Canal+ : Annual Report - 2025 (Canal Annual Report 2025 a6dcc129e8)

About this update from Canal+ Sa

THE ORIGINAL+  Annual Report and Accounts 2025 Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information Strategic Report INSIDE THIS REPORT STRATEGIC REPORT 4 Chairman's Statement 5 Chief Executive's Statement 7 2025 Highlights 9 Our External Environment 16 Our Strategy 18 Our Business Model 22 1.8 Overall Performance: Key Indicators 28 3.5 Governance And Business Ethics 128 1.9 Financial And Operating Review 30 3.6 Preparation Basis And Verification 1.10 Risks 41 Of Non-financial Data 135 Our Responsibilities 26 NON-FINANCIAL PERFORMANCE AND BUSINESS ETHICS 103 A Value-driven Approach To Sustainability 105 Environment - Reducing Carbon Emissions Across The Value Chain 110 Social - Fostering The Next Generation Of Creative Talents 116 Societal - Enabling Access To Empowering And Inspiring Content 124 Viability Statement 49 Key Stakeholders And Section 172 Statement 50 MultiChoice 58 FINANCIAL REPORT Responsibility Statement Of The Management 146 CORPORATE GOVERNANCE REPORT 59 Introduction 60 Governance at a Glance 61 Compliance With The 2024 UK Corporate Governance Code 62 Management 65 The Supervisory Board 72 The Nominations and Remuneration Committee 81 The Audit and Sustainability Committee 95 Disclosure Of Information Required Under The UK Listing Rules And The Disclosure Guidance And Transparency Rules 100 Board Members 147 Audited Consolidated Financial Statements 148 Audited Statutory Financial Statements 219 OTHER INFORMATION 230 Disclosure Of Information Required Under French Law For The French Management Report Or The French Governance Report 231 Information For Shareholders 239 Glossary 240 ANNUAL REPORT 2025 1 S T R A T E G I C R E P O R T AT A GLANCE CANAL+ AT A GLANCE #1 in 40 countries A global entertainment platform anchored in Europe and Africa 40m+ total subscribers following the acquisition of MultiChoice 15,000 colleagues 2 ANNUAL REPORT 2025 Strategic Report Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information AT A GLANCE CONTINUED A transformational year Excluding Vietnam and including 3 months and 11 days of MultiChoice REVENUE €6,949m ADJUSTED EBIT BEFORE EXCEPTIONAL ITEMS €646m CFFO BEFORE EXCEPTIONAL ITEMS €625m FCF €280m GROUP INVESTMENT IN CONTENT €3.9bn ANNUAL REPORT 2025 3 S T R A T E G I C R E P O R T ‌1.13 01 STRATEGIC REPORT Chairman's Statement 5 Chief Executive's Statement 7 2025 Highlights 9 Our External Environment 16 Our Strategy 18 Our Business Model 22 Our Responsibilities 26 Overall Performance: Key Indicators 28 Financial And Operating Review 30 Risks 41 Viability Statement 49 Key Stakeholders And Section 172 Statement 50 MultiChoice 58 4 ANNUAL REPORT 2025 Strategic Report Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information CHAIRMAN'S STATEMENT ‌YANNICK BOLLOR É CHAIRMAN OF THE SUPERVISORY BOARD OF CANAL+ OUR FIRST YEAR AS A LISTED COMPANY 2025 MARKED A DEFINING MILESTONE IN THE HISTORY OF CANAL+ 2025 marked a defining milestone in the history of C ANAL+. It was our first year as a listed company , and the combination of CANAL+ and MultiChoice significantly expanded our scale while positioning us to fully capture the growth opportunities across Africa. I am honoured to serve as Chair of the Supervisory Board of CANAL+. The Members of the Supervisory Board provide a deep, broad range of expertise and diversity of views. Their experience and insight proved invaluable throughout our first year as a listed business. CANAL+ was successfully listed on the London Stock Exchange (LSE) on 16 December 2024 , marking a key step in the Group's transformation. From the outset, we implemented robust governance structures, aligned with listed-company best practices, including the creation of the Audit and Sustainability Committee and the Nominations and Remuneration Committee of the Supervisory Board. In June 2025, we held our first Annual General Meeting and maintained disciplined, regular and transparent communication with the market on our strategic priorities and financial performance. ANNUAL REPORT 2025 5 S T R A T E G I C R E P O R T CHAIRMAN'S STATEMENT CONTINUED The strategic reorganisation of Vivendi was designed to unlock the full development potential of CANAL+ as a standalone listed entity . As CANAL+ continues to scale and diversify its global footprint, we expect our shareholder base to broaden as more international investors recognise the strength of our assets, our strategy and our long-term growth opportunities. The decision to list in London has already proven to be the right one, reflecting our shift beyond the French-speaking world and positioning the Group at the centre of international capital markets. Following the MultiChoice acquisition, our London Stock Exchange listing will also enable us to accelerate our listing on the Johannesburg Stock Exchange. While the sector remains highly competitive, CANAL+ continues to deliver growth. The acquisition of MultiChoice has created a unique global entertainment platform anchored in Europe and Africa, with the reach and scale required to compete effectively on a global stage and to deliver sustainable long-term value for shareholders. LEADERSHIP TEAM AND SUPERVISORY BOARD Our experienced management team has successfully transformed CANAL+ from a French Pay-TV business into a leading global entertainment platform . Under the leadership of Maxime Saada, who has been serving as Chief Executive of the Group for more than ten years the Group has pursued a clear and consistent strategic vision that has been instrumental in driving sustained growth and building a strong, high-performance culture. A clearly articulated strategy ensures strong alignment across the organisation, with teams focused on shared objectives. The Supervisory Board's confidence in the Management Board, and the wider leadership team reflects their ambition, operational excellence and ability to deliver robust growth while remaining agile in identifying, anticipating and, in many cases, shaping market trends. In 2025, while successfully completing the transformational acquisition of MultiChoice, our leadership team, together with all of our hard-working colleagues, continued to strengthen the business. We delivered or exceeded our guidance, expanded our shareholder base, and navigated our first year as a listed company with momentum. While the sector remains highly competitive, we continued to grow profitably and deepened key strategic partnerships. The Supervisory Board believes that the Group is well positioned to deliver profitable growth and create longterm value for its shareholders. In this context, it has approved the Management Board's proposal to distribute a dividend of [0.022] per share for the 2025 financial year. SUMMARY AND LOOK AHEAD We are proud of everything we delivered during our first year as an independent, listed company and we enter 2026 from a position of increased strength. Our financial position is robust, and our strategy and agility ensure we are well placed to navigate future challenges, while taking advantage of the opportunities ahead. With a leading position in 40 countries, CANAL+ has significant scope for continued growth. We remain focused on delivering superior value for all of our stakeholders. We look forward to our second Annual General Meeting as an independent listed company, to be held on 29 May 2026. Yannick Bolloré Chairman of the Supervisory Board of CANAL+ 6 ANNUAL REPORT 2025 Strategic Report Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information CHIEF EXECUTIVE'S STATEMENT ‌MAXIME SAADA CEO OF AN EXTRAORDINARY YEAR IN 2025, WE DELIVERED ALL OF OUR KEY OBJECTIVES CANAL+ entered a new phase of growth with the acquisition of MultiChoice, the leading Pay-TV operator in English- and Portuguese-speaking Africa. This major transaction marks a turning point in our Group's trajectory. While remaining a key player in Europe's creative industries, CANAL+ has become the Pay-TV leader in Africa - the continent offering the strongest growth potential in our sector. With more than 40 million subscribers, close to €9 billion in annual combined 1 revenue and a presence in over 70 countries, we have successfully executed our strategy to reach the critical scale that is now essential, as evidenced by the ongoing wave of industry consolidation. 