Good evening everyone, and thank you for joining us for our H1 result presentation. I'm Rodolphe Belmer, CEO of the group, and along with Mr.

Pierre-Alain Gérard, we will walk you through the group's performance for the first half of 2026 before we answer your questions. Let's start with the key highlights on page number 3.

In H1 2026, the group maintained its clear leadership in linear, both in terms of audience and in terms of advertising market share, despite a particularly competitive environment, notably with the Winter Olympics in Q1 and the football World Cup in Q2. Second, our H1 results are in line with our full-year targets for digital growth and profitability against a difficult advertising and regulatory backdrop.

Third, the level of COPA, which stood at €77 million in H1, is above expectations and validates the choices we have made to safeguard profitability, notably regarding the football World Cup. Lastly, the group maintained a solid financial position, which gives us flexibility to keep executing on our strategy.

In an environment that remains volatile and offers limited visibility, we maintain our 2026 targets. Let's go now into more details in the business review, starting with our Media and Studio segments, starting with Media on page 6 of the document.

In H1, the group maintained its linear leadership across commercial targets, and the TF1 channel, our flagship channel, kept its significant lead over its main competitor. As I said, this performance is particularly noteworthy given the very competitive environment in H1, including events such as the football World Cup and the Winter Olympics.

This reflects the strength of TF1 editorial offer across all major genres, like entertainment with Les Enfoirés, sports with the Six Nations tournament, and premium drama with L'Été 36. News also continued to perform strongly.

The 1:00 PM and 8:00 PM bulletins maintained a significant gap versus their main competitor. LCI, our news channel, posted a record audience share in H1 and its best-ever month in March at 3.2% share of the four-plus targets.

Bonjour! is now firmly established as France's second morning show.

Overall, the group once again demonstrated the resilience and appeal of its premium content offering. Moving to streaming now, page 7.

TF1+ continued to show strong momentum a bit more than 2 years only after its inception. The platform attracted 42 million streamers per month on average in H1, up 20% year-on-year, and reached a new monthly record of 44 million in June.

The platform audience also benefited from the launch of our landmark distribution agreement with Netflix in late June. Early performance has been well ahead of expectations.

On June 25th, we recorded a new daily record of 8.3 million streamers on TF1+, driven by the Koh-Lanta final and the launch of Secret Story, which ranked among Netflix's top 10 titles. Overall, 573 million hours were streamed in the first half, up almost 7% year-on-year on a site-centric basis.

Advertising pressure reached 5 minutes and 47 seconds per hour on average, up also 7% versus H1 2025 and close to our mid-term target of 6 minutes. From a monetization standpoint, CPM stood at €12.5.

The platform's attractiveness to both streamers and advertisers translated into a growth of TF1+ advertising revenues of almost 20% year-on-year, reaching €109 million. The group overall digital revenue, which also includes advertising revenues from TF1 INFO and addressable TV, along with revenues from subscriptions of our TF1+ premium offer, service, and micropayments, amounted to €134 million, up 17% year-on-year.

Micropayments continued to gain traction, with more than 800,000 transactions recorded since the beginning of the year. The ramp-up is still constrained by the rollout of the offer across telecom operators, as it has only been deployed at this stage on SFR-eligible set-top boxes, and more recently, very, very recently, on Bouygues Telecom ones.

Studio TF1 now, page 8. Revenue amounted to €124 million in the first half, slightly down year-on-year, as expected.

Activity this year is mainly weighted towards H2. Studio TF1 continued deliveries to its long-standing partners in France, with content like A priori for France Télévisions.

It also pursued its international collaborations, including The Teacher for Channel 5, while continuing to diversify its client mix with the streaming platforms with programs such as Day 1 for Prime Video. The first half was also marked by the successful theatrical release of Pour le plaisir, Good Vibes Only in English, the first film distributed in cinemas by Studio TF1 in France, with more than 700,000 admissions.

Now, I will hand over to Mr. Pierre-Alain Gérard.

Thank you, Rodolphe. Let's now turn to financials in more details.

First, revenue on page 10. Group revenue amounted to €993 million in the first half of 2026, down 6% like-for-like and at constant FX, ahead of market expectations.

In the Media segment, advertising revenue was €714 million, down 9%. The evolution reflects the structural decline of the linear advertising market, exacerbated by advertisers' cautious stance in an unstable environment, and by the exceptional competitive environment in June related to the football World Cup.

In this context, the group managed to maintain its leadership with a market share close to last year's level, demonstrating the relevance of its commercial offering. The launch of TF1 Prime notably helped us extract greater value from our premium prime-time inventory, highlighting its unrivaled standing among advertisers.

Regarding streaming, as mentioned by Rodolphe, TF1+ advertising revenue rose by almost 20% to €109 million in the first half, and the overall digital revenue amounted to €134 million. Non-advertising media revenue was €156 million, down 19% on a reported basis, but slightly up excluding scope effects related to the disposal completed last year, mainly My Little Paris and Play Two.

