TF1 (TFI) Q3 2024 earnings summary

Executive summary

• Consolidated revenue for the first nine months of 2024 reached €1,590.9 million, up 2.8% year-over-year, driven by a 4.5% increase in advertising revenue.

• Net profit attributable to the Group was €145.4 million, up 4.5% year-over-year, benefiting from financial income on surplus cash.

• TF1+ streaming platform saw strong momentum, with advertising revenue up 39.5% and 33.7 million streamers in September.

• Acquisition of a 63% stake in Johnson Production Group (JPG) in the US for approximately €65 million, contributing €8.4 million to revenue and strengthening international production.

• Maintained leadership in commercial targets and stable audience shares despite Olympic competition.

Financial highlights

• Group advertising revenue rose to €1,146.8 million (+4.5% year-over-year); consolidated revenue was €1,590.9 million (+2.8%).

• Current operating profit from activities (COPA) was €197.9 million, with a margin of 12.4%, down 0.7 pts year-over-year.

• Operating profit reached €177.6 million; net cash stood at €363.8 million at end-September 2024.

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

• Programming costs increased to €671.4 million, reflecting higher investments in content.

Outlook and guidance

• 2024 objectives confirmed despite a challenging economic environment and advertising market tension due to political and tax factors in France.

• Strategic focus on digital growth, operational optimization, and expanding TF1+ internationally, 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.