Slides
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9M 2026 Results 29 October 2026 UEFA NATIONS LEAGUE
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Disclaimer Nine-month 2026 financial results2 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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42m streamers/month on average in 9M 2026 3 Increased platform appeal, boosted by the Netflix partnership Highlights Source: Médiamétrie – Médiamat Restit TV 1 +30% year on year over the summer 2 Based on internal estimates Audience leadership strengthened post-World Cup 25-49 Y/O 32.2% Ad market share Q3 2026 +2 pts2 advertising revenue Accelerating growth in TF1+ +20.5% 2026 TARGETS MAINTAINED Group revenue Robust leadership in a challenging context €1,454m Profitability on track with 2026 roadmap Net cash position Solid financial position €382m Nine-month 2026 financial results 43.5m streamers in September 2026 W<50PDM 36.1% COPA Margin from activities €110m 7.6% +25% hours viewed on TF1+ in Q3 2026 YoY1 (site centric) C.50% Netflix subscribers in France have watched at least one TF1+ programme since launch 9M 2026 Stronger leadership in linear since the World Cup ended Studio TF1: Sustained activity, as anticipated +11.2% Studio TF1 revenue Group advertising revenue €1,022m
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4 01. P.5Business review 02. P.9Financials 03. P.14Outlook P.17 04. Q&A Nine-month 2026 financial results
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01. Business review MONTMARTRE LE MYSTÈRE DE LA CHAMBRE JAUNE
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= Nine-month 2026 financial results6 Strong back-to-school ratings, to reinforce leadership post World-Cup Unmatched audience leadership in linear Audience shares: Médiamétrie – Médiamat – January-September 2026 29.7 19.1 14.3 9.5 4.5 4.2 3.3 2.6 2.2 2.0 2.0 1.6 1.5 0.7 TF1 M6 F2 TMC W9 F3 TFX 6ter TF1 SF F5 Gulli LCI F.info +0.1 vs 9M 2025 +4.8 pts vs main competitor -0.3 +0.4=-1.1 +1.9 -0.1 +0.2 +0.2 +0.1 -0.5 -0.4-1.0 25-49 Y/O French dramaNews Up to 4.6m viewers Up to 5.5m viewers TV Movies Sport Up to 4.4m viewers Up to 6.9m viewers Entertainment Up to 4.1m viewers Significant gap over main competitor maintained at end-September vs 9M 2025 33.3 21.7 14.5 9.3 4.8 4.3 3.5 3.1 2.5 2.2 1.9 1.8 0.8 0.5 TF1 Gr TF1 M6 F2 TMC W9 TFX F3 TF1 SF 6ter F5 Gulli LCI F.info W<50PDM -1.1 +0.9 = +0.5 +0.1 -0.3 +0.2+0.1 -0.7 +0.2 -0.3 +0.1 +7.2 pts vs. main competitor = -0.5
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7 Accelerating growth in Q3 Ad inventories CPMConsumption 857m STREAMED HOURS1 +13.0% vs 9M 2025 (site centric2) AD LOAD 5MIN 10 SEC/HOUR 9M 2026 average +1% vs 9M 2025 CPM €12.7 9M 2026 average -1% vs 9M 2025 Innovative, higher-CPM formats such as Carousel Retail Ads contributing to revenue growth + 43.5m STREAMERS in September 2026 €160m +19% vs 9M 2025 Ad growth accelerating in Q3 thanks to Netflix partnership 42m STREAMERS1 monthly average in 9M 2026 +15% vs 9M 2025 €198m +17% vs 9M 2025 Digital revenue x TF1 content regularly ranked in Netflix’s top 10 ~ 850K transactions in September 43% of total YTD ~2M transactions at end-September ~4 transactions per month per converted streamer in Q3 MICROPAYMENT Boosted by line-up and deployment on eligible set-top boxes New initiatives +20.5% vs Q3 2025 Advertising revenue Reaching almost €200m of revenue in only 9 months +25% hours viewed on TF1+ vs Q3 2025 (site centric2) C.50% Netflix subscribers have watched at least one TF1+ programme since launch 1 Médiamétrie Restit TV / All content watermarked at the request of broadcasters (replay, long-term rights, excerpts) / With TF1+ Premium / Excluding Live OTT / Content publisher perspective 2 Non-linear excluding Live / including TF1+ Premium / excluding operator apps - Includes all streaming uses not measured by Médiamétrie (specific AVOD content, aggregated content, consumption outside France) TF1 MIDTAIL Local footprint extension 70 business partners 3 local sales house partnerships Solocal, Cityz, Mediaposte ~ 1,000 SMEs clients YTD ~ 2,200 ad campaigns YTD
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8 Deliveries for a wide pool of clients Daily shows Drama €218m at end-September 2026 up €5m year on year Revenue of Nine-month 2026 financial results Unscripted Documentaries Cinema Successful 1st theatrical release by the film distribution division: >700k admissions
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02. Financials L’INTERVIEW D’AMÉLIE CARROUËR - LCI
