Metropole Television SA (MTPVY) Full Year 2025 Earnings Call Highlights: Strong Streaming …

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Wed, February 18, 2026 at 10:05 AM GMT+9 3 min read

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MTPVY

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**EBITDA:** EUR214 million with a current operating margin of 17%.

**Consolidated Sales:** EUR1.256 billion, including EUR225 million of non-advertising revenues.

**Advertising Revenue:** EUR1.032 billion, with video advertising revenue at EUR884 million, down 3.1%.

**Streaming Revenue:** EUR126 million, a growth of 27% for 2025.

**Net Income Group Share:** EUR123 million.

**Video Division EBITDA Margin:** 16.6%, down from 17.4%.

**Audio Division EBITDA Margin:** 24.4%.

**Production and Audiovisual Rights Revenue:** 12.6%, with 7.5 million admissions for distributed or produced movies.

**Streaming Consumption:** Over 600 million hours viewed.

**Cash and Cash Equivalents:** EUR216 million, down from EUR332 million the previous year.

**Dividend Proposal:** EUR1.25 per share.

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Release Date: February 17, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Metropole Television SA (MTPVY) reported a strong EBITDA of EUR214 million with a current operating margin of 17%, indicating robust profitability.

The company achieved significant growth in streaming revenues, up 27% to EUR126 million for 2025, showcasing successful transformation efforts.

Video advertising revenue outperformed the market, declining only 3.1% compared to an 8% market drop, with a market share increase to 27%.

M6+ digital development showed impressive growth, with streaming revenues increasing by 73% over two years and consumption exceeding 600 million hours viewed.

The audio division maintained a high EBITDA margin of 24.4%, with strong performance from key shows and a notable presence in the podcast market.

Negative Points

Overall advertising revenues faced downward pressure, with a decline in video advertising revenues and a challenging market environment.

The EBITDA margin for the Video division slightly deteriorated to 16.6% from 17.4%, impacted by a slowdown in advertising revenues.

Profitability in the diversification segment declined by about EUR4 million, primarily due to lower contributions from the SPF franchise business.

The company faced a significant impairment of EUR35.5 million on intangible assets related to the SPF franchise legacy brands.

Cash and cash equivalents decreased to EUR216 million from EUR332 million the previous year, reflecting financing operations and investments.

Q & A Highlights

Q: Can you provide insights on the advertising trends for February and March, and how do they compare to the fourth quarter? Also, what are your expectations for the advertising market in 2026? A: The advertising trend for February and March is not far from the last quarter’s performance. As for the annual forecast, it’s too early to comment due to insufficient visibility. We are closely monitoring the market and will adjust accordingly.

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Q: Could you elaborate on the EUR80 million savings plan? How will it be phased, and what impact will it have? A: The savings plan will be implemented progressively, with initial impacts expected this year. However, changes in production processes will take time, and the full effect will ramp up over time. We aim to balance maintaining audience engagement with cost management.

Q: Regarding the World Cup costs, will you offset these by saving on other programs? A: Yes, we will manage costs carefully, especially in the fourth quarter, to align with the advertising market. We aim to maintain strong audience figures while being pragmatic about cost management.

Q: Is the savings plan focused solely on the TV division, or does it include other divisions as well? A: The savings plan primarily targets the video division and support functions. We are working with both internal and external producers to optimize production costs and enhance production value.

Q: How do you plan to achieve cost reductions in production? Will it involve external procurement costs? A: We are collaborating with producers to define savings programs, focusing on increasing production value. This involves both internal and external production costs, with a significant portion of savings expected from collaboration with producers.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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