Canal+ (CAN) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 revenue was €6,412m, up 37.5% reported after the MultiChoice acquisition and 1.0% restated; like-for-like revenue fell 0.3% including MultiChoice and grew 0.8% excluding it.

• 2026 guidance and the €250m Adjusted EBIT synergy target remained on track.

Financial highlights

• Restated revenue increased from €6,348m to €6,412m; revenue excluding MultiChoice reached €4,646m, up 1.3% restated and 0.8% like-for-like.

• Foreign exchange added €56m to 9M revenue, mainly from rand appreciation in Q3; positive scope impact mainly reflected Lucky Red’s acquisition.

Segment performance

• Europe revenue was €3,363m, down 1.4% restated and 1.5% like-for-like; French advertising and wholesale contribution weakened, while Poland grew slightly on OTT and advertising.

• Africa & Asia revenue reached €2,604m, up 3.1% restated and 0.7% like-for-like; excluding MultiChoice, like-for-like growth was 10.2%, supported by French-speaking Africa, telecom and Asia.

• MultiChoice revenue was €1,805m, up 0.4% restated but down 3.0% like-for-like; the decline eased to 2.0% in Q3 from 3.4% in H1.

• Content production, distribution and other revenue rose 9.3% to €530m restated and 5.4% like-for-like; STUDIOCANAL titles and sales supported growth, while Dailymotion faced weaker advertising.