TF1 (TFI) Q3 2024 earnings summary

Executive summary

• Delivered robust performance in the first nine months of 2024, maintaining stable audience shares despite Olympic competition, with 33.0% for 25-49 Y/O and 30.0% for W<50PDM, and increasing advertising revenue in both linear and streaming.

• TF1+ streaming platform launched in January, rapidly becoming a leader in the francophone market with 33.7 million streamers and 834 million hours streamed by September.

• Maintained leadership in commercial targets and solidified programming strategy across all day parts, with best 9M ratings in each genre excluding Olympic programming.

• Group advertising revenue grew 4.5% year-over-year, with digital advertising up 39.5%.

• Net profit for 9M 2024 was €146.5m, up 5.3% year-over-year.

Financial highlights

• Consolidated revenue for 9M 2024 was €1,590.9m, up 2.8% year-on-year, driven by a 4.5% increase in advertising revenue to €1,146.8m.

• Operating income was €177.6m, up 0.6% year-over-year; operating margin declined to 12.4% from 13.2% due to higher programming costs and digital investments.

• Net profit attributable to the group was €145.4m, up 4.5%, benefiting from financial income on surplus cash.

• Net cash stood at €363.8m at end September, down from €505m at end December 2023.

• Free cash flow after changes in working capital was €50.5m.

Outlook and guidance

• 2024 objectives confirmed despite signs of tension in the advertising market due to political and tax factors in France.

• Focus remains on digital growth, operational optimization, and international expansion of TF1+, with North Africa targeted for 2025.

• Production activity expected to be concentrated in Q4, with major deliveries planned.

• Aims to maintain a broadly stable current operating margin and pursue a growing dividend policy.

• TF1 aims to be the leading free streaming platform for French-speaking markets and maintain its leadership in linear TV.