Métropole Télévision (MMT) Q2 2025 earnings summary

Executive summary

• Achieved best TV audiences in three years, with strong TV and radio ratings and digital transformation advancing, including M6+ streaming platform user and revenue growth.

• Maintained high operating margins through strict cost control, despite a challenging market and no major sports events in H1 2025.

• Streaming revenue grew 32.5%–35% year-over-year, now representing 11.6% of video segment revenue, with M6+ reaching 28 million users and a 17% increase in hours viewed.

• RTL radio saw consecutive audience growth waves, with strong performance in April–June 2025.

• Expanded through acquisitions, including Full Dawa Production, LMX 74, and La Boîte Aux Enfants, strengthening content and diversification.

Financial highlights

• H1 2025 consolidated revenue: €632.7M, down 3.7% year-over-year; EBITA: €105.9M, down 11.8%; operating margin at 16.7%.

• Net income for H1 2025: €57.9M–€59.2M, down from €85.3M in H1 2024, impacted by a one-time exceptional tax charge of €11.6M.

• Streaming revenues grew 32.5%–35% year-over-year, reaching €58.6M.

• Audio segment margin at 20.3%–20.4%, with stable revenues and EBITA of €15.1M.

• Dividend payout of €157.1M–€157.3M in H1 2025; net cash position at June 30, 2025: €103.9M–€178.8M.

Outlook and guidance

• Advertising visibility remains low for H2 2025, with continued uncertainty and client caution.

• Growth objectives for streaming are confirmed, targeting over €200M in revenue and 1 billion hours viewed on M6+ by 2028.

• Continued investment in both linear and streaming content, with ongoing cost management and talent recruitment.

• Programming cost reductions will be less significant in H2; investments will be adjusted based on market evolution.

• No extrapolation of H1 results for full year due to seasonality and macroeconomic risks.