Canal+ (CAN) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €1,547m, up 1.5% organically year-over-year, but down 2.5% on a reported basis due to discontinued unprofitable contracts.

• Strategic focus on profitable growth, cash generation, and operational efficiency, with new organizational structure and management board changes.

• Progress made on MultiChoice Group acquisition, with transaction structure announced and long stop date extended to October 2025.

Financial highlights

• Europe revenue: €1,146m, up 0.8% organically, down 4.5% reported, driven by DtoC subscriber growth and discontinued contracts.

• Africa & Asia revenue: €267m, down 2.3% year-over-year, reflecting tough comps from AFCON in Q1 2024.

• Content Production, Distribution & Other: €158m, up 8.2% year-over-year, led by Studiocanal's box office hits and Dailymotion's double-digit growth.

• Advertising revenue in France grew, with CNEWS achieving record audiences.

Outlook and guidance

• Full year 2025 outlook confirmed, reflecting confidence in sustainable shareholder value and ongoing strategic execution.