Canal+ Sa · LSE:CAN
Canal+ Sa — Shareholder Meeting (2026)
99 slides from Canal+ Sa's shareholder meeting presentation, May 29, 2026
Slide 1: Combined General Meeting
CANAL+ pceerreee GENERAL MEETING
Slide 2: Yannick Bolloré, Chairman of the Supervisory Board
YANNICK BOLLORÉ CHAIRMAN OF THE SUPERVISORY BOARD
Slide 3: Laëtitia Ménasé, General Counsel
LAËTITIA MÉNASÉ GENERAL COUNSEL
Slide 4: Agenda of the Combined General Meeting
Powers to carry out legal formalities. Powers to carry out legal formalities. AGENDA OF THE COMBINED GENERAL MEETING ORDINARY RESOLUTIONS 1. Approval of the annual financial statements for the fiscal year 2025; 2. Approval of the consolidated financial statements for the fiscal year 2025; 3. Allocat
Slide 5: Yannick Bolloré, Chairman of the Supervisory Board
YANNICK BOLLORÉ CHAIRMAN OF THE SUPERVISORY BOARD
Slide 6: Maxime Saada, Chief Executive Officer
MAXIME SAADA CHIEF EXECUTIVE OFFICER
Slide 7: A global media player anchored in Europe and Africa
A GLOBAL MEDIA PLAYER ANCHORED IN EUROPE AND AFRICA 70 + COUNTRIES € 8.7 Bn REVENUES IN 2025 1 € 701 M ADJUSTED EBIT IN 2025 1,2 Ý STUDIOCANAL PRODUCTION & DISTRIBUTION 1. Unaudited combined results of CANAL+ and MultiChoice for the twelve months ended December 31, 2025. 2. Before exceptional items
Slide 8: A leader across the entire media value chain
A LEADER ACROSS THE ENTIRE MEDIA VALUE CHAIN #1 GLOBAL BROADCASTER € 3.9 Bn OF THE BEST OF AND OF THE GREATEST BROADCASTER CINEMA AND SERIES SPORT COMPETITIONS INVESTED IN CONTENT IN 2025 DISTRIBUTOR Ý APP & DAILYMOTION 42 M + 400 M SUBSCRIBERS MONTHLY ACTIVE USERS 200 80 18,000+ PRODUCER FILMS / YE
Slide 9: An exceptional year 2025
AN EXCEPTIONAL YEAR 2025 ▪ 26 r egulatory approvals ACQUISITION OF ▪ Tender offer completed and effective control of MULTICHOICE GROUP MultiChoice Group ▪ 100% of exclusive rights to European football competitions secured in France SECURING MAJOR RIGHTS ▪ Extension of the partnership with Netflix to
Slide 10: Strategic rationale for the acquisition of MultiChoice
STRATEGIC RATIONALE FOR THE ACQUISITION OF MULTICHOICE 1 CAPTURING GROWTH OPPORTUNITI ES IN AFRICA ▪ Benefiting from Africa’s positive structural growth drivers ▪ Building on Ý's success across the continent
Slide 11: Africa: a tremendous growth opportunity
AFRICA: A TREMENDOUS GROWTH OPPORTUNITY 1,200 M 2, 0 00 M INHABITANTS IN 2050 + 4.5 % 56 % PROJECTED ANNUAL ELECTRIFICATION GDP GROWTH RATE OVER 5 YEARS
Slide 12: Strategic rationale for the acquisition of MultiChoice
STRATEGIC RATIONALE FOR THE ACQUISITION OF MULTICHOICE 1 CAPTURING GROWTH OPPORTUNITI ES IN AFRICA ▪ Benefiting from Africa’s positive structural growth drivers ▪ Building on Ý's success across the continent 2 ACHIEVING CRITICAL SCALE AND B ENEFITING FROM ECONOMIES OF SCALE E ▪ Delivering synergies
