At the same time, consolidated revenue slipped by 4.2% to €1.225 billion, with advertising revenues down 2.8% and non-advertising revenues falling by 10.5%.

Finally, net profit attributable to the group plunged by 28.6% to €123.4 million. This figure includes the exceptional contribution on large company profits of €10.6 million.

For the 2026 fiscal year, the media group is banking on "massive" audiences during the exclusive broadcast of all 54 World Cup matches on free-to-air television. This sporting event is also expected to create an "exceptional environment for advertisers, who will enjoy unique visibility for their brands." However, the event will negatively impact the group's operating profitability in 2026, though it will have a positive cash-flow effect for the year, as most of the rights have already been paid as of January 1, 2026.

The company will also continue rolling out its streaming plan, aiming to achieve streaming revenues above €200 million and one billion hours watched on the M6+ platform by 2028.

Finally, to address the current trend in the advertising market, the group has decided to launch a savings plan of €80 million by 2030. These savings will mainly target optimizing production costs, simplifying processes, and reducing technical expenses.

AlphaValue Favors TF1

Commenting on these results, Alexandre Desprez of AlphaValue described them as mixed, showing good resilience in revenues despite a challenging political environment. However, they fall short of consensus forecasts in terms of profitability.

The analyst explained that this shortfall is mainly due to a €35 million impairment on the Stéphane Plaza franchise, whose image has been tarnished by a conviction for domestic violence.

For the stock at Wednesday's opening, AlphaValue believes a slightly positive reaction is possible. The financial analysis firm prefers TF1 over M6 Group as a bet on the French economic recovery and a transition to streaming that has so far been better managed.