TF1 (TFI) Q1 2025 earnings summary

Executive summary

• Consolidated revenue rose 1.6% year-over-year to €520 million in Q1 2025, with Media segment up 1.8% and Studio TF1 stable.

• TF1 maintained leadership in key audience segments, with a 33% share among women under 50 and 35 million monthly streamers on TF1+.

• Net profit attributable to the Group was €26 million excluding an exceptional tax surcharge, and €15 million including the surcharge.

• Net cash position increased to €559 million at end-March 2025, up from €506 million at year-end 2024.

• The group marked its 50th anniversary and announced strategic partnerships, including with Renault for in-car streaming.

Financial highlights

• Group advertising revenue was stable at €363 million, while TF1+ digital ad revenue surged 36.9% to €40 million.

• COPA increased to €43 million, up €6 million year-on-year; margin from activities improved to 8.3%.

• Non-advertising media revenue grew 9.6% year-on-year to €98 million, driven by interactivity and music/live shows.

• Studio TF1 revenue was stable at €59 million; COPA for Studio TF1 was -€1 million, impacted by ERP system setup costs.

• Programming costs increased to €221 million, up €4 million year-over-year.

Outlook and guidance

• 2025 objectives confirmed: strong double-digit digital revenue growth, broadly stable margin from activities, and a growing dividend policy.

• Strategic priorities include strengthening leadership in linear advertising, becoming the leading free streaming platform in French-speaking markets, and reinforcing Studio TF1's international position.

• Q2 2025 highlights include major entertainment franchises and key sports events (UEFA Women's Euro, Women's Rugby World Cup); digital revenue expected to see strong double-digit growth.

• Margin from activities expected to remain broadly stable compared to 2024.

• Advertising market visibility remains limited, with Q2 described as softer than expected.