Canal+ Sa · LSE:CAN
Canal+ Sa — H1 2025 Earnings Presentation
59 slides from Canal+ Sa's earnings presentation, Jul 29, 2025
Slide 1: CANAL+ H1 2025 Results
CANAL+ - _H12025 RESULTS
Slide 2: Maxime Saada, Amandine Ferré
MAXIME SAADA AMANDINE FERRÉ CANAL+ CEO CANAL+ CFO 2
Slide 3: Strategic and Financial Priorities
STRATEGIC AND FINANCIAL PRIORITIES GENERATE PROFITABLE GROWTH AND CASH ON ALL ACTIVITIES BUILD THE BEST EXTEND OUR GROW GLOBAL AND LOCAL DISTRIBUTION OUR SCALE CONTENT VALUE THROUGH PROPOSITION INNOVATION AND STRATEGIC PARTNERSHIPS 3
Slide 4: Strategic and Financial Priorities
STRATEGIC AND FINANCIAL PRIORITIES GENERATE PROFITABLE GROWTH AND CASH ON ALL ACTIVITIES BUILD THE BEST EXTEND OUR GROW GLOBAL AND LOCAL DISTRIBUTION OUR SCALE CONTENT VALUE THROUGH PROPOSITION INNOVATION AND STRATEGIC PARTNERSHIPS 4
Slide 5: H1 25: On Track to Deliver Upgraded Guidance for FY25
H1 25: ON TRACK TO DELIVER UPGRADED GUIDANCE FOR FY25 REVENUE EBITA 1 CFFO H1 25 RESULTS 25.8 €3,086M M +0.9% €246M €416M ORGANIC GROWTH ORGANIC FY25 GUIDANCE €515M €500M+ GROWTH 1. Before exceptional items 5
Slide 6: Generate Profitable Growth and Cash
GENERATE PROFITABLE GROWTH AND CASH FOCUS ON PROFITABLE CONTRACTS, ACTIVITIES AND RETAIL CUSTOMER SEGMENTS IMPROVE PROFITABILITY OF EUROPE SEGMENT THROUGH COST REDUCTIONS STRIVE TO RESOLVE OUTSTANDING TAX ISSUES MATERIALLY IMPROVE CASH GENERATION 6
Slide 7: Focus on Profitable Contracts, Activities and Retail Customer Segments
FOCUS ON PROFITABLE CONTRACTS, ACTIVITIES AND RETAIL CUSTOMER SEGMENTS § End of Disney contract § Close assessment of the Vietnam business § End of wholesale deals in Poland, Vietnam and in M7 territories § INCREASE IN H1 ORGANIC REVENUE GROWTH DESPITE OVERALL DECLINE § EBITA IN LINE WITH EXPECTATIO
Slide 8: Improve Profitability of Europe Segment Through Cost Reductions
IMPROVE PROFITABILITY OF EUROPE SEGMENT THROUGH COST REDUCTIONS § End of Ligue 1 contract § End of Disney contract § Exit of our PayTV channels from DTT in France and end of the C8 channel § Launch of a redundancy plan affecting 250 employees and 150 external contractors § Renewed agreement with the
Slide 9: Strive to Resolve Outstanding Tax Issues
STRIVE TO RESOLVE OUTSTANDING TAX ISSUES REPRESENTATIVE PROGRESS STATUS TST FRENCH NATIONAL CENTRE OF CINEMA AGREEMENT REACHED NEGATIVE CASH OUTLAY FRENCH TAX ON CLOSE TO 100M€ AVOIDED TELEVISION SERVICES ACTIVE VAT TAX AUTHORITIES DISCUSSIONS 9
Slide 10: Materially Improve Cash Generation
MATERIALLY IMPROVE CASH GENERATION CFFO (€M) FCF (€M) § Spending reduction +86% +188% 416 370 § Working capital improvements § Improved tax framework 224 § Financing optimisation 128 § Change in management incentive plan H1 2024 H1 2025 H1 2024 H1 2025 § Change of financial organisation with direct
Slide 11: Strategic and Financial Priorities
STRATEGIC AND FINANCIAL PRIORITIES GENERATE PROFITABLE GROWTH AND CASH ON ALL ACTIVITIES BUILD THE BEST EXTEND OUR GROW GLOBAL AND LOCAL DISTRIBUTION OUR SCALE CONTENT VALUE THROUGH PROPOSITION INNOVATION AND STRATEGIC PARTNERSHIPS 11