Slide 13: Scale of combined group
SCALE OF COMBINED GROUP (1) FULL YEAR 2025 – DECEMBER (excluding Vietnam) TOTAL (2) SUBSCRIBERS 28.0 14.4 42.3 REVENUES (€M) 6,266 2,400 8,665 542 + 159 701 ADJUSTED EBIT (€M) BEFORE EXCEPTIONAL ITEMS, EXC. MCG PPA, % MARGIN 8.7% 6.6% 8.1% FREE CASH FLOW (€M) 489 (42) 447 BEFORE VAT SETTLEMENT & RES
Slide 14: Medium and long-term outlook for CANAL+
MEDIUM AND LONG -TERM OUTLOOK FOR Ý MEDIUM -TERM LONG -TERM INCLUDING MULTICHOICE GROUP 2025 1 OUTLOOK OUTLOOK MODERATE REVENUES (€M) 8,665 GROWTH ADJUSTED EBIT (€M) BEFORE EXCEPTIONAL ITEMS, EXC. MCG PPA 701 Above 850 8.1% % MARGIN FREE CASH FLOW (€M) BEFORE VAT SETTLEMENT 447 Above 500 AND RESTRUC
Slide 15: Medium-term priorities
MEDIUM -TERM PRIORITIES #1 #2 #3 #4 TURNING INCREASING FURTHER PURSUING A AROUND PROFITABILITY STRENGTHENING DISCIPLINED MULTICHOICE IN EUROPE OUR LEADING APPROACH TO AND CAPTURING ENTERTAINMENT COST AND THE AFRICAN PLATFORM CAPITAL GROWTH OPPORTUNITY
Slide 16: Turning around MultiChoice
#1 TURNING AROUND MULTICHOICE AND CAPTURING GROWTH OPPORTUNITIES IN AFRICA SPINNERS
Slide 17: MultiChoice's mixed performance since 2022
MULTICHOICE'S MIXED PERFORMANCE SINCE 2022 MULTICHOICE SUBSCRIBER BASE IN ENGLISH & PORTUGUESE -SPEAKING AFR ICA (M) 17.3M +12% EXTERNAL FACTORS SUBSCRIBER BASE CAGR BETWEEN 2010 AND 2022 14.1M INFLATION, UNFAVOURABLE EXCHANGE RATES, POWER OUTAGES INTERNAL FACTORS DECLINE IN CUSTOMER ACQUISITION, DI
Slide 18: Back to profitable growth plan based on 4 pillars
OUR BACK TO PROFITABLE GROWTH PLAN IS BASED ON 4 PILLARS 1 2 3 THE BEST CONTENT SIMPLIFIED & A POWERFUL APPEALING ACQUISITION COMMERCIAL ENGINE OFFERS 4 OPERATIONAL EXCELLENCE
Slide 19: Lowering the entry price to boost subscribers' acquisition
LOWERING THE ENTRY PRICE TO BOOST SUBSCRIBERS’ ACQUISITION ENTRY PRICE Subscriber cost in € for acquiring and installing a set -top-box and a satellite dish without subscription formula ENTRY PRICE FOR MULTICHOICE TERRITORIES 3 TIMES HIGHER €38 THAN FOR Ý €13 FOCUS ON LOWERING ENTRY TICKET: LAUNCH O
Slide 20: Densifying MultiChoice distribution network and strengthening salesforce
DENSIFYING MULTICHOICE DISTRIBUTION NETWORK AND STRENGTHENING SALESFORCE ORGANIZATION NUMBER OF POINTS OF SALE BY MILLIONS OF ON -GRID ELECTRIFIED HOUSEHOLDS Point of sale: retailers, agencies, door -to-door, etc. EFFORT TO INCREASE DENSITY 660 WHILE REINFORCING POINT OF SALE PERFORMANCE RECRUITMENT
Slide 21: Increasing profitability in Europe
#2 INCREASING PROFITABILITY IN EUROPE LOUPS GAROUS SEASON 2 2
Slide 22: Rolling out the same strategy across Europe
ROLLING OUT THE SAME STRATEGY ACROSS EUROPE BENELUX & CENTRAL FRANCE POLAND EUROPE THIRD -PARTY CHANNELS Ý CHANNELS STREAMING PLATFORM AGGREGATION INCREASING STRENGTHENING ROLLING OUT THE PROFITABILITY THE STREAMING Ý OFFER AND OFFER STRENGTHENING STREAMING
