2025 Universal registration document

2025 UNIVERSAL RE8ISTRATION DOCUMENT

7

295

SUSTAINABILITY STATEMENT

AFR

8

COMBINED GENERAL MEETING

OF 28 APRIL 2026 401

417

418

420

Combined General Meeting of 28 april 2026 165

4

COMPANY AND SHARE CAPITAL INFORMATION 167

waiver of pre-emption rights reserved for members of a company savings plan

9

ADDITIONAL INFORMATION 423

Established in 1987 around the M6 channel, M6 Group is a powerful multimedia group which focuses on three areas: television (13 channels including M6, the 2nd largest commercial channel in the French market), radio (3 stations including RTL, the leading private radio station in France) and digital (including mobile applications and IPTV services).

Leveraging its brands and content, M6 Group has gradually expanded its operations through targeted diversification activities (content production and acquisition, cinema, music, shows, etc.) and innovative offerings such as M6+, its digital platform.

Mindful of developing synergies between its brands, and of responding to the expectations of its various audiences while remaining one step ahead, it has emerged as a content publisher firmly anchored in the new technology era.

The French version of this Universal Registration Document was filed with the French Financial Market Authority (AMF) on 19 March 2026, in accordance with Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of said Regulation.

The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if it is supplemented by a securities note and, if applicable, a summary together with any amendments to the Universal Registration Document. All shall be approved by the AMF in accordance with Regulation (EU) 2017/1129.

.

The information included on the websites referred to using the hypertext links provided in the integrated report, in the introduction to Sections 3, 3.1.2, 4.2.3, 4.4.1, 7.2.1 and on the last page of this Universal Registration Document, with the exception of the information incorporated by reference, does not form part of this Universal Registration Document. As such, this information has been neither reviewed nor approved by the AMF.

‌INTEGRATED REPORT

6 MÉTROPOLE TÉLÉVISION - 2025 UNIVERSAL REGISTRATION DOCUMENT

‌Message from the Chairman of the Executive Board‌

2025 will be remembered as a landmark year for M6 Group. Thanks to the relevance of our editorial choices, our ability to innovate and the unwavering commitment of our teams, we have consolidated our place at the very heart of French people's lives. Within a media environment undergoing profound change, we have shown that a free, creative and ambitious media group remains essential to informing, bringing together and entertaining people.

Innovation and risk taking are the very foundations of what we do. No enduring success is built without the ability to be daring. This imperative guides what we do and is a key cornerstone of our model. It allows us to offer meaningful content that connects with audiences and flies the flag for French audiovisual creation.

In video, our channels have consolidated their audiences across the viewing public as a whole, while M6+ has established itself as a fast-growing streaming platform, capable of leveraging ambitious French content. In radio, new shows have established themselves firmly alongside powerful and well-known brands. Against a backdrop of an accelerated digital transition, listeners are staying loyal to our stations across all formats, enjoying both live and pre-recorded content. This collective momentum illustrates our ability to constantly innovate and connect with audiences, by offering a cultural lineup that is accessible, modern and deeply rooted in the everyday lives of French people. Across all our stations, we are steadfast in our commitment to supporting creation, informing without fear or favour and bringing people together.

This responsibility is nevertheless discharged within a regulatory framework that is no longer fit for purpose. The imbalances that persist in relation to international operators, who are not subject to the same rules, now limit our freedom of action. In 2026, we will actively press for a necessary review of this framework, to ensure fair competition and to safeguard the vitality of French audiovisual creation over the long-term.

Building on the momentum of 2025, we enter 2026 with confidence and determination. The year will be marked by powerful moments of shared emotion, starting with the FIFA World Cup, for which M6 Group will be the main free-to-air broadcaster. These events are a reminder of the unique power of television - its ability to bring people together, to excite and to foster connections.

We have the talent, vision and commitment to excellence required to rise to the coming challenges. Together, we will continue to ensure M6 Group remains an independent, innovative and essential part of the cultural and democratic life of our country.

