Canal+ Sa · LSE:CAN
Canal+ Sa — Debt Investor Presentation (November 2025)
57 slides from Canal+ Sa's debt investor presentation, November 2025
Slide 1: Disclaimer
DISCLAIMER This presentation contains information which are for information purposes only and are not meant to serve as a basis for any kind of obligation, contractual or otherwise. The information contained within these pages is based on sources we deem to be reliable. Canal + provides its best eff
Slide 2: Investor Presentation November 2025
INVESTOR PRESENTATION NOVEMBER 2025
Slide 3: Today's Speakers
TODAY’S SPEAKERS MAXIME SAADA AMANDINE FERRÉ CEO / CHAIRMAN OF THE CHIEF FINANCIAL & ESG OFFICER MANAGEMENT BOARD MANAGEMENT BOARD MEMBER TENURE: 20+YEARS TENURE: 15+ YEARS 4
Slide 4: Key Credit Highlights
KEY CREDIT HIGHLIGHTS PAY TV IS AN OUR MULTI-CONTENT CONTROLLING ATTRACTIVE AND VALUE PROPOSITION IS DISTRIBUTION IS GROWING MARKET UNIQUE ESSENTIAL SCALE IS CRITICAL SOLID BUSINESS MODEL AN ESG STRATEGY GENERATING ANCHORED RECURRING REVENUES IN OUR BUSINESS & PROFITABLE GROWTH MODEL 5
Slide 5: A global media & entertainment powerhouse
A GLOBAL MEDIA & ENTERTAINMENT POWERHOUSE ~ 40 M ~ 70 SUBSCRIBERS COUNTRIES WITH OPERATIONS 400 +M TOP1 MONTHLY PAY TV IN ACTIVE USERS ~40 COUNTRIES ~€ 9 BN ~ 7.6 % REVENUES MARGIN KEY STAKES EUROPE AFRICA& ASIA CONTENT PRODUCTION, DISTRIBUTION & OTHER Revenues and margin for combined Group as
Slide 6: Core Belief #1: Pay TV is an attractive and growing market
CORE BELIEF #1 #1 PAY TV IS AN ATTRACTIVE AND GROWING MARKET SHAKA ILEMBE
Slide 7: Massive footprint in a very dynamic market
MASSIVE FOOTPRINT IN A VERY DYNAMIC MARKET 1,200 M + 800 M INHABITANTS BY 2050 51 % ELECTRIFICATION RATE PAY-TV FOOTPRINT 38 % 3 % PAY TV OTT PENETRATION PENETRATION LONG TERM Ý AMBITION: INSTALLED BASE OF 50% OF ELECTRIFIED HOUSEHOLDS 8 Source: BCG analysis, Oxford Economics, World Bank, UNO (World
Slide 8: In Europe, increased penetration of SVOD offers is driving market growth
IN EUROPE, INCREASED PENETRATION OF SVOD OFFERS IS DRIVING MARKET GROWTH 71% 2 PENETRATION OF PAY-TV AND SVOD OFFERS 35% 2016 2024 LAUNCH OF 9
Slide 9: Core Belief #2: Our multicontent value proposition is unique
CORE BELIEF #2 #2 OUR MULTICONTENT VALUE PROPOSITION IS UNIQUE CHARLES LECLERC SUPERSONIQUE 10
Slide 10: Build the best global and local content value proposition
BUILD THE BEST GLOBAL AND LOCAL CONTENT VALUE PROPOSITION Ý: DEEP EXPERTISE IN BUILDING THE MOST COMPREHENSIVE OFFERING STREAMING PLATFORMS CANAL+ CHANNELS (IN-HOUSE PAY TV) THIRD PARTY IN-HOUSE BASIC PAY TV THIRD PARTY IN-HOUSE FREE-TO-AIR Ý EXC. MCG / 11
Slide 11: Premium sports: multiyear agreements on key rights until end of decade
MULTIYEAR AGREEMENTS ON KEY RIGHTS UNTIL END OF DECADE PREMIUM SPORTS RIGHTS 2027 2028 2029 2030 2032 Ý EXC. MCG / 12
Slide 12: A robust analysis model for content investment
A ROBUST ANALYSIS MODEL FOR CONTENT INVESTMENT NO LOW CASUAL FANS SUPER FANS TOTAL CONSUMPTION CONSUMPTION 13 Ý EXC. MCG /
Slide 13: Multiyear agreements on key rights until end of decade
