Slide 1: 2025 Full Year Results & Strategic Update
2025 FULL YEAR RESULTS & STRATEGIC UPDATE
Slide 2: Presenters
MAXIME AMANDINE DAVID CHRISTOPHE ANNA SAADA FERRÉ MIGNOT PINARD -LEGRY MARSH Ý CEO Ý CFO Ý AFRICA CEO Ý FRANCE CEO Ý GLOBAL CHIEF CONTENT OFFICER , STUDIOCANAL CEO 2
Slide 3: Agenda
AGENDA INTRODUCTION Ý HISTORICAL BASIS FY25 RESULTS AND 2026 OUTLOOK MULTICHOICE HISTORICAL BASIS FY25 RESULTS AND 2026 OUTLOOK COMBINED Ý GROUP 2025 FULL YEAR RESULTS AND MEDIUM -TERM OUTLOOK STRATEGIC UPDATE 3
Slide 4: Agenda: Historical Basis FY25 Results and 2026 Outlook
AGENDA Ý HISTORICAL BASIS FY25 RESULTS AND 2026 OUTLOOK 4
Slide 5: Delivering Strong Results on Historical Perimeter
DELIVERING STRONG RESULTS ON Ý HISTORICAL PERIMETER ADJUSTED EBIT (1) (EBITa ) BEFORE EXCEPTIONAL ITEMS + 5.7 % CAGR € 542 M € 520 M € 490 M € 468 M € 435 M FY21 FY22 FY23 FY24 FY25 1. Excluding Vietnam 5
Slide 6: Key 2025 Achievements
KEY 2025 ACHIEVEMENTS End 01 02 03 04 END OF SECURED MAJOR TAX IMPROVED INCREASED ATTRACTIVE DISPUTES IN PROFITABILITY CASH DEBT FRANCE IN EUROPE GENERATION REFINANCING ACHIEVED / EXCEEDED 05 FINANCIAL GUIDANCE 6
Slide 7: 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 + 0.9 % + 1.0% GROWTH ORGANIC GROWTH 1 ORGANIC GROWTH 1 ADJUSTED EBIT (€M) BEFORE 503 515 52
Slide 8: Global Subscriber Base: Strong Performance, Year-End Peak with AFCON
GLOBAL SUBSCRIBER BASE: STRONG PERFORMANCE, YEAR -END PEAK WITH AFCON Ý historical basis 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 2024 2025 8 Foll
Slide 9: Europe: Significant Improvement in Profitability
EUROPE: SIGNIFICANT IMPROVEMENT IN PROFITABILITY Ý historical basis SUBSCRIBER BASE (M) REVENUES (€M) ADJUSTED EBIT ( EBITa ) (€M) BEFORE EXCEPTIONAL ITEMS +1.1% +15% +1.0 4,731 4,515 4,565 250 217 17.2 18.3 Retail Wholesale 6.3 7.1 11.0 11.1 2024 2025 2024 2024 2025 2024 2025 1 organic Margin rate
Slide 10: Africa/Asia: Revenue Growth While Maintaining High Margin
AFRICA/ASIA: REVENUE GROWTH WHILE MAINTAINING HIGH MARGIN Ý historical basis SUBSCRIBER BASE (M) REVENUES (€M) ADJUSTED EBIT ( EBITa ) (€M) BEFORE EXCEPTIONAL ITEMS +3.2% -7% +1.0 1,006 1,038 233 216 9.7 8.7 8.7 9.7 2024 2025 2024 2025 2024 2025 Margin rate 23.2% 20.8% 10 Following the reclassificat
Slide 11: Content Production, Distribution & Other: Increased Profitability
CONTENT PRODUCTION, DISTRIBUTION & OTHER: INCREASED PROFITABILITY Ý historical basis REVENUES (€M) ADJUSTED EBIT ( EBITa ) (€M) BEFORE EXCEPTIONAL ITEMS -5.1% +9% 817 775 77 70 2024 2025 2024 2025 Margin rate 8.6% 9.9% 11
Slide 12: 2025 Revenues and EBITA Before Exceptional Items
2025 REVENUES AND EBITA BEFORE EXCEPTIONAL: +1.0% ORGANIC GROWTH AND FIRST EFFECTS OF PROFITABILITY INITIATI VES Ý historical basis Year ended 31st December % CHANGE (in millions of euros) 2024 2025 (2.4%) REVENUES 6,418 6,266 1 1.0% org. Content costs (3,865) (3,629) (6.1%) Technology, selling, gen
Slide 13: Resolved Major Tax Disputes in France
RESOLVED MAJOR TAX DISPUTES IN FRANCE Ý historical basis 2025 FUTURE TST TAX ON TV CHARGE REDUCED CLARIFICATION EDITORS AND VS. CLAIMED OF THE TAX REGIME DISTRIBUTORS VAT CHARGE REDUCED CLARIFICATION VS. CLAIMED OF THE TAX REGIME 13
Slide 14: 2025 Adjusted EBIT: High Level of Exceptional Items
2025 ADJUSTED EBIT: HIGH LEVEL OF EXCEPTIONAL ITEMS DUE TO TAX SETTLEMENTS Ý historical basis Year ended 31st December % CHANGE (in millions of euros) 2024 2025 (2.4%) REVENUES 6,418 6,266 1 1.0% org. ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS 520 542 As a percentage of total consolidated revenu
