REG - Canal+ S.A - CANAL+ Q3 2025 Trading Update
16/10/2025 07:00
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RNS Number : 5702D Canal+ S.A 16 October 2025
Trading Update for the Nine Months Ended 30 September 2025
Issy-les-Moulineaux, 16 October 2025
CANAL+ (LSE: CAN, the "Company", the "Group"), the global media and
entertainment company, today released its unaudited consolidated trading
statement for the nine months ended 30 September 2025.
CANAL+ 9-MONTH REVENUE IN LINE WITH GUIDANCE.
CANAL+ IN CONTROL OF MULTICHOICE GROUP, WILL HAVE FULL OWNERSHIP AND LAUNCH
SECONDARY LISTING ON JSE.
CANAL+ SIGNS AGREEMENT TO ACQUIRE MINORITY STAKE (34%) IN UGC.
9-MONTH 2025 HEADLINES
Revenue 1 (#_ftn1)
§ Total revenue of the combined Group: €4,684M 2 (#_ftn2) .
§ Total Group revenue excluding MultiChoice: €4,606M, up +1.2%
organically 3 (#_ftn3) . Taking into account discontinued contracts and
activities (termination of Disney contract, UEFA Champions League sublicensing
partnership and closure of C8 channel), revenue down 2.4%.
§ All three CANAL+ segments (excl. MultiChoice) grew organically(3) in Q3 25
and 9M 25.
§ MultiChoice Group revenue consolidated from 20 September 2025 (+€78M).
FULL YEAR OUTLOOK 4 (#_ftn4) CONFIRMED
§ On track to achieve 2025 revenue guidance.
§ EBITA(( 5 (#_ftn5) )) guidance confirmed at c. €515M.
§ Cash guidance reiterated. CFFO to exceed €500M. Over €370M FCF
expected.
Maxime Saada, Chief Executive Officer of CANAL+, said:
"Over the nine months we have made significant progress on delivering our
strategic and financial priorities.
"With the coming together of CANAL+ and MultiChoice, a clarified path to full
ownership by CANAL+ and an upcoming secondary listing in Johannesburg, our
business begins a transformational new era. With 40 million customers across
70 countries, we now have true scale. We are committed to generating value
creation at pace and utilising our greater scale to deliver synergies and
improve our combined business for the benefit of our customers, colleagues and
shareholders.
"STUDIOCANAL continues to deliver on content, with highly anticipated movies
coming before the end of the year. I am pleased to confirm we have signed with
UGC, which demonstrates our long-term commitment to French and European Cinema
and theatrical exhibition.
"On distribution, following our deals with Samsung, LG, Philips and VIDAA, we
announced yesterday a new deal with Thomson that will see the CANAL+ App
pre-installed on all new Thomson Smart TVs and a CANAL+ button on all remote
controls, along with the global streaming platforms.
"Finally, and most importantly, I am pleased to confirm we remain on track to
deliver our full year guidance on revenue, EBITA and cash."
GROWING OUR SCALE
MultiChoice Group
§ Following the close of the mandatory offer to MultiChoice shareholders,
CANAL+ will own 94.39% of MultiChoice Group.
§ CANAL+ will activate its option to acquire all remaining MultiChoice
shares. When this process is complete, MultiChoice will become a wholly owned
subsidiary of CANAL+ and CANAL+ will apply for the delisting of MultiChoice
from the Johannesburg Stock Exchange (JSE).
§ CANAL+ will then, subject to obtaining all regulatory approvals, undertake
a secondary inward listing on the JSE, using the fast-track procedure
available with the primary listing on the London Stock Exchange (LSE). A
secondary inward listing will preserve South African investor access and
market liquidity, allowing investors to hold shares in a leading global media
and entertainment company on the JSE. It will also broaden the investor base
of CANAL+, reinforce the company's long-term commitment to South Africa and
Africa's creative economy, and support continued institutional exposure to the
media sector.
§ The Group announced its new Africa leadership team.
UGC
§ CANAL+ signed an agreement to acquire a minority stake (34%) in leading
French cinema group, UGC. The deal includes a potential path to control in
2028.
§ In addition to its cinema chain, UGC owns a high-quality content library
and IP that would further expand STUDIOCANAL's catalogue, which already
includes over 9,400 titles.
§ The transaction demonstrates the group's commitment to Cinema.
