2025 Consolidated financial statements and appendix

Declaration of compliance and basis of preparation 10

Changes in accounting standards, rules and policies 11

Exercise of judgement and use of estimates 12

Climate-related issues 12

Significant changes in scope of consolidation in 2025 15

Significant changes in scope of consolidation in 2024 15

Information by operating segment 17

Information by geographical segment 17

Revenue 18

Purchases consumed and changes in inventory 20

Staff costs 20

External expenses 21

Taxes other than income taxes 21

Other current operating income and expenses 21

Non-current operating income and expenses 22

Income from net surplus cash/(cost of net debt) 22

Other financial income and expenses 23

Net income and expense on financial assets and financial liabilities 23

Income tax expense 23

Definition of "Net surplus cash/(net debt)" 26

Net cash generated by/used in operating activities 26

Net cash generated by/used in investing activities 27

Intangible assets: audiovisual rights and other intangible assets 28

Inventories: broadcasting rights and other inventories 30

Current assets and liabilities 32

Non-current assets and liabilities 35

Shareholders' equity 48

Net debt and financial liabilities 53

Capital management policy 57

Financial risk management policy 57

Off balance sheet commitments 68

Related party information 69

Auditors' fees 70

Dependence on licences 71

Detailed list of companies included in the consolidation 72

Events after the reporting period 77

Sale of the Media segment's My Little Paris operations to IEVA Group

On 1 August 2025, the TF1 group sold the My Little Paris entities in exchange for a 25.7% equity interest in IEVA Group. The transaction resulted in (i) the deconsolidation of the My Little Paris entities in the third quarter of 2025 and (ii) the recognition of the acquired equity interest in IEVA Group within "Other non-current financial assets".

Sale of a stake in the Media segment's Play 2 operations to Believe Group

When Believe Group took an equity stake in Play 2 in 2021, call and put options were put in place that would enable Believe Group to ultimately hold 100% of Play 2. On 1 August 2025, the TF1 group ceased to exercise exclusive control over Play 2 via the sale of a 14.6% equity interest to Believe Group. The transaction resulted in (i) the deconsolidation of the Play 2 entity in the third quarter of 2025 and (ii) the recognition of the residual 27.4% stake in the consolidated financial statements using the equity method.

Sale of a 51% equity interest in Kaptain

On 12 December 2025, the TF1 group ceased to exercise exclusive control over the music publisher Kaptain via the sale of a 51% equity interest. The transaction resulted in (i) the deconsolidation of the Kaptain entity in the fourth quarter of 2025 and (ii) the recognition of the residual 49% stake in the consolidated financial statements using the equity method.

Exceptional income tax surcharge

‌Declaration of compliance and basis of preparation

The consolidated financial statements of the TF1 group for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union, as required under EC Regulation 1606/2002 of 19 July 2002. They are presented comparatively with the consolidated financial statements for the year ended 31 December 2024.

They include the financial statements of TF1 SA and its subsidiaries and joint ventures, and the TF1 group's interests in associated undertakings.

The consolidated financial statements are presented in millions of euros.

‌Changes in accounting standards, rules and policies

In preparing its consolidated financial statements for the year ended 31 December 2025, the TF1 group applied the same standa rds, interpretations and accounting policies as those used in the preparation of its consolidated financial statements for the year ended 31 December 2024, plus the new standards applicable from 1 January 2025.

1. Principal amendments effective within the European Union and applicable in 2025

   • Lack of Exchangeability - Amendments to IAS 21

     On 12 November 2024, the European Commission endorsed amendments to IAS 21 relating to the lack of exchangeability of a currency. Those amendments specify how to determine whether a currency is exchangeable, and how to determine the exchange rate when a currency is not exchangeable. The Group has not identified any currencies likely to be affected by a lack of exchangeability as of 31 December 2025.