Slide 23: Focusing on profitable growth – example of France
FOCUSING ON PROFITABLE GROWTH – EXAMPLE OF FRANCE ADJUSTED EBIT ( EBITa ) BEFORE EXCEPTIONAL ITEMS (€M) + € 130M BETWEEN 2023 AND 2025 TOPLINE INITIATIVES + SYSTEMATIC REVIEW OF COSTS 2023 2024 2025
Slide 24: Further strengthening our leading entertainment platform
#3 FURTHER STRENGTHENING OUR LEADING ENTERTAINMENT PLATFORM VALIDÉ – SEASON 3 24
Slide 25: A unique content offering
A UNIQUE CONTENT OFFERING PREMIUM IN HOUSE PAY TV THIRD PARTY STREAMING PLATFORMS THIRD PARTY IN HOUSE BASIC PAY TV THIRD PARTY IN HOUSE FREE TO AIR
Slide 26: Focusing on profitable contracts: European football secured until 2031
FOCUSING ON PROFITABLE CONTRACTS… THE VERY BEST OF EUROPEAN FOOTBALL SECURED IN FRANCE UNTIL 2031
Slide 27: … across all our geographies
… ACROSS ALL OUR GEOGRAPHIES UNTIL 2031 1 MATCH 100% 100% 100% per matchday 1 MATCH 100% 100% 100% per matchday 1 MATCH 100% 100% 100% per matchday
Slide 28: Partnership with Google Cloud
PARTNERSHIP WITH GOOGLE CLOUD
Slide 29: Partnership with OpenAI: AI-powered search in the app
PARTNERSHIP WITH OPENAI AI -POWERED SEARCH IN THE Ý APP
Slide 30: Creating global series
CREATING GLOBAL SERIES IN POST PRODUCTION IN DEVELOPMENT APOLLO HAS FALLEN
Slide 31: Telling African stories with global resonance
TELLING AFRICAN STORIES WITH GLOBAL RESONANCE ALREADY RELEASED IN DEVELOPMENT THE ROAD HOME THE HEIST OF BENIN
Slide 32: Forging strong relationships with world class talent
FORGING STRONG RELATIONSHIPS WITH WORLD CLASS TALENT EVERYBODY WANTS TO DIE MY LOVE CLIFFHANGER PRESSURE LES MISÉRABLES F*CK ME GLEN POWELL MARGARET JENNIFER LAWRENCE PIERCE BROSNAN BRENDAN FRASER VINCENT LINDON TARON EGERTON QUALLEY ROBERT PATTINSON LILY JAMES ANDREW SCOTT CAMILLE COTTIN TAHAR RAHI
Slide 33: Paddington: over €1.5 bn in gross consumer sales
PADDINGTON: OVER €1. 5 BN IN GROSS CONSUMER SALES 2014 2017 2019 2021 2022 2023 2024 2025 2027 2029 FILMS $ 700 M+ BOX OFFICE TV SERIES LIVE & 9 AWARDS FOR THE MUSICAL CULTURAL EVENTS LICENSING MERCH & RETAIL
Slide 34: Coming soon, new global franchises
COMING SOON, NEW GLOBAL FRANCHISES
Slide 35: Strategy accelerated by targeted M&A
STRATEGY ACCELERATED BY TARGETED M&A 2025 2028 2026 ACQUISITION POTENTIAL ACQUISITION OF A 34% STAKE FULL CONTROL OF A 51% STAKE A LEADING EUROPEAN LEADING ITALIAN THEATRICAL NETWORK WITH 550 SCREENS INDEPENDENT DISTRIBUTOR EXCEPTIONAL LIBRARY OF CONTENT INCLUDING 4 th BIGGEST THEATRICAL MARKET IN E
Slide 36: Unprecedented partnership to accelerate book-to-screen adaptations
AN UNPRECEDENTED PARTNERSHIP TO ACCELERATE BOOK -TO -SCREEN ADAPTATIONS +100,000 TITLES A DEDICATED TEAM FOR THE OPPORTUNITY TO ADAPTABLE FOR THE DEVELOPMENT OF BRING NEW FRANCHISES THE SCREEN AMBITIOUS PROJECTS TO LIFE