Slide 15: 2025 Earnings
2025 EARNINGS: BENEFITS FROM AN IMPROVED COST OF FINANCING AND TAX GROUP CONSOLIDATION SET -UP IN FRANCE Ý historical basis Year ended 31 st December (in millions of euros) 2024 2025 OPERATING INCOME (EBIT) 359 156 Income (loss) from equity affiliates (158) 42 Net financial income (loss) (123) (97)
Slide 16: Exceptionally High Level of Cash Generation
EXCEPTIONALLY HIGH LEVEL OF CASH GENERATION 2025 Ý CASH GENERATION, €M, excluding Vietnam Ý historical basis 648 (41) 606 542 (48) 104 (90) Redundancy (21) 489 (48) 448 41 322 plan & MCG (272) acquisition fees 119% cash conversion (67% in 2022 / 68% in 2023 / 47% in 2024) 2025 Full CAPEX Amortizatio
Slide 17: 2026 Outlook
Ý HISTORICAL BASIS 2026 OUTLOOK Ý historical basis EXCLUDING MULTICHOICE 2026 AND VIETNAM 2022 2023 2024 2025 OUTLOOK 6,266 MODERATE REVENUES (€M) 5,970 6,187 6,418 + 1.0% ORGANIC ORGANIC GROWTH 1 GROWTH ADJUSTED EBIT EXCEPTIONAL ITEMS (€M) BEFORE 468 490 520 542 565 % Adjusted EBIT / Revenues 7.8%
Slide 18: Agenda: MultiChoice Historical Basis
AGENDA MULTICHOICE HISTORICAL BASIS FY25 RESULTS AND 2026 OUTLOOK 18
Slide 19: After Years of Growth, MultiChoice Has Faced Challenges Since 2023
AFTER YEARS OF GROWTH , MULTICHOICE HAS FACED CHALLENGES SINCE 2023… MultiChoice before acquisition MULTICHOICE SUBSCRIBER ~17.3M BASE 1 IN ENGLISH & PORTUGUESE SPEAKING AFRICA (M) ~14.1M 2010 2015 2020 2025 DETAILED NEXT (1) As of Multichoice’s reporting period —31 March, excluding CANAL+ English a
Slide 20: When It Entered a Negative Cycle
… WHEN IT ENTERED A NEGATIVE CYCLE… MultiChoice before acquisition MACRO -ECONOMIC FACTORS OTT STRATEGY (SHOWMAX) CONTENT & OTHER COST INFLATION DECREASING PROFITABILITY DECLINING REDUCTION OF SUBSCRIBER SUBSCRIBER ACQUISITION COST BASE & PRICE INCREASES 20
Slide 21: That Significantly Impacted Profitability
…THAT SIGNIFICANTLY IMPACTED PROFITABILITY MultiChoice before acquisition SUBSCRIBER BASE 1 (M) REVENUES 2 (€M) TRADING PROFIT (€M) (1.6) M / YEAR ( € 200) M / YEAR ( € 150) M / YEAR March March March March March March March March March 2023 2024 2025 2023 2024 2025 2023 2024 2025 MultiChoice’s fina
Slide 22: Reduction in Revenues Driven by Decline in Subscriber Base
REDUCTION IN REVENUES DRIVEN BY DECLINE IN SUBSCRIBER BASE MultiChoice SUBSCRIBER BASE (M) REVENUES (2) (€M) ADJUSTED EBIT ( EBITa ) 1 (€M) -6% (-142 ) -14% 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. Before exc
Slide 23: Deferred Payments Increasing MultiChoice CFFO and FCF
DEFERRED PAYMENTS INCREASING MULTICHOICE CFFO AND FCF MultiChoice MULTICHOICE CASH GENERATION, €M 2024 185 - 47 138 75% CASH CONVERSION 2025 DEFERRED 226 PAYMENTS 189 159 (37) +67 142% CASH CONVERSION 37 (225) (42) (35) (8) (79) 2025 Full Year 2025 CFFO Exceptional 2025 Tax Interests Other 2025 Full
Slide 24: MultiChoice 2026 Outlook
MULTICHOICE 2026 OUTLOOK MultiChoice 2026 OUTLOOK 2024 2025 Incl. Synergies & Boost Plan REVENUES (1) (€M) 2,542 2,400 SLIGHT DECLINE ADJUSTED EBIT (€M) (1) BEFORE EXCEPTIONAL ITEMS 185 159 170 7.3% 6.6% 9.0+ % MARGIN Note: Full Year figures as of 31/12 1. Net of interco with Ý 2. Before exceptional
Slide 25: MultiChoice 2026 Outlook: EBITA Trajectory
