EBITA of EUR214 million and operating margin of 17.0%:
Strong economic performance in a challenging advertising market and acceleration of digital transformation
NEUILLY-SUR-SEINE, France--(BUSINESS WIRE)--February 17, 2026--
Regulatory News:
M6 Group (Paris:MMT):
2025 HIGHLIGHTS
-- Best market growth for M6 Group TV audiences across all targets
-- Best year in three years amongst over 4s at 13.3%, up 0.5
percentage points1 vs 2024
-- Best year in four years in the 25-49 age bracket at 21.0%, up
1.4 percentage points1 vs 2024
-- A new dimension for W9: best performance in 14 years amongst
25-49 year olds
-- Excellent streaming performance in 2025: 37%2 increase in unique users
and 15%3 increase in hours viewed on the M6+ platform compared with 2024
-- Significant outperformance of the group compared to the video
advertising market (-3.1% vs. c. -8%4 for the market)
FY 2025 KEY FIGURES
-- Revenue of EUR1,255.5 million, including EUR1,032.2 million from
advertising revenue
-- EBITA of EUR213.5 million and operating margin at 17%
-- Streaming revenue up 27%5
OUTLOOK
-- Exclusive free-to-air broadcast of all 54 matches of the FIFA World Cup
2026TM
-- Ongoing implementation of the streaming plan
-- M6+ streaming live on Amazon Prime since January 2026
-- Guidance of 2028 streaming revenue above EUR200 million
confirmed
-- Over 1 billion hours viewed on the M6+ platform between now and
2028
-- Launch of a plan to reduce costs by EUR80 million by 2030
David Larramendy, Chairman of the Executive Board of M6 Group, stated:
"The financial results we are publishing today illustrate the Group's ability to reinvent itself enhance its attractiveness, while maintaining a high operating margin. Careful cost management has enabled us to strengthen our editorial offering and to continue our investments in streaming while maintaining operational profitability significantly above that of our peers.
The strategic decisions made in recent months to recruit new talent and invest in programming have already proven their relevance. In 2025, our Group delivered its best TV performance in four years among key commercial targets, achieving the strongest growth in the market across all audiences.
In 2026, for the first time in the Group's history, we will be embracing the extraordinary challenge of broadcasting all the FTA matches of the FIFA World Cup 2026$(TM)$ , the world's largest sporting event of the year. This event is an unprecedented opportunity for our channels and our M6+ platform, as sport has exceptional TV audience potential and offers advertisers unmatched visibility for their brands.
In the coming months, we will continue to accelerate the development of M6+. At the same time, we are launching an EUR80 million cost reduction plan over the next few years. In a challenging environment, this will allow us to preserve the flexibility required to continue investing in our content offering and streaming activities."
FINANCIAL PERFORMANCE
(EUR millions) 2025 2024 % change
Consolidated revenue(6) 1,255.5 1,311.2 -4.2%
======= ======= ========
Group advertising revenue 1,032.2 1,061.6 -2.8%
- of which video advertising revenue 884.1 912.3 -3.1%
- of which other advertising revenue 148.1 149.3 -0.8%
Group non-advertising revenue 223.4 249.7 -10.5%
Consolidated profit from recurring
operations (EBITA)(7) 213.5 242.1 -11.8%
======= ======= ========
Margin from recurring operations 17.0% 18.5% -1.5pp
Other non-recurring expenses (9.8) 0.0 n.a
Operating income and expenses related to
business combinations (44.2) (9.6) n.a
Capital gains and losses on disposals of
equity interests 0.1 0.0 n.a
Operating profit $(EBIT)$ 159.5 232.5 -31.4%
------- ------- --------
Net financial income 3.4 13.2 n.a
Share of profit/(loss) of equity-accounted
entities (0.6) (7.1) 91.2%
Impôts différés et exigibles (44.0) (65.6) 32.9%
Net profit for the period (excluding
exceptional contribution on profits) 118.4 173.1 -31.6%
------- ------- --------
Exceptional contribution on profits of large
companies(8) (10.6) 0.0 n.a
Net profit for the period 107.8 173.1 -37.7%
------- ------- --------
Net profit for the period - Group share 123.4 172.8 -28.6%
======= ======= ========
In 2025, the Group's advertising revenue totalled EUR1,032.2 million, down 2.8% in comparison with 2024, and included EUR884.1 million in video advertising revenue (down 3.1%). This change reflects a base effect linked to the broadcast of the Euros in the first half of 2024 and a sharp contraction of the video advertising market over the second half of the year, despite support from streaming, which posted strong growth in revenue (27% year-on-year increase).
