Présentation des résultats annuels 2025 du groupe TF1 (version anglaise uniquement)

12 February 2026

STAR ACADEMY

Highlights

Strengthened audience leadership

Broadly stable consolidated revenue

LFL € AT CONSTANT FX

Ad revenue impacted by structural trends, exacerbated by an unstable environment

Strong growth in digital

W<50PDM

34.5%

25-49 Y/O

30.9%

Croup revenue

€2,297m

Croup advertising revenue

€1,574m

TF1+

advertising revenue

+35.8%

4+

18.7%

2024

Increasing reach

4+

60m

viewers/month on average in FY 2025

4+

>2%

since moving

to DTT channel 15

15-34 Y/O

15m

viewers/month on average in FY 2025

Cood momentum at Studio TF1

Studio TF1 revenue

€376m

Revised margin target achieved

Margin from activities

11.0%

Reinforced financial position

Net cash position

€515m

38m

streamers/month on average in FY 2025

42m

streamers in October 2025, new record

REVISED 2025 TARCETS ACHIEVED

1. Source: Médiamétrie - Médiamat Restit TV FY 2025 financial results

   
   
   

   01.

   Business review

   P.5

   02.

   Financials

   P.11

   03.

   Strategy update fi outlook

   P.18

   04. QfiA

   P.24

   
   
   

2. FY 2025 financial results

01.

MONTMARTRE

TF1 channels: the best ROI on the French TV market

invested = ROI

TF1 DTT channels TF1 channel

11% of TV

sales contribution

10%

of investments

43% of TV

sales contribution

41%

of investments

TF1 DTT

channels ROI: €6.6

TF1 channel ROI: €6.3

Average TV ROI: €5.5 *

0% 10% 20% 30% 40% 50%

Bubble size proportional to investments

Bubbles not in blue represent main TV market competitors

2025 TF1/Ekimetrics survey

* Average excluding TF1 group's channels

% of TV sales contribution

FY 2025 financial results

A strong value proposition

Unrivalled daily reach among media

77%

53%

34%

17%

17%

TV

SVOD

TV/TF1: Médiamétrie - Mediamat (January-December 2025), 4 screens, 15+ target |

6 YouTube/TikTok: Médiamétrie - Panel Internet Clobal (January- November 2025), 3 screens, 15+

target | SVOD: Médiamétrie - SVOD Barometer 2024 (January-December 2024), 4 screens, 15+ target (including Netflix and other SVOD players), Barometer discontinued in 2025

Significant lead over main competitor

34.5

+9.5 pts

W<50PDM

TF1

LCI

TMC

TFX

22.9

vs main competitor

13.4 9.0

4.7 4.4 3.8

2.9 2.8

2.4 2.0

M6

F2

W9

F3 6ter

1.8

Culli F5

0.7 0.5

F.info

+1.0

+0.3 +0.6 -1.3 +0.1 +0.5 +0.4

-0.4

+0.4

-0.1 -0.1 -0.1 +0.3

+0.1

20.2

vs main competitor

12.4 9.1

4.6

4.2

3.0 3.0 2.6 2.0 2.0

1.8

1.1

M6

F2

W9

F3 6ter

F5 Culli

0.6

F.info

30.9

+7.8 pts

25-49 Y/O

LCI

TF1

TMC

TFX

+0.4

-0.2 +0.2 -1.7 +0.1 +0.8 +0.2 -0.6 +0.4 =

-0.1

= +0.3 =

Audience shares: Médiamétrie - Médiamat - January-December 2025

FY 2025 financial results

Audience leadership in FY25

Best ratings on targets

W<50PDM

43/50

Best ratings in all genres *

French drama

News

Up to 7.8m

viewers

Up to 7.1m

viewers

Entertainment

Movies

8.4m

viewers

Up to 5.5m

viewers

7

* Except Sport

Update on streaming

Virtuous linear € streaming strategy

25-49 Y/O

Progress on all building blocks

LINEAR

NONLINEAR

80%

20%

Awareness

AIDED

AWARENESS1

Visibility

FIRST VISIBILITY2

Consumption

38m

STREAMERS3

monthly average in 2025

vs

Ad inventories

AD LOAD

5'14

CPM

CPM

€13.5

FRENCH DRAMA

UNSCRIPTED

61%

39%

+1 pt YoY

11%

89%

REALITY SHOWS JLC FAMILY

81%

+3 pts vs October 2024

69%

+11 pts vs December 2024

33m in 2024

42m

STREAMERS

in October 2025, new record

1.2bn

STREAMED HOURS3

+12% vs 2024

(site centric4)

