Télévision Française 1 S.A.

Group revenue was EUR 993 million in H1 2026, down 6% like-for-like and at constant FX. Media advertising revenue was EUR 714 million, down 9%, while TF1+ advertising revenue rose almost 20% to EUR 109 million and total digital revenue reached EUR 134 million, up 17%. Current operating profit from activities was EUR 77 million, with a 7.8% margin; media COPA was EUR 81 million and Studio TF1 COPA was EUR -4 million. Net profit attributable to the group, excluding exceptional tax surcharge, was EUR 56 million, down EUR 37 million year-on-year; including the surcharge it was EUR 51 million. Net cash reached EUR 432 million at end-June. Management confirmed 2026 targets: strong double-digit digital revenue growth, a mid- to high-single-digit margin from activities before capital gains, and a growing dividend policy.

Rodolphe Belmer framed the quarter as one of resilience in a highly competitive and volatile market. He emphasized that TF1 maintained leadership in linear audiences and advertising share, while TF1+ kept growing strongly and benefited early from the Netflix distribution deal. His tone was confident but cautious, repeatedly stressing limited visibility, disciplined cost control, and the decision to maintain 2026 targets despite a weak linear ad backdrop.

Pierre-Alain Gérard focused on the numbers behind the resilient headline performance. He highlighted EUR 993 million of revenue, EUR 77 million of COPA, a 7.8% margin, EUR 56 million of net profit excluding the exceptional tax surcharge, and EUR 432 million of net cash at end-June. He also pointed to the mix shift: media advertising revenue fell 9% to EUR 714 million, TF1+ advertising rose almost 20% to EUR 109 million, and programming costs declined EUR 19 million to EUR 433 million as management adjusted spend tactically. He said the balance sheet remains a key strength and noted that free cash flow after working capital was EUR 57 million in H1, while working capital seasonality should still weigh more later in the year.

Analysts focused on dividend capacity, industry consolidation, Studio TF1’s earnings trajectory, advertising trends, programming cost discipline, and the impact of contract terminations. Management said there is no fixed payout cap or automatic payout formula; the dividend will be reassessed each year, and they expect the dividend to be covered by profitability in the near term, though they would not rule out flexibility if needed. On consolidation, Belmer said a pay-TV/free-TV combination in France would likely create limited synergies because content lineups are very different and the overlap is small. On TF1+ and Netflix, he said the partnership started too late in June to show much revenue in H1, but it should materially accelerate TF1+ revenue growth in H2; on the World Cup, he said TF1 lost only 0.7 percentage point of ad market share and estimated the event’s incremental revenue impact should be assessed against its incremental cost, not in isolation.