Half Year 2025 Financial Report

4

1. Key figures 6 4.1 Consolidated statement of comprehensive 30

   income

2. Group structure 7 4.2 Consolidated statement of financial position 33

3. Data on the Group's main markets and operations 9

   1. Consolidated cash flow statement 34

   2. Related parties 34

4. Other highlights and significant events 4.5 Post-balance sheet events 34

   in the first half of 2025 17

   5

1. Risk factors and management 18

   2

2. Workforce 19

1. Supervisory Board 22

2. Executive Board 22

1. Condensed consolidated financial statements at 30/06/2025 38

2. Notes to the condensed consolidated

1. Statutory auditors' report 62

2. Statement of person responsible 63

PROFILE

1. KEY FIGURES 6

2. GROUP STRUCTURE 7

   1. Organisational structure at 30 June 2025 7

   2. Changes in Group structure in 2025 8

3. DATA ON THE GROUP'S MAIN

   MARKETS AND GROUP OPERATIONS 9

   1. Video (formerly Television) 9

   2. Audio (formerly Radio) 14

   3. Production and Audiovisual Rights 15

   4. Diversification 16

4. OTHER HIGHLIGHTS

   AND SIGNIFICANT EVENTS

   IN THE FIRST HALF OF 2025 17

5. RISK FACTORS AND MANAGEMENT 18

   1. Risks and uncertainties regarding the first half of the year 18

   2. Risks and uncertainties regarding the second half of the year 18

6. WORKFORCE 19

   1. Breakdown of M6 Group permanent workforce

      by type of contract 19

   2. Breakdown of permanent workforce by division 19

1. ‌KEY FIGURES

   Over the first half of 2025, M6 Group demonstrated its capacity for resilience within a difficult market environment. Despite no major sporting events being broadcast during the period, the Group achieved its best start to a year in terms of TV audiences over the past three years across all targets. In addition, careful management of costs enabled it to achieve one of the highest operating margins in the sector.

   
   
   

   FINANCIAL INDICATORS

   €632.7m €105.9m

   Revenue EBITA

   16.7%

   Operating margin

   €103.9m

   Net cash2

   
   
   

   OPERATING INDICATORS

   +17% 28

   hours viewed on M6+1million users

   for the M6+ platform

   22.8%

   WRP<50 audience share free-to-air channels

   16.8%

   13+ audience share Audio division

   
   
   

   NON-FINANCIAL INDICATORS

   France's top Ecoproduction employer 2025 "Engagement" label

   288

   won award in the "Media and Communication"3category

   awarded to M6's new daily drama serial Nouveau Jour

   projects supported during the Foundation's 15 years of work

   1 Heartbeat in-house data - excl. Molotov, excl. operators' OTT applications (Oqee, etc.), excl. Vidéofutur // 2 Net cash corresponds to cash and cash equivalents, plus debit current accounts and loans, less credit current accounts, bank overdrafts and financial debt (which now excludes loans to and borrowings from associates) // 3 According to an Institut Statista survey published in Capital Magazine in February 2025.

2. ‌GROUP STRUCTURE

   1. Organisational structure at 30 June 2025

      (% of share capital)

      MÉTROPOLE TÉLÉVISION SA

      
      
      

      Video (formerly Television)

      M6 GROUP PRESENTATION

      Group structure 1

      100% M6 Thématique 100% 100% 100% 100% 100% 100% 100% 100% 50%

      SAS EDI-TV (W9) SAS

      M6 Génération (6ter) SAS

      Jeunesse TV (Gulli) SAS

      M6 Diffusion SA

      Paris Première SAS

      SEDI TV (Teva) SAS

      M6 Communication (M6 Music) SAS

      LTI Vostok OOO

      Extension TV (sérieclub) SAS

      100%

      SNDA SAS

      20%

      20% 20%

      Multi 4 SAS

      NTN SAS

      20%

      100%

      M6 Shop SAS

      100% M6 Publicité

      SAS 49%

      Wild Buzz Agency SAS

      100%

      M6 Créations SAS

      51% 100%

      Stéphane Plaza France SAS

      M6 Editions SA

      Audio (formerly Radio) Production and audiovisual rights

      100%

      100% SODERA (RTL2) 100% 100% 100% 100%

      100% C. Productions

      100% M6 Studio SND Fictions

      SA Média Stratégie SARL

      FM Graffiti SARL

      Radio Golfe SARL

      Radio Porte Sud SARL

      100%

      SA

      Studio 89

      100%

      SAS

      M6 Films

      SAS

      100% RTL France Radio

      SAS

      7.69%

      7.69%

      Mux M1 SAS

      7.69% 16.67%

      COSMOS SAS

      5.73%

      Productions SAS

      Société Nouvelle de Distribution SA

      SA

      100%

      SND Films LLC

      60%

      Full Dawa Production SAS

      100% SERC (Fun Radio)

