TF1: revenue down 6.6% over nine months, TF1+ advertising accelerates
The TF1 group published its results for the first nine months on 29 October 2026, with an activity margin of 7.6% that management presents as in line with its 2026 roadmap. Annual targets are maintained, in a context that the group describes as one of still limited visibility.
The publication reveals two distinct trends. On one hand, consolidated revenue declined at constant scope and exchange rates. On the other, digital advertising growth strengthened in the third quarter, supported by the partnership with Netflix.
Revenue of €1,454 million, down 6.6% at constant scope
As of end-September 2026, TF1's consolidated revenue stood at €1,454 million, down 6.6% at constant scope and exchange rates. The third-quarter accounts were approved on 29 October 2026 by the board of directors, meeting under the chairmanship of Rodolphe Belmer.
The reference to constant scope takes into account the disposals carried out in 2025. At the half-year results published on 24 July 2026, the group had quantified the negative scope effects linked to these transactions at -€39 million.
In the third quarter, advertising on TF1+ rose 20.5%, driven by the contribution of the partnership with Netflix. In the first half, it had increased 18.6% to €109 million, and the group then indicated that it expected this partnership to contribute in the second half.
Digital accelerates, linear activity evolves in a market under pressure
The press release describes a linear activity evolving in a market « under heavy pressure ». In this context, TF1 states that it has strengthened its leading position in audience shares (for August and September, on commercial targets) and in advertising market shares since the end of the World Cup.
This point matters for reading the group's accounts. At the publication of 24 July 2026, TF1 had cited the deteriorated advertising context as a factor weighing on linear advertising, which it described as a major contributor to its ROCA, its current operating income indicator.
The TF1 Studio division, for its part, recorded sustained activity in the third quarter, in line with the group's expectations. The growth of TF1+, up from 18.6% in the first half to 20.5% in the third quarter, is the most marked quantified development of the period.
2026 targets maintained and net financial surplus of €382 million
TF1 has maintained its 2026 targets, while stressing that visibility remains limited. The activity margin of 7.6% at end-September is presented by the group as in line with its roadmap for the current financial year.
Financially, the group has a net financial surplus of €382 million, a situation it describes as solid in its press release.
This publication comes after a period of decline in the share price. On 30 September 2026, Oddo BHF had lowered its price target, then on 12 October the TF1 share hit a four-year low of €5.84. On 6 October, the stock showed a decline of 30.5% over one year.
At the end of the first nine months, the publication shows revenue of €1,454 million, an activity margin of 7.6%, a net financial surplus of €382 million and 2026 targets maintained.