2. Principal new essential standards, amendments and interpretations mandatorily applicable

   from 1 January 2026 and not early adopted by the Group

   • Corporate Power Purchase Agreements - Amendments to IFRS 9 and IFRS 7

   On 18 December 2024, the IASB issued amendments to IFRS 9 and IFRS 7 relating to the accounting for Corporate Power Purchase Agreements (CPPAs), with the aim of improving financial information about the effects of such contracts. Those amendments:

   • clarify the application of the 'own-use' exemption to CPPAs with physical delivery of electricity from green energy sources;

   • allow hedge accounting to be used for certain CPPAs involving electricity from renewable sources; and

   • impose new disclosure requirements on entities regarding the terms, price and fair value of their CPPAs.

     The amendments were endorsed by the European Union on 1 July 2025, and are applicable as of and from 1 January 2026. The Group does not expect the amendments to have a material impact on the consolidated financial statements.

     • Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7

       On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 relating to the classification and measurement of financial instruments. Those amendments deal with the date of initial recognition and derecognition of financial assets and financial liabilities, and with how to assess the features of contractual cash flows when classifying financial assets (financial assets containing a contingent clause, securitisation assets, and non-recourse assets).

       The amendments were endorsed by the European Union on 28 May 2025, and are applicable as of and from 1 January 2026. Based on analyses conducted to date, the Group does not expect the amendments to have a material impact, especially as regards the date of derecognition of financial assets and financial liabilities. The full impact is expected to be determined in the first quarter of 2025.

3. Principal new essential standards, amendments and interpretations issued by the IASB and not endorsed by the European Union:

   • • IFRS 18 - Presentation and Disclosure in Financial Statements

       On 9 April 2024, the IASB issued IFRS 18, "Presentation and Disclosure in Financial Statements". IFRS 18 will replace IAS 1, and the associated IFRIC and SIC interpretations, and is intended to provide investors with more transparent and comparable information about corporate financial performance. It focuses on three main areas:

   • improved income statement comparability, with the introduction of new income and expense categories (operating, investing and financing) and of new mandatory sub-totals;

   • improved disclosures about performance measures; and

   • a review of the relevance of disclosures in primary financial statements and notes to the financial statements, to make them more useful for investors.

   Subject to endorsement by the European Union, IFRS 18 will be applicable retrospectively from 1 January 2027, although it may be early adopted from 2026. The impact of IFRS 18 on the presentation of the primary financial statements and the notes thereto is currently being analysed by the Group, which does not intend to early adopt the new standard.

‌Exercise of judgement and use of estimates

Preparation of the consolidated financial statements requires TF1 management to exercise judgement in the selection of accounting treatments. In addition, the Group uses estimates and assumptions regarded as realistic and reasonable for the measurement of assets, liabilities, income and expenses; those estimates and assumptions may have a material impact on the amounts reported in the financial statements. Subsequent events or circumstances may result in changes to those estimates or assumptions, which could affect the value of the Group's assets, liabilities, equity or net profit.

Accounting policies applied to balance sheet items that require the use of estimates are indicated in the relevant notes to the financial statements. Estimates are used in particular for goodwill (Note 7.4.1); indefinite-lived brands (Note 7.1.2); audiovisual and broadcasting rights (Notes 7.1.1 and 7.2); revenue recognition (Note 5.1); deferred taxes, especially where there is a history of tax losses over a number of years (Note 5.11); provisions, including for litigation and claims (Notes 7.3.3 and 7.4.6); leases (lease terms and incremental borrowing rates, Note 7.6.3); and retirement benefit obligations (Note 7.4.6.2).

The Group has also analysed the potential impacts of climate change. That analysis did not materially call into question the useful lives and residual values of non-financial assets such as property, plant and equipment, intangible assets, goodwill, or rights of use of leased assets.

‌Climate-related is sues

‌Significant changes in scope of consolidation in 2025

On 28 March 2025, the TF1 group sold Magnetism, a specialist digital advertising and strategy agency (including web community management and online brand publishing).

