Slides
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H1 2025 Results 29 July 2025 TOUT POUR LA LUMIÈRE
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Disclaimer H1 2025 FINANCIAL RESULTS2 This presentation contains rounded figures and contains forward-looking information and statements about the TF1 group. Forward-looking statements are statements that are not historical facts, and include, but are not limited to: financial projections, forecasts and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding the Group’s future performance. Although the Group’s senior management believes that the expectations reflected in such forward-looking statements are reasonable, investors should note that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Investors should note that forward-looking statements are not guarantees of future performance and undue reliance should not be placed on such statements. Except to the extent required by applicable law, the TF1 group makes no undertaking to update or revise the projections, forecasts and other forward-looking statements contained in this presentation.
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H1 2025 FINANCIAL RESULTS3 Leadership maintained Highlights Source: Médiamétrie – Médiamat Restit TV 33.7% -0.9 pts vs H1 2024 30.7% -0.8 pts vs H1 2024 18.7% stable vs H1 2024 4+ 25-49 YOW<50PDM 35m streamers/month on average in H1 2025 Increasing reach -0.1% vs H1 2024 Group revenue STABLE CONSOLIDATED REVENUE €1,103m -2.5% vs H1 2024 Group advertising revenue AD REVENUE IMPACTED BY MACRO UNCERTAINTIES €782m vs H1 2024 Digital advertising revenue CONTINUED STRONG MOMENTUM FOR +41.4% +€26m year on year Net cash position STRONG FINANCIAL POSITION €473m COPA STABLE COPA / MARGIN SLIGHTLY UP €131m +0.2 pts vs H1 2024 11.9% Margin from activities +€2m vs H1 2024 FY 2025 GUIDANCE CONFIRMED after a first part of the year marked by a more challenging advertising market than expected, and with visibility remaining very limited 39m streamers in June 2025, new record 2.4% since on DTT channel 15, a record in 2 years 4+
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H1 2025 FINANCIAL RESULTS4 01. P.5Business review 02. P.11Financials 03. P.16Strategy update and outlook P.19 04. Q&A
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01. Business review DANSE AVEC LES STARS
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H1 2025 FINANCIAL RESULTS6 Unrivalled daily reach among media TV SVOD 77% 53% 34% 17% 17% TF1 channels: the best ROI on the French TV market TF1 TF1 DTT channels % of TV sales contribution 0% 10% 20% 30% 40% 50% Bubble size proportional to investments Bubbles not in blue represent TV market competitors ROI: €6.3 ROI: €6.6 11% of TV sales contribution 10% of investments €6.6 Prime TF1 TF1 DTT channels TF1 channel 2025 TF1/Ekimetrics survey TV/TF1: Médiamétrie – Mediamat (January-June 2025), 4 screens, 15+ target | YouTube /TikTok: Médiamétrie - Panel Internet Global (January-May 2025), 3 screens, 15+ target | SVOD: Médiamétrie - SVOD Barometer 2024 (January-December 2024), 4 screens, 15+ target (including Netflix and other SVOD players), Barometer discontinued in 2025 invested = ROI 43% of TV sales contribution 41% of investments A strong value proposition Average TV ROI: €5.9
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-0.3 H1 2025 FINANCIAL RESULTS7 Strong ratings in each genre Audience leadership Audience shares: Médiamétrie – Médiamat – January-June 2025 30.7 20.3 12.6 9.4 4.5 3.7 2.9 2.9 2.6 2.0 2.0 1.9 1.0 0.6 TF1 M6 F2 TMC W9 TFX F3 6ter F5 Gulli LCI F.info = vs H1 2024 vs H1 2024 +7.7 pts vs main competitor = +0.2=-0.7 = +0.8 -0.1 = +0.1 +0.1 +0.3-0.8 33.7 22.9 13.7 9.3 4.5 4.1 3.6 2.8 2.7 2.2 2.2 1.8 0.5 0.4 TF1 M6 F2 TMC W9 TFX 6ter F3 Gulli F5 LCI F.info W<50PDM -0.4 +0.5 +1.0 -0.2 -0.2 +0.2 +0.3 +0.1 -0.6 = -0.1 +0.1 =-0.9 +9.2 pts vs main competitor 25-49 Y/O French drama News Up to 7.8m viewers Up to 7.1m viewers Movies Sport Up to 5.5m viewers Up to 6.6m viewers Entertainment Up to 8.4m viewers Significant gap vs main competitor
