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RTL Cuts Outlook as TV Ad Slump Deepens, Adds Buybacks Tied to Sky Deal

Management blames a deeper-than-expected slide in TV advertising for the downgrade.

Overview

  • The company now guides for €6.0–€6.1 billion in full-year revenue and about €650 million in adjusted EBITA, down from roughly €6.45 billion and €780 million.
  • TV advertising fell 8.3% in the third quarter after a 7.4% decline over the first nine months, while group revenue in Q3 held roughly steady at about €1.34 billion.
  • Group revenue for January to September slipped 2.2% to €4.1 billion as linear weakness outweighed gains elsewhere.
  • Streaming revenue rose 26.6% to €351 million with 7.59 million paying subscribers at September 30, and RTL targets more than 8 million by year-end with launch losses cut to roughly €50 million and profitability expected in 2026.
  • RTL announced up to €29.2 million in additional share buybacks for a potential variable Sky Deutschland purchase-price component linked to a €41 share-price trigger, with EU clearance now expected in the first half of 2026 and Clément Schwebig set to take over as CEO around mid-2026.