MOЖTMARTRE
01. Who we are | P.4 |
02. Strategy update | P.8 |
03. FY 2025 financials | P.16 |
04. Segment deep dive | P.24 |
05. Extra-financial performance | P.34 |
06. Share information | P.40 |
INVESTOR PRESENTATION
3
01.
Who we areBONJOUR! TF1'S MORNINС SHOW
TF1 group's history
2026
Launch of TF1 Ad Manager and of the midtail initiative
2025
Newen Studios becomes
Launch of a micropayment offer on
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 Croup (JPC), a US player in the production and distribution of TV movies
2023
Discontinuation of Salto. New agreement with the ARCOM, allowing the Croup to broadcast the TF1 channel on the DTT frequency starting May 6, 2023, and for a period of 10 years
5
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
2020
Launch of Salto, the SVOD platform with France Télévisions and M6
Announcement of the Croup's environmental strategy to cut CO2 emissions by 30% by 2030
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 Cermany)
2018
First distribution agreements signed with the French telecom operators
Acquisition of the aufeminin group
2016
TF1 acquires a 70% equity interest in the Newen group, nowadays present in studios across 11 countries.
2014
TF1 sells majority control of Eurosport to Discovery Communication group
2012
The TF1 group launches HD1, the Croup'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)
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)
INVESTOR PRESENTATION
TF1 group's activities: broadcasting, streaming and production
Media
BROADCASTIЖC, STREAMIЖC,
2025 REVENUE
COЖTEЖT PRODUCTIOЖ
2025 REVENUE
OTHER ACTIVITIES €1.9bn € DISTRIBUTIOЖ €376m
INVESTOR PRESENTATION
FTA CHANNELS
THEME CHANNELS
STREAMINC SERVICES
ADVERTISINC
ASSOCIATED ACTIVITIES
(Music, Entertainment, Licences…)
DRAMA / SCRIPTED
ENTERTAINMENT
TV MOVIES
ANIMATION
DOCUMENTARIES
2025 Highlights
Strengthened audience leadership
Broadly stable consolidated revenue
LFL € AT CONSTANT FX
Ad revenue impacted by structural trends, exacerbated by an unstable environment
Strong growth in digital
W<50PDM
34.5%
25-49 Y/O
30.9%
Croup revenue
€2,297m
Croup advertising revenue
€1,574m
TF1+
advertising revenue
+35.8%
4+
18.7%
2024
Increasing reach
4+
60m
viewers/month on average in FY 2025
4+
>2%
since moving
to DTT channel 15
15-34 Y/O
15m
viewers/month on average in FY 2025
Cood momentum at Studio TF1
Studio TF1 revenue
€376m
Revised margin target achieved
Margin from activities
11.0%
Reinforced financial position
Net cash position
€515m
38m
streamers/month on average in FY 2025
42m
streamers in October 2025, new record
REVISED 2025 TARCETS ACHIEVED
Source: Médiamétrie - Médiamat Restit TV INVESTOR PRESENTATION
02.
