TF1 Group

TF1 Group’s full‑year results for 2025, published on 12 February 2026, capture a business at an inflection point. The headline numbers show resilience under pressure: consolidated revenue fell 2.5% to €2,297 million, yet on a like‑for‑like basis and at constant exchange rates the decline was just 0.8%. Adjusted for portfolio disposals, notably the sale of My Little Paris and Play Two, and currency effects, the underlying business was essentially flat.​

The composition of that stability matters. The Media segment, which generates the bulk of the Group’s revenue and almost all of its profitability, contracted 4.5% to €1,921 million, squeezed by a French advertising market that spent much of 2025 under acute pressure. Studio TF1, by contrast, expanded 9.2% to €376 million, driven by the growing contribution of JPG and a broadening slate of international productions.​

Current operating profit from activities (COPA), TF1’s preferred measure of underlying performance, fell €45 million to €252 million, with the margin from activities narrowing from 12.6% to 11.0%. That margin was in line with the revised guidance the Group published at its Q3 results in October 2025, reflecting disciplined cost management in a difficult year. The Group closed 2025 with net cash of €515 million, up €9 million year‑on‑year, and proposed a dividend of €0.63 per share, a 5% increase over 2024 and a 40% increase compared to 2021.​

TF1 Group is France’s leading commercial broadcaster and one of the most‑watched television groups in Europe. At its core sits TF1, the flagship free‑to‑air channel that has dominated French primetime for decades. The Group’s portfolio extends to TMC, TFX, TF1 Séries Films and the news channel LCI, giving it a formidable multi‑channel presence on free‑to‑air digital terrestrial television. Majority‑owned by the Bouygues conglomerate, TF1 is listed on Euronext Paris.

In 2024 TF1 launched TF1+, a free, ad‑supported streaming platform that has rapidly become the leading free streaming service for French speakers. It aggregates TF1 Group’s own catch‑up content alongside third‑party channels including Arte, Deezer, L’Equipe, Le Figaro.TV, A+E Networks and LCP‑Public Sénat. The platform now carries more than 35,000 hours of programming.​

The Group’s content production and distribution arm, Studio TF1, formerly known as Newen Studios, manages over 50 production companies and labels across France and international markets. Studio TF1 produces drama, entertainment and documentary content for TF1 channels and for third‑party platforms including Netflix, Prime Video, HBO Max and Paramount+, as illustrated by its 2025 slate. The 2024 acquisition of Johnson Production Group (JPG), a North American content producer, accelerated the division’s international ambitions.​

Together, TF1 Group’s broadcast channels and streaming service reach 60 million viewers every month, equivalent to 94% of the French population, giving it an unrivalled reach compared with other media in France.​

Full‑year financial summary

Source: TF1 Group FY 2025 press release, 12 February 2026.​

The dominant theme of TF1’s 2025 was not the rise of streaming, though that story was significant, but the deterioration of the French linear advertising market. France’s advertising market was already facing structural headwinds from the long‑term migration of budgets toward digital, but 2025 added an acute cyclical layer as an unstable political and fiscal environment weighed on advertiser confidence, especially in the fourth quarter.​

Total advertising revenue fell 4.3% to €1,574 million for the full year. Q4 was the worst single quarter, with advertising revenue down 9.0% to €453 million and overall Media revenues declining 12.6% to €535 million. The Group attributed the Q4 deterioration specifically to France’s political and fiscal situation, which unsettled advertisers and prompted spending deferrals in the final weeks of the year.​

Within this difficult market, TF1 gained linear advertising market share, underscoring the commercial strength of its ad sales proposition and its dominance in prime‑time ratings. The gains were not large enough to fully offset the market contraction, but they suggest that TF1’s weakness in 2025 was largely exogenous rather than competitive. Programming costs fell €19 million to €967 million, helped by the absence of UEFA Euro 2024, a high base for comparison, and by active cost management in Q4 as the advertising outlook deteriorated.​

TF1+: the digital bet paying off

If the linear advertising story was one of managed decline, the TF1+ story was one of accelerating momentum. Only two years after its January 2024 launch, TF1+ has established itself as the leading free streaming platform for French speakers.​