The Group's non-advertising revenues stood at EUR223.4 million, representing a 10.5% decline and reflecting a return to near 2023 levels, following a year of exceptional growth for the cinema activity in 2024.
Consolidated Group revenue(6) thus stood at EUR1,255.5 million (down 4.2%).
In 2025, the Group continued its transformation towards a combined streaming/linear broadcast model by investing EUR13.7 million of additional operating costs in streaming. Streaming revenue rose by EUR26.8 million (27%) in relation to 2024, and M6+'s control of operating expenditures enabled it to almost break even on a cumulative basis after 18 months, underlining the strategic choice made by M6+ and its investment plan announced in February 2024.
Programming costs for the Video division totalled EUR502.3 million, down EUR16.4 million, reflecting the Group's ability to control costs while investing in the linear and streaming schedules.
Group consolidated profit from recurring operations (EBITA)(7) stood at EUR213.5 million, reflecting the contraction of the video advertising market over the second half of the year within an unfavourable economic climate, continued investments in Video, and the lower contribution of the cinema and diversification activities.
Operating margin was 17.0%.
SPF Franchise launched a second brand, Sixième Avenue, in May 2025, to offer its franchisees an alternative to the SPI brand. The success of this launch, combined with departures from the network, led to a significant decrease in the number of SPI franchisees. As a result, SPF Franchise recorded an accounting impairment of EUR35.5 million on the SPI brand. The Group also recognized EUR9.8 million in non-recurring expenses in the Video and Diversification segments, impacting EBIT.
Net financial income was EUR3.4 million, reflecting lower interest rates and the volume of invested cash. 2025 was characterised by an increase in the financing of content investment, combined with the dividend policy announced in 2024.
The Group's share of profit of equity-accounted entities improved by EUR6.4 million to a loss of EUR0.6 million. Only Bedrock continued to record an operating loss, while all the Group's other shareholdings were profit making.
Net profit for the period attributable to the Group, after an exceptional contribution on profits of large companies(8) of EUR10.6 million, was EUR123.4 million.
PERFORMANCE BY DIVISION
The contribution of the Group's 4 operating segments (Video, Audio, Production & Audiovisual Rights, and Diversification) to consolidated revenue was as follows:
9 months Q4 FY 2025
(EUR millions) 2025 2024 % 2025 2024 % 2025 2024 25/24 %
Video 717.4 741.9 -3.3% 274.5 294.3 -6.7% 991.8 1,036.2 -4.3%
Audio 108.4 110.4 -1.8% 46.5 48.2 -3.4% 154.9 158.6 -2.3%
Production &
Audiovisual
rights 49.5 56.8 -12.9% 22.6 22.4 1.3% 72.1 79.1 -8.9%
Diversification 26.1 26.0 +0.3% 9.8 10.5 -6.9% 35.9 36.5 -1.8%
Other revenues 0.6 0.6 -4.1% 0.2 0.2 -5.6% 0.8 0.8 -4.5%
Consolidated
revenue 901.9 935.7 -3.6% 353.6 375.6 -5.8% 1,255.5 1,311.2 -4.2%
Video 164.2 180.7 -9.2%
Audio 37.5 38.5 -2.5%
Production &
Audiovisual
rights* 12.6 17.3 -27.0%
Diversification 1.9 6.0 n.a
Unallocated items
* (2.7) (0.4) n.a
157.1
Consolidated
profit from
recurring
operations
(EBITA) 143.4 157.1 -8.7% 70.1 85.0 -17.6% 213.5 242.1 -11.8%
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