TF1 : MANAGEMENT REPORT FOR THE FIRST NINE MONTHS OF 2023

Management Report First nine months of 2023

Management Report - First nine months of 2023
1. Financial information - First nine months of 2023	3
1.1	Consolidated results	3
1.2	Significant events of the first nine months	5
1.3	Significant events after the reporting period	7
1.4	Analysis of consolidated results	8
1.5	Segment information	9
1.6	Corporate social responsibility	13
1.7	Human resources update	14
1.8	Outlook	14
1.9	Governance	15
1.10	Diary dates	15
2. Condensed consolidated Financial Statements - First nine months of 2023....	16
Consolidated income statement	16
Statement of recognised income and expense	17
Consolidated cash flow statement	18
Consolidated balance sheet - Assets	19
Consolidated balance sheet - Liabilities and equity	20
Consolidated statement of changes in shareholders' equity	21
Notes to the condensed consolidated financial statements	22

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TF1 - Financial information - First nine months of 2023

1. Financial information - First nine months of 2023 1.1 Consolidated results

Financial indicators

These key figures are extracted from TF1 group consolidated financial data. The results below are presented in accordance with IFRS 16.

(€m)	9m 2023

9m 2022

Revenue	1,547.5
Group advertising revenue	1,097.2
Revenue from other activitites	450.3

1,740.3

1,143.2

597.1

Current operating profit/(loss) from activities	204.0

243.2

Current operating profit/(loss)

Operating profit/(loss)

Net profit/(loss)

Operating cash flow after cost of net debt. income from net surplus cash. interest expense on lease obligations and income taxes paid

Basic earnings per share from continuing operations (€)

Diluted earnings per share from continuing operations (€)

Shareholders' equity attributable to the Group Net surplus cash/(net debt) of continuing operations

200.9

176.5

139.0

315.7

0.66

0.66

1,894.7

364.1

238.7

223.7

150.5

446.5

0.71

0.71

1,842.7

295.6

9m 2023

9m 2022

Weighted average number of ordinary shares outstanding ('000)

Closing share price at end of period (€)

Market capitalisation at end of period (€bn)

210,806

7.25

1.53

210,485

5.9

1.24

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TF1 - Financial information - First nine months of 2023

Income statement contributions - continuing operations

The results below are presented using the segmental reporting structure as described in Note 3 to the consolidated financial statements.

(€m)	Q3 2023	Q3 2022		CHG. €m		CHG. %
Mediaa	445.2	413.6		31.6	7.6%
Advertising revenue b	350.8	327.7		23.1	7.0%
o/w MYTF1 advertising revenue c	22.1	17.7		4.4	24.9%
Non advertising Media revenue d	94.4	85.9		8.5	9.9%
Newen Studios	64.2	139.8		(75.6)	-54.1%
Consolidated revenuee	509.4	553.4		(44.0)	-8.0%
Media	45.2	37.2		8.0	21.4%
Newen Studios		13.9
6.6		(7.3)	-52.4%
Current operating profit from activitiesf	51.7	51.1		0.6	1.2%
Current operating profit from activities margin	10.1%	9.2%		-		+0.9PT
Current operating profit	50.6	50.0		0.6	1.2%
Operating profit	45.4	41.9		3.5	8.4%
Net profit attributable to the Group	37.7	24.0		13.7	57.1%
Cost of programmes	(225.0)	(198.9)		(26.1)		13.1%

9m 2023	9m 2022	CHG. €m	CHG. %
1,349.6	1,442.1	(92.5)	-6.4%
1,097.2	1,143.2	(46.0)	-4.0%
68.3	58.7	9.6	16.4%
252.4	298.9	(46.5)	-15.6%

197.9 298.2 (100.3) -33.6%

1,547.5 1,740.3 (192.8) -11.1%

191.4	209.7	(18.3)	-8.7%
12.6	33.5	(20.9)	-62.4%

204.0 243.2 (39.2) -16.1%

13.2%		14.0%	-	-0.8PT

200.9 238.7 (37.8) -15.8%

176.6 223.7 (47.2) -21.1%

139.0 150.5 (11.5) -7.6%

(628.9) (639.5)