MULTICHOICE 2026 OUTLOOK MultiChoice MULTICHOICE 2026 ADJUSTED EBIT (EBITA) TRAJECTORY, excluding PPA, €M AFRICAN SCALE SYNERGIES GROWTH ~3% of Group OPPORTUNITY total cost base ~170 159 (~40) ~100 (~100) ~90% variable ~150 (~100) 2025 EBITA Topline impact Cost inflation Growth Boost Synergies initi
Slide 26: MultiChoice 2026 Outlook
MULTICHOICE 2026 OUTLOOK MultiChoice 2024 2025 2026 OUTLOOK as of 31/12/2024 as of 31/12/2025 Incl. Synergies & Boost Plan REVENUES (€M) 2,542 2,400 SLIGHT DECLINE ADJUSTED EBIT (1) (€M) BEFORE EXCEPTIONAL ITEMS % 185 159 170 7.3% 6.6% 9.0%+ MARGIN CFFO (€M) BEFORE VAT SETTLEMENT & RESTRUCTURING 138
Slide 27: Agenda: Combined Group 2025 Results and Medium-Term Outlook
AGENDA COMBINED Ý GROUP 2025 FULL YEAR RESULTS AND MEDIUM -TERM OUTLOOK 27
Slide 28: Scale of the Combined Group
SCALE OF THE COMBINED GROUP (1) FULL YEAR 2025 – DECEMBER (excluding Vietnam) TOTAL (2) SUBSCRIBERS (M) 28.0 14.4 42.3 REVENUES (€M) 6,266 2,400 8,665 EBITDA (3) (€M) BEFORE EXCEPTIONAL ITEMS 819 264 1,083 ADJUSTED EBIT (€M) BEFORE EXCEPTIONAL ITEMS , EXC. MCG PPA 542 + 159 701 8.7% 6.6% 8.1% % MARG
Slide 29: Group Outlook
Ý GROUP OUTLOOK CANAL+ HISTORICAL PERIMETER COMBINED GROUP FULL YEAR 2026 GUIDANCE MEDIUM - LONG - Incl. Synergies & TERM TERM EXCLUDING VIETNAM 2022 2023 2024 2025 Boost Plan OUTLOOK OUTLOOK MODERATE REVENUES (€M) 5,970 6,187 6,418 8,665 FLAT GROWTH ADJUSTED EBIT (€M) BEFORE EXCEPTIONAL ITEMS, 468
Slide 30: Agenda
AGENDA BASIS 26 OUTLOOK ICAL BASIS 26 OUTLOOK IGROUP 2025 FULL YEAR RESULTS UTLOOK CANAL+
Slide 31: Key Medium-Term Priorities
KEY 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 ACROSS AFRICA OPPORTUNITY AND EUROPE 31
Slide 32: Turning Around MultiChoice
#1 TURNING AROUND MULTICHOICE AND CAPTURING GROWTH OPPORTUNITIES IN AFRICA SPINNERS 32
Slide 33: Africa Presents a Very Compelling Long-Term Growth Opportunity
AFRICA PRESENTS A VERY COMPELLING LONG -TERM GROWTH OPPORTUNITY… HUGE LONG -TERM GROWTH POTENTIAL… 1,200 M + 800 M POPULATION BY 2050 + 4.5 % 56 % 32 % 5-YEAR GDP ELECTRIFICATION PAY-TV FORECAST RATE PENETRATION RATE … AND LIMITED COMPETITION FROM STREAMERS 4% OTT PENETRATION RATE 33
Slide 34: Canal+ Is Now the Leading Media Player on the African Continent
… AND Ý IS NOW THE LEADING MEDIA PLAYER ON THE AFRICAN CONTINENT WE HAVE 40 + 34 23 M + UNPRECEDENTED COUNTRIES COUNTRIES SUBSCRIBERS SCALE… IN WHICH IN WHICH WE WE OPERATE ARE LEADER … WITH STRONG LOCAL CONTENT 100 + 10,000 50 + LOCAL CHANNELS HOURS OF MOVIES, LANGUAGES ASSETS & CONTENT SERIES & SH
Slide 35: Africa Leadership Team
AFRICA LEADERSHIP TEAM COMBINING Ý AND MULTICHOICE EXPERIENCE Ý MULTICHOICE DAVID MIGNOT CEO Africa BUSINESS OPERATIONS & CONTENT CORPORATE & TRANSVERSAL H. VISSIER B. DU PLESSIS K. OMOTOSHO S. MWALI N. DANDOY T. MALATJIE Business South Africa Nigeria Technology Finance Human ressources Operations N
Slide 36: Canal+ Has a Strong Track Record in French-Speaking Africa
Ý HAS A STRONG TRACK RECORD AND PROVEN EXPERTISE IN FRENCH SPEAKING AFRICA Ý PAY -TV SUBSCRIBER BASE IN FRENCH -SPEAKING AFRICA (M) ~9M + 23 % SUBSCRIBER BASE CAGR ≈ 50 % SHARE OF AUDIENCE ON BETWEEN 2010 AND 2025 IN -HOUSE CHANNELS AMONG SUBSCRIBERS ~400k 2010 2015 2020 2025 36
Slide 37: MultiChoice Delivered Sustained Growth
MULTICHOICE DELIVERED SUSTAINED GROWTH IN ENGLISH & PORTUGUESE SPEAKING AFRICA MULTICHOICE SUBSCRIBER BASE IN ENGLISH & PORTUGUESE SPEAKING AFRICA (M) ~17.3M + 12 % SUBSCRIBER BASE CAGR BETWEEN 2010 AND 2023 ~3.9M 2010 2015 2020 2025 Subscriber numbers as of the last day of Multichoice’s reporting p