MULTIYEAR AGREEMENTS ON KEY RIGHTS UNTIL END OF DECADE FIRST PARTNER OF THE LOCAL CINEMA IN FRANCE, POLAND AND AFRICA; IN FRANCE, THE ONLY BROADCASTER OF MOVIES 6 MONTHS AFTER THEIR THEATRICAL RELEASE NEWLYRELEASED DIRECTTOPLATFORM CATALOGUE/LIBRARY THEATRICAL MOVIES MOVIES MOVIES AVAILABLE ON A
Slide 14: Third-party platform content directly available in the app
THIRD-PARTY PLATFORM CONTENT DIRECTLY AVAILABLE IN THE Ý APP Ý EXC. MCG / 15
Slide 15: A unique aggregation strategy
A UNIQUE AGGREGATION STRATEGY Ý EXC. MCG / 16
Slide 16: Enhance in-house production capabilities with Studiocanal: cinema
ENHANCE OUR IN-HOUSE PRODUCTION CAPABILITIES WITH STUDIOCANAL CINEMA: STRONG H1 25 FOR STUDIOCANAL IN THEATRES SUCCESSFUL THEATRICAL RELEASES … … AND INTERNATIONAL AWARDS Global box office French distributor of the Oscar winner for the Best International Feature film for “I’m Still Here” $213M $136M
Slide 17: Enhance in-house production capabilities with Studiocanal: series
ENHANCE OUR IN-HOUSE PRODUCTION CAPABILITIES WITH STUDIOCANAL SERIES: WORDLWIDE HITS ON STREAMING PLATFORMS 12M+ VIEWS IN FRANCE SMASH HIT ACROSS ALL Ý TERRITORIES… TOP 1 TOP 10 IN 34 COUNTRIES IN 18 COUNTRIES … AND IN OTHER GEOGRAPHIES SEASON 2 CURRENTLY IN PRODUCTION TOP 10 IN 66 COUNTRIES Ý EXC.
Slide 18: Creation of labels to foster IP development
ENHANCE IN-HOUSE PRODUCTION CAPABILITIES WITH STUDIOCANAL CREATION OF LABELS TO FOSTER IP DEVELOPMENT Ý EXC. MCG / 19
Slide 19: Core Belief #3: Controlling distribution is essential
CORE BELIEF #3 #3 CONTROLLING DISTRIBUTION IS ESSENTIAL COLE PALMER - CHELSEA - PREMIER LEAGUE
Slide 20: Canal+ has control over distribution
Ý HAS CONTROL OVER DISTRIBUTION, WHICH IS CRITICAL TO INCREASE PERFORMANCE TECHNOLOGIES TV PARTNERSHIPS NEW ENVIRONMENTS IPTV CABLE OTT DTH 4G & 5G 21
Slide 21: Core Belief #4: Scale is critical
CORE BELIEF #4 #4 SCALE IS CRITICAL WICKED LITTLE LETTERS
Slide 22: Scale is critical to amortise content costs
SCALE IS CRITICAL TO AMORTISE CONTENT COSTS € 1.3M/EPISODE € 13M/EPISODE €0.05/SUBSCRIBER €0.05/SUBSCRIBER 23
Slide 23: Growth ambition
GROWTH AMBITION 50100M ≈ TARGET SUBSCRIBERS 4.8M SUBSCRIBERS 15M SUBSCRIBERS 29.3% 37.32% Largest shareholder 2nd largest shareholder PATHTOCONTROL 2025 2024 2022 ≈ 40 M 27 SUBSCRIBERS 2019 ≈ M 2016 SUBSCRIBERS 25 2015 ≈ ≈20 M 15 M SUBSCRIBERS 11 ≈ M SUBSCRIBERS M SUBSCRIBERS SUBSCRIBERS 24
Slide 24: MultiChoice, the pay TV leader in English and Portuguese-speaking Africa
MULTICHOICE, THE PAY TV LEADER IN ENGLISH AND PORTUGUESE-SPEAKING AFRICA COMBINED FOOTPRINT SUBSTANTIAL ASSETS § PayTV leader in South Africa and other English and Portuguese-speaking African countries § ~14M subscribers § Strong brands as well as a large portfolio of contents PREMIUM SPORTS THIRD P
Slide 25: Core Belief #5: Solid business model generating recurring revenues
CORE BELIEF #5 #5 SOLID BUSINESS MODEL GENERATING RECURRING REVENUES & PROFITABLE GROWTH RECURRING Ý MULTICHOICE COMBINED REVENUES FINANCIALS FINANCIALS FIGURES OF MONEY AND BLOOD 26
Slide 26: Our solid business model is a key asset to pursue our growth strategy