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Nine-month 2026 financial results10 Consolidated revenue per segment (€m) Q3 2026 Q3 2025 CHG.% 9M 2026 9M 2025 CHG.% Media o/w digital revenue 367 64 411 56 (10.8%) +15.1% 1,236 198 1,386 170 (10.8%) +16.5% Advertising revenue 308 340 (9.3%) 1,022 1,121 (8.9%) o/w TF1+ advertising revenue 51 42 +20.5% 160 134 +19.2% Non-advertising media revenue 59 71 (17.8%) 214 264 (18.9%) Studio TF1 94 85 +11.2% 218 213 +2.6% France 17 15 +11.5% 52 64 (18.6%) International 78 70 +11.3% 166 149 +11.8% TOTAL REVENUE1 461 496 (7.0%) 1,454 1,598 (9.0%) • Advertising: ▪ Accelerating TF1+ growth, driven by the Netflix partnership ▪ Linear: market share gain post-FIFA World Cup amid strong market headwinds • Non-advertising media revenue: -5% LFL decrease, due to termination of certain distribution agreements, and sale of women’s sports rights in Q3 2025 M E D I A S T U D I O T F 1 G R O U P • Revenue down 6.6% LFL and at constant FX • France: base effect with the deliveries to Netflix in 2025 (All for light, From Rockstar to Killer…) • International driven by deliveries to broadcasters and platforms (Alice Bell, Paris is always a good idea) and distribution deals (Good vibes only, Été 36, Flashback…) 1 -6.6% like-for-like and at constant exchange rates, at end-September (-8.2% for Media and +2.6% for Studio TF1 like-for-like)
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Nine-month 2026 financial results11 Current operating profit from activities per segment • Digital growth and cost discipline partly offset the sharp decline in linear advertising revenue • 9M margin at 8.4% vs. 11.1% before capital gains in 9M 2025 M E D I A • COPA down €14m, reflecting base effects notably with deliveries to Netflix in 2025, and TV movie deliveries weighted towards year-end S T U D I O T F 1 (€m) Q3 2026 Q3 2025 CHG. 9M 2026 9M 2025 CHG. Media o/w programming costs 23 (185) 46 (211) (23) +26 104 (618) 171 (662) (67) +44 Margin 6.3% 11.2% (4.9 pts) 8.4% 12.3% (3.9 pts) Studio TF1 10 14 (4) 6 20 (14) Margin 10.9% 16.7% (5.7 pts) 2.9% 9.4% (6.4 pts) TOTAL COPA 33 60 (27) 110 191 (81) Margin 7.2% 12.1% (4.9 pts) 7.6% 11.9% (4.4 pts) • 9M COPA margin at 7.6% (vs. 10.9% before capital gains in 9M 2025) Margin level in line with 2026 roadmap G R O U P
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Nine-month 2026 financial results12 Consolidated income statement 1 -6.6% like-for-like and at constant exchange rates, at end-September (-8.2% for Media and +2.6% for Studio TF1 like-for-like) 2 Exceptional corporate income tax contribution levied on French companies under the 2026 Finance Bill (€m) Q3 2026 Q3 2025 CHG. 9M 2026 9M 2025 CHG. Consolidated revenue1 461 496 (7.0%) 1,454 1,598 (9.0%) Total costs of programmes (185) (211) +26 (618) (662) +44 Other charges, depreciation, amortisation and provisions (242) (225) (18) (726) (745) +19 Current operating profit from activities 33 60 (27) 110 191 (81) Margin from activities 7.2% 12.1% (4.9 pts) 7.6% 11.9% (4.4 pts) Amortisation and impairment of intangible assets recognised as a result of acquisitions (2) (1) (0) (5) (9) +4 Current operating profit 32 59 (27) 106 182 (77) Other operating income and expenses 0 (2) +3 (4) (7) +3 Operating profit 32 57 (24) 102 175 (73) Income from net surplus cash / cost of net debt 3 2 +1 6 6 +1 Other financial income and expenses (2) (0) (2) (5) (1) (5) Income tax expense (8) (11) +3 (28) (54) +26 Share of profit / (loss) of associates (1) 0 (2) (1) 0 (1) Net profit 23 47 (24) 73 127 (53) Net profit attributable to the Group (excluding exceptional tax surcharge) 21 45 (24) 77 138 (61) Exceptional tax surcharge2 (1) (1) (0) (6) (15) +9 Net profit attributable to the Group (including exceptional tax surcharge) 21 44 (24) 71 123 (51)
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13 Solid net cash position at end-September 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 30/09/2026 Repayment of lease obligations 331 (238) 9 (122)(9) (12)9M 2025 Free cash flow before changes in WCR €108 million Free cash flow after changes in WCR €16 million Nine-month 2026 financial results 382 229 515 (113) (8) (147) (92) (2)
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03. Outlook CAT’S EYES SEASON 2
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15 Outlook Nine-month 2026 financial results Linear A premium line-up in Q4 Partnership live since late June with performance ahead of expectations Digital Ramp-up of 3 initiatives to boost revenue New releases from the theatrical film distribution division A solid sports line-up A strong slate of new drama titles Activity weighted to year-end, notably with Studio TF1 America delivery schedule L’homme qui s’envola Mid-tail offer launched, and partnerships signed with Solocal, Cityz Media and Mediaposte in recent months Ongoing deployment of micropayments Top-performing unscripted programs LA COMTESSE DE MONTE CRISTO
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16 Full-year 2026 guidance maintained Nine-month 2026 financial results 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. 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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Nine-month 2026 financial results17 Q &A