Strategy updateDAЖSE AVEC ḺES STARS
Ambition
Establish the group as the primary premium destination on TV screens for family entertainment and quality news in French
9 INVESTOR PRESENTATION
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
10 INVESTOR PRESENTATION
Market momentum: a strategic opportunity
TV screens are connected like smartphones
Video consumption shifts to "on-demand"
The digital video advertising market is now bigger than the linear TV market
77%
Daily TV/video consumption (4+ target)
2h28
0h44
1h02
Social
Net advertising revenue (€bn)
3h12
of households own a connected TV (through set-top boxes,
Smart TVs…)
o/w 59% of households own a Smart TV
(vs 36% in 2019)
On-demand video
Linear TV
4h17 4h13
0h26
0h39
On-demand
42%
vs 25% in 2019
Digital video advertising
Linear TV advertising
3.2
1.0
€4.2bn
€6.6bn
Video
58%
vs 23% in 2019
2.8
3.8
2025
2019
2025
2019
2025
11 Source: Médiamétrie - Connected TVs barometer - H2 2025 ; Médiamat 2019-2025 and Clobal Video 2019 - 2025 ; Linear TV: IREP / BUMP ; Digital video ad: Instream/Outstream/Social Media Video - Source: SRI e-Pub Oliver Wyman
INVESTOR PRESENTATION
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
Iconic unscripted
franchises Unique prime-time
inventories
Multi-channel
offer
Premium French drama
Solid sports line-up
Offer the best ROI on TV:
€6.6
Maximize ad
campaigns' reach
12 INVESTOR PRESENTATION
Establish as a primary destination for viewers and advertisers
INCREASE CONSUMPTION IMPROVE MONETISATION
Extend the reach
of the Croup's content
Enhance catalogue with complementary audiovisual content
Develop new forms of monetisation
Address advertisers' needs from brand awareness to conversion
Distribution deals
Aggregation
Micropayment ramp-up
New ad formats on CTVs
Extension
of eligible content
Landmark distribution deal with Netflix for TF1 group channels and TF1+
Starting Summer 2026
OK
To receive more information on your mobile phone
Press OK on the remote control.
Deployment on all set-top boxes
Integrated billing solutions
to facilitate the purchasing journey
Maximisation of offer visibility
through editorialisation
"Send to phone"
Total platform offering:
>35k hours of programmes available at any time
13
"Carrousel Retail Ads"INVESTOR PRESENTATION
"Quiz show"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
Transactional and service-oriented platform offering
Address the midtail through a dedicated offer
4 drivers
Objectives
Networks
simplified and competitive experience, incorporating AI features
Tailored, user-friendly offering with a
simplified purchasing journey
Local communication agencies
Local ad sales houses
Massive ad campaigns
Small team dedicated to midtail backed by an outsourced sales team
Boost our revenue
Diversify our client portfolio
January
Agency check-in
April
SME check-in
April
Launch
September
Deployment
14 INVESTOR PRESENTATION
Outlook
2026 priorities
2026 deliveries
Daily shows, premium drama and unscripted content for French and foreign broadcasters as well as global streaming services
Zodiaque
Matar a un oso
Day One
Ambitious cinema line-up, in the context of the launch of the new distribution division
May
August
October
November
Pour le plaisir Les Cendarmes Moulin Camembert
15 INVESTOR PRESENTATION
03.
FY 2025 financialsSECRET STORY
Consolidated revenue per segment
(€m) | Q4 2025 | Q4 2024 | CHC.% | FY 2025 | FY 2024 | CHC.% |
Media | 535 | 612 | (12.6%) | 1,921 | 2,011 | (4.5%) |
Advertising revenue | 453 | 497 | (9.0%) | 1,574 | 1,644 | (4.3%) |
o/w TF1+ advertising revenue | 64 | 50 | +26.9% | 198 | 146 | +35.8% |
Non-advertising media revenue | 83 | 115 | (28.4%) | 347 | 368 | (5.6%) |
Studio TF1 | 164 | 153 | +7.0% | 376 | 345 | +9.2% |
France | 39 | 43 | (8.8%) | 103 | 101 | +2.5% |
International | 124 | 110 | +13.2% | 273 | 244 | +11.9% |
TOTAL REVENUE1 | 699 | 765 (8.7%) | 2,297 | 2,356 (2.5%) |
17 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
M E D I A
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
S T U D I O T F 1
France: up notably with delivery of From Rock Star to Killer and All for Light to Netflix