BUILDING THE BEST GLOBAL AND LOCAL CONTENT VALUE PROPOSITION
Content - Production and Distribution
§ STUDIOCANAL Original Creations - Series: 1) Principal photography wrapped
for Howard Overman's (Misfits, War of the Worlds) Apollo has Fallen (season 2
of globally released series Paris Has Fallen); 2) STUDIOCANAL to co-produce
Army of Shadows with Two Cities Television, a six-episode series inspired by
Jean-Pierre Melville's film and Joseph Kessel's book, written by BAFTA winner
Ronan Bennett (The Day of the Jackal, MobLand, Top Boy). The series has been
commissioned by CANAL+ and Channel 4; 3) Principal photography began in London
on HIT POINT, a six-part action comedy. It is developed and produced by Urban
Myth (a STUDIOCANAL company) and co-financed by CANAL+, which will broadcast
it in more than 50 countries. STUDIOCANAL is handling international sales and
distribution.
§ STUDIOCANAL - Film: 1) Highly anticipated French production, Dog 51 (Chien
51), is now showing in cinemas in France. Dog 51 premiered at the Venice Film
Festival and Toronto Film Festival; 2) Critically acclaimed film I Swear is
currently #1 at the UK box office and set a new record as the highest rated
film by UK cinema audiences since records began; 3) STUDIOCANAL has acquired
two of 2025's potential blockbusters, The Running Man (Paramount), in
Netherlands, Germany and Poland, and The Housemaid (Lionsgate), in Australia
and New Zealand.
§ New production deals: STUDIOCANAL signed deals to produce film and TV
series with 1) the new French production company Grands Ducs Films, founded by
the actor, director, playwright, novelist and filmmaker Alex Lutz, and 2) with
Brock Media, the London-based production company founded by Sarah
Brocklehurst, known for the award-winning film The Outrun.
§ L'Olympia: As a result of its high-quality lineup, including artist Zaho de
Sagazan's residency, more spectators visited L'Olympia in September 2025 than
ever before.
Content - On Screen
§ CANAL+ Sport: CANAL+'s 30-year partnership with the Premier League expanded
into Poland and Myanmar. CANAL+ now broadcasts Premier League matches in over
50 countries across Europe, Africa and Asia, reaching a potential audience of
1.5 billion people.
§ Canal+ Original Creations - Series: The Sentinels successfully launched in
more than 30 countries in Europe, Africa, and Asia simultaneously - the
group's first multi-continent launch.
§ CANAL+ launched a new channel dedicated to African content, CANAL+ Magic.
Content - IP
§ Paddington: 1) Paddington The Musical, co-produced with Universal Music
Group and Sonia Friedman (multi-Olivier award-winner: Harry Potter, Stranger
Things), with music and lyrics by Tom Fletcher, opens at the Savoy Theatre,
London, on 30 November 2025; 2) The Paddington Bear Experience received the
Best Live Event award at the Licensing Awards 2025.
§ The Producers, one of the many iconic titles in STUDIOCANAL's library,
opened to 5-star reviews last month at London's Garrick Theatre in the West
End. Produced by Nica Burns and The Menier Chocolate Factory, STUDIOCANAL has
been involved with the production since its inception and is a co-financer.
EXTENDING OUR DISTRIBUTION THROUGH INNOVATION AND STRATEGIC PARTNERSHIPS
§ New CANAL+ and Thomson partnership announced yesterday. CANAL+ App to be
pre-installed on home screen of the latest Thomson Smart TVs, powered by Tivo,
with CANAL+ button included on Thomson remotes.
§ CANAL+ is the first media and entertainment group in the world to partner
with Dolby and commit to enhancing its film, series and sports content with
Dolby Vision 2.
VAT
§ The Official Bulletin of Public Finances confirmed the reduced 10% VAT rate
is applicable for CANAL+ linear television services, which makes up the core
of CANAL+'s business in France, as well as for services considered ancillary
to television broadcasting. The announcement also clarified which CANAL+
services are subject to the 20% rate.
GOVERNANCE
§ Retirement of Jacques du Puy, Member of the Management Board in charge of
Global PayTV, will come into effect on 31 March 2026. Jacques du Puy played a
pivotal role in shaping the international growth of CANAL+ and will remain
fully committed to his roles and responsibilities until his retirement date.