      SA

      51% 100% 100% 100%

      Music Nancy FM Canal Star SPRGB A2B Com SARL SARL SARL SARL

      100%

      SND FACTORY SAS

      Diversification

      94.27%

      100% M6 Interactions 93.25% 99.99% 21.4% 12.1% 98% 50% 93.25%

      5% Entourage

      SAS

      6.75%

      M6 Digital Services SAS

      M6 Evènements SA

      Miliboo SA

      QIIP SAS

      La boîte aux enfants SAS

      Bedrock SAS SA

      M6 Distribution

      Digital SAS 6.75%

      21.31%

      Solutions SAS

      31.47% 50% 22.7%

      100%

      Kidea

      100%

      Pariocas SAS

      100%

      Atolls Panora Services SAS

      M6 Foot

      Quicksign SAS

      100%

      Services SAS

      Baleo SAS

      Bedrock Portugal

      SASU

      50% Academee SAS

      5.3%

      SAS

      MesRideaux.com SAS

      Other

      100% Ludikland 74 100%

      SAS

      100% Parc de Lomme

      SAS

      100% Acrochats SAS

      LMX 74 SAS

      12.6% Les Miraculeux

      SAS

      2.9% Extrastudent

      SAS

      100% SCI du 107 SCI

      100% Immobilière 46D

      SAS

      20% European News

      Exchange

      11.1% Alliance Gravity Data Media SAS

      100% M6 Plateforme

      SA

      100% M6 Invest 4

      SAS

      100% Immobilière M6

      SAS

      100% M6 Développement SAS

      2.7% Médiamétrie

      SA

      10.6%Life TV 43.8% BG Team SAS

      The proportion of voting rights is equal to the stated percentage of the share capital held for each company in the above organisational chart, with the exception of Miliboo for which the Group holds 21.4% of the share capital and 17.75% of the voting rights.

      1

      M6 GROUP PRESENTATION

      Group structure

   2. ‌Changes in Group structure in 2025

      Over the first half of 2025, the following changes were made to the Group structure:

      • On 4 February 2025, M6 Group completed the acquisition of 60% of Full Dawa Production. This production company was allocated to SND within the Production and Audiovisual Rights Division;

      • On 30 April 2025, through its subsidiary Ludikland, itself owned by the Boîte aux Enfants SAS (Gulli Parcs), M6 Group acquired the company LMX 74, specialising in sporting, recreational and leisure activities. This activity is attached to the Diversification Division.

      1

      M6 GROUP PRESENTATION

      Data on the Group's main markets and operations

3. ‌DATA ON THE GROUP'S MAIN MARKETS AND OPERATIONS

   Advertising

   Audio

   (formerly Radio)

   Production and audiovisual

   rights

   ‌Video

   (formerly TV)

   Diversification

   
   
   

   1. Video (formerly Television)

      1. OWNERSHIP AND RECEPTION MODES

         Today, practically all French households (89.7%) have a television1. It is the second most popular screen in homes.

         92%

         86%

         91%

         86%

         90%

         86%

         90%

         89%

         92%

         90%

         
         
         

         The chart below shows the trends in French household equipment:

         85%	85%	86%	87%	87%
         48%	46%	47%	48%	48%
         Q4 2020	Q4 2021	Q4 2022	Q4 2023	Q4 2024

         Television Desktops Smartphones Touchscreen tablets

         Among households with a television set, 87.2% own an internet-connected TV or "Smart TV" (up 1.2 pp year-on-year). An Internet Service Provider (ISP) TV decoder remains the most popular connection method (83.7%), followed by connected Smart TVs, which continue to gain ground and are now found in more than half of connected TV households (54%, up 1 pp year-on-year).

      2. VIEWING TIME

         The aforementioned 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.

           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.

           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. Over the first half of 2025, 100% of 25-49 year olds watched television, with the average viewing time amongst this age group standing at 1 hr 47 mins2. Moreover, television accounted for 69% of total video content consumed.

           1. Source: ARCOM - Household device monitoring - H1 2024

           2. Source Médiamétrie Mediamat - excluding unlabelled channels; base: whole of France, all locations, over-4s, 25-49s

              1

              M6 GROUP PRESENTATION

              Data on the Group's main markets and operations

      3. AUDIENCE RATINGS1

         1. TV MARKET

            Audience figures on the TV market by profile type are detailed in the tables below. It should be noted that the WRP<50 category is M6 Group's priority commercial target.

            4+ national audience share:

