Ladies and gentlemen, thank you for standing by. Welcome and thank you for joining the conference call for the RTL Group's full year results 2025. I'm Moritz, the conference call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question- and- answer session. If you would like to ask a question from the webinar, you may click the Q&A button on the left side of your screen and then click the Raise Your Hand button. If you are connected via phone, please press star followed by one on your telephone keypad. For operator assistance, please press the operator assistance button on the bottom left side on your screen. At this time, it's my pleasure to hand over to Oliver Fahlbusch. Please go ahead.
Good morning, everyone, and thank you for joining our analyst call for RTL Group's full year results 2025. The speakers for today's presentation are Thomas Rabe, the Group CEO, and Björn Bauer, our CFO. The presentation for this call is available on our corporate website, rtl.com, following the link included in our press release under Download. Thomas and Björn will now guide you through the highlights and the financials of the past financial year and provide an update on our group strategy and the outlook. After the presentation, they will be available to answer your questions. With this, I will hand over to Thomas Rabe.
Yes, thank you, Oliver, and good morning to all of you. Thanks for taking the time to join us on this call today. Let me start with the highlights of 2025 on slide four. The business environment in 2025 was challenging, with significant pressure on the advertising markets in our key countries, Germany and France. We responded by accelerating the transformation of our businesses, shifting resources to streaming, and reducing costs across our businesses. We have made significant headway. First, our streaming services continued to grow strongly. We exceeded 8 million paying subscribers at the end of 2025, which made RTL Group one of the leading European streaming companies.
Streaming revenue and viewing time continued to grow dynamically, while streaming start-up losses came down significantly, and the business was near breakeven in the fourth quarter. Second, we broadened and deepened our streaming partnerships, for example Deutsche Telekom, Amazon, and HBO Max. Third, the planned acquisition of Sky Deutschland will further boost our streaming business. Following the official notification to European Commission at the end of February, we are confident to obtain clearance and close the transaction in the first half of 2026. Our results and the sale of RTL Nederland for EUR 1.1 billion enable us once again to pay an attractive dividend. The board of directors is proposing a dividend of EUR 5.50 per share to our AGM. That is equivalent to EUR 832 million, fully in line with our dividend policy.
For 2026, we expect adjusted EBITDA to increase by 10% to around EUR 725 million, primarily thanks to our streaming services turning profitable. Streaming will become the key driver for our profit growth in the coming years, and we confirm our medium-term adjusted EBITDA target of EUR 1 billion. Now over to Björn, who will take you through the group's performance in more detail.
Yeah. Thank you, Thomas, and good morning, everyone. We present our full year results for 2025 and the comparative figures without RTL Nederland, which is presented as discontinued operations in the consolidated financial statements 2025. Allow me to highlight the main points up front. First, we have met all financial and streaming targets set out in our updated guidance. Second, we have recognized several significant special items in our 2025 financial statements, which position us for a stronger profit trajectory in 2026 and beyond. Third, we're offering shareholders an attractive dividend in line with our policy. Let's start with our key financials on slide six. In 2025, RTL Group's revenue decreased by 3.8% to just over EUR 6 billion. Adjusted for portfolio effects and constant exchange rates, group revenue was down by 4.3%.
Lower TV advertising and lower content revenue from Fremantle were the main drivers for this development. Due to lower linear TV advertising revenue, our operating profit was down significantly. In line with our updated guidance from November 2025, adjusted EBITA decreased by 8.3% to EUR 661 million. However, the impact was partly compensated by a significant reduction in streaming start-up losses, an improvement of EUR 90 million. Total group profit came in as EUR 1,028 million, in line with our latest guidance. Our total group profit was affected by special items and mainly driven by the sale of RTL Nederland. Earnings per share increased from EUR 2.97 in 2024 to EUR 6.36 per share in 2025. Moving on to the next slide and the financial performance of our main business units, starting with RTL Deutschland.
Total revenue of RTL Deutschland was down by 4% to EUR 2.54 billion, mainly due to lower TV advertising revenue, which was partly offset by higher streaming revenue. RTL Deutschland faced a particularly tough advertising market. We estimate that the German net TV advertising market declined between 9%-10% compared to 2024, with RTL Deutschland again outperforming the market. Adjusted EBITA decreased by 12% to EUR 287 million. The positive effects from significantly lower streaming start-up losses were offset by the decrease in adjusted EBITA from RTL Deutschland's linear TV channels. RTL Deutschland achieved a combined average audience share of 25.8% in the target group of viewers aged 14- 59 and remained significantly ahead of our main commercial competitor, ProSiebenSat.1, with a 5.1 percentage point lead. Moving on to Groupe M6.