1 See definition in Section 1.9.4 ANNUAL REPORT 2025 7 S T R A T E G I C R E P O R T CHIEF EXECUTIVE'S STATEMENT CONTINUED In our first full year listed on the London Stock Exchange, we demonstrated the strength of CANAL+'s business model. Our sound financial management delivered tangible results. On CANAL+ historical perimeter, we achieved our organic revenue and Adjusted EBIT growth targets, improved profitability of our European operations by 15% year-on-year and reached an exceptional CFFO of €606 million. We also resolved our long-standing VAT and TST disputes with the French tax authorities, removing significant financial uncertainty from the path ahead. This financial discipline was matched by major strategic progress across all of our priorities, bringing us closer to our ambition of reaching 50 to 100 million subscribers. Providing the best entertainment experience is the core purpose of CANAL+ . The distinctiveness, depth and diversity of our value proposition have always set us apart. This year, more than ever, our combination of in-house and third-party content has expanded across all our territories. This includes the exceptional breadth of MultiChoice content in English- and Portuguese-speaking Africa, as well as successful CANAL+ Originals such as The Corsican Line (17 million views) and The Office in Poland, alongside an unmatched sports offering - now the richest in the world. Over 4 million subscribers in France tuned in for the semi-final of PSG's victorious Champions League campaign. The Africa Cup of Nations averaged 1.5 million subscribers per match in French-speaking sub-Saharan Africa. The Premier League broadcast in Myanmar attracted tens of thousands of new subscribers. And in France, our exclusive rights to all UEFA club competitions will continue to delight fans until 2031. In line with our pioneering super-aggregation strategy, we also extended our partnership with Netflix, the world's leading streaming platform, to French-speaking sub-Saharan Africa - a first in the region. We made the decision not to choose between global and local box-office success. STUDIOCANAL has the capability to deliver both. Paddington in Peru continued its international success, taking 3210 million at the global box office, while Bridget Jones: Mad About the Boy reached 3136 million. In France, Chien 51 ranked among the top four domestic box-office hits of the year, and we were proud of the success of I Swear, the multi-award-winning British film honoured at the BAFTAs. As the leading partner of cinema across our core geographies, we reached a new milestone in 2025 with the acquisition of a 34% stake in UGC. Investing in one of Europe's largest cinema chains - including the world's most attended cinema - reflects our conviction that the big screen, streaming and television are complementary experiences. Ensuring CANAL+ can be accessed on any screen continues to be an objective we constantly pursue. Now available on over 80 million screens, we signed a new distribution agreement with Smart TV manufacturer Thomson, following Samsung, Philips and Vidaa, and with connected car brands Alpine and BMW, after Renault last year, and, for the first time, with Air France, for in-flight content. Whether they are at home or on the go, our subscribers can enjoy a seamless entertainment experience. And because anticipating future entertainment trends is essential to us, we partnered with Apple Vision Pro to release an immersive documentary pushing the boundaries of audiovisual storytelling. Convinced of the essential nature of culture, we created the Fondation CANAL+. Its primary mission is to make culture accessible to as many people as possible, and we are delighted that more than 30,000 individuals have already benefited from its programmes in its first year. Beyond the social and societal impact of our foundation, we see CSR as a genuine performance driver for CANAL+. From decarbonising our industry to fostering emerging talent, improving the accessibility of our content and ensuring on-screen representation, our commitments our important to us and span the entire value chain of the media and entertainment industry. We will continue acting both in front of and behind the camera to embed these commitments at the core of our business and our content. All of these achievements - which made 2025 a landmark year - were made possible first and foremost by the work of our 15,000 employees worldwide. Their diversity of nationalities, languages, expertise and skills is one of CANAL+'s greatest assets. I would like to thank them sincerely for their determination and excellence once again this year. While 2025 was a year of unprecedented transformation for CANAL+, 2026 will be a year of convergence. We enter this new phase with confidence, convinced of our ability to create sustainable value for all of our subscribers, partners and stakeholders. Maxime Saada CEO of CANAL+ 8 ANNUAL REPORT 2025 Strategic Report Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information 2025 HIGHLIGHTS ‌SCALE CANAL+ AND MULTICHOICE become one company 34% ACQUIRED OWNERSHIPSTAKE in leading French Cinema player UGC CANAL+ SUBSCRIBE BASE INCREASED BY 2.1M IN 2025 excl. MultiChoice 30.0 20.0 22.7 24.7 28.0 25.8 25.9 10.0 0.0 2021 2022 2023 2024 2025 ANNUAL REPORT 2025 9 S T R A T E G I C R E P O R T 2025 HIGHLIGHTS CONTINUED CONTENT NETFLIX INTRODUCED TO OUR OFFER IN 20 MARKETS IN AFRICA SECURED UEFA RIGHTS IN FRANCE: Champions League, Europa League and Conference League until 2031 strengthening CANAL+ and Netflix long-term strategic partnership MULTI-YEAR AGREEMENT with Warner Bros. Discovery in CANAL+ and MultiChoice markets WORLD 1ST immersive video documentary produced for Apple Vision Pro 10 ANNUAL REPORT 2025 Strategic Report Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information 1.3 2025 HIGHLIGHTS CONTINUED DISTRIBUTION CANAL+ APP Major user experience upgrade and new features added to the CANAL+ App CANAL+ APP Now available on Samsung and Thomson Smart TVs, in addition to VIDAA, LG and Philips AIR FRANCE Now offers privileged access to CANAL+ content on long-haul flights CANAL+ APP Now available in Alpine, Renault, and BMW vehicles ANNUAL REPORT 2025 11 S T R A T E G I C R E P O R T 1.3 2025 HIGHLIGHTS CONTINUED GENERATING PROFITABLE GROWTH AND CASH IMPROVED PROFITABILITY in Europe Europe segment adjusted EBIT (EBITA), €M Before exceptional items +15% 240 160 80 0 217 250 SCOPES 1&2 MARKET-BASED CARBON EMISSIONS 10.6 KT.CO 2 E 16% reduction in 2025 2024 2025 Margin rate 4.6% 5.5% (CANAL+ historical perimeter) FINANCIAL POSITION STRENGTHENED - debt refinanced on attractive terms, lowering the company's cost of funding, while maintaining a sound balance sheet SCHULDSCHEIN €320M July 2028 / July 2030 EUROBOND €700M DECEMBER 2030 BANKING FACILITY €1,800M DECEMBER 2026 / DECEMBER 2030 RESOLVED MAJOR TAX DISPUTES in France and gained clarity of future tax regime 12 ANNUAL REPORT 2025 Strategic Report Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information 1.3 2025 HIGHLIGHTS CONTINUED ESG HIGHLIGHTS 11,000 CINEMO Our cinema on wheels, from Fondation CANAL, in partnership with Fondation Art Explora, offered nearly 300 screenings to around 11,000 attendees 30,000+ people reached by the Fondation CANAL+ in its first year ANNUAL REPORT 2025 13 S T R A T E G I C R E P O R T 1.3 2025 HIGHLIGHTS CONTINUED ON SCREEN AND ON STAGE ORIGINAL CREATIONTHESENTINELS: Launched in over 30 countries simultaneously PADDINGTON: The Musical opened on London's West End to 5* reviews @Photography by Johan Perssonn PREMIERLEAGUE: Broadcast on CANAL+ in 50+ countries across Europe, Africa and Asia BRIDGET JONES MAD ABOUT THE BOY: €136m at Box Office 4.1m VIEWERS FOR PSG VS ARSENAL Champions League semi-final in France 14 ANNUAL REPORT 2025 Strategic Report Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information 2025 HIGHLIGHTS CONTINUED ON SCREEN AND ON STAGE CONTINUED 1.9m AVERAGE AUDIENCE FOR TOP14 regular season match weeks drew an audience of 1.9m (2024-25 season). (With 1.24m viewers, the Toulouse-Bayonne semi-final had the biggest audience for a TOP14 match on C+ since 2014). AVERAGE AUDIENCE 3.2m for each episode of Uthando NeS'thembu in South Africa 1.5m AVERAGE AUDIENCE for AFCON in French-speaking sub-Saharan Africa 6X BAFTA NOMINATIONS I Swear 16.7m COURT ORDER FROM PARIS JUDICIAL COURT mandates VPN blocking of illegal streaming sites - a turning point in the fight against piracy VIEWS total viewing for The Corsican Line in France ANNUAL REPORT 2025 15 S T R A T E G I C R E P O R T OUR EXTERNAL ENVIRONMENT ‌The media and entertainment sector in which we operate is constantly evolving, and the pace of change has increased in 2025, driven by shifting consumer behaviour, technological advancements, and competitive dynamics. Our strategy and business model, together with our strategic investments, operational excellence, and ongoing commitment to innovation, enable us to respond quickly and effectively to trends. This ensures we deliver for all of our stakeholders, as we provide a compelling value proposition while delivering profitable growth, strengthening our position as a global media and entertainment platform and producer. INCREASED PAY-TV PENETRATION Over the previous decade, the rapid growth in streaming has introduced more consumers to the benefits of paid content. In France, for example, Pay-TV penetration has increased from 35% in 2015 to 70% today. Similar trends have occurred in other European markets including Poland and the Czech Republic 1 . At CANAL+ we have benefited from this increase, as it has enabled us to encourage more people to subscribe, or maintain their subscription, particularly as we offer such a broad range of content, which we make accessible from anywhere on almost any device. We expect this trend to continue in markets where streaming services have lower penetration, including in sub-Saharan Africa. Sub-Saharan Africa represents a huge opportunity for our business over the coming years and we are uniquely positioned to benefit from these trends. For more detail on the opportunity in Africa, see Section 1.5. PIRACY AND CONTENT PROTECTION Piracy continues to present a significant challenge to our industry, as illegal access to premium content undermines intellectual property rights and impacts subscriber numbers. Illegal streaming platforms have become more sophisticated with the proliferation of high-speed broadband, increasing the need for providers to develop robust content protection measures. This trend has been especially noticeable in regions where high-speed broadband is still developing and where the legal and/ or industrial anti-piracy framework is less established. In addition to protecting consumers from the risks attributed to engaging with illegal platforms and the criminal organisations behind them, safeguarding our content is critical to preserving value for shareholders and rights holders. Our anti-piracy strategy is focused on four areas: Technology: We actively monitor illicit use of our content and utilise proprietary technology to block the illegal sharing of our content. Legal: We cooperate with broadband providers to instantaneously identify and block illegal streams and links. This is enabled by legal frameworks in a number of markets in which we operate. One of our objectives is to extend the adoption of these effective frameworks into markets where they are not already established. In May 2025, we secured a favourable ruling from the Paris Judicial Court ordering the blocking of over 200 illegal sports streaming sites - a first of its kind worldwide. Commercial: By providing the best value content proposition and technology we discourage consumers from seeking illegal alternatives. In France, for example, our RAT+ offer is targeted at younger audiences and provides a comprehensive content offering at a competitive price point. Partnerships : We work with right-owners across sports, cinema and series, and globally with industry associations such as the Alliance for Creative Entertainment (ACE), and with local industry associations such as the Association pour la Protection des Programmes Sportifs (APPS) in France, to further our anti-piracy objectives together with all stakeholders in the industry. Our technological, legal, commercial and partnership focused approach to reducing content theft will continue to evolve and improve. Our aim is always to stay ahead of the criminal organisations and significantly limit both their capability and appeal. Following the MultiChoice acquisition, we will roll out solutions to combat IPTV piracy in English-speaking African markets that have been successful in French-speaking African markets. As internet and smartphone penetration increases across Africa, more people have the tools to access pirated content. Economic constraints, limited licensed content availability and low awareness of risks and consequences amplify the issue. In addition to presenting risks to any business operating in video entertainment in Africa, piracy, which takes the form of both broadcasting and cyber piracy, ultimately results in revenue leakage, discourages investment into the industry and hinders job creation. For more detail on Piracy see Section 1.10. PRICING STRATEGIES AND AD-TIER SOLUTIONS Global streaming platforms have implemented price increases in response to rising content costs and the need to improve profitability. In parallel, there is a notable shift towards advertising-based models, which offer free or lower-cost access to content to maintain an attractive entry price. At CANAL+ our pricing strategies are constantly evaluated and moderated in response to shifting patterns with the aim of retaining and gaining subscribers. THE ROLE OF AI The media industry is increasingly harnessing the power of AI to enhance operational efficiency and drive innovation, especially with regards to personalisation. As competition has increased it has become more important for entertainment providers to understand user preferences at the individual level. In addition to improving the user experience this can also increase customer retention and reduce churn. At CANAL+ we have started to experiment with AI analytics to get better insights into audience behaviour and preferences. This helps us to improve personalisation of our platform and be more targeted in our marketing. We also use AI to improve customer service through the deployment of chatbots and virtual assistants, which provide personalised support and boost user engagement. In production, we think about AI in the same way we think about the dramatic improvements in special effects over recent years - it is a tool we can use to help enhance the end product, or to make content more accessible, such as through developments in subtitling. We do not believe AI can or should replace human creativity. 