            % H1 2025 H1 2024 H1 2023 H1 2022 H1 2021 H1 2020

            M6	8.0%	8.0%	8.3%	8.7%	9.4%	8.9%
            W9	2.3%	2.3%	2.3%	2.4%	2.5%	2.7%
            Gulli	1.2%	1.1%	1.0%	1.2%	1.2%	1.2%
            6ter	1.9%	1.7%	1.7%	1.6%	1.6%	1.7%
            M6 Group	13.4%	13.1%	13.3%	13.9%	14.7%	14.5%
            TF1	18.7%	18.7%	18.2%	18.6%	19.9%	19.1%
            TMC	3.0%	2.9%	3.0%	2.9%	3.1%	3.0%
            NT1/TFX	1.7%	1.7%	1.5%	1.5%	1.5%	1.7%
            HD1/TF1 Séries films	1.8%	2.0%	1.5%	1.7%	1.7%	1.7%
            LCI	1.8%	1.8%	2.0%	1.6%	1.1%	1.3%
            TF1 Group	27.0%	27.1%	26.2%	26.3%	27.3%	26.8%
            France 2	15.0%	14.7%	15.2%	14.7%	14.4%	14.1%
            France 3	9.0%	8.7%	9.0%	9.3%	9.1%	9.1%
            France 4	0.9%	-	-	-	0.8%	1.3%
            France 5	3.6%	3.5%	3.6%	3.7%	3.3%	3.6%
            franceinfo	0.8%	0.8%	0.8%	0.9%	0.7%	0.6%
            France Télévisions Group	29.3%	27.7%	28.6%	28.6%	28.3%	28.7%
            Virgin 17/Direct star/D17/Cstar	1.2%	1.1%	1.1%	1.1%	1.1%	1.1%
            Direct 8/D8/C8	1.2%	3.1%	3.2%	2.8%	2.6%	2.6%
            i > Télé/Cnews	3.2%	2.8%	2.2%	2.1%	1.9%	1.2%
            Canal+	1.5%	1.4%	1.2%	1.2%	1.2%	1.3%
            Canal+ Group	7.1%	8.4%	7.7%	7.2%	6.8%	6.2%
            Arte	3.1%	3.0%	2.9%	2.9%	2.9%	2.8%
            Chérie 25	1.3%	1.2%	1.2%	1.2%	1.2%	1.1%
            NRJ12	0.3%	0.9%	1.0%	1.2%	1.2%	1.3%
            NRJ Group	1.6%	2.1%	2.2%	2.4%	2.4%	2.4%
            BFM TV	2.7%	2.9%	3.1%	3.6%	2.8%	2.9%
            RMC Découverte	1.8%	1.8%	1.7%	1.9%	2.1%	2.4%
            RMC Story	1.7%	1.9%	2.0%	1.8%	1.5%	1.5%
            CMA Média	6.2%	6.6%	6.8%	7.3%	6.4%	6.8%
            L'équipe 21/ L'Equipe	1.8%	1.6%	1.7%	1.5%	1.5%	1.3%
            Amaury Group	1.8%	1.6%	1.7%	1.5%	1.5%	1.3%
            Total Groups	89.5%	89.6%	89.4%	90.1%	90.3%	89.5%
            Total Other cable and satellite channels audience share	10%	9.3%	9.3%	9.1%	9.1%	10.1%
            Total DTT	31.1%	32.7%	32.3%	31.9%	30.6%	31.2%
            Total Other DTT channels audience share	0.5%	1.1%	1.3%	0.9%	0.5%	0.6%
            TOTAL 4+ audience share	100%	100%	100%	100%	100%	100%

            1 Source: Médiamétrie (unless otherwise specified)

            1

            M6 GROUP PRESENTATION

            Data on the Group's main markets and operations

            WRP<50 national audience share1:

            % H1 2025 H1 2024 H1 2023 H1 2022 H1 2021 H1 2020

            M6	13.7%	13.2% 14.0%	14.4%	15.1%	14.1%
            W9	4.1%	4.3% 3.4%	3.5%	3.9%	3.9%
            Gulli	2.2%	2.2% 1.9%	1.8%	1.6%	1.7%
            6ter	2.8%	2.5% 2.8%	2.7%	2.5%	2.8%
            M6 Group	22.8%	22.2% 22.1%	22.4%	23.1%	22.5%
            TF1	22.9%	23.3% 22.9%	22.3%	22.5%	21.5%
            TMC	4.5%	4.7% 4.4%	4.8%	4.7%	4.1%
            NT1/TFX	3.6%	3.4% 3.5%	3.4%	3.6%	3.3%
            HD1/TF1 Sériesfilms	2.2%	2.8% 2.4%	2.6%	2.4%	2.5%
            LCI	0.5%	0.4% 0.4%	0.4%	0.3%	0.5%
            TF1 Group	33.7%	34.6% 33.6%	33.5%	33.5%	31.9%
            France 2	9.3%	8.3% 9.3%	9.1%	9.4%	8.5%
            France 3	2.7%	2.6% 2.6%	3.5%	3.5%	3.4%
            France 4	1.1%	- %	-	1.0%	1.5%
            France 5	1.8%	1.9% 1.8%	1.6%	1.4%	1.8%
            franceinfo	0.4%	0.4% 0.4%	0.5%	0.5%	0.5%
            France Télévisions Group	15.3%	13.2% 14.1%	14.7%	15.8%	15.7%
            Virgin 17/Direct star/D17/Cstar	1.3%	1.3% 1.6%	1.5%	1.4%	1.4%
            Direct 8/D8/C8	1.0%	2.7% 2.9%	3.0%	2.7%	2.8%
            i > Télé/Cnews	1.5%	1.2% 1.0%	1.1%	0.9%	0.9%
            Canal+	1.8%	1.7% 1.2%	1.1%	1.0%	1.3%
            Canal+ Group	5.6%	6.9% 6.7%	6.7%	6.0%	6.4%
            Arte	1.3%	1.2% 1.0%	1.1%	1.1%	1.2%
            Chérie 25	1.1%	1.2% 1.3%	1.2%	1.0%	1.3%
            NRJ12	0.5%	1.6% 1.7%	1.7%	1.7%	1.9%
            NRJ Group	1.6%	2.8% 3.0%	2.9%	2.7%	3.2%
            BFM TV	2.6%	2.6% 2.9%	3.5%	3.0%	2.9%
            RMC Découverte	1.3%	1.3% 1.3%	1.3%	1.6%	1.9%
            RMC Story	1.9%	1.9% 2.0%	1.6%	1.5%	1.5%
            CMA Média	5.8%	5.8% 6.2%	6.4%	6.1%	6.3%
            L'équipe 21/ L'Equipe	1.4%	1.1% 1.1%	0.9%	0.9%	0.7%
            Amaury Group	1.4%	1.1% 1.1%	0.9%	0.9%	0.7%
            Total Groups	87.5%	87.8% 87.8%	88.6%	89.2%	87.9%
            Total Other cable and satellite channels audience share	12.1%	11.4% 11.2%	10.5%	10.5%	12.0%
            Total DTT	34.4%	36.5% 35.9%	36.5%	35.5%	36.4%
            Total Other DTT channels audience share	0.4%	0.8% 1.0%	0.9%	0.3%	0.1%
            TOTAL WRP<50	100%	100% 100%	100%	100%	100%

