Métropole Télévision (MMT) H1 2024 earnings summary

Executive summary

• Consolidated revenue for H1 2024 reached €656.9 million, up 7.1% like-for-like, driven by TV advertising and streaming growth.

• EBITA was €120.1 million, down 11.1% year-over-year, with an operating margin of 18.3%, impacted by higher content and streaming costs.

• Net profit attributable to the Group was €85.1 million, a decrease of 18.7% compared to H1 2023.

• M6+ streaming platform launched in May 2024, achieving 88% brand recognition and a 60% increase in hours viewed.

Financial highlights

• TV advertising revenue rose 7.2% to €458.5 million; group advertising revenue up 4.9% year-over-year.

• Streaming revenue increased 39% to €44.3 million, now 8.4% of total TV revenue.

• Non-advertising revenue grew 8.9%, mainly from film business momentum.

• Operating profit (EBIT) was €115.1 million, down 14.6% year-over-year.

• Net financial income improved to €9.8 million from €4.5 million in H1 2023.

Outlook and guidance

• Second half will focus on continued investment in M6+ and the return of major content brands.

• Bedrock platform to be used by RTL Germany, expected to ensure profitability from 2026.

• Macro-economic uncertainty remains, but operational investments in streaming will continue.