At Studio TF1, revenue amounted to €124 million, close to the level of last year. International activity was boosted by distribution deals, while France benefited from deliveries to Netflix in H1 2025.

Turning now to profitability on page 11. Current operating profit from activities amounted to €77 million in the first half, with a margin from activities of 7.8%.

This level is above market expectations and in line with our annual guidance. In Media, COPA stood at €81 million.

The €44 million decrease year-on-year mainly reflects the decline in high-margin linear advertising revenue. Programming cost totaled €433 million, down €19 million year-on-year.

As a reminder, we chose to maintain premium programming in the first quarter to support the launch of the new TF1 Prime, TF1 Reach ad segmentation. In the second quarter, we demonstrated agility on cost in a weak market and in a very competitive environment.

This allowed us to limit the impact of the linear decline. As a result, the media margin reached 14.3% in Q2 and 9.4% over the first half.

At Studio TF1, COPA amounted to -€4 million. The €10 million decline compared to last year mainly reflects base effects, comprising a deal on music assets completed by JPG in Q1 2025, deliveries to Netflix in H1 2025, and a delivery schedule of high-margin TV movies more weighted towards the second half of the year.

Overall, first-half profitability confirms the group disciplined execution in a challenging environment. Let me now move to the income statement.

I have already commented on revenue and COPA. Operating profit stood at €70 million, no particular one-offs to highlight beyond the amortization of the PPA related to JPG and non-recurring costs related to digital acceleration.

Net profit attributable to the group, excluding exceptional tax surcharge, came in at €56 million, down €37 million year-on-year. The impact of the 2026 finance bill amounted to €5 million in the first half, including €3 million already recognized in Q1.

Net profit attributable to the group, including exceptional tax surcharge, was €51 million. On page 13, our balance sheet remains a key strength to navigate an unstable environment while accelerating our digital transformation.

Net cash reached €432 million at end June. The evolution mostly reflects the dividend payment by TF1 of €132 million in April and free cash flow after working cap of €57 million in H1.

A brief technical note to ease comparison with last year. The group has changed its assessment regarding French drama co-production.

With the development of streaming and notably the acceleration of our OTT distribution strategy, as illustrated by our partnership with Netflix, the broadcast rights now carry greater economic value to the co-production share. As a result, a larger portion of drama acquisition cost is now recognized as inventory rather than capitalized as intangible assets, mechanically reducing both Capex and the corresponding amortization charges by approximately €40 million in H1.

The symmetrical inventory increase unwinds as content is broadcast and consumed, which is precisely what happened in H1, explaining why the reclassification has no impact on working cap. Of course, as this is purely accounting, this change of estimates has no impact on free cash flow after working cap.

Now, back to Rodolphe.

Thank you, Pierre-Alain. Let me conclude with our outlook.

In the Media segment, TF1 will continue to offer the best of free, family-oriented, and serialized entertainment. Key highlights will include iconic franchises such as Koh-Lanta and Star Academy, which perform particularly well in digital and among younger audiences.

The group will also benefit from a strong slate of premium drama, including Cat's Eyes Season 2, La Cible, and Le Comte de Monte-Cristo. In sports, the second half will feature a solid lineup, notably with the matches of the French national football team and the Nations Championship in rugby.

In digital, the three initiatives that we launched recently are expected to further contribute to our revenue acceleration in H2. First, with the distribution partnership with Netflix, which is live since late June and delivering early performance well ahead expectations.

Second, the deployment of our myttel solution through our TF1 Ad Manager platform. We have recently strengthened our local commercial footprint with partners like Citiz Media in June to commercialize locally our local inventories.

This agreement gives local advertisers access to TF1+ and addressable TV solutions through combined offers, thus supporting revenue growth with SMEs and retail networks. Third, the continued ramp-up of micropayments, supported by the rollout of the offer across operators' set-top boxes.

For Studio TF1, activity will again be weighted towards H2, notably due to Studio TF1 America's delivery schedule. The theatrical film distribution division in France has four additional releases planned in the second half, notably the Jean Moulin biopic starring Gilles Lellouche, which was part of the competition lineup of the Cannes Film Festival.

Turning to slide number 16. In a context where visibility remains limited and with the linear advertising market still under strong pressure in France, we confirm our 2026 targets: strong double-digit revenue growth in digital in 2026, maintain a mid- to high-single-digit margin from activities before capital gains in 2026, subject to the evolution of the linear market, aim for a growing dividend policy in the coming years.

We remain disciplined on cost, focused on digital acceleration, and we capitalize on our solid balance sheet to navigate these complex environments. That's all for this introductory presentation, and we are now, with Pierre-Alain, ready to take your questions.

