Métropole Télévision (MMT) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue was €632.7m, down 3.7% year-over-year, mainly due to a high base effect from Euro 2024 and a challenging macroeconomic environment.

• EBITA reached €105.9m, down 11.8% year-over-year, with an operating margin of 16.7%, among the highest in the sector.

• Net profit was €59.2m, impacted by an exceptional tax charge of €11.6m.

• TV and radio ratings were strong, with TV achieving its best season in three years and RTL radio showing consecutive growth waves.

• Digital transformation advanced, with M6+ streaming platform unique users up 35%, hours viewed up 17%, and revenue up 32.5%.

Financial highlights

• Group advertising revenue declined 1.6% to €520.2m, with Video advertising down 1.8% and Audio nearly stable.

• Non-advertising revenue fell 12.2% to €112.5m, mainly due to lower cinema and real estate activity.

• Net cash position at 30 June 2025 was €103.9m, with cash and equivalents at €178.8m, down €153.2m from year-end due to dividend payments and investments.

• Dividend payout of €1.25 per share, totaling €157.1m.

• Cash flow from operations was €47.0m in H1 2025.

Outlook and guidance

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

• Growth objectives for streaming are confirmed, with a target of over €200m in revenues by 2028 and 1 billion hours viewed.

• Cost control and investment in streaming remain priorities, with programming cost reductions less significant in H2.

• H1 EBITA should not be used as a basis for full-year estimates due to business seasonality.