OUR SOLID BUSINESS MODEL IS A KEY ASSET TO PURSUE OUR GROWTH STRATEGY A SUBSCRIPTION- BASED MODEL… … WITH COMMITMENT … OVER TIME 80 85 1 SUBSCRIBER OUT OF 2 WITH US FOR OVER ~ % % OF REVENUES DRIVEN OF THE SUBSCRIBER BASE IN 10+YEARS BY SUBSCRIPTIONS FRANCE AND POLAND HAS A 1 IN 4 FOR OVER 20 YEARS
Slide 27: Resilience thanks to content diversity
RESILIENCE THANKS TO CONTENT DIVERSITY STABILITY OF REVENUES DURING COVID-19 AND THE HOLLYWOOD STRIKE 28
Slide 28: Recurring revenues driven by the catalogue
RECURRING REVENUES DRIVEN BY THE CATALOGUE 9,400 CONTENT IN STUDIOCANAL CATALOGUE 29
Slide 29: Recurring revenues: Canal+ financials
CORE BELIEF #5 RECURRING Ý MULTICHOICE COMBINED REVENUES FINANCIALS FINANCIALS FIGURES PSG-INTER MILAN – CHAMPIONS LEAGUE FINAL 2025
Slide 30: Increasing subscriber base
INCREASING SUBSCRIBER BASE SUBSCRIBERS BASE (M) Ý without MCG + 4.2%/YEAR OVER THE PAST 4 YEARS 26.8M 26.9M RETAIL 19.5M RETAIL 19.9M WHOLESALE 7.3M WHOLESALE 7.0M 25.8M 23.8M 11M FY15 FY21 FY22 FY23 FY24 31
Slide 31: Growing revenues
GROWING REVENUES REVENUES, €Bn CANAL+ without MCG +3.2%/YEAR 21-24 €6.4Bn Positive growth expected, excluding €6.2Bn impact of discontinued €6.0Bn contracts and activities (termination €5.9Bn of Disney contract, UEFA Champions League sublicensing partnership and closure of C8 channel) FY21 FY22 FY23
Slide 32: Improved profitability
IMPROVED PROFITABILITY ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS, €M CANAL+ without MCG €515M €503M €477M €457M €424M FY21 FY22 FY23 FY24 FY25guidance Margin 7.2% 7.6% 7.7% 7.8% >8.0% 33
Slide 33: Strong cash generation improvement in 2025
STRONG CASH GENERATION IMPROVEMENT IN 2025 CASH FLOW FROM OPERATIONS (CFFO), €M CANAL+ without MCG >€500M Exceptional payment concentration in H2 FY24 for sport contract €355M Sport rights deposit paid in 2022 €315M renewals €252M €218M FY21 FY22 FY23 FY24 FY25guidance Free Cash €222M €35M €2M €29M
Slide 34: Generate profitable growth and cash
GENERATE PROFITABLE GROWTH AND CASH § FOCUS ON PROFITABLE CONTRACTS, ACTIVITIES AND RETAIL CUSTOMER SEGMENTS § TAKE ADVANTAGE OF SIZE TO GENERATE ADDITIONAL SYNERGIES § INCREASE PROFITABILITY OF EUROPE SEGMENT THROUGH COST REDUCTIONS § CONTINUE TO MATERIALLY IMPROVE CASH GENERATION 35
Slide 35: Structural savings initiatives driving increased profitability into FY25 & beyond
STRUCTURAL SAVINGS INITIATIVES DRIVING INCREASED PROFITABILITY INTO FY25 & BEYOND FY25 FY26 FY27 END OF LIGUE 1 CONTRACT END OF THE CONTRACT WITH DISNEY EXIT OF OUR PAY TV CHANNELS FROM DTT IN FRANCE AND CLOSING OF THE C8 CHANNEL LAUNCH OF A REDUNDANCY PLAN IN FRANCE RENEWED AGREEMENT WITH THE FRENC
Slide 36: A cash-flow optimisation plan successfully launched
A CASH-FLOW OPTIMISATION PLAN SUCCESSFULLY LAUNCHED CHANGES IN REDUCTION IMPROVEMENT OF IMPROVEMENT OPTIMISATION MANAGEMENT OF EXPENSES WORKING CAPITAL OF THE TAX OF FINANCING REMUNERATION FRAMEWORK 37
Slide 37: Recurring revenues: MultiChoice financials
RECURRING Ý MULTICHOICE COMBINED REVENUES FINANCIALS FINANCIALS FIGURES SHANGA
Slide 38: Challenging operating environment negatively affected historical performance