            1 Source: Médiamétrie

            1

            M6 GROUP PRESENTATION

            Data on the Group's main markets and operations

         2. AUDIENCE PERFORMANCE OF GROUP CHANNELS

            The Group's free-to-air channels recorded an audience share of 13.4% across audiences as a whole (up 0.3 percentage points), and 22.8% (up 0.6 pp) on the commercial target of WRP<50, achieving their best first half-year in three years across the entire viewing public and in four years on the commercial target.

            
            
            

            The M6 channel retained its position as the second largest national channel on the WRP<50 commercial target across the entire day with an audience share of 13.7% (up 0.5 pp year-on-year) despite a first half of 2024 marked by the broadcast of the Euros.

            Over the first half of 2025, the channel performed very well in primetime in different categories. M6's longstanding entertainment brands continued to have an impact and posted healthy audience figures on the commercial target of WRP<50, with Mariés au premier regard which achieved its second best season ever (32%), as well as Top Chef (25%) and Pékin Express (25%). M6 also posted impressive performances with its current affairs programmes Capital and Zone interdite, and established itself as the most popular source of such programming in primetime with an 18% audience share amongst 25-49 year olds, up 12% year-on-year.

            In addition, the channel recorded clear audience growth in its daytime shows, driven in particular by La Roue de la fortune (16%1 amongst WRP<50) and Un jour un doc (14%1).

            On 31 May 2025, for the first time in its history, the M6 channel broadcast the final of the Champions League. The match drew up to 10.3 million viewers, its highest audience figures of the half-year.

            
            
            

            Over the first half of 2025, W9, the leading DTT channel for streaming, posted an audience share of 4.1% amongst WRP<50 (down 0.2 pp year-on-year). The channel performed well in early primetime thanks to its reality TV programmes, which achieved an average audience share of 9% on the target, representing a year-on-year increase of 25%.

            With its varied range of programmes for the whole family, 6ter is the top new generation DTT channel for the whole audience and for WRP<50. Its audience share on the commercial target of WRP<50 stood at 2.8% over the first half of 2025 (up 0.3 pp year-on-year), and the channel achieved its best ever six months amongst 25-49 year olds.

            
            
            

            On the commercial target of WRP<50, Gulli achieved an audience share of 2.2% across the entire day. It is established as the national leader for children aged 4 to 10 in strategic timeslots (6am to 8pm), with an 18% audience share.

            On 6 June 2025, the channel also passed a new milestone in its history by moving to channel number 12 on DTT, marking a major turning point for it and offering new audience and scheduling prospects.

            1 Previous day audiences

            1

            M6 GROUP PRESENTATION

            Data on the Group's main markets and operations

         3. CAB-SAT CHANNELS

         Linear pay TV

         
         
         

         Over the first half of 2025, M6 Group's pay channels consolidated their position amongst the leading channels in the pay-TV environment1.

         • With an average of 14 million viewers each month, Paris Première maintained its position as the most watched pay channel2. It achieved an audience share of 0.8% across the entire viewing public, maintaining its position as the top channel on this target for the second consecutive wave.

         • For the seventh consecutive wave, Téva was the third most watched pay-TV channel by women. It posted an audience share of 0.9% amongst WRP<50 CE3, up 45% year-on-year.

         • SérieClub, the channel dedicated to cult TV series, equalled its best ever wave across viewers as a whole with a 0.4% audience share and recorded its all-time streaming record, a year-on-year increase of 70%.

         • TiJi, the channel devoted to 3-7 year olds, and CanalJ, the channel for 7-12 year olds, attract 1.5 million and 1.2 million viewers respectively per month4.

         • Music channels M6 Music, the channel that features 100% hits, MCM, the gold standard in Pop Culture and RFM TV, the channel that offers the best in music, remain powerful. M6 Music and RFM TV achieved cumulative audiences of 5.1 million viewers each month, and RFM TV was the second largest music channel across the entire viewing public5.

         M6+, M6 Group's free streaming platform, celebrated its first birthday in May 2025. The platform had a record year since it was launched with growth of 26% in its daily audience figures6and of 30%7in time spent.

         With more than 30,000 hours of available content, including more than 10,000 hours of exclusive content, it achieved great success with the series genre which was a major contributor to growth, with a 70% increase in time spent by users. In one year, the platform also recorded 10 million downloads of the application, half of which were via smart televisions, an environment where viewing time is 60% higher than the average.