1 Internally commissioned research data 16 ANNUAL REPORT 2025 Strategic Report Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information OUR EXTERNAL ENVIRONMENT CONTINUED INDUSTRY CONSOLIDATION AND NEW PARTNERSHIPS Consolidation has become a key theme in the global media and entertainment sector. Mergers and acquisitions are reshaping the competitive landscape as platforms and providers seek greater scale, strength and content diversification. Moreover, key players are joining to benefit or survive in this ever-changing environment. At CANAL+, consolidation presents us with both opportunities and risks, with the potential for deeper strategic partnerships and expanded reach balanced against heightened competition from global players. In 2025, for example, we introduced Netflix to 20 countries in French-speaking Africa. This first of its kind strategic agreement was made possible thanks to the strength of our partnership with Netflix, which began in France in 2019. We also continue to renew agreements with other partners. At the start of this year, for example, we agreed to a new international deal with Warner Bros. Discovery. Following the acquisition of MultiChoice, we now have true scale, and we benefit from the additional financial and negotiating strength that provides, as well as access to a deeper more diverse talent pool. This, together with our diversified portfolio of rights, protects us from competitive pressure. REDUCTION IN CONTENT SPENDING Global content spending was flat in 2025 after increasing modestly (2%) in 2024. This reflects the shift in focus to profitability. At CANAL+ we take a disciplined approach to content investment and rights acquisition. We also ensure we are never reliant on one specific right or IP. Content diversification is as important to our business as it is to our subscribers. EVOLVING CONSUMER PREFERENCES Viewers have always demanded flexibility and high-quality content, today they also expect personalisation and multi-platform access. The rise of mobile viewing is driving innovation in content delivery and user interface design. At CANAL+ we are harnessing this trend by focusing our investment and expertise on ensuring we provide the best content on the best platform, which we make accessible on as many devices as possible. AFRICA - MACROECONOMIC TRENDS Sub-Saharan Africa's economic growth remained steady at 4.1% in 2025 with a modest pickup expected in 2026 1 , supported by macroeconomic stabilisation, reform efforts in key economies, as well as ongoing digital and industrial transformation across various sectors. This resilience has been underpinned by a more favourable external environment than anticipated as global growth held up, non-fuel exporters benefited from the still-elevated commodity prices and the impact of tariffs was less severe than initially feared. Resource-intensive and several conflict-affected countries continued to face significant headwinds. Inflation in Africa in 2025 showed varied trends. Some key economies saw decreasing inflation supported by strengthening domestic currencies, improved weather conditions, and easing food and fuel prices. Other markets experienced persistent inflationary pressures driven by structural and macroeconomic challenges. At 15.15% in December 2025 2 , Nigeria's inflation fell to its lowest level in more than three years, having peaked at 34.8% in December 2024, mainly driven by a moderation in food prices. In South Africa, inflation was still low compared to historical levels but edged up slightly and remains above the South Africa Reserve Bank's new 3% anchor 3 . 2025 was a year of "repair" for several currencies - improved foreign-exchange liquidity, stabilisation of macroeconomic conditions, favourable commodity prices (for exporters) and tighter monetary or fiscal policies helped some currencies recover. The Naira appreciated 7% over 2025 4 ; benefitting from major currency market reforms implemented by the Central Bank of Nigeria, as well as rising foreign currency reserves due to rising crude output and improved USD inflows relating to improved investor confidence 5 . The South African Rand strengthened more than 12% during the year, impacted by positive trends such as lower inflation and improved growth prospects 6 . Africa's media and entertainment sector continues to offer compelling growth prospects, driven by a young and growing population, rising electrification of households, increased connectivity, and more demand for local content. For more detail on how we expect CANAL+ to benefit from these long-term trends, see Section 1.5, Our Strategy. 17 1 IMF 2 15.15% and 34.8% : Central Bank of Nigeria, tradingeconomics.com 3 South African Reserve Bank, tradingeconomics.com 4 global-rates.com 5 tradingeconomics.com , economy.com 6 South African Reserve Bank, tradingeconomics.com ANNUAL REPORT 2025 S T R A T E G I C R E P O R T OUR STRATEGY ‌OUR STRATEGY Our strategy is designed to deliver sustained value creation for all of our stakeholders while ensuring we are well positioned to respond to market trends, changing consumer preferences and opportunities while protecting our business against competitive pressures. #1 BUILD THE BEST GLOBAL AND LOCAL CONTENT VALUE PROPOSITION + #2 EXTEND OUR DISTRIBUTION THROUGH INNOVATION AND STRATEGIC PARTNERSHIPS + #3 GROW OUR SCALE + #4 GENERATE PROFITABLE GROWTH AND CASH FROM ALL ACTIVITIES Our strategy is to provide a distinct and comprehensive offer in each of our markets with a rich mix of local and global content. Our offer is built on our in-house productions from STUDIOCANAL, general entertainment, premium sports, and a broad selection of partner content from leading global studios, streaming platforms and free-to-air channels. This is our "super-aggregation" strategy. We deliver all of this content in one place on our state-of-the-art CANAL+ App. In parallel, we continue to expand the distribution of our offers through innovation and strategic partnerships, ensuring our subscribers can enjoy our content wherever and however they want. We pursue scale as a key driver of competitiveness, and our consistent, predictable revenues and diversified portfolio of rights, coupled with our laser focus on cost management and maintaining a strong balance sheet, ensure our business is financially robust and ready to invest, while generating profitable growth and cash on our activities. By expanding our footprint across Europe and Africa we are building a unique business and positioning ourselves to become one of the world's leading media and entertainment platforms. We are well placed to deliver on these objectives thanks to our robust financial position and consistent revenues. c.80% of group Revenues From Subscriptions 2.75x debt leverage ratio, 1.96x excluding VAT and TST settlements 18 ANNUAL REPORT 2025 Strategic Report Corporate Governance Report Non-financial Performance and Business Ethics Financial Report Other Information OUR STRATEGY CONTINUED OUR STRATEGIC AND FINANCIAL OBJECTIVES BUILD THE BEST GLOBAL AND LOCAL CONTENT VALUE PROPOSITION Content is and always will be critical to our success. Our super-aggregation strategy - underpinned by our in-house productions, general entertainment, premium sports and partner content - is our differentiator. The foundation of our offer is the content we produce ourselves through STUDIOCANAL and our production partners. For more detail on STUDIOCANAL see Section 1.6. Additionally, we tailor our offer to each of our markets and follow the preferences of our subscribers. In total, the Group invested c.