David LARRAMENDY

MÉTROPOLE TÉLÉVISION - 2025 UNIVERSAL REGISTRATION DOCUMENT 7

‌Key figures‌

In 2025, within a challenging business environment M6 Group successfully continued its ambitious transformation strategy focused on development in free streaming and the strength of its brands and linear content. Moreover, improvements to its range of entertainment programming in linear TV, initiated in September 2025 with the arrival of new talents, helped it to achieve its best market growth across all targets.

FINANCIAL INDICATORS

€1,256m

Revenue

€214m

EBITA

17.0%

Operating margin

€139.9m

Net cash2

OPERATING INDICATORS

21.0% 608 +15% 16.7%

Audience share 25-49 year olds - free-to-air channels

(+0.9pp vs 2024)

Million non-linear hours viewed1

hours viewed on M6+ vs 20243

13+ audience share Audio division

NON-FINANCIAL INDICATORS

60% 74 % 1,032 46%

of news presenters

are women

of employees consider

having a good work-life balance

reports dedicated to

environmental issues (up 30% vs 2024)

of leadership roles filled by women

1 Médiamétrie / Médiamat - Base 4+, M6, W9, 6ter, Gulli and associated on-demand channels, excluding content exclusive to M6+ - FY including Médiamétrie estimates over the period from 01 June to 31 October 2025

2 Net cash corresponds to cash and cash equivalents, plus debit current accounts and loans, less credit current accounts, bank overdrafts and financial debt (now excludes loans to and borrowings from associates).

3 In-house data

4 Based on the survey conducted in 2025 among permanent employees

‌Created around the M6 channel in 1987, M6 Group is now a powerful multimedia group. Building on its brands and content, the Group has gradually expanded its activities through targeted diversifications. Taking care to develop synergies between its programmes, and to meet the expectations of its various audiences and the new ways in which they watch, it has emerged as a content publisher firmly anchored in the new technology era.‌

Advertising

Audio

Production and

audiovisual rights

Video

Diversification

‌Market trends and Group positioning

The French audiovisual landscape has undergone significant change in recent years. The development of digital technology has accelerated changes in the way content is consumed, with the emergence of video-on-demand and podcasts.

Stakeholder expectations have therefore changed in recent years, creating new opportunities for media industry players. The trends that have a particular impact on the M6 Group are presented below.

Video and audio

Transforming media usage

The development of digitalisation has led to the emergence of new ways of consuming audiovisual and audio content, particularly video-on-demand and podcasts, which can be free or paid for. These 'non-linear' viewing modes now exist alongside linear consumption, i.e. live TV, which remains the preferred viewing method. Traditional television remains the most popular media format in the video market. Almost 3 in 4 French people watch TV every day, with an average viewing time of 2hrs 581.

1 amongst people who own a TV, Médiamétrie's historical target

Video and audio

Changing expectations among viewers and listeners

In a world characterised by an abundance

of content, viewers and listeners have become more exacting. Demand for original and local content is growing, with the development of AVOD and FAST offerings competing with the pay streaming market.

Thanks to its internal and creative resources and its unique appeal to all its external partners, M6 Group has everything that it needs to develop its offers and adapt as effectively as possible to changes in usage.

Advertising

Changes in advertisers' expectations

Over the last fifteen years, technological developments and changing habits have reshaped the advertising landscape, with the Internet taking a key role. Against this backdrop, the TV and radio advertising markets have held up well, thanks to the unrivalled instantaneous power of these media. Within this new ecosystem, advertisers aim to increase the number of advertising contacts, combined with the most accurate targeting possible. They are also increasingly aware of the CSR impact of their campaigns and aim to promote a responsible approach.

These numerous changes represent both challenges and opportunities for traditional media, encouraging them to continue innovating to maintain their competitiveness in a constantly evolving media environment.

M6 Group sees the emergence of these new modes of consumption and changing expectations as an opportunity for growth and value creation. That is why it ramped up its development in free streaming from 2024, building on 36 years of experience in content distribution. Following the successful launch of its new platform M6+ in May 2024, the Group continued to consolidate its presence on this market in 2025. In addition, on 14 January 2026 M6 Group announced the signing of a distribution agreement for M6+ on Prime Video thus marking a new stage in its development. From this date, all Prime members in France are able to access M6+ free of charge and enjoy the editorial diversity of its content: the channels M6, W9, 6ter and Gulli, either live or on demand, as well as content exclusive to the platform. The agility and resilience that have characterised the Group since its creation are proving to be major assets in successfully tackling these major transformations.

