TF1: Q1 2022 MANAGEMENT REPORT

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Management report First quarter 2022

Management report 1st Quarter 2022

1. Q1 2022 financial information ……………………………………….. ……………………………… 3

  • 1.1 Consolidated results ……………………………………. … ……………………………………….. … ……….. 3

  • 1.2 Significant events in the first quarter of 2022 ……………………………………. ……. ………………….. 5

  • 1.3 Analysis of consolidated results ……………………………………. …………………………………………….. 6

  • 1.4 Segment information ……………………………………………… … ……………………………………….. … ……… 7

  • 1.5 Corporate social responsibility …………………………………….. …………………………………………….. ….. 12

  • 1.6 Human Resources Update ……………………………………………… ………………………………………. .. 13

  • 1.7 Outlook ………………………………………… ………………………………………….. .. ………………………….. 13

  • 1.8 Corporate governance …………………………………………. …………………………………………….. ….. …… 14

  • 1.9 Dates of the diary ……………………………….. ……………………………………………. …. ………………….. 14

2 Condensed consolidated financial statements Q1 2022 ……………………………. …… 15

Consolidated income statement …………………………………….. ……… …………………………………. …… 15

Statement of recognized income and expenses ……………………………. ………………….. ………………….. 16

Consolidated cash flow statement ………………………………………… …… …………………………………….. …… 17

Consolidated balance sheet – Assets ………………………… ……………… ………………………….. ……………… 18

consolidated results Liabilities and equity ……………………………………….. …. ……………. 19

Consolidated statement of changes in equity ………………………………………….. ……….. ……. 20

Notes to the condensed consolidated financial statements ……………………………. ………………….. ……. 21

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TF1 – Financial information for the 1st quarter of 2022

1. Financial information for the 1st quarter of 2022

Financial indicators

These key figures are taken from the consolidated financial data of the TF1 group. The results below are presented in accordance with IFRS 16.

The results below are presented according to the segment information structure as described in note 3 of the consolidated financial statements.

(€m)

Group advertising revenue Revenue from other activities

current operating income

Net income from continuing operations

Operating cash flow after cost of net debt, interest expense on lease obligations and taxes paid

Basic earnings per share of the lawsuit transactions (€)

Diluted earnings per lawsuit share operations (€)

Equity, Group share Net cash/(debt) from continuing operations

Weighted average number of ordinary shares outstanding (‘000)

Closing price at the end of the year (€)

Market capitalization at the end of the year (€bn)

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TF1 Financial information for the 1st quarter of 2022

Contributions to the income statement – continuing operations

The results below are presented according to the segment information structure as described in note 3 of the consolidated financial statements.

(€m)

Q1 2022

TF1 group advertising revenue*

377.1

Income from other activities*

184.2

Media**

485.5

Advertising revenue**

377.1

of which digital advertising revenue**

30.2

Newen Studios**

75.8

Consolidated turnover*

561.3

Media**

56.9

Newen Studios**

2.7

Current operating income*

59.6

Current operating margin*

10.6%

Operating income*

56.2

Net profit attributable to the Group*

34.1

Cost of programs*

(220.0)

*Published data

**Pro forma data

Program cost analysis

(€m)

Total cost of programs

Q1 2021

CHG. €m

CHG. %

357.9

19.2

5.4%

151.9

32.3

21.3%

444.5

41.0

9.2%

357.8

19.3

5.4%

27.9

2.3

8.2%

65.3

10.5

16.1%

509.8

51.5

10.1%

46.8

10.1

21.6%

10.0

(7.3)

-73.0%

56.8

2.8

4.9%

11.1%

-0.5 points

56.8

(0.6)

-1.1%

34.3

(0.2)

-0.6%

(210.8)

(9.2)

4.4%

Q1 2022

Q1 2021

(220.0)

(210.8)

TV Dramas / TV Movies / Series / Theater

(78.7)

(72.0)

Entertainment

(66.8)

(63.4)

Movies

(28.3)

(25.1)

News (including LCI)

(35.3)

(34.7)

sport

(8.5)

(12.8)

Kids

(2.4)

(2.7)

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TF1 – Financial information for the 1st quarter of 2022

1.2 Significant events in the first quarter of 2022

January 25, 2022

March 17, 2022

Newen Studios announces the strengthening of its strategic partnership with European producer and financier Anton, which specializes in financing, co-production and audiovisual distribution. Anton increases its investment alongside Newen Studios by 40% to provide a overall budget of €50 million to co-invest in audiovisual and cinematographic distribution rights. This agreement will allow Newen Studios to grow even further to meet the growing demand for quality content.

February 28, 2022

On February 28, 2022, the TF1 Group announced that Altice Media had entered into a purchase agreement for the TFX channel (TNT 11 channel) and that the Group had granted an exclusivity clause in favor of Altice Media.

Completion of the sale is subject in particular to the information and consultation of the employee representative bodies; obtaining authorization from the competent authorities (Competition Authority and ARCOM the Audiovisual and Digital Advertising Regulatory Authority); and the completion of the merger project between the TF1 and M6 groups.

After obtaining its first certificate in 2018, the TF1 group renewed its ISO 50001 certification with AFNOR (the national standardization body). This award recognizes the efforts made by the Group in recent years to fight against global warming and particularly recognizes the 33% reduction in energy consumption since 2011 in its premises in the TF1 Tower.

With the renewal of this certification, the TF1 group is encouraged to strengthen its commitment to a more responsible development model. TF1 intends up “positively inspiring society” by deploying a climate strategy at the heart of the Group, by reorienting internal mobility and by creating two new Data Centers to optimize the energy consumption of its IT facilities.

March 24, 2022

As part of the merger project between TF1 and M6, France TV has expressed its wish, in the event of the merger, to sell its stake in Salto. The TF1 and M6 groups have undertaken, in the event of completion of the merger, to buy out the 33.33% stake held by France Télévisionswith a final value of 45 € million. The new group would then own 100% of Salto, allowing it to develop a streaming project.

Consequently, the TFX channel will remain under the full control of the TF1 group throughout 2022. The sale of TFX would be part of the planned merger between the TF1 and M6 groups announced on May 17, 2021.

In accordance with the legislation, it would help ensure that the combined group does not broadcast more than seven national channels on the DTT network.

As the agreement depends on the effective merger between the M6 ​​and TF1 groups, Salto will remain under the joint control of its three shareholders throughout 2022 to facilitate the continued development of the platform.

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