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Canal+ (CAN) investor relations material
Canal+ Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved total revenue of €4,684M for the nine months ended 30 September 2025, in line with guidance, with organic growth of 1.2% excluding MultiChoice and discontinued contracts.
Gained effective control of MultiChoice Group, now owning 94.39%, with plans for full ownership and a secondary listing on the JSE.
Signed agreement to acquire a 34% stake in UGC, with a path to full control in 2028, reinforcing commitment to cinema and content expansion.
Confirmed full-year guidance for revenue, EBITA (~€515M), and cash flow, with CFFO expected to exceed €500M and FCF over €370M.
Financial highlights
Group revenue excluding MultiChoice: €4,606M, up 1.2% organically year-over-year, but down 2.4% on a reported basis due to discontinued contracts.
Europe segment revenue: €3,411M, up 1.0% organically, down 3.8% reported; Africa & Asia: €783M, up 0.5% reported.
Content Production, Distribution & Other: €485M, up 0.7% reported, with Dailymotion showing double-digit growth.
MultiChoice contributed €78M revenue from 11 days of consolidation.
Outlook and guidance
On track to achieve 2025 revenue, EBITA, and cash flow guidance.
Organic growth expected to offset impact of contract terminations and channel closures.
Positive cash effects from new initiatives expected to ramp up in 2026.
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