FINANCIAL HEADLINES 6 (#_ftn6) AND STRATEGIC DEVELOPMENTS
Revenue for the first nine months of 2025 (unaudited)
Nine months ended % reported % organic 7 (#_ftn7) % LFL 8 (#_ftn8)
30 September
(in millions of euros) 2025 2024
Europe 3,411 3,544 -3.8% +1.0% -4.3%
Africa & Asia 783 779 +0.5% +0.5% +1.3%
Content Production, Distribution and Other 485 482 +0.7% +0.7% -0.2%
Eliminations (72) (85)
REVENUE excl. MultiChoice Group 4,606 4,720 -2.4% +1.2% -2.8%
MultiChoice Group 9 (#_ftn9) 78 - - - -
GROUP REVENUE 4,684 - - - -
For the first nine months of 2025, the Group's total revenue amounted to
€4,684 million for the combined group, including the impact of the
consolidation of MultiChoice Group over a period of 11 days, as from 20
September 2025 (+€78 million).
The Group's revenue excluding MultiChoice Group amounted to €4,606 million,
up +1.2% organically(7) compared to the same period in 2024, demonstrating the
Group's solid underlying momentum. Taking into account discontinued contracts
and activities (termination of Disney contract, UEFA Champions League
sublicensing partnership and closure of C8 channel), revenue was down -2.4% on
a reported basis.
For the first nine months of 2025, the Group's revenue excluding MultiChoice
Group declined by -2.4% on a reported basis and -2.8% on a like-for-like(8)
basis. The difference between reported and like-for-like figures reflects
favourable foreign exchange movements and scope effects related to
acquisitions (for a total impact of +€19 million).
· Europe segment: down -3.8% on a reported basis and down -4.3%
like-for-like(8). The difference is attributable to the impact of foreign
exchange (depreciation of the Polish zloty), and scope changes including MC
Vision and OCS (for a total impact of +€21 million).
· Africa & Asia segment: up +0.5% on a reported basis and up
+1.3% like-for-like(8). The difference is attributable to foreign exchange
headwinds, mainly from the US Dollar (for a total impact of -€6 million).
· Content Production, Distribution and Other segment: up +0.7% on a
reported basis and down -0.2% like-for-like(8). The difference is attributable
to favourable currency effects at STUDIOCANAL and scope changes including the
consolidation of Orange Studio by STUDIOCANAL (from Q1 2024), as well as
Archery by Dailymotion (from Q3 2025).
Revenue from the Europe segment amounted to €3,411 million, up +1.0%
organically(8) compared to the first nine months of 2024. Taking into account
discontinued contracts and activities, revenue declined by -3.8% on a reported
basis, reflecting the impact of strategic decisions.
In mainland France, reported revenue for the first nine months of 2025
decreased as expected, as a result of discontinued contracts and activities
(termination of Disney contract, UEFA Champions League sublicensing
partnership and closure of C8).
Excluding the C8 channel closure, advertising revenue grew, supported by
strong performance of CNEWS, which recorded its largest-ever audience in
September 2025 and delivered its highest ever level of revenue in the first
nine months of 2025.
In the Overseas Territories, revenue decreased slightly, due to natural
disasters (in the Indian Ocean) and challenging market conditions (mainly in
the French West Indies), partially offset by broadband subscriber growth and
MC Vision consolidation since May 2025.
In Poland, PayTV revenue continued to rise, driven by higher revenue from
subscriptions for OTT (both portfolio and price increase) and DTH business
(price increase), an increase in revenue generated by advertising related to
improved performance of owned premium and thematic channels and a positive
currency effect.
Revenue saw a slight decrease in other European countries as, despite the
significant growth of the OTT business in the main territories, supported by
investments in CANAL+ channels, this has not yet fully offset the slowdown of
DTH subscriptions in these countries.
Revenue from the Africa and Asia segment amounted to €783 million, up +0.5%
on a reported basis compared to the first nine months of 2024.
In Africa, PayTV commercial performance remained resilient over the first nine
months of 2025, thanks to new initiatives in the third quarter, such as new
offers with great content including Netflix and the launch of the new premium
CANAL+ Magic channel, reflecting CANAL+'s strong market position and continued
customer engagement.
