Television Franchise (TVFCF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, everyone, and thank you for joining us for our H1 result presentation. I'm Rodolphe Belmer, CEO of the group, and along with Mr. Pierre-Alain Gérard, we will walk you through the group's performance for the first half of 2026 before we answer your questions. Let's start with the key highlights on page number three. In H1 2026, the group maintained its clear leadership in Linear, both in terms of audience and in terms of advertising market share, despite a particularly competitive environment, notably with the Winter Olympics in Q1 and the Football World Cup in Q2. Second, our H1 results are in line with our full-year targets for digital growth and profitability against a difficult advertising and regulatory backdrop. Third, the level of COPPA, which stood at 77 million euros in H1, is above expectations and validates the choices we have made to safeguard profitability, notably regarding the football World Cup. Lastly, the group maintained a solid financial position, which gives us flexibility to keep executing on our strategies. in an environment that remains volatile and offers limited visibility, we maintain our 2026 targets. Let's go now into more details in the business review, starting with our media and studio segments, starting with media on page six of the document. In H1, the group maintained its linear leadership across commercial targets. and the TF1 channel or flagship channel kept its significant lead over its main competitor. As I said, this performance is particularly noteworthy given the very competitive environment in H1, including events such as the Football World Cup and the Winter Olympics. This reflects The strength of TF1 editorial offer across all major genres, like entertainment with Les Enfoirés, sports with the Six Nations tour...