TF1 (TFI) Q4 2025 earnings summary

Executive summary

• Maintained audience leadership in France, with 34.5% share among W<50PDM and 18.7% among 4+ in 2025, and strong digital reach including 38 million monthly streamers on TF1+.

• Group revenue was €2,297 million in 2025, down 2.5% year-over-year, but margin from activities met the revised target at 11.0%.

• Digital strategy drove strong growth in TF1+ advertising revenue (up 35.8%) and Studio TF1 revenue (up 9.2%), offsetting declines in linear advertising.

• Net cash position at year-end was €515 million, up €9 million year-over-year, supporting a proposed 5% higher dividend.

• Outperformed the market in both linear and digital segments, gaining market share and demonstrating resilience in a challenging environment.

Financial highlights

• Consolidated revenue: €2,297 million in 2025, down 2.5% year-on-year, but stable like-for-like and at constant FX.

• Advertising revenue: €1,574 million, down 4.3% year-on-year; TF1+ advertising revenue surged 35.8% to €198 million.

• Studio TF1 revenue: €376 million, up 9.2% year-on-year, including contributions from the JPG acquisition.

• COPA: €252 million, margin from activities at 11.0%; excluding capital gains and digital reinvestments, margin would be ~9%.

• Net profit (excluding exceptional tax): €168 million, down €38 million year-on-year; net profit attributable to the group was €153 million after an exceptional tax surcharge.

• Dividend proposed: €0.63 per share, up 5% from 2024, yielding 8%.

Outlook and guidance

• Expects continued mid- to high-single-digit decline in linear advertising in 2026, but aims to outperform the market.

• Digital revenue expected to grow at a strong double-digit rate in 2026, driven by TF1+ and new monetization initiatives.

• Margin from activities before capital gains guided to remain in the mid- to high-single-digit range in 2026.

• Programming costs expected to remain stable in 2026.

• Ongoing focus on growing dividend policy.