€3.9 billion on content in 2025. The breadth of our own channels and services - spanning premium, basic and free-to-air services, local and international programming, US content, and live sports - provides us with a rich dataset and deep insights into audience preferences. This comprehensive scope enables us to understand our audiences precisely in each market and informs our decision making for both content production and acquisition. While the importance of data and its application is increasing, the creative process remains paramount. AGGREGATION We offer a range of content and channels to our subscribers all in one place on our unique App, including: Film, including films for local audiences, like Kangaroo in Australia, and global releases, such as Bridget Jones: Mad About the Boy, and movies and blockbusters from international studios, including Sony, Warner Bros, Universal and Paramount, such as Gladiator 2. Following our agreement with French Cinema, subscribers in France can now watch new films as early as six months after they are released. TV series, including our Original Creations, such as The Sentinels, which launched in 30 countries across Europe, Africa and Asia on the same day, The Corsican Line, which had a total audience of 16.7m in France, Spinners and Shaka iLembe in South Africa, as well as major global series, from Netflix, Apple TV, Paramount and HBO, such as Stranger Things, Pluribus, Landman and The Last of US. Premium live sports, such as UEFA club competitions, including UEFA Champion League, for which we recently extended our deal to 2031 in France, and Premier League and Formula 1, for which we hold the rights in more than 50 countries through multi-year agreements. We showed the Africa Cup of Nations ("AFCON") in all our markets in sub-Saharan Africa, and we hold key local rights, such as Top14 in France, which averaged 1.9 million viewers for each match week last season. A wide range of documentaries, such Après tant d'années... PSG: Le film du sacre, a CANAL+ documentary about PSG's Champions League victory. Children's programming, such as Ki & Hi in the Panda Kingdom. In another example of IP development, Miffy and Friends will air on CANAL+ in France and on Sky in the UK in 2026. General entertainment, such as Loups Garous in France, a thrilling reality show based on a cult French board game, and the hugely popular South African reality shows Uthando Nes'Thembu and Big Brother Mzansi. This aggregation strategy serves as a key differentiator. In addition to improving the customer experience, our business and our streaming partners benefit from the structure of our base and the long-term nature of our subscriptions. Furthermore, our aggregation strategy enables us to leverage the rapid growth of streaming platforms and their increasing penetration of households to attract new customers to CANAL+. EXTEND OUR DISTRIBUTION THROUGH INNOVATION AND STRATEGIC PARTNERSHIPS We distribute our products and services through online distribution, contact centres, retailers and third-party distributors. In Europe, Internet Service Providers ("ISPs") are a key distributor of our offer, and we have multi-year agreements with leading providers in our markets. ISPs typically distribute our packages to their subscribers while we maintain a direct relationship with the subscriber. We have agreements like this in place with the main ISPs in our various markets. In addition, we also rely on third-party retailers. We complement our Direct to Consumer ("DtoC") approach with a targeted wholesale distribution strategy, which involves ISPs integrating part of our content into their own packages in return for a licence or carriage fee. In Africa, we distribute our products and services through a mix of satellite broadcast, digital terrestrial broadcast and streaming platforms, including on mobile. We also have an extensive distribution network in Africa, including 32,000 points of sale. Distribution methods vary across our markets, as our offers are made available through a comprehensive set of broadcasting and over-the-top tech infrastructures - IPTV, Cable, DTH, 4G/5G, OTT - and through proprietary state-of-the-art and innovative apps, available on a wide range of devices, including: Connected TVs - including Samsung, Philips, VIDAA, LG and Thomson Dongles - including Amazon Firestick Set-top boxes Mobile devices and tablets - including iPhones and Android Laptops - including Microsoft Windows and Apple iOS Video game consoles - PlayStation and Xbox consoles Connected cars - BMW, Renault and Alpine Airline entertainment screens - AirFrance ANNUAL REPORT 2025 19 1.5 OUR STRATEGY CONTINUED GROW OUR SCALE Scale is critical in the entertainment industry, where most of the costs -content and technology - are fixed. Through the successful execution of our growth strategy and international expansion, we have quadrupled our subscriber base over the last 10 years. In 2025, our subscriber base reached over 40 million, with growth in our key European markets, France and Poland. We also saw, due to AFCON, a significant peak in subscribers in Africa at the end of 2025, as well as exceptional growth in Myanmar, where subscribers and revenue doubled in 2025, driven by our enhanced content line-up, including exclusive Premier League rights. The combination of MultiChoice and CANAL+ created a unique global entertainment platform anchored in Europe and Africa. CANAL+ is the market leader by revenue in c.40 countries 3 . The merged entity's greater global scale, combined with additional resources and expertise, will create better opportunities, drive significant synergies and improve our value proposition all while delivering enhanced returns. We firmly believe in the continent's promising future and robust long-term growth opportunities, especially in our markets, where population is expected to increase from 1.2 billion today to 2 billion by 2050 1 . At the same time, the broader African economy is on an upward trend - with GDP growth forecast to grow annually by 4.5% between now and 2030 2 , which will increase purchasing power - and fuelled in large part by further electrification - today only 56% 3 of homes have power. Thanks to our strong position in Africa, we are incredibly well placed to benefit from these trends. IN OUR MARKETS IN AFRICA 800 million Population growth: increase by 2050 4.5% GDP annual forecast: 56% Percentage of homes with access to electricity: 4% OTT penetration: We believe the competitive landscape for Africa's media and entertainment industry will continue to undergo profound changes as the continent rapidly adopts broadband and mobile internet - and we will drive and benefit from this growth with our own fibre broadband provider, GVA. These adoptions are allowing international media companies and global OTT platforms to use their scale and resources to expand internationally beyond their existing markets, increasing their focus on Africa. OTT penetration is just 4% in our markets in Africa 3 . Given the strength of our content, brands, technology and distribution network, we are now much better positioned to address the challenges at MultiChoice and seize the substantial opportunities ahead. MultiChoice 2025 unaudited figures are included in Section 1.13. Our two businesses benefit from a complementary geographic footprint, as CANAL+ Africa served French-speaking Africa, and MultiChoice served English- and Portuguese-speaking Africa. Both businesses have a similar culture, characterised by a shared commitment to content quality and innovation, and supporting creative talent. Cost saving is also fundamentally entrenched in the culture of both businesses. In 2010 CANAL+ Africa had 400,000 subscribers, in 2025 we reached 9 million (not including MultiChoice), thanks to our focus on providing local content together with films and series from major global studios and a strong sports offering, and serving it on the best platforms and ensuring we reach as many people as possible through our distribution network and partnerships. Our long-term aim is to be present in half of on-grid electrified households, which is currently the case in French-speaking Africa & South Africa. Our aim is to maintain that penetration rate as more homes access the grid and extend this to Nigeria, Luso & English-speaking Africa moving onwards. Potential synergies are a key consideration when two entities merge as enhanced shareholder returns are typically generated by leveraging the larger scale and distribution of the combined business to reduce costs and capture additional revenue opportunities. The combination of CANAL+ and MultiChoice is expected to deliver substantial cost synergies. Expected savings from cost synergies were published in January 2026. The Group's Full Year Results and Strategic Update, published on 11 March 2026, includes our updated expectations on cost synergies and guidance for Full Year 2026, as well as our medium-term outlook and plans to return MultiChoice back to growth. For information about the Strategic Update see Section 5.1.1. 