Slide 37: Bringing bestselling books to screen
BRINGING BESTSELLING BOOKS TO SCREEN #1 GLOBALLY ON AMAZON KINDLE +66 MILLION PAGES READ TRANSLATED INTO 16 LANGUAGES
Slide 38: Bringing bestselling books to screen
BRINGING BESTSELLING BOOKS TO SCREEN $ 400 M GLOBAL BOX -OFFICE
Slide 39: Development and co-creation partnership with Sky
A DEVELOPMENT AND CO -CREATION PARTNERSHIP WITH SKY The Day of the Jackal Baron Noir & Tchernobyl Paris Has Fallen Ý The Death of Bunny Munro Of Money and Blood
Slide 40: Continuing our rigorous cost and capital management
#4 CONTINUING OUR RIGOROUS COST AND CAPITAL MANAGEMENT THE OFFICE POLAND 40
Slide 41: Amandine Ferré, Chief Financial & ESG Officer
AMANDINE FERRÉ CHIEF FINANCIAL & ESG OFFICER, MEMBER OF THE MANAGEMENT BOARD, CEO OF CANAL+ ASIA
Slide 42: Disciplined approach to costs and capital
DISCIPLINED APPROACH TO COSTS AND CAPITAL REINFORCING RIGOROUS APPROACH TO COSTS
Slide 43: Systematic review of cost base – example of France
SYSTEMATIC REVIEW OF COST BASE – EXAMPLE OF FRANCE 2024 2025 2026 2027 2028 2029 2030 2031 END OF THE DEAL WITH LIGUE 1 END OF THE DEAL WITH DISNEY CHAMPIONS LEAGUE NEW DEAL WITH FRENCH CINEMA ORGANISATIONS LAY OFF PLAN EXIT FROM DTT
Slide 44: Sound financial model with limited costs vs competitors
SOUND FINANCIAL MODEL WITH LIMITED COSTS VS COMPETITORS BUDGET RÉDUCTION COMPARED TO US COSTS 36% BY TRANSFORMING CAPE TOWN (SOUTH AFRICA) INTO NEW YORK 23 % BY SHOOTING IN THE UK INSTEAD OF THE PERUVIAN JUNGLE 30% THE CUSTOM BY RECREATING PORTUGAL AS NEW YORK DURING OF THE THE GILDED AGE COUNTRY
Slide 45: Disciplined approach to costs and capital
DISCIPLINED APPROACH TO COSTS AND CAPITAL REINFORCING RIGOROUS APPROACH TO COSTS CAPTURING COST SYNERGIES RESULTING FROM THE ACQUISITION OF MULTICHOICE
Slide 46: An ambitious cost synergy plan with MultiChoice
AN AMBITIOUS COST SYNERGY PLAN WITH MULTICHOICE… GROUP ADJUSTED EBIT COST SYNERGIES (before restructuring costs) COMPARED TO 2025 COST BASELINE € 400 M+ € 300 M + € 250 M+ 2026 2028 2030 RESTRUCTURING COSTS €(70 100) M €(20) M €(20) M
Slide 47: Built on material initiatives
… BUILT ON MATERIAL INITIATIVES EXAMPLES OF INITIATIVES (NON -EXHAUSTIVE) 2026 2028 2030 NEGOTIATIONS WITH SPORT AND GENERAL CONTENUS ENTERTAINMENT RIGHTHOLDERS RATIONALISATION OF INTERNAL CONTENT TECHNOLOGIE RENEGOTIATION OF HARDWARE PRICES OPTIMISATION OF BROADCAST INFRASTRUCTURE CONVERGENCE OF TE
Slide 48: Disciplined approach to costs and capital
DISCIPLINED APPROACH TO COSTS AND CAPITAL REINFORCING RIGOROUS APPROACH TO COSTS CAPTURING COST SYNERGIES RESULTING FROM THE ACQUISITION OF MULTICHOICE APPLYING A DISCIPLINED CAPITAL ALLOCATION POLICY WITH CONTROLLED DEBT LEVEL AND EXCESS CAPITAL RETURNED TO SHAREHOLDERS
Slide 49: Refinancing operations successfully completed