As a result, Magnetism was deconsolidated during the first quarter of 2025, with no material impact during the period.

On 1 August 2025, the TF1 group sold the My Little Paris entities in exchange for a 25.7% equity interest in IEVA Group. The transaction resulted in (i) the deconsolidation of the My Little Paris entities in the third quarter of 2025 and (ii) the recognition of the acquired equity interest in IEVA Group at fair value within "Equity investments in non-consolidated entities", a component of "Other non-current financial assets" in the consolidated financial statements, with the corresponding entry recognised in "Other comprehensive income". The valuation of the equity interest will be reviewed quarterly, based on discounted cash flow projections.

On 1 August 2025, the TF1 group ceased to exercise exclusive control over Play 2 via the sale of a 14.6% equity interest to Believe Group. The transaction resulted in (i) the deconsolidation of the Play 2 entity in the third quarter of 2025 and (ii) the recognition of the residual 27.4% equity interest using the equity method in the consolidated financial statements. The Group elected to remeasure the previously-held equity interest in Play 2 in accordance with IFRS 10, and consequently recognised the entire gain on disposal. The valuation of the equity interest will be reviewed annually, based on discounted cash flow projections. The Group monitors the value of its equity holdings, and assesses them for potential indications of impairment on a regular basis.

On 12 December 2025, the TF1 group ceased to exercise exclusive control over Kaptain via the sale of a 51% equity interest. Kaptain is a publisher of music intended for use in a broad range of audiovisual content in France and internationally; the entity holds a catalogue and a trademark, and significant processes in the form of service contracts. Consequently, it is regarded as a business within the meaning of IFRS 3. The transaction resulted in (i) the deconsolidation of the Kaptain entity in the fourth quarter of 2025 and (ii) the recognition of the residual 49% stake using the equity method in the consolidated financial statements. The Group elected to remeasure the previously-held equity interest in Kaptain in accordance with IFRS 10, and consequently recognised the entire gain on disposal. The valuation of the equity interest will be reviewed annually, based on discounted cash flow projections. The Group monitors the value of its equity holdings, and assesses them for potential indications of impairment on a regular basis.

The impact of the four transactions described above was a gain on disposal in the region of €35 million (of which €16.8 million arose in the fourth quarter), recognised within "Other current operating income".

‌Significant changes in scope of consolidation in 2024

Information by operating segment

Since 2022, the TF1 group has published a new indicator, "Current operating profit from activities" (COPA). This represents current operating profit before amortisation and impairment of intangible assets recognised in acquisitions.

Segmental assets include audiovisual rights, other intangible assets, goodwill, and property, plant and equipment. Segmental liabilities include current and non-current provisions.

‌Information by geographical segment

‌Revenue

Accounting policy:

TF1 recognises revenue when the performance obligation is satisfied, i.e. when the customer obtains control over the goods or services sold. Control is defined as the actual and present ability to direct the use of, and obtain substantially all of the remaining benefits from, an asset.

The specific revenue recognition policies applied to each business line are as follows:

Media s egment

• Advertis ing revenue: Sales of advertising airtime are recognised on transmission of the related advertisement.

  • TV and radio advertising: Sales of advertising airtime are recognised on transmission of the related advertisement. When applying advertising rate scales, the TF1 group builds in estimates for the attainment of objectives in ongoing campaigns, such as gua ranteed gross rating point (GRP) levels. In accounting terms, such estimates translate into rebates (credit notes) or deferred income (free ad spots).

    • TF1 group channels: Advertising airtime sold by the Group's channels is measured either individually (spot by spot) or on a more aggregated basis according to campaign audience objectives (guaranteed GRP sales), applying the Group's general terms and conditions of sale and the specific terms applicable to each advertiser.

