M6 Group: revenue up 9.4% in the third quarter, EBITA rises 4.2%
On November 3, 2026, the M6 Group published consolidated revenue of €294.5 million for the third quarter, up 9.4%, while its EBITA (current operating income) grew 4.2% to €39 million.
Revenue is therefore growing faster than earnings: the EBITA margin stands at 13.3%, mechanically below its level in the third quarter of 2025.
The quarter also changes the trend for the year. Over the first nine months, revenue growth reached 4.0% to €938.2 million, after a first quarter down 5.5% and a second quarter up 8.9%.
Non-advertising revenue drives growth more than EBITA
Quarterly growth relies first on non-advertising revenue, which rose 34.7% to €65.3 million, or €16.8 million more than a year earlier. The group attributes this to its cinema activity and additional revenue linked to the FIFA World Cup.
The group's advertising revenue increased only 3.8%, to €229.1 million. Video advertising grew 6.2% to €199.2 million, while other advertising revenue fell 9.8% to €29.9 million.
Quarterly EBITA benefited from this growth and from cost management that management describes as disciplined. David Larramendy, Chairman of the Management Board, stated: “Thanks to strong growth in video advertising revenue, combined with targeted cost savings, we increased EBITA over the quarter.”
Over nine months, programming costs for the Video division reached €447.0 million, compared with €362.5 million a year earlier, an increase the group links to the broadcast of 17 World Cup matches. Cumulative EBITA stood at €93.4 million, a margin of 10.0%.
Video and cinema grow, Audio declines
The Video division, which accounts for the bulk of revenue, grew 11.5% in the third quarter to €237.0 million. According to the group's estimates, its video advertising rose 6% while the rest of the market declined by around 9%.
Streaming increased its contribution: its revenue rose 26.7% to €30.9 million, representing 13.1% of division revenue, compared with 11.5% a year earlier. Viewing hours on the M6+ platform rose 31%, boosted by the partnership with Amazon Prime Video.
Production and audiovisual rights increased 37.1% to €20.1 million, driven by 2.7 million cinema admissions compared with 1.3 million, including 2.2 million for the film “Tombé du Ciel”. Conversely, Audio fell 9.5% to €31.0 million, reflecting the decline of the advertising market.
Diversification, a more marginal activity, went from €7.6 million to €6.3 million, due to the slowdown of the franchised real estate agency network.
Net cash rises by €166.7 million over the quarter
Net cash (excluding IFRS 16 lease liabilities) increased by €166.7 million in the third quarter, compared with a €16.1 million increase a year earlier. Following the July repayment of a €75 million Schuldschein loan taken out in 2019, it stood at €130.1 million at September 30, slightly down from €139.9 million at December 31, 2025.
For the year-end, the group believes that political, geopolitical and economic uncertainty in France should continue to weigh on activity, in an advertising market where visibility remains limited.
It intends to continue the gradual rollout of its M6 2030 plan, which aims for €80 million in annual savings within five years, and to build on the agreement signed on September 25 with Disney+, in addition to the partnership with Amazon Prime. The group presents cost control and the deployment of the M6 2030 plan as two priorities for the remainder of the year.