REFINANCING OPERATIONS SUCCESSFULLY COMPLETED SCHULDSCHEIN € 320 M JULY 2028 / JULY 2030 EUROBOND € 700 M DECEMBER 2030 BANKING FACILITY € 1,800 M DECEMBER 2026 / DECEMBER 2030 ATTRACTIVE PRICING CONDITIONS, OPTIMISING THE COMPANY’S AVERAGE FUNDING COST, WHILE MAINTAINING A SOUND BALANCE SHEET
Slide 50: Secondary inward listing at the Johannesburg Stock Exchange
SECONDARY INWARD LISTING AT THE JOHANNESBURG STOCK EXCHANGE 3 JUNE 2026 VOLUNTARY DIVERSIFICATION OF ENHANCING LONG - COMMITMENT TO LONG -TERM INVESTOR TERM LIQUIDITY AND AUTHORITIES DURING BASE TRADABILITY OF THE ACQUISITION OF Ý SHARES MULTICHOICE
Slide 51: 2025 guidance achieved or exceeded
2025 GUIDANCE ACHIEVED OR EXCEEDED
Slide 52: 2025 financial guidance achieved or exceeded
2025 FINANCIAL GUIDANCE ACHIEVED OR EXCEEDED FY2025 FY2024 GUIDANCE FY2025 FY2025 EXCLUDING MULTICHOICE (Incl. Vietnam) (Incl. Vietnam) (Incl. Vietnam) (Excl. Vietnam) ORGANIC 6,288 6,266 REVENUES (€ M ) 6,449 GROWTH 1 + 0.9 % + 1.0% ORGANIC GROWTH 1 ORGANIC GROWTH 1 ADJUSTED EBIT (€ M ) 503 527 542
Slide 53: Global subscriber base: strong performance, with year-end peak
GLOBAL SUBSCRIBER BASE: STRONG PERFORMANCE, WITH YEAR -END PEAK Ý HISTORICAL BASIS EXCLUDING MULTICHOICE SUBSCRIBER BASE PER DISTRIBUTION CHANNEL (M), excluding Vietnam +2.1 28.0 25.8 25.9 24.7 Wholesale 22.7 7.2 5.8 6.6 6.3 4.2 Retail 18.8 19.2 19.7 20.8 18.5 +2.1% +1.9% +2.3% +6.0% 2021 2022 2023
Slide 54: Europe: significant improvement in profitability
EUROPE: SIGNIFICANT IMPROVEMENT IN PROFITABILITY SUBSCRIBER BASE (M) REVENUES (€M) ADJUSTED EBIT ( EBITa ) (€M) BEFORE EXCEPTIONAL ITEMS +1.1% +15% 4,731 4,515 4,565 250 +1.0 217 17.2 18.3 2024 2025 2024 2024 2025 2024 2025 organic 1 MARGIN 4.6% 5.5% RATE 1. Organic growth, i.e excluding the impact
Slide 55: Africa & Asia (excluding MultiChoice): revenue growth while maintaining high margin
AFRICA & ASIA (EXCLUDING MULTICHOICE): REVENUE GROWTH WHILE MAINTAINING HIGH MARGIN Ý HISTORICAL BASIS EXCLUDING MULTICHOICE SUBSCRIBER BASE (M) REVENUES (€M) ADJUSTED EBIT ( EBITa ) (€M) BEFORE EXCEPTIONAL ITEMS +3.2% -7% 1,006 1,038 233 +1.0 216 9.7 8.7 8.7 9.7 2024 2025 2024 2025 2024 2025 MARGIN
Slide 56: Content production, distribution & other: increased profitability
CONTENT PRODUCTION, DISTRIBUTION & OTHER: INCREASED PROFITABILITY REVENUES (€M) ADJUSTED EBIT ( EBITa ) (€M) BEFORE EXCEPTIONNAL ITEMS -5.1% +9% 817 775 77 70 2024 2025 2024 2025 MARGIN RATE 8.6% 9.9%
Slide 57: Reduction in MultiChoice's revenues driven by decline in subscriber base
REDUCTION IN MULTICHOICE’S REVENUES DRIVEN BY DECLINE IN SUBSCRIBER BASE SUBSCRIBER BASE (M) REVENUES 1 (€M) ADJUSTED EBIT ( EBITa ) 2 (€M) BEFORE EXCEPTIONNAL ITEMS -142 2,542 2,400 -26 -0.5 185 14.9 14.4 159 2024 2025 2024 2025 2024 2025 MARGIN RATE 7.3% 6.6% Note: Full Year figures as of 31/12 1.