‌By virtue of its corporate purpose and status as an operator of free-to-air television and radio broadcasting licences using available frequencies, M6 Group is governed by a specific legal and regulatory regime. This framework notably concerns share ownership, which is regulated by two main pieces of legislation detailed below.‌

The 49% rule

According to Article 39 of Law n°86-1067 of 30 September 1986, as amended, no individual or entity, acting alone or in concert, may hold, directly or indirectly, more than 49% of the share capital or voting rights of a company licensed to operate a national television service by terrestrial transmission. This provision limits the scope of the rule to those terrestrial channels with an average annual audience across the entire viewing public in excess of 8% of the total television audience.

At 31 December 2025, the M6 channel's average annual calendar audience share was only 7.9%. Consequently, Métropole Télévision no longer falls within the scope of Article 39.

The 20% rule - Foreign shareholders

Under the terms of Article 40 of Law n°86-1067 of 30 September 1986, as amended, no individual or entity of foreign nationality shall purchase an interest leading to foreign nationals holding, directly or indirectly, more than 20% of the capital of a company licensed to operate a national television or radio service by terrestrial transmission (subject to the international commitments of France, excluding notably European community or European economic area nationals).

At 31 December 2025, the proportion of foreign shareholders within the meaning of Article 40 was less than 20%.

The laws governing the Group's shareholding structure are set out in full in Section 1.2.6. The breakdown of shareholders at 31 December 2025 is shown in the graph below:

Shareholding structure at 31 December 2025

48.01%

Free float

CMA CGM 11.08%

Silchester 9.44%

2.07%

Employee shareholding

0.58%

Treasury shares

49.35%

RTL Group

The main shareholders at 31 December 2025 were:

• RTL Group, the principal shareholder, is owned by the German Bertelsmann Group

• CMA - CGM, which holds 11.08% of the Group's share capital

• Silchester International Investor LLP, which holds 9.44%.

‌Governance supporting performance‌

‌The Combined General Meeting of 26 May 2000 approved the adoption of the two-tier management structure comprising a Supervisory Board and an Executive Board. This organisation creates a separation between the management functions performed by the Executive Board and the management control functions devolved to the Supervisory Board. The Group has retained this organisational structure, considering it to be the best guarantee of the balance of powers for the benefit of all stakeholders.

Supervisory Board

At 31 December 2025, the Supervisory Board of Métropole Télévision was made up of nine members, comprising two legal entities and seven individuals (including the two members representing employees), all appointed for a term of four years. Since the Supervisory Board was set up in 2000, a number of specialist committees, whose specific terms of reference and operating procedures it defined, have been created. These committees are made up of members appointed by the Supervisory Board on the basis of their training and experience.

The Audit Committee and the Remuneration and Appointments Committees are chaired by an independent member of the Supervisory Board. The CSR Committee is chaired by the member representing employees.

Audit Committee

4

meeting

3

members

2

independent members

100%

attendance

SUPERVISORY

BOARD

CSR

Committee

2

meetings

3

members

7

meetings in 2025

95%

attendance

4

independent members

Remuneration

and Appointments Committee

3

meetings

4

members

1 2

independent independent

member members

100% 100%

attendance attendance

COMPOSITION OF THE SUPERVISORY BOARD AT 31/12/25

ELMAR HEGGEN

P

MARIE CHEVAL

P

NICOLAS HOUZE

BJORN BAUER

RTL GROUP

Vermögensverwaltung GmbH

PHILIPPE DELUSINNE

SISKA GHESQUIERE

P

SOPHIE DE BOURGES

INGRID HEISSERER

CMA CGM PARTICIPATIONS

STEPHANE RICHARD

JULIE WALBAUM

PATRICK BEHAR

ELISABETH SANDRET-RENARD

CHRISTOPHE GOOSSENS

HERVE ROUSSEAU

Audit Committee

Remuneration and Appointments Committee

CSR Committee

P Committee chair

Independent director

Director representing employees

14

members

4.7

years - length of service

42%

women

7

meetings in 2025

33.3%1

independent members

95%

attendance

4

nationalities

1 At 31 December 2025

SKILLS MAPPING

The skills of Board members are diverse, in line with long-term strategic priorities, and cover in particular television, digital, marketing, governance, the operation direction of the companies, CSR, international experience, and finance. In addition, the criteria for selecting new members of the Board proposed at each General Meeting, also include promoting diversity amongst its members in relation to nationality, age and gender-based criteria.

