Métropole Télévision (MMT) H1 2024 earnings summary

Executive summary

• Revenue rose 5.6% year-over-year to €656.9m, driven by TV advertising, streaming growth, and major sporting events like Euro 2024.

• EBITA declined 11.1% to €120.1m, with profitability impacted by higher programming and streaming investments.

• Net profit attributable to the Group was €85.1m, down 18.7% from H1 2023.

• The Group launched the M6+ streaming platform in May 2024, achieving strong brand recognition and increased hours viewed.

• Acquired La Boîte Aux Enfants, expanding into kids' indoor play centers.

Financial highlights

• Consolidated revenue: €656.9m (+5.6% YoY); EBITA: €120.1m (-11.1% YoY); Net profit: €85.1m (-18.7% YoY).

• TV advertising revenue rose 7.2% to €458.5m; streaming revenue up 39% to €44.3m.

• Cash and cash equivalents: €296.2m at June 30, 2024; net cash position: €173.4m.

• Dividend of €1.25 per share paid, totaling €157.3m; dividends paid increased by €29.1m YoY.

• Operating profit (EBIT) was €115.1m, down 14.6% YoY; cash flow from operations fell to €54.9m.

Outlook and guidance

• Streaming investments to reach €100m by 2028, aiming to triple streaming revenue and double hours viewed; break-even expected in 2027.

• Focus on strengthening TV and radio schedules, content production, and cost control amid economic and political uncertainties.

• H1 EBITA should not be extrapolated for the full year due to business seasonality.

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