Since 20 September 2025, CANAL+ has fully consolidated MultiChoice Group and
assumed effective control since that date. Consequently, CANAL+'s revenue for
the first nine months of 2025 includes 11 days of MultiChoice's activity.
MultiChoice's revenue encompasses various operating segments: South Africa,
Rest of Africa, Technology and Showmax (see Appendix II).
GVA has delivered strong growth as a result of the expansion of its
Fibre-to-the-Home (FTTH) network and from a strong commercial performance,
which increased penetration in eligible zones (in particular Congo, Ivory
Coast and Democratic Republic of the Congo). As a result, for the first nine
months of 2025, GVA's revenue continued to grow at a double-digit rate.
In Asia, revenue in Vietnam declined in line with rationalisation and
following the termination of a wholesale contract and a decrease in DTH
television broadcasting, partially offset by an increase in revenue thanks to
the launch of the Premier League (EPL) in Myanmar in August 2025.
Revenue from the Content Production, Distribution and Other segment amounted
to €485 million, up +0.7% on a reported basis compared to the first nine
months of 2024.
STUDIOCANAL's revenue decreased compared to the first nine months of 2024,
mainly due to delivery phasing for international sales, with a smaller line-up
compared to major deliveries in 2024, such as Back to Black and Wicked Little
Letters. The decrease also reflects the timing effect of later TV production
deliveries compared to 2024. These effects were partially offset by successful
theatrical releases during the first nine months of 2025 such as Paddington in
Peru, Bridget Jones: Mad about the Boy, and We Live In Time as well as
significant series distribution deals on Wild Lands.
Dailymotion sustained robust double-digit revenue growth in the first nine
months of 2025, due to the expansion of its commercial reach, the continued
expansion of its programmatic network and ongoing enhancements to the user
experience across its owned and operated platforms. With a strategy focused on
international expansion and strict cost management, Dailymotion continues to
invest in technological development and AI powered innovations.
CONFIRMED 2025 OUTLOOK
CANAL+ confirms that 2025 performance and results are on track, with a higher
than initially expected cash level and in line with the press release dated 6
June 2025:
2025 revenue, EBITA 10 (#_ftn10) , CFFO and FCF outlook confirmed, reflecting
solid business performance.
As such, the Company confirms it is on track to deliver organic growth in
2025, more than offset by the termination of C8 channel and some contracts, as
expected.
As part of its ongoing cost optimisation assessment to deliver enhanced
operational leverage, and supported by the advanced transition to
profitability of its newly-integrated assets, CANAL+ anticipates 2025 Group
EBITA 11 (#_ftn11) to reach c. €515 million, in line with expectations.
Due to various initiatives, the Group expects its 2025 CFFO to exceed €500
million. Although the Group does not expect its one-off contract phasing
update to structurally impact CFFO beyond 2025, it is confident that the
positive cash effects of its various other initiatives will start ramping up
in 2026, including the renewed French cinema financing agreement, the decrease
in costs in France and the profitability improvement of its new assets - GVA
and Dailymotion.
The Group has announced it expects to deliver over €370 million FCF at FY25.
The exceptional level of expected FCF is due to the high CFFO and lower tax
levels this year, following tax integration, and tax refunds in H1 2025. Tax
payments are expected to normalise in H2 2025 vs H1 2025. Interest payments
are anticipated at a similar level in H2 2025 as in the first half of 2025
(excluding the MultiChoice Group transaction).
Q3 2025 SIGNIFICANT CORPORATE EVENTS
1. CANAL+ ANNOUNCED RESULTS OF THE MANDATORY OFFER PROCESS FOR MULTICHOICE
GROUP AND FUTURE LISTING OF CANAL+ ON THE JSE
Following the close of the mandatory offer to MultiChoice shareholders, CANAL+
will own 94.39% of MultiChoice Group.
CANAL+ will now activate its option to compulsorily acquire all remaining
MultiChoice shares. When this process is complete, MultiChoice will become a
wholly owned subsidiary of CANAL+ and CANAL+ will apply for the delisting of
MultiChoice from the JSE.
CANAL+ will then, subject to obtaining all regulatory approvals, undertake a
secondary inward listing on the JSE, using the fast-track procedure. A
secondary inward listing will preserve South African investor access and
market liquidity, allowing local investors to hold shares in a leading global
media and entertainment company on the JSE. It will also broaden the investor
base of CANAL+, reinforce the company's long-term commitment to South Africa
and Africa's creative economy, and support continued institutional exposure to
the media sector.
