Canal+Sa (CNALF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thank you for joining us today. This is Maxime Seyda, CEO of Canal+. And I'm Amandine Ferret, CFO of Canal+. We are delighted to be with you today. Together, we'll present the Canal+, results for the first half of 2025. Starting with our key strategic and financial priorities before I hand it over to Amandine Ferret, and she digs into our H1 financials and beyond. I would like to provide some detail on how we have made progress on each of our priorities with, of course, our key objective to generate profitable growth and cash on all activities by building the best global and local content value proposition, by extending our distribution through innovation and strategic partnerships, and by growing our scale. Let's start by focusing on how we are generating profitable growth and cash on all activities. As you will see, we are on track to deliver our upgraded guidance for the full year. In H1 2025, our organic revenue grew by 0.9%, reaching close to 3.1 billion euros, confirming our 2025 expectation to achieve organic growth. EBITDA is right where we expected it to be, 246 million euros before exceptionals, and we anticipate a much stronger second half of the year. Amandine will come back to this. And finally, cash flow is a real highlight. With 416 million euros in CFFO in H1, we are well on our way to hitting our full year guidance of over 500 million euros. To generate profitable growth and strong cash flow, we are making sure the group focuses on profitable contracts, activities, and retail customer segments. Second, we are taking real steps to improve the profitability of our European operations through cost reductions. Third, on the tax front, we are aiming to proactively resolve tax issues. Fourth, we are focused on materially improvi...