TF1 : INVESTOR PRESENTATION POST 9M 2025 RESULTS

Investor presentation

Post 9M 2025 results

MONTMARTRE

02.

04.

01.

03.

Who we are Strategy update 9M 2025 financials Segment deep dive

05.

06.

07.

Extra-financial performance Share information Appendix

INVESTOR PRESENTATION

P.4

P.8 P.16 P.23 P.34 P.38 P.40

3

01.

Who we are

BONJOUR! TF1'S MORNINС SHOW

TF1 group's history

2025

Newen Studios becomes

Launch of a micro-payment offer on

2024

Launch of TF1+ to become the leading free streaming platform in France

First steps of a unique aggregation strategy in the free streaming sector

First steps of TF1+'s expansion in French-speaking markets (Belgium, Luxembourg, Switzerland)

Newen Studios acquires a 63% stake in Johnson Production Croup (JPC), a US player in the production and distribution of TV movies

2023

Discontinuation of Salto. New agreement with the ARCOM, allowing the Croup to broadcast the TF1 channel on the DTT frequency starting May 6, 2023, and for a period of 10 years

5

2022

The TF1 group finalizes the sale of the UNIFY Publishers business to Reworld Media

The Bouygues, RTL, TF1 and M6 groups call off their plan to merge TF1 and M6

Rodolphe Belmer to be appointed as Executive Officer

2020

Launch of Salto, the SVOD platform with France Télévisions and M6

Announcement of the Croup's environmental strategy to cut CO2 emissions by 30% by 2030

2021

Announcement of negotiations for a merger between M6 and TF1

Signature of agreements on segmented television and first advertising campaigns

Renewal of distribution agreements with the main French telecom operators

Newen acquires 2 new production companies (iZen in Spain and Flare in Cermany)

2018

First distribution agreements signed with the French telecom operators

Acquisition of the aufeminin group

2016

TF1 acquires a 70% equity interest in the Newen group, nowadays present in studios across 11 countries.

2014

TF1 sells majority control of Eurosport to Discovery Communication group

2012

The TF1 group launches HD1, the Croup's fourth free-to-air channel (nowadays TF1 Séries Films)

2011

The TF1 group creates its digital offer around the federating brand MYTF1 (non-linear platform)

1987

The Bouygues group becomes reference shareholder of the TF1 channel

1991

Eurosport joins TF1 group

1996

Launch of TPS, a paid TV joint venture

2005

Digital Terrestrial Television (DTT) arrives in France TF1 owns 3 thematic channels (Ushuaïa TV, TV Breizh and Histoire TV)

2008

TF1 is available in HD on DTT

2010

TF1 acquires TMC and NT1 (nowadays TFX)

INVESTOR PRESENTATION

TF1 Croup's activities: broadcasting, streaming and production

Media

BROADCASTINC, STREAMINC,

2024 REVENUE

CONTENT PRODUCTION

2024 REVENUE

OTHER ACTIVITIES €2bn € DISTRIBUTION €345m

FTA CHANNELS

THEME CHANNELS

STREAMINC SERVICES

ASSOCIATED

ACTIVITIES

(Music, Entertainment,

Licences…)

6 INVESTOR PRESENTATION

DRAMA / SCRIPTED

ENTERTAINMENT

TV MOVIES

ANIMATION

DOCUMENTARIES

9M 2025 Highlights

Strengthened audience leadership

STABLE CONSOLIDATED REVENUE

Croup revenue

€1,598m

AD REVENUE IMPACTED BY AN UNCERTAIN AND UNSTABLE ENVIRONMENT

Croup advertising revenue

€1,121m

STRONC CROWTH FOR

Digital advertising revenue

+40.5%

W<50PDM

33.8%

25-49 YO

30.7%

+0.5% vs 9M 2024

-2.2% (-C26m) ms 9M 2O24

vs 9M 2024

+0.8 pts vs 9M 2024

+0.7 pts vs 9M 2024

COPA AND NET PROFIT1 (ex. tax surcharge) SLICHTLY DECLININC

STRONC FINANCIAL POSITION

4+

+0.2 pts vs 9M 2024

18.8%

4+

since moving to DTT channel 15

>2%

COPA

€191m

-€7m vs 9M 2024

Net profit1 (excl. tax surcharge)

€138m

-€8m vs 9M 2024

Net cash position

€465m

+€101m year on year

Increasing reach in digital

Cuidance

cessful strategy 2025 targets confirmed:

• Strong double-digit revenue growth in digital

• Aiming for a growing dividend

policy in the coming years

2025 COPA margin target adjusted: Between 10.5% and 11.5%

(from broadly stable vs 20242)

Domestic instability adversely impacted ad market in October

First indications for November also below expectations, with limited visibility until year-end

7 Source: Médiamétrie - Médiamat Restit TV

1 Attributable to the Croup

2 Margin from activities in 2024: 12.6%

INVESTOR PRESENTATION

36m

streamers/month on average at end-September 2025

41m

streamers in September 2025, new record

02.

