The following table summarises financial authorisations and delegations granted by the General Meeting to the Board of Directors and still in effect, and the use made of such authorisations in the 2025 financial year.
The only authorisations used during 2025 were those to (i) trade in the Company's own shares and (ii) grant stock options and free shares.
Authorisations and delegations | amount of capital increases | amount of debt securities | Validity of authorisation | Expiration date | Meeting giving the authorisation | Resolution number | authorisation during the financial year |
SHARE BUYBACKS AND CAPITAL REDUCTIONS | |||||||
Purchase by the Company of its own shares | 10% of capital | 18 months | 17/10/2026 | 17/04/2025 | 16 | 1,623,392 shares were purchased | |
Capital reduction through cancellation of shares | 10% of share capital per 24-month period | 18 months | 17/10/2026 | 17/04/2025 | 17 | Authorisation not used | |
ISSUANCE OF SECURITIES | |||||||
Capital increase with PR(1) | €8.4m | €600m | 26 months | 17/06/2027 | 17/04/2025 | 18 | Authorisation not used |
Capital increase by incorporation of share premium, reserves or profits | €400m | 26 months | 17/06/2027 | 17/04/2025 | 19 | Authorisation not used | |
Capital increase without PR(1) by public offering | €4.2m | €600m | 26 months | 17/06/2027 | 17/04/2025 | 20 | Authorisation not used |
Capital increase without PR(1) by private placement | 10% of share capital per 12-month period/€4.2m | €600m | 26 months | 17/06/2027 | 17/04/2025 | 21 | Authorisation not used |
Setting of issue price without PR(2) of equity or other securities | 10% of capital | 26 months | 17/06/2027 | 17/04/2025 | 22 | Authorisation not used | |
Increase in number of securities to be issued in the event of a capital increase with or without PR(1) | 15% of initial issue | 26 months | 17/06/2027 | 17/04/2025 | 23 | Authorisation not used | |
Capital increase without PR(2) toremunerate in-kind contributions granted to TF1 and consisting of shares or securities giving access to the capital of another company outside of a public exchange offer | 10% of capital | €600m | 26 months | 17/06/2027 | 17/04/2025 | 24 | Authorisation not used |
Capital increase without PR(2) to remunerate securities tendered as part of a public exchange offer initiated by TF1 | €4.2m | €600m | 26 months | 17/06/2027 | 17/04/2025 | 25 | Authorisation not used |
ISSUES RESERVED FOR EMPLOYEES AND EXECUTIVE OFFICERS | |||||||
Capital increase without PR(1) reserved for employees and/or Corporate Officers of TF1 or related companies participating in a company savings scheme (PEE) | 2% of capital | 26 months | 17/06/2027 | 17/04/2025 | 26 | Authorisation not used | |
Granting of stock options and/ or share purchases to the employees and | 3% of capital | 38 months | 17/06/2028 | 17/04/2025 | 27 | 692,500 stock options were granted | |
Corporate Officers of TF1 or related companies | (0.33% of capital) | ||||||
Granting of existing free shares or free shares to be issued to the employees or Corporate Officers of TF1 or related companies without PR(1)(2) | 3% of capital | 38 months | 17/06/2028 | 17/04/2025 | 28 | 69,000 free shares were granted | |
PR: preferential right of subscription.
Awarded subject to performance conditions. Common ceiling. No grants were awarded to the Chairman and Chief Executive Officer.
€m: millions of euros.