1 United Nations, Department of Economic and Social Affairs, Population Division (2024). World Population Prospects 2024, Data Sources. UN DESA/POP/2024/DC/NO. 11 . 2 International Monetary Fund, World Economic Outlook Database, April 2024 3 Dataxis database 2025 20 ANNUAL REPORT 2025 1.5 OUR STRATEGY CONTINUED GENERATE PROFITABLE GROWTH AND CASH FROM ALL ACTIVITIES Financially, CANAL+ has a resilient, profitable and cash generative business model. We are able to rely on recurring revenues due to our subscription-based model: around 80% of our revenue comes from subscriptions, with European subscribers mainly on 1- or 2-year commitment periods (e.g. 85% of our subscriber base in France and Poland). Combined with content diversification, this provides us with strong stability of revenues, including in headwind periods, as was the case during COVID-19 and the Hollywood strikes. STUDIOCANAL's deep library of content provides another steady source of recurring revenues. We are constantly working on enhancing our profitability, by focusing on profitable contracts and activities and reducing costs when appropriate. For example, in 2025 we made the decision to divest from loss-making activities in Vietnam, Canal Olympia and DTT in France. Although these divestments had a negative impact on our revenue growth in 2025, they helped to improve our Adjusted EBIT margin (before exceptional items) to 8.7%. In France, our business returned to profitability, we resolved outstanding tax issues, extended UEFA men's club competition rights to 2031 and renewed our agreement with French cinema organisations on more favourable terms. The agreement highlighted our continued commitment as the leading partner to French Cinema, while reducing our minimum investment commitment to €150M in 2025, €160M in 2026 and €170M in 2027 - down from €220M in 2024. Overall, our Adjusted EBIT before exceptional items (excl. MultiChoice, excluding Vietnam)) grew from €520 million in 2024 to €542 1 million in 2025. Prior to the MultiChoice acquisition, we set-up numerous initiatives to improve our cash generation profile, including optimising the phasing of payment terms on various contracts. This was a key driver for the increase in our CFFO to €606m 2 (excl. MultiChoice and Vietnam) in 2025. Finally, we continue to have a robust balance sheet and following our successful refinancing in 2025, which improved our dept profile, we have significant capacity to implement our strategy. At the end of 2025, following the MultiChoice acquisition, our covenant net debt /covenant EBITDA leverage ratio was 2.75. 1 Unaudited 2 Unaudited ANNUAL REPORT 2025 21 1.6 OUR BUSINESS MODEL ‌OUR CAPITALS 15,000 COLLEAGUES TECHNOLOGY & APPS PRODUCTION, CATALOGUE & IP FINANCIAL CAPITAL & SECURITY ACQUIRED CONTENT & RIGHTS SALES & MARKETING INDUSTRY EXPERTISE & EXPERIENCE PARTNER & SUPPLIER RELATIONSHIPS OUR COMPETITIVE STRENGTHS SCALE & LEADERSHIP POSITIONS Anchored in Europe and Africa, we have 40 million subscribers and we are the market leader in 40 countries by revenue. PROVEN AGILITY Our model, platforms and content are always evolving, reflecting developing consumer preferences and technology. BRAND REPUTATION With over 40 years of experience in Europe and over 30 in Africa, CANAL+ is the most valuable French media brand in the world (Kantar BrandZ 2025). DISTRIBUTION AND DTOC EXPERTISE With decades of DtoC experience, we are experts at recruiting and retaining subscribers. We have over 32,000 points of sale across Africa. PRODUCTION STUDIOCANAL and its global network of production companies produces, finances and distributes upwards of 200 films, 80 series and 5,400 hours of unscripted content each year. AGGREGATION & PARTNERSHIPS Our productions, content from global studios, streamers and sports, all in one place, on our ever-evolving platform. HOW WE GENERATE CONSISTENT REVENUES, PROFITABLE GROWTH AND CASH SUBSCRIPTION Subscriptions generate c.80% of our revenues. The majority of our subscribers are on long term contracts - in France, around half of our base have been with us for over 10 years. CONTENT DISTRIBUTION STUDIOCANAL and CANAL+ Distribution distribute in-house productions, catalogue and third-party content to cinemas, streamers, traditional networks and CANAL+. ADVERTISING Our ad-supported Free-to-Air channels and Dailymotion both generate revenues from advertising. We sell advertising on our premium channels and on-demand streaming platforms. GROWTH OPPORTUNITIES We have opportunities to grow our business organically across our existing geographies. We hold minority stakes in Viu, Viaplay and UGC, each of which may represent future opportunities to expand. HOW WE ATTRACT AND RETAIN SUBSCRIBERS BEST CONTENT TAILORED OFFERS ALL IN ONE PLATFORM WIDEST DISTRIBUTION We invested €3.9 billion in Our value proposition is tailored It doesn't matter how great our Our App is available on over content in 2025. Our inhouse to each market in which we content is if no one can find it and 30,000 different devices. Our production arm STUDIOCANAL operate, reflecting consumer we work hard to ensure our aim is to ensure our content can produces and finances 80 films preferences and market subscribers can find what they be watched anywhere, anytime, and 20 series each year. We dynamics. We understand want when they want. Our and on any screen. Our platform provide our subscribers with the our subscribers have different platform is constantly evolving as is technology agnostic. We local content they love, the needs, so we provide optionality we identify trends in our data understand the differing consumer global content no one can afford while keeping our offer simple. and utilise AI to improve preferences and infrastructure of to miss and premium live sport We target under-penetrated personalisation. each market and provide a state-from around the world. audience groups with of-the-art experience, wherever specific offers. our subscribers are. HOW WE ALLOCATE CAPITAL #1 #2 #3 MAINTAINING PURSUING PROFITABLE RETURNING A SOUND BALANCE GROWTH: POTENTIAL EXCESS CAPITAL SHEET WITH TARGETED ACQUISITIONS TO SHAREHOLDERS CONTROLLED DEBT LEVEL AND FOCUS ON CASH 22 ANNUAL REPORT 2025 1.6 OUR BUSINESS MODEL CONTINUED Our business model is designed to enable us to provide our subscribers with locally valued and globally recognised premium content, all in one place on our unique platform. We provide this content to our subscribers through a mix of our own innovative hardware, and streaming through our app, which is available on an extensive range of devices developed by our strategic partners. To support this model we also take a global and local approach to the development and distribution of our content, reflecting the markets in which we operate. To ensure we are best placed to deliver our model, while growing profitably and continuing to be cash generative, our business is organised around three segments: 1) Europe; 2) Africa and Asia, and 3) Content Production, Distribution and Other. EUROPE With over 18 million customers, we generated €4.565 billion in revenue in Europe in 2025. The Europe segment encompasses our subscription based, advertising-supported television and over-the-top ("OTT") businesses across Europe. Due to the quality of our offering, brand recognition and customer loyalty, we hold leadership positions in many of our European markets. The cornerstone of our European business is in France, where CANAL+ was born and where we introduced the nation's first subscription-TV channel in 1984. France continues to be a key market of focus and our retail subscriber base increased again in 2025, following our best year of growth for 15 years in 2024. We also have leading Pay-TV businesses in the French Overseas Territories, including the Caribbean (French West Indies, French Guiana and Haiti), the Indian