Canal+ Sa · LSE:CAN
Canal+ Sa — H1 2026 Earnings Presentation
37 slides from Canal+ Sa's earnings presentation, Jul 28, 2026
Slide 1: Half-Year Results
2026 HALF -YEAR RESULTS 28 JULY 2026
Slide 2: Disclaimer
DISCLAIMER This presentation is for information purposes only and does not constitute,nor is to be construed as, an offer to sell or the recommendation, solicitation,inducement or offer to buy, subscribe for or sell shares in the Company or any other securities. No reliance may or should be placed b
Slide 3: Speakers
SPEAKERS MAXIME SAADA AMANDINE FERRÉ CANAL+ CEO CANAL+ CFO CHIEF ESG OFFICER 3
Slide 4: Agenda
AGENDA AT A GLANCE H1 2026 HIGHLIGHTS MULTICHOICE TURNAROUND SYNERGIES UPDATE H1 2026 RESULTS 2026 & MEDIUM TERM OUTLOOK 4
Slide 5: A Global Media and Entertainment Company Anchored in Europe & Africa
A GLOBAL MEDIA AND ENTERTAINMENT COMPANY ANCHORED IN EUROPE & AFRICA #1 40m + €8.7BN 85% €701m €447m in 40+ Subscribers Revenue Revenue from Adjusted EBIT 1, 2 Free Cash Flow countries in 2025 in 2025 subscriptions in 2025 in 2025 2 A LEADER ACROSS THE ENTIRE MEDIA VALUE CHAIN PRODUCER AGGREGATOR DI
Slide 6: Agenda
AGENDA AT A GLANCE H1 2026 HIGHLIGHTS MULTICHOICE TURNAROUND SYNERGIES UPDATE H1 2026 RESULTS 2026 & MEDIUM TERM OUTLOOK 6
Slide 7: Strong H1 2026
STRONG H1 2026 STRONG H1 MULTICHOICE ACCELERATED RESULTS TURNAROUND SYNERGIES PLAN UNDERWAY WELL ON TRACK ▪ Revenue increased by 40% ▪ Key operational actions ▪ € 120 M synergies contribution year -on -year to €4,287M. implemented across content, to H1 2026 Adjusted EBIT Excluding MultiChoice, tech,
Slide 8: H1 2026 Content Highlights
H1 2026 CONTENT HIGHLIGHTS REINFORCING OUR POSITION BUILDING OUR FRANCHISE ADAPTING BEST -SELLING AS THE HOME OF PREMIUM FACTORY AND SLATE BOOKS FOR SCREEN ENTERTAINMENT ▪ Development of Paddington 4 ▪ Launch of ON SCREEN (joint-venture UEFA men’s club competitions ▪ Upcoming Broadway launch expecte
Slide 9: Agenda
AGENDA AT A GLANCE H1 2026 HIGHLIGHTS MULTICHOICE TURNAROUND SYNERGIES UPDATE H1 2026 RESULTS 2026 & MEDIUM TERM OUTLOOK 9
Slide 10: Strengthening Our Premium Content Offering Over the Long Term
STRENGTHENING OUR PREMIUM CONTENT OFFERING OVER THE LONG TERM PREMIER SOCCER LEAGUE South Africa’s local football league MAJOR SPORT RIGHTS SECURED IN H1 2026 MEN AND WOMEN’S RUGBY WORLD CUP (2027 and 2029) VODACO M UNITED RUGBY CHAMPIONSHIP THE ROAD HOME STRONG IN -HOUSE PRODUCTION SLATE 10 10
Slide 11: Boosting Subscriber Acquisition: Successful Content and Marketing Initiatives
BOOSTING SUBSCRIBER ACQUISITION: SUCCESSFUL CONTENT AND MARKETING INITIATIVES LAUNCH OF NOVELAS+ IN SOUTH AFRICA Idriss Elba NEW TELENOVELA THAT PREMIERED IN JUNE IN SOUTH AFRICA 11
Slide 12: Reducing Equipment Price for the Subscriber
BOOSTING SUBSCRIBER ACQUISITION: REDUCING EQUIPMENT PRICE FOR THE SUBSCRIBER EXAMPLE OF KENYA PRICE RENEGOTIATIONS WITH SUPPLIERS RESULTING FROM Combined price of set -top box and dish GROUP’S NEW COMBINED SCALE -22% + SUBSCRIBER SUBSIDIES REDUCING EQUIPMENT PRICE FOR THE SUBSCRIBER (SET -TOP BOX AN
Slide 13: Growing the Distribution Network
BOOSTING SUBSCRIBER ACQUISITION: GROWING THE DISTRIBUTION NETWORK EXAMPLE OF UGANDA NUMBER OF POINTS OF SALE ACROSS MULTICHOICE COUNTRIES Number of points of sale +17% +15% VS. MARCH 2026 Mar -26 Jun-26 13
Slide 14: First Positive Impact of Initiatives