Elmar Marie Nicolas Patrick Julie Stéphane Björn Philippe Siska Christophe Ingrid Elisabeth Sophie de Hervé

Heggen Cheval Houzé Béhar Walbaum Richard Bauer Delusinne Ghesquiere Goossens Heisserer Sandret-

Renard

Bourges Rousseau

Executive experience Industry experience

Media France (7/14)

Media outside France (9/14)

CEO of a listed company (3/14)

Head of a division or CEO of a privately-owned company (8/14)

Financial expertise (8/14)

International expertise (9/14)

Functional experience

CSR (8/14)

Technology / Digital (5/14)

Marketing (6/14) Legal (4/14) Strategy (10/14)

‌COMPOSITION AND OPERATION OF THE EXECUTIVE BOARD‌

The Group is run by an Executive Board, which acts under the oversight of a Supervisory Board. Members of the Executive Board must be natural persons. The General Meeting and Supervisory Board may remove from office any member of the Executive Board. At the date of publication of this document, the Executive Board of M6 Group comprised five members appointed by the Supervisory Board for three-year terms. The Executive Board is chaired by David Larramendy.

DAVID LARRAMENDY

Chairman of the Executive Board

At its meeting on 16 December 2025, the Supervisory Board renewed the term of office of the entire Executive Board with effect from 13 February 2026 for a duration of 3 years.

REMUNERATION IN LINE WITH SUSTAINABLE VALUE CREATION FOR THE GROUP AND ITS STAKEHOLDERS

M6 Group has introduced an attractive and demanding remuneration policy, with the aim of motivating and encouraging members of the Executive Board to make a significant contribution towards achieving the Group's strategic objectives and to ensure its long-term performance. The nature and amount of remuneration for each Executive Board member is determined by the Supervisory Board, under the conditions provided for in Article L. 22-10-26 of the French Commercial Code.

The remuneration of Executive Board members includes a fixed portion and a variable portion, the rules for determining which are established by the Supervisory Board each year, based on the recommendations issued by the Remunerations Committee and in accordance with the AFEP-MEDEF Code recommendations.

Annual variable remuneration (cash)

Performance criteria

The remuneration structure and the criteria on which it is based help to align the skills deployed by the Executive Board with the interests of the company and stakeholders. The composition of the variable part - subject to financial and operational criteria, specific to the separate fields of responsibility of members, and CSR criteria, applicable to all members - helps to ensure the achievement of the Group's financial and non-financial targets and its long-term value creation.

Financial criteria

47% to 76%

Consolidated EBITA

Advertising revenue

Operational criteria

14% to 43%

TV audience share

CSR criteria

10%

Technological transformation of the Group's business units

% of leadership roles filled by women

Raising public awareness of environmental issues

Energy sobriety

The breakdown and weighting of each criterion in the variable portion of each of the members of the Executive Board is presented in Section 3.3.2.2 of this document.

‌M6 Group aims to ensure that risks are managed efficiently to reduce the likelihood of their occurrence by implementing action and prevention plans.‌

ORGANISATION AND APPROACH TO RISK

EXTERNAL AUDIT

REGULATORS

Internal control is monitored at all levels within the Group. The Executive Board has delegated internal control powers to the following collegial organisations or functional mechanisms:

SUPERVISORY BOARD

AUDIT COMMITTEE

EXECUTIVE BOARD - SENIOR MANAGEMENT

1st line of management

2nd line of management

3rd line of management

OPERATIONAL

MANAGEMENT

FUNCTIONAL

DEPARTMENTS AND AREAS OF EXPERTISE

Finance Legal

IT systems

Human resources Other

INTERNAL

AUDIT

Risk management lines

Responsibility for risk management is entrusted to the Managing Director in charge of the Finance and Support Functions, with the assistance of the Audit and Risk Manager who coordinates the management assignments in line with the action plan approved by the Executive Board.