International: contribution of JPC (€44m in 20252), with activity skewed to the second half of the year
C R O U P
Broadly stable consolidated revenue LFL fi at constant FX
INVESTOR PRESENTATION
Current operating profit from activities per segment
(€m) | Q4 2025 | Q4 2024 CHC. | FY 2025 | FY 2024 CHC. |
Media o/w programming costs | 41 (305) 7.6% | 68 (27) (315) +10 | 212 (967) 11.0% | 259 (47) (986) +19 |
Margin | 11.0% (3.5 pts) | 12.9% (1.8 pts) |
Studio TF1 | 20 12.5% | 31 (11) | 40 10.7% | 38 +2 |
Margin | 20.4% (7.9 pts) | 11.1% (0.3 pts) |
TOTAL COPA | 61 8.7% | 99 (38) | 252 11.0% | 297 (45) |
Margin | 12.9% (4.2 pts) | 12.6% (1.6 pts) |
18
M E D I A
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
S T U D I O T F 1
Broadly flat margin from activities year on year
C R O U P
Decline in COPA reflecting decrease in linear advertising
11% margin from activities:
revised target reached
INVESTOR PRESENTATION
Consolidated income statement
(€m) | Q4 2025 | Q4 2024 | CHC. | FY 2025 | FY 2024 | CHC. |
Consolidated revenue1 | 699 | 765 | (8.7%) | 2,297 | 2,356 | (2.5%) |
Programming costs | (305) | (315) +10 | (967) | (986) | +19 | |
Other charges, depreciation, amortisation and provisions | (333) | (352) +19 | (1,078) | (1,073) | (5) | |
Current operating profit from activities | 61 | 99 | (38) | 252 | 297 | (45) |
Margin from activities | 8.7% | 12.9% | (4.2 pts) | 11.0% | 12.6% | (1.6 pts) |
Amortisation and impairment of intangible assets recognised as a result of acquisitions | (2) | (6) | +5 | (10) | (8) | (2) |
Current operating profit | 59 | 93 | (33) | 242 | 289 | (47) |
Other operating income and expenses | (1) | 1 | (2) | (9) | (18) | +10 |
Operating profit | 58 | 93 | (35) | 233 | 271 | (38) |
Income from net surplus cash / cost of net debt | 2 | 2 | 0 | 7 | 16 | (8) |
Other financial income and expenses | (4) | (2) | (2) | (5) | (8) | +3 |
Income tax expense | (10) | (27) | +17 | (64) | (67) +3 | |
Share of profit / (loss) of associates | (7) | (2) | (5) | (7) | (1) | (6) |
Net profit | 39 | 64 | (25) | 165 | 211 | (45) |
Net profit attributable to the Croup (excluding exceptional tax surcharge) | 30 | 60 | (30) | 168 | 206 | (38) |
Exceptional tax surcharge2 | 0 | 0 | 0 | (15) | 0 | (15) |
Net profit attributable to the Croup (including exceptional tax surcharge) | 30 | 60 | (30) | 153 | 206 | (53) |
1 -0.8% like-for-like and at constant exchange rates, at end-December
19 2 Exceptional corporate income tax contribution levied on French companies under the 2025 Finance Bill
INVESTOR PRESENTATION
Solid net cash position at end-December 2025
Free cash flow
before changes in WCR
447
€85 million
(12)
506
(350)
17 19
515
(112)
€m
Free cash flow
after changes in WCR
€102 million
Opening net cash position at 01/01/2025
Net cash flow1
Repayment of lease obligations
Net capital expenditure
Changes in working capital requirements
Acquisitions / disposals
Dividends / other
Closing net cash position at 31/12/2025
2024
518
(9)
(280)
(38)
(61)
(129)
20 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 INVESTOR PRESENTATION
FY 2025 key takeaways
Tackling advertising market headwinds to mitigate impact on COPA
Market share gains across the board
Strong momentum for TF1+ (+36% ad growth, significantly outperforming digital ad market)
Market share gain in linear (outperformance vs low double-digit percentage decline for the market)
Tight cost control
(programming and operational costs) while preserving strategic imperatives
Active portfolio management
21 BOЖJOUR ! INVESTOR PRESENTATION
5% year-on-year increase in dividend per share
€132m1 €0.63PER SHARE
Dividend trend (2021-2025)
+40%
€0.63
€0.50
€0.55
€0.60
€0.45
2021
2022
2023
2024
2025
(€/share)
8%
8%
7%
5%
8%
DIVIDEND YIELD2
1 Based on 210,249,693 eligible shares on 23/04/2026 (dividend payment date)
2 Based on the closing share price on 31/12/Y-1
22
INVESTOR PRESENTATION
Full-year 2026 guidance
in a context of limited visibility
Capitalising on its strategy, on its new digital initiatives and on its solid financial position, the Croup'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 Croup 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
23 INVESTOR PRESENTATION
04.