10.6

-1.7%

Net cashg	364.1	295.6	68.5	23.2%	364.1	295.6	68.5	23.2%

1. Excluding scope effects, +11.1% in Q3 and -1.3% at end-September (vs 2022).
2. Excluding scope effects, +9.7% in Q3 and -1.6% at end-September (vs 2022).
3. With the deconsolidation of Unify Publishers in Q4 2022, the KPI related to digital advertising revenue is replaced by MYTF1 advertising revenue.
4. Excluding scope effects, +16.6% in Q3 and -0.4% at end-September (vs 2022).
5. Excluding scope effects, -6.0% in Q3 and -8.4% at end-September (vs 2022).
6. Current operating profit from activities, "COPA", which equates to current operating profit before amortisation and impairment

g Before the impact of lease obligations.

Analysis of cost of programmes

(€m)

9m 2023

9m 2022

Total cost of programmes	(628.9)
TV dramas / TV movies / Series / Theatre	(185.9)
Entertainment	(185.1)
News (including LCI)	(100.8)
Movies	(85.1)
Sport	(65.5)
Kids	(6.5)

(639.5)

(204.3)

(193.9)

(105.2)

(86.3)

(40.9)

(8.9)

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TF1 - Financial information - First nine months of 2023

1.2 Significant events of the first nine months of 2023

January

11 January 2023

The TF1 group enters into a sub-licensing deal with the France Télévisions and M6 groups for the screening of 28 matches from Rugby World Cup 2023. Thanks to this sub-licence, the TF1 group will enable all French viewers to watch the entire tournament - a major sporting event for 2023 - free of charge. TF1, the tournament's official broadcaster, will show all the big fixtures of the tournament as well as three pool matches involving the French rugby team, the two best quarter-finals including the one involving France should they qualify, both semi-finals, the Bronze Final and the Final.

12 January 2023

TF1 group signs a new inter-professional agreement to promote creativity for a period of three years. The Group renews its commitment to invest 12.5% of its revenue in the creation of original French works. In addition, for the first time, TF1 pledges to invest in independently produced documentaries which will account for 5.4% of the obligation and bolsters its support for the animation sector, with a sub-quota set at 5.2% of the obligation.

16 January 2023

Claire Basini is appointed TF1 group Executive Vice President of BtoC activities and joins the Executive Committee.

Her mission will be to accelerate the development of TF1's business model towards a mixed model - linear and non-linear - and to expand the Group's presence on all media. She will also be tasked with managing the digital sector within the entire Group.

February

15 February 2023

France Télévisions, M6 and TF1 groups announce the liquidation of SALTO.

This decision by SALTO's three founder- shareholders follows the abandonment of the proposed merger between TF1 and M6, which would have paved the way for SALTO to be taken over by the merged entity. With the project now stopped, SALTO shareholders decided that the conditions were not met for SALTO to continue with its current ownership structure, given the complex and restrictive governance arrangements and the refusal of most Internet service providers to distribute the platform, like the American platforms.

March

6 March 2023

Pierre-Alain Gérard joins TF1 group to succeed Philippe Denery as Executive Vice President Finance, Strategy and Procurement. He becomes a member of the Group's Executive Committee.

Pierre-Alain Gérard's responsibilities will include: financial performance with a focus on the Group's strategic priorities; financial communication to the markets and shareholders; handling of any mergers and acquisitions; and management of the responsible purchasing policy to support the Group's commitments as part of the Climate Contract.

25 March 2023

TF1 group is awarded at the "Séries Mania" festival. At the 5th edition of this event, the TF1 group won the Vidocq Prize for its crime series, Syndrome E. The Group was also honoured for Les Randonneuses, a series featuring Clémentine Célarié who received the Best Actress Award. As such, TF1 group reaffirms its commitment and ambition to promote French drama.

April

18 April 2023

At the General Meeting of Association des Chaînes Privées (ACP), the French commercial broadcasters' association, held on 18 April 2023, Rodolphe Belmer, Chairman and CEO of TF1

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TF1 - Financial information - First nine months of 2023

Group, was appointed ACP Chair for a two-year term.