CHALLENGING OPERATING ENVIRONMENT NEGATIVELY AFFECTED HISTORICAL PERFORMANCE SUBSCRIBER BASE (M) REVENUES (€Bn) TRADING PROFIT (€M) €3.0 €519 17.3 €2.8 €502 16.6 €2.8 15.7 €2.6 €396 14.5 €203 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 MultiChoice’s FY 2025 means Financial Year ended
Slide 39: Leveraging greater scale and resources to drive MCG turnaround strategy
LEVERAGING GREATER SCALE AND RESOURCES TO DRIVE MCG TURNAROUND STRATEGY RETURN TO GROWTH § Reinvest in subscriber acquisition to capture growth opportunity in underpenetrated African pay-tv market § Offset higher subscriber acquisition cost through synergies and granular focus on optimal distributio
Slide 40: Started implementing synergies since day 1
STARTED IMPLEMENTING SYNERGIES SINCE DAY 1 SIGNIFICANT NUMBER TRANSVERSAL HIGH SYNERGY OF STRATEGIC FUNCTION POTENTIAL INITIATIVES WORKSTREAMS ADJACENCIES PLATFORMS 1 PROCUREMENT 10 PRODUCTION 17 PROPERTY 21 A IRDETO (CYBERSECURITY X CULTURE & CHANGE INFRASTRUCTURE & TOOLS MULTICHOICE) MANAGEMENT 2
Slide 41: Recurring revenues: combined figures
RECURRING Ý MULTICHOICE COMBINED REVENUES FINANCIALS FINANCIALS FIGURES VERSAILLES
Slide 42: Significant increase in scale, footprint and profitability following MCG acquisition
SIGNIFICANT INCREASE IN SCALE, FOOTPRINT AND PROFITABILITY FOLLOWING MCG ACQUISITION (1) TOTAL DEC-24 (EXC. SYNERGIES AND INTERCOS) # COUNTRIES 53 21 ~70 SUBSCRIBERS (M) 26.9 14.9 41.8 REVENUES (€M) 6,449 2,543 8,992 EBITDA (2) (€M) 662 234 896 ADJUSTED EBIT (€M) BEFORE 503 185 687 EXCEPTIONAL ITEMS
Slide 43: Combined group characterized by solid financials and strong cashflow generation
COMBINED GROUP CHARACTERIZED BY SOLID FINANCIALS AND STRONG CASHFLOW GENERATION Subscriber base (M) Revenues (€M) Adjusted EBIT (€M) CFFO (€M) before exceptional items Canal+ Discontinued 40.5 contracts 4,446 Non comparable 2024 332 600 38.7 and activities § UCL sub-license 4,300 perimeter : 17 § C8
Slide 44: Conservative financial profile and disciplined balance sheet management post spin-off
CONSERVATIVE FINANCIAL PROFILE AND DISCIPLINED BALANCE SHEET MANAGEMENT POST SPIN-OFF COMBINED CAPITAL STRUCTURE OVERVIEW (OCT. 25) DEBT MATURITY PROFILE MATURITY €M Envisaged Eurobond issuance FINANCIAL GROSS DEBT 2,510 Canal + Schuldschein Ý Local credit facilities 2025 11 Canal + Bridge (Multicho
Slide 45: Demonstrated sound and prudent financing policy
DEMONSTRATED SOUND AND PRUDENT FINANCING POLICY STRONG LIQUIDITY POSITION WITH AMPLE ACCESS A CONSERVATIVE CAPITAL ALLOCATION POLICY (1) TO DIVERSIFIED FUNDING SOURCES MAINTAINING A SOUND BALANCE SHEET WITH Undrawn CONTROLLED DEBT LEVEL Credit Facilities €300m 25% PURSUING A PROFITABLE GROWTH OF O
Slide 46: Core Belief #6: An ESG strategy anchored in our business model
CORE BELIEF #6 #6 AN ESG STRATEGY ANCHORED IN OUR BUSINESS MODEL AUTUMN AND THE BLACK JAGUAR
Slide 47: Canal+ Group recognises its responsibility as a global media company
Ý GROUP RECOGNISES ITS RESPONSIBILITY AS A GLOBAL MEDIA AND ENTERTAINMENT COMPANY TO ACT ETHICALLY AND SUSTAINABLY… THREE PILLARS UNDERLYING Ý GROUP’S CORPORATE SOCIAL RESPONSIBILITY GOVERNANCE AND MANAGEMENT Defines strategic focus, coordinates Enabling access action plans, manages non-financial to