Strategy update

DANSE AVEC LES STARS

Ambition

Establish the group as the primary premium destination on TV screens for family entertainment and quality news in French

9 * New brand name of Newen Studios starting March 2025

INVESTOR PRESENTATION

Strategy

Strengthen the group's leadership

in the linear advertising market

Become the leading free streaming platform in France and in French-speaking markets

* Reinforce Studio TF1's position on the international stage by leveraging TF1 brand's appeal

10 * New brand name of Newen Studios starting March 2025

INVESTOR PRESENTATION

Market momentum: a strategic opportunity

VIDEO CONSUMPTION

SHIFTS TO "ON-DEMAND"

TV viewing time + long format video 1

25-49 Y/O

3h18

2h48

2019

2024

VOD + time-shifted TV

TV live

40%

19%

"ON-DEMAND" CONSUMPTION IS DRIVEN BY THE TV SCREEN

Share of TV screen in on-demand long-format viewing 2

75%

consumed on TV screen

THE VIDEO ADVERTISINC MARKET IS CROWINC STRONCLY IN FRANCE

Video advertising market 3

Expected

~10p-e1r5ye%ar

growth

2019

2024

Digital video ad

TV ad

€3.1bn

€3.2bn

€1.0bn

€3.0bn

1. Médiamétrie Médiamat and Clobal Vidéo - 2024

   
   
   

2. Médiamétrie Clobal video - 2024

11 (3) TV ad: linear advertising € sponsorship - Source: IREP / BUMP ; Digital video ad: Instream/Outstream/Social Media Video - Source: SRI e-Pub Oliver Wyman INVESTOR PRESENTATION

Linear: gain market share in a flattish TV ad market

THROUCH VOLUME

WITH OUR POWERFUL FRANCHISES CENERATINC LEADINC SHARE OF PREMIUM AD INVENTORIES ON COMMERCIAL TARCETS

Through a distinctive

pricing strategy

ENTERTAINMENT

FRENCH DRAMA

WOMEN'S SPORTS

Serialized franchises Wide universe of new heroes Two main sports events of

2025

CARPE DIEM

FLASHBACK

JOSEPH

12 INVESTOR PRESENTATION

icing unit going from

to 20s

Reach mentation

purchasing with ng platform

gain market share in a growing digital video ad market

ESTABLISH TF1+

as the premium alternative to YouTube

FOR VIEWERS FOR ADVERTISERS

EXPANSION IN FRENCH-SPEAKINC MARKETS

ACCRECATION STRATECY

DATA-ENRICHED AD INVENTORIES

Improve user knowledge

NEW AD FORMATS

Improve ad tech stack to address advertisers' needs from brand awareness to conversion

Enhance catalogue with complementary audiovisual content to reach

>30k hours

25m

PROFILES

1200

SECMENTS

+100

CRITERIA

+15

DATA PARTNERS

BRAND AWARENESS

BRAND VALUES

USER

ENCACEMENT

CONVERSION

COVER+ € IN-CONTENT BANNERS

Exclusive embeddings

COLLECTION

Content recommendation aligned on brand's universe

PLAYABLE

ADS

Camification of ad experience

SHOPPABLE ADS

Offering streamers, a send-to-phone option

13 INVESTOR PRESENTATION

Phase 1: Launch the first free-to-view streaming platform

Phase 2: Extend distribution and offer

Awareness

30 JUNE 2025

Expansion in French-speaking markets with the launch of TF1+ in Africa

Visibility

Keep growing on all

building blocks of value

SEPTEMBER/OCTOBER 2025

Launch of a micro-payment offer on TF1+

Consumption

2024 Advertising revenue

€146m +39% yoy

Previews

Exclusive live channel

Ad-free content

Ad inventories

14 CPM

STARTINC SUMMER 2026

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

INVESTOR PRESENTATION

Reinforce

's position on

the international stage

Newen Studios rebrands as Studio TF1 (effective starting March 2025)

Increase studios' International profile

with a focus on developing intellectual property (IP) with global appeal

Strengthen synergies with the media segment

Expand focus on film

with an extensive catalogue which will benefit from the support of TF1

and a new theatrical distribution division starting in 2026

15

TOUT POUR LA LUMIERE

INVESTOR PRESENTATION

03.

