Bertelsmann earnings fall due to weakness at broadcaster RTL (updated)

Bertelsmann SE & Co KGaA

26/03/2026 07:23

Recasts with CEO comments on M&A plans in paragraphs 1-2.

By Cian Muenster, Emanuele  Berro and Klaus Lauer

March 26 (Reuters) - The head of Bertelsmann BTGGg.F said on Thursday that it had a “very well‑filled pipeline” of potential acquisitions and he could imagine deals across a range of the German conglomerate's businesses from TV to book and music publishing.

Bertelsmann may do "one or two larger things this year”, CEO Thomas Rabe told Reuters, talking about M&A plans after annual results. He added that investments in the hundreds of millions of euros would be significant for the group that owns broadcaster RTL RRTL.DE, record label BMG and publisher Penguin Random House.

The group reported a slight decline in its adjusted operating earnings before interest, taxes, depreciation and amortisation to 3.02 billion euros ($3.49 billion) for 2025, weighed down by advertising-related weakness at RTL.

“2025 was a solid financial year for us. In a challenging environment, our broad business and geographic footprint once again proved its worth," Rabe said in the earnings statement, noting that the earnings were slightly higher when excluding currency and portfolio effects and the sale of RTL's Netherlands division.

RTL, which accounts for around a third of Bertelsmann's total revenue, earlier in March reported an 8% drop in its adjusted operating profit due to weak advertising markets, while expanding the number of subscribers in its streaming business by 19%.

Bertelsmann said holders of its 2001 participating certificates were expected to receive a distribution of 15% of the principal amount, with payouts on the 1992 participating certificates rising to 6.01% from 5.53% a year earlier.

($1 = 0.8653 euros)

(Reporting by Cian Muenster and Emanuele Berro in Gdansk and Klaus Laurer in Berlin; editing by Milla Nissi-Prussak)

((Cian.Muenster@thomsonreuters.com;))