Slide 38: With a Mixed Track Record in the Last Two Years
… WITH A MIXED TRACK RECORD IN THE LAST TWO YEARS MULTICHOICE SUBSCRIBER BASE IN ENGLISH & PORTUGUESE SPEAKING AFRICA (M) ~17.3M + 12 % SUBSCRIBER BASE CAGR ~14.1M EXTERNAL FACTORS INFLATION , LOAD -SHEDDING BETWEEN 2010 AND 2023 INTERNAL FACTORS OTT STRATEGY (SHOWMAX), CONTENT & OTHER COST INFLATIO
Slide 39: Leverage Our Experience to Reverse the Negative Trend
WE WILL LEVERAGE OUR AND ROLL OUT OUR EXPERIENCE TO REVERSE BACK TO PROFITABLE THE RECENT NEGATIVE GROWTH PLAN TO MULTICHOICE TREND… CREATE LONG -TERM VALUE IN AFRICA 39
Slide 40: Back to Profitable Growth Plan Based on 4 Pillars
OUR BACK TO PROFITABLE GROWTH PLAN IS BASED ON 4 PILLARS BEST CONTENT ON THE SIMPLIFIED & A POWERFUL AFRICAN CONTINENT APPEALING ACQUISITION ENGINE COMMERCIAL OFFERS ▪ JOINT PRODUCTION AND ▪ SHIFT OF FOCUS ON IN -HOUSE CHANNELS ▪ SIMPLIFICATION OF COMMERCIAL SALESFORCE ▪ SCALE FOR INTERNATIONAL COMM
Slide 41: Offering the Best of International and Local Sports Competitions
OFFERING THE BEST OF INTERNATIONAL AND LOCAL SPORTS COMPETITIONS… INTERNATIONAL COMPETITIONS CONTINENTAL AND LOCAL COMPETITIONS 41
Slide 42: Joining Forces to Create the Most Appealing Local In-House Content
…AND JOINING FORCES TO CREATE THE MOST APPEALING LOCAL IN -HOUSE CONTENT AND OFFER THE BEST INTERNATIONAL CONTENT LOCAL CONTENT INTERNATIONAL CONTENT 100+ LOCAL CHANNELS & CONTENT 100+ INTERNATIONAL CHANNELS INCLUDING IN LOCAL LANGUAGES SUCH AS WOLOF, LINGUALA, KINYARWANDA, MALAGASY LOCAL PRODUCTION
Slide 43: African Subscribers Already Benefitting from the Combination
AFRICAN SUBSCRIBERS ARE ALREADY BENEFITTING FROM THE Ý MULTICHOICE COMBINATION… CONTENT AVAILABLE ACROSS BOTH Ý AND MULTICHOICE COUNTRIES SINCE THE TRANSACTION… LOCAL LANGUAGE IN -HOUSE CHANNELS SPORT RIGHTS ENHANCED “ENGLISH ADD -ON” FOR Ý SUBSCRIBERS 43
Slide 44: Extended Partnership with Netflix to Africa
… WE HAVE EXTENDED OUR PARTNERSHIP WITH NETFLIX TO AFRICA Ý DISTRIBUTES IN 20 COUNTRIES IN AFRICA 44
Slide 45: Simplifying MultiChoice's Commercial Offers
SIMPLIFYING MULTICHOICE’S COMMERCIAL OFFERS MULTICHOICE CURRENT OFFERS ILLUSTRATION – SOUTH AFRICA CURRENT DSTV OFFERS UP TO 17 PACKAGES PRICE POINTS DEPENDING ACCESSIBLE A TASTE OF HOME OF KIDS ALL LOCAL HOME OF ALL SPORT ON TECHNOLOGY PAYTV MZANSI ENTERTAINMENT ALL FOOTBALL KYKNET ALL ENTERTAINMEN
Slide 46: Rationalising Brands Portfolio
RATIONALISING BRANDS PORTFOLIO FOR MORE IMPACTFUL MEDIA AND MARKETING INVESTMENTS POWERFUL … BUT MARKETING INVESTMENTS FRAGMENTED BRANDS… ACROSS MULTIPLE BRANDS DTH 95 %+ DTT AWARENESS FOR OTT Ý AND DSTV BRANDS PREMIUM CHANNELS 170 M+ FOLLOWERS ACROSS SOCIAL MEDIA LOCAL PLATFORMS CHANNELS 46
Slide 47: Lowering the Entry Price to Boost Subscriber Acquisitions
LOWERING THE ENTRY PRICE TO BOOST SUBSCRIBERS’ ACQUISITIONS… ENTRY PRICE Subscriber cost in € for acquiring and installing a set - top-box and a satellite dish without subscription formula LOW ENTRY PRICE IS KEY TO DRIVE CUSTOMER ACQUISITION ~38€ ENTRY PRICE FOR MULTICHOICE TERRITORIES ~3 TIMES HIGH
Slide 48: Maintaining Revenue per Customer with High Value Offers
... WHILE MAINTAINING REVENUE PER CUSTOMER WITH HIGH VALUE OFFERS ILLUSTRATION - DTH SUBSCRIPTION PRICE RANGE IN FRENCH SPEAKING AFRICA NEW ACCESS EVASION ACCESS+ TOUT Ý Basic multi -theme All genres for the All Ý SPORT Full proposition offer & local sports family & Ý channels 265+ channels 300+ cha