MIN/HOUR

2025 average

+15% vs 2024

vs a target of 6min in the

mid-term

DAILY SOAPS

52%

48%

+3 pts YoY

2025 average

-1% vs 2024

vs a target of €15 in the mid-term

53%

47%

ADVERTISINC

REVENUE

€198m +36%

FY 2025 average

Non-linear = Streaming + Time-shifting + Recording Live also includes DTT channels for Plus belle la vie

8 JLC Family : Seule on TFX - September-October

1 TF1+ image barometer | Toluna

panel in December 2025

2 Panel BVA - First visibility of TF1+ on connected TVs as a % of households - January 2026

3 Médiamétrie Restit TV / All content watermarked at the request of broadcasters (replay, long-term rights, excerpts) / Excluding Live OTT / Content publisher perspective

4 Including all streaming usage not covered by Médiamétrie

(specific AVOD and aggregated content, consumption outside France)

/ Excluding Live / Excluding Canal+, Molotov and telco OTT apps

FY 2025 financial results

Previews (launched in September)

Live channel

Ad-free content (launched in October)

French drama Daily soaps Reality shows

Entertainment French drama

Daily soaps Reality shows

€0.99 €0.69 €0.69 €0.99/day €1.99

€0.99

€0.69 €0.69

9

1 September-December 2025

FY 2025 financial results

Revenue of

€376m

in 2025

+9% year on year

Drama

Production

FY25 highlights

Distribution

COPA of

€40m

in 2025

+€2m year on year

Movies Unscripted

~1.2m

10 tickets sold

~705k

tickets sold

~490k

tickets sold

~470k

tickets sold

FY 2025 financial results

02.

8 PM NEWS BULLETIN

Consolidated revenue per segment

12 1 -0.8% like-for-like and at constant exchange rates, at end-December (-2.3% for Media and +6.5% for Studio TF1 like-for-like)

2 Compared with €24m in FY 2024

M E D I A

Advertising

• Continued strong momentum for TF1+,

  with 36% growth

• Linear impacted by structural trends and exacerbated by an unstable environment (particularly in Q4)

• Non-advertising media revenue: good performance in the first nine months, then impacted by the deconsolidation of My Little Paris and PlayTwo

S T U D I O T F 1

• France: up notably with delivery of From Rock Star to Killer and All for Light to Netflix

• International: contribution of JPC (€44m in 20252), with activity skewed to the second half of the year

C R O U P

• Broadly stable consolidated revenue LFL fi at constant FX

FY 2025 financial results

Current operating profit from activities per segment

13

M E D I A

Impact from decrease in linear advertising revenue mitigated by:

• Active portfolio management

  generating a €38m capital gain

  (vs €27m related to Ushuaia in 2024)

• Strict cost control

S T U D I O T F 1

• Broadly flat margin from activities year on year

C R O U P

• Decline in COPA reflecting decrease in linear advertising

• 11% margin from activities:

revised target reached

FY 2025 financial results

Consolidated income statement

1 -0.8% like-for-like and at constant exchange rates, at end-December

14 2 Exceptional corporate income tax contribution levied on French companies under the 2025 Finance Bill

FY 2025 financial results

Solid net cash position at end-December 2025

Free cash flow

before changes in WCR

447

€85 million

(12)

(350)

17 19

(112)

€m

Free cash flow

after changes in WCR

€102 million

Opening net cash position at 01/01/2025

Net cash flow1

Repayment of lease obligations

Net capital expenditure

Changes in working capital requirements

Acquisitions / disposals

Dividends / other

Closing net cash position at 31/12/2025

15 1 Cash flow determined after (i) income from net surplus cash / cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid FY 2025 financial results