Groupe M6 delivered its best TV performance in four years in the key commercial title, achieving the strongest growth in the market across all audiences. Groupe M6 has further shown strong performance in streaming, with viewing hours up 10% and streaming revenue up 27%. Total revenue of Groupe M6 was down 4% to EUR 1.26 billion, mainly due to lower TV advertising revenue and distribution revenue. Groupe M6 adjusted EBITDA decreased accordingly from EUR 253 million to EUR 280 million. Let's turn to our content business, Fremantle. Fremantle's revenue decreased by 9% to EUR 2.04 billion in 2025, mainly due to lower revenue from the U.S. and the U.K.
Due to cost control and portfolio effects, Fremantle increased its adjusted EBITDA to EUR 175 million, which corresponds to a margin of 8.6%. Fremantle is thus on track to reach its target margin of 9% in 2026. Let's turn to our streaming revenues on slide eight. In 2025, streaming revenue represented 8.5% of the group's total revenue, reaching EUR 509 million and growing 26% year-on-year. The group's quarterly revenue cycles are well-known, and once again, the fourth quarter was the most important. In our streaming business, revenues are less seasonal, and streaming revenue comprises subscription, advertising, and distribution revenue. If you look at the adjusted EBITDA trajectory of the streaming business in 2025, you will see a clear and steady improvement in earnings across all four quarters.
Throughout the year, we reduced startup loss significantly and reaching near breakeven in the fourth quarter. To summarize, we are firmly on track for our streaming business to turn profitable in 2026 while it continues to grow dynamically. On slide nine and a closer look at the main items below adjusted EBITDA down to group profit. Significant special items, which were substantial in the past financial year, up to EUR 371 million compared to 2024. The higher charge in the line amortization and impairment of fair value adjustments on acquisitions and subsidiaries is mainly attributable to impairment charges relating to the Stéphane Plaza and Toggo brands at the level of Groupe M6 and RTL Deutschland. In 2025, the group's tax expense was EUR 123 million. The normalized tax rate remained relatively stable at 33%.
The main driver for total group profit, which came in at EUR 1,028 million, was the sale of RTL Nederland. Let's turn to slide 10, covering our special items. The overall challenging economic environment, coupled with an accelerated shift from linear TV to streaming, led to comprehensive restructuring measures at all our business units. This is also reflected in our P&L as significant special items. Specifically, cost reduction programs that led to restructuring costs of EUR 154 million, mainly at RTL Deutschland and Fremantle. Second, the discontinuation of selected content activities such as the fully financed film business at Fremantle and other content-related measures of -EUR 95 million. Thirdly, we've also accounted for one-off costs for the migration of RTL+ Germany to Bedrock technology platforms and other related measures amounting to -EUR 80 million.
On a constant scope basis, we expect significant special items to decline meaningfully during 2026. Moving on to slide 11 and the cash flow statement. On this slide, we present pro forma figures for our cash flow. Until the closing of the sale of RTL Nederland on the first of July last year, RTL Group continued to benefit from all cash flows and profits generated by RTL Nederland. Highlighted here is net cash from discontinued operations. Total net cash from operating activities decreased year-on-year to EUR 561 million, mainly due to lower profits from continuing operations. The net cash inflow for acquisitions and disposals was EUR 1.032 billion, mainly driven by the cash proceeds from the sale of RTL Nederland to DPG Media. Following the sale of RTL Nederland, we significantly reduced our loans with our majority shareholder, Bertelsmann, by EUR 300 million.
As a result of our surplus cash, our deposits increased to EUR 468 million. Both effects are reflected here in the lines transactions with shareholders and other subsidiaries. In 2025, we paid a total of EUR 130 million for share buybacks. As you know, RTL Group has the right to settle the potential variable consideration of the Sky Deutschland acquisition, either in RTL Group shares, in cash, or in a combination of both. This potential variable consideration is capped at EUR 377 million, and the share buyback. The shares bought back can be used to fully or partially settle this potential variable consideration. Since September, RTL Group has acquired just over 3.5 million treasury shares.