Slide 49: Densifying MultiChoice Distribution Network
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. CAPILLARITY OF DISTRIBUTION NETWORK AND DENSITY OF SALESFORCE ARE KEY ~660 EFFORT TO I
Slide 50: Rolling Out Best Practices Framework Across All Countries
ROLLING OUT Ý AND MULTICHOICE PROVEN BEST PRACTICES FRAMEWORK ACROSS ALL COUNTRIES 270 PROVEN BEST “MASTERMIND” 15 DIMENSIONS 30 BUs TRACKED PRACTICES DIMENSIONS BEST -PRACTICES (NON -EXHAUSTIVE) Country A Country B Country C Country D NETWORK DENSITY MEETS TARGET: XXX POINTS OF SALE PER BUSINESS OK
Slide 51: Building a State-of-the-Art OTT Proposition
PREPARING FOR THE NEXT DECADE BY BUILDING A STATE -OF -THE -ART OTT PROPOSITION UNIFYING OUR PLATFORMS AND AND STRIKING COMMERCIAL AND APPROACH TO OTT… AGGREGATION PARTNERSHIPS … WITH STREAMERS … WITH LOCAL AFRICAN TELCOS … WITH SMART TVS MANUFACTURERS 51
Slide 52: Restarting the Growth Engine
RESTARTING THE GROWTH ENGINE YEARLY INVESTMENT UP TO € 100 M FINANCED BY COST CUTTING INITIATIVES RELAUNCHING GO -TO -MARKET INITIATIVES INCREASING GROWING PROFITABILITY SUBSCRIBER BASE 52
Slide 53: Increasing Profitability in Europe
#2 INCREASING PROFITABILITY IN EUROPE EMPATHY 53
Slide 54: A Pan European Scale and Ambition
A PAN EUROPEAN SCALE AND AMBITION 10 200 M COUNTRIES INHABITANTS 18.3 M SUBSCRIBERS AS OF 31 DECEMBER 2025 € 4.6 BN REVENUES AS OF 31 DECEMBER 2025
Slide 55: One Common Strategy, Different Markets
ONE COMMON STRATEGY , DIFFERENT MARKETS BENELUX FRANCE POLAND & CENTRAL EUROPE PREMIUMISATION OF THE VALUE PROPOSITION SUPER -AGGREGATION STRATEGY DIGITALISATION / SHIFT TO OTT RELATIVE MARKET SHARE ADJUSTED EBITA MARGIN TREND PREMIUMISING THE INCREASING FOCUS OVER 2026 -2030 SHIFTING TO OTT VALUE P
Slide 56: Focusing on Profitable Growth
FOCUSING ON PROFITABLE GROWTH MAINLAND FRANCE ADJUSTED EBIT (EBITa ) BEFORE EXCEPTIONAL ITEMS IN MAINLAND FRANCE (€M) + €130M BETWEEN 2023 & 2025 TOPLINE INITIATIVES + SYSTEMATIC REVIEW OF COSTS 2023 2024 2025 56
Slide 57: French Pay-TV Market Has Doubled Over the Past 10 Years
FRENCH PAY -TV MARKET HAS DOUBLED OVER THE PAST 10 YEARS OFFERING ROOM FOR FURTHER PENETRATION OF Ý MAINLAND FRANCE 22M HOUSEHOLDS 70% 10M HOUSEHOLDS × 2 PENETRATION OF PAY TV & SVOD OFFERS 35% 2016 2025 LAUNCH OF 57
Slide 58: Back to Subscriber Growth Since 2020
BACK TO SUBSCRIBER GROWTH SINCE 2020 MAINLAND FRANCE RETAIL S UBSCRIBER BASE IN FRANCE (K) +21% 2025, 6th YEAR OF CONSECUTIVE GROWTH 2024 AND 2025, HIGHEST INCREASE IN 15 YEARS 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 58
Slide 59: Digitalising Our Distribution
DIGITALISING OUR DISTRIBUTION MAINLAND FRANCE Ý SALES BY DISTRIBUTION CHANNEL RETAIL PARTNERS INTERNET PROVIDERS CALL CENTERS >6 0 % ONLINE SHARE OF SALES 50% DIRECTLY X 13 THROUGH SINCE 2016 Ý 2016 2025 59
Slide 60: Successful Transition to OTT
SUCCESSFUL TRANSITION TO OTT MAINLAND FRANCE BREAKDOWN OF THE Ý RETAIL SUBSCRIBER BASE BY ACCESS MODE DTT 47% IPTV 26% OTT 91% 27% DTH OF Ý RETAIL SUBSCRIBERS USE THE 2012 2020 2023 2025 Ý APP EVERY MONTH 60 60
Slide 61: Enhancing the Value Proposition
MAINLAND FRANCE ENHANCING THE VALUE PROPOSITION 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CINEMA THE BEST OF FRENCH AND INTERNATIONAL MOVIES SIX MONTHS AFTER THEATRICAL RELEASE SPORT ALL THE MAJOR COMPETITIONS US STREAMING PLATFORMS SUPER AGGREGATION STRATEGY
Slide 62: High Customer Satisfaction and Loyalty