FY 2025 key takeaways

Tackling advertising market headwinds to mitigate impact on COPA

Market share gains across the board

• Strong momentum for TF1+ (+36% ad growth, significantly outperforming digital ad market)

• Market share gain in linear (outperformance vs low double-digit percentage decline for the market)

Tight control on costs (programming and operational costs) while preserving strategic imperatives

Active portfolio management

16 BONJOUR ! FY 2025 financial results

Proposed 5% increase in dividend per share YoY

PER SHARE

Dividend trend (2021-2025)

+40%

€0.632

€0.55

€0.60

€0.50

€0.45

2021

2022

2023

2024

2025

(€/share)

1 Based on 211,284,237 shares at 31/12/2025

2 Subject to approval by the Annual Ceneral Meeting of 16 April 2026

3 Based on the closing share price on 31/12/Y-1

17

DIVIDEND YIELD3

FY 2025 financial results

03.

SIX NATIONS + NATIONS CHAMPIONSHIP

Linear: consolidate our market share in a declining TV ad market

With our powerful franchises

generating leading share of premium ad inventories on commercial targets

With a new segmentation of our ad offering

Iconic unscripted

franchises Unique prime-time

inventories

Multi-channel

offer

Premium French drama

Solid sports line-up

Offer the best ROI on TV:

€6.6

Maximize ad

campaigns' reach

19 FY 2025 financial results

Establish as a primary destination for viewers and advertisers

INCREASE CONSUMPTION IMPROVE MONETISATION

Extend the reach

of the Croup's content

Enhance catalogue with complementary audiovisual content

Develop new forms of monetisation

Address advertisers' needs from brand awareness to conversion

Distribution deals

Aggregation

Micropayment ramp-up

New ad formats on CTVs

Extension

of eligible content

Landmark distribution deal with Netflix for TF1 group channels and TF1+

Starting Summer 2026

OK

To receive more information on your mobile phone

Press OK on the remote control.

Maximisation of offer visibility

through editorialisation

"Send to phone"

Deployment on all set-top boxes

Integrated billing solutions

to facilitate purchasing journey

+ other partnerships to come

Total platform offering:

>35k hours of programmes available at any time

20

"Carrousel Retail Ads"

FY 2025 financial results

"Quiz show"

Enhance our media buying attractiveness on both linear and digital and target a new market segment

Enhance our media

buying attractiveness

Attract

new advertisers

Launch of TF1 Ad Manager

Transactional and service-oriented platform offering

Address the midtail through a dedicated offer

4 levers

Objectives

Networks

simplified and competitive experience, incorporating AI features

Tailored and user-friendly offer with a simplified

purchasing journey

Local communication agencies

Local ad sales houses

Massive ad campaigns

Small team dedicated to midtail backed by an outsourced sales team

Boost our revenue

Diversify our client portfolio

January

Agency check-in

April

SME check-in

April

Launch

September

Deployment

21 FY 2025 financial results

Outlook

2026 priorities

2026 deliveries

Daily shows, premium drama fi unscripted content for French and foreign broadcasters as well as global streaming services

Zodiaque

Matar a un oso

Day One

Ambitious cinema line-up, in the context of the launch of the new distribution division

Pour le plaisir Les Cendarmes Moulin Camembert

22 FY 2025 financial results

Full-year 2026 guidance

Capitalising on its strategy, on its new digital initiatives and on its solid financial position, the Croup's targets are as follows:

Against a backdrop of rapidly changing consumption habits and a persistently unstable macroeconomic and political environment, the linear advertising market is expected to remain under strong pressure in 2026.

Strong double-digit

revenue growth

in digital

Aim for a growing dividend policy in the coming years

During this digital transition phase,

the Croup intends to

maintain a mid-to-high single digit margin from activities

before capital gains in 2026, subject to the evolution

of the linear market

23 FY 2025 financial results

24 FY 2025 financial results

S

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