Segment deep diveSTAR ACADEMY
04.
Segment deep dive
Media
KOH-ḺAЖTA
TF1 channels: the best ROI on the French TV market
invested = ROI
TF1 DTT channels TF1 channel
11% of TV
sales contribution
10%
of investments
43% of TV
sales contribution
41%
of investments
TF1 DTT
channels ROI: €6.6
TF1 channel ROI: €6.3
Average TV ROI: €5.5 *
€6.6
Prime TF1
0% 10% 20% 30% 40% 50%
Bubble size proportional to investments
Non-blue bubbles represent the main competitors in the TV market
2025 TF1/Ekimetrics survey
* Average excluding TF1 group's channels
% of TV sales contribution
INVESTOR PRESENTATION
A strong value proposition
Unrivalled daily reach among media
77%
53%
34%
17%
17%
TV
SVOD
TV/TF1: Médiamétrie - Mediamat (January-December 2025), 4 screens, 15+ target |
6 YouTube/TikTok: Médiamétrie - Panel Internet Clobal (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
Significant lead over main competitor
34.5
+9.5 pts
W<50PDM
TF1
LCI
TMC
TFX
22.9
vs main competitor
13.4 9.0
4.7 4.4 3.8
2.9 2.8
2.4 2.0
M6
F2
W9
F3 6ter
1.8
Culli F5
0.7 0.5
F.info
+1.0
+0.3 +0.6 -1.3 +0.1 +0.5 +0.4
-0.4
+0.4
-0.1 -0.1 -0.1 +0.3
+0.1
20.2
vs main competitor
12.4 9.1
4.6
4.2
3.0 3.0 2.6 2.0 2.0
1.8
1.1
M6
F2
W9
F3 6ter
F5 Culli
0.6
F.info
vs FY 2024
30.9
+7.8 pts
25-49 Y/O
LCI
TF1
TMC
TFX
+0.4
-0.2 +0.2 -1.7 +0.1 +0.8 +0.2 -0.6 +0.4 =
-0.1
= +0.3 =
vs FY 2024
Audience shares: Médiamétrie - Médiamat - January-December 2025
INVESTOR PRESENTATION
Audience leadership in FY25
Best ratings on targets
W<50PDM
43/50
Best ratings in all genres *
French drama
News
Up to 7.8m
viewers
Up to 7.1m
viewers
Entertainment
Movies
8.4m
viewers
Up to 5.5m
viewers
27
* Except sport
43/50
15-34 Y/O
43/50
25-49 Y/O
Update on streaming
Virtuous linear € streaming strategy
25-49 Y/O
Progress on all building blocks
LINEAR
NONLINEAR
80%
20%
Awareness
AIDED
AWARENESS1
Visibility
FIRST VISIBILITY2
Consumption
38m
STREAMERS3
monthly average in 2025
vs
Ad inventories
AD LOAD
5'14
CPM
CPM
€13.5
FRENCH DRAMA
UNSCRIPTED
61%
39%
+1 pt YoY
11%
89%
REALITY SHOWS JLC FAMILY
81%
+3 pts vs October 2024
69%
+11 pts vs December 2024
33m in 2024
42m
STREAMERS
in October 2025, new record
1.2bn
STREAMED HOURS3
+12% vs 2024
(site-centric4)
MIN/HOUR
2025 average
+15% vs 2024
vs a target of 6min in the
mid-term
DAILY SOAPS
52%
48%
+3 pts YoY
2025 average
-1% vs 2024
vs a target of €15 in the mid-term
53%
47%
+3 pts YoYADVERTISINC
REVENUE
€198m +36%FY 2025 average
Non-linear = Streaming + Time-shifting + Recording Live also includes DTT channels for Plus belle la vie
28 JLC Family : Seule on TFX - September-October
1 TF1+ image barometer | Toluna
panel in December 2025
2 Panel BVA - First visibility of TF1+ on connected TVs as a % of households - January 2026
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
INVESTOR PRESENTATION
Promising launch of micropayment in 2025
Previews (launched in September)
Live channel
Ad-free content (launched in October)
French drama Daily soaps Reality shows
Entertainment French drama
Daily soaps Reality shows
€0.99 €0.69 €0.69 €0.99/day €1.99
€0.99
€0.69 €0.69
29
1 September-December 2025
INVESTOR PRESENTATION
04.