Ocean (La Réunion, Mayotte, Comoros and Mauritius) and the Pacific (New Caledonia, Wallis and Futuna, French Polynesia, Vanuatu and Australia). Our second-largest European subscriber base is in Poland, where we operate through consolidated subsidiary CANAL+ Polska, which is the largest Pay-TV operator by revenue in Poland 1 . In Poland, we offer a comprehensive range of premium television services, with 12 in house CANAL+ premium channels, 4 UEFA Champions League channels, and 7 in-house themed basic channels dedicated to Cinema, Sports, Family and Documentaries and Lifestyle. In line with our Group strategy, we offer a variety of local content in Poland, including original series such as The Office PL, Education, Minute of Silence, Black Daisies and Simple Matter. Additionally, we have co-produced numerous award-winning films, including Chopin, Franz Kafka, No Ghosts on Good Street. We also have a presence in FTA in Poland, with SPI channels such as Stopklakta, Zoom and Kino TV. The rest of our paid content activities in Europe are aggregated under our wholly owned CANAL+ Benelux & Central Europe entity (previously M7), which aggregates and distributes local and global content and channels, including live sport as well as films and series from our expansive library, to subscribers in Austria, Belgium, Czech Republic, Germany, Hungary, Luxembourg, Netherlands, Romania, Slovakia and Switzerland. CANAL+ is among the top 3 players in Czech Republic and Slovakia by revenue. In Hungary, in 2025, we launched a new CANAL+ branded streaming service, replacing the Direct One satellite and online TV brand with a premium, all-in-one service. Our Hungarian subscribers can now enjoy exclusive content, movies, original series, live TV channels, and sports on the CANAL+ platform. In Europe, we also hold a 29.33% stake in Viaplay, which is headquartered in Stockholm. Viaplay is a publicly listed SVOD platform provider and the Nordic region's leading entertainment provider, with 4.8 million subscribers (2024) 2 , it also distributes Free and Pay-TV channels, radio channels and operates a DTH service, Allente, which Viaplay operates in Denmark, Finland, Netherlands, Norway and Sweden. It offers a wide range of entertainment, including TV series, films, documentaries, children's content and premium live sports, and its Viaplay Select branded content is available in 30 countries internationally. AFRICA & ASIA Following CANAL+ combination with MultiChoice, we are now the largest media and entertainment provider in Africa, with 23m subscribers across more than 40 countries, and content in over 50 languages. We generated over €1 billion in revenue in Africa and Asia in 2025, not including MultiChoice. The Africa segment encompasses the Group's Pay-TV business outside of Europe, primarily in Africa, as well as our specialist Fibre to the Home (FTTH) provider, GVA, which connects homes across nine countries in Africa - Burkina Faso, Congo, Democratic Republic of the Congo, Gabon, Ivory Coast, Rwanda, Togo and Uganda, as well as Benin, where we launched in 2025. We deploy the same strategy in Pay-TV in Africa and Asia as we do in Europe, providing a rich mix of content to our subscribers in our French, English and Portuguese speaking markets. However, we take a different approach to investment and with our go to market strategies, reflecting differing consumer preferences and market dynamics, and in recognition of the scale of the growth opportunity in Africa compared to the relative maturity of our European markets. By investing in local content production, technology, skills and infrastructure, we support the development of the African cultural economy and its connectivity. We produce 10,000 hours of movies, series and shows each year in Africa. In Africa, our business model adapts to the unique characteristics of each market, providing a diverse range of offers and content tailored to local preferences, including local language content in our markets across Europe and Africa. Broadcasting is delivered primarily through DTH and satellite services, which are highly prevalent and popular in Africa. On content, we offer premium international sports, including Champions League and Premier League, together with films and series from major studios, alongside local content produced for African audiences. MultiChoice has a legacy of creating and licensing exceptional content, which it makes available anytime, anywhere through world-class direct-to-home (DTH) satellite broadcast services, digital terrestrial television (DTT) broadcast services and over-the-top (OTT) video entertainment streaming services. Now that MultiChoice has become part of CANAL+, we are able to make our offers across the continent even better. Today, in Africa, we offer programming in over 50 languages, provide over 100 local channels and over 100 international channels. Our substantial portfolio includes award-winning local content - including our own original productions, which are a key differentiator in our service offering - and we provide access to a wide international selection, including world-class content from global partners such as Sony, Disney, Universal and Paramount - as well as Warner Bros. Discovery, with which we signed a new multi-year agreement at the end of 2025. 1 Office of Electronic Communication, 2024 2 https://www.viaplaygroup.com/en ANNUAL REPORT 2025 23 1.6 OUR BUSINESS MODEL CONTINUED Sport is a critical part of our offer across Africa, particularly in MultiChoice markets, where SuperSport is the premier sports brand. We provide a wide range of live sport, including international rugby and football, such as the recent African Cup of Nations, which impassioned audiences across our markets, and globally renowned competitions like the UEFA Champions League, Premier League, La Liga, Ligue1, MotoGP, NBA and Formula 1. In addition to our unrivalled content offering, we have strong brands and a wide retail distribution network, with over 32,000 points of sale across the continent. MultiChoice also provides additional products and services through its adjacent businesses and partnerships, include sports betting, with KingMakers, an interactive entertainment platform operating as BetKing in Nigeria and SuperSportBet in South Africa; technology, with Irdeto, a global leader in media and digital platform security services; internet services, with DStv Internet, which drives increased connectivity, and fintech, which enables payment for our services through Moment, or offers various insurance products for our customers through NMSIS. In Asia, we operate in Myanmar under a joint venture agreement with the Forever Group which provides access to 60 channels including those produced specifically in the Burmese language and showcasing local content. CANAL+ Myanmar secured exclusive broadcasting rights for the English Premier League beginning with the 2025-2026 season. In Vietnam, we are currently restructuring our operations and have stopped our commercial activities under the "K+" brand. We also own a 37.32% stake in the OTT platform Viu. With over 16.1 million subscribers, Viu ranks amongst the top 3 SVOD/AVOD players in Southeast Asia in terms of revenue. CONTENT, DISTRIBUTION AND OTHER Content, Distribution and Other generated €775m in revenue in 2025. The production, acquisition, and distribution of high-quality content, including films, series, documentaries, and live events, represents the foundation of our business. STUDIOCANAL Our production arm, STUDIOCANAL, Europe's leading film and television studio, has worldwide production and distribution capabilities, and a deep content library, with 9,400 titles, coupled with high-value IP that is ripe for development. STUDIOCANAL produces content for CANAL+ and a broad range of local and global partners, including major streamers. STUDIOCANAL generates revenue in 195 countries and operates directly in ten major European markets as well as in Australia and New Zealand and has offices in the United States and China. It is the leading independent distributor in Europe, ranking#1 in France and the Netherlands, #2 in the UK and Poland; as well as #1 in Australia & New Zealand) 1 . In total, STUDIOCANAL's annual box office take has tripled since 2022. Through STUDIOCANAL and its network of more than 20 production companies and eight distribution companies around the world, the Group finances, produces and distributes upwards of 200 films, 80 television series, and 5,400 hours of unscripted content each year. The studio's commitment to developing its IP has driven multiple hits based on beloved properties such as Bridget Jones and The Paddington franchise, which has grossed over 3700 million in box office to date, setting the stage for further projects in film and other formats, such as the West End hit Paddington: The Musical and London's immersive Paddington Bear Experience. Paddington in Peru 1 , released in late 2024, continued to perform strongly in 2025, delivering more than 3211 million at the box office overall. 