H1/2023: RTL Group continues to invest in business transformation despite challenging market conditions and pressure on results – Number of paying streaming subscribers passes 6 million mark

Luxembourg, 8 August 2023 − RTL Group announces its reviewed results for the six months ending 30 June 2023.

H1/2023: Challenging TV advertising markets, continued dynamic streaming growth

CEO Statement

We are investing into business transformation through the cycle.

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

“The market environment in the first half of 2023 was particularly challenging, with geopolitical and macroeconomic uncertainties in addition to the long-term structural shifts in video viewing.

The RTL Group team remains focused on bringing our strategy to life: strengthening our core business, growing our streaming and content businesses, and building alliances and partnerships. Based on our strong balance sheet, we are investing into business transformation through the cycle – in premium content, leading national streaming services and in advertising technology.

Technology plays a key role in our transformation, and we see great opportunities from Artificial Intelligence (AI), in particular to increase efficiency and generate content. Today, we already apply AI at scale in advertising planning and have started to support content creation with generative AI.

We are convinced that investing through the cycle will put us in a strong competitive position when the advertising markets recover. The half-year results came in broadly in line with our expectations. Although we are seeing first signs of market stabilisation in Germany in particular, we have adjusted our outlook for the full year 2023. RTL Group now expects an Adjusted EBITA of around €950 million after streaming start-up losses of around €200 million.”


Strengthening RTL Group’s core

Boosting growth businesses – Streaming

Boosting growth businesses – Fremantle

Fostering alliances and partnerships


Outlook for the full year 2023



2023e old

2023e new



€7.3bn to €7.4bn


Adjusted EBITA


€1.0bn to €1.05bn


Streaming start-up losses


Just below €0.2bn


Adjusted EBITA before
streaming start-up losses


€1.2bn to €1.25bn


Strategic targets for RTL Group’s streaming services8




Paying subscribers



Streaming revenue



Content spend per annum



Profitability is expected by 20269.

Key financials


€ m

€ m

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




Impairment and reversals on other financial assets at amortised cost




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




Fair value measurement 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 2023 is available to download at https://company.rtl.com/en/RTL-Group-interim-results-2023.

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1 Adjusted for portfolio changes and at constant exchange rates. Further details can be found in Key performance indicators on page 13 of RTL Group’s interim report 2023
2 Streaming revenue includes SVOD, TVOD, in-stream and distribution revenue from RTL+ in Germany, RTL+ in Hungary (including RTL+/RTL+ Active/RTL+ Light) and Videoland/RTL XL in the Netherlands
3 Revenue generated across all distribution platforms (cable, satellite, internet TV) including subscription and re-transmission fees
4 See Key performance indicators on page 14 of RTL Group’s interim report 2023
5 See Key performance indicators on page 15 of RTL Group’s interim report 2023
6 Net cash/(debt) excludes current and non-current lease liabilities. Including these, net debt as of 30 June 2022 was €- 1,076 million (31 December 2022: net debt of €-205 million). See Key performance indicators on page 16 of RTL Group’s interim report 2023
7 The previous services, RTL Most and RTL Most+, were integrated into RTL+ under the packages RTL+ Light and RTL+ Active. Therefore, RTL+ in Hungary has three models: a direct-to-consumer subscription model without advertising, a TV subscription model (for example via an IPTV subscription), and a registration-based advertising-funded model
8 RTL+ in Germany and Hungary and Videoland in the Netherlands
9 Total of Adjusted EBITA from RTL+, Videoland/RTL XL and Bedrock as consolidated on RTL Group level. The Adjusted EBITA of RTL+ in Germany and Hungary and Videoland/RTL XL in the Netherlands includes synergies with TV channels at business unit level. For the definition of Adjusted EBITA please see Key performance indicators on page 14 of RTL Group’s interim report 2023