Bouygues writes down €569 million on its TF1 stake, valued at €9.67 per share
Bouygues announced on 30 October 2026 that it will record, in its consolidated accounts for the first nine months, a write-down of €569 million on its stake in TF1. This amount corresponds to the entire goodwill attached to this stake.
The value of TF1 on Bouygues' consolidated balance sheet will thus be reduced to €2.0 billion as of 30 September 2026, i.e. €9.67 per share compared with €15.36 per share before the write-down. The controlling shareholder is therefore revising the book value of its media subsidiary, with no cash outflow.
A non-recurring charge that will reduce Bouygues' net income
The €569 million charge will be recorded under non-recurring income and will reduce Bouygues' net income attributable to the group. It is not tax-deductible. However, it will have no impact on the recurring operating income from activities (ROCA), the group's operating performance indicator.
According to Bouygues, the transaction has no effect on net debt and will affect neither the group's liquidity nor its investment capacity. It also does not affect the consolidated accounts of the TF1 group, nor the individual accounts and distribution capacity of Bouygues SA.
Bouygues' accounts for the first nine months of 2026, which will include this write-down, will be published on 5 November 2026.
Four consecutive quarters of decline in linear advertising
Bouygues links this write-down to TF1's announcement of a fourth consecutive quarter of marked decline in linear advertising revenue. For the group, this trend confirms a decline in this market that is “faster than anticipated”, linked to changes in audiovisual consumption habits and the shift of advertising budgets towards digital platforms.
Bouygues adds that the situation is compounded by the absence of prospects for short-term improvement on the macroeconomic and political fronts, as well as in terms of reducing regulatory asymmetries vis-à-vis platforms. It is this reading of a durably more difficult environment that leads to writing down the entire goodwill.
The day before, on 29 October 2026, TF1 had reported a nine-month revenue decline of 6.6%, with an acceleration in TF1+ advertising. The broadcasting group had reported an operating margin of 7.6%, presented as in line with its 2026 roadmap, and maintained its annual targets.
On the stock market, TF1 shares had hit a four-year low of €5.84 on 12 October 2026, after losing 30.5% over one year as of 6 October. The new book value adopted by Bouygues, at €9.67 per share, remains above this share price level.
Bouygues maintains TF1 as a strategic asset
Bouygues states that this accounting value adjustment does not call into question TF1's strategic importance for the group. It reaffirmed its confidence in the ability of TF1's management to continue the digital transformation of its economic model and to adapt its offering to the viewing habits of audiences and advertisers.
The group indicates that it will continue to support the execution of TF1's roadmap, which, in its view, “is beginning to bear fruit”. Bouygues described this communication as inside information within the meaning of the European Market Abuse Regulation.
As of 30 September 2026, the stake in TF1 will appear on Bouygues' consolidated balance sheet at €2.0 billion, after a €569 million write-down that fully offsets the entire goodwill.
