Canal+ (CAN) Q3 2025 earnings summary

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.