      Where the Group uses third-party advertising sales houses to sell advertising airtime but retains control over that airtime (as is the case in Switzerland and Belgium), it regards itself as acting as principal; the amount recognised in consolidated revenue is the gross sales revenue before deducting commission charged by the third party.

    • Third-party media: Where the TF1 group sells advertising airtime on media owned by third parties, it is acting as a commercial agent for that airtime, and therefore recognises only its commission as revenue.

    • Digital media: Content on the TF1 group's websites and free streaming platform generates audiences, which are monetised with advertisers. Sales of advertising airtime are recognised when the relevant page and/or advertising banner has been viewed. Where the TF1 group uses a third-party advertising sales house or a third-party programmatic advertising auction platform and the third party deducts a commission before remitting the balance to the Group, the revenue is recognised net of the commission charged by the third party. In addition, the TF1 group has contracted with a number of broadcasters to aggregate their content on TF1+; revenue from such contracts is reported gross, inclusive of commission paid.

• Other revenue:

  • Theme channel distribution revenue: Fees charged by theme channels to cable and satellite operators that broadcast them are calculated on a per subscriber basis or as a fixed annual fee invoiced to the operator. Subscriber-based fees are recognised monthly on the basis of statements received from the operator. Fixed annual fees are recognised as revenue on a straight-line basis over the course of the year.

  • Free-to-air channel distribution revenue: "TF1 Premium" (an offer which includes access to the signal for the TF1 group's free-to-air channels plus a range of add-on services and content such as enhanced catch-up, start-over and bonus channels) is sold and billed to TV and telecoms operators by the Group. The operators invoice fees to TF1 for transmission of the content and services. TF1 acts as agent in the provision of this transmission service, and recognises the revenue net of transmission fees.

  • Interactivity: "Other revenues" also include interactivity revenue, which arises when viewers play or vote during shows broadcast on TF1 group channels. The revenue collected is recognised gross in real time as and when calls are received; commission charged by telecoms operators is recognised as an expense, on the basis that the Group retains control over the programming of its interactive slots.

    Studio TF1 s egment

• Production and sale of audiovis ual rights : Sales of audiovisual rights (whether acquired or produced in-house) are recognised on the date when the rights are opened. Where the Group has been commissioned by a content producer to sell programmes, the proceeds of the sa le are recorded gross, before deducting paybacks to rights holders.

Proceeds from rights catalogue sales are recognised as revenue on the date of transfer of the rights.

An analysis of revenue is provided below:

The decrease in Media segment revenue is mainly due to adverse conditions in the advertising market, which mainly affected linear broadcasting revenues, plus the impact of the disposals mentioned in Note 1 (Significant events).

The Group's audiovisual production order book represents the volume of activity still to be completed on productions for which an order has been placed (signed contract or deal memo) with a unitary value in excess of €1 million. It stood at €78.0 million as of 31 December 2025, compared with €119.5 million as of 31 December 2024.

There were no material exchanges of goods or services in either of the periods reported, and there is no material revenue that is contingent on a performance obligation that pre-dates the current reporting period.

‌Purchases consumed and changes in inventory‌

This item breaks down as follows:

(€m) 2025 2024

(1)"External production consumed" relates mainly to programmes acquired from third parties and broadcast by TF1, TMC, TFX and TF1 Séries Films , and by the theme channels TV Breizh, His toire and Ushuaïa TV.

(2)Purchases include sports transmission rights used during the period.

‌Staff costs

Staff costs break down as follows:

(€m) FY 2025 % FY 2024 %

Defined-contribution pension plan expenses are included in "Social security charges", and amounted to €29.3 million in 2025 (€27.8 million in 2024).

Expenses relating to retirement benefits under the collective agreements applicable to TF1 group companies are recognised as part of the net change in non-current provisions (see Note 7.4.6).

Expenses calculated in accordance with IFRS 2 in respect of stock option plans and performance share plans awarded by the parent company (TF1 SA) are classified as equity-settled share-based payment transactions (see Note 7.5.4).