After the payout of the dividend for the year 2025, beginning of May, we will continue our share buyback up to an additional volume of around 0.5 million shares through open market transactions. This would bring the total volume of the share buybacks up to 4 million shares as initially targeted, and we'll communicate more details in a separate announcement after the dividend payout. The operating cash conversion rate for our continuing operations was 152%. Therefore significantly higher than last year. This is mainly because our EBITA was negatively impacted by special items which I just described. In 2026, we expect a more normalized operating cash conversion rate to the tune of 90%-100%.
At the end of December, RTL Group had net cash of EUR 126 million, and this compares to a net debt position of EUR 492 million at the end of 2024. Let's move to our dividend proposal on slide 12. Our dividend policy is based on the group's full year profit attributable to RTL Group shareholders and adjusted for any material non-cash impacts, and we target a payout ratio unchanged of at least 80%. In line with this policy, our board has proposed a dividend of EUR 5.50 per share for 2025, corresponding to an 86% payout ratio. The dividend proposal for the financial year 2025 includes the significant value crystallized by the sale of RTL Nederland, representing EUR 4.74 per share.
Now based on the average share price for 2025, EUR 33.41, the proposed dividend represents a dividend yield of 16.5%. With this, I'll hand back to Thomas, who will give an update on our strategy and the outlook for 2026.
Thank you. Thank you, Björn. Let's turn to slide 14. Our strategic framework is well established, and it's based on three priorities, core, growth, and alliances and partnerships. Core means investing in premium content, strengthening our families of channels, as well as cost and portfolio management. Growth areas are streaming services and content production with Fremantle. Alliances and partnerships span from advertising to technology, content, and distribution. Let's move to slide 15 and an update on core. As I said, in 2025 we accelerated our transformation by shifting resources to streaming and comprehensive cost reduction across our main businesses. In Germany at RTL, we launched a reorganization in January to reduce the headcount by around 600. That is equivalent to an annual savings in the mid-double-digit million EUR zone.
In 2024, we announced the migration of RTL+ in Germany to the Bedrock technology platform, which already serves M6 in France, Videoland in the Netherlands and RTL+ in Hungary. The migration will be completed by the end of April 2026 and will generate significant tech cost savings. Last month, Groupe M6 set a cost reduction target of EUR 80 million by 2030. Over the past years, Fremantle has significantly grown its business portfolio in various acquisitions. In 2024, we shifted focus to post-merger integration and margin improvement. Consequently, Fremantle has reduced its headcount by around 550 since 2023, mainly in overhead functions. In total, we'll realize EUR 75 million of cost savings in 2026, increasing over time.
Let's turn to slide 16 and take a more holistic view on the changes in our portfolio over the last few years. Over the past years, we have transformed RTL Group's portfolio in line with our strategy to focus on our biggest business units, RTL Deutschland, Groupe M6, and Fremantle. In the past seven years, RTL Group sold a series of non-core assets, including the digital video network BroadbandTV, the ad tech company SpotX, mobile entertainment company Ludia, and a software and data company for media measurement VideoAmp. We also disposed of our TV business in Belgium, Croatia and the Netherlands. In total, we generated disposal proceeds of EUR 2.7 billion since 2019. Our shareholders benefited from these transactions, including the proposed dividend for 2025.
RTL Group will have returned around EUR 4 billion or almost EUR 26 per share to its shareholders in the past seven years. Moving on to slide 17. AI will profoundly transform our business by enhancing creativity and driving productivity from streaming to video production and marketing. Over the past two years, we have successfully tested and implemented AI, particularly in video production. Our goal is to transform the entire workflow from development to production. Progress gives us confidence that we will achieve 10%-15% gross production cost savings through AI by 2030. Here are some examples. For the reboot of the iconic Baywatch franchise, Fremantle is integrating AI into the development and storyboarding process. During production, AI will support the generation of selected video shots and visual effects, increasing efficiency while maintaining high production quality.
At UFA's hero drama, AI has been embedded across the entire development and production value chain to significantly speed up workflows. We have started a pilot in virtual production to reduce travel and location costs, shorten production cycles, and increase flexibility in shooting. In addition, we have been leveraging Camera to Cloud technologies and AI-driven automation to streamline processes in post-production, such as transcription and rough cut creation. RTL Deutschland is using AI-based user protection tools, which enable automated detection and classification of potentially contentious content, strengthening compliance and brand safety. In parallel, RTL Deutschland is leveraging AI-driven analytics to proactively manage and reduce churn at RTL+. Across our business units, AI-powered tools have been deployed in marketing to generate and optimize visuals, trailers, and promotional campaigns, enhancing creative output while reducing time to market.