27 April 2023

Following the selection of the TF1 channel by the ARCOM1 on February 22, 2023, as part of the tender process for its broadcasting DTT licence, the Group signed today a new agreement with the ARCOM, allowing it to broadcast on the DTT frequency starting May 6, 2023, and for a period of 10 years.

The Group will continue to offer its content to a large audience via DTT and reaffirms its social and creative commitments while maintaining the flexibility needed to adapt its programming schedule to market changes.

May

10 May 2023

TF1 group and Amazon announce their partnership with the launch of MYTF1 on Amazon Fire TV from 11 May 2023.

The partnership deal with Amazon reflects the TF1 group's desire to keep pace with trends in French people's video viewing habits, and to make its content accessible across all devices.

Anyone with an Amazon Fire TV Stick, Fire TV Cube, Echo Show 15 or a compatible Smart TV will now be able to access MYTF1 by downloading the app. They will also be able to use the Alexa voice assistant to readily access the Group's content.

17 May 2023

US Network, ABC, confirms that it has placed a series order for the English-language adaption of TF1's hugely successful comedy police procedural HPI.

The American adaptation of HPI is the next step in the evolution of the French-produced series. Internationally, HPI has been sold to more than 105 territories, garnering more than 280 million views. Local versions of the series are also broadcast in the Czech Republic and Slovakia.

1 The French regulatory authority for audiovisual and digital communication

24 May 2023

TF1 group was awarded at the "Grand Prix Stratégies de l'Innovation Média 2023" ("Stratégies' 2023 Grand Prize for Media Innovation") event. The Group won eight awards for its innovative advertising, editorial, digital and communication initiatives. These awards serve to recognise TF1's creative expertise, marking the success of these initiatives.

June

9 June 2023

The TF1 group received nine awards at the 12th edition of the Deauville Green Awards, the international festival of film production on sustainable development.

These distinctions clearly illustrate TF1's ambition to promote public awareness of sustainability as a continuation of the Climate Contract signed by the Group in June 2022.

14 June 2023

TF1 group scooped multiple awards at the "Grand Prix de la Responsabilité des Médias" ("Grand Prize for Media Responsibility") ceremony. The Group is immensely proud of its four awards: the Gold Award and the Jury's Favourite Award for Expertes à la Une - Season 3 in the Gender Parity Policy category, the Silver Award for "EcoFunding" in the Advertiser Ecological Transition category, and the Silver Award for "the Advertising Fresk" in the Team Training category.

17 July 2023

TF1 group and Newen Studios are delighted to announce that the ground-breaking daily soap Plus belle la vie will return to the TF1 channel and its MYTF1 streaming platform, from early 2024. Daily episodes on the channel will be accompanied by a raft of online and social media tie-ins.

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TF1 - Financial information - First nine months of 2023

This rebirth of Plus belle la vie confirms the unrivalled expertise of Newen Studios in daily soaps, and its ability to breathe new life into iconic brands. With Demain Nous Appartient, Ici Tout Commence and now Plus belle la vie, Newen has become the benchmark player in daily soaps

• a unique part of the broadcasting landscape.

8 September 2023

TF1 group announces the launch of MYTF1 on Apple TV.

This agreement enables the Group to continue expanding in the connected TV segment, with ambitions to make the premium content of its streaming platform accessible to the largest possible audience, on all screens. Thanks to the agreements signed with leading connected TV players, MYTF1 is now available for download in almost 95% of French households with a smart TV or connected device.

13 September 2023

Samsung Ads partners with TF1's ad sales house to sell advertising airtime on the Samsung TV Plus streaming service in France.

TF1 PUB teams will now provide a dedicated Smart TV offering, enabling clients to exclusively advertise through MYTF1 content and Samsung TV Plus channels.

This commercial partnership is part of TF1 PUB's digital acceleration strategy, particularly in the streaming and smart TV segments.

28 September 2023

TF1 group acquires exclusive broadcasting rights to the UEFA Women's EURO 2025 championship, hosted in Switzerland in July 2025.

The agreement includes the linear and streaming rights to all 31 matches of this prestigious tournament.

This new agreement reaffirms TF1's commitment to carrying free-to-air coverage of the biggest competitions in European and international football.