Its main tasks are to:

• Identify and list risks

• Regularly review existing procedures and their correct application by operational staff and take corrective action if necessary

• Report on its work to the Group Audit Committee. The latter then presents the conclusions of its work to the Supervisory Board.

MAPPING OF THE GROUP'S MAIN RISKS

The most significant and specific risks likely to have an influence on M6 Group's activities, financial situation, results and development are presented below, by category and order of criticality. This assessment is based on a rating of risks according to two dimensions: their criticality and their likelihood of occurrence.

Categories and risks Criticality

1. Business risks

   1. Decline in audience High

   2. Increase in programming costs High

   3. Sensitivity to economic conditions High

2. Operating risks

   1. Decline in distribution revenues High

   2. Interruption of the signal of the Group's TV channels and radio stations High

   3. Information systems Average

3. Legal

   1. Broadcasting licenses High

   2. Legislative and regulatory changes Average

A detailed description of these risk factors, their management and internal control is provided in Section 2 of the 2025 Universal Registration Document.

The Group is also committed to respecting its ethical principles, whose key features are presented on its website: https://www.groupem6.fr/fr/investisseurs/statuts-et-code-dethique/.

‌OUR CSR APPROACH‌

Structure

Faced with various corporate, social and environmental challenges, the Group has pursued an active CSR policy for several years and clearly states its commitments to all its partners. This CSR strategy is developed by the Engagement Department, which works in support of the different operational departments to support them in its implementation. The Group also has a CSR Committee, which reports to the Supervisory Board and has three members, one of whom is independent. Meeting at least once a year, it is responsible for overseeing the overall CSR strategy and monitoring the implementation of the Group's commitments in this area.

‌As a media company, M6 Group attaches particular importance to respect for professional ethics. It has a "Committee on the honesty, independence and pluralism of information and programmes", more commonly known as the "Ethics Committee".

The Committee meets twice a year and publishes an annual report. It is made up of three members who are independent of the Group, its subsidiaries, its shareholders and its commercial activities. Its mission is to help ensure compliance with the principles relating to the independence of information that are guaranteed by Arcom and subject to the freedom of communication. It may be referred to or consulted by any person for this purpose. Details are available on the M6 Group website: https://www.groupem6.fr/fr/engagements/ comite-relatif-a-lhonnetete-a-lindependance-et-au-pluralisme- de-linformation-et-des-programmes/.

In addition, and in accordance with the commitments made by M6 Group under the agreement signed with Arcom for the broadcasting of the M6 frequency on DTT, an independent director was appointed by M6 Group's Supervisory Board in July 2023. Their role, which complements that of the Ethics Committee, is to ensure that the deliberations of the Ethics Committee are properly received and to monitor their effects.

Material CSR challenges

The analysis of the Group's double materiality analysis, developed as part of the implementation of the CSRD, led to the creation of a list of 11 material CSR challenges (whose score exceeds the materiality threshold which has been set at 2.2). These CSR challenges are presented in the double materiality matrix below, and the presentation of the Group double materiality analysis is detailed in Section 7.1.4 of this document.

4

tions and equal orkers in the

3.5

Equal opportunities: promoting diversity and male/female representation within the Group

Climate change mitigation and adaptation by the Group and its value

Business ethics, combatting corruption and compliance with statutory regulations and obligations

3

of sets

Health & safety, working conditions, quality of life and well-being at work

Managing energy resources within the business and its value chain

Journalistic ethics

2.5

Content and influence of

programmes on audiences

Responsible advertising

2

ety

1.5

anagement of waste life products

1

0.5

Impact of Gulli Parcs operations on local communities

Managing con

water res

Data privacy and security

of resources, m and end of

er Health and Saf

Use

Us

Development employee skill

Working condi treatment of w value chain

Impact materiality

M6 Group Double Materiality Matrix

0.5 1 1.5 2 2.5 3 3.5 4

Financial materiality

Environmental challenges Social challenges Governance challenges

‌A model that creates value and is resilient‌

Our business model

M6 Group's business model, which is based on six types of resources, ensures the creation of financial and non-financial value for all its stakeholders. It has underlined its resilience in an unstable business environment.

