Sirius Media: net debt down 17.5%, revenue reduced to €8K in the first half
Sirius Media published its half-year results on November 3, 2026, showing a leaner balance sheet and cost base amid sharply reduced business activity. Net debt fell by 17.5% to €13,030K from €15,790K at December 31, 2025, while revenue came to €8K, compared with €162K in the first half of 2025.
Net income attributable to the group is negative at -€113,695K. It includes a conversion commission of €112,386K, which the company presents as purely accounting in nature, with no impact on cash and neutral for equity. Excluding this commission, it would stand at -€1,309K, according to the group.
Cost reductions do not offset the decline in gross margin
The company states that its operating cost base fell by 30% year on year. Personnel expenses decreased by 59% to €222K, and purchases and external charges fell by 16% to €968K, in line with the trajectory initiated at the end of 2024.
This reduction does not offset the contraction in activity. Gross margin dropped from €913K to €68K, and capitalized production fell from €766K to €80K, so the loss at the gross operating surplus level widened to -€1,128K from -€787K.
The group links this level of activity to the handling of its liabilities, including the opening of receivership proceedings for its subsidiary Sirius Media Production on April 14, 2026. Further down the income statement, a 46% decrease in depreciation, amortization and provisions, to €2,407K, improved operating income by €949K, to -€4,268K.
When publishing its 2025 accounts on May 20, 2026, the group had cited the significant amortization of its historical productions and the decline in activity linked to the restructuring among its risks.
A €112,386K conversion commission, with no cash outlay
The financial result, negative at -€111,360K, is absorbed by the commission linked to the conversion, in February 2026, of the remaining bonds of the former Atlas financing line, which was terminated on January 29, 2026. This charge amounted to €26,913K in the first half of 2025.
According to the company, it did not give rise to any cash outlay and is offset within equity by the corresponding capital increase. Equity thus remains stable but negative, at -€7,213K compared with -€7,154K at the end of 2025.
Excluding the commission, the financial result is positive at €1,027K, notably thanks to the cancellation of late-payment interest on the Equisafe bond loan. Conversely, the exceptional result amounts to €96K, compared with €34,642K a year earlier, a period that included the proceeds from the renegotiation of the historical debt.
The group attributes the commission to the contractual mechanism applicable when the share price is below par value. Following the share consolidation completed on May 19, 2026 (1,000 old shares for 1 new share) and the reduction of the par value to €0.02, this mechanism “should no longer generate a charge of this magnitude under current conditions,” according to the company.
Lighter bond debt, net cash still negative
Approved by 93.61% of the votes at the bondholders' meeting of April 14, 2026, the amendment of June 3, 2026 to the Equisafe loan reduces the interest rate from 14% to 4.251%. It cancels previous late-payment interest and penalties, introduces a repayment deferral of eleven months, and spreads the principal of €5.77 million over sixty monthly installments.
Annual interest thus falls from approximately €0.8 million to approximately €0.25 million. Liquidity, however, remains tight: as of June 30, 2026, cash and cash equivalents of €9,807K do not cover bank overdrafts of €10,415K, and net cash declines slightly to -€608K from -€560K at the end of 2025.
Historical shareholders, including Robert Kopple and Paul Amsellem, continued their shareholder current account advances during the first half, following €2,800K contributed in fiscal year 2025.
The chairman and chief executive officer now sets as a priority to “transform this restored foundation into business activity,” by exploiting a catalogue of more than 600 hours and by producing for Trace TV, a partnership presented on May 20, 2026 as a growth driver.
The Equisafe bond loan has been restructured on more favorable terms, while the gross margin for the half-year was limited to €68K.
