Metropole Television Sa · EURONEXT:MMT
Metropole Television Sa — M6 Group — H1 2025 Earnings Presentation
37 slides from Metropole Television Sa's earnings presentation, 2025
Slide 1: 2025 Half-Year Results
-NTATION C nae 2025 HALF-YEAR 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, Operations, Financial Statements, Outlook
INTRODUCTION OPERATIONS FINANCIAL STATEMENTS OUTLOOK 3
Slide 4: Introduction
INTRODUCTION 4
Slide 5: Highlights
2025 INTRODUCTION > HIGHLIGHTS HIGHLIGHTS BEST +35% 3 CONSECUTIVE WAVE rd TV AUDIENCES OF GROWTH UNIQUE USERS FOR IN 3 YEARS +17% OVER THE 24/25 SEASON* HOURS VIEWED OVER APRIL-JUNE VERY RESILIENT IN BOTH VIDEO AND AUDIO ONGOING FOCUS ON COSTS AND ADVERTISING OUTPERFORMED THE MARKET 5 * Among the 25
Slide 6: Q2 2025 Financial Aggregates
INTRODUCTION Q2 2025 FINANCIAL AGGREGATES SOLID PERFORMANCE IN A CHALLENGING ENVIRONMENT IMPACTED BY A HIGH BASE EFFECT MARGIN STABLE AND MAINTAINED AT A VERY HIGH LEVEL FOR THE SECTOR % change M6 Group (€m) Q2 2025 Q2 2024 2025/2024 Advertising revenue 266.3 276.7 -3.8% Consolidated revenue 317.7 3
Slide 7: H1 2025 Financial Aggregates
INTRODUCTION H1 2025 FINANCIAL AGGREGATES BOTH THE VIDEO AND AUDIO DIVISIONS MAINTAINED HIGH MARGINS DUE TO ONGOING FOCUS ON COSTS H1 H1 % change M6 Group (€m) 2025 2024 2025/24 Advertising revenue 520.2 528.8 -1.6% Consolidated revenue 632.7 656.9 -3.7% Operating expenses (526.7) (536.8) -1.9% Prof
Slide 8: Operations: Video Division > Performance
OPERATIONS VIDEO DIVISION > PERFORMANCE 8
Slide 9: Video: Operating margin maintained at a high level
VIDEO > PERFORMANCE OPERATING MARGIN MAINTAINED AT Advertising A HIGH LEVEL outperformed the market Revenue (€m) EBITA (€m) vs 2024 excl. -€20.4m 525.3 Streaming 504.9 -€2.1m revenue +35% 86.5 84.4 • The streaming plan is being paid for by savings, primarily on programming costs OPERATING MARGIN H1
Slide 10: Operations: Video Division > Audience Ratings
OPERATIONS VIDEO DIVISION > AUDIENCE RATINGS 10
Slide 11: TV viewing time declined across all age groups, coverage resilient
VIDEO > AUDIENCE RATINGS TV VIEWING TIME HAS DECLINED ACROSS TV reaches ALL AGE GROUPS, COVERAGE HAS PROVED RESILIENT 100% of 25-49s TV accounts for 62m 1hr 47min monthy TV average viewing 69% viewers1 time (+1 %) of total video among the 25-49s commercial target content (-11%) consumed2 11 Source:
Slide 12: M6 Group's audiences grew across all targets in H1 2025
VIDEO > AUDIENCE RATINGS M6 GROUP’S AUDIENCES GREW ACROSS ALL TARGETS IN H1 2025 4+ 25-49 WRP<50 29,3 30,7 33,7 -0.8 -0.9 28,4 31,5 34,6 27,0 -0.1 20,8 22,8 27,1 20,5 +0.3 22,2 +0.6 13,4 16,0 15,3 13,1 +0.3 14,9 14,1 7,1 7,5 5,8 8,4 7,1 5,8 6,2 7,0 5,6 6,6 6,9 7,8 H1 2024 H1 2025 Source: Médiamétrie
Slide 13: M6 channel continues to attract audiences throughout the day
VIDEO > AUDIENCE RATINGS M6: CHANNEL CONTINUES TO ATTRACT AUDIENCES THROUGHOUT THE DAY SUCCESS IN THE EARLY PRIME-TIME PROGRAMMES REMAIN POPULAR IN A VARIETY EVENING SLOT OF GENRES UN ACCESS RENOUVELÉ GROWING STEADILY ENTERTAINMENT NEWS SPORT* 8.7m viewers UP TO 14% AUDIENCE SHARE: BEST PERFORMANCE
Slide 14: DTT channels: W9 remains the most watched DTT channel
