Slides
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Investor presentation KOH-LANTA
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Disclaimer INVESTOR PRESENTATION2 This presentation contains rounded figures and 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 commitment to update or revise the projections, forecasts and other forward-looking statements contained in this presentation.
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INVESTOR PRESENTATION3 02. P.8Strategy update 04. P.25H1 2026 financials 05. P.32Extra-financial performance P.38 06. Share information 01. P.4Who we are 03. P.16Segment deep dive P.41 0 7 . Appendix
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01. Who we are BONJOUR! TF1’S MORNING SHOW
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TF1 group’s history INVESTOR PRESENTATION5 2024 Launch of TF1+ to become the leading free streaming platform in France First steps of a unique aggregation strategy in the free streaming sector First steps of TF1+’s expansion in French- speaking markets (Belgium, Luxembourg, Switzerland) Newen Studios acquires a 63% stake in Johnson Production Group (JPG), a US player in the production and distribution of TV movies 1987 The Bouygues group becomes the reference shareholder of the TF1 channel 1991 Eurosport joins TF1 group 1996 Launch of TPS, a paid TV joint venture 2005 Digital Terrestrial Television (DTT) arrives in France TF1 owns 3 thematic channels (Ushuaïa TV, TV Breizh and Histoire TV) 2008 TF1 is available in HD on DTT 2010 TF1 acquires TMC and NT1 (now TFX) 2018 First distribution agreements signed with the French telecom operators Acquisition of the aufeminin group 2014 TF1 sells majority control of Eurosport to Discovery Communication group 2012 The TF1 group launches HD1, the Group’s fourth free-to-air channel (now TF1 Séries Films) 2011 The TF1 group launches its digital offering around the flagship MYTF1 brand (non-linear platform) 2023 Discontinuation of Salto. New agreement with the ARCOM, allowing the Group to broadcast the TF1 channel on the DTT frequency starting May 6, 2023, and for a period of 10 years 2022 The TF1 group finalizes the sale of the UNIFY Publishers business to Reworld Media The Bouygues, RTL, TF1 and M6 groups call off their plan to merge TF1 and M6 Rodolphe Belmer appointed Chief Executive Officer 2025 Newen Studios becomes Launch of a micropayment offer on 2016 TF1 acquires a 70% equity interest in the Newen group, nowadays present in studios across 11 countries. 2026 Launch of TF1+ on Netflix, TF1 Ad Manager and the midtail initiative 2021 Announcement of negotiations for a merger between M6 and TF1 Signature of agreements on segmented television and first advertising campaigns Renewal of distribution agreements with the main French telecom operators Newen acquires 2 new production companies (iZen in Spain and Flare in Germany) 2020 Launch of Salto, the SVOD platform with France Télévisions and M6 Announcement of the Group's environmental strategy to cut CO2 emissions by 30% by 2030
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TF1 group’s activities: broadcasting, streaming and production INVESTOR PRESENTATION6 Media FTA CHANNELS THEME CHANNELS ASSOCIATED ACTIVITIES (Music, Entertainment, Licences…) STREAMING SERVICES BROADCASTING, STREAMING, OTHER ACTIVITIES €1.9bn 2025 REVENUE CONTENT PRODUCTION & DISTRIBUTION €376m 2025 REVENUE DRAMA / SCRIPTED TV MOVIES ENTERTAINMENT ANIMATION DOCUMENTARIES ADVERTISING
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Increasing reach 7 2025 Highlights Source: Médiamétrie – Médiamat Restit TV Strengthened audience leadership W<50PDM 34.5% 25-49 Y/O 30.9% 4+ 18.7% 2024 Group revenue Broadly stable consolidated revenue LFL & AT CONSTANT FX €2,297m Group advertising revenue Ad revenue impacted by structural trends, exacerbated by an unstable environment €1,574m TF1+ advertising revenue Strong growth in digital +35.8% REVISED 2025 TARGETS ACHIEVED 4+ >2% since moving to DTT channel 15 4+ 60m viewers/month on average in FY 2025 15-34 Y/O 15m viewers/month on average in FY 2025 38m streamers/month on average in FY 2025 42m streamers in October 2025, new record Studio TF1 revenue Good momentum at Studio TF1 €376m Margin from activities Revised margin target achieved 11.0% Net cash position Reinforced financial position €515m INVESTOR PRESENTATION
