The M6 Group reaches a new dimension with the successful broadcast of the 2026 FIFA World Cup$(TM)$ among audiences and advertisers
NEUILLY-SUR-SEINE, France--(BUSINESS WIRE)--July 28, 2026--
Regulatory News:
M6 METROPOLE TELEVISION (Paris:MMT):
FIFA WORLD CUP 2026(TM)
-- Exceptional visibility for the M6 brand and its programmes across all
audiences thanks to the broadcast of the FIFA World Cup; 94% of the
French population1 was reached, including nearly 100% of those under 50.
-- M6 was the top national channel from June 11 to July 19 for the first
time in its history, posting the 10 highest viewership figures of the
year2.
-- M6+ was the No. 1 app on download platforms throughout the competition;
4.2 million new accounts created, 11 million unique users, and over 100
million video views on M6+.
-- Largest historical advertising event in France: the M6 Group was the
leading TV group in terms of advertising reach during the event3 with
over 300 brands featured during the competition, more than 40 special
campaigns and events organised, and the longest and most expensive TV
advertisement in French television history aired before the
France-Senegal match.
H1 2026 KEY FIGURES
-- H1 2026 revenue: EUR643.8m (vs. EUR632.7m in H1 2025, up 1.8%).
-- 20% increase in streaming revenue accounting for 13.3% of Video
Division revenue (vs. 11.6% in H1 2025).
-- H1 2026 operating margin at 8.4% as anticipated, with a positive
operating margin in the second quarter despite the World Cup broadcast.
-- Best half-year on record in terms of TV audience share among
25--49-year-olds:
-- The audience share of the Group's four free-to-air channels rose
by 1.2pp to 22.0%.
-- The ratio of the Group's channels' commercial viewership,
compared to that of its main private competitor, reached 74%, an
all-time high4.
-- The Group significantly outperformed the market in H1: +10pp compared
to the rest of the video advertising market (+1% vs. approximately -9%5
for the market excluding the M6 Group).
OUTLOOK
-- Launch of new programmes and return of major entertainment brands at
the start of the school year, capitalising on the exceptional visibility
gained during the World Cup.
-- Careful cost management in an advertising market that remains
challenging and lacks visibility; gradual rollout of the M6 2030 Plan,
which aims to achieve EUR80 million in savings over the next five years.
-- Continued implementation of streaming plan and confirmation of
targets:
-- Distribution of M6+ via Amazon Prime effective since January
2026 with steadily increasing consumption.
-- Guidance of 2028 streaming revenue above EUR200 million.
-- Over 1 billion hours viewed on the M6+ platform by 2028.
-- Positive cash flow impact from the World Cup confirmed in the second
half-year.
David Larramendy, Chairman of the Executive Board of M6 Group, stated:
"The results we are reporting today underscore the decisive success of our FIFA World Cup 2026(TM) coverage on our second-quarter performance. This major sporting event enabled the Group to achieve record audiences across all key demographics, demonstrating television's unmatched ability to reach mass audiences.
Bringing together audiences on this unprecedented scale generated exceptional demand from advertisers and enabled the Group to record its highest second-quarter advertising revenue in five years, despite a deteriorating macroeconomic backdrop and a challenging advertising market. In keeping with our long-standing financial discipline, we remained profitable during the quarter.
Starting in September, we intend to build on the exceptional audience momentum and brand exposure generated by the World Cup across our channels and sustain it over the long term through the launch of new programmes and the return of our flagship franchises.
We are also continuing to pursue our ambitious digital transformation strategy and reaffirm the targets set out in our streaming plan."
