Sirius Media: Net Loss of €99.1M in 2025 Following Debt Restructuring
Sirius Media has released its annual results for 2025, marking the culmination of an extensive debt restructuring program involving Atlas financing, Sirius Media Production, and a share consolidation. The media group reported a net loss (group share) of €99.1M for the past fiscal year, compared to €25.0M in 2024. This deterioration reflects the cumulative impact of charges classified as non-recurring: conversion commission on convertible bonds (€112.1M negative financial result), goodwill amortization (€11.5M), and impairments.
Revenue Cut by Three and Margins Under Pressure
Gross margin / operating income stood at €2,058K in 2025, down from €4,502K in 2024, according to the table published by Sirius Media. This contraction reflects a year largely dedicated to restructuring efforts. Revenue itself fell to €428K from €1,488K a year earlier. Concurrently, capitalized production of €915K related to the initial developments of the partnership with Trace TV marks the 'growth levers for 2026' as per the press release. The gross operating surplus (EBITDA) shows a deficit of €1,690K compared to −€571K in 2024, partly offset by reductions in personnel expenses (down 42% to €921K) and external expenses (down 24% to €2,794K). The group notes that these expenses include non-recurring restructuring costs that will not recur from 2026 onwards.
Net Debt Stabilized, Cash Balance Precariously Balanced
As of December 31, 2025, Sirius Media had cash reserves of €9,836K, offset by bank overdrafts of €10,396K, resulting in a nearly balanced net cash position of −€560K. Net debt stood at €26,746K, comparable to the level on June 30, 2025 (€25,520K), confirming the group's financial structure stability in the second half of the year. The consolidated equity (group share) is negative at −€7,154K, impacted by the 2025 losses. Management anticipates a rebuilding of this base in 2026. The convertible bond agreement (€4M available with Atlas Capital Markets) was terminated on January 29, 2026, after the conversion of €3.6M. Robert Kopple and Paul Amsellem contributed €2,800K in current accounts during the fiscal year to meet short-term needs.
Four Growth Levers for Fiscal Year 2026
Sirius Media outlines four strategic priorities to rebound in 2026: accelerated monetization of a catalog of over 600 hours (including premium series such as Commissaire Moulin, Frank Riva, Une Famille Formidable), production of new content for Trace TV, targeted acquisitions of complementary catalogs with 'attractive valuation', and continuation of the cost reduction plan initiated at the end of 2024. The group adds that the disappearance of non-recurring charges and the structural reduction of amortizations from the historical catalog should 'initiate a return to a balanced operational trajectory as early as 2026'. On April 14, 2026, the Paris Economic Activities Tribunal opened insolvency proceedings for the benefit of the subsidiary Sirius Media Production, the last part of the cleanup program started eighteen months ago. The completion of the share consolidation on May 19, 2026, provides the stock with a solid trading base and, according to the group, 'paves the way for alternative financing operations'.