9M 2025 financials

SECRET STORY

Consolidated revenue per segment

(€m)	Q3 2025	Q3 2024	CHC.%	9M 2025	9M 2024	CHC.%
Media	411	416	(1.1%)	1,386	1,399	(1.0%)
Advertising revenue	340	345	(1.6%)	1,121	1,147	(2.2%)
o/w TF1+ advertising revenue	42	30	+38.6%	134	95	+40.5%
Non-advertising media revenue	71	70	+1.3%	264	252	+4.8%

Studio TF1	85	71	+18.5%	213	192	+10.9%
France	15	17	(14.9%)	64	58	+11.1%
International	70	54	+29.3%	149	134	+10.8%

TOTAL REVENUE1

496

487 +1.7%

1,598

1,591 +0.5%

17 1 +0.7% like-for-like and at constant exchange rates, at end-September (-0.2% for Media and +6.1% for Studio TF1 like-for-like)

2 Compared with €8m in Q3 2024 (first consolidation of GPC in Studio TF1's financial statements)

M E D I A

• Advertising

  • Continued strong momentum for TF1+, with 41% growth

  • Linear impacted by an uncertain and unstable environment ; high basis for comparison with the UEFA EURO and indirect positive impact of the Olympics in 2024

• Crowth in non-advertising media revenue notably driven by interactivity and music

  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 (€25 million at end-September2), with activity skewed to the second half of the year

C R O U P

• Stable consolidated revenue

INVESTOR PRESENTATION

Current operating profit from activities per segment

(€m)	Q3 2025	Q3 2024 CHC.	9M 2025	9M 2024	CHC.
Media	46	66 (20)	171	191	(20)
o/w programming costs	(211)	(212) +2	(662)	(671)	+9
Margin	11.2%	15.9% (4.7 pts)	12.3%	13.7%	(1.3 pts)

Studio TF1	14	3	+11	20	7	+13
Margin	16.7%	4.3%	+12.3 pts	9.4%	3.6%	+5.7 pts

TOTAL COPA	60	69	(9)	191	198	(7)
Margin	12.1%	14.2%	(2.1 pts)	11.9%	12.4%	(0.5 pts)

18

M E D I A

• Decrease in advertising revenue

• Impact from disposals

  • My Little Paris and PlayTwo in Q3 2025

  • Ushuaïa in Q3 2024

S T U D I O T F 1

• Strong COPA increase, notably with GPC's contribution

• Margin up 5.7 pts

C R O U P

• Slight decline in COPA due to advertising decrease and lower gains from disposals

INVESTOR PRESENTATION

Consolidated income statement

(€m)	Q3 2025	Q3 2024	CHC.	9M 2025	9M 2024	CHC.
Consolidated revenue	496	487	+1.7%	1,598	1,591	+0.5%
Programming costs	(211)	(212) +2		(662)	(671)	+9
Other charges, depreciation, amortisation and provisions	(225)	(205)	(19)	(745)	(722)	(24)
Current operating profit from activities	60	69	(9)	191	198	(7)
Margin from activities	12.1%	14.2%	(2.1 pts)	11.9%	12.4%	(0.5 pts)
Amortisation and impairment of intangible assets recognised as a result of acquisitions	(1)	0	(1)	(9)	(2)	(7)
Current operating profit	59	69	(10)	182	196	(14)
Other operating income and expenses	(2)	(6)	+4	(7)	(19)	+12
Operating profit	57	63	(6)	175	178	(2)
Income from net surplus cash / cost of net debt	2	3	(2)	6	14	(8)
Other financial income and expenses	(0)	(1)	+0	(1)	(6)	+6
Income tax expense	(11)	(14) +3		(54)	(40)	(14)
Share of profit / (loss) of associates	0	(1)	+1	0	1	(1)
Net profit	47	51	(5)	127	147	(20)
Net profit attributable to the Croup (excluding exceptional tax surcharge)	45	49	(5)	138	145	(8)
Exceptional tax surcharge1	(1)	0	(1)	(15)	0	(15)
Net profit attributable to the group (including exceptional tax surcharge)	44	49	(5)	123	145	(23)

1. 1 Exceptional corporate income tax contribution levied on French companies under the 2025 Finance Bill INVESTOR PRESENTATION

   Solid net cash position at end-September 2025

   Free cash flow

   before changes in WCR

   €84 million

   331

   (9)

   506

(238)

€m

9

465

(12)

Free cash flow

after changes in WCR

€72 million

(122)

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 30/09/2025

9M 2024

301

(8)

(183)

(59)

(72)

(120)

1. 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 INVESTOR PRESENTATION

Nine-month 2025 key takeaways

Market share gains across the board

• Strong momentum for TF1+ (+41% ad growth, significantly outperforming digital ad market)

• Market share gain in linear (-6% decline

vs low double-digit percentage decline for the market)

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

Active portfolio management

21

MONTMARTRE

INVESTOR PRESENTATION

Tackling advertising market headwinds to mitigate impact on COPA

Full-year 2025 guidance

targets confirmed:

Strong double-digit revenue growth in digital

Aiming for a growing dividend policy in the coming years

2025 margin from activities target adjusted:

Between 10.5% and 11.5% (from broadly stable vs 2024*)

Domestic instability adversely impacted ad market in October

First indications for November also below expectations, with limited visibility until year-end

22 *Margin from activities in 2024 : 12.6%

INVESTOR PRESENTATION

04.

