Metropole Television Sa · EURONEXT:MMT
Metropole Television Sa — Groupe M6 — FY2024 Earnings Presentation
51 slides from Metropole Television Sa's earnings presentation, February 2025
Slide 1: 2024 Annual Results
9 8ey es ' Dei K . f a we % INTHED.RK © MONBEE |S -NTATION C nae 2024 ANNUAL RESULTS
Slide 2: Forward-looking statements disclaimer
Statements contained in this document, particularly those concerning forecasts on future M6 Group performance, are forward-looking statements that are potentially subject to various risks and uncertainties. Any reference to M6 Group past performance should not be interpreted as an indicator of futur
Slide 3: Introduction, Video, Audio, Production, Diversification, Financial Statements, Outlook
INTRODUCTION VIDEO AUDIO PRODUCTION & AUDIOVISUAL RIGHTS DIVERSIFICATION FINANCIAL STATEMENTS OUTLOOK 3
Slide 4: Introduction
CONTENT a - ‘' ; > INTRODUCTION
Slide 5: Introduction: Highlights
1. Introduction INTRODUCTION >HIGHLIGHTS Excellent year for cinema 2024 Strategic transformation of the Group Advertisers leveraged the power of sport in 2024 And to come Sluggish property market 2026 & 2030 5
Slide 6: 2024 Financial Aggregates
INTRODUCTION 2024 FINANCIAL AGGREGATES 1. Introduction At constant scope, advertising revenue was stable over the year. Investments in the Group’s digital transformation strategy and the decline in the advertising market over the second half impacted EBITA. KEY FIGURES (€M) 0.0%* 2023 2024 1,315.6 +
Slide 7: Video > Transformation
VIDEO > TRANSFORMATION 7
Slide 8: Television remains the most popular video format
VIDEO > TRANSFORMATION AND REMAINED THE MOST POPULAR VIDEO FORMAT 2. Video Television continues to have a very extensive reach, far outstripping that of competing platforms: 3 out of 4 French people watch TV every day, including in the 25-49 year old range Daily coverage in % of the target 25 – 49 y
Slide 9: Non-linear consumption of TV content continuing to increase
VIDEO > TRANSFORMATION NON-LINEAR CONSUMPTION OF TV CONTENT CONTINUING TO INCREASE – M6 AHEAD IN THE FORMAT 2. Video Growth in consumption of TV content – Growth in consumption of M6 content 25-49 year old target – 25-49 year old target % live % live X5 % non-linear* +14 pp % non-linear* over 10 yea
Slide 10: 7PM-11PM: 46% of commercial audience and 70% of advertising revenue
VIDEO > TRANSFORMATION 7PM-11PM: 46% OF COMMERCIAL AUDIENCE AND 70% OF ADVERTISING REVENUE 25-49 year old audience throughout the day Non-linear consumption of TV content 2. Video Live and total audience consists mainly of access primetime and primetime 6,000,000 5,000,000 4,000,000 Live 3,000,000 T
Slide 11: Linear TV, a major source of growth for digital