Beyond content production, we have rolled out a broad range of AI applications across streaming, advertising, sales, and overhead functions to deliver measurable efficiency gains. Moving on to slide 18. Streaming is at the core of the transformation of RTL Group. Having invested more than EUR 800 million or EUR 560 million post-tax over the past years, our investments are starting to pay off. Our streaming service continue to grow strongly. Paying subscribers have grown by 48% per year since 2019, and we've reached the 8 million paying subscriber mark at the end of 2025. We expect to add another million paying subscribers in 2026. Streaming revenue and viewing time also continue to grow dynamically. In 2025, we surpassed the half billion mark in streaming revenue.
For 2026, we expect to generate around EUR 600 million-650 million. Our streaming start-up losses have come down significantly. The business was near breakeven in the fourth quarter of 2025 and was profitable in January 2026. Streaming growth continues at a strong pace, driven also by new partnerships with Amazon Prime Video and HBO Max. By the end of February 2026, we reached more than 8.3 million paying subscribers. That means that in the first two months of the year alone, we added more than 250,000 new subscribers. Our streaming business will be profitable in 2026.
We expect it to contribute between EUR 25 million and EUR 50 million to adjusted EBITDA this year. At the upper end of the range, this represents an improvement of around EUR 100 million. We expect streaming to become the key driver for sustainable profitable growth in the coming years, combined with continued cost reductions and high efficiencies across all of our businesses. We'll further expand our streaming business with the acquisition of Sky Deutschland. For that, let's turn to slide 19. In line with our strategic focus on streaming as a key growth driver, in June 2025, we signed a definitive agreement to acquire Sky Deutschland. The agreement with Comcast Sky is a transformational move for RTL Group.
It is our largest acquisition since our formation in 2000, and will bring our full-year revenue to EUR 8 billion and paying subscribers to 12 million. The combination will create a unique video proposition for entertainment, sports, and news across free TV, pay TV, and streaming. The two businesses complement each other in terms of business models and revenue streams, target groups, and content offers. Bottom line, we'll create significant shareholder value with annual synergies of EUR 250 million within three years after closing. Following several months of preparatory work and discussions with the European Commission, as is customary in such transactions under the EU Merger Regulation, RTL formally notified the European Commission two weeks ago. We are confident to obtain approval from the European Commission and close the transaction in the first half of 2026. Over to slide 20.
Let's turn to Fremantle. Following a phase of several acquisitions, our focus in the past years has been on integration and margin improvement. In 2025, Fremantle increased its adjusted EBITDA margin to the highest level since 2013, and is on track to reach the target margin of 9% in 2026. As a result of the acquisitions over the past years, Fremantle's revenue streams have become more diversified in terms of genres, regions, customers and IP. Going forward, we expect Fremantle to grow organically by around 3% on average per annum, broadly in line with the market.
We have further identified 5 strategic priorities for Fremantle, which we presented in March, and they are as follows, ramp up of our own IP development, rapid development of our deployment of AI across the company's value chain, focus on IP-driven acquisitions of small- and medium-sized production companies, expansion in attractive geographies and genres, and focus on gross margin and net margin. Fremantle celebrated major creative successes in 2025 and won 145 awards. The film Bugonia from Fremantle's Eleven Pictures was nominated for four Academy Awards alongside three Golden Globes and five BAFTAs. Fremantle continued to demonstrate its creative strengths through several high-profile productions for international streaming platforms, including Maxton Hall and Hotel Costiera on Amazon Prime Video, and Sullivan's Crossing and The Influencer and The Monster of Florence on Netflix.
Now let's take a look at our alliances and partnerships. As you know, we continue to actively build alliances and partnerships, and in 2025, renewed and expanded our partnership with Orange and entered into new partnerships with Amazon in Germany and France, and with Warner Bros. Discovery in Germany. Prime Video users in Germany and France can now also access RTL+ and M6+ without switching apps. Max subscribers in Germany can opt for a bundled offer that combines Max and RTL+ in one subscription at a significant price discount, and there is more to come. Now let's turn to the outlook for 2026 on slide 22.