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02. Strategy update DANSE AVEC LES STARS
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Ambition INVESTOR PRESENTATION9 Establish the Group as the primary premium destination on TV screens for family entertainment and quality news in French
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Strategy Strengthen the group’s leadership in the linear advertising market Become the leading free streaming platform in France and in French-speaking markets Reinforce Studio TF1’s position on the international stage by leveraging TF1 brand’s appeal INVESTOR PRESENTATION10
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11 Market momentum: a strategic opportunity Source: Médiamétrie – Connected TVs barometer - H2 2025 ; Médiamat 2019-2025 and Global Video 2019 – 2025 ; Linear TV: IREP / BUMP ; Digital video ad: Instream/Outstream/Social Media Video – Source: SRI e-Pub Oliver Wyman Video consumption shifts to “on-demand” 3h12 0h26 0h39 2019 2h28 0h44 1h02 2025 Linear TV On-demand video Social 4h17 4h13 Daily TV/video consumption (4+ target) On-demand 42% vs 25% in 2019 The digital video advertising market is now bigger than the linear TV market 1.0 3.2 2019 3.8 2.8 2025 Digital video advertising Linear TV advertising €4.2bn €6.6bn Net advertising revenue (€bn) Video 58% vs 23% in 2019 TV screens are connected like smartphones o/w 59% of households own a Smart TV (vs 36% in 2019) 2025 77% of households own a connected TV (through set-top boxes, Smart TVs…) INVESTOR PRESENTATION
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INVESTOR PRESENTATION12 Linear: consolidate our market share in a declining TV ad market With our powerful franchises generating leading share of premium ad inventories on commercial targets With a new segmentation of our ad offering Solid sports line-up Premium French drama Iconic unscripted franchises Unique prime-time inventories Multi-channel offer Offer the best ROI on TV: €6.6 Maximize ad campaigns’ reach
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13 INVESTOR PRESENTATION Establish as a primary destination for viewers and advertisers INCREASE CONSUMPTION IMPROVE MONETISATION Enhance catalogue with complementary audiovisual content Extend the reach of the Group’s content Develop new forms of monetisation Address advertisers’ needs from brand awareness to conversion >35k hours of programmes available at any time Live since late June Landmark distribution deal with Netflix for TF1 group channels and TF1+ “Send to phone” “Carrousel Retail Ads” “Quiz show” On-going deployment of micropayments Extension of eligible content Maximisation of offer visibility through editorialisation + Roll-out of integrated billing solutions to facilitate the purchasing journey Distribution deals Aggregation Micropayment ramp-up New ad formats on CTVs Total platform offering: OKTo receive more information on your mobile phone Press OK on the remote control. To comeAlready deployed
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April Launch September Deployment INVESTOR PRESENTATION14 Enhance our media buying attractiveness on both linear and digital and target a new market segment Enhance our media buying attractiveness Attract new advertisers Launch of TF1 Ad Manager January Agency check-in April SME check-in Address the midtail through a dedicated offer Tailored, user-friendly offering with a simplified purchasing journey 4 drivers Small team dedicated to midtail backed by an outsourced sales team Networks Local ad sales houses Massive ad campaigns Local communication agencies Boost our revenue ObjectivesTransactional and service-oriented platform offering simplified and competitive experience, incorporating AI features Diversify our client portfolio
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15 INVESTOR PRESENTATION 2026 deliveries2026 priorities Secure the business in France with long-standing partners Keep broadening the client mix via platform collaborations Expand film production and distribution Moulin CamembertPour le plaisir Les Gendarmes May August October November Ambitious cinema line-up, in the context of the launch of the new distribution division Daily shows, premium drama and unscripted content for French and foreign broadcasters as well as global streaming services Day One Matar a un oso Outlook