Slide 12: Build the Best Global and Local Content Value Proposition
BUILD THE BEST GLOBAL AND LOCAL CONTENT VALUE PROPOSITION 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 12
Slide 13: Enhance Our In-House Production Capabilities With Studiocanal
BUILD THE BEST GLOBAL AND LOCAL CONTENT VALUE PROPOSITION ENHANCE OUR PROVIDE DEVELOP IN-HOUSE PRODUCTION PREMIUM RIGHTS KEY STRATEGIC CAPABILITIES ON CANAL+ CONTENT WITH STUDIOCANAL CHANNELS PARTNERSHIPS 13
Slide 14: Cinema: Strong H1 25 for Studiocanal in Theatres
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 15: Series: Worldwide Hits on Streaming Platforms
ENHANCE OUR IN-HOUSE PRODUCTION CAPABILITIES WITH STUDIOCANAL SERIES: WORLWIDE HITS ON STREAMING PLATFORMS 12M+ VIEWS IN FRANCE SMASH HIT ACROSS ALL CANAL+ 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 15
Slide 16: Creation of Labels to Foster IP Development
ENHANCE IN-HOUSE PRODUCTION CAPABILITIES WITH STUDIOCANAL CREATION OF LABELS TO FOSTER IP DEVELOPMENT 16
Slide 17: Provide Premium Rights on CANAL+ Channels
PROVIDE PREMIUM RIGHTS ON Ý CHANNELS RECORD VIEWERSHIP IN H1 25 BREAKING VIEWERSHIP RECORDS ON THE PLATFORM MASSIVE LIVE AUDIENCE ALL-TIME RECORD for a football game on CANAL+ with 6M+VIEWERS across territories 2ND BEST SEASON A third of CANAL+ 10M+ VIEWS 3M VIEWS in Top14 history streams in Africa
Slide 18: Develop Key Strategic Content Partnerships
DEVELOP KEY STRATEGIC CONTENT PARTNERSHIPS 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 18
Slide 19: Integration of Dailymotion Into the CANAL+ App
DEVELOP KEY STRATEGIC CONTENT PARTNERSHIPS INTEGRATION OF DAILYMOTION INTO THE CANAL+ APP 19
Slide 20: Unique Aggregation Strategy Now Extended Outside Europe
DEVELOP KEY STRATEGIC CONTENT PARTNERSHIPS UNIQUE AGGREGATION STRATEGY NOW EXTENDED OUTSIDE EUROPE EUROPE & AFRICA 20
Slide 21: Strategic and Financial Priorities
STRATEGIC AND FINANCIAL PRIORITIES GENERATE PROFITABLE GROWTH AND CASH ON ALL ACTIVITIES BUILD THE BEST EXTEND OUR GROW GLOBAL AND LOCAL DISTRIBUTION OUR SCALE CONTENT VALUE THROUGH PROPOSITION INNOVATION AND STRATEGIC PARTNERSHIPS 21
Slide 22: Upgraded CANAL+ Experience
UPGRADED CANAL+ EXPERIENCE AVAILABLE NOW ON ALL iOS DEVICES IN FRANCE, POLAND AND AFRICA AND BY END OF SUMMER ON ALL ANDROID DEVICES 22
Slide 23: Partnerships With Global Connected TV Leaders
PARTNERSHIPS WITH GLOBAL CONNECTED TV LEADERS 23
Slide 24: Innovative Partnerships With Car Manufacturers
INNOVATIVE PARTNERSHIPS WITH CAR MANUFACTURERS … RENAULT, ALPINE… … AND BMW 24
Slide 25: ... and Air France
… AND AIR FRANCE 117 AIRCRAFTS 1.4M TRAVELLERS REACHED EACH MONTH 25
Slide 26: First Third-Party Producer of Content for Apple Vision Pro
FIRST THIRD-PARTY PRODUCER OF CONTENT FOR APPLE VISION PRO 26
Slide 27: Strategic and Financial Priorities
STRATEGIC AND FINANCIAL PRIORITIES GENERATE PROFITABLE GROWTH AND CASH ON ALL ACTIVITIES BUILD THE BEST EXTEND OUR GROW GLOBAL AND LOCAL DISTRIBUTION OUR SCALE CONTENT VALUE THROUGH PROPOSITION INNOVATION AND STRATEGIC PARTNERSHIPS 27
Slide 28: Growth Ambition