Segment deep dive
MARIE-AЖTOIЖETTE
a multi-country footprint
31 INVESTOR PRESENTATION
a broad pool of producers
France United-Kingdom Netherlands Belgium
Norway Sweden
Cermany
USA
Spain Finland
32
Denmark CanadaINVESTOR PRESENTATION
Revenue of
€376min 2025
+9% year on year
Drama
Production
FY25 highlights
Distribution
COPA of
€40min 2025
+€2m year on year
Movies Unscripted
~1.2m
33 tickets sold
~705k
tickets sold
~490k
tickets sold
~470k
tickets sold
INVESTOR PRESENTATION
05.
Extra- financial performanceOur CSR strategy
3 key pillars
Contributing to the ecological transition
Acting towards a more united society
Strengthening our role as a trusted media company
35 INVESTOR PRESENTATION
Decarbonising our activities and sector
*towards a 100% target by 2028
32% of in-house production hours eco-produced in 2025*
Raising awareness among our audiences about ecological transition
« Demain » topic on wave energy
+1,100 environmental topics in TV news programs
Promoting more responsible advertising
« Diamond » distinction from the Sustainable Digital Ad Trust: highest level of maturity in the profession
INVESTOR PRESENTATION
Environment
Contributing to the
ecological transition
HF1 Croup's decarbonisation strategy
Baseline
year
119 ktCO2
Carbon footprint :
-28% on Scopes 1 and 2
-11% on Scope 3a
(vs 2021)
105 ktCO2
Targets validated by the
SBTi :
-42% on Scopes 1 and 2
-25% on Scope 3a
(vs 2021)
89 ktCO2
2021
2025
2030
140
120
100
80
60
40
20
0
Contribution by decarbonisation levers
119 | the program Low- Eco- carbon | In ktCO2 | ||||||
105 | schedule production purchasing -3,7 -6,3 -4,4 | Digital -1,4 | Mobility -0,7 | Energy -0,2 | 89 | |||
2021 2025 2030
INVESTOR PRESENTATION
Environment
Contributing to the
ecological transition
Representing the French population and its territories
Women's rugby
5th cohort of « Expertes à la
une »
8th edition of « Le plus beau marché »
Live television and series
Fostering national cohesion and promoting solidarity
« Nos voix pour toutes » concert
Documentary on mental health
+120 associations
supported in 2025
INVESTOR PRESENTATION
Social fi societal
Acting for a more
united society
Ensuring reliable, high-quality and innovative information
Launch of TF1+ news podcasts
6.2m followers on TikTok for
TF1 Info and LCI
Promoting media literacy and fighting fake news
+600 articles by Les Vérificateurs on TF1 Info in 2025
Ensuring responsible practices in our activities
Presentation of the responsible purchasing roadmap to our partner
suppliers
INVESTOR PRESENTATION
Societal fi governance
Strengthening our role as a trusted media company
06.
Share informationḺCI MORЖIЖC SHOH
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TF1 - Television Francaise 1 SA published this content on May 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 20, 2026 at 15:46 UTC.
