Half Year 2024 RTL Group SA Earnings Call Transcript
Key Points
- Streaming revenues grew by 42% in the first half of 2024, with a 25% increase in paying subscribers across Germany, France, and Hungary.
- TV advertising revenue across the group grew by almost 5%, with RTL Germany outperforming the market.
- The acquisition of Asacha Media Group and Beach House Pictures for EUR200 million aims to expand the global content business Fremantle.
- The partnership with Deutsche Telekom and Sky Deutschland is progressing well, enhancing streaming service growth.
- The planned migration of RTL+ to the Bedrock technology platform is expected to reduce streaming tech costs and create a European champion streaming technology.
- Adjusted EBITA was slightly down to EUR172 million due to higher costs for sports programs, particularly the UEFA 2024 matches.
- Revenue at Fremantle decreased by 5% due to the impact of the 2023 US writers and actors strikes and budget cuts by streaming companies.
- Net debt increased to EUR1.1 billion from EUR291 million at the end of 2023, primarily due to dividend payments and acquisitions.
- The Dutch competition authority's Phase 2 investigation into the sale of RTL Nederland to DPG Media is ongoing, delaying the transaction.
- Higher content costs, particularly for sports programs, are expected to impact financial performance in 2024.
Good morning, everyone, and thank you for joining our analyst call for RTL Group's half-year results 2024. So the speakers for today's presentation are Thomas Rabe, the Group's CEO; Elmar Heggen, our Deputy CEO and COO; Bjorn Bauer, our CFO; and Thomas Servatius, Co-CEO of Smartclip. The presentation for this call is available on our corporate website, rtl.com, following the link included on our press release under download.
The agenda on slide 2 shows the areas our management team will cover today. In addition, we will look closer at the partnership between RTL Group's ad-tech business, Smartclip, and Virtual Minds from ProSiebenSat.1. After the presentation, Thomas and Bjorn are available to answer your questions.
And with this, I will hand over to Thomas Rabe.
Well, many thanks, Oliver, and good morning to all of you. Thank you for joining
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