Yes, good evening. Thanks for taking my question.

I had quite a few, I'll keep it to three. The first one is on the dividend.

You're committing to a progressive dividend policy without giving precise numbers. What is the level of margin you need to reach to fully cover the dividend in '26?

That would be the first question. Related to that, if that was not the case, are you happy to pay out more than 100% of profit?

The second question is on the consolidation of the market. We've seen in Germany and in the UK a convergence between pay-TV players and free-to-air broadcasters.

Do you think that's something that could make sense in the French market, or do you see specific features in the French market which are such that it doesn't make sense? The last one is just on the studio.

You mentioned the decline in H1. Is it fair to expect that on a full-year basis, the COPA of Studio will be back to the level we saw in '25 with a double-digit margin?

Thank you.

Thank you, Christophe, for this set of questions. Maybe I leave the question on dividend to

Pierre-Alain. On market consolidation, well, maybe a status on this topic.

As you said, well, we've seen wave of consolidation between pay and free broadcasters in Europe. We have looked at that quite in detail and analyzed those transactions, those evolutions.

When we try to analyze what would be the level of synergy, we estimate that the level of synergy that we would have in France in such a scheme would be quite low and not totally certain that it would create value for our shareholders given the very small overlap between our lineup of content and the lineup of content of the pay-TV players in France, which are very, very distinct and different. In our business, the core of our cost base lies in the content cost, of course.

Studio, well, the lower performance in H1 is mostly due to phasing effects, and we expect to return to a nominal trajectory in H2. Yeah.

Regarding dividend, you're right. We don't have a policy in terms of payout, and as you said, it's an objective, but it has to be reassessed each year.

You have noticed, and you're not the only one, that we have a strong net cash position, and we are capitalizing on that when we say that we aim to increase the dividend.

To be clear, you would not exclude to pay more than 100% of profit into dividend because you've got such a high net cash position, or is it a no-no? It's reassessed.

It will be reassessed depending on the market, on the outlook, etc. It's not something that will be automatic.

What we can say is that we don't have specific principles and we don't have specific cap regarding our net results. I think that for the moment, what we said is that we reiterate, we confirm our guidance in terms of profitability, and we also confirm our guidance in terms of dividend policy.

Of course, it has to be reassessed each year by the board of directors of TF1, but the policy is constant, and well, we estimate that we will cover our dividend policy with the profitability of the group in the immediate future, and we don't have cap in case it were not the case.

Okay. Thank you.

I'll jump back into the queue.

Yes, good evening. Thank you for taking my questions.

I have three questions. First one is on the advertising outlook.

I know that you don't have precise visibility on September at this time of the year, but the question is more your sentiment on the advertising trend for the last 4 years 4 months of the year, and any change in the mood of the advertisers. Also the basis effect, we know that the Q4 2025 was weak, it should offer a positive basis effect.

Could you give some comments on these prospects? Second one is on your programming cost cutting in Q2.

Was this just in June to make some tactical savings versus the World Cup, or was it more broad-based over Q2? Could you consider further significant programming savings in H2 beyond the World Cup in July?

Last question is on the announcements of two contracts that were terminated, one with CANAL+ on the distribution of your small pay-TV channels and the second one with the Independent Radio Networks on advertising sales. Could you please quantify the impact both on revenues and EBIT of this end of contracts?

Thank you.

On the advertising outlook, well, as it's very difficult well to give a firm outlook for our market, which tends to be increasingly marked by low level of visibility and forecastability. I don't know if it's pure English, but well you understand the notion.

Still, when we look at the estimates provided by well consulting firms specialized in our sector, which tend to converge towards a market that should evolve in the linear segments around -10% for the full year, and in total, if we include digital, -6% for the total market, we think that this view is fair, and we more or less share that perspective. For TF1, we're very big.

We represent almost 50% of that market, the television advertising market, meaning that we more or less, with some nuances, evolve like or in the same kind of trending line. For the moment, there is no real improvement in the trend of the market that we can see around the corner in France.

First, our strategy, our intention, our objective is to be able to continue to finance a superior lineup of contents over time, because that's the bedrock of our superiority and of our leadership on our market, meaning that our view is to strive to fight for the sustainability, the perennity of our programming cost. Of course, we have to adjust that principle to the reality and to the evolution of the market and to the evolution of the demand of our customer.

We have adjusted slightly our programming cost in Q2 to adjust to a very low level of demand mostly because of the World Cup broadcast by our competitor. Of course, we will adjust in the same way tactically in the second half if the market turns to be less solid that what we expect.

For the moment, we don't have plan of that kind, but we want to preserve the agility that's needed to protect our profitability in case the market turns out to be less positive than what we expect. CANAL+ Well, contract with CANAL+, it's a small contract, low single digit in terms of million of euros annually.