Expenses calculated in accordance with IFRS 2 in respect of stock option plans and performance share plans awarded by other Group companies are classified as cash-settled share-based payment transactions, and recognised in "Wages and salaries".

The TF1 group had 3,036 employees on permanent contracts as of 31 December 2025, compared with 3,115 as of 31 December 2024.

‌External expenses

External expenses break down as follows:

(€m) FY 2025 % FY 2024 %

"Rent and associated services" includes €11.6 million of payments on leases exempt from IFRS 16. For 2025, that amount mainly comprises lease expenses relating to short-term leases or to assets with a low as-new value. Non-lease (service) components are recognised on the same line.

‌Taxes other than income taxes

Taxes other than income taxes break down as follows:

(€m) FY 2025 % FY 2024 %

‌Other current operating income and expenses

(€ million) FY 2025 FY 2024

(1)The increase in net other current operating income in 2025 is mainly due to (i) the proceeds from the disposals of Magnetism, Play 2, My Little Paris and Kaptain (€35.1 million in total) and (ii) an increase in grants received during 2025 in line with trends in the TF1 group's production activities; the 2024 figure includes proceeds of €27.5 million from the sale of a brand.

Non-current operating income and expenses

‌Income from net surplus cash/(cost of net debt)

Accounting policy:

"Cost of net debt" (if negative) or "Income from net surplus cash" (if positive) represents the net total of "Expenses associated with net debt" and "Income associated with net debt".

"Expenses associated with net debt" comprise:

• interest expense on current and non-current debt;

• amortisation of financial assets and liabilities measured at amortised cost;

• expenses arising from currency hedges;

• expenses arising from the use of fair value accounting for financial assets and financial liabilities (such as changes in the fair value of the ineffective portion of currency derivatives, and in the fair value of cash equivalents and of financial assets used for treasury management purposes);

• expenses arising on the disposal of assets used for treasury management purposes. Interest expense is recognised in the income statement in the period in which it is incurred. "Income associated with net debt" comprises:

• interest income associated with cash and cash equivalents and with financial assets used for treasury management purposes;

• income arising from currency hedges;

  • other revenues generated by cash equivalents and financial assets used for treasury management purposes;

  • income arising from the use of fair value accounting for financial assets and financial liabilities (such as changes in the fair value of the ineffective portion of currency derivatives, and in the fair value of cash equivalents and of financial assets used for treasury management purposes);

  • income generated by the disposal of assets used for treasury management purposes.

Income from net surplus cash/(cost of net debt) breaks down as follows:

(€m) FY 2025 FY 2024

(1)The decrease in interest income is due largely to the fall in interest rates during 2025.

‌Other financial income and expenses

‌Net income and expense on financial assets and financial liabilities

The table below shows income, expenses, gains and losses arising on financial assets and liabilities by category, split between items affecting financial income/expense and items affecting operating profit:

(€m) Financial -

FY 2025

Financial -FY 2024

Operating -

FY 2025

Operating -

FY 2024

‌Income tax expense

Accounting policy:

Deferred taxation is recognised using the liability method on all temporary differences existing at the end of the reporting period between the carrying amount of assets and liabilities in the consolidated balance sheet and their tax base, except in the specific cases mentioned in IAS 12 (primarily goodwill).

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets arising on deductible temporary differences and on the carry-forward of unused tax losses are recognised only to the extent that it is probable that they can be offset against future taxable profits.

Taxes on items recognised directly in equity are taken to consolidated reserves.

Deferred taxes are presented in the balance sheet in non-current assets or liabilities, after offset of assets and liabilities in each tax jurisdiction.

1. Current and deferred taxes

   1. Income statement

      (€m) FY 2025 FY 2024

      Current taxes Deferred taxes	(63.3) (0.8)	(64.3) (3.0)
      Income tax expense	(64.1)	(67.3)

      As of 31 December 2025, temporary differences of French entities were accounted for at the enacted tax rate, which is 25.83% for 2025 and future years.

