TF1 (TFI) Q2 2025 earnings summary

Executive summary

• Maintained leadership in key commercial TV targets, with strong audience shares among women under 50 (33.7%) and individuals aged 25-49 (30.7%), though some shares declined slightly year-over-year.

• Group revenue for H1 2025 was €1,103 million, nearly flat year-over-year.

• TF1+ streaming platform reached a record 39 million monthly streamers in June 2025, with 559 million hours watched in H1.

• TF1+ expanded into 22 African countries, with French-speaking markets now 6% of total streamed hours.

• Net cash position at end-June was €473 million, up €26 million year-over-year.

Financial highlights

• Consolidated H1 2025 revenue was €1.1 billion, stable year-on-year.

• Advertising revenue declined 2.5% to €782 million, impacted by macro uncertainties and a high comparison base.

• Digital advertising revenue grew 41% year-on-year to €92 million.

• COPA reached €131 million, up €2 million year-on-year, with margin from activity up 0.2 points to 11.9%.

• Programming costs were €451 million, slightly down due to Euro 2024 base effect.

Outlook and guidance

• 2025 guidance confirmed: strong double-digit digital revenue growth, stable activity margin, and growing dividend policy.

• H2 linear advertising market expected to decline at a low single-digit rate, but TF1 expects to outperform the market.

• Digital demand projected to remain dynamic, with continued market share gains.

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

• Major entertainment franchises, new dramas, and key sporting events planned for H2.