Métropole Télévision (MMT) Q4 2025 earnings summary

Executive summary

• EBITA/EBITDA reached €214 million with a 17% margin, demonstrating strong performance despite a challenging advertising market and ongoing digital transformation.

• Consolidated sales were €1.256 billion, with €1.032 billion from advertising and €225 million from non-advertising revenues.

• Net income group share was €123 million, down 28.6% year-over-year, impacted by operational declines and accounting items.

• Audience shares reached record levels across key TV and radio segments, with best TV audience growth in the market and significant streaming gains.

• Strategic investments in programming and streaming, alongside careful cost management, supported operational profitability above peers.

Financial highlights

• Streaming revenue grew 27% year-over-year to €126.3 million.

• Video advertising revenue was €884 million, down 3.1%, outperforming a market decline of 8%.

• EBITA declined 11.8% year-over-year, with a 17% margin.

• Net cash and cash equivalents ended at €140 million, down from €332 million the previous year.

• Dividend of €1.25 per share proposed, with payout ratio between 91% and 115%.

Outlook and guidance

• Exclusive free-to-air broadcast rights for all 54 FIFA World Cup 2026 matches, expected to boost audiences and advertiser visibility.

• Streaming revenue target above €200 million and over 1 billion hours viewed on M6+ by 2028 confirmed.

• €80 million cost reduction plan to be completed by 2030, focusing on production, process simplification, and technical costs.

• Operational cash flow and free cash flow are expected to improve due to lower tax outflows and World Cup receipts.

• Anticipated negative impact on operating profitability in 2026 from World Cup rights, but positive cash flow as most rights are prepaid.