Canal+ (CAN) H2 2025 earnings summary

Executive summary

• Achieved or exceeded all 2025 financial guidance, with strong organic growth in Europe and Africa/Asia and improved profitability across key segments, marking a successful first year as a listed company.

• Combined group (excluding Vietnam) reached 42.3 million subscribers and nearly EUR 8.7 billion in revenues for 2025.

• MultiChoice faced challenges in 2025 but accelerated synergy delivery and cost savings, with a turnaround plan underway.

• Resolved major tax disputes in France, incurring significant exceptional costs but providing clarity for future operations.

• Strategic priorities include MultiChoice turnaround, European profitability, platform enhancement, and disciplined cost/capital management.

Financial highlights

• Adjusted EBIT before exceptional items reached EUR 542 million (8.7% margin, excluding Vietnam), exceeding guidance and up 4.2% from 2024.

• CFFO before exceptional items was EUR 648 million, with free cash flow at EUR 489 million, both above targets.

• MultiChoice revenues declined 6% to EUR 2,400 million, with adjusted EBIT margin at 6.6%.

• Group combined 2025 figures: over 40 million subscribers, nearly EUR 9 billion in revenues, EUR 701 million Adjusted EBIT, EUR 874 million CFFO, and EUR 447 million free cash flow.

• Canal+ revenues (excluding Vietnam) at EUR 6,266 million in 2025, up 1.0% organically year-over-year.

Outlook and guidance

• 2026 guidance: Adjusted EBIT at EUR 735 million (5% increase vs. 2024), CFFO over EUR 600 million, free cash flow over EUR 250 million.

• Medium-term (2028/2029): over EUR 850 million Adjusted EBIT, over EUR 800 million CFFO, over EUR 500 million free cash flow as minimum targets.

• Canal+ historical perimeter (excluding MultiChoice): 2026 Adjusted EBIT expected to rise to EUR 565 million, margin above 9%, CFFO over EUR 500 million before VAT/restructuring, free cash flow over EUR 300 million.

• MultiChoice 2026: Adjusted EBIT targeted at EUR 170 million, CFFO EUR 100 million, negative free cash flow over EUR 50 million.

• MultiChoice 2026 outlook includes slight revenue decline but margin improvement to above 9% due to synergies and cost initiatives.