RESOURCES

HUMAN

2,001 permanent employees and 417 event contract workers1

56% of total workforce is female and 48% of leadership roles are filled by women

INTELLECTUAL

Portfolios of strong and attractive brands, incl. M6, No1 channel for French viewers2, and RTL, No1 French commercial radio station3

Extensive catalogue of rights with high-quality content, covering TV digital and cinema

6 TV personalities in the Top 10

most popular presenters in France4

FINANCIAL

€1,261.2m shareholders' equity

€256.5m net cash

INDUSTRIAL

28,750 m2 property assets Incl. 18,200 m2 owned in Neuilly 2 TV studios

8 radio studios

SOCIETAL

68% of TV news presenters are women and 45%

for Radio news

100% of programmes accessible5 to people with disabilities

M6 Group Foundation

the only foundation helping people who have been in prison

Disability Unit: 4.3% employees with disabilities, vs 3.8% in 2024

ENVIRONMENTAL

1,032 items on television news dedicated to environmental issues (up 30% vs 2024)

88 journalists trained in climate-related and environmental issues

FTE

Ifop / Survey on Image of TV Channels /

Survey of a representative sample of 2,200 French people aged 15 and over conducted online between 26 March and 5 April 2024

Médiamétrie EAR> National, FY 2025 vs FY 2024, Monday-Friday, 5:00-0:00.

OpinionWay TV Mag - 24 December 2025

Programmes with subtitles for the deaf or hard of hearing, and audio description for the blind or partially sighted (M6, W9 channels).

Investing

in content

CHALLENGES

Accelerating

development in digital

Supporting

the development of our diversification activities and find

new growth drivers

Network of franchised estate agents

Music events and musical works

TV content

Marketing solutions

Movie content

Network of

indoor play centres

4

BUSINESS DIVISIONS

Audiovisual

and radio programmes

Radio stations

Free-to-air and

pay TV channels

Digital

platforms

Advertising space

Streaming

platforms

space

Advertising

MARKET TRENDS

Transformation of media Advertisers' expectations:

usage (development of

AVoD, SVoD, podcasts)

effectiveness of advertising campaigns, CSR

Expectations of viewers/spectators/listeners: attractive content, content available anywhere at any time of day

To present its business model, the Group has used the integrated reporting analysis framework of the International Integrated Reporting Council (IIRC) as its reference:

• In accordance with the options offered by the reporting reference framework adopted, M6 presents the resources used in 3 forms:

  • Human and intellectual resources. Employees hold a privileged position within the value chain. Training and skills development are therefore essential resources for M6 Group, which also relies on the expertise of teams and the intellectual property of formats and brands, as well and an extensive catalogue of audiovisual,

  • Financial and industrial resources, which are the capital invested by shareholders as well as the profits generated over the years and reinvested in the development of M6 Group. M6 Group also uses buildings, studios, warehouses and facilities to create value,

  • Environmental resources, which are the natural resources utilised (electricity, paper, etc.),

  • Societal resources, which are M6 Group's commitments to society, the relationships between the Group's brands, viewers and listeners.

Our value proposition for

our STAKEHOLDERS

EMPLOYEES

Offering a fulfilling work environment

• 92.2% employee retention

(excl. LBAE)

22% internal mobility1

89% of managers trained in combatting harassment2

VIEWERS AND LISTENERS

Being at the heart of French • 23 M viewers people's concerns • 8m+ daily listeners

29m active users/month on M6+

€8.7m pro bono commercials3 on TV and radio

PRODUCERS

Contributing to French

and European

€502.3m TV

programming costs

audiovisual creation

ADVERTISERS

Providing a tailored No 1 multi-media advertising

service to generate agency in France

efficiency and 98% of the French population

performance reached4

PUBLIC AUTHORITIES AND MARKET REGULATORS

Maintaining relations • Signatory to the Média Climat

contract

DISTRIBUTORS

Offering a powerful and attractive audiovisual service

Content offering enhanced

with innovative features for subscribers

SHAREHOLDERS

Sharing the value and communicate with transparency

• €157.1m dividends paid

  in 2025 in respect of 2024

• €1,539.7m market capitalisation at 31 December 2025

% of permanent opportunities filled via internal mobility.