Slide 58: 2025 consolidated income statement
2025 CONSOLIDATED INCOME STATEMENT (IN MILLIONS EUROS) 2024 2025 1 VARIATION REVENUES 6,418 6,949 531 +8.3% ADJUSTED EBIT (EBITa) 125 520 646 BEFORE EXCEPTIONAL ITEMS +24.0% AS A PERCENTAGE OF TOTAL CONSOLIDATED REVENUES 8.1 % 9.3 % EXCEPTIONAL ITEMS (122) (346) (224) ADJUSTED EBIT (EBITa) 398 300 (
Slide 59: A strong balance sheet with a controlled leverage ratio
A STRONG BALANCE SHEET WITH A CONTROLLED LEVERAGE RATIO 31/12/2024 31/12/2025 NET FINANCIAL DEBT NET FINANCIAL DEBT -37 -31 448 -255 -20 -11 -355 Y compris UGC, MC Vision et dernier paiement GVA -1,736 -1,997 FCF Dividends Shares M&A (exc. Dividends to Others MultiChoice paid to buyback for MCG) sha
Slide 60: Dividend distribution policy for the 2025 financial year
DIVIDEND DISTRIBUTION POLICY FOR THE 2025 FINANCIAL YEAR ▪ DIVIDEND PROPOSED FOR 2025 +10% VS. 2024 ▪ SUBJECT TO SHAREHOLDER APPROVAL ▪ DIVIDEND WOULD BE PAYABLE FROM 15 JUNE 2026 WITH AN EX -DIVIDEND DATE AS OF 12 JUNE 2026
Slide 61: Ambitious 2026 guidance
AMBITIOUS 2026 GUIDANCE LES MISERABLES
Slide 62: CANAL+ group guidance and outlook
Ý GROUP GUIDANCE AND OUTLOOK Ý HISTORICAL BASIS COMBINED GROUP FULL YEAR 2026 GUIDANCE MEDIUM - TERM LONG -TERM Incl. Synergies OUTLOOK 2022 2023 2024 2025 1 & Boost Plan OUTLOOK MODERATE REVENUES (€M) 5,970 6,187 6,418 8,665 FLAT GROWTH ADJUSTED EBIT (€M) BEFORE EXCEPTIONAL ITEMS, EXCLUDING MCG PPA
Slide 63: Q1 2026 revenue compared to Q1 2025
+1.8% IN REVENUE COMPARED TO Q1 2025 ON HISTORICAL BASIS, --0.4% FOR THE COMBINED GROUP REVENUE FOR THE THREE MONTHS ENDED 31 MARCH 2026 (€M) – UNAUDITE D -0,4% 2 179 2 169 (19)1 + 27 + 14 + 5 (37) Content production, 158 172 Distribution and Other MultiChoice 640 603 +1.8% on Ý Africa & Asia histor
Slide 64: ESG strategy implemented across all geographies
ESG STRATEGY IMPLEMENTED ACROSS ALL GEOGRAPHIES EMPATHY
Slide 65: ESG initiatives behind the camera and on camera
ESG INITIATIVES IMPLEMENTED BEHIND THE CAMERA AND ON CAMERA ACROSS ALL GEOGRAPHIES ENSURE A DIVERSE REPRESENTATION ON SCREEN ON CAMERA BROADEN THE ACCESSIBILITY OF OUR CONTENT AND OF CULTURE FOSTER THE NEXT GENERATION OF CREATIVE TALENT BEHIND THE CAMERA REDUCE CARBON EMISSION ACROSS THE ENTIRE VALU
Slide 66: Pierre-Ignace Bernard, Chairman of the Audit and Sustainability Committee
PIERRE -IGNACE BERNARD CHAIRMAN OF THE AUDIT AND SUSTAINABILITY COMMITTEE
Slide 67: Members of the Audit and Sustainability Committee
MEMBERS OF THE AUDIT AND SUSTAINABILITY COMMITTEE PIERRE -IGNACE MAUD XAVIER JEAN -CHRISTOPHE BERNARD BAILLY MAYER THIERY
Slide 68: Jean-François Baloteaud, Statutory Auditor
JEAN -FRANÇOIS BALOTEAUD STATUTORY AUDITOR
Slide 69: Statutory audit engagement
STATUTORY AUDIT ENGAGEMENT Our main assignments were as follows: Audit of the 2025 financial statements of Ý prepared in accordance with French accounting principles. Audit of the 2025 consolidated financial statements of Ý prepared in accordance with IFRS (International Financial Reporting Standard
Slide 70: Statutory audit engagement
STATUTORY AUDIT ENGAGEMENT Objective In accordance with professional standards, obtain reasonable assurance about whether the 2025 financial statements and consolidated financial statements of your Company were free from material misstatement. Information on management and governance bodies Summary
