TF1 (TFI) investor relations material

Executive summary

• Group revenue for Q1 2026 was €472 million, down 5.2% like-for-like and at constant FX, and down 9.3% year-over-year, mainly due to a challenging linear advertising market.

• Digital revenue and streaming metrics showed strong growth, with digital advertising up 22.4%, total digital revenue up 17.5%, and 41 million monthly streamers.

• Profitability was impacted by the anticipated decline in high-margin linear revenue, with COPA down €30 million year-over-year.

• Studio TF1 revenue remained stable at €58 million, with continued international and streaming partnerships.

• Net cash position increased to €565 million, reflecting a solid financial position.

Financial highlights

• Group revenue: €472 million, down 5.2% like-for-like and at constant FX compared to Q1 2025.

• Group advertising revenue: €337 million, down 7.1% year-over-year.

• Digital revenue: €60 million, up 17.5% year-over-year.

• COPA: €13 million, down €30 million from Q1 2025; margin from activities fell to 2.8%.

• Net profit attributable to the group: €4 million, down from €15 million in Q1 2025, impacted by an exceptional tax surcharge.

Outlook and guidance

• Full-year 2026 guidance and targets maintained, including strong double-digit digital revenue growth and a growing dividend policy.

• Margin from activities expected to remain mid- to high single-digit before capital gains, subject to linear market evolution.

• Media segment to focus on digital initiatives, SME ad platform rollout, and expanded content distribution, including a new Netflix agreement.

• Studio TF1 activity expected to be weighted toward the second half of the year, with new theatrical distribution launching in 2026.