Slide 48: Supported by tangible KPIs
…SUPPORTED BY TANGIBLE KPIS BOTH INTERNALLY AND IN RELATION TO ITS AUDIENCES -17% 67% 97% Scope 1 and 2 “market-based” Renewable energy Recycled plastic in our new versus 2023 +15pts versus 2023 generation set-top boxes 97/100* 45% 82% Gender Equality Index Women on the Executive Committee Employees
Slide 49: Glossary
GLOSSARY The non-GAAP measures defined below should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance. Ý and MCG considers these to be relevant indicators of the group’s operating and financial performance. Moreover, it should be no
Slide 50: Disclaimer
DISCLAIMER This document (together with any oral or supplemental information provided in connection therewith, the “Presentation”) has been prepared by CANAL+ SA (“Canal”) for information purposes only and is available on its website (https://www.canalplusgroup.com/en). This Presentation includes on
Slide 51: Appendices
APPENDICES
Slide 52: H1 24 and H1 25 combined accounts
H1 24 AND H1 25 COMBINED ACCOUNTS 06.25 06.24 Delta Combined including including Eliminations Combined including including including including Eliminations Eliminations (c) Combined KPIs KPIs Canal+ (a) MCG (b) (c) KPIs Canal+ (a) MCG (b) Canal+ (a) MCG (b) (c) Subscribers (k) 38 736 25 660 13 076 4
Slide 53: Canal+ standalone income statement
CANAL+ STANDALONE INCOME STATEMENT in €mm, except per share amounts, € 2023A 2024A H1’2024 H1’2025 1 Revenues 6,223 6,449 3,190 3,086 Content costs (3,725) (3,896) (1,909) (1,784) Technology, selling, general, administrative costs & others (2,021) (2,090) (967) (1,135) Restructuring costs (5) (82) (
Slide 54: Canal+ standalone balance sheet (1/2)
CANAL+ STANDALONE BALANCE SHEET (1/2) in €mm AS OF DEC-2023 AS OF DEC-2024 AS OF JUN-2025 1, 2 ASSETS Goodwill 2,458 2,462 2,535 Non-current content assets 468 535 482 Other intangible assets 632 669 662 Property and equipment 675 609 571 Rights-of-use relating to leases 184 176 160 Investments in e
Slide 55: Canal+ standalone balance sheet (2/2)
CANAL+ STANDALONE BALANCE SHEET (2/2) in €mm AS OF DEC-2023 AS OF DEC-2024 AS OF JUN-2025 1, 2 EQUITY AND LIABILITIES Share Capital – 248 248 Share Premium – 6,603 6,583 Canal + Group owners' net investment 894 – – Retained earnings and other reserves – (2,060) (2,000) Total equity attributable to s
Slide 56: Canal+ standalone cash flow statement (1/2)
CANAL+ STANDALONE CASH FLOW STATEMENT (1/2) in €mm 2023A 2024A H1’2024 H1’2025 1 OPERATING ACTIVITIES Operating income (EBIT) 426 341 289 142 Adjustments 344 386 137 123 Content investments, net (122) (198) (58) 188 Acquisition paid (2,015) (2,221) (887) (780) Consumption 1,893 2,023 829 968 Gross c
Slide 57: Canal+ standalone cash flow statement (2/2)
CANAL+ STANDALONE CASH FLOW STATEMENT (2/2) in €mm 2023A 2024A H1’2024 H1’2025 1 FINANCING ACTIVITIES Contributions by Vivendi 2 - - - Acquisition of non-controlling interests (45) (6) - - Dividends paid by consolidated companies to their non-controlling interests (38) (36) - - Distributions to Cana