On the basis of the group's linear TV advertising revenue decreasing by around 3%, the group's streaming revenue growing by around 25%, and Fremantle's revenue growing by around 3% organically, we expect full-year revenue for 2026 to increase to around EUR 6.1 billion-EUR 6.2 billion and our fully adjusted EBITDA to increase to around EUR 725 million, with a variance of ±3%, and this is primarily thanks to the group's streaming service turning profitable as just presented. Our dividend policy remains unchanged, which means that the group plans to pay out at least 80% of its adjusted full-year net results. Finally, on slide 23, accelerated transformation and medium-term outlook.
We confirm our medium-term target, adjusted EBITDA target of EUR 1 billion, which represents a 50% increase from the EUR 661 million in 2025. What are the key drivers? After years of investment, the streaming business will become profitable this year, then continuously increase their profitability. The acquisition of Sky Deutschland will generate annual synergies of EUR 250 million from year three post-closing. Fremantle will return to organic growth of around 3% per annum and further expand its margin also with selected M&A. Finally, as I mentioned, AI will provide significant benefits. We're very confident that AI will be a net contributor to our results. This brings us to the end of our presentation. Thanks for listening, and we will now happily take your questions.
Ladies and gentlemen, at this time we will begin the question and answer session. Anyone who wishes to ask a question from the webinar may click the Q&A button on the left side of the screen and then click the raise your hand button. If you are connected via phone, please press star followed by one on your telephone keypad. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press the lower your hand button from the webinar or press star and two on your telephone. Anyone who has a question may queue up now. One moment for the first question, please. The first question comes from Conor O'Shea from Kepler Cheuvreux. Please go ahead.
Yes, good morning, everybody. Thanks for taking my questions. I've got three questions on my side. First question, just in terms of your assumptions on the German TV ad market in 2026, what are you seeing so far? What's baked into your group revenue assumption for the full year 2026? Secondly, in terms of your adjusted EBITDA guidance for the group for 2026, what assumption are you making in terms of M6, which obviously are facing a big investment in costs in terms of World Cup rights and also relatively weak French TV market at the moment, at least. What's the assumption you're making there?
Then thirdly, just in terms of Fremantle, do I understand that you're dropping your midterm target of EUR 3 billion in turnover? Is that the case? What do you think generally about some of the consolidation moves that we've seen with All3Media and potentially ITV on the broadcasting side? Could you be interested in larger deals of that type of size going forward?
Okay. Well, let's start with your question on advertising. Björn, do you want to take that?
Yeah, yeah, sure. The assumption for the full year across the portfolio is a decline of around -3%. M6 will be a little bit better as supported by the World Cup. We expect the German TV advertising revenues to decline by around -5%. The start of the year is overall in line with these expectations, although we expect Q1's current expectations to be down around mid, maybe high single digits.
Yeah. That's the start of the year. What we've done in parallel, given the continued softness of our two biggest markets, Germany and France, we put in place contingency plans in the order of EUR 100 million to compensate for this decline. We're confident that if decline is broadly in the range which we have provided, we'll be able to deliver the guidance we provided. Yeah. Market continues to be soft. We continue to gain market share in Germany. As I said, we've implemented contingency plans as from January, i.e. didn't wait for the market or additional market data. On the adjusted EBITDA target of seven in 2025, yeah, of course M6 is included.
M6 EBITDA last year was EUR 218 million. This will come down a bit this year, largely due to the investments in World Cup. That is not unexpected, but will be compensated by a significant increase in profitability at RTL and Germany, notably from the streaming service, and a continued increase in profitability at Fremantle. We are confident based on everything we see today, advertising markets, advertising market shares, and our cost contingency plans to be able to achieve the 725, which would be a +10% compared to-
Mm.
-to this year. On Fremantle and our target, the EUR 3 billion revenue target is, will not be achieved anytime soon. We shifted gears two years ago as I mentioned, and I think as I mentioned on this call several times. We said the market, the video production market has shifted, continued to shift with significant margin pressure coming from, frankly, all customers, the broadcasters, the networks and the end streamers. We therefore said we'll now focus more on margin and margin improvement, which I think we have achieved, and we provided these numbers. After this phase of consolidation year, which we also shed non-profitable revenue, which is a significant part of the reason why the revenue at Fremantle went down, we now expect revenue to increase +3% per annum.
