TF1 (TFI) Q3 2024 earnings summary

Executive summary

• Delivered robust performance in the first nine months of 2024, with consolidated revenue reaching €1,590.9m, up 2.8% year-over-year, and stable audience shares despite Olympic competition.

• Advertising revenue grew 4.5% year-over-year, with digital advertising up 39.5% and TF1+ showing strong growth momentum.

• Net profit attributable to the group was €146.5m, up 5.3% year-over-year, benefiting from financial income on surplus cash.

• TF1+ streaming platform reached 33.7 million streamers and expanded internationally, becoming a leader in the francophone market.

• Maintained leadership in commercial targets and resilience despite market headwinds and competition.

Financial highlights

• Consolidated revenue for 9M 2024 was €1,590.9m, up 2.8% year-over-year, with advertising revenue at €1,146.8m (+4.5%).

• Current operating profit from activities (COPA) was €197.9m, with a margin of 12.4%, down from 13.2% last year.

• Net profit for 9M 2024 was €146.5m, up 5.3% year-over-year.

• Net cash stood at €363.8m at end September, down from €505m at end December 2023, reflecting dividend payments and acquisitions.

• Free cash flow after changes in working capital was €50.5m.

Outlook and guidance

• 2024 objectives confirmed despite signs of tension in the advertising market due to political and tax factors in France.

• Focus remains on digital growth, operational optimization, and expanding TF1+ in French-speaking markets and North Africa in 2025.

• Production activity for Newen Studios expected to be concentrated in Q4, with delivery of major productions.

• Aims to maintain a broadly stable current operating margin and continue a growing dividend policy.

• TF1 aims to be the leading free streaming platform for French-speaking markets and maintain its leadership in linear TV.