The Group's integration process is now underway. CANAL+ will provide detailed
plans and envisaged synergies when it provides a strategic update for the
combined Group during Q1 26.
The acquisition of MCG by CANAL+ marks the largest transaction ever undertaken
by CANAL+, cementing the combined Group's position as a global media and
entertainment company.
The combined Group will serve more than 40 million subscribers across close to
70 countries in Africa, Europe and Asia, supported by a workforce of
approximately 17,000 employees.
2. CANAL+ SIGNS AGREEMENT TO ACQUIRE MINORITY STAKE IN UGC
On 15 October 2025, CANAL+ signed an agreement to acquire a minority (34%)
stake in the historic French cinema player, UGC. From 2028, CANAL+ has the
option to acquire the remaining stakes held by the UGC shareholders in the
company.
UGC is a leading French cinema and audiovisual production group with one of
France's strongest cinema chains, content libraries, and networks of talent.
With 55 theatres (48 in France and 7 in Belgium) and tens of millions of
admissions each year, UGC is one of the largest cinema chains in France. UGC
primarily operates large flagship multiplexes in cities, including the UGC
Ciné Cité Les Halles in Paris, the most visited cinema in the world. UGC's
content library includes popular, high-performing comedies and successful
franchises, such as Qu'est ce qu'on a fait au bon Dieu - Serial (bad)
Weddings, the iconic Amélie and TV series such as worldwide hits HPI - High
Potential and Soleil Noir - under a Dark Sun.
3. SHARE BUYBACK PROGRAMME
On 24 September 2025, CANAL+ announced the launch of a new share buyback
programme, running from 25 September to 19 December 2025, with a maximum
aggregate purchase amount of GBP £31 million, representing up to 10% of the
Company's issued share capital. The programme aims to satisfy share awards
under the Company's share-based incentive plans for employees and corporate
officers.
4. CANAL+ SUCCESSFULLY LAUNCHED ITS FIRST SCHULDSCHEINDARLEHEN ISSUE
In July 2025, CANAL+ completed its inaugural debt facility since listing on
the London Stock Exchange in December 2024, issuing its first Schuldschein
loan (a private placement loan issued under German law), raising €285
million in financing.
The issuance was highly oversubscribed with an orderbook consisting of
high-quality French and international investors, demonstrating strong interest
and confidence of investors in the financial profile and strategic direction
of CANAL+. Due to the high level of demand, which facilitated pricing at the
tight end of the spread range, the total financing package was increased, from
an initial launch volume of €125 million to a final volume of €285
million. The attractive pricing and scale of the Schuldschein loan will
improve CANAL+'s overall cost of funds.
5. CANAL+'S VAT REGIME
On 4 September 2025, CANAL+ acknowledged the additional details published in
the Official Bulletin of Public Finances on 3rd September 2025.
These details clarify CANAL+'s VAT regime in France. The clarification allows
CANAL+ to confirm the application of the reduced 10% rate for linear
television services, which remain the core of CANAL+'s business in France, as
well as for services considered ancillary to television broadcasting. They
also clarify which services are subject to the 20% rate. The clarifications
also establish practical rules for determining the pricing of non-linear
services sold as optional add-ons to CANAL+'s core offering.
Discussions between CANAL+ and the relevant authorities regarding previous
periods are still ongoing.
6. SIGNIFICANT AGREEMENTS REACHED
6.1 PREMIER LEAGUE: CANAL+ STRENGTHENS PARTNERSHIP
On 14 August 2025, CANAL+ proudly reinforced its position as a global media
leader by securing the broadcasting rights to the Premier League - the most
competitive and spectacular national football league in the world - in over
50 countries across Europe, Africa and Asia, with expanded rights in Poland
and the addition of Myanmar from the upcoming season.
CANAL+ reaffirmed its role as a major partner of the Premier League. This
historic collaboration - ongoing for over 30 years - continues to grow,
reaching a potential audience of more than 1.5 billion people worldwide.
In all these territories, CANAL+ will give fans full access to legendary
clubs, global stars, and iconic derbies - live and exclusively
on CANAL+ channels and the CANAL+ app. Commentary is provided by
local-language experts, ensuring a personalised and engaging experience.
