## Canal+ S.A. 2025 Preliminary Results & Strategic Update Summary
**Strong Performance and Transformational Year:**
* **Financial Highlights**
* Revenue in line with guidance, exceeding profitability and cash expectations.
* Adjusted EBIT before exceptional items reached €527 million (8.4% margin), exceeding guidance of €515 million.
* CFFO of €587 millionabove guidance of €500 million.
* FCF of €428 millionabove guidance of €370 million.
* **Key Achievements**
* **MultiChoice Acquisition** Completed acquisition, identifying €400 million in synergy-driven cost savings by 2030.
* **Tax Resolution** Resolved major legacy tax issues in France, providing clarity on future tax regime.
* **Profitability Improvement** European business profitability increased by 15%.
* **Sports Rights** Secured UEFA Champions League rights in France until 2031.
* **Debt Refinancing** Successfully refinanced debt on attractive terms, lowering funding costs.
**Strategic Update and Outlook**
* **2026 Focus**
* **Europe** Continue improving profitability.
* **Africa** Position for growth and turnaround MultiChoice.
* **Content** Enhance entertainment platform and content mix (e.g., Lucky Red acquisition, Sky partnership for English-speaking drama).
* **Synergies and Efficiency** Capture synergies from scale, maintain cost discipline, leverage AI for operational efficiency.
* **2026 Guidance**
* Adjusted EBIT before exceptional items€735 million.
* CFFOAbove €600 million.
* FCFAbove €250 million (before VAT settlement and restructuring costs).
* **Medium-Term Targets**
* Moderate revenue growth.
* Adjusted EBIT before exceptional itemsAbove €850 million.
* CFFOAbove €800 million.
* FCFAbove €500 million (before VAT settlement and restructuring costs).
**MultiChoice Turnaround Plan**
* **Four Strategic Pillars**
* **Best Content** Offer compelling content with local and global partnerships, focusing on African content production.
* **Simplified Offers** Streamline commercial propositions with clearer pricing and branding.
* **Acquisition Engine** Lower entry costs, expand distribution, and strengthen salesforce.
* **Operational Excellence** Implement best practices, standardize operations, capture synergies, and shift to a sales-focused model.
**Overall**
Canal+ S.A. had a successful and transformational year in 2025, achieving financial targets and making significant strategic progress. The company is well-positioned for future growth, focusing on profitability, African expansion, content enhancement, and operational efficiency. The MultiChoice turnaround plan is a key priority, aiming to restore profitable growth in Africa.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue (€m) | 6,449 | 6,949 | +7.7% |
| Adjusted EBIT (€m) | 503 | 646 | +28.4% |
| CFFO (€m) | 218 | 546 | +150.5% |
| FCF (€m) | 29 | 280 | +865.5% |
| Net Debt (€m) | (355) | (1,997) | +462.6% |
Key Notes:
- Revenue increased by 7.7% from €6,449m in 2024 to €6,949m in 2025, driven by the acquisition of MultiChoice and organic growth.
- Adjusted EBIT increased by 28.4% from €503m in 2024 to €646m in 2025, due to improved profitability and synergies from the MultiChoice acquisition.
- CFFO and FCF significantly increased in 2025, reflecting strong cash generation and the impact of the MultiChoice acquisition.
- Net debt increased substantially from €355m in 2024 to €1,997m in 2025, primarily due to the financing of the MultiChoice acquisition.