VIDEO > TRANSFORMATION LINEAR TV, A MAJOR SOURCE OF GROWTH FOR DIGITAL 2. Video Entertainment Reality TV shows # of primetime shows per year Refresh of the genre with 3 successful launches in 2024 +60% over 10 years A linear offering 113 of content with 84 113 high digital 71 potential, which 2014 2
Slide 12: Video
2. Video VIDEO > TRANSFORMATION 12
Slide 13: Successful launch of M6+ digital audience
VIDEO > DIGITAL AUDIENCE RATINGS WITH THE SUCCESSFUL LAUNCH OF 2. Video Strong growth in number Record number of users Audience is getting younger M6+: 9 years younger of hours viewed Monthly coverage in millions* than the average of its Millions of hours viewed per year* competitors* +30 % +35 % Vs
Slide 14: The platform's major successes
VIDEO > DIGITAL AUDIENCE RATINGS THE PLATFORM’S MAJOR SUCCESSES Success of long-standing 2. Video channel programmes on Top programmes* Strengthened by new reality TV in hrs viewed shows vs 2023** Strong growth in the Success of consumption of extended Expansion of exclusive M6+ versions the series
Slide 15: Successful launch of M6+, in line with our forecasts
VIDEO > DIGITAL AUDIENCE RATINGS SUCCESSFUL LAUNCH OF M6+, IN LINE WITH OUR FORECASTS 2. Video Total viewing (in hrs) Annual streaming revenues* Growth in annual streaming OPEX from 2023 to 2028 (€M) from 2024 to 2028 (€M) € 100 M 1 Bn €200 M € 46 M €100 M 575 M €74 M 518 M 2023 2024 2028 2023 2024
Slide 16: Video > Audience Ratings
VIDEO > AUDIENCE RATINGS 16
Slide 17: Group achieved best 25-49 audience year thanks to Olympic Games on FTV
VIDEO > AUDIENCE RATINGS THE GROUP ACHIEVED 25-49 YEAR OLD CATEGORY BY THE BROADCAST OF THE OLYMPIC GAMES ON FTV 2. Video 4+ 25-49 2023 2024 2023 2024 29,0 30,5 28,6 30,6 26,8 19,6 26,9 20,5 12,8 17,1 13,0 15,0 7,7 8,2 7,4 7,7 7,1 6,5 7,5 6,6 Source: Médiamétrie / Médiamat – Free DTT channels includ
Slide 18: M6: the channel appealed to all viewers once more in 2024
VIDEO > AUDIENCE RATINGS M6: THE CHANNEL APPEALED TO ALL VIEWERS ONCE MORE IN 2024 2. Video ENTERTAINMENT NEWS SPORT DRAMA THE MOST POPULAR PRIME THE MOST WATCHED TIME LINE-UP FOR CURRENT 48 M FRENCH VIEWERS SUCCESS WITH 4.1 M PROGRAMME ON TV*: 4.7 M AFFAIRS ON TV: UP TO 3.0 M WATCHED EURO 2024 ON M
Slide 19: DTT channels: W9 most digital, Gulli most popular children's channel
VIDEO > AUDIENCE RATINGS DTT CHANNELS: W9 IS THE “MOST DIGITAL” DTT CHANNEL, GULLI REMAINS THE MOST POPULAR CHILDREN’S CHANNEL 2. Video 7.4% audience share 4,5 3,4 3,1 2,8 2,6 on the commercial target for our 2,2 2,1 2,0 1,9 1,8 1,8 1,7 1,6 1,5 free-to-air DTT channels 0,9 0,8 0,6 N°1 TOP DTT channe
Slide 20: Record year for the Group's pay channels
VIDEO > AUDIENCE RATINGS RECORD YEAR FOR THE GROUP’S PAY CHANNELS 2. Video 0.6 % 4+ Best year Best year in 6 in primetime NEW RECORD HIGH 13.4 M amongst all across entire viewing public and AMONGST OVER 4s audiences women viewers per 0.4% 4+ CE month 0.3% 4+ CE +30% year on year 0.3% Women 15+ CE 6.