7. DISTRIBUTION AND INNOVATION
7.1 THOMSON PARTNERSHIP
CANAL+ and Thomson yesterday announced a new partnership to distribute CANAL+
apps on Thomson Smart TVs in Europe, with the latest models Powered by TiVo.
Through this partnership, CANAL+ reaffirmed its commitment to making its
entertainment offering accessible to nearly 40 million subscribers worldwide.
Across all European markets where CANAL+ operates - including France, Poland,
Switzerland, the Netherlands, the Czech Republic, Austria, Hungary, Slovakia,
Belgium, and Romania - the CANAL+ App, along with local apps from the group
(Skylink, FOCUS+, TV Vlaanderen, and Télésat), will now be pre-installed on
Thomson Smart TVs. This includes the latest models Powered by TiVo, ensuring
seamless access to premium entertainment from the moment subscribers turn on
their TV.
To provide direct, simple, and instant access to all CANAL+ App content, a
dedicated CANAL+ button will also be integrated into all Thomson Smart TV
remote controls.
Alongside their distribution agreement, CANAL+ and Thomson are elevating their
strategic alliance with the launch of joint marketing and commercial
initiatives - from co-branded packaging to exclusive promotional offers both
online and in stores.
7.2 DOLBY VISION PRO 2
On 2 September 2025, Dolby Laboratories, a leader in immersive entertainment
experiences, announced Dolby Vision 2, a groundbreaking evolution of its
industry-leading picture quality innovation. Dolby confirmed CANAL+ as its
first media and entertainment partner for Dolby Vision 2.
CANAL+ is committed to delivering an unparalleled viewing experience to its
subscribers. With the launch of Dolby Vision 2 - across movies, series, and
live sports - that experience will reach breathtaking new heights. Dolby has
been a valued partner to CANAL+ for many years.
For further enquiries please contact:
Alima Levy ir@canal-plus.com (mailto:ir@canal-plus.com)
Andrew Swailes andrew.swailes@canal-plus.com
The above disclosure regarding the retirement of Jacques du Puy is made in
accordance with UK Listing Rule 6.4.6(2)
ABOUT CANAL+
Founded as a French subscription-TV channel 40 years ago, CANAL+ is now a
global media and entertainment company. On 22 September 2025, CANAL+ confirmed
it is in effective control of MultiChoice Group and beginning the integration
process. MultiChoice is Africa's leading entertainment platform, offering a
wide range of products and services, including DStv, GOtv, Showmax, M-Net,
SuperSport, Irdeto, and KingMakers. Together, the new combined group has 40
million subscribers worldwide, operates in over 70 countries and has
approximately 17,000 employees.
CANAL+ operates across the entire audio-visual value chain, including
production, broadcast, distribution and aggregation. It is home to
STUDIOCANAL, a leading film and television studio with worldwide production
and distribution capabilities; Dailymotion, major international video platform
powered by cutting-edge proprietary technology for video delivery,
advertising, and monetization; CANAL+ Distribution, a production and
distribution company specialising in creating and distributing diverse content
and channels; and telecommunication services, through GVA in Africa and CANAL+
Telecom in the French overseas jurisdictions and territories.
CANAL+ also has significant equity stakes in Viaplay (the Pay-TV leader in
Scandinavia) and Viu (a leading OTT platform in Southern Asia).
canalplusgroup.com/en
IMPORTANT DISCLAIMERS
DISCLAIMER
The trading update is based upon the unaudited management accounts of the
Company and of MultiChoice Group and has been prepared solely to provide
additional information on trading to the shareholders of CANAL. Accordingly,
the Company makes no representation or warranty as to the appropriateness,
accuracy, completeness or reliability of the information in this announcement
and accordingly neither the Company nor any of its directors accepts any
liability to any person in respect of this announcement or any information
contained within it.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This announcement contains certain statements that are or may be
forward-looking statements. Phrases such as "aim", "plan", "expect", "intend",
"anticipate", "believe", "estimate", "target", and similar expressions of a
future or forward-looking nature are intended to identify such forward-looking
statements. Forward-looking statements address our expected future business
and financial performance and financial condition, and by definition address
matters that are, to different degrees, uncertain. They are not historical
facts, nor are they guarantees of future performance; actual results may
differ materially from those expressed or implied by these forward-looking
statements. There are a number of factors that could cause actual results and
developments to differ materially from those expressed or implied by such
forward looking statements. These include, but are not limited to (i) the
general economic, business, political, regulatory and social conditions in the
key markets in which the Group operates, (ii) a significant event impacting
the Company's liquidity or ability to operate and deliver effectively in any
area of our business, (iii) significant change in regulation or legislation,
(iv) a significant change in demand for global content, and (v) a material
change in the Group strategy to respond to these and other factors. Certain of
these factors are discussed in more detail elsewhere in this announcement and
in the Company's Annual Report and Accounts published on 17 April 2025.