         Over the first half of 2025, the platform underlined its development with 17% growth7in time spent and 35% growth in numbers of unique monthly users6in comparison with the first half of 2024, thereby achieving 28 million unique monthly users. The series genre remained the highest contributor to growth, with a 40% increase in time spent by users in comparison with the first half of 2024. With an average user age nine years younger than that of its competitors, M6+ has established itself as the "youngest" platform in the market7.

      4. TV ADVERTISING MARKET

         Impacted by an unfavourable economic environment and by a significant base effect related to advertisers' enthusiasm for the Euros last year, the advertising market recorded a decline over the first six months.

      5. ADVERTISING PERFORMANCE OF GROUP CHANNELS

         Following a first quarter with 0.8% growth, the Group's second quarter Video advertising revenues were affected by a base effect linked to the broadcast of Euro 2024 the previous year, and thus posted a decline of 4.3% in comparison with the second quarter of 2024.

         Over the first six months of 2025 as a whole, the TV division posted a slight decline of 1.8% in its advertising performance compared with H1 2024. Strong growth in streaming revenue helped make up for a still uncertain macroeconomic environment.

         1. Médiamétrie / Médiamat Thématik Wave 49 January - June 2025 - Audience share within the Extended Competitive (EC) environment

         2. Excl. Canal+, 4-week coverage

         3. Extended competitive environment

         4. Médiamétrie / Médiamat'Thématik, Wave 49 (30 December 2024 - 15 June 2025), whole of France

         5. Médiamétrie / Médiamat' Thématik Wave 49. Whole of France

         6. Annual / monthly / daily coverage

         7. M6+ in-house data

         1

         M6 GROUP PRESENTATION

         Data on the Group's main markets and operations

   2. ‌Audio (formerly Radio)

      1. COVERAGE AND LISTENING TIME

         Over the 2024/25 season, Radio attracted an average of 38 million daily listeners, a decrease of 1% in relation to the previous season. Over the same period, individual listening time stood at an average of 165 minutes per day, stable year on year.

      2. AUDIENCE RATINGS

         1. RADIO MARKET

            13+ national audience share 1:

            H1 2025 H1 2024 H1 2023 H1 2022 H1 2021 H1 2020

            RTL	11.2%	11.6%	12.5%	12.7%	12.3%	13.4%
            RTL2	2.7%	2.6%	2.8%	3.1%	3.0%	2.8%
            FUN RADIO	2.9%	2.3%	2.6%	2.4%	2.9%	3.0%
            M6 Group	16.9%	16.5%	18.0%	18.2%	18.1%	19.2%
            CHERIE FM	2.2%	2.2%	2.2%	2.3%	2.1%	2.5%
            RIRE ET CHANSONS	1.3%	1.4%	1.0%	1.0%	1.0%	1.1%
            NRJ	6.0%	6.2%	6.6%	6.3%	6.3%	5.6%
            NOSTALGIE	5.4%	5.6%	5.4%	4.6%	4.2%	4.6%
            NRJ Group	14.9%	15.4%	15.3%	14.2%	13.6%	13.8%
            EUROPE 1	4.9%	3.9%	3.2%	3.5%	4.3%	4.3%
            EUROPE 2	0.9%	1.1%	1.4%	1.7%	1.8%	1.9%
            RFM	2.3%	2.6%	2.5%	2.7%	2.7%	3.0%
            Lagardère Group	8.2%	7.6%	7.1%	7.9%	8.8%	9.2%
            FRANCE INTER	14.5%	13.6%	14.2%	14.2%	13.0%	13.0%
            FRANCE BLEU	4.0%	4.7%	4.8%	5.2%	5.8%	5.5%
            FRANCE INFO	4.6%	4.4%	4.9%	5.3%	4.4%	3.6%
            FRANCE MUSIQUE	1.7%	1.7%	1.7%	1.6%	1.6%	1.6%
            FRANCE CULTURE	3.1%	3.1%	2.5%	2.7%	2.4%	2.3%
            MOUV	0.3%	0.3%	0.4%	0.4%	0.4%	0.5%
            FIP	1.5%	1.6%	1.3%	1.3%	1.5%	1.3%
            Radio France Group	29.7%	29.6%	29.7%	30.7%	29.0%	27.8%
            RMC	5.7%	5.7%	5.7%	5.7%	5.7%	6.0%
            CMA Média	5.7%	5.7%	5.7%	5.7%	5.7%	6.0%
            M RADIO	1.0%	0.9%	0.8%	0.7%	0.7%	0.6%
            RADIO NOVA	1.0%	0.4%	0.3%	0.4%	0.4%	0.3%
            SKYROCK	3.7%	3.8%	3.8%	3.8%	4.1%	3.9%
            RADIO CLASSIQUE	1.7%	1.8%	1.9%	1.6%	1.8%	1.7%
            Les Indés Radios cluster	11.0%	11.4%	11.2%	10.5%	11.5%	11.3%
            ALOUETTE	-	0.6%	0.6%	0.5%	0.5%	0.5%
            TSF JAZZ	-	0.3%	0.4%	0.4%	0.3%	0.3%
            Other radios	6.2%	6.0%	5.2%	5.4%	5.5%	5.4%
            Total	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

         2. AUDIENCE PERFORMANCE OF GROUP STATIONS

         
         
         

         Over the first half of 2025, the RTL radio division - the leading commercial radio group in France - posted growth, recording an audience share of 16.9% with listeners aged 13 and over (up 0.4 percentage points year on year).

