In the first half of 2020, Bertelsmann held its ground in a challenging business environment. The second quarter of 2020, in particular, was severely impacted by the coronavirus pandemic and the economic consequences, which Bertelsmann responded to by increasing liquidity and taking countermeasures. Group revenues fell by 8.9 percent to €7.8 billion (H1 2019: €8.6 billion), and organic revenue decreased by 7.9 percent. Bertelsmann’s diversified portfolio of businesses, the large share of digital business models and diverse cost-cutting measures partially offset this downward trend. While the coronavirus pandemic negatively impacted the advertisingfinanced businesses in particular, BMG and Arvato’s service businesses performed well. Operating EBITDA decreased by 21.9 percent to €1,009 million (H1 2019: €1,292 million), while EBITDA margin declined to 12.9 percent from 15.0 percent in the first half of 2019. Primarily RTL Group, Gruner + Jahr and the Bertelsmann Printing Group suffered earnings losses. Group profit once again reached a high level of €488 million (H1 2019: €502 million). Business is expected to stabilize in the second half of 2020.