NRJ Group: Revenue Down 4.7% in the Third Quarter, Weighed Down by Radio Advertising
NRJ Group published on November 5, 2026, after the stock market close, consolidated revenue excluding barter of €73.5 million for the third quarter. It is down 4.7%, a steeper decline than over the first nine months as a whole (-3.9%, to €222.9 million).
The gap is due to the Media segment, whose decline went from 6.2% year to date to 7.8% in the third quarter alone. Conversely, the Broadcasting segment accelerated, from +2.4% over nine months to +3.9% in the third quarter.
The group indicates that its quarterly performance is in line with that of the second quarter. It maintains its outlook for fiscal year 2026, while noting that the downward trend in the advertising market continued in October.
The French Advertising Market Weighs on the Media Segment
The Media segment remains the group's main business, with revenue of €158.8 million over nine months, compared with €64.1 million for broadcasting. Its revenue fell to €52.0 million in the third quarter, compared with €56.4 million a year earlier.
According to the group, this decline stems mainly from France, where segment revenue fell 8.4% in the third quarter and 7.1% over nine months. Outside France, the decline also deepened, to 5.4% in the quarter from 2.6% year to date.
The group attributes this to an environment of economic and geopolitical uncertainty weighing on household consumption. In the third quarter, advertiser demand declined, notably in mass retail and automotive, the two leading sectors in radio advertising spending.
This revenue decline comes as the group's radio stations continue to attract high audiences. According to Médiamétrie, the group's four radio stations reached 9.1 million daily listeners from April to June 2026, with an audience share of 18.1% among 25-49 year olds.
Broadcasting Accelerates and Gains Market Share in DAB+
The Broadcasting segment generated revenue of €21.5 million in the third quarter, compared with €20.7 million a year earlier. Over nine months, it reached €64.1 million, up 2.4%, which partially offset the decline in Media.
The group attributes this growth to the expansion of DAB+ and the stability of FM broadcasting. As of September 30, 2026, its market share reached 52.2% in DAB+, up 3.6 points since the end of 2025, and 31.5% in FM (+0.8 point).
It declined slightly in DTT, by 0.2 point, to 30.9%. The network continues to expand: the segment operated 974 broadcasting sites at the end of September, compared with 936 at the end of 2025.
Revenue from barter advertising, excluded from the reference aggregate, fell 17.1% in the third quarter, to €3.4 million. Including barter, quarterly revenue stood at €76.9 million, down 5.3%.
2026 Outlook Maintained Despite Advertising Still Declining in October
The group confirmed its outlook for fiscal year 2026, while considering the evolution of the advertising market difficult to forecast. In the fourth quarter, the Media segment intends to strengthen its radio and digital offerings with new audio and video content.
On October 5, it launched “Nostalgie 60-70”, a new music radio station broadcast nationally in DAB+. In the third quarter, it had already launched “NRJ Fan Power”, an interactive show broadcast live on YouTube, and “Nostalgie Vinyle Club”.
In Sweden, the group completed on August 1, 2026, the transition from a national FM licence to a network of regional licences valid until July 31, 2034. This network covers 20 of the country's 21 regions and more than 80% of the population.
The Broadcasting segment will continue deploying DAB+ and expanding its own network of sites.
The group therefore enters the end of the fiscal year with a broadcasting business gaining ground and a Media business whose third-quarter decline is steeper than over the first nine months. Next event: annual revenue, expected on February 4, 2027.
