTL Group revised its outlook.

The outlook does not reflect the announced consolidation moves in France and the Netherlands as they are still subject to regulatory approvals, but reflects the acquisition of Lux Vide (as at 3 March 2022), Dancing Ledge Productions (as at 6 April 2022) and Element Pictures (as at 10 May 2022) by Fremantle and the sales of RTL Belgium (as at 31 March 2022) and RTL Croatia (as at 1 June 2022)7.

On this basis and subject to the above:





2022e old

2022e new






Adjusted EBITA





Streaming start-up losses





‘Adjusted EBITA before
streaming start-up losses’






RTL Group: strategic targets for the streaming services RTL+ and Videoland





Paying subscribers



Streaming revenue



Content spend per annum




Profitability is expected by 20268.


Fremantle: revenue target

Fremantle targets full-year revenue of €3 billion by 2025.

To reach this goal and keep up with the increasing demand for content, RTL Group will invest significantly in Fremantle – both organically and via acquisitions – in all territories across drama and film, entertainment and factual shows and documentaries.


 Key financials




Per cent





Adjusted EBITA




Adjusted EBITA margin (%)








Adjusted EBITA




Significant special items




Impairment and reversals of investments accounted for using the equity method


Impairment of goodwill and amortisation and impairment of fair value adjustments on acquisitions of subsidiaries




Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree




Fair value measurements of investments and re-measurement of earn- out arrangements












Financial result




Income tax expense








Group profit




Attributable to:




– RTL Group shareholders




 – Non-controlling interests








Basic and diluted EPS (in €)






The full report for the interim results 2022 will be available to download at https://company.rtl.com/en/RTL-Group-interim-results-2022/


1 Adjusted for portfolio changes and at constant exchange rates. Further details can be found in Key performance indicators on page 11 of RTL Group’s interim report 2022

2 Streaming revenue includes SVOD, TVOD, in-stream and distribution revenue from RTL+ and Videoland/RTL XL

3 Revenue generated across all distribution platforms (cable, satellite, internet TV) including subscription and re-transmission fees

4 Operating cash conversion rate reflects the level of operating profits converted into cash. Further details can be found in Key performance indicators on pages 13 to 14 of RTL Group’s interim report 2022

5 Net cash/(debt) excludes current and non-current lease liabilities. Including these, net debt as of 30 June 2022 was €-358 million (31 December 2021: net cash of €325 million). See Key performance indicators on page 14 of RTL Group’s interim report 2022

6 €210 million was already paid in 2021. The following Gruner + Jahr assets are not part of the transaction and will remain with Bertelsmann: DDV Mediengruppe (Sächsische Zeitung), Territory, AppLike Group and G+J’s 25 per cent shareholding in Spiegel Gruppe

7 In addition, the outlook includes, among other scope effects, the deconsolidation of SpotX (as at 30 April 2021) and Ludia (as at 8 September 2021) and the full consolidation of Eureka (as at 17 May 2021), Super RTL (as at 1 July 2021), This is Nice Group (as at 30 September 2021) and Gruner + Jahr (as at 1 January 2022)

8 Total of Adjusted EBITA from RTL+, Videoland/RTL XL, Salto and Bedrock as consolidated on RTL Group level. The Adjusted EBITA of RTL+ and Videoland/RTL XL includes synergies with TV channels on business unit level. For the definition of Adjusted EBITA please see Key performance indicators on page 12 of RTL Group’s interim report 2022