VIDEO > AUDIENCE RATINGS DTT CHANNELS: W9 REMAINS THE MOST WATCHED DTT CHANNEL ON STREAMING PLATFORMS; 6TER AND GULLI ATTRACTED RECORD AUDIENCES 8.2% audience share 4,5 3,7 3,0 2,9 2,6 2,3 on the commercial target for 2,2 2,2 2,0 2,0 1,9 1,5 our free-to-air DTT channels 1,0 0,9 0,6 +0.3pp year on ye
Slide 15: Record half-year for the Group's pay channels
VIDEO > AUDIENCE RATINGS RECORD HALF-YEAR FOR THE GROUP’S PAY CHANNELS Best 0.8% Record 0.9% performance in 0.4% Record across all over-4s performance 7 years among audiences WRP<50 over-4s among over-4s over-4s & WRP<50 No. 1 pay TV channel across all Third most watched pay TV channel Record in on-
Slide 16: Excellent start to the year for M6+ with records
VIDEO > DIGITAL AUDIENCE RATINGS AN EXCELLENT START TO THE YEAR FOR M6+ WITH RECORDS ACROSS ALL INDICATORS Record audience Record consumption Streaming revenue *** Monthly coverage in millions* Change in hours viewed ** (€ millions) X 1.7 X 1.8 +17% over 2 years over 2 years +35% +35% 28 58,6 21 Bet
Slide 17: Operations: Audio Division > Performance
OPERATIONS AUDIO DIVISION > PERFORMANCE 17
Slide 18: Audio: Stable revenue and margin maintained at a high level
AUDIO > PERFORMANCE STABLE REVENUE AND MARGIN MAINTAINED AT A HIGH LEVEL • Stable revenue Revenue (€m) EBITA (€m) • Operating margin -€0.5m maintained at a 74.7 74.1 high level +€0.1m 15.0 15.1 H1 2024 H1 2025 H1 2024 H1 2025 Margin from recurring operations 20.1 % 20.4 % 18
Slide 19: Operations: Audio Division > Audience Ratings
OPERATIONS AUDIO DIVISION > AUDIENCE RATINGS 19
Slide 20: Radio continues to dominate the audio sector in France
AUDIO > AUDIENCE RATINGS Radio reaches RADIO CONTINUES TO DOMINATE THE AUDIO SECTOR IN FRANCE 67.7% of over-13s in France Radio 38.1m 167 min accounts for daily listeners (-1% vs season 23-24) average listening time 54% (+2min) of the audio market in France Sources : Médiamétrie EAR-National, Season
Slide 21: M6 Audio division continues to grow
AUDIO > AUDIENCE RATINGS M6 AUDIO DIVISION CONTINUES TO GROW Over the 2024- A SUCCESSFUL SEASON FOR OUR MUSIC SUCCESS FOR 2025 season STATIONS, WITH RTL GAINING GROUND MORNING SHOWS No. 1 commercial More than 5m daily listeners station for morning 3rd consecutive wave of growth listeners The only yo
Slide 22: Group has delivered strong growth over the most recent wave
AUDIO > AUDIENCE RATINGS GROUP HAS DELIVERED STRONG GROWTH OVER THE MOST RECENT WAVE April-June 2025 April-June 2025 vs April-June 2024 April-June 2024 vs April-June 2024 Commercial audience shares April-June 2025 13+ 25-49 year olds -1.6 pp 28.2% +2.2 pp -1.2pp 26.6% 20.9% 21.0% 18.7% 19.8% + 0.1pp
Slide 23: Podcasts attracting 46% of web users every month
AUDIO > AUDIENCE RATINGS PODCASTS ARE ATTRACTING 46% OF WEB USERS EVERY MONTH; RTL SHOWING STRONG GROWTH IN THIS MEDIUM RTL No. 1 commercial producer Monthly listening up sharply of podcasts in France with for podcasts produced by 36.4 million listens per month 41 341 000 +29 % 36,4 36 378 000 28,3
Slide 24: From September: RTL to bolster its programming