Slide 71: Report on the 2025 financial statements
REPORT ON THE 2025 FINANCIAL STATEMENTS OF Ý 1st Resolution Opinion on the financial statements Unqualified audit opinion on the financial statements. We certify that the annual financial statements are, in accordance with French accounting rules and principles, regular and fair and give a true and
Slide 72: Report on the 2025 consolidated financial statements
REPORT ON THE 2025 CONSOLIDATED FINANCIAL STATEMENTS OF Ý 2 nd Resolution Opinion on the financial statements Unqualified audit opinion on the consolidated financial statements. We certify that the consolidated financial statements are, in accordance with IFRS as adopted by the European Union, regul
Slide 73: Reports on the 2025 financial statements: other specific verifications
REPORTS ON THE 2025 FINANCIAL STATEMENTS OF Ý Other specific verifications We have no matters to report on the information relating to the Group given in the management report and that required by other laws and regulations.
Slide 74: Special report on related party agreements
SPECIAL REPORT ON RELATED PARTY AGREEMENTS Special report on related party agreements Special report on related party agreements (4 th resolution), We have no comments to make on the resolution submitted to your vote. New 2025 agreements We hereby inform you that we were not notified of any agreemen
Slide 75: Special report on related party agreements
SPECIAL REPORT ON RELATED PARTY AGREEMENTS Agreements already approved by the Shareholders’ Meeting The following agreement authorized by the Supervisory Board on October 24 , 2024 and approved by the Shareholders’ Meeting of December 9 , 2024 had continuing effect: ▪ Conclusion of a Joint Sponsors
Slide 76: Reports issued under other resolutions
REPORTS ISSUED UNDER OTHER RESOLUTIONS Other reports issued under extraordinary resolutions No comments to make on the issued reports relating to: ▪ The proposed authorization to repurchase shares of the company according to the conditions and terms presented in the 10th resolution. ▪ The authorizat
Slide 77: Emmanuelle Malecaze-Doublet, Chairwoman of the Nominations and Remuneration Committee
EMMANUELLE MALECAZE -DOUBLET CHAIRWOMAN OF THE NOMINATIONS AND REMUNERATION COMMITTEE
Slide 78: Members of the Nominations and Remuneration Committee
MEMBERS OF THE NOMINATIONS AND REMUNERATION COMMITTEE EMMANUELLE ROBERT PHILIPPE YANNICK CHRISTEL MARTINE MALECAZE - BAKISH BENACIN BOLLORÉ HEYDEMANN STUDER DOUBLET
Slide 79: Q&A
Q&A
Slide 80: Voting results and summary of votes cast
VOTING RESULTS AND SUMMARY OF VOTES CAST REMOTELY AND VIA INTERNET
Slide 81: Laëtitia Ménasé, General Counsel
LAËTITIA MÉNASÉ GENERAL COUNSEL
Slide 82: First resolution
RÉSOLUTIONS FIRST APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS FOR RESOLUTION FINANCIAL YEAR 2025 (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 83: Second resolution
RESOLUTIONS SECOND APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR RESOLUTION FINANCIAL YEAR 2025 (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 84: Third resolution
RESOLUTIONS THIRD ALLOCATION OF THE DISTRIBUTABLE PROFIT R ESOLUTION (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 85: Fourth resolution
