Métropole Télévision (MMT) Q3 2025 earnings summary

Executive summary

• Achieved strong performance in Q3 2025, continuing momentum from H1, with best TV season in six years for commercial targets and significant streaming growth.

• Maintained stable advertising revenues despite political and economic uncertainty, with high operating margin in core business.

Financial highlights

• Q3 2025 revenue: €269.2 million, down 3.4% year-over-year; advertising revenue stable at €220.7 million.

• Streaming revenue up 25% year-over-year in Q3; unique users up 40%, hours viewed up 17%.

• EBITA for Q3: €37.5 million, operating margin 13.9%, up 0.6pp year-over-year.

• 9M 2025 consolidated revenue: €901.9 million, down 3.6% year-over-year; EBITA €143.4 million, margin 15.9%.

• Programming costs in Video division down €11.3 million despite content investments.

Outlook and guidance

• Streaming plan to continue in Q4 and beyond, targeting over €200 million streaming revenue and 1 billion hours viewed by 2028.

• Anticipates decline in TV advertising market in Q4 2025 due to ongoing political and economic uncertainty.