GROWTH AMBITION 4.8M SUBSCRIBERS 29.3% ≈ 50100M TARGET Largest shareholder 15M SUBSCRIBERS SUBSCRIBERS 37.2% 2nd largest shareholder POSSIBILITY TO TAKE CONTROL 15.7M SUBSCRIBERS 45.2% Largest shareholder MANDATORY TENDER OFFER 2024 2022 27 Participation 2020 ≈ M SUBSCRIBERS 25 2019 2016 ≈ M 2015 S
Slide 29: A Unique Value Creation Opportunity in a Booming Market
A UNIQUE VALUE CREATION OPPORTUNITY IN A BOOMING MARKET 1,200M INHABITANTS 70 + 800M COUNTRIES WORLDWIDE BY 2050 4.5% 40 IN AFRICA PER YEAR GDP GROWTH OVER 20242028 51% ELECTRIFICATION RATE 29
Slide 30: Clearances Already Obtained in All Significant Countries
CLEARANCES ALREADY OBTAINED IN ALL SIGNIFICANT COUNTRIES TANZANIA BOTSWANA GHANA SAUDI TURKEY EQUATORIAL CAMEROON CONGO NIGERIA SOUTH ARABIA GUINEA AFRICA MOZAMBIQUE KENYA ZAMBIA ZANZIBAR NAMIBIA ANGOLA CHAD GABON CENTRAL AFRICAN REPUBLIC 30
Slide 31: Process Close to Being Completed in South Africa
PROCESS CLOSE TO BEING COMPLETED IN SOUTH AFRICA CONSENT ON CARVE-OUT LICENSED ENTITY CARVE OUT Conclusion of to be obtained from the minority PROCESS complying with foreign MANDATORY shareholder in South Africa ownership restrictions TAKEOVER OFFER Phuthuma Nathi August September October APPOINTMEN
Slide 32: Ready to Start Implementing Synergies From Day 1
READY TO START IMPLEMENTING SYNERGIES FROM 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) MANAGEM
Slide 33: Continuing to Build a Strong Platform for Profitable Growth
CONTINUING TO BUILD A STRONG PLATFORM FOR PROFITABLE GROWTH
Slide 34: H1 25: On Track to Deliver Upgraded Guidance for FY25
H1 25: ON TRACK TO DELIVER UPGRADED GUIDANCE FOR FY25 REVENUE EBITA CFFO1 NET DEBT 25.8 €3,086M M €246M €416M €24M +0.9% 8.0% 171% ORGANIC GROWTH MARGIN CASH CONVERSION RATE2 ~0 LEVERAGE RATIO FY25e FY25e FY25e FY25e POSITIVE ORGANIC SIGNIFICANT €515M > €500M GROWTH FINANCIAL FLEXIBILITY 1. Cash Flo
Slide 35: Increase in Retail Subscribers Driven by Continued Focus on Profitability
INCREASE IN RETAIL SUBSCRIBERS DRIVEN BY CONTINUED FOCUS ON PROFITABILITY SUBSCRIBER BASE [M] 26.0 -1.2% 25.7 -1.2% 26.0 25.7 6.8 6.5 Wholesale -5.2% (26%) (25%) Africa / Asia 8.9 8.8 -1.7% Retail 19.2 19.2 (74%) (75%) +0.2% Europe 17.1 16.9 1.0% H1 24 H1 25 H1 24 H1 25 PER DISTRIBUTION CHANNEL [M]
Slide 36: African Pay TV: Flat Base Due to Lower Content Slate
AFRICAN PAY TV: FLAT BASE DUE TO LOWER CONTENT SLATE … STRONG LINE-UP IN 2024 LOWER RENEWAL RATE DUE TO LOWER CONTENT SLATE JUNE JANUARY …COMPARED TO H1 2025 ACQUISITIONS PER MONTH PAY TV AFRICA BUT STRONG 2025: +19% ACQUISITIONS VS 2024 COMMERCIAL (Excluding January AFCON) DYNAMIC JANUARY JUNE CONF
Slide 37: African Pay TV: Return to Growth Expected in H2 25
AFRICAN PAY TV: RETURN TO GROWTH EXPECTED IN H2 25 THANKS TO STRONG, DIVERSE CONTENT SLATE SPORTS LOCAL SERIES TV SHOWS NEW OFFER WITH NETFLIX 37
Slide 38: Revenue in Line With Expectations: +0.9% Organic Growth
REVENUE IN LINE WITH EXPECTATIONS: +0.9% ORGANIC GROWTH -3.3% REVENUE [€M] Organic Growth* +0.9% 3,190 vs H1 24 organic Content Production, 3,058 3,086 Distribution 333 and others 333 324 -2.6% Africa and Asia 527 527 525 - 0.5% Europe 2,390 2,258 2,287 +1.3% H1 24 H1 24 H1 25 Organic * Organic grow