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54% 46% 52% 48%60% 40% 53% 47% 79% 21% H1 2025 FINANCIAL RESULTS8 Virtuous linear & streaming strategy Update on streaming H1 2025 average Non-linear = Streaming + Time-shifting + Recording Live also includes TFX channel for Plus belle la vie 3 Médiamétrie Restit TV / All content watermarked at the request of broadcasters (replay, long-term rights, excerpts) / Excluding Live OTT / Content publisher perspective 4 Including all streaming usage not covered by Médiamétrie (specific AVOD and aggregated content, consumption outside France) / Excluding Live / Excluding Canal+, Molotov and telco OTT apps Ad inventories CPMConsumption 559m STREAMED HOURS3 +11% vs H1 2024 (site centric4) AD LOAD 5 MIN/HOUR H1 2025 average +6% vs H1 2024 CPM €13.5 H1 2025 average +2% vs H1 2024 35m STREAMERS3 monthly average in H1 2025 +7% vs H1 2024 €92m +41% ADVERTISING REVENUE UNSCRIPTED Stable YoY DAILY SOAPS +3 pts YoY NON- LINEARLINEAR 25-49 Y/O +1 pt YoY FRENCH DRAMA Progress on all building blocks +4 pts YoY 2 Panel BVA – First visibility of TF1+ on connected TVs in % of households – May 2025 AIDED AWARENESS1 81% +3 pts vs October 2024 Awareness 39m STREAMERS in June 2025, new record Visibility FIRST VISIBILITY2 65% +8 pts vs December 2024 1 Barometer TF1+ image | Toluna panel in May 2025
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H1 2025 FINANCIAL RESULTS9 Expansion in French-speaking markets Encouraging first steps in Africa French-speaking markets now ~6% of streamed hours1 TF1+ STREAMED HOURS IN AFRICA TOP 3 COUNTRIES % of TF1+ streamed hours in Africa Algeria 19% Tunisia 15% Morocco 34% BELGIUM LUXEMBOURG SWITZERLAND FRENCH-SPEAKING AFRICA FRENCH-SPEAKING MARKETS ALREADY DEPLOYED Maghreb 68% Sub-Saharan Africa 32% 1 Site centric
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H1 2025 FINANCIAL RESULTS10 H1 highlights Distribution Drama Production Cinema Unscripted ~245k tickets sold ~480k tickets sold ~290k tickets sold ~470k tickets sold €128m IN H1 2025 +6% year on year Revenue of €6m IN H1 2025 +€2m year on year COPA of
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02. Financials SECRET STORY
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H1 2025 FINANCIAL RESULTS12 Consolidated revenue per segment (€m) Q2 2025 Q2 2024 CHG.% H1 2025 H1 2024 CHG.% Media 514 530 (3.2%) 975 984 (0.9%) Advertising revenue 419 438 (4.4%) 782 802 (2.5%) o/w TF1+ advertising revenue 52 36 +45.0% 92 65 +41.4% Non-advertising media revenue 95 92 +2.7% 193 182 +6.1% Studio TF1 69 62 +11.9% 128 120 +6.4% France 23 19 +23.3% 49 40 +22.5% International 46 43 +6.6% 79 80 (1.6%) TOTAL REVENUE 1 583 592 (1.6%) 1,103 1,104 (0.1%) • Advertising revenue impacted by macro uncertainties; EURO 2024 base effect • Continued strong momentum for TF1+, with advertising revenue growth of 41% in H1 • Growth in non-advertising media revenue driven by interactivity and music M E D I A • France: up notably with delivery of From Rock Star to Killer and All for light to Netflix • International: contribution of JPG (€11 million in H1), but high base for comparison vs 2024 S T U D I O T F 1 G R O U P • Stability in H1 compared to last year 1 -0.8% like-for-like and at constant exchange rates, at end -June