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03. Segment deep dive STAR ACADEMY
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03. Segment deep dive Media L’ÉTÉ 36
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6 Unrivalled daily reach among media TV SVOD 77% 53% 34% 17% 17% TF1 channels: the best ROI on the French TV market % of TV sales contribution 0% 10% 20% 30% 40% 50% Bubble size proportional to investments Non-blue bubbles represent the main competitors in the TV market TF1 channel ROI: €6.3 TF1 DTT channels ROI: €6.6 11% of TV sales contribution 10% of investments €6.6 Prime TF1 TF1 DTT channels TF1 channel TV/TF1: Médiamétrie – Mediamat (January-December 2025), 4 screens, 15+ target | YouTube/TikTok: Médiamétrie - Panel Internet Global (January- November 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: €5.5 * 2025 TF1/Ekimetrics survey * Average excluding TF1 group’s channels INVESTOR PRESENTATION
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= 19 Audience leadership in FY25 Audience shares: Médiamétrie – Médiamat – January-December 2025 30.9 20.2 12.4 9.1 4.6 4.2 3.0 3.0 2.6 2.0 2.0 1.8 1.1 0.6 TF1 M6 F2 TMC W9 TFX F3 6ter F5 Gulli LCI F.info = vs FY 2024 vs FY 2024 +7.8 pts vs main competitor = +0.3-0.1-0.2 +0.2 -1.7 +0.1 +0.8 +0.2 -0.6 +0.4+0.4 34.5 22.9 13.4 9.0 4.7 4.4 3.8 2.9 2.8 2.4 2.0 1.8 0.7 0.5 TF1 M6 F2 TMC W9 TFX F3 6ter Gulli F5 LCI F.info W<50PDM +0.3 +0.6 -1.3 +0.1 +0.5 +0.4 +0.4-0.4 -0.1 -0.1 -0.1 +0.3+1.0 +9.5 pts vs main competitor 25-49 Y/O Significant lead over main competitor INVESTOR PRESENTATION Up to 7.8m viewers Best ratings in all genres * * Except sport Best ratings on targets 43/50 W<50PDM 43/50 25-49 Y/O 43/50 15-34 Y/O Up to 7.1m viewers French drama News 8.4m viewers Up to 5.5m viewers Entertainment Movies +0.1
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61% 39% 11% 89%53% 47% 52% 48% 80% 20% INVESTOR PRESENTATION20 Virtuous linear & streaming strategy Update on streaming FY 2025 average Non-linear = Streaming + Time-shifting + Recording Live also includes DTT channels for Plus belle la vie JLC Family : Seule on TFX - September-October REALITY SHOWS DAILY SOAPS +1 pt YoY NON- LINEARLINEAR 25-49 Y/O +3 pts YoY FRENCH DRAMA Progress on all building blocks +3 pts YoY JLC FAMILY UNSCRIPTED Ad inventories CPMConsumption AD LOAD 5’14 MIN/HOUR 2025 average CPM €13.5 2025 average 38m STREAMERS3 monthly average in 2025 ADVERTISING REVENUE Awareness Visibility FIRST VISIBILITY2 69% AIDED AWARENESS1 81% 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 2 Panel BVA – First visibility of TF1+ on connected TVs as a % of households – January 2026 1 TF1+ image barometer | Toluna panel in December 2025 €198m +36% -1% vs 2024 vs a target of €15 in the mid-term +3 pts vs October 2024 +11 pts vs December 2024 +15% vs 2024 vs a target of 6min in the mid-term vs 33m in 2024 42m STREAMERS in October 2025, new record 1.2bn STREAMED HOURS3 +12% vs 2024 (site-centric4)
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03. Segment deep dive MARIE-ANTOINETTE
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a multi-country footprint INVESTOR PRESENTATION 22
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a broad pool of producers INVESTOR PRESENTATION23 France United-Kingdom Netherlands Belgium Spain Finland Sweden Norway Germany Denmark Canada USA
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INVESTOR PRESENTATION24 FY25 highlights Distribution Drama Production Movies Unscripted ~1.2m tickets sold ~470k tickets sold ~705k tickets sold ~490k tickets sold €376m in 2025 +9% year on year Revenue of €40m in 2025 +€2m year on year COPA of
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04. H1 2026 financials SECRET STORY