1.3 Significant eventsafter the reporting period

5 October 2023

TF1 group acquires exclusive rights to the 2025 Women's Rugby World Cup, hosted in England from 22 August to 27 September.

For the rest of 2023, TF1 will show matches featuring the French team in WXV, a new women's competition between the world's leading rugby nations set up by World Rugby.

This new agreement further cements the Group's long-standing partnership with World Rugby around major tournaments.

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TF1 - Financial information - First nine months of 2023

1.4 Analysis of consolidated results

The results below are presented using the new segmental reporting structure as presented in Note 3 "Operating segments" to the consolidated financial statements, and in accordance with IFRS 16.

Revenue

Nine-Month consolidated revenues for TF1 Group amounted to 1,547.5 million euros, down 8.4% (constant perimeter).

Group advertising revenues stood at 1,097.2 million euros, down 1.6% (constant perimeter), the macro context having impacted the advertising market in H1.

Revenues of Newen Studios amounted to 197.9 million euros, down 33.6%, reflecting a tough prior year base effect.

Cost of programmes and other current operating income/ expenses

Cost of programmes

The TF1 group's costs of programmes totalled €628.9 million, representing a year-on-year decrease of €10.6 million. This performance demonstrates the Group's ability to control its spending and achieve savings when necessary, while maintaining a powerful programme offering with high audiences, confirming its leading position in terms of audience share on commercial targets.

Other income, expenses and depreciation, amortisation and provisions

As of the end of September 2023, other expenses, depreciation, and provisions amount to 714.6 million euros, which is lower compared

1 Optimisation plan aimed at gradually achieving more than €40 million euros in operational cost savings1 from 2025 onwards, of which €10-15. million will be reinvested in the digital acceleration plan.

to their level at the end of September 2022 (743.6 million euros). This decrease is primarily driven by the Newen Studios sector due to more significant production in 2022 than in 2023.

Current operating profit from activities

Current operating profit from activities stood at

204.0 million euros, down 16.1% year-on-year, and implying a margin of 13.2%, close to that of 2022 (- 0.8 pt). The Media segment margin is at 14.2% (- 0.4 pt), and the Newen Studios margin is at 6.4% (-4.9pt). The current operating income is 200.9 million euros.

Operating profit

Operating profit stood at 176.5 million euros including a net -24.4 million euros of non- recurring items, mainly linked to the rationalisation of the Group's real estate in the context of the recently launched cost optimisation plan1.

Net profit

Net profit attributable to the Group was €139.0 million, representing a decrease of 7.6% year- on-year.

Financial position

Shareholders' equity attributable to the Group was €1,894.7 million at end-September 2023 out of a balance sheet total of €3,552.9 million.

Free cashflow before changes in working capital requirement stood at 111.6 million euros, confirming the Group's effective cash- conversion record. Free cashflow after changes in working capital stood at 161.2 million euros, stable relative to end-September 2022.

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TF1 - Financial information - First nine months of 2023

The Group continues to benefit from a robust financial position, with net cash of 364.1 million euros at end-September 2023, up 38.4 million euros since December 2022.

As of 30 September 2023, TF1 had confirmed bilateral bank credit facilities of €884 million, including €184 million for Newen Studios.

Those facilities were backed up by a cash pooling agreement with the Bouygues Group.

As of 30 September 2023, drawdowns under those facilities amounted to €71 million, all of which related to Newen Studios.

1.5 Segment information

Media

Revenue

Total revenues for the Media segment amounted to 1,349.6 million euros at end- September 2023, down 1.3% (constant perimeter).

Media advertising revenues stood at 1,097.2 million euros, a 1.6% decrease (constant perimeter), the macro-economic context having impacted the advertising market in the first half.

Within this, the media advertising revenues of MYTF1 pursued their strong dynamic, with a 16.4% year-on-year increase to 68.3 million euros.

Non-advertising media revenues stood at 252.4 million euros, close to the 2022 level (-0.4% at a constant perimeter).

The sector mix and the trends in gross advertising spend (excluding sponsorship) for the first nine months are shown in the following chart.

1 Source: Médiamétrie - Médiamat

Source: Kantar Média, 9M 2023 vs. 9M 2022

Current operating profit

Current operating profit in the Media segment stood at €191.4 million, down €18.3 million over one year, generating a current operating margin of 14.2% (-0.4 pt year-on-year).