         • RTL, France's top commercial radio station, achieved an audience share of 11.2%, a year-on-year decline of 0.4 pp.

         • RTL2 achieved an audience share of 2.8% in the first half of 2025 (up 0.1 percentage points).

         • Fun Radio achieved an audience share of 2.9%, a year-on-year increase of 0.6 pp.

      3. RADIO ADVERTISING MARKET AND PERFORMANCE OF GROUP STATIONS

         Radio advertising market activity declined slightly over the first six months of 2025.

         Over the first half of 2025, the advertising performance of the Group's Audio Division was in line with market developments.

         1 Source: Médiamétrie 126,000 then EAR-National, January-June, Monday-Friday, 5am-12am

         1

         M6 GROUP PRESENTATION

         Data on the Group's main markets and operations

   3. ‌Production and Audiovisual Rights

      1. FILM PRODUCTION AND CINEMA DISTRIBUTION

         1. THE CINEMA MARKET IN 2025

            Cinema attendance reached 75.3 million admissions1over the first six months of 2025, in comparison with 85.7 million admissions in the first half of 2024. The market share of French films totalled 40% over the first half of 2025 with American films standing at 32%.

         2. SND

            
            
            

            The main activities of SND (Société Nouvelle de Distribution) are the acquisition, management and distribution of the licensing rights for audiovisual works. Distribution activities include cinema, as well as video and the sale of rights to pay TV and free-to-air TV broadcasters, as well as video on-demand platforms. Licensing rights for works can also be sold internationally. SND also operates its own feature film production business. The company also holds a catalogue with both classic French and European films and more recent French feature films.

            The number of cinema admissions1for films distributed by SND totalled 2.9 million, compared with 5.4 million in the first half of 2024. This decline was primarily due to the exceptional public enthusiasm the previous year for the films Cocorico and One Life which generated more than 3 million admissions over the first half of 2024. Over the first six month of 2025, only the film Les Bodin's partent en vrille neared one million admissions.

         3. M6 FILMS

         
         
         

         The film production subsidiary financed eight films that were released in cinemas during the first half of 2025 and which recorded a total of 3.2 million admissions to the end of June, including two that recorded almost one million admissions: Les Bodin's partent en vrille and Bridget Jones: Mad about the Boy.

      2. TV PRODUCTION

         1. C. PRODUCTIONS

            
            
            

            C Productions produced current affairs magazines for M6 (Capital, Zone Interdite, Enquête Exclusive, 66 Minutes, Turbo, Un jour, Un doc), W9 (Enquête d'action, Enquêtes criminelles, Que s'est-il vraiment passé ?) and 6ter (Vive le Camping). The subsidiary also produced the daily entertainment show Ça peut vous arriver, broadcast jointly on M6 and RTL as well as the Prime Time events-based evenings, Appel à témoins.

         2. STUDIO 89

         
         
         

         Studio 89 Productions, an in-house flow programme unit, develops and produces numerous reality TV, drama, entertainment and magazine programmes for all the Group's channels, including Top Chef, Objectif Top Chef, Cauchemar en cuisine, Mariés au premier regard, Les Traîtres (M6), as well as Un dîner presque parfait (W9) and Piquantes (Téva).

         1 Source: CNC

         1

         M6 GROUP PRESENTATION

         Data on the Group's main markets and operations

   4. ‌Diversification

      1. STÉPHANE PLAZA FRANCE

         
         
         

         Stéphane Plaza France SAS heads the network of franchisee estate agents Stéphane Plaza Immobilier. Its ambition is to become the leading property brand, by supporting customers in the implementation of their projects with a disruptive digital approach. It has thus been rolled out throughout France.

         For the sixth consecutive time, Stéphane Plaza Immobilier was voted Estate Agent of the Year, for 2025-20261.

         Over the first half of 2025, the housing market crisis continued to impact Stéphane Plaza Immobilier's activity, which was in decline.

         In addition, on 17 April 2025, Stéphane Plaza France announced the expansion of its product range with the launch of "Sixième Avenue - L'immobilier par M6", a new brand to address market changes and the expectations of a proportion of its franchisees. This brand, which is focused on wellbeing at home and services related to the home and digitalisation, has strengthened the network, complementing the Stéphane Plaza Immobilier brand.

      2. M6 INTERACTIONS

         
         
         

         M6 Interactions is M6 Group's "Entertainment" diversification subsidiary. It is structured around four activities: recorded music, music publishing, events and shows, and book publishing.

         Over the first half of 2025, M6 Interactions posted an improvement in its performances, driven notably by the success of the regional tour of Molière.

         M6 Interactions continued to expand into new areas, notably immersive experiences and shows, and consolidated its music publishing activities through its music store, M6 Synchro.fr.

      3. GULLI PARC

         
         
         

         La Boîte aux Enfants is the leader in the children's indoor play centre market, with 2 million visitors per year. At 30 June 2025, it operated 26 centres across France, including 16 under the Gulli Parc licence.

         Since 2010 its play parks have been providing fun, recreational activities for children aged 1 to 12 through adventure courses, sports and entertainment, while also involving parents by promoting parent-child bonding in a thoroughly safe environment.

