M6 Metropole Television reported consolidated revenue of €643.8 million for the first half of 2026, a 1.8% increase from €632.7 million in the same period last year, driven by exceptional viewership and advertising demand during its broadcast of the FIFA World Cup 2026. Despite the top-line growth, profit from recurring operations (EBITA) declined sharply by 48.7% to €54.4 million, reflecting significant upfront investments in World Cup programming costs that weighed on margins. The Group’s share of net profit for the period stood at €36.3 million, down 38.7% year-on-year.

The financial filing, submitted in accordance with Article 221-4 IV of the General Regulations of the Autorité des Marchés Financiers (AMF), highlights a divergence between revenue momentum and profitability. While advertising revenue remained flat at €520.4 million (up 0.1%), the Video division saw an 8.7% surge in Q2 advertising sales, offsetting a Q1 decline. However, programming costs in the Video division rose by €68.2 million to €321.2 million, compressing the operating margin from 16.7% in H1 2025 to 8.4% in H1 2026. The Statutory Auditors have completed a limited review of the financial statements and issued an unqualified report.

Audience and Advertising Performance

The broadcast of the FIFA World Cup 2026 generated record-breaking audience figures for M6 Metropole Television. The Group reached 94% of the French population, including nearly 100% of those under 50. M6 became the top national channel from June 11 to July 19, posting the ten highest viewership figures of the year. The channel’s audience share among the key commercial demographic of 25–49-year-olds rose by 1.2 percentage points to 22.0%, marking the best half-year performance in the Group’s history for this segment.

This visibility translated into strong advertiser engagement. The Group was the leading TV group in terms of advertising reach during the event, featuring over 300 brands and organizing more than 40 special campaigns. David Larramendy, Chairman of the Executive Board of M6 Group, stated that the event enabled the Group to record its highest second-quarter advertising revenue in five years, despite a challenging macroeconomic backdrop.

Streaming and Digital Growth

M6’s digital strategy showed robust progress alongside linear television success. Streaming revenue increased by 20% to €70.2 million, accounting for 13.3% of the Video Division’s total revenue, up from 11.6% in H1 2025. The M6+ app was the No. 1 app on download platforms throughout the competition, creating 4.2 million new accounts and reaching 11 million unique users with over 100 million video views. Monthly active users on the platform grew by 18% year-on-year to 32.8 million French consumers.

Segment Results

The Audio division maintained its position as the leading commercial radio group with a 16.2% audience share among listeners aged 13+, but revenue fell 5.1% to €70.3 million due to a Q2 decline in audio advertising. The Production & Audiovisual Rights segment saw revenue drop 11.1% to €30.9 million, reflecting weaker cinema performance, though it maintained a high operating margin of 28.6%. The Diversification segment reported a revenue decline of 18.4% to €15.1 million, driven by lower activity in its franchised estate agent network.

What the Numbers Show

The H1 2026 results illustrate the high-cost nature of major sporting rights events. While the World Cup drove significant top-line growth in the Video division (+4.4% revenue) and expanded market share, the associated programming costs eroded profitability, causing EBITA to fall nearly 60% in that segment. This contrasts with the Audio division, where stable margins persisted despite revenue headwinds. The Group’s ability to maintain an overall positive operating margin of 8.4% amidst such heavy investment underscores the strategic value placed on mass-audience reach, which management expects will yield positive cash flow impacts in the second half of the year.

Outlook and Strategic Initiatives

Looking ahead, M6 Metropole Television plans to capitalize on the World Cup’s audience momentum through new program launches in September. The Group reaffirmed its streaming targets, aiming for streaming revenue above €200 million and over 1 billion hours viewed on M6+ by 2028. Additionally, the Company is rolling out the M6 2030 Plan, targeting €80 million in savings over the next five years through careful cost management in a challenging advertising market. A dividend of €1.25 per share was paid in May 2026, resulting in a total payout of €157.6 million.

M6 Metropole Television and Stéphane Plaza have initiated the separation of the Stéphane Plaza Immobilier and Sixième Avenue real estate networks into two independent companies. The split, resulting from a decision by SPF Franchise shareholders, aims to clarify the structure and governance of each network, allowing them to pursue distinct growth strategies. This transaction is expected to be finalized in July 2026, with a General Meeting vote scheduled for late July 2026 to approve the spin-off.

Following the separation, Stéphane Plaza Immobilier will be 100% owned by Stéphane Plaza. The network will continue operations under its leadership, focusing on client relationships and integrating innovation and artificial intelligence into its services. Meanwhile, M6 will strengthen its position in Sixième Avenue, acquiring a 68% stake alongside the network's two co-founders, who are franchise specialists. Gilles Charron will continue to lead Sixième Avenue as president.

The separation is structured as a partial spin-off, designed to provide each network with its own shareholder base, identity, and market positioning. For M6, Sixième Avenue represents a renewed ambition in the real estate sector, aimed at addressing changing housing expectations in France. The move underscores M6's commitment to accelerating the development of what it terms a next-generation real estate brand.

Operational commitments to franchisees, employees, and customers will remain unchanged until the separation takes effect. Both companies have stated that teams remain fully engaged and that operational support will be maintained throughout the transition process. The separation reflects a shared desire to organize the transition in a manner that serves the best interests of all stakeholders involved.

Post-Separation Ownership Structure

Stéphane Plaza expressed deep attachment to the Stéphane Plaza Immobilier brand, thanking franchisees for their trust and pledging to maintain a focus on people while incorporating modernity into the network's operations. Henri de Fontaines, a member of the M6 Group’s Executive Board, described the separation as an important step toward clarification, emphasizing Sixième Avenue's potential to respond to profound changes in how the French view their living spaces.