Slide 39: Revenue in Line With Expectations: Dailymotion AI Optimized Campaigns
REVENUE IN LINE WITH EXPECTATIONS: DAILYMOTION AI OPTIMIZED CAMPAIGNS 39
Slide 40: EBITA on Track - Significant Year on Year Increase Expected in H2 25
EBITA ON TRACK - SIGNIFICANT YEAR ON YEAR INCREASE EXPECTED IN H2 25 EBITA BEFORE EXCEPTIONAL [M€] 503 515 H2 188 269 Non comparable 2024 perimeter : § OCS acquisition one-off § End of Champions League sublicensing H1 315 246 2024 2025 FY25 EBITA EXPECTED IN LINE WITH c. €515M GUIDANCE 40
Slide 41: EBITA on Track - Significant Year on Year Increase Expected in H2 25
EBITA ON TRACK - SIGNIFICANT YEAR ON YEAR INCREASE EXPECTED IN H2 25 EBITA BEFORE EXCEPTIONAL [M€] Content 315 9.9% production, 22 6.7% distrib. & other ~270 246 8.0% Africa & Asia 114 21.6% 30 9.3% 188 5.8% Non comparable effects 48 9.9% 105 20.0% H2 25 EBITA expected to 179 7.5% 102 20.0% normalis
Slide 42: H1 25: Containing Cost Inflation
H1 25: CONTAINING COST INFLATION Half-year ended 30 June % CHANGE (in millions of euros) 2025 2024 REVENUE 3,086 3,190 -3.3% Content costs (1,784) (1,909) -6.6% Technology, selling, general, administrative costs & others, excluding exceptional items (1,057) (967) +9.3% ADJUSTED EBIT (EBITA) BEFORE E
Slide 43: Structural Savings Initiatives Driving Increased Profitability Into FY26 & Beyond
STRUCTURAL SAVINGS INITIATIVES DRIVING INCREASED PROFITABILITY INTO FY26 & 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 FOR 250 EMPLOYEES AND 150 EXTERNAL CONTRAC
Slide 44: Litigation Resolution Driving One-off Costs in H1 25
LITIGATION RESOLUTION DRIVING ONE-OFF COSTS IN H1 25 Half-Year ended June 30 % CHANGE (in millions of euros) 2025 2024 REVENUES 3,086 3,190 -3.3% ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS 246 315 -21.8% As a percentage of total consolidated revenues 8.0% 9.9% Exceptional items (84) (2) ADJUSTED
Slide 45: Solid Financials With Implementation of Financial Integration
SOLID FINANCIALS WITH IMPLEMENTATION OF FINANCIAL INTEGRATION Half-Year ended June 30 % CHANGE (in millions of euros) 2025 2024 OPERATING INCOME (EBIT) 142 289 -50.9% Income (loss) from equity affiliates 42 (70) Net financial income (loss) (64) (57) Interest expenses (13) (18) Income from investment
Slide 46: Exceptional Cash Level in H1 25
EXCEPTIONAL CASH LEVEL IN H1 25; ON TRACK TO ACHIEVE UPGRADED FY25 CFFO GUIDANCE CFFO & FCF H1 25 [€M] 11 -29 416 -17 370 -30 188 246 EBITA H1 25 Net content Non content Working CFFO H1 25 Income tax Interests FCF H1 25 before investments investment capital & others +86% and other +188% exceptional
Slide 47: Attractive Financial Profile With Neutral Debt Level in H1 25
ATTRACTIVE FINANCIAL PROFILE WITH NEUTRAL DEBT LEVEL IN H1 25 AMPLE CAPACITY TO IMPLEMENT STRATEGY Interests and 31/12/2024 other financial Dividends to 30/06/25 Net financial debt CFFO Income tax costs shareholders M&A Others Net financial debt -17 -30 -20 -23 4 -24 416 0.05x Leverage ratio -355 Ca