         M6 Group's acquisition of "La Boîte aux Enfants" in July 2024 aligns with its strategic investment in family-oriented offerings, centred around Gulli, France's leading children's channel. The Group plans to extend the network's reach by opening new playgrounds at shopping centres and pursuing external growth, while also introducing new attractions and event programmes showcasing Gulli heroes.

         1 According to a survey carried out by IN Marketing Survey between 23 June and 6 July 2025

         1

         M6 GROUP PRESENTATION

         Other highlights and significant events in the first half of 2025

4. ‌OTHER HIGHLIGHTS AND SIGNIFICANT EVENTS IN THE FIRST HALF OF 2025

   1. LEGAL AND ARBITRATION PROCEEDINGS

      1. THE FOLLOWING FACTS SHOULD BE NOTED IN RELATION TO THE MAIN JUDICIAL AND ARBITRATION PROCEDURES REFERRED TO IN THE 2024 UNIVERSAL REGISTRATION DOCUMENT:

         All the risks related to the various proceedings against the station Fun Radio in respect of audience measurements are the responsibility of RTL Group and not M6 Group.

      2. THE FOLLOWING FACTS SHOULD BE NOTED IN RELATION TO THE MAIN JUDICIAL AND ARBITRATION PROCEDURES OF THE FIRST HALF OF 2025:

      None.

   2. LEGAL AND REGULATORY ENVIRONMENT

   By virtue of its corporate purpose and status as an operator of free-to-air television and radio broadcasting licences, the Company is governed by a specific legal and regulatory regime which applies in addition to ordinary provisions, as specified in Sections 1.2.1.3 and 1.2.2.3 of the 2024 Universal Registration Document. The main legal and regulatory developments introduced in 2025 are set out below.

   1. MAIN LEGISLATIVE DEVELOPMENTS AND LEGISLATIVE PROJECTS UNDER DISCUSSION

      Reform of public service broadcasting

      The draft bill relating to the reform of public service broadcasting and audiovisual sovereignty was tabled and adopted upon its first reading in the Senate in 2023. The legislation was rejected by the Assemblée Nationale on 30 June 2025 during its review upon its first reading and was submitted to the Senate which adopted it upon its second reading on 11 July 2025.

      Consultation process on the right to information

      Another draft bill relating to the findings of the consultation on the right to information was publicly mentioned by the Culture Minister and may, according to her comments, be considered in the autumn of 2025.

      Other proposed legislation

      The bill relating to the organisation, management and financing of professional sport was adopted by the Senate in June 2025, and sent to the Assemblée Nationale. The legislation aims to strengthen Arcom's powers to combat piracy, in particular for sporting events, and provide a framework for audiovisual licensing rights.

      Other bills are currently being debated in Parliament and may have an impact of M6 Group's activities. The bill aimed at reducing the environmental impact of the clothing industry will be debated during a second reading in the Assemblée Nationale shortly. In its current wording, the legislation specifically includes a provision intended to amend the French Environmental Code to prohibit advertising of "ultra-fast fashion" products, with its entry into force scheduled for 1 January 2026.

   2. DISTRIBUTION OF TELEVISION SERVICES

   On 5 December 2024, Canal+ Group announced the withdrawal of its four pay-TV channels (CANAL+, CANAL+ Cinéma, CANAL+ Sport, Planète+) which had been pre-selected by Arcom as part of this tendering process, with broadcasting on these channels due to stop in June 2025. As a result, Arcom decided to change the multiplex allocation for the remaining two channels on the R3 multiplex, where Canal+'s pay-TV channels had until now been located: LCI has joined the R6 multiplex and Paris Première has joined the R4 multiplex, effective from 6 June 2025. In its decision dated 19 February 2025 relating to several court appeals concerning this tendering process, the Conseil d'État indicated that it was forfor Arcom to implement the procedure set out in Article 31 of the law dated 30 September 1986 and, therefore, to lead a public consultation and an impact study "in order to decide if the economic situation is favourable to the launch of a tendering process for the four licences that have not been allocated (Canal+) or where appropriate, conversely, to postpone it by two years, renewable once, effective from the date of expiry of the current licences concerned". On 30 April 2025, Arcom thus launched a public consultation on the use of radio spectrum resources allocated to the broadcasting in mainland France of terrestrial television services, to which M6 Group applied.

   On 9 January 2025, Arcom adopted several changes concerning the numbering of DTT channels, effective from 6 June 2025. The channels M6 and W9 retained their positions (numbers 6 and 9 respectively),while the Gulli channel was allocated number 12 and Paris Première number 26.

   Lastly, in February 2025, the Directorate-General for Media and Cultural Industries (DGMIC) published a public consultation relating to the outlook for the future broadcasting and distribution of television services in France, to which M6 Group responded. The French Government is using this consultation to prepare and submit a report to Parliament.

   1

   M6 GROUP PRESENTATION

   Risk factors and management

5. ‌RISK FACTORS AND MANAGEMENT

   1. Risks and uncertainties regarding the first half of the year

      The Group's main risks and uncertainties are detailed in the 2024 Universal Registration Document filed with the AMF on 17 March 2025 and amended on 21 March 2025, available on the website https://www.amf-france.org as well as on the Company's own website https://www.groupem6.fr.

