M6 Métropole Télévision Reports Slight EBITA Growth in the Third Quarter
In the third quarter of 2025, M6 Métropole Télévision saw its consolidated revenue decrease by 3.4% compared to the previous year, according to the group, while recording an increase in its current operating result.
M6 Métropole Télévision reported revenues of 269.2 million euros for the third quarter of 2025, down 3.4% from the previous year. Advertising revenues remained stable at 220.7 million euros, while non-advertising revenues fell by 14.3%, reflecting a slowdown in production and audiovisual rights activities, as well as weak real estate activity in France. The group's EBITA reached 37.5 million euros, marking a slight increase with an operating margin up by 0.6 points.
Streaming Development and Audience Growth
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The group continues to implement its streaming development plan, with a 25% increase in revenue from this activity in the third quarter. M6+ saw its viewing hours increase by 17% compared to the same period in 2024. Additionally, the group recorded an increase in audience shares, particularly among commercial targets, reaching 21.5% among 25-49 year-olds, an increase of 1.6 points.
Future Outlook amid Economic Uncertainty
In an uncertain economic environment, M6 plans to continue its development in the streaming domain with targets set at 200 million euros in revenue and one billion hours viewed on the M6+ platform by 2028. Regarding the TV advertising market, the group anticipates a decline in the last quarter of 2025, due to the political uncertainty expected at the end of the year. The 2025 annual results are expected to be published on February 17, 2026.
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SectorMédias / publicité / divertissement · Media · Divertissement›Diffuseurs radio et télévision
Context
Period
Period: 3T 2025
Guidance from the release
Notre Groupe réalise sa meilleure rentrée TV depuis six ans sur les cibles commerciales... le Groupe affiche une stabilité de ses revenus publicitaires et la flexibilité de notre modèle nous permet de maintenir une marge opérationnelle élevée; nous continuons d'accélérer sur le streaming.
Stabilité des revenus publicitaires au T3 2025, EBITA en légère progression, forte croissance du streaming (+25 % CA streaming T3; +30 % sur 9M 2025), mais incertitude politique susceptible d'affecter le marché publicitaire au T4 2025.
Risks mentioned
Incertitude politique pesant sur le marché publicitaire en fin 2025
Recul des revenus non publicitaires (-14,3 % au T3 2025; -12,8 % sur 9M) lié au moindre dynamisme production et droits et activité immobilière faible
Effet de base défavorable lié à l'Euro 2024 pour les recettes publicitaires vidéo
Opportunities identified
Accélération du streaming avec forte croissance des heures vues et des utilisateurs (+40 % d'utilisateurs uniques, M6+ +17 % d'heures vues vs T3 2024)
Objectif de chiffre d'affaires streaming >200 M€ en 2028 et >1 milliard d'heures visionnées sur M6+ d'ici 2028
Amélioration des parts d'audience TV sur cibles commerciales (21,5 % sur 25-49 ans)
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