Media audience ratings1

At end-September 2023, average daily viewing time amounted to 3 hours and 9 minutes among individuals aged 4+, down six minutes year-on- year. In a fast-growing attention market, particularly owing to the development of video consumption offerings which serve to complement linear television, daily viewing time among the 25-49-year-olds target audience was 2 hours and 12 minutes, down 14 minutes year- on-year.

Since April 2020, the Médiamat audience metrics have included viewing outside the home on any device (such as TV sets in second homes, bars, workplaces and railway stations, computers and smartphones, etc.). TV viewing at home on other Internet-enabled screens (computers, tablets, smartphones, etc.) will be incorporated in Médiamétrie audience metrics from January 2024.

Each week, almost 50 million French people view TF1's content, providing the Group with unsurpassed coverage in the media segment.

In an environment involving major sports events, with the Rugby World Cup broadcast during the third quarter, TF1 maintained its

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TF1 - Financial information - First nine months of 2023

leadership and continued to attract and engage with a majority of French people through its premium and diversified offering, as demonstrated by the high audience levels, which were slightly up on targets at end-September 2023:

• 33.3% audience share among W<50PDM
  (+0.1 pt year-on-year);
• 30.1% audience share among 25-49-year-olds (+0.4 pt year-on-year).

TF1

TF1 delivered a solid performance in the first nine months of 2023, with a premium line-up including the return of major franchises such as HPI, Les Bracelets rouges and the Rugby World Cup. The flagship channel maintained its leadership in commercial targets. At end- September 2023, TF1 recorded a 20.1% audience share among 25-49-year-olds (up 0.6 pt year-on-year) and 22.9% among W<50PDM (up 0.7 pt year-on-year), representing a gap with its number-one competitor (+9.2 pts) which increased from the first half.

As of 30 September 2023, the channel held 49 of the top 50 ratings among 25-49-year-olds, and 49 of the top 50 ratings among W<50PDM, thanks to its extensive line-up:

• Sport: TF1 recorded its largest audience of the year for the opening match of the Rugby World Cup between France and New Zealand, with 15.6 million viewers, i.e. 77.4% audience share among 25-49-year-olds.
• News: The news offering is considered to be a reference and reinforced its legitimacy during the period, as illustrated by the Déclaration du Président de la République (French President's address to the nation) on 22 March, which was watched by 6.2 million viewers. The special news bulletin "Tous derrière les Bleus" ("All cheering on les Bleus") on Friday 8 September united 10.6

1 Médiamétrie's TV audience measurement across four screens - January to August 2023.

million viewers, a record news audience for 2023.

• French drama: The TF1 group is more committed than ever to putting French drama at the heart of its editorial strategy. The excellent second-quarter performance of season 3 of HPI, averaging 9.1 million viewers and even reaching up to 10.4 million, i.e. 53.9% audience share among W<50PDM - a record audience to date for a work of drama
  - demonstrates the relevance of this strategy. TF1 programmed other household dramas, as illustrated by Balthazar, with up to 6.9 million viewers, i.e. 25.9% audience share among W<50PDM as well as Les Randonneuses, which attracted up to 5.5 million viewers with 28.1% audience share among W<50PDM.
• Entertainment: At end-September, TF1's iconic entertainment programmes again stood out for their ability to attract viewers and create events, as shown by the new show of Les Enfoirés, which achieved the top first- quarter audience for a work of entertainment with 8.5 million viewers, i.e. 57.3% audience share among W<50PDM. The main entertainment brands confirmed their ability to engage with audiences, as reflected in the performance of Koh-Lanta, attracting up to 5.4 million viewers, with 44.7% audience share among W<50PDM, and The Voice, which recorded up to 5.4 million viewers, i.e. 37.2% audience share among W<50PDM.
• Movies: The movie offering remained very popular in Q3 2023, particularly among family audiences, as demonstrated by the performance of the French film Pourris gâtés, achieving 42.8% audience share among W<50PDM.

MYTF1 streaming platform confirmed its growth potential: MYTF1 averaged 27.4 million1 streamers during the first eight months, with

682.9 million streamed hours, representing

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