The Indés the commercialization contract that we had for the advertising of the independent radio stations in France, again, in terms of impact at the ROPA level, it's a mid-single-digit level, million euros annually, meaning not good news, of course, but well it's a bit unsignificant at the group level.

Okay. That's very clear.

Thank you.

Maybe I let Pierre-Alain, who was already started touching upon this question in his presentation, answer in more details to your question, Alexandre. Maybe I wasn't completely clear, but

if you remove the perimeter impact from the sale of My Little Paris and Play Two, the revenue from non-advertising media segment is up, slightly up. It's not a decrease.

Mostly perimeter effect, we divested last year, you'll remember that, two small non-core companies that we had last year, one called My Little Paris and the other one, it was Play Two in the well music publishing business.

If you do the maths between the -6% and then -10% reported, you find that it's around €40 million perimeter effect.

Yeah. Thank you.

I'm just using the opportunity. I just wanted to follow up on a smaller issue, which is the digital ad revenues.

Is it fair to assume that the Netflix collaboration, you mentioned that the audience, the traffic was above expectation, is it fair to assume it did not generate any significant revenues in Q2 and that we might see benefit more in Q3 and Q4?

Yes. Yeah.

We launched only on June the 18th with a ramp-up, as usual, of the service across Netflix subscriber base, which took a few days, meaning that, well, in the second half, we had literally only a dozen days of service of TF1+ on Netflix, meaning that, well, we couldn't perceive any revenue impact in H2. We will see some revenue impact in H2, and we think, based on the early results that we can already experience with Netflix, that, well, it will help accelerate the revenue growth of TF1+ and bring it back to a very solid double-digit growth in terms of revenues.

In H1, without Netflix, we delivered revenue growth of 19%, and you should expect that number to significantly increase on the back of our distribution deal with Netflix, which is very successful, and also on the back of the early days of our mid-tail developments over H2.

Okay. Thank you.

You don't have a fifth one, Christophe?

Just one on the World Cup, I'm not sure you're going to give precise numbers. What is your estimate of the money that went to the World Cup event, and do you feel that distorted the market in some way at the end of Q2 and in July?

I think in the release, you mentioned you lost 1 point of market share in H1, is that just the World Cup or is there any non-World Cup impact?

What we tried to convey in our press release is that, well, despite the impact of World Cup, we were able to overall maintain our market share of the advertising market, since we lost only 0.7 percentage points, which is well from a basis of 47%, it's a very low impact that we had despite the importance of the events. That's what we meant.

Okay. That's about €50 million of extra revenues for M6, above and beyond what they would have done without the World Cup, right?

I don't know how you do your maths, but well probably you should use your Excel tableur. Because if you do 1.5 1.4%—well, we have 50% market share, we lost 0.7, meaning that, well, our competitor might have, at best, 1 1.5% market share overall over the first half, on a market in the first half which was of €1.2 billion in total.

It's slightly above that according to estimates.

Well 1.4

Yeah,

yeah. €4 million billion euros, yeah.

Yeah, €1.4 billion, but If you do the maths, it's a factor less than €50 million. It's €15 million.

Yeah. Not 50,

yeah.

It's not an estimate that I make. I'm just doing some maths with you because it's funny.

Yeah. Okay.

We'll see what they say on their call. The 28th.

Thank you. No, but well

there are always many ways to present that, well, the revenues driven by a sports event of that kind. What's important at the end of the day, it is what's incremental market share you generate or you lose on the advertising market, and this increment, how does it compare with the cost, the incremental cost of this event compared to your usual lineup of content?

That's how you should assess the profitability of such events. Because otherwise, it's very difficult to analyze.

Assessing the incremental market share over the year for instance, and assessing the incremental cost and comparing the two elements, that's the good way to assess the real profitability of this kind of spendings.

Agreed. Thank you.

Thank you, Rodolphe.

Yes, thank you. I have a follow-up question, I guess for Pierre-Alain, is on the working cap requirement.

Remember that at the beginning of the year, you mentioned that the working cap would weigh on free cash flow this year with some exceptional payments, notably in civils and the impact of your new TV advertising offering. On H1, I see that, well, working cap is neutral.

Could you make an update on this point, please?

No, it's true. I said that at the beginning of the year, and it's still true, but usually you find that working cap requirement is rather positive on the first half of the year, and rather negative during the summer and most part of Q4, it's not very surprising.

You maintain the

Yes.

point. Thank you.

Thank you, and I'll have very short closing remark in the form of a summary. In an environment that remains very volatile and offers limited visibility, our leadership position, our digital momentum, and our strong balance sheet provide a solid foundation for the rest of the year.

Our priorities remain clear and unchanged, and we confirm our 2026 targets. Thank you very much for attending today's presentation, which was quite late, just before the weekend.

Thank you for taking the time, and see you in a few months.

Thank you very much.