% of employees who received training of more than 4 hrs during the baseline year. Free advertising space.

Médiamétrie - cross-media survey 2024 wave.

• For each of the Group's business cycles (which are grouped into 4 segments of financial information), there are corresponding values created by M6 Group (audiovisual content, channels, etc.) that form the basis of financial and non-financial performance.

• Lastly, Group stakeholders are the source of the resources made available to the Company, and benefit from the value created.

Our stakeholders, a fundamental component in the sustainable strategy

‌M6 Group Foundation: 15 years of commitment to professional reintegration after prison‌

In 2010, M6 Group created its own corporate foundation, having decided to get involved in the complex issue of combatting recidivism.

This commitment is based on the firm belief that M6 Group can provide different responses to societal issues, thereby going beyond its role of decoding society by becoming a stakeholder in its transformation.

Marking 15 years of the Foundation, 2025 was also notable for the start of a new 2025-2029 mandate, firmly focused on collaboration between the prison system and businesses.

THE FOUNDATION'S MAIN DRIVERS OF ACTION

1. Developing the employability of offenders: by supporting more than 280 projects in the past 15 years - both inside and outside prison - and via the creation and implementation of direct initiatives in prison.

   KEY FIGURES: 15 YEARS OF ACTION

2. Facilitating the link between prison and businesses: of the firm belief that reintegration following prison involves collaboration between these two worlds, the Foundation strives to promote the return to work of former prisoners as a clear diversity and inclusion issue within the business world.

   In 15 years, the M6 Group Corporate Foundation has created a unique place for itself in the prison system by combining commitment, belief and practical initiatives:

   €7.5 million invested in professional reintegration

   75% of prisons served

   27,000 beneficiaries supported

   900 M6 Group employees involved

   20 ex-prisoners employed within M6 Group

   In 2025, the Foundation won a major philanthropy award, the Grand Prix de la Philanthropie, in the "Rehabilitation & Equal Opportunities" category, awarded by Ficade Group

ONGOING SUPPORT, GUARANTEEING A RETURN TO WORK AFTER PRISON

The Foundation - driving the implementation of support initiatives

In 2025, the Foundation provided financial and operational support to 11 non-profit organisations, working very closely with beneficiaries to promote their access to employment, through three types of schemes:

THE COMPANY, AN ESSENTIAL LINK IN PROFESSIONAL REINTEGRATION: INCREASED ACTION TO MARK 15 YEARS OF THE FOUNDATION

The Foundation leverages M6 Group's experience in hiring ex-prisoners to have a ripple effect on businesses. To marks its 15thanniversary and to highlight the issue of integrating former prisoners into the business world, in 2025 the Foundation was vocal in the media and with the business world:

• An "immersive" evening, which took place on 14 October at M6 Group's headquarters. The programme included an introduction to the prison environment through a recreated "mobile prison unit", featuring interesting interactions between former prisoners and their reintegration partners, as well as the sharing of experiences by companies that have taken on ex-prisoners.

These voluntary initiatives brought together 45 companies and approximately 10 journalists, and helped to roll out its flagship initiative, Découverte (Discovery), a day for former prisoners seeking work to meet employees from various companies.

Following UpCoop and Suez, the Foundation has already secured the involvement of HR teams from three new companies in rolling out Découverte in 2026: Carrefour, Saint-Gobain and Mobivia.

‌Group strategy and outlook‌

An ambitious strategy built on solid foundations

Since its creation in 1987, the M6 channel, then known as "the little channel on the rise", has been able to leverage what sets it apart and develop in an agile way to grow into the powerful multi-media Group it is today, focused on the future.

Valued at €1.5 billion at 31 December 2025, M6 Group has the 2ndlargest French market capitalisation for a free-to-air television group.

Its tagline, "Continuons de grandir ensemble" ("Let's continue growing together"), reflects its close relationship with the French people and the Group's strong commitment to its audience.