Slide 21: Video > Performance
VIDEO > PERFORMANCE 21
Slide 22: Increase in video advertising revenue
VIDEO > PERFORMANCE INCREASE IN VIDEO ADVERTISING REVENUE 2. Video €7.3 M +0.8% Excellent Q2 driven by the broadcast of +7.2% Market downturn within & the launch of an unfavourable economic and political environment Market €912.3 M enthusiasm for -4.9% the Olympics €905.0 M 2023 1st half-year 2nd ha
Slide 23: EBITA impacted by digital transformation investments and H2 advertising contraction
VIDEO > PERFORMANCE EBITA IMPACTED BY INVESTMENTS IN THE GROUP’S DIGITAL TRANSFORMATION AND CONTRACTION OF THE ADVERTISING MARKET IN H2 2. Video Video Division EBITA (€M) Digital transformation: 235.2 €46,4 M marketing, technical and content opex 234.7* in streaming, less -€32.5 M 180.7 cumulative Q
Slide 24: Audio > Highlights
AUDIO > HIGHLIGHTS 24
Slide 25: Audio 2024 highlights
AUDIO > HIGHLIGHTS RTL breakfast show Changes to the Audio schedule 2024 Enhanced news output Fall in advertising time Continued digitalisation RTL Matin Stars 25
Slide 26: Audio > Audience Ratings
AUDIO > AUDIENCE RATINGS 26
Slide 27: Radio continues to dominate the audio sector in France
AUDIO > AUDIENCE RATINGS RADIO CONTINUES TO DOMINATE THE AUDIO SECTOR IN FRANCE 68.4% Audio of French people aged 13+ listen to the radio Radio 38.4 M 167 mins accounts for daily listeners (-2% vs 2023) average listening time 56% (+7 min) of the audio market in France Sources: Médiamétrie EAR-Nation
Slide 28: Stability of audiences in 2024
AUDIO > AUDIENCE RATINGS STABILITY OF AUDIENCES IN 2024 2023-2024 2023 - 2024 FY 2023 13+ Audience share 25-49 year olds Audio FY 2024 28.1% 27.0% 22.2% 22.0% 19.9% 19.8% 17.6 16.5 11.7% 11.8% 10.9% 10.7% 2023 2024 Sources: Médiamétrie EAR - National, Monday-Friday, 13+, FY 2024 vs FY 2023, 5am-12am
Slide 29: M6 Audio division achieved growth, according to latest poll
AUDIO > AUDIENCE RATINGS M6 AUDIO DIVISION ACHIEVED GROWTH, ACCORDING TO THE LATEST POLL Nov-Dec 2023 Nov-Dec 2023 vs Nov-Dec 2024 Nov-Dec 2023 vs Nov-Dec 2024 Audience share 25-49 year olds Audio Nov-Dec 2024 13+ -1.6 pp 27.7% +2.8 pp 26.1% 23.4% = 20.6% 16.6 16.9 19.5% 19.5% +1.0 pp -1.1 pp 12.6%
Slide 30: 44% of internet users tune in to M6 radio podcasts each month
AUDIO > AUDIENCE RATINGS 44% OF INTERNET USERS TUNE IN TO M6 RADIO DIVISION PODCASTS EACH MONTH RTL No1 commercial producer Audio of Podcasts in France with 27.3 million listens 2 nd Biggest podcast in France with 12.1 million listens 6 RTL podcasts 40 335 000 28 349 000 27 326 000 in TOP 30 eStat P
Slide 31: Audio > Performance
AUDIO > PERFORMANCE 31
Slide 32: Profitability maintained
AUDIO > PERFORMANCE PROFITABILITY MAINTAINED Lower advertising revenue linked to Revenue (€M) EBITA (€M) unfavourable base effect Audio +€7.3 M -€6.3 M Strict cost control -€2.5 M helped to maintain +€6.9 M strong profitability 164.9 158.6 157.6 41.0 38.5 34.1 2022 2023 2024 Margin from recurring op
Slide 33: Production & Audiovisual Rights
PRODUCTION & AUDIOVISUAL RIGHTS 33
Slide 34: Excellent year in cinema within a stable market
PRODUCTION & AUDIOVISUAL RIGHTS WITHIN A STABLE MARKET, THE GROUP ACHIEVED AN EXCELLENT YEAR IN CINEMA M6 Group films accounted for 33% of admissions for French films in 2024 4. Production & AR Coproductions Distribution Top 2 films And other major film successes at the French box office 10.8 M admi
Slide 35: Excellent performance by cinema and rights transfer activities
PRODUCTION & AUDIOVISUAL RIGHTS EXCELLENT PERFORMANCE BY CINEMA AND RIGHTS TRANSFER ACTIVITIES 9.3 M Revenue (€M) EBITA (€M) admissions for Growth in revenue and EBITA +€6.8 M 4. Production & AR +€11.5 M driven by: - Box office success in 2024 79.1 17.3 - Catalogue rights transfers 10.5 67.6 2023 20