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42m streamers/month on average in H1 2026 26 Enhanced appeal of the platform H1 2026 Highlights Source: Médiamétrie – Médiamat Restit TV Unmatched audience leadership 25-49 Y/O 29.8% -6.4% vs Group revenue €993m Group advertising revenue Leadership maintained in a challenging context €714m advertising revenue Strong growth in digital +18.6% 2026 TARGETS MAINTAINED Studio TF1 revenue Studio TF1’s activity skewed towards H2 €124m Profitability levels confirming the Group's choices Net cash position Solid financial position €432m INVESTOR PRESENTATION 44m streamers in June 2026, new record W<50PDM 33.2% COPA €77m in line with annual guidance 7.8% Margin from activities H1 Q2 €64m above expectations 12.3% Successful launch 8.3m streamers on TF1+ on 25 June, new daily record
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INVESTOR PRESENTATION27 Consolidated revenue per segment (€m) Q2 2026 Q2 2025 CHG.% H1 2026 H1 2025 CHG.% Media o/w digital revenue 455 74 514 63 (11.4%) +16.8% 869 134 975 114 (10.8%) +17.1% Advertising revenue 377 419 (10.0%) 714 782 (8.7%) o/w TF1+ advertising revenue 60 52 +15.7% 109 92 +18.6% Non-advertising media revenue 78 95 (17.7%) 156 193 (19.4%) Studio TF1 67 69 (3.3%) 124 128 (3.1%) France 20 23 (13.7%) 36 49 (27.7%) International 47 46 +2.2% 89 79 +12.1% TOTAL REVENUE1 521 583 (10.5%) 993 1 103 (9.9%) • Advertising: ▪ Strong TF1+ growth, with new initiatives set to further contribute in H2 ▪ Linear: leadership maintained in a declining market and despite the FIFA World Cup • Non-advertising media revenue: slight LFL growth M E D I A S T U D I O T F 1 G R O U P • Revenue down 6.4% LFL and at constant FX • France: base effect with the deliveries to Netflix in H1 2025 (All for light and From Rock Star to Killer) • International driven by distribution deals (Good vibes only, Été 36…) 1 -6.4% like-for-like and at constant exchange rates, at end-June (-7.1% for Media and –3.0% for Studio TF1 like-for-like)
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INVESTOR PRESENTATION28 Current operating profit from activities per segment • Premium programming maintained in Q1 to support the TF1 Prime / TF1 Reach new segmentation • Q2 margin reaching 14.3%: tight cost control to mitigate linear decline M E D I A • COPA down €10m in H1, reflecting base effects notably with deliveries to Netflix in 2025, and more TV movie deliveries in H2 this year S T U D I O T F 1 (€m) Q2 2026 Q2 2025 CHG. H1 2026 H1 2025 CHG. Media o/w programming costs 65 (211) 81 (230) (16) +19 81 (433) 125 (451) (44) +19 Margin 14.3% 15.7% (1.4 pts) 9.3% 12.8% (3.5 pts) Studio TF1 (1) 7 (8) (4) 6 (10) Margin (1.5%) 10.2% (11.7 pts) (3.1%) 4.5% (7.7 pts) TOTAL COPA 64 88 (24) 77 131 (54) Margin 12.3% 15.0% (2.8 pts) 7.8% 11.9% (4.1 pts) • H1 COPA above expectations, confirming strategic choices in a challenging advertising and regulatory environment G R O U P
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INVESTOR PRESENTATION29 Consolidated income statement 1 -6.4% like-for-like and at constant exchange rates, at end-June (-7.1% for Media and –3.0% for Studio TF1 like-for-like) 2 Exceptional corporate income tax contribution levied on French companies under the 2026 Finance Bill. (€m) Q2 2026 Q2 2025 CHG. H1 2026 H1 2025 CHG. Consolidated revenue1 521 583 (10.5%) 993 1103 (9.9%) Total costs of programmes (211) (230) +19 (433) (451) +19 Other charges, depreciation, amortisation and provisions (247) (265) +18 (484) (521) +37 Current operating profit from activities 64 88 (24) 77 131 (54) Margin from activities 12.3% 15.0% (2.8 pts) 7.8% 11.9% (4.1pts) Amortisation and impairment of intangible assets recognised as a result of acquisitions (1) (1) +0 (3) (7) +4 Current operating profit 62 86 (24) 74 124 (50) Other operating income and expenses (2) (3) +1 (4) (5) +1 Operating profit 60 83 (23) 70 119 (49) Income from net surplus cash / cost of net debt 2 1 0 4 4 0 Other financial income and expenses (1) 2 (3) (3) 0 (3) Income tax expense (15) (23) +8 (20) (43) +23 Share of profit / (loss) of associates 0 1 (1) 0 0 0 Net profit 45 64 (19) 50 80 (30) Net profit attributable to the Group (excluding exceptional tax surcharge) 48 66 (18) 56 93 (37) Exceptional tax surcharge2 (2) (3) +1 (5) (14) +10 Net profit attributable to the Group (including exceptional tax surcharge) 46 63 (17) 51 78 (28)
