TF1 (TFI) investor relations material

Executive summary

• Consolidated revenue for H1 2026 was €993 million, down 9.9% year-over-year and 6.4% like-for-like at constant exchange rates, mainly due to a weak advertising market and scope effects from 2025 disposals.

• Maintained clear leadership in linear TV audience and advertising market share across key demographics despite intense competition from major sporting events.

• Digital and streaming segments showed strong double-digit growth, with TF1+ advertising revenue up 19% and total digital revenue up 17.1% year-over-year.

• Profitability levels remained solid, with margin from activities at 7.8% for H1, ahead of expectations despite a challenging advertising market.

• Net cash position remained robust at €432 million at end-June 2026, supporting strategic flexibility.

Financial highlights

• Group revenue was €993 million in H1 2026, down 9.9% year-over-year and 6.4% like-for-like, but ahead of market expectations.

• Advertising revenue in the media segment was €714 million, down 8.7% year-over-year due to structural linear market decline and competitive pressures.

• Digital revenue rose 17.1% year-over-year to €134 million, with TF1+ advertising revenue up nearly 19% to €109 million.

• Current operating profit from activities (COPA) reached €77 million, margin from activities 7.8%, down 4.1 pts year-over-year but above expectations.

• Net profit attributable to the Group was €51 million (including exceptional tax surcharge), down from €78 million in H1 2025.

• Net cash at end June was €432 million, reflecting dividend payment and free cash flow generation.

Outlook and guidance

• 2026 targets confirmed: strong double-digit digital revenue growth, mid to high single-digit margin from activities, and a growing dividend policy.

• Continued focus on digital acceleration, cost discipline, and leveraging a strong balance sheet.

• H2 expected to benefit from Netflix partnership, SME-focused ad offerings, new digital initiatives, and a strong content slate in both media and studio segments.

• Studio TF1 activity and new theatrical releases are expected to be weighted toward H2.