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H1 2025 FINANCIAL RESULTS13 Current operating profit from activities per segment • Stable COPA in H1 in a challenging advertising market • Premium programming maintained; programming costs down €8m mainly reflecting EURO 2024 base effect M E D I A • COPA up €2m in H1, including implementation cost of a new financial ERP in Q1 S T U D I O T F 1 (€m) Q2 2025 Q2 2024 CHG. H1 2025 H1 2024 CHG. Media o/w programming costs 81 (230) 88 (242) (8) +12 125 (451) 125 (459) 0 +8 Margin 15.7% 16.6% (1.0 pts) 12.8% 12.7% +0.1 pts Studio TF1 7 3 +4 6 4 +2 Margin 10.2% 5.2% +5.0 pts 4.5% 3.2% +1.3 pts TOTAL COPA 88 91 (4) 131 129 +2 Margin 15.0% 15.5% (0.4 pts) 11.9% 11.7% +0.2 pts • Broadly stable COPA in H1 • Margin slightly up despite challenging context G R O U P
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H1 2025 FINANCIAL RESULTS14 Consolidated income statement 1 Exceptional corporate income tax contribution levied on French companies under the 2025 Finance Bill. (€m) Q2 2025 Q2 2024 CHG. H1 2025 H1 2024 CHG. Consolidated revenue 583 592 (1.6%) 1,103 1,104 (0.1%) Total costs of programmes (230) (242) +12 (451) (459) +8 Other charges, depreciation, amortisation and provisions (265) (259) (6) (521) (516) (5) Current operating profit from activities 88 91 (4) 131 129 +2 Margin from activities 15.0% 15.5% (0.4 pts) 11.9% 11.7% +0.2 pts Amortisation and impairment of intangible assets recognised as a result of acquisitions (1) 0 (1) (7) (1) (6) Current operating profit 86 91 (5) 124 128 (4) Other operating income and expenses (3) (10) +8 (5) (13) +8 Operating profit 83 81 +3 119 115 +4 Income from net surplus cash / cost of net debt 1 4 (3) 4 11 (7) Other financial income and expenses 2 (3) +5 0 (6) +5 Income tax expense (23) (17) (6) (43) (26) (17) Share of profit / (loss) of associates 1 0 0 0 1 (2) Net profit 64 65 (1) 80 95 (16) Net profit attributable to the Group (excluding exceptional tax surcharge) 66 66 +0 93 96 (3) Exceptional tax surcharge 1 (3) 0 (3) (14) 0 (14) Net profit attributable to the group (including exceptional tax surcharge) 63 66 (3) 78 96 (18)
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H1 2025 FINANCIAL RESULTS15 Solid net cash position at end-June 2025 1 Cash flow determined after (i) income from net surplus cash / cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid Opening net cash position at 01/01/2025 Net cash flow1 Changes in working capital requirements Net capital expenditure Acquisitions / disposals Dividends / other Closing net cash position at 30/06/2025 Repayment of lease obligations 223 (142) (8) (116)(5) (10)H1 2024 Free cash flow before changes in WCR €86 million 11 (2) 473 242 506 (150) €m Free cash flow after changes in WCR €97 million (6) (128)
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03. Strategy update and outlook STAR ACADEMY
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Phase 2 of our strategic plan 30 JUNE 2025 STARTING SUMMER 2026 Expansion in French- speaking markets with the launch of TF1+ in Africa Landmark distribution deal with Netflix for TF1 group channels and TF1+ SEPTEMBER/OCTOBER 2025 Launch of a micro-payment offer on TF1+ Previews Movies Exclusive live channel Ad-free content H1 2025 FINANCIAL RESULTS17 A strong line-up Outlook New premium French series Powerful unscripted franchises Flagship sports events
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H1 2025 FINANCIAL RESULTS18 after a first part of the year marked by a more challenging advertising market than expected, and with visibility remaining very limited Full-year 2025 guidance confirmed Strong double-digit revenue growth in digital Broadly stable margin from activities compared with 2024 Aiming for a growing dividend policy in the coming years
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H1 2025 FINANCIAL RESULTS19 Q &A