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TF1 (TFI) investor relations material

TF1 Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

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Frequently asked questions

Télévision Française 1 Société anonyme engages in the broadcasting and entertainment sectors in France. The company operates as a subsidiary of France Television Group, which is one of the leading media groups in France. Its activities include the production and broadcasting of television programs, creation of new formats and association with outside partners; operation of radio stations; production and co-production of feature films for commercial distribution; creation and management of television channels; and provision for other subscribers to TV programs via cable networks.

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