HIGH CUSTOMER SATISFACTION AND LOYALTY MAINLAND FRANCE CUSTOMER SATISFACTION 82% 67% 85 % 25 % OF OF Ý SUBSCRIBERS SUBSCRIBERS WITH 1-to-2 YEAR LOYAL COMMITMENT FOR OVER CONTRACT 20 YEARS 2021 2025 62
Slide 63: Targeting Young Audiences
TARGETING YOUNG AUDIENCES MAINLAND FRANCE Ý subscribers aged between 18 and 26 x17 2019 2022 2025 63
Slide 64: Targeting Multi-Equipped Households
TARGETING MULTI EQUIPED HOUSEHOLDS MAINLAND FRANCE AVERAGE NUMBER OF PAY -TV SUBSCRIPTIONS PER HOUSEHOLD Ý OFFERING x2.4 CANAL+ CINE SERIES € 34 .99/MONTH 3.8 MARKET PRICE 1.6 € 73 /MONTH 2016 2025 10M 22M Number of households paying for content 64
Slide 65: Other Potential Topline Levers
OTHER POTENTIAL TOPLINE LEVERS MAINLAND FRANCE PRICE INCREASES END OF CODE ADVERTISING / ON SUBSCRIBER SHARING OUTSIDE ENTRY OFFER BASE HOUSEHOLDS 65
Slide 66: Focusing on Profitable Contracts and Systematically Reviewing Costs
FOCUSING ON PROFITABLE CONTRACTS AND SYSTEMATICALLY REVIEWING COSTS MAINLAND 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 66
Slide 67: Further Strengthening Our Leading Entertainment Platform
LOUPS GAROUS SEASON 2 #3 FURTHER STRENGTHENING OUR LEADING ENTERTAINMENT PLATFORM ACROSS AFRICA & EUROPE 67
Slide 68: Unique Content Value Proposition
UNIQUE CONTENT VALUE PROPOSITION PREMIUM IN HOUSE PAY TV THIRD PARTY STREAMING PLATFORMS THIRD PARTY IN HOUSE BASIC PAY TV THIRD PARTY IN HOUSE FREE TO AIR 68
Slide 69: The Best Sport Offer in the World
THE BEST SPORT OFFER IN THE WORLD … ALL MAJOR SPORT … ON ICONIC PLATFORMS COMPETITIONS… WITH WORLD -CLASS EXPERTISE 69
Slide 70: Secured Over the Long Term
… SECURED OVER THE LONG TERM EUROPE 2028 2029 2030 2031 2032 AFRICA 70
Slide 71: Unmatched Access to US Content
UNMATCHED ACCESS TO US CONTENT PLATFORMS AVAILABLE ON Ý & MULTICHOICE COUNTRIES OUTPUT DEALS WITH MAJOR US STUDIOS 71
Slide 72: Global Production and Distribution Business Built in a Decade
GLOBAL PRODUCTION AND DISTRIBUTION BUSINESS BUILT IN A DECADE 23 ~ 200 PRODUCTION FILMS LEADING 16 COMPANIES PRODUCED/YEAR INDEPENDENT THEATRICAL COUNTRIES 8 ~TV80 DISTRIBUTOR IN EUROPE DISTRIBUTION SERIES COMPANIES PRODUCED/YEAR 72
Slide 73: The Most Extensive Catalogue Across Our Footprint
THE MOST EXTENSIVE CATALOGUE ACROSS OUR FOOTPRINT ~ 9,900 70 18 #1 € 25 M TITLES FROM OSCAR WINNING PALME D'OR LIBRARY INVESTED OVER 7 YEARS STUDIOCANAL LIBRARY TITLES WINNING WORLDWIDE FOR RESTORATION OF TITLES OF EUROPEAN 1,000 + CLASSIC TITLES ~ 8,100 FEATURE FILMS TITLES FROM MULTICHOICE LIBR
Slide 74: 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 75: Creating African Stories with Global Resonance
CREATING AFRICAN STORIES WITH GLOBAL RESONANCE ALREADY RELEASED IN DEVELOPMENT GRACELAND THE HEIST OF BENIN AMERICANAH 75
Slide 76: 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 JENNIFER LAWRENCE PIERCE BROSNAN BRENDAN FRASER VINCENT LINDON TARON EGERTON MARGARET QUALLEY ROBERT PATTINSON LILY JAMES ANDREW SCOTT CAMILLE COTTIN TAHAR RAHI
Slide 77: Creating Global IP
CREATING GLOBAL IP IN POST -PRODUCTION FORTHCOMING 77
Slide 78: Franchise Model: Paddington Has Generated Over €1.BN in Gross Consumer Sales
FRANCHISE MODEL: PADDINGTON HAS GENERATED OVER €1. 5 BN IN GROSS CONSUMER SALES 2014 2017 2019 2021 202 2 2023 2024 2025 2027 2029 $700 + M FILMS BOX -OFFICE TV SERIES TV - SERIES 9 AWARDS FOR THE MUSICAL LIVE & CULTURAL EVENTS LICENSING MERCH & RETAIL
Slide 79: Building a Global Franchise Factory