Forward-looking statements speak only as of the date they are made and, expect
as required by applicable law or regulation, CANAL+ undertakes no obligation
to update any forward-looking statements, whether written or oral, that may be
made from time to time, whether as a result of new information, future events
or otherwise.
APPENDIX I - REVENUE BY BUSINESS SEGMENT FOR Q3 2025
(IFRS, unaudited)
Three months ended % reported % organic 12 (#_ftn12) % LFL 13 (#_ftn13)
30 September
(in millions of euros) 2025 2024
Europe 1,124 1,154 -2.6% +0.4% -3.2%
Africa & Asia 258 251 +2.8% +2.8% +4.6%
Content Production, Distribution and Other 161 149 +8.0% +8.0% +6.3%
Eliminations (23) (25)
REVENUE excl. MultiChoice Group 1,520 1,529 -0.6% +1.7% -1.0%
MultiChoice Group 14 (#_ftn14) 78 - - - -
GROUP REVENUE 1,598 - - - -
APPENDIX II - MULTICHOICE GROUP: OPERATING SEGMENT INFORMATION
MultiChoice Group's revenue encompasses various operating segments: South
Africa, Rest of Africa, Technology and Showmax.
- South Africa: offers digital satellite television and online services
(including subscription and transactional video on demand) to subscribers in
South Africa.
- Rest of Africa: offers digital satellite television, online services
(including subscription and transactional video on demand) to subscribers
across 49 African countries and digital terrestrial television services in 8
African countries.
- Technology: through the Irdeto group, provides digital content management,
cybersecurity and anti-piracy services to group companies and customers
globally to protect, manage and monetise digital media on multiple platforms.
- Showmax: offers subscription video-on-demand (SVOD) / Over-the-Top (OTT)
services to streaming subscribers in South Africa and the Rest of Africa.
1 (#_ftnref1) Unaudited.
2 (#_ftnref2) Including 11 days of Multichoice revenue.
3 (#_ftnref3) Organic growth: Reported 9M 2025 Group revenue growth (vs 9M
2024), excluding the impact of discontinued contracts and activities
(termination of Disney contract, UEFA Champions League sublicensing
partnership and closure of C8 channel).
4 (#_ftnref4) The FY25 guidance is based on CANAL+, excluding MultiChoice
Group.
5 (#_ftnref5) Adjusted earnings before interest and income taxes, at
constant scope of consolidation and excluding non-recurring items.
6 (#_ftnref6) Figures are rounded to the nearest million, hence small
differences may result in the totals.
7 (#_ftnref7) Organic growth: Reported 9M 2025 Group revenue growth (vs 9M
2024), excluding the impact of discontinued contracts and activities
(termination of Disney contract, UEFA Champions League sublicensing
partnership and closure of C8 channel).
8 (#_ftnref8) Like-for-Like: 9M 2025 Group revenue growth (vs 9M 2024), at
constant scope and currency.
9 (#_ftnref9) CANAL+ has fully consolidated MultiChoice Group since 20
September 2025.
10 (#_ftnref10) At constant scope of consolidation and excluding
non-recurring items.
11 (#_ftnref11) Adjusted earnings before interest and income taxes, at
constant scope of consolidation and excluding non-recurring items.
12 (#_ftnref12) Organic growth: Reported Q3 2025 Group revenue growth (vs Q3
2024), excluding the impact of discontinued contracts and activities
(termination of Disney contract, UEFA Champions League sublicensing
partnership and closure of C8 channel).
13 (#_ftnref13) Like-for-Like: Q3 2025 Group revenue growth (vs Q3 2024), at
constant scope and currency.
14 (#_ftnref14) CANAL+ has fully consolidated MultiChoice Group since 20
September 2025.
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