In the medium term, the Group will continue to grow by focusing on the following three key strategic priorities:

1

Continue to grow in audience reach and in the video advertising markets

2

Continue transforming the business model

Plan 2030:Target of €80 million in savings over the next five years

3

Adapt the regulatory framework for the French audiovisual sector to

the current situation

1. The M6 Group aims to build on the strong audience growth it achieved in 2025, both in video and audio, while maintaining strict cost discipline across its programming.

2. The Group will continue transforming its operating model with the goal of achieving €80 million in savings over the next five years. These savings will be achieved by optimizing production costs, simplifying processes and organizational structures, and streamlining technical costs to enhance performance and agility, particularly through the integration of artificial intelligence across all business lines and support functions.

3. The Group will strive to evolve the regulatory framework, in particular to facilitate market consolidation, liberalize advertising, secure funding for content creation, lower distribution costs, revitalize radio and ensure transparency in investments between national media players and platforms.

25

MÉTROPOLE TÉLÉVISION - 2025 UNIVERSAL REGISTRATION DOCUMENT

1 ‌M6 GROUP PRESENTATION

A. STRUCTURAL CHANGES IN TV CONSUMPTION

Ownership and reception modes

Today, practically all French households (89.1%) have a television1. It is the second most popular screen in homes.

The chart below shows the trends in French household equipment:

46%

47%

47%

47%

47%

Q4 2021 Q4 2022 H2 2023 H2 2024 H2 2025

Television Desktops Smartphones Touchscreen tablets

Furthermore, 73.1% of households now own a smart TV (up 1.2 pp year on year).

Consumption

The development of smart TVs promotes other types of use such as:

• Viewing OTT video content (via subscription video on demand (or SVOD) services like Netflix, Amazon Prime, Disney+, etc., or video sharing platforms;

• Non-linear video content viewing on television channel platforms.

The data reflects this trend: in 2025, 60% of households subscribed to at least one paid service (SVOD and premium TV channels), an increase of 8pp since 2021. Every day, 16% of the French population consume TV content at home on a digital screen: 20% more than in 2024.2

In addition, the development of formats that don't require a TV, like video on social media (Facebook Watch, Snapchat, Tiktok, etc.) is also growing sharply amongst young people and they are challenging traditional TV.

On-demand video (BVOD, SVOD and online video content) accounted for 39% of daily viewing time in France in 2025, up from 36% in 2024.

M6 Group sees the emergence of these new modes of consumption and changing expectations as an opportunity for growth and value creation. That is why it ramped up its development in free streaming in 2024, building on 37 years of experience in content broadcasting to launch its new M6+ platform.

Despite these fundamental shifts, television continues to pull in viewers and is the only medium capable of generating instant power, including with younger people.

TV remained the leading media format in 2025, with an average daily viewing time of 2 hours and 58 minutes per person in households with a TV. This is 14 minutes less than in 20243, but significantly more than for other forms of TV use (1 hour and 4 minutes). TV remains a dominant presence in French daily life, with three out of four people watching at least once a day.

01:04:29

00:58:00

00:58:00

2023 2024 2025

Other viewing Linear and non-linear video

1. Source: ARCOM - Monitoring household audiovisual equipment - H2 2025

2. Source: Médiamétrie- L'année TV / Vidéo 2025

3. Source: Médiamétrie Mediamat - 4+ Whole of France

TV market audience ratings

Audience figures on the TV market by profile type are detailed in the tables below. It should be noted that the category 25-49-year-olds is M6 Group's priority commercial target.

4+ national audience share1:

(%) 2025 2024 2023 2022 2021 2020

* Ended 28/02/2025

** Launched on 30/09/25

*** Launched on 01/10/25

**** T18 and Novo19 in 2025 / France 4 in 2022 and 2023

1 Source: Médiamétrie

39 MÉTROPOLE TÉLÉVISION - 2025 UNIVERSAL REGISTRATION DOCUMENT

25-49 national audience share1:

(%) 2025 2024 2023 2022 2021 2020

* Ended 28/02/2025

** Launched on 30/09/25

*** Launched on 01/10/25

**** T18 and Novo19 in 2025 / France 4 in 2022 and 2023

1 Source: Médiamétrie