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30 Solid net cash position at end-June 2026 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 01/01/2026 Net cash flow1 Changes in working capital requirements Net capital expenditure Acquisitions / disposals Dividends / other Closing net cash position at 30/06/2026 Repayment of lease obligations 242 (150) (2) (128)(6) 11H1 2025 Free cash flow before changes in WCR €55 million 432 149 515 (88) €m Free cash flow after changes in WCR €57 million (6) (139) INVESTOR PRESENTATION 2 (1)
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31 Full-year 2026 guidance maintained INVESTOR PRESENTATION Capitalising on its strategy, on its new digital initiatives and on its solid financial position, the Group’s targets are as follows: Against a backdrop of rapidly changing consumption habits and a persistently unstable macroeconomic and political environment, the linear advertising market remains under strong pressure in 2026. Strong double-digit revenue growth in digital Aim for a growing dividend policy in the coming years During this digital transition phase, the Group intends to maintain a mid-to-high single-digit margin from activities before capital gains in 2026, subject to the evolution of the linear market with visibility remaining limited
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05. Extra - financial performance
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33 Contributing to the ecological transition Acting towards a more united society Strengthening our role as a trusted media company Our CSR strategy 3 key pillars INVESTOR PRESENTATION
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Promoting more responsible advertising Environment Contributing to the ecological transition Decarbonising our activities and sector Raising awareness among our audiences about ecological transition +1,100 environmental topics in TV news programs 32% of in-house production hours eco- produced in 2025* « Diamond » distinction from the Sustainable Digital Ad Trust: highest level of maturity in the profession « Demain » topic on wave energy *towards a 100% target by 2028 INVESTOR PRESENTATION
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2021 2025 2030 Carbon footprint : -28% on Scopes 1 and 2 -11% on Scope 3a (vs 2021) Targets validated by the SBTi : -42% on Scopes 1 and 2 -25% on Scope 3a (vs 2021) Baseline year 119 ktCO2 105 ktCO2 89 ktCO2 119 105 -3,7 -6,3 -4,4 -1,4 -0,7 -0,2 89 0 20 40 60 80 100 120 140 2021 2025 2030 Evolution of the program schedule Low- carbon purchasing Eco- production Digital Mobility Energy In ktCO2 TF1 Group’s decarbonisation strategy Contribution by decarbonisation levers Environment Contributing to the ecological transition INVESTOR PRESENTATION
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Social & societal Acting for a more united society Representing the French population and its territories Fostering national cohesion and promoting solidarity +120 associations supported in 2025 5th cohort of « Expertes à la une » Women’s rugby Live television and series 8th edition of « Le plus beau marché » « Nos voix pour toutes » concert Documentary on mental health INVESTOR PRESENTATION
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Ensuring responsible practices in our activities Societal & governance Strengthening our role as a trusted media company Ensuring reliable, high-quality and innovative information Presentation of the responsible purchasing roadmap to our partner suppliers Launch of TF1+ news podcasts 6.2m followers on TikTok for TF1 Info and LCI Promoting media literacy and fighting fake news INVESTOR PRESENTATION +600 articles by Les Vérificateurs on TF1 Info in 2025
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06. Share information LCI MORNING SHOW
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INVESTOR PRESENTATION39 Share ownership & stock market information * At 30 June 2026 Stock market information Quote: Euronext Paris Market: Compartment A ISIN: FR0000054900 CFI: ESVUFN ICB: 403010 Media Ticker: TFI Major Market Indexes: • SBF 120 • CAC MID 60 • CAC MID & SMALL Total number of shares at end-June 2026 : 211,034,249 Market Capitalisation at end-June 2026 : €1.4 billion Ownership structure* Coverage & recommendations 47% 12% 41% Bouygues SA TF1 employees Free float (1) (2) ANALYSTS 7 NEUTRAL4/7 BUY2/7 (1) Estimates based on Euroclear statements (2) Including unidentified holders of bearer shares SELL1/7