      Risks considered significant and specific to M6 Group are set out in the chapter relating to risk factors:

      • Risk related to a decline in audience

      • Risk of an increase in programme costs

      • Risk related to sensitivity to the economic climate

      • Risks related to a decline in distribution revenues

      • Risk related to the interruption of the signal of the Group's TV channels and radio stations

      • IT systems risks

      • Risk related to broadcasting licences

      • Risks related to legislative and regulatory changes

      Following an end to 2024 marked by the sharp downturn in the video advertising market in connection with economic and political uncertainties, the first half of 2025 was again in decline in comparison with the first half of 2024, impacted by the lack of broadcast of any major sporting events, like Euro 2024 the previous year.

      Within this context, the risks set out in the 2024 Universal Registration Document remain valid and their description has not changed. They specifically include the Group's high sensitivity to the economic situation and consumer spending.

      Moreover, the financial risks arising from all the matters in progress were estimated prudently and provided for where required in the Group's financial statements.

      ‌To the best of the Company's knowledge, no other significant event that occurred during the first half of 2025 is likely to have, or to have had in the recent past, a significant impact on the Company and the Group's financial position, financial performance, activities and assets.

   2. Risks and uncertainties regarding the second half of the year

      Within this market environment and climate of political uncertainty, the Group will make every effort to strengthen its positions on the advertising market, thanks in particular to its competitive range of programmes and investment in streaming. It will nevertheless continue its efforts in relation to controlling costs.

      Furthermore, the Group's business is in part subject to seasonal fluctuations, the general principles of which are detailed in Note 4 to the condensed consolidated half-year financial statements.

      The Group wishes to repeat that, due to the traditional seasonality of its business and uncertainties linked to the current economic environment, the level of EBITA for the half-year to 30 June 2025 should not be used as a base to estimate this same indicator for the full financial year.

      1

      M6 GROUP PRESENTATION

      Workforce

6. ‌WORKFORCE

   1. Breakdown of M6 Group workforce

      by type of contract

      31 December 2024 30 June 2025

      Permanent	1,565	1,557
      Fixed-term contracts	192	194
      TOTAL WORKFORCE	1,757	1,751

      ‌At 30 June 2025, M6 Group's total workforce was 1,751 people, compared with 1,757 at 31 December 2024, including 1,557 on permanent contracts, compared with 1,565 at the end of December.

   2. Breakdown of workforce by division

1. SUPERVISORY BOARD 22

   1. Remuneration and Appointments Committee 22

   2. Audit Committee 22

   3. CSR Committee 22

2. EXECUTIVE BOARD 22

1. ‌SUPERVISORY BOARD

   During the Annual General Meeting of 29 April 2025, shareholders approved the changes to the composition of the Board aimed at expanding the Supervisory Board from nine members (including one member representing employees) to 14 (including two members representing employees). This increase was confirmed by the Supervisory Board at its meeting of 13 March 2025 in order to respect the rule requiring one third of members to be independent, the company CMA CGM Participations having been considered to be in reference to the Board's rules of procedure and the AFEP-MEDEF Code.

   As such, at the date of preparation of this report the Supervisory Board of Métropole Télévision consisted of fourteen members, including two representing employees.

   • Elmar Heggen, Chairman,

   • Marie Cheval, Vice-Chair, independent member,

   • Nicolas Houzé, independent member,

   • Julie Walbaum, independent member,

   • Patrick Béhar, independent member,

   • Björn Bauer,

   • Siska Ghesquiere,

   • Ingrid Heisserer,

   • RTL Group Vermögensverwaltung GmbH, represented by

     ‌Philippe Delusinne,

   • CMA CGM Participations, represented by Stéphane Richard,

   • Elisabeth Sandret-Renard,

   • Christophe Goossens,

   • Sophie de Bourgues, member representing employees,

   • Hervé Rousseau, member representing employees, appointed on 8 July 2025 by the ESC.

   The Supervisory Board is therefore made up of 33% independent members and 42% female members1, making the Group compliant with the provisions relative to the "balanced representation of men and women on boards of directors and supervisory boards and gender equality in the workplace" provided for by Article L.225-69-1 of the French Commercial Code.1

   1. Remuneration and Appointments Committee

      ‌At the date of this document, members of the Remuneration and Appointments Committee are as follows:

      • Marie Cheval, Chair of the Committee,

      • Patrick Béhar,

   2. Audit Committee

      • Elmar Heggen,

      • Sophie de Bourgues.

        At the date of preparation of this document, members of the Audit Committee are as follows:

      • Nicolas Houzé, Chairman of the Committee,

      • ‌Julie Walbaum,

   3. CSR Committee

      • Björn Bauer.

        At the date of preparation of this document, members of the CSR Committee were as follows:

      • Sophie de Bourgues, Chair of the Committee,

      • Marie Cheval,

2. ‌EXECUTIVE BOARD

1. CONSOLIDATED STATEMENT OF 30

   COMPREHENSIVE INCOME

   1. SUMMARY PRESENTATION 30

   2. VIDEO 31

   3. AUDIO 31

   4. PRODUCTION AND AUDIOVISUAL RIGHTS 31

   5. DIVERSIFICATION 32

2. CONSOLIDATED STATEMENT

   OF FINANCIAL POSITION 33

3. CONSOLIDATED CASH FLOW STATEMENT 34

4. RELATED PARTIES 34

5. POST-BALANCE SHEET EVENTS 34

1. ‌CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

   1. SUMMARY PRESENTATION