   2. Tax proof

      (€m) FY 2025 FY 2024

      Net profit attributable to the Group	152.8	205.5
      Income tax expense	64.1	67.3
      Non-controlling interests	12.3	5.0
      Net profit from continuing operations before tax and non-controlling interests	229.2	277.8

      TF1 made a group tax election on 1 January 1989, and has renewed that election regularly since that date.

      The theoretical tax rate applicable for 2025 was 25.83%, the same as for 2024. The Group's effective tax rate in 2025 was 27.97%, versus 24.23% for 2024.

      (%) FY 2025 FY 2024

      Standard tax rate in France	25.83%	25.83%
      Untaxed effects of fair value remeasurements	0.2%	0.1%
      Impact of tax losses	2.1%	1.7%
      Offset of tax credits	(5.0%)	(3.8%)
      Joint ventures and associates	0.8%	0.1%
      Securities transactions	(1.8%)	-
      Differential tax rates	(0.7%)	0.5%
      Exceptional income tax surcharge *	6.6%	-
      Other differences, net	(0.1%)	(0.2%)
      Effective tax rate	27.97%	24.23%

      * As mentioned in Note 1 (Significant events), the 2025 French Finance Act was adopted on 14 February 2025. The impact on the TF1 group in 2025 arose from the exceptional income tax surcharge for large companies in France, generating a charge of €15 million recognised in "Income tax expense".

2. ‌Deferred tax assets and liabilities

   1. Change in net deferred tax position

      (€m) FY 2025 FY 2024

      Net deferred tax asset/(liability) at 1 January	(37.8)	(24.5)
      Recognised in equity	0.9	(0.9)
      Recognised in profit or loss	(0.8)	(3.0)
      Changes in scope of consolidation and other items	8.2	(9.4)
      Net deferred tax asset/(liability) at 31 December	(29.5)	(37.8)

   2. Principal sources of deferred taxation

      The principal sources of deferred taxation are as follows:

      (€m) FY 2025 FY 2024

      Provisions for programmes	0.7	0.7
      Provisions for retirement benefit obligations	5.8	5.9
      Provisions for trade receivables	0.5	0.6
      Other provisions	0.7	0.6
      Employee profit-sharing	3.0	1.8
      IFRS 16	12.7	16.4
      Other deferred tax assets (1)	6.7	8.5
      Offset of deferred tax assets and liabilities	(30.1)	(34.5)
      Deferred tax assets	-	-
      Accelerated depreciation, and depreciation timing differences	(29.2)	(28.1)
      Depreciation of head office building	(5.0)	(4.9)
      Remeasurement of assets	(11.3)	(21.7)
      IFRS 16	(14.1)	(17.6)
      Other deferred tax liabilities	-	-
      Offset of deferred tax assets and liabilities	30.1	34.5
      Deferred tax liabilities	(29.5)	(37.8)
      Net deferred tax asset/(liability) at 31 December	(29.5)	(37.8)

      (1)Mainly comprises deferred taxes on accrued paid leave and statutory profit-sharing expenses.

      Unrecognised deferred tax assets totalled €2.0 million as of 31 December 2025 (versus €2.0 million as of 31 December 2024), and comprise tax losses the recovery of which is not sufficiently probable to justify recognition. Such tax losses are available for carry-forward indefinitely.

   3. Period to recovery of deferred tax assets

‌Definition of "Net surplus cash/(net debt)"

"Net surplus cash/(net debt)" is obtained by aggregating the following items:

• cash and cash equivalents;

• overdrafts and short-term bank borrowings;

• non-current and current debt, mainly comprising bond issues, other borrowings, and any financial liabilities relating to securitised receivables where the Group does not transfer the risks and rewards of ownership; and

• financial instruments (fair value hedges of financial liabilities).