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40 5% year-on-year increase in dividend per share PER SHARE INVESTOR PRESENTATION 2021 2022 2023 2025 €0.45 €0.50 €0.63 DIVIDEND YIELD2 +40% 2024 €0.55 Dividend trend (2021-2025) (€/share) 7% 8% 8%5% 8% €0.60 €132m1 €0.63 1 Based on 210.3m shares on 23/04/2026 (dividend payment date) 2 Based on the closing share price on 31/12/Y-1
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07. Appendix PANDA
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(€m) FY 2025 FY 2024 CHG.% Media 1,921 2,011 (4.5%) Advertising revenue 1,574 1,644 (4.3%) o/w TF1+ advertising revenue 198 146 +35.8% Non-advertising media revenue 347 368 (5.6%) Studio TF1 376 345 +9.2% France 103 101 +2.5% International 273 244 +11.9% TOTAL REVENUE1 2,297 2,356 (2.5%) 42 FY25 Consolidated revenue per segment Advertising ▪ Continued strong momentum for TF1+, with 36% growth ▪ Linear impacted by structural trends and exacerbated by an unstable environment (particularly in Q4) Non-advertising media revenue: good performance in the first nine months, then impacted by the deconsolidation of My Little Paris and PlayTwo 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 (€44m in 20252), with activity skewed to the second half of the year S T U D I O T F 1 G R O U P • Broadly stable consolidated revenue LFL & at constant FX 1 -0.8% like-for-like and at constant exchange rates, at end -December (-2.3% for Media and +6.5% for Studio TF1 like -for-like) 2 Compared with €24m in FY 2024 INVESTOR PRESENTATION
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(€m) FY 2025 FY 2024 CHG. Media o/w programming costs 212 (967) 259 (986) (47) +19 Margin 11.0% 12.9% (1.8 pts) Studio TF1 40 38 +2 Margin 10.7% 11.1% (0.3 pts) TOTAL COPA 252 297 (45) Margin 11.0% 12.6% (1.6 pts) 43 FY25 COPA per segment Impact from decrease in linear advertising revenue mitigated by: • Active portfolio management generating a €38m capital gain (vs €27m related to Ushuaia in 2024) • Strict cost control M E D I A • Broadly flat margin from activities year on year S T U D I O T F 1 • Decline in COPA reflecting decrease in linear advertising • 11% margin from activities: revised target reached G R O U P INVESTOR PRESENTATION
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44 FY25 Consolidated income statement 1 -0.8% like-for-like and at constant exchange rates, at end -December 2 Exceptional corporate income tax contribution levied on French companies under the 2025 Finance Bill (€m) FY 2025 FY 2024 CHG. Consolidated revenue1 2,297 2,356 (2.5%) Programming costs (967) (986) +19 Other charges, depreciation, amortisation and provisions (1,078) (1,073) (5) Current operating profit from activities 252 297 (45) Margin from activities 11.0% 12.6% (1.6 pts) Amortisation and impairment of intangible assets recognised as a result of acquisitions (10) (8) (2) Current operating profit 242 289 (47) Other operating income and expenses (9) (18) +10 Operating profit 233 271 (38) Income from net surplus cash / cost of net debt 7 16 (8) Other financial income and expenses (5) (8) +3 Income tax expense (64) (67) +3 Share of profit / (loss) of associates (7) (1) (6) Net profit 165 211 (45) Net profit attributable to the Group (excluding exceptional tax surcharge) 168 206 (38) Exceptional tax surcharge2 (15) 0 (15) Net profit attributable to the group (including exceptional tax surcharge) 153 206 (53) INVESTOR PRESENTATION
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45 Solid net cash position at end-December 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 31/12/2025 Repayment of lease obligations 518 (280) (61) (129)(9) (38)2024 Free cash flow before changes in WCR €85 million 17 19 515 447 506 (350) €m Free cash flow after changes in WCR €102 million (12) (112) NET CASH POSITION +€9m year on year INVESTOR PRESENTATION
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Contact INVESTOR PRESENTATION46 Pierre-Alain GÉRARD EVP Finance, Strategy & Procurement TF1 GROUP 1 Quai Du Point Du Jour 92 656 Boulogne-Billancourt Cedex France https://www.groupe-tf1.fr/en Adrien WIART Head of M&A, Business Plan & Investor Relations Stéphane FEIST Head of Investor Relations Quentin MASSÉ Investor Relations INVESTOR RELATIONS TEAM comfi@tf1.fr