RTL Group Q3 Revenues Rise; Backs FY22 Adj. EBITA View, Cuts Revenue Forecast

Media company RTL Group (AUO.F) reported Friday that its third-quarter Group revenue climbed 19 percent to 1.73 billion euros from 1.46 billion euros last year.

The company noted that strong growth from content business Fremantle revenue and streaming revenue more than compensated for lower TV advertising revenue.

Group revenue went up 10.0 percent organically.

In the first nine months of fiscal 2022, Group revenue grew 12 percent from last year to 5.01 billion euros. Group revenue went up 3.2 percent organically.

Revenue from RTL Group's content business Fremantle was up 27.8 percent, and streaming revenue grew 20.4 percent, while TV advertising revenue was down 1.3 percent.

At the end of September 2022, RTL Group registered 4.784 million paying subscribers for its streaming services RTL+ in Germany and Videoland in the Netherlands, up 40.6 percent year on year.

Looking at the fourth quarter, RTL Group expects the challenging advertising market environment to continue, especially in Germany.

Despite this and the war in Ukraine, inflation, energy supply and supply chain issues, RTL Group expects to perform in line with the Adjusted EBITA guidance provided in August.

For fiscal 2022, the company continues to expect adjusted EBITA of 1.05 billion euros to 1.15 billion euros and streaming start-up losses of up to 250 million euros.

Adjusted EBITA before streaming start-up losses' is expected to be 1.3 billion euros to 1.4 billion euros. As the TV advertising markets have been weaker than expected, in particular in Germany, RTL Group expects Adjusted EBITA to come in at the lower end of the range

For the year, full-year revenue is now expected to be around 7.2 billion euros, compared to previous guidance of 7.3 billion euros to 7.5 billion euros, due to timing effects at Fremantle.

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