Métropole Télévision (MMT) Q2 2026 earnings summary

Executive summary

• Achieved record audience and digital engagement during the 2026 FIFA World Cup, reaching up to 94% of the French population and nearly 100% of those under 50, with peak viewership exceeding 20 million for key matches and 11 million active digital users.

• M6 became the top national channel for the first time, leading the French TV market in audience share, especially among the 25–49 demographic, and posted the 10 highest viewership figures of the year.

• Digital transformation accelerated, with M6+ surpassing 4.2 million new accounts, 11 million unique users, and over 100 million video views, supported by a partnership with Amazon Prime.

• Commercial performance during the World Cup was exceptional, attracting over 300 brands and organizing more than 40 special campaigns.

• Outperformed the advertising market, with video advertising revenue up 1% year-over-year and a record market share increase of 2.2 percentage points.

Financial highlights

• Total operating revenues rose to €654.6m (+€16.6m year-over-year), with H1 2026 revenue reported at €643.8m (+1.8%).

• Video advertising revenue reached €454.5m (+1.0%), with Q2 up 8.7% due to World Cup.

• EBITA dropped sharply to €54.4m (down 48.7% or €51.6m), with half the decline attributed to World Cup costs and the remainder to market conditions.

• Net profit fell to €34.4m, down 40.6% year-over-year.

• Cash and cash equivalents decreased to €33.0m (down €183.1m from year-end 2025), with net treasury at €-36 million.

Outlook and guidance

• Launch of new programs and entertainment brands post-World Cup, with continued cost management and rollout of the M6 2030 Plan targeting €80m in savings over five years.

• Streaming revenue is targeted to exceed €200m by 2028, with over 1 billion hours viewed on M6+ platform.

• Positive cash flow impact from World Cup expected in H2 2026.

• Low visibility in the advertising market persists, and dividend policy will depend on year-end cash flow and market results.