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Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
TF1 (TFI) investor relations material
TF1 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Consolidated revenue for the first nine months of 2025 was €1,598 million, up 0.5% year-over-year, with Media segment revenue down 1.0% and Studio TF1 up 10.9% driven by Johnson Production Group.
Digital platform TF1+ achieved record monthly streamers, reaching 41 million in September, and expanded internationally.
Net profit attributable to the Group (excluding exceptional tax surcharge) was €138 million, down €8 million year-over-year.
Net cash position increased to €465 million, up €101 million year-over-year.
Strategy focused on strong digital growth, premium content, and expanding international presence.
Financial highlights
Group advertising revenue declined 2.2% year-over-year to €1,121 million, while TF1+ digital ad revenue surged 40.5% to €134 million.
Non-advertising Media revenue rose 4.8% to €264 million.
Studio TF1 revenue reached €213 million, up 10.9%, with a €25 million contribution from JPG.
COPA was €191 million (margin 11.9%), down €7 million year-over-year.
Operating profit was €175 million, broadly stable year-over-year.
Outlook and guidance
2025 margin from activities guidance adjusted to 10.5%-11.5% due to political and fiscal instability impacting the advertising market.
Double-digit digital revenue growth and a growing dividend policy remain targets.
Strategic priorities include leadership in linear advertising, digital expansion, and international growth.
Q4 to feature premium content and major sporting events to drive engagement.
Strategic plan phase 2 execution underway, including expansion in French-speaking markets and micro-payment ramp-up.
What is the expected impact of the Netflix deal?
What drives France's unique ad market decline?
Assess micro-payment revenue potential
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Q4 202512 Feb, 2026
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Frequently asked questions
Télévision Française 1 Société anonyme engages in the broadcasting and entertainment sectors in France. The company operates as a subsidiary of France Television Group, which is one of the leading media groups in France. Its activities include the production and broadcasting of television programs, creation of new formats and association with outside partners; operation of radio stations; production and co-production of feature films for commercial distribution; creation and management of television channels; and provision for other subscribers to TV programs via cable networks.
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