RESOLUTIONS FOURTH APPROVAL OF THE SPECIAL REPORT OF THE STATUTORY AUDITORS ON RESOLUTION RELATED -PARTY AGREEMENTS (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 86: Fifth resolution
RESOLUTIONS FIFTH RENEWAL OF THE TERM OF OFFICE OF MR. XAVIER MAYER AS A MEMBER OF THE RESOLUTION SUPERVISORY BOARD (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 87: Sixth resolution
RESOLUTIONS SIXTH RENEWAL OF THE TERM OF OFFICE OF MS. MARTINE STUDER AS A MEMBER OF RESOLUTION THE SUPERVISORY BOARD (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 88: Seventh resolution
RESOLUTIONS SEVENTH RENEWAL OF THE TERM OF OFFICE OF MR. JEAN -CHRISTOPHE THIERY AS A RESOLUTION MEMBER OF THE SUPERVISORY BOARD (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 89: Eighth resolution
RESOLUTIONS EIGHT APPOINTMENT OF MS. MERCEDES ERRA AS A MEMBER OF THE SUPERVISORY RESOLUTION BOARD (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 90: Ninth resolution
RESOLUTIONS NINTH APPOINTMENT OF MR. ELIAS MASILELA AS A MEMBER OF THE SUPERVISORY RESOLUTION BOARD (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 91: Tenth resolution
RESOLUTIONS TENTH AUTHORISATION GRANTED TO THE MANAGEMENT BOARD TO PROCEED RESOLUTION WITH SHARE BUYBACKS PURSUANT TO (à titreordinaire) ARTICLE L. 225 -209 -2 OF THE FRENCH COMMERCIAL CODE 1 FOR 2 AGAINST 3 ABSTAIN
Slide 92: Eleventh resolution
RESOLUTIONS ELEVENTH AMENDMENT TO THE ARTICLES OF ASSOCIATION TO SET THE TERMS AND RESOLUTION CONDITIONS FOR APPOINTING THE (extraordinary resolution) MEMBERS OF THE SUPERVISORY BOARD REPRESENTING EMPLOYEES 1 FOR 2 AGAINST 3 ABSTAIN
Slide 93: Twelfth resolution
RESOLUTIONS DELEGATION OF AUTHORITY GRANTED TO THE TWELFTH MANAGEMENT BOARD TO INCREASE THE COMPANY’S SHARE CAPITAL BY ISSUING SHARES AND/OR R ESOLUTION SECURITIES GIVING IMMEDIATE OR FUTURE ACCESS TO (extraordinary resolution) THE SHARE CAPITAL, WITH CANCELLATION OF THE SHAREHOLDERS’ PREEMPTIVE SUB
Slide 94: Thirteenth resolution
RESOLUTIONS THIRTEENTH DELEGATION OF AUTHORITY TO THE MANAGEMENT BOARD TO INCREASE RESOLUTION THE COMPANY’S SHARE CAPITAL (extraordinary resolution) THROUGH THE INCORPORATION OF PREMIUMS, RESERVES, EARNINGS, OR OTHER AMOUNTS 1 FOR 2 AGAINST 3 ABSTAIN
Slide 95: Fourteenth resolution
RESOLUTIONS DELEGATION OF AUTHORITY GRANTED TO THE FOURTHEENTH MANAGEMENT BOARD TO INCREASE THE RESOLUTION COMPANY’S SHARE CAPITAL BY ISSUING SHARES AND/OR SECURITIES GIVING IMMEDIATE OR (extraordinary resolution) FUTURE ACCESS TO THE SHARE CAPITAL, WITH MAINTENANCE OF THE SHAREHOLDERS’ PREEMPTIVE S
Slide 96: Fifteenth resolution
RESOLUTIONS DELEGATION OF AUTHORITY GRANTED TO FIFTH THE MANAGEMENT BOARD TO INCREASE THE RESOLUTION NUMBER OF SECURITIES TO BE ISSUED IN THE (extraordinary resolution) EVENT OF A SHARE CAPITAL INCREASE WITH MAINTENANCE OF THE SHAREHOLDERS’ PREEMPTIVE SUBSCRIPTION RIGHT 1 FOR 2 AGAINST 3 ABSTAIN
Slide 97: Sixteenth resolution
RESOLUTIONS SIXTEENTH POWER TO CARRY OUT FORMALITIES RESOLUTION (ordinary resolution) 1 FOR 2 AGAINST 3 ABSTAIN
Slide 98: CANAL+
CANALtT
Slide 99: Disclaimer
99 DISCLAIMER This document (together with any oral or supplemental information provided in connection therewith)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