Canal+Sa (CNALF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you for joining us. I am Maxime Sadar, CEO of Canal+. Welcome to the presentation of our 2025 results and strategic update. I am pleased to be joined today by Amandine Ferré, CFO of Canal+, David Mignot, CEO of Canal+, Africa, Christophe Pinard-Legri, CEO of Canal+, France, and Anna Marsh, Chief Content Officer of Canal+, and CEO of Studio Canal. Following the retirement of Jacques Dupuis, who has had a very significant contribution to Canal+, I am pleased to announce that Christophe and David will be joining Amandine, Anna and myself on the management board. I'm also pleased to announce that, subject to staff representative approval, Christophe Pinaludry will be leading Europe going forward. The achievements of 2025, which we will take you through shortly, are just a small part of what this team has delivered as what we have really done together over the last 10 years is turn around Canal+. This is the same team who will now turn around MultiChoice, together with the support from former leaders at MultiChoice who know their market. Before we start, I want to highlight that we have taken your feedback at heart and strive to give more insight on the performance of our activities. In this respect, we will first cover the historical perimeter of Canal+, with 2025 numbers and a 2026 guidance. In short, 2025 was a very successful first year for Canal+, as a listed company. We delivered on all our objectives and we expect to keep doing that in 2026. We will then focus on multi-choice and go into the detail required to give you a clear picture of where the business stands now and what to expect in 2026. From there, we'll provide you with a consolidated view of the combined group for 25 and 26. And given all the moving parts for this year and probably...