Gross margins to stay at approximately 23% and with proper control of overheads to get to an EBITDA margin of 9%, which is our 12% EBITDA margin, which compares well with other market players. We have looked at all M&A opportunities in video production. We have not pursued any of these options because we're deeply convinced that the synergy potential is too limited to justify transactions of this size and complexity. It's not my style to talk about other companies as you know, but I find, you know, EUR 50 million of synergies between Banijay and All3Media are pretty meager for transaction of this size. The other thing is, of course, that you've got to make sure that production companies in particular, which you combine, are culturally compatible.
The other thing which we are very aware of is that video production companies need to focus on AI and embedding AI in all workflows, and that requires significant management attention and focus, which we believe would be hampered by significant M&A. We've very clearly decided here at RTL with our board, also our shareholders, that we will not pursue large scale video production acquisitions. We'll continue to make small and medium-sized acquisitions of companies with a strong IP base and in regions which are attractive, potentially Spanish-speaking Latin America. We're looking at one or two opportunities, but none of them are beyond a EUR 50 billion or a EUR 100 billion price tag.
Okay. Very clear. Many thanks.
Thank you.
The next question comes from Nizla Naizer from Deutsche Bank. Please go ahead.
Oh, great. Thank you. I have three questions from my end. The first is, you mentioned about consolidation among the content creators, but when you look at further down the value chain and sort of the Warner-Paramount transaction, for example, could you tell us maybe how exposed Fremantle is to them as clients and, how you see, sort of demand for content creation evolving in the wake of such a large consolidation? That would be question one. Two, on the profitability targets for the streaming business, could you remind us, does that require the Sky acquisition being in the mix, or is this the organic profitability target for streaming as it is today? My last question is, you mentioned that selected M&A would be considered going forward.
What would be a leverage target that you'd be comfortable with, once the dividends, et cetera, have been paid out, in 2026? Thank you.
Okay. Gerry, you want to start with the leverage target and M&A?
Yeah. So on leverage, as you know, we look relatively conservative at our balance sheet, and I wouldn't expect our target leverage to exceed 0.5-1x leverage over next year's EBITDA. On the question regarding M&A, the outlook that we have presented, and that includes also development of our streaming business, that's constant scope. The EUR 25-50 million adjusted EBITDA target for 2026 for our streaming business excludes any effects for Sky. Once the Sky transaction closes, we'll provide an update of our full-year 2026 targets.
Yeah. No, absolutely. Clearly the profitability of streaming will be achieved without Sky. Sky will add significantly, but let's be clear, I mean, EUR 250 million synergies mean that there will be significant investments for us to achieve the EUR 250 million, which could have an impact on our P&L this year. As I said, the value creation is very significant. That's in addition to our streaming services turning profitable and then continuously increasing their profitability. On Warner, Paramount, I mean, frankly, it is a bit early, too early to tell. As I just said, we expect the video production market to increase by approximately 3% per annum.
That 3% could be impacted by AI, interestingly, because AI, you know, will have the effect of reducing production costs and therefore reducing the revenue of production companies but potentially increasing margins, depending on which share of the AI benefits the video production companies will be able to retain and which share they will have to pass on to their customers. I mean, very clearly, a combination of Warner and Paramount will have a profound impact on the TV and streaming and production market. Whether the positive or negative effect on companies like Fremantle, frankly, it's difficult to tell at this point. My understanding is that the regulatory review is only just starting, in particular in Europe.
Secondly, we don't know in which way Paramount and Warner will run the business, how independent the various parts of the business will be. How much content they will be able to produce internally, and whether this could have an impact on content they acquire from third parties. It is really too early to tell. We will find out, and know better, later this year.
Thank you.
Thank you. Yeah.
As a reminder, anyone who wishes to ask a question may click the Q&A button and then the Raise Your Hand button on the left side of the screen or press star one on your telephone. It looks like there are no further questions at this time. I would like to turn the conference back over to Thomas Rabe for any closing remarks.
Yeah. Well, many thanks for listening to us. Many thanks for your continued interest in RTL. Stay tuned. There's a lot happening at RTL, and we'll keep you up to date as always. Thank you. Have a good day. Goodbye.
Ladies and gentlemen, the conference is now over, and you may disconnect. Thank you for joining, and have a good day. Bye bye.