Slide 48: Financing Strategy Update
FINANCING STRATEGY UPDATE SUCCESSFUL SCHULDSCHEIN issuance demonstrating investor confidence in CANAL+ financial profile and strategic direction § Initial size increased from €125M to €285M § Oversubscribed 2.3x ATTRACTIVE PRICING CONDITIONS, lowering the company’s average funding cost, while keepin
Slide 49: New ESG Strategy Announced
NEW ESG STRATEGY ANNOUNCED ESG Framework approved by the Supervisory Board Clear objectives for each pillar in line with E, S and G Clear KPIs to underpin each pillar – main KPIs already defined Flexible, designed to integrate MultiChoice once the proposed transaction has closed Target setting to be
Slide 50: New ESG Strategy at the Core of Our Operations
NEW ESG STRATEGY AT THE CORE OF OUR OPERATIONS ENVIRONMENT SOCIAL SOCIETAL Reducing Fostering Enabling access to carbon emissions the next generation of creative empowering and inspiring across the value chain talent content Protecting and supporting the business with robust GOVERNANCE 50
Slide 51: Outlook
OUTLOOK
Slide 52: Solid 2025 Forecasts Excluding MultiChoice Acquisition
SOLID 2025 FORECASTS EXCLUDING MULTICHOICE ACQUISITION REVENUES MID-TERM MODERATE GROWTH 2025 GROWING ORGANICALLY HOWEVER, MORE THAN OFFSET BY NEGATIVE EFFECTS § Closing of C8 channel § Termination of Disney contract § Termination of UEFA Champion’s League sublicensing partnership EBITA MID-TERM MOD
Slide 53: Solid 2025 Forecasts: Cash Flow From Operations
SOLID 2025 FORECASTS EXCLUDING MULTICHOICE ACQUISITION CASH FLOW FROM 2025 EXCEPTIONAL ONE-OFF IMPROVEMENT OPERATIONS (CFFO) § Optimisation of the phasing of payment terms on various contracts § Lower than expected restructuring disbursement in 2025 § Progressive ramp-up of structural enhancements r
Slide 54: Solid 2025 Forecasts: Free Cash Flow
SOLID 2025 FORECASTS EXCLUDING MULTICHOICE ACQUISITION FREE CASH FLOW 2025 EXCEPTIONALLY HIGH LEVEL (FCF) § Strong improvement driven by record CFFO level § Lower tax disbursements thanks to financial integration; and to a lesser extent, a one-off tax refund in H1 25 § H2 25 interest payments expect
Slide 55: Continuing to Build a Strong Platform for Profitable Growth
CONTINUING TO BUILD A STRONG PLATFORM FOR PROFITABLE GROWTH REVENUE AND EBITA IN LINE WITH EXPECTATION FIRST POSITIVE OUTCOME FROM CASH OPTIMISATION PLAN, FY25 CFFO CONFIRMED FY25 FCF EXPECTED TO BE EXCEPTIONALLY HIGH EXTENSION OF SUPPER AGGREGATION VALUE PROPOSITION TO AFRICA ENHANCED DISTRIBUTION
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Slide 57: Appendix
APPENDIX
Slide 58: 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. CANAL+ considers these to be relevant indicators of the group’s operating and financial performance. Moreover, it should be noted
Slide 59: Disclaimer
DISCLAIMER This presentation has been prepared by CANAL+ SA (“Canal”) solely for use at the H1 2025 results webcast held on 29 July 2025. For the purposes of this notice, this “presentation” shall include these slides and any question-and answer session that follows the presentation. This presentati