BOOSTING SUBSCRIBER ACQUISITION: FIRST POSITIVE IMPACT OF INITIATIVES SUBSCRIBER ACQUISITION UP 40% IN H1 26 VS. H1 25 ACROSS MULTICHOICE COUNTRIES JUNE 2026: BEST SUBSCRIBER ACQUISITION MONTH IN SOUTH AFRICA IN A DECADE 14
Slide 15: Agenda
AGENDA AT A GLANCE H1 2026 HIGHLIGHTS MULTICHOICE TURNAROUND SYNERGIES UPDATE H1 2026 RESULTS 2026 & MEDIUM TERM OUTLOOK 15
Slide 16: Synergies: Well on Track to Achieve Our 2026 Target
SYNERGIES: WELL ON TRACK TO ACHIEVE OUR 2026 TARGET GROUP ADJUSTED EBIT COST SYNERGIES INITIATIVES IMPLEMENTED compared to 2025 cost baseline – before implementation costs ▪ DISCONTINUED SHOWMAX STREAMING SERVICE 250 ▪ OPTIMISED AND RENEGOTIATED CONTENT COSTS ▪ COMPLETED MULTICHOICE VOLUNTARY SEVERA
Slide 17: Agenda
AGENDA AT A GLANCE H1 2026 HIGHLIGHTS MULTICHOICE TURNAROUND SYNERGIES UPDATE H1 2026 RESULTS 2026 & MEDIUM TERM OUTLOOK 17
Slide 18: H1 2026 Results: Structural Drivers and H1 Tailwinds
H1 2026 RESULTS: STRONG H1, WITH SPECIFIC TAILWINDS TO UNWIND IN H2 STRUCTURAL DRIVERS H1 TAILWINDS ▪ Cost synergy initiatives gaining ▪ FIFA World Cup boost to subscriber traction base in Africa ▪ Continued cost efficiencies in Europe ▪ Favourable content cost seasonality ▪ Strong cash conversion ▪
Slide 19: Subscriber Base by Distribution Channel
PORTFOLIO: +8% SUBSCRIBERS VS H1 2025, INCLUDING +5% IN RETAIL SUBSCRIBER BASE PER DISTRIBUTION CHANNEL [M] +5% ADDITIONAL RETAIL SUBSCRIBERS +8% ▪ Strong growth in France, partially offset by DTH 41.2 subscriber base divestment in Hungary 38.0 ▪ Very strong growth in French -speaking Africa Wholesa
Slide 20: Revenue: Change in Scale with the Acquisition of MultiChoice
REVENUE: CHANGE IN SCALE WITH THE ACQUISITION OF MULTICHOICE GROUP H1 YEAR -ON -YEAR REVENUE VARIATION (€M) +40% 4,263 4,287 -23 40 -37 0 21 1214 3,072 +1.4% like-for-like1 growth excl. MultiChoice H1 2025 MultiChoice Multichoice - H1 2025 like- MultiChoice Currency effect Scope effect H1 2026 r
Slide 21: Adjusted EBIT Before Exceptional Items
ADJUSTED EBIT BEFORE EXCEPTIONAL ITEMS: CHANGE IN SCALE WITH THE ACQUISITION OF MULTICHOICE GROUP H1 YEAR -ON -YEAR ADJUSTED EBIT BEFORE EXCEPTIONAL ITEMS VARIATION (€M) +68% 433 -3 37 363 10 25 52 257 55 MultiChoice: €107m H1 2025 MultiChoice MultiChoice - H1 2025 Europe Africa & Asia MultiChoice
Slide 22: Europe Results
EUROPE: STRONG INCREASE IN PROFITABILITY THANKS TO SEASONALITY EFFECTS AND COST EFFICIENCY INITIATIVES SUBSCRIBER BASE (M) REVENUE & ADJUSTED EBIT +10% INCREASE IN SUBSCRIBER BASE BEFORE EXCEPTIONAL ITEMS ▪ Strong performance in France, in both retail and wholesale, partially offset by DTH subscribe
Slide 23: Africa & Asia Results
AFRICA & ASIA: STRONG INCREASE IN PROFITABILITY DRIVEN BY SYNERGIES AND COMMERCIAL ACTIVITY AFRICA & ASIA INCLUDING MULTICHOICE SUBSCRIBER BASE (M) REVENUE & ADJUSTED EBIT +7% INCREASE IN SUBSCRIBER BASE BEFORE EXCEPTIONAL ITEMS BOOSTED BY FIFA WORLD CUP ▪ Strong performance of CANAL+ historical +7%
Slide 24: Africa & Asia Excluding MultiChoice
AFRICA & ASIA EXCLUDING MULTICHOICE: ADJUSTED EBIT UP +9% DRIVEN BY REVENUE GROWTH IN PAY TV AND FTTH OPERATIONS AFRICA & ASIA EXCLUDING MULTICHOICE SUBSCRIBER BASE (M) REVENUE & ADJUSTED EBIT +17% INCREASE IN SUBSCRIBER BASE BEFORE EXCEPTIONAL ITEMS ▪ Peak in June thanks to strong line -up includin
Slide 25: MultiChoice Adjusted EBIT
STRONG INCREASE IN MULTICHOICE ADJUSTED EBIT DRIVEN BY COST SYNE RGIES MultiChoice MULTICHOICE ADJUSTED EBIT BEFORE EXCEPTIONAL YEAR -ON -YEAR VARIATION, excluding PPA, €M +88 M€ + 160% Total synergies: ~€120M ~(35) 143 ~ 70 107 Top line impact, 52 cost inflation, growth investment and other 55 H1 2