AUDIO > AUDIENCE RATINGS FROM SEPTEMBER: RTL TO BOLSTER ITS PROGRAMMING, AN ICONIC HOST FOR FUN RADIO Thomas Sotto Marc Olivier Augustin Faustine Alex Vizorek Amandine Anne Sophie André Dussolier 7am-9.30am Fogiel Trapenard Bollaert 12h-12h30 Bégot Lapix 8pm-9pm RTL morning show Morning interview Mo
Slide 25: Operations: Production & Audiovisual Rights
OPERATIONS PRODUCTION & AUDIOVISUAL RIGHTS 25
Slide 26: Return to normality for Production & Audiovisual Rights
PRODUCTION & AUDIOVISUAL RIGHTS RETURN TO NORMALITY FOR PRODUCTION & AUDIOVISUAL RIGHTS FOLLOWING AN Box office sales for EXCEPTIONAL 2024 films distributed by Revenue (€m) EBITA (€m) 5,4m 2,9m -€5.5m 1,5m 40.3 H1 23 H1 24 H1 25 34.8 -€6.3m 15.6 * 9.3 Strong performance for the division, H1 2024 H1
Slide 27: Operations: Diversification
OPERATIONS DIVERSIFICATION 27
Slide 28: Diversification performance
PERFORMANCE DIVERSIFICATION SCOPE EXPANDED WITH THE INTEGRATION OF LA BOÎTE AUX ENFANTS; NON-RECURRING COSTS IMPACTED PERFORMANCE Revenue • Acquisition of La Boîte aux Revenue (€m) EBITA (€m) Enfants in July 2024 +€2.3m 18.5 16.2 • Property market crisis -€3.3m EBITA 3.2 Non-recurring costs related
Slide 29: Equity-accounted entities
DIVERSIFICATION > NON-CONSOLIDATED ASSETS EQUITY-ACCOUNTED ENTITIES Share of profits more or less stable over the period Company Nature of % owned Share of profits operations (€m) H1 2024 H1 2025 Tech streaming 50.0% (4.5) (7.5) Focus (formerly GSG) Digital 31.5% (3.3) (0.1) Marketing H1 2025 vs H1
Slide 30: Financial Statements
FINANCIAL STATEMENTS 30
Slide 31: Condensed consolidated statement of comprehensive income
FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME % change M6 Group 30 June 2025 30 June 2024 2025 / 2024 (€m) Revenue 632.7 656.9 (24.2) Other operating revenues 5.3 4.4 0.9 Total operating revenues 638.0 661.3 (23.3) Materials and other operating expenses (335.4) (354.8
Slide 32: Condensed balance sheet
FINANCIAL STATEMENTS CONDENSED BALANCE SHEET 2025 / 2024 change M6 Group 30 June 2025 31 December 2024 (€m) Goodwill 305.3 304.6 0.7 Non-current assets 620.5 632.0 (11.5) Current assets 792.5 790.0 2.6 Cash and cash equivalents 178.8 332.0 (153.2) TOTAL ASSETS 1,897.1 2,058.5 (161.4) Equity - Group
Slide 33: Cash flow statement
FINANCIAL STATEMENTS CASH FLOW STATEMENT 2025 / 2024 M6 Group 30 June 2025 30 June 2024 change (€m) Operating cash flow 150.6 169.4 (18.8) Change in operating working capital (74.3) (76.4) 2.1 Income tax (29.3) (38.1) 8.7 Cash flows from operating activities 47.0 54.9 (7.9) Cash flows from investing
Slide 34: CSR and ethics: developments in H1 2025
DIVERSIFICATION > NON-CONSOLIDATED ASSETS CSR AND ETHICS: DEVELOPMENTS IN H1 2025 M6 Group voted 15 years of the M6 Group Foundation France’s Top Employer 2025 288 non-profits supported Annual budget in the “Media/Communications” category* up €7.5m 20% invested to €600k Nearly 900 employees involved
Slide 35: Outlook
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Slide 36: Targets
OUTLOOK TARGETS STREAMING LINEAR TV ADVERTISING Continuing with our Strengthening our value Optimising our performance 2024-2028 plan proposition in family in a challenging market entertainment and news environment
Slide 37: Questions / Answers
QUESTIONS ANSWERS