BUILDING A GLOBAL FRANCHISE FACTORY… 79
Slide 80: Accelerated Through Partnerships
… ACCELERATED THROUGH PARTNERSHIPS 80
Slide 81: Sound Financial Model with Limited Costs vs Competitors
SOUND FINANCIAL MODEL WITH LIMITED COSTS VS COMPETITORS BUDGET REDUCED BY 36% VS INITIAL QUOTE BY TRANSFORMING CAPE TOWN INTO NEW YORK BUDGET REDUCED BY 23% VS INITIAL QUOTE BY DEPLOYING A SMALL CREW TO SOUTH AMERICA TO CAPTURE THE PERUVIAN JUNGLE ALLOWING CAST TO CONTINUE FILMING IN THE UK BUDGET R
Slide 82: Sound Financial Model with Limited Risk
SOUND FINANCIAL MODEL WITH LIMITED RISK SERIES MOVIES > 80 - 90 % >8 0 % OF NET BUDGET PRE -FINANCED OF NET BUDGET PRE -FINANCED BEFORE CAMERAS ROLL* BEFORE THEATRICAL RELEASE* *INDUSTRY STANDARD *AVERAGE ACROSS THIS SAMPLE OF MOVIES 82
Slide 83: Global IP Creation Accelerated Through Partnerships
GLOBAL IP CREATION ACCELERATED THROUGH PARTNERSHIPS COMBINING FORCES: DEVELOPMENT PARTNERSHIP WITH SKY & CANAL+ GROUP CO -CREATING PREMIUM TV SERIES THAT WILL CAPTIVATE OUR AUDIENCES WORLDWIDE 83
Slide 84: Pursuing a Disciplined Approach to Costs and Capital
#4 PURSUING A DISCIPLINED APPROACH TO COSTS AND CAPITAL THE OFFICE PL 84
Slide 85: Disciplined Approach to Costs and Capital
DISCIPLINED APPROACH TO COSTS AND CAPITAL REINFORCING RIGOROUS APPROACH TO COSTS CAPTURING SYNERGIES WITH OUR NEW SCALE APPLYING A DISCIPLINED CAPITAL ALLOCATION POLICY WITH CONTROLLED DEBT LEVEL AND EXCESS CAPITAL RETURNED TO SHAREHOLDERS 85
Slide 86: Disciplined Approach to Costs and Capital
DISCIPLINED APPROACH TO COSTS AND CAPITAL REINFORCING RIGOROUS APPROACH TO COSTS 86
Slide 87: Cost Inflation Mitigated by Generalist and Super-Aggregation Model
COST INFLATION MITIGATED BY GENERALIST AND SUPER -AGGREGATION MODEL THIRD PARTY STREAMING PLATFORMS PREMIUM IN HOUSE PAY TV THIRD PARTY IN HOUSE BASIC PAY TV THIRD PARTY IN HOUSE FREE TO AIR
Slide 88: Data-Driven Content Investment Decisions
DATA -DRIVEN CONTENT INVESTMENT DECISIONS NO LOW OCCASIONALS FANS SUPER FANS TOTAL CONSUMPTION CONSUMPTION
Slide 89: Focusing on Profitable Contracts
FOCUSING ON PROFITABLE CONTRACTS THE VERY BEST OF EUROPEAN FOOTBALL SECURED IN FRANCE UNTIL 2031 89
Slide 90: Partnership with Google Cloud
PARTNERSHIP WITH GOOGLE CLOUD 90
Slide 91: Partnership with OpenAI
PARTNERSHIP WITH OPENAI AI -POWERED SEARCH IN THE Ý APP 91
Slide 92: Disciplined Approach to Costs and Capital
DISCIPLINED APPROACH TO COSTS AND CAPITAL CAPTURING SYNERGIES WITH OUR NEW SCALE 92
Slide 93: Accelerated Cost Synergies Plan
ACCELERATED COST SYNERGIES PLAN MultiChoice MULTICHOICE 2026 ADJUSTED EBIT (EBITA) TRAJECTORY, excluding PPA, €M ~170 ~159 (~40) ~100 (~100) ~90% variable ~150 (~100) 2025 EBITA Topline impact Cost inflation Growth Boost Synergies initial plan Synergies acceleration 2026 EBITA (excl. PPA) Plan inves
Slide 94: Accelerated Cost Synergies Plan
ACCELERATED COST SYNERGIES PLAN X RESTRUCTURING COSTS GROUP ADJUSTED EBIT COST SYNERGIES GROUP FCF COST SYNERGIES (before implementation costs) (before implementation costs, after payment of interests & taxes) COMPARED TO 2025 COST BASELINE COMPARED TO 2025 COST BASELINE € 400 M+ € 300 M+ € 300 M+ €
Slide 95: Cost Synergies – Material Initiatives
COST SYNERGIES – MATERIAL INITIATIVES JANUARY ACCELERATED EXAMPLES OF INITIATIVES (NON -EXHAUSTIVE) FY26 FY26 NEGOTIATIONS WITH SPORT AND GENERAL CONTENT ENTERTAINMENT RIGHTHOLDERS € 150 M RATIONALISATION OF INTERNAL CONTENT TECH RENEGOTIATION OF HARDWARE PRICES January 2026 OPTIMISATION OF BROADCAS