Slide 26: Africa & Asia: MultiChoice Results
AFRICA & ASIA: MULTICHOICE ADJUSTED EBIT UP +34% THANKS TO COST SYNERGIES MULTICHOICE SUBSCRIBER BASE (M) REVENUE & ADJUSTED EBIT SUBSCRIBERS BASE BROADLY FLAT BEFORE EXCEPTIONAL ITEMS ▪ Positive impact of FIFA World Cup in June Revenue (€M) Adjusted EBIT (€M) Showmax discontinuation impact (€M) ▪ F
Slide 27: Content Production, Distribution and Other
CONTENT PRODUCTION, DISTRIBUTION AND OTHER: REVENUE UP +10% REVENUE & ADJUSTED EBIT +10% INCREASE IN SEGMENT REVENUE BEFORE EXCEPTIONAL ITEMS (+5.9% LIKE -FOR -LIKE) Revenue (€M) Adjusted EBIT (€M) ▪ Strong theatrical performance of STUDIOCANAL with local breakout hits (e.g., Guru, The Housemaid, Ex
Slide 28: Earnings from Continuing Operations
SIGNIFICANT IMPROVEMENT IN EARNINGS FROM CONTINUING OPERATIONS ON A COMBINED BASIS H1 2025 H1 2025 (in millions of euros) restated 1 restated incl. H1 2026 1, 2 EXCEPTIONAL ITEMS excl. MultiChoice 2, MultiChoice 3 ▪ Restructuring costs of MultiChoice ADJUSTED EBIT ( EBITa ) BEFORE EXCEPTIONAL ITEMS
Slide 29: Very Strong Cash Flow from Operations in H1
VERY STRONG CASH FLOW FROM OPERATIONS IN H1 CASH FLOW FROM OPERATIONS (€M) 559 VERY STRONG CASH FLOW FROM OPERATIONS BEFORE EXCEPTIONAL 433 ITEMS… 255 ▪ Impact of continued cash optimisation initiatives across the Group (149) ▪ Favourable phasing of payments (59) … DESPITE A SIGNIFICANT CASH OUT 202
Slide 30: Positive Free Cash Flow After Exceptional Items
POSITIVE FREE CASH FLOW AFTER EXCEPTIONAL ITEMS INCLUDING LARGE PAYMENT OF FRENCH VAT LITIGATION SETTLEMENT FREE CASH FLOW (€M) 559 €25M POSITIVE ONE -OFF ON CASH TAX resulting from the change in (103) MultiChoice’s financial year -end (23) 414 (18) CASH INTEREST BENEFITTED FROM REFINANCING OF THE G
Slide 31: A Strong Balance Sheet with a Controlled Leverage Ratio
A STRONG BALANCE SHEET WITH A CONTROLLED LEVERAGE RATIO 31/12/2025 30/06/2026 NET FINANCIAL DEBT NET FINANCIAL DEBT -94M€ 79 (50) (22) (74) (4) (23) (1,997) (2,091) FCF M&A Dividends to Flow from Dividends paid Others shareholders discontinued to minorities & operations received from associates Cash
Slide 32: Secured Refinancing
SECURED REFINANCING DEBT BY FINANCING SOURCES (JUNE 26, M€) SUCCESSFUL €700M BOND ISSUE IN MAY 2026 ▪ Second bond issuance ▪ 6 -year maturity ▪ Annual coupon of 4.875% Euro-denominated ▪ Favourable phasing of payments bonds AVERAGE DEBT MATURITY: 4.4 years 1,318 Term loan & others as of 30 June 2026
Slide 33: Agenda
AGENDA AT A GLANCE H1 2026 HIGHLIGHTS MULTICHOICE TURNAROUND SYNERGIES UPDATE H1 2026 RESULTS 2026 & MEDIUM TERM OUTLOOK 33
Slide 34: Well on Track to Meet Our Guidance
WELL ON TRACK TO MEET OUR GUIDANCE 2026 GUIDANCE MEDIUM -TERM LONG -TERM Incl. Synergies & Boost Plan OUTLOOK OUTLOOK MODERATE REVENUES (€M) FLAT GROWTH ADJUSTED EBIT (€M) BEFORE EXCEPTIONAL ITEMS, EXCLUDING MCG PPA 735 Above 850 % MARGIN CFFO (€M) BEFORE VAT SETTLEMENT & Above 600 Above 800 RESTRUC
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Slide 36: Appendix
APPENDIX
Slide 37: Glossary
GLOSSARY Non -GAAP measures should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financi al performance as presented in the Consolidated Financial Statements and the related Notes, or as described in this financial review. The group considers these t