TF1 (TFI) Q2 2024 earnings summary

Executive summary

• Consolidated revenue rose 6.3% year-over-year to €1,103.9 million in H1 2024, driven by a 7.4% increase in advertising revenue and strong digital performance from TF1+.

• TF1 Group reinforced its audience leadership, achieving a daily reach of 78% and the widest lead over its main competitor in 14 years.

• TF1+ streaming platform set new records, reaching 35.4 million streamers in May 2024 and averaging 33 million monthly streamers in H1.

• Net cash position at end June 2024 was €446.5 million, up €81 million year-on-year.

• Guidance for 2024 confirmed, focusing on digital growth, stable operating margin, and a growing dividend policy.

Financial highlights

• Group advertising revenue reached €801.6 million, up 7.4% year-over-year; digital advertising up 40.4% to €65 million.

• Current operating profit from activities was €128.8 million, margin at 11.7%, down from 14.7% in H1 2023.

• Net profit attributable to the group was €96 million, stable year-on-year.

• Free cash flow after changes in working capital was €65.3 million for H1 2024.

• Programming costs increased by €55 million to €458.9 million, mainly due to sports rights.

Outlook and guidance

• The group expects a reinforced programming lineup in H2, including new and returning franchises and major sports events.

• TF1+ will expand its content catalog and geographic reach, targeting further growth in digital advertising and audience.

• Full-year objectives confirmed: digital growth, stable operating margin, solid cash flow, and a growing dividend policy.

• Advertising demand is expected to remain solid for the rest of the year, in line with a +3% market consensus for France.