"Net surplus cash/(net debt)" as reported by the TF1 group excludes non-current and current lease liabilities.

A reconciliation between the cash position in the cash flow statement and the "Cash and cash equivalents" line in the balance sheet is presented below:

(€m) FY 2025 FY 2024

Closing cash position per the cash flow statement 682.1 707.2

‌Net cash generated by/used in operating activities

1. Depreciation, amortisation, provisions and impairment

   An analysis of depreciation, amortisation, provisions and impairment is provided below:

   (€m) FY 2025 FY 2024

   Intangible assets (1) Property, plant and equipment Financial assets Non-current provisions	382.4 28.9 - -	382.8 28.2 (0.2) (2.5)
   Net charges to/(reversals of) depreciation, amortisation, impairment of property, plant and equipment and intangible assets, and non-current provisions	411.3	408.3

   (1)Includes amortisation, provisions and impairment of audiovisual rights (Note 7.1.1) and intangible assets (Note 7.1.2).

2. Other non-cash income and expenses

   Other non-cash income and expenses comprise the following items:

   (€m) FY 2025 FY 2024

   Effects of fair value remeasurement Share-based payment Grants released to profit or loss	(19.4) 2.0 (103.6)	1.7 1.3 (90.5)
   Total other non-cash income and expenses	(121.0)	(87.5)

3. ‌Change in operating working capital requirements

   The change in operating working capital requirements breaks down as follows:

   (€m) 2025 2024

   Increase/(decrease) in net inventories	12.6	19.1
   Increase/(decrease) in trade and other receivables	17.0	20.4
   Decrease/(increase) in trade and other payables	(47.7)	(41.9)
   Decrease/(increase) in other liabilities	3.8	32.5
   Increase/(decrease) in operating working capital requirements before taxes	(14.3)	30.1

‌Net cash generated by/used in investing activities

1. Purchase price of property, plant and equipment and intangible assets

   This line includes audiovisual rights acquired by the Media and Studio TF1 segments (net of grants received), representing net cash outflows of €136.6 million and €173.2 million respectively in 2025 (versus net cash outflows of €121.2 million and €153.9 million in 2024).

2. Purchase price of non-consolidated companies and other investments

   In 2025, this line mainly comprises the acquisition of equity interests in IEVA Group during the period.

3. Cash effect of changes in scope of consolidation

‌Intangible assets: audiovisual rights and other intangible assets

The line item "Intangible assets" consists of audiovisual rights and other intangible assets, as shown below:

1. Audiovisual rights

   Accounting policy:

   This line item primarily includes shares in films and audiovisual programmes produced or co-produced by TF1 SA, TF1 Films Production and TF1 Production; audiovisual rights produced by Studio TF1; audiovisual distribution and trading rights owned by TF1 Business Solutions and Studios TF1 Cinema; and music rights owned by TF1 group entities.

   Audiovisual rights are recognised as an asset in the balance sheet at historical cost under "Audiovisual rights". Amortisation methods for the various categories of audiovisual rights are as follows:

   • producer shares in French drama acquired by broadcasters: amortised on a straight line basis over the projected period of rights exploitation, in line with the expected pattern of consumption of future economic benefits;

   • producer shares in French drama produced by the TF1 group: amortised on a reducing balance basis, in line with the expected pattern of consumption of future economic benefits;

   • shares in movie co-productions and audiovisual distribution rights: amortised on a reducing balance basis, in line with the expected pattern of consumption of future economic benefits;

   • audiovisual trading rights: amortised on a straight-line basis over the contractual term or the projected period of rights exploitation;

   • music rights: amortised over 2 years, 75% of gross value in the first year and the remaining 25% in the second year.

   Use of estimates and judgement:

   Impairment losses are recognised against audiovisual rights on a case by case basis, following an analysis of the expected future economic benefits relative to their carrying amount.