Slide 36: Diversification
DIVERSIFICATION 36
Slide 37: Diversification 2024 highlights
DIVERSIFICATION 2024 Sluggish property market: 17%* fall in the number Success of the regional Acquisition of La Boîte Aux Enfants 5. Diversification of property Molière tour transactions * Source Chambre des notaires – End September 2024 vs End September 2023 37
Slide 38: Activity affected by property market in crisis
PERFORMANCE - DIVERSIFICATION ACTIVITY CONTINUED TO BE AFFECTED BY A PROPERTY MARKET IN CRISIS Stéphane Plaza Immobilier: network’s revenue Revenue (€M) EBITA (€M) impacted by ongoing crisis in the property market -€1.2 M Non-recurring costs in 2024 -€9.8 M due to support provided to 15.8 37.7 36.5
Slide 39: Diversification > Non-consolidated assets
DIVERSIFICATION > NON-CONSOLIDATED ASSETS 39
Slide 40: Equity-accounted entities
DIVERSIFICATION > NON-CONSOLIDATED ASSETS EQUITY-ACCOUNTED ENTITIES Contribution to M6 Focus Group net profit (formerly Nature of % held (€M) (€M) GSG) Company operations 2024 Vs 2023 2024 2023 Dilution profit (1.3) Digital & adjustment 21.2 Revenue 212.9 -9% marketing 31.5% Operations 1.3 3.8 EBITD
Slide 41: CSR & Ethics
DIVERSIFICATION > NON-CONSOLIDATED ASSETS CSR & ETHICS CSR news in 2024 • M6 Foundation extended • Strengthening of the Group’s commitment to green production: almost 80% of SND’s executive productions certified in 1 year Priority CSR 6. Financial statements indicators • 57.5% of TV news presenters
Slide 42: Financial Statements
FINANCIAL STATEMENTS 42
Slide 43: Condensed consolidated statement of comprehensive income
FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME % change M6 Group 31 December 2024 31 December 2023 2024/2023 (€M) Revenue 1,311.2 1,315.6 (4.4) Other operating revenues 10.9 12.0 (1.1) Total operating revenues 1,322.2 1,327.6 (5.4) Materials and other operating expense
Slide 44: Condensed balance sheet
FINANCIAL STATEMENTS CONDENSED BALANCE SHEET 2024 / 2023 change M6 Group 31 December 2024 31 December 2023 (€M) Goodwill 304.6 287.9 16.7 Non-current assets 632.0 593.5 38.5 Current assets 790.0 724.9 65.1 Cash and cash equivalents 332.0 443.9 (112.0) TOTAL ASSETS 2,058.5 2,050.3 8.3 Equity - Group
Slide 45: Cash flow statement
FINANCIAL STATEMENTS CASH FLOW STATEMENT 2024 / 2023 M6 Group 31 December 2024 31 December 2023 change (€M) Self-financing capacity from operations 341.0 407.0 (66.0) Operating WCR movements (72.9) (22.1) (50.8) Income tax (69.1) (78.2) 9.1 Cash flow from operating activities 199.0 306.7 (107.7) Cas
Slide 46: Proposed dividend of €1.25 per share
FINANCIAL STATEMENTS PROPOSED DIVIDEND OF €1.25 PER SHARE 6. Financial statements 46
Slide 47: Outlook
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Slide 48: Audience figures
OUTLOOK AUDIENCE FIGURES Excellent year-on-year Records highs growth on the commercial Very good start to the year for target +1.1 pp the Group, which achieved the highest year-on-year growth on the commercial target 5th largest national Year-on-year growth channel on the across the entire commercia
Slide 49: Very good start to the year for the Group
OUTLOOK VERY GOOD START TO THE YEAR FOR THE GROUP 4+ >50 WRP Jan. 2024 Jan. 2025 Jan. 2024 Jan. 2025 28.2 32.6 28.0 35.5 26.2 22.2 +1.3 pp 26.9 20.9 14.3 12.8 13.0 12.7 6.7 8.4 6.5 7.9 5.7 6.4 5.7 6.7 7. Outlook Source: Médiamétrie / Médiamat – Free DTT channels included in Médiamat National Quotidi
Slide 50: Targets
OUTLOOK CONTENT Continuing our investments in 2025 while maintaining a flexible model STREAMING Continuing our TARGETS 2024-2028 plan 7. Outlook
Slide 51: Questions / Answers
QUESTIONS ANSWERS