The metrics across the platform’s key value drivers all improved in 2025. Aided brand awareness rose from 78% at end‑2024 to 81% by December 2025. The platform now has first visibility, meaning it appears as the default or top application, across 69% of households with connected TV devices, up from 58% at end‑2024. Monthly active streamers averaged 38 million in 2025, up from 33 million in 2024, with a peak of 42 million in October. Total viewing on TF1+ reached 1.2 billion hours in 2025, almost 25% more than on France’s second‑largest free streaming platform, based on Médiamétrie data.​

The monetisation picture is nuanced. TF1+ advertising revenue rose 35.8% for the full year to €198 million, and 26.9% in Q4 to €64 million, a sustained high‑growth trajectory that underlines the platform’s commercial traction. The Group’s total digital revenue, which encompasses TF1+ advertising, TF1info.fr advertising, addressable TV, subscriptions (TF1+ Premium) and micropayments, reached €249 million in 2025.​

A new feature introduced in September 2025, micropayments, allowing users to access premium content à la carte without advertising, made a promising start, generating around 700,000 transactions by year‑end. Deployment in telecom operators’ set‑top boxes was still partial at that point, leaving significant headroom for further growth.​

Audience: linear leadership holds

Despite the fragmentation of viewing, TF1’s linear audience position strengthened in 2025 rather than eroded. The Group’s overall audience share rose 0.4 points to 27.2% in the 4+ demographic, 1.0 point to 34.5% in the women under 50 purchase decision maker (W<50PDM) target, and 0.4 points to 30.9% among individuals aged 25–49. The TF1 channel maintained a 9.5‑point lead over its nearest commercial competitor in the W<50PDM target (with a 22.9% share) and a 7.8‑point lead in the 25–49 demographic (with a 20.2% share).​

The Group’s content delivered some of the highest‑rated programmes on French television in 2025. The drama HPI attracted 7.8 million viewers; unscripted entertainment show Les Enfoirés drew 8.4 million; and the film Asterix and Obelix: Mission Cleopatra was watched by 5.5 million.

In news, the Group’s position also improved. TF1’s 1pm and 8pm bulletins extended their lead over competitors; the morning programme Bonjour! became France’s fastest‑growing morning news show and reached second place in its category, with a 12% audience share. LCI, the Group’s 24‑hour news channel, grew its 4+ audience share above 2% following its move to DTT channel 15 in June 2025, and became France’s fastest‑growing news channel since that renumbering.​

Studio TF1: the international growth engine

Studio TF1 was the Group’s clearest financial success story in 2025, growing revenue 9.2% to €376 million and current operating profit from activities to €40 million (up €2 million year‑on‑year), at a margin from activities of 10.7%. The division’s growth was driven in part by JPG, which contributed €44 million in 2025.

Excluding JPG, Studio TF1 still grew organically, reflecting a broadening international production slate. Highlights included the soap Tout pour la lumière (All for Light) co‑produced for TF1 and Netflix; the production of the Flemish version of Dancing with the Stars; deliveries to streaming platforms including the documentary De rockstar à tueur: Le cas Cantat for Netflix, the third season of Memento Mori for Prime Video, Merteuil for HBO Max and Girl Taken for Paramount+; and successful theatrical releases including Y’a pas de réseau (No Signal!), Avignon and Chasse gardée 2.​

Outlook: managing the transition

TF1’s 2026 guidance reflects a continuing period of structural pressure alongside strategic investment. The Group has explicitly stated that the linear advertising market is “expected to remain under strong pressure in 2026,” acknowledging that the cyclical recovery seen in some European markets has not yet materialised in France.​

Three initiatives will define 2026 for the Group. First, the expansion of micropayments: after a promising debut with 700,000 transactions in the final months of 2025, the Group will broaden its catalogue of eligible premium content and deepen integration in telecom set‑top boxes. Second, a Netflix distribution agreement coming into force in summer 2026, which could significantly expand TF1+’s addressable audience. Third, the overhaul of the ad sales house: from 1 January 2026, TF1 launched a new linear advertising segmentation alongside TF1 Ad Manager, a unified digital‑and‑linear media buying platform powered by AI. The latter aims to open television advertising to SMEs and business networks, with a dedicated solution planned for April 2026.​

The central challenge for TF1 in 2026 and beyond is a timing one: can digital revenue growth accelerate fast enough to offset continued linear decline before margin pressure becomes structurally damaging?