Slide 96: Discontinuation of Showmax
DISCONTINUATION OF SHOWMAX 96
Slide 97: A Plan to Roll Out the Application on Two Continents
A PLAN TO ROLL -OUT THE Ý APPLICATION ON TWO CONTINENTS 32 COUNTRIES WITH A Ý BRANDED APPLICATION MEDIUM TERM, ROLL OUT OF THE Ý APPLICATION ACROSS ALL COUNTRIES WITH THE Ý APPLICATION 1 Mayotte Mauritius OUR GEOGRAPHIES COUNTRIES WITH AN OTHER STREAMING APPLICATION 2 Reunion 1 Including other Frenc
Slide 98: Reduction of MultiChoice Structural Costs
REDUCTION OF MULTICHOICE STRUCTURAL COSTS RATIONALISATION OF COMPANY REAL ESTATE LAUNCH OF VOLUNTARY SEVERANCE PLAN POOLING OF RESOURCES RELATED TO JSE LISTING OF CANAL+ / MULTICHOICE 98
Slide 99: 2026 Synergies – Secured to Date
2026 SYNERGIES – SECURED TO DATE 2026 GROUP FCF COST SYNERGIES SECURED (before implementation costs, after payment of interests & taxes) 220 OPTIMISATION OF CONTENT PARTNERSHIPS 150 RENEGOTIATION OF HARDWARE PRICES OPTIMISATION OF TECH BROADCASTING INFRASTRUCTURE 120 + REFINANCING OF MULTICHOICE’S L
Slide 100: Disciplined Approach to Costs and Capital
DISCIPLINED APPROACH TO COSTS AND CAPITAL APPLYING A DISCIPLINED CAPITAL ALLOCATION POLICY WITH CONTROLLED DEBT LEVEL AND EXCESS CAPITAL RETURNED TO SHAREHOLDERS 100
Slide 101: Refinancing Operations Successfully Completed
3 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, lowering the company’s average funding cost, while maintaining a SOUND BALANCE SHEET 101
Slide 102: Sound Balance Sheet with Leverage Below 3x
SOUND BALANCE SHEET WITH LEVERAGE BELOW 3X 31/12/2024 31/12/2025 NET FINANCIAL DEBT NET FINANCIAL DEBT -37 -31 448 -255 -20 -11 -355 Inc. UGC, MC Vision and late payment on GVA -1,736 -1,997 FCF Dividends paid Shares buyback M&A (exc. Dividends to Others MultiChoice to minorities for performance MCG
Slide 103: Discontinuing Unprofitable Activities
DISCONTINUING UNPROFITABLE ACTIVITIES CONTINUOUS 2024 2025 2026 MONITORING CANAL+ DTT IN FRANCE ETHIOPIA VIETNAM 103
Slide 104: Partnerships to Achieve Strategic Priorities with Optimised Investment
PARTNERSHIPS TO ACHIEVE STRATEGIC PRIORITIES WITH OPTIMISED INVESTMENT TO BE CONTINUED… 104
Slide 105: Dividend Distribution Policy
DIVIDEND DISTRIBUTION POLICY DIVIDEND PROPOSED FOR 2025 +10% VS. 2024 SUBJECT TO SHAREHOLDER APPROVAL AT THE GENERAL MEETING ON 29 MAY 2026 DIVIDEND WOULD BE PAYABLE FROM 15 JUNE 2026 WITH AN EX -DIVIDEND DATE AS OF 12 JUNE 2026 105
Slide 106: Liquidity Opportunities for Shareholders
LIQUIDITY OPPORTUNITIES FOR SHAREHOLDERS JSE LISTING TARGETED END OF H1 2026 106
Slide 107: Generate Profitable Growth and Cash: Summary
GENERATE PROFITABLE GROWTH AND CASH SUMMARY CANAL+ HISTORICAL BASIS FY2025 GUIDANCE ACHIEVED OR EXCEEDED POSITIVE 2026 OUTLOOK MULTICHOICE CHALLENGING FY2025 ACCELERATED SYNERGY DELIVERY WITH MORE THAN HALF OF 2026 EXPECTED SAVINGS ALREADY SECURED IN 2026, SHIFTING ORGANISATION AND RESOURCES TO GET
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108
Slide 109: Appendix
APPENDIX 09 CANAL+
Slide 110: Financing Strategy Update
FINANCING STRATEGY UPDATE COMBINED CAPITAL STRUCTURE OVERVIEW AVAILABLE FINANCING (DEC. 25) (END OF YEAR, €M) Term loan MATURITY €M RCF Schuldschein FINANCIAL GROSS DEBT (2,827) 2,820 Euro bond Term Loan (€500M) 1 Dec . 2026 -500 RCF RCF Term Loan (€1,300M) Dec . 2030 -1,300 700 2,320 2,320 Schuldsc
Slide 111: 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