Canal+ (CAN) H2 2024 earnings summary

Executive summary

• Achieved 3.6% revenue growth to EUR 6.45 billion in 2024, with adjusted EBITDA/EBITA up 5.4% to EUR 503 million before exceptional items.

• Subscriber base reached 26.9 million, up 0.4%, with a strategic focus on high-value D2C subscribers and rationalization of low-value wholesale partnerships.

• Integrated new assets (Dailymotion, GVA, L'Olympia) with positive contributions and advanced the transformative MultiChoice acquisition to expand the African footprint.

• Major content successes included record-breaking box office hits, global series, and secured long-term sports rights, supporting subscriber acquisition and retention.

• On track to become a global media & entertainment leader, targeting 50–100 million subscribers, supported by strong financials and global content appeal.

Financial highlights

• Revenue increased by EUR 226 million year-over-year to EUR 6.45 billion; adjusted EBITDA/EBITA before exceptional items reached EUR 503 million, up 5.4%.

• Cash flow from operations was EUR 218 million, impacted by exceptional sports rights prepayments; net debt at EUR 355 million as of 31/12/24, leverage ratio 0.5.

• After EUR 122 million in one-off restructuring and litigation costs, EBITDA/EBITA after exceptional items was EUR 380 million.

• Group recognized a net loss of EUR 96 million, impacted by high tax charges and negative income from equity affiliates.

• Adjusted EBITA margin improved to 7.8% from 7.7% in 2023.

Outlook and guidance

• 2025 revenue expected to grow organically, but offset by the end of C8, sports licensing, and Disney output deals; moderate growth at constant scope.

• Medium-term guidance: moderate revenue and EBITDA/EBITA margin growth, with further improvement expected post-MultiChoice acquisition.

• CFFO expected to return to 2023 levels (EUR 315 million) in 2025, or EUR 360 million excluding exceptional items.

• Dividend of EUR 0.02 per share proposed, payable June 27, 2025, subject to approval.