Métropole Télévision (MMT) Q4 2025 earnings summary

Executive summary

• EBITDA/EBITA reached EUR 214 million (or €213.5 million) with a 17% margin, demonstrating strong performance despite a challenging advertising market and ongoing digital transformation.

• Consolidated sales were EUR 1.256 billion, with EUR 1.032 billion from advertising and EUR 225 million from non-advertising revenues; revenue declined 4.2% year-over-year.

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

• Streaming revenues grew 27% year-over-year to EUR 126 million, reflecting robust digital transformation.

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

Financial highlights

• Video advertising revenue was EUR 884 million, down 3.1% year-over-year, outperforming a market decline of 8%.

• EBITA declined 11.8% to EUR 213.5 million; operating margin decreased by 1.5pp to 17.0%.

• Audio division margin from operations was 24.2%, with 8.4 million daily listeners.

• Cash at year-end was EUR 216 million, down from EUR 332 million, with net cash and equivalents at EUR 140 million.

• Dividend payout proposed at EUR 1.25 per share, with payout ratios between 91% and 115%.

Outlook and guidance

• 2026 operational and free cash flow expected to improve, with most World Cup costs already financed.

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

• EUR 80 million savings plan over five years targeting production, supplier, and technical costs, with initial impacts expected in 2025.

• Focus on increasing advertising revenue for both audio and video, and ongoing digital transformation.

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