TF1: 2Q ahead of expectations underline ability to cope with a challenging environment - FY outlook maintained

Research evidence excerpt

TF1: 2Q ahead of expectations underline ability to cope with a challenging environment - FY outlook maintained

27 July 2026

Christophe Cherblanc

+41 582 723 540

European Media christophe.cherblanc@bernsteinsg.com

Societe Television Francaise 1 Annick Maas

+44 20 7676 6683

Rating annick.maas@bernsteinsg.com

Market-Perform Christopher Pancur

Price Target +44 20 7676 7280

christopher.pancur@bernsteinsg.com

TFI.FP 7.50 EUR

TF1: 2Q ahead of expectations underline ability to cope with a

challenging environment - FY outlook maintained

2Q results were ahead of expectations, and management was able to reiterate its FY outlook.

Close Date 24 Jul 2026

An underwhelming French macro context and the low visibility that underpinned our 13 Jan.

TFI.FP Close Price (EUR) 6.76

downgrade however remain unchanged.

Price Target (EUR) 7.50

2Q COPA ahead of expectations as a soft French TV ad market and World Cup effect Upside/(Downside) 11%

were offset by strong cost control 2Q TV ad revs were down -10% to €377m, including 52-Week Range 9.03/6.55

1/ linear revs down a steep -14%, leading to a -12% 1H decline ; 2/ a deceleration of TF1+ EDME 1,600.33

ad revs from 22% to 16%, with a negligible contribution of the Netflix collaboration (which FYE Dec

will translate into revs as of 2H given a June launch). Total revs of €521m included a Studio Div Yield 9.3%

revs contribution slightly down (the company confirmed the FY26 release schedule will be Market Cap (EUR) (M) 1,427

back end loaded). 2Q COPA (Current Operating Profit from Activities) was €64m, down - EV (EUR) (M) 971.69

€24m but well ahead of cons €45m (range €40-55m/ Bern €45m) thanks to program costs Performance YTD 1M 6M 12M

down -€29m (Bern was -€19m) and other opex strong control. Absolute (%) (18.8) 1.7 (14.8) (17.7)