Segment deep dive

STAR ACADEMY

04.

Segment deep dive

Media

KOH-LANTA

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

ROI: €6.6

TF1 DTT

channels

ROI: €6.3

€6.6

Prime TF1

Average TV ROI:

€5.9

TF1

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

Bubble size proportional to investments

Bubbles not in blue represent TV market competitors

2025 TF1/Ekimetrics survey

% of TV sales contribution

INVESTOR PRESENTATION

A strong value proposition

Unrivalled daily reach among media

76%

52%

34%

17%

17%

TV

SVOD

25

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

/TikTok: Médiamétrie - Panel Internet Clobal (January-August 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

vs 9M

2024

Significant lead over main competitor

33.8

W<50PDM

22.8

+9.2 pts

vs main competitor

13.6 9.3

4.3 4.2 3.8

3.0 2.9

2.3

M6

F2

W9

F3

6ter

2.1 1.8

Gulli F5

0.6 0.5

F.info

TF1

LCI

TF1SF

TMC

TFX

+0.8

+0.5 +0.9 -1.7 -0.1 +0.2 +0.4 -0.5 +0.5

-0.2 =

-0.1 +0.2 +0.1

30.7

+7.8 pts

25-49 Y/O

LCI

TF1

TF1SF

TMC

TFX

vs main competitor

20.2

12.4

9.6

4.3 4.0

3.2

3.1 2.6

M6

F2

W9

F3

2.0 2.0 1.9

6ter F5 Gulli

1.1 0.6

F.info

+0.7

+0.2 +0.3 -2.1 = +0.6 -0.6 +0.3 +0.4

-0.1

-0.1

+0.1 +0.3 =

vs 9M

2024

Audience shares: Médiamétrie - Médiamat - January-September 2025

INVESTOR PRESENTATION

Audience leadership

High ratings in each genre

French drama

News

Entertainment

Up to 7.8m

viewers

Movies

Up to 7.1m

viewers

Up to 8.4m

viewers

Sport

26

Up to 5.5m

viewers

Up to 6.6m

viewers

Update on streaming

Virtuous linear € streaming strategy

25-49 Y/O

Progress on all building blocks

LINEAR

DAILY SOAPS

NONLINEAR

80% 20%

Awareness

AIDED

AWARENESS1

81%

+3 pts vs

Visibility

FIRST

VISIBILITY2

65%

+8 pts vs

Consumption

36m

STREAMERS1

9M 2025

+13% vs 9M 2024

41m

STREAMERS1

in September 2025,

Ad inventories

AD LOAD

5'04

/HOUR

9M 2025

CPM

CPM

€13.2

9M 2025

average

52% 48%

+3 pt YoY

FRENCH DRAMA

52% 48%

+5 pts YoY

53%

47%

REALITY TV JLC FAMILY

October 2024

December 2024

new record

834m

STREAMED HOURS1

+14% vs 9M 2024

(site centric4)

average vs 5' 9M

2024

+1% vs 9M 2024

+3 pt YoY

13% 87%

ADVERTISINC

REVENUE

€134m +41%

in 9M 2025

9M 2025 average

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

27 ǦLC Family on TFX

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

2 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

INVESTOR PRESENTATION

First phase in September

Second phase in October

Previews

Companion

shows

Ad-free

content

Promising launch of micro-payment

French drama Daily soaps Reality shows

Live channel Entertainment French drama

Daily soaps Reality shows

€0.99 €0.69 €0.69 €0.99/day €1.99

€0.99

€0.69 €0.69

Close to 200k transactions

while only developed on 10 programmes

On TF1+ app*

~2.6 transactions per converted streamer

28 * Environment where micro-payment was fully deployed in September INVESTOR PRESENTATION

Expansion in French-speaking markets

Encouraging first steps in Africa French-speaking markets now

TF1+ STREAMED HOURS IN AFRICA

BELCIUM LUXEMBOURC SWITZERLAND

FRENCH-SPEAKINC

AFRICA

TOP 3 COUNTRIES

% of TF1+ streamed hours in Africa

FRENCH-SPEAKINC MARKETS ALREADY DEPLOYED

~6%

of streamed hours1

29 1 Site centric

INVESTOR PRESENTATION

Maghreb

68%

Sub-Saharan Africa

32%

Morocco

34%

Algeria

19%

Tunisia

15%

04.

Segment deep dive

MARIE-ANTOINETTE