(EUR millions) H1 2026 H1 2025 % change H1
Consolidated revenue(6) 643.8 632.7 1.8%
------- ------- -----------
Group advertising revenue 520.4 520.2 0.1%
- of which TV advertising revenue 454.5 450.1 1.0%
- of which other advertising
revenue 65.9 70.0 -5.9%
Group non-advertising revenue 123.3 112.5 9.6%
Consolidated profit from recurring
operations (EBITA)(7) 54.4 105.9 -48.7%
======= ======= ===========
Margin from recurring operations 8.4% 16.7% -8.3pp
Operating income and expenses related to
business combinations (4.6) (4.3) -5.1%
Capital gains on disposals of equity
investments (0.5) 0.1 n.a
Operating profit $(EBIT)$ 49.3 101.7 -51.5%
------- ------- -----------
Net financial income (0.4) 2.9 n.a
Share of profit/(loss) of equity-accounted
entities (1.2) (6.6) 81.9%
Current and deferred tax (13.2) (28.4) 53.6%
Net profit for the period (excluding
exceptional contribution on profits) 34.4 69.5 -50.4%
------- ------- -----------
Exceptional contribution on profits of
large companies 0.0 (11.6) n.a
Net profit for the period 34.4 57.9 -40.6%
------- ------- -----------
Net profit for the period - Group share 36.3 59.2 -38.7%
======= ======= ===========
FINANCIAL PERFORMANCE
The Group's consolidated revenue(6) for the first half of 2026 totalled EUR643.8 million, an increase of EUR11.1 million.
The Group generated advertising revenue of EUR520.4 million, up 0.1% from the first half of 2025. Video advertising revenue came in at EUR454.5 million, up 1.0%, with strong revenue growth of 8.7% in the second quarter, driven by the Group's World Cup coverage, offsetting the first-quarter decline in advertising revenue.
The Group posted non-advertising revenue of EUR123.3 million, up EUR10.8 million, primarily reflecting strong performance related to the World Cup.
Programming costs in the Video division came in at EUR321.2 million, up EUR68.2 million, reflecting the Group's coverage of the World Cup over the period.
Consolidated profit from recurring operations(7) (EBITA) totalled EUR54.4 million. The decline compared with the first half of 2025 (-EUR51.6 million) reflects, in roughly equal parts, the investment in the broadcast of the World Cup and the decline in the advertising market.
Net financial income was down EUR3.3 million due to the cumulative impact of a fall in both interest rates and cash holdings.
The Group's share of profit of equity-accounted entities improved by EUR5.4 million to a loss of EUR1.2 million, with Bedrock having reduced its operating loss.
Lastly, net profit for the first half of 2026 came in at EUR34.4 million (down EUR23.5 million).
Net profit for the period attributable to the Group was EUR36.3 million.
PERFORMANCE BY DIVISION
In accordance with IFRS 8, the contribution of the Group's four operating segments to consolidated revenue and EBITA was as follows:
Q1 Q2 H1
(EUR millions) 2026 2025 26/25 % 2026 2025 26/25 % 2026 2025 26/25 %
Video 240.1 249.7 -3.8% 287.0 255.2 +12.4% 527.0 504.9 +4.4%
Audio 34.0 33.5 +1.5% 36.3 40.6 -10.6% 70.3 74.1 -5.1%
Production &
Audiovisual
Rights 14.9 21.6 -31.2% 16.0 13.1 +22.1% 30.9 34.8 -11.1%
Diversification 8.5 9.9 -14.7% 6.6 8.6 -22.7% 15.1 18.5 -18.4%
Other revenue 0.2 0.2 -5.5% 0.2 0.2 -2.4% 0.4 0.4 -4.1%
Consolidated
revenue 297.7 314.9 -5.5% 346.1 317.7 8.9% 643.8 632.7 +1.8%
Video 34.5 84.4 -59.1%
Audio 9.6 15.1 -36.4%
Production &
Audiovisual
Rights * 8.8 9.3 -5.1%
Diversification 3.7 (0.1) n.a
Unallocated items
* (2.2) (2.7) n.a
EBITA 49.1 48.1 +2.1% 5.3 57.8 -90.9% 54.4 105.9 -48.7%
Operating margin 16.5% 15.3% 1.5% 18.2% 8.4% 16.7%
* Eliminations of intra-Group margins generated by sales of assets held in
inventory and capitalised assets are allocated to this segment with effect from
1 January 2025.
1. Video
Audience ratings