   Movements in audiovisual rights during 2025 and 2024 were as follows:

   (€m) Gross value Amortisation Impairment Total audiovisual rights

   31 December 2023	4,412.8	(3,901.9)	(306.3)	204.6
   Increases	366.2	(338.8)	(111.9)	(84.5)
   Decreases	(67.2)	62.0	85.5	80.3
   Changes in scope of consolidation and reclassifications	25.8	(0.6)	-	25.2
   Translation adjustments	6.9	(5.8)	(0.1)	1.0
   31 December 2024	4,744.5	(4,185.3)	(332.8)	226.4
   Increases	408.6	(347.4)	(98.6)	(37.4)
   Decreases	(47.3)	43.2	91.7	87.6
   Changes in scope of consolidation and reclassifications	(27.6)	3.6	4.3	(19.7)
   Translation adjustments	(9.6)	7.5	0.3	(1.8)
   31 December 2025	5,068.6	(4,478.4)	(335.1)	255.1

   The table below shows the maturities of capitalisable audiovisual rights acquisition contracts entered into by the Group to secure future programming schedules.

   Audiovisual rights (€ million)	Less than 1 year	1 to 5 years	More than 5 years	Total
   2025	24.7	5.4	-		30.1
   2024	26.9	8.2	-		35.1

2. Intangible assets (other than audiovisual rights, see Note 7.1.1)

   Accounting policy:

   Intangible assets (other than audiovisual rights) mainly comprise operating licences (other than broadcasting licences and audiovisual rights), brands and similar rights, and software. On the acquisition date, they are measured as follows:

   -

   -

   at acquisition cost, net of accumulated amortisation and impairment losses; or

   at fair value as of the acquisition date, if acquired in a business combination.

   Subsequent to the acquisition date, intangible assets are measured at initial recognition cost less accumulated amortisation and impairment losses.

   Intangible assets with finite useful lives are amortised using the straight-line method over their expected useful lives.

   Intangible assets with indefinite useful lives, such as commercial brands owned by the Group, are not amortised. Those brands are tested for impairment annually (and whenever there is an indication that they may have become impaired) using the royalties method, which takes account of the future royalty cash flow streams that each brand would generate individually, based on the premise that a third party would be prepared to pay a royalty for using the brand (see Note 7.3).

   Gains or losses on disposals of intangible assets represent the difference between the sale proceeds and the net carrying amount of the asset, and are included

   in "Other current operating income and expenses".

   The figures shown below are net carrying amounts:

   (€m) Indefinite-lived

   1 January 2024	50.0	32.6	12.9	95.5
   Increases	-	13.5	6.8	20.3
   Amortisation & impairment	-	(13.1)	(4.7)	(17.8)
   Decreases	-	(0.4)	-	(0.4)
   Changes in scope of consolidation and reclassifications	-	8.0	29.9	37.9
   31 December 2024	50.0	40.6	44.9	135.5
   Increases	-	13.6	10.0	23.6
   Amortisation & impairment	-	(16.1)	(11.0)	(27.1)
   Decreases	-	(0.2)	(0.3)	(0.5)
   Changes in scope of consolidation and reclassifications	(20.0)	7.6	(12.6)	(25.0)

   brands (1)

   Concessions, patents & s imilar rights

   Other TOTAL

   31 December 2025 30.0 45.5 31.0 106.5

   gross value	30.0	156.3	76.7	263.0
   amortisation and impairment	-	(110.8)	(45.7)	(156.5)

   (1) Impairment tests conducted in 2025 and 2024 on indefinite-lived brands, using the method described in the "Accounting policies" section of this note, identified no impairment losses as of that 31 December 2025.

   The decrease in indefinite-lived brands during 2025 reflects the sale of the My Little Paris entities.

   The "Other" column includes intangible assets in progress that may be transferred to "Concessions, patents and similar rights" (via the "Increases" and "Decreases" lines) when they are brought into use.