Netgem: Vodafone TV launched in the United Kingdom, BT's takeover of TalkTalk weighs 650 k€

Vodafone TV commercialized since October 1st, without set-top box delivery

Netgem develops the software platform, supplies content and operates the Vodafone TV service under a multi-year agreement. The service was launched commercially on October 1, 2026 to Vodafone's fixed and mobile broadband customers across all of the operator's distribution channels. This deployment involves no physical delivery, in line with the gradual exit from set-top box activities initiated in 2021. With this contract, Pleio now operates television and entertainment services for more than 30 telecom operators, ranging from regional networks to national operators, under their own brand or in co-branding. The services differ in their ergonomics and content offerings, but are based on a shared software platform hosted remotely. According to the group, installation of a new operator takes place within a matter of days to weeks. The revenue mechanism explains the stakes of each customer. Netgem receives a fixed fee per operator, to which is added a monthly fee per active subscriber, paid as long as the end customer remains subscribed. There are also usage revenues (video-on-demand, advertising in free channels), with recurring revenues constituting the group's primary source of revenue.

TalkTalk: a depreciation of receivables estimated at approximately 650 k€

On October 5, 2026, BT Group announced that it had acquired TalkTalk Telecommunications Limited and PlatformX Communications Limited from the administrator of TalkTalk Group. On the same day, the British government initiated a public interest procedure; the British competition authority (Competition and Markets Authority) is to submit its report on October 19, 2026. Based on available information, Netgem anticipates a negative impact of around 650 k€ on its 2026 results, corresponding to a depreciation of doubtful receivables. As TalkTalk's television service remains operational, the group will need to reach agreement with BT on the conditions for service continuity. To counterbalance the decline in revenues from this base, Netgem is relying on alternative British operators. The group cites the launches of Fibrus, Zzoomm and Voneus, as well as the switch by Community Fibre to the new Pleio offering.

2026 revenue growth confirmed, results publication on January 28, 2027

The group anticipates an improvement in revenue for the entire 2026 fiscal year, driven by Pleio's ramp-up. When publishing annual results on March 26, 2026, Netgem reported 2025 revenue of 31.7 M€. Prior to publication, the sole analyst covered in the consensus anticipated 34 M€ for 2026. The growth of the subscriber base under management and recurring subscription revenues is presented as a priority focus. On the Éclair side, the activity providing services to studios and rights holders, the group indicates that it has been engaged in renewing its offering for the past 18 months; subtitling and dubbing services assisted by AI, resulting from the acquisition of the BARY team in early 2026, are recording initial results with its main customers according to the group. "The significant milestone of recent months is the launch of Vodafone TV, with the scaling of our model: a leading European operator whose television service is designed, supplied and operated by Netgem. Our commercial and product priorities are now organized around Pleio and the content factory that feeds it," said Mathias Hautefort, Chief Executive Officer. 2026 revenue will be published on January 28, 2027, before market opening. The quantified element of this activity update is the depreciation of approximately 650 k€ related to TalkTalk, to be considered against confirmed growth for 2026.