**Summary of CANAL+ Q3 2025 Trading Update**
CANAL+ S.A., the global media and entertainment company, released its unaudited consolidated trading statement for the nine months ended 30 September 2025, highlighting strong performance and strategic advancements.
**Key Financial Highlights**
**Revenue** Total revenue for the combined group reached €4,684 million, including €78 million from MultiChoice Group (consolidated since 20 September 2025). Excluding MultiChoice, revenue was €4,606 million, up +1.2% organically, despite discontinued contracts (e.g., Disney, UEFA Champions League) and the closure of the C8 channel.
**Segments** All three CANAL+ segments (Europe, Africa & Asia, Content Production) grew organically in Q3 and 9M 2025.
**Outlook** Full-year 2025 revenue, EBITA (c. €515 million), and cash flow (CFFO > €500 million, FCF > €370 million) guidance confirmed, with the company on track to meet targets.
**Strategic Developments**
1. **MultiChoice Acquisition** CANAL+ secured 94.39% ownership of MultiChoice Group and plans to acquire the remaining shares, delisting MultiChoice from the Johannesburg Stock Exchange (JSE). CANAL+ will undertake a secondary listing on the JSE to maintain South African investor access and reinforce its commitment to Africa.
2. **UGC Investment** CANAL+ signed an agreement to acquire a 34% minority stake in UGC, a leading French cinema group, with an option to gain control by 2028. This strengthens its commitment to French and European cinema.
3. **Content Expansion**
STUDIOCANAL is producing high-profile series like *Apollo has Fallen* and *Army of Shadows*, and films like *Dog 51* and *I Swear*.
CANAL+ launched a new African content channel, CANAL+ Magic, and expanded its Premier League broadcasting rights to Poland and Myanmar.
4. **Distribution Partnerships**
Partnered with Thomson to pre-install the CANAL+ App on Thomson Smart TVs and include a dedicated CANAL+ button on remotes.
Became the first media group to partner with Dolby for Dolby Vision 2, enhancing content quality.
**Leadership and Governance**
Jacques du Puy, Member of the Management Board, will retire on 31 March 2026 after playing a pivotal role in CANAL+s international growth.
**Regional Performance**
**Europe** Revenue down -3.8% reported but up +1.0% organically, driven by OTT and DTH growth in Poland.
**Africa & Asia** Revenue up +0.5% reported and +1.3% like-for-like, with strong PayTV performance in Africa and GVAs double-digit growth.
**Content Production** Revenue up +0.7% reported, with STUDIOCANALs theatrical releases and Dailymotions double-digit growth offsetting delivery phasing delays.
**CEO Statement**
Maxime Saada emphasized CANAL+s transformational growth, scale (40 million customers across 70 countries), and commitment to value creation, synergies, and delivering full-year guidance.
**Corporate Events**
Launched a €285 million Schuldschein loan, demonstrating investor confidence.
Clarified VAT regime in France, confirming a reduced 10% rate for core linear TV services.
Announced a share buyback program of up to GBP £31 million.
**Conclusion**
CANAL+ demonstrated resilience and strategic progress in Q3 2025, with strong financial performance, expanded global reach, and enhanced content and distribution capabilities, positioning itself as a leading global media and entertainment player.