2025 hits included the latest in the Bridget Jones series (STUDIOCANAL IP) Bridget Jones: Mad About the Boy 1 (3136 million box office). 2025 also saw local hits including: Dog 51 1 , with 1.4 million admissions in France; I Swear, which was nominated for 6 BAFTAs in the UK, and Kangaroo, the highest grossing Australian film of the year, as well as DutchFilm Works, acquired by STUDIOCANAL in 2022, which had 4 of the top 10 grossing Dutch films in 2025 2 , including Our Girls and Sinterklass. In 2025, in the UK, the hit series and STUDIOCANAL and Rabbit track Pictures co-production Playing Nice became the second most-watched drama ITVX has ever had, with the final episode alone streamed 6 million times 3 . A good example of STUDIOCANAL's IP development is Apollo Has Fallen, the second season of the global hit series Paris has Fallen, which is due for release in 2026. Through STUDIOCANAL we also own one of the most prestigious film libraries in Europe, with extensive international rights on major titles such as "Rambo", "Apocalypse Now", "Terminator2", "Bridget Jones", "Basic Instinct", "Shaun the Sheep", "Johnny English", "Mulholland Drive", "Escape from New York", "La Grande Vadrouille" and "The Father", as well as extensive remake rights. We have developed a strong network of talent relationships due to STUDIOCANAL's presence across all formats (films, series, unscripted, short formats and shows), and our various content distribution channels (theatrical, TV as well as performance venues) as well as the widely recognised quality of our content, as demonstrated by numerous Oscars wins and other awards for its films and TV series. This network enables us to produce highly valued local content as well as global content. Additionally, in 2025 we acquired a minority (34%) stake in leading French theatre group UGC, demonstrating our long-term commitment to Cinema. The deal includes a potential path to control in 2028. In addition to its cinema chain, UGC owns a high-quality library and IP that would further expand our catalogue in the event we acquire full control. 1 UK, Aus, France, Nz: Comscore Netherlands: Numero Poland: boxoffice.pl 2 NVPI/NVBF - link: 1767697979_pb-bijlage-top-20-algemeen-top-30-nl-film-top-20-filmtheaters-2025.pdf 3 ITV.com 24 ANNUAL REPORT 2025 OUR BUSINESS MODEL CONTINUED Our deep commitment to sustainable production has been demonstrated by our co-founding of "ECOPROD", the leading initiative on sustainable film production in France. All CANAL+ Originals in France achieved ECOPROD certification in 2025. 1 This segment also includes ancillary activities such as licensing and merchandising, which are increasing in importance as we utilise, expand and strengthen our IP. For example, STUDIOCANAL also includes STUDIOCANAL KIDS & FAMILY (formerly known as Copyrights Group). Paddington is an excellent example of the strength of our IP and IP development capabilities, but this is just the beginning for Paddington, and we our planning to do much more with our other globally recognised but under-developed IP. In addition to STUDIOCANAL, this segment also includes DAILYMOTION, CANAL+ Distribution, and our Paris based live entertainment venues, L'Olympia and Théâtre de L'Oeuvre. CANAL+ DISTRIBUTION CANAL+ Distribution (formerly Thema), is our production and distribution company specialising in creating content for CANAL+ Africa as well as distributing multicultural offers in Europe and America. CANAL+ Distribution's production activities are conducted through our own production companies Rok (Nigeria) and Zacu (Rwanda), and through our minority shareholding in Marodi (Senegal), all of which primarily produce TV movies and series. CANAL+ Distribution also produces 23 channels in ten different languages, and supports our activities in Africa, in particular handling the distribution and sale of African productions and co-productions across the continent. It also holds distribution mandates for third-party monetising their content by crafting SVOD offers (Corea+ in Latin America, CANAL+ Grand Ecran in Canada, KDD+ in US, Pass Afrique in France) and also by generating advertising revenue via FAST and YouTube channels. DAILYMOTION DAILYMOTION is our state-of-the-art video platform that inspires millions of people to share a safer, more diverse vision of the world. With 400m monthly users across 191 countries, DAILYMOTION is an international end-to-end video platform that provides a vast audience for content creators and publishers, with an extensive network of more than 5,000 publishers worldwide. In 2025, DAILYMOTION expanded its commercial reach and programmatic network, and made enhancements to the user experience. With a robust and proprietary ecosystem connecting creators, publishers, brands and users, DAILYMOTION is powered by cutting-edge proprietary technology for video delivery, advertising, and monetisation. Its proprietary advertising stack, as well as its footprint in the digital advertising eco-system, represent a significant asset for our future, as HVOD services with hybrid monetisation models, including advertising and subscription, become more prevalent. Headquartered in Paris with offices in New York and Singapore, DAILYMOTION's strategy is focused on international expansion and strict cost management, and it continues to invest in technological development and AI powered innovations. LIVE ENTERTAINMENT VENUES Founded over 130 years ago, L'Olympia is one of the most iconic concert venues in France, hosting 290 shows in 2025 and drawing over half a million spectators every year. The concert hall has welcomed many of the greatest artists of the French and international scene, and today it continues to be more vibrant and popular than ever. L'Olympia has a capacity of up to 3,000 people in a dynamic and modern atmosphere. With a variety of performances from a range of international artists, L'Olympia provides a platform for both emerging and established artists, contributing to the Group's talent-attraction strategy. During 2025, L'Olympia hosted artist Zaho de Sagazan for for an exceptional 10-day residency in September 2025, The Libertines in February, our first content showcase event, THE ORIGINAL+, at which we announced our upcoming 2026 content slate, and supported 11 projects for good causes, including the annual Alzheimer's Research Foundation Gala, and EliseCare, in support of children affected by war. Music legends such as The Rolling Stones and The Beatles, as well as more recently Sting, have all appeared on the L'Olympia's legendary stage. The venue also hosts one-man shows the likes of Florence Foresti, Ricky Gervais and Paul Mirabel who have performed in movies produced by STUDIOCANAL, positioning the Group as a bridge between the world of cinema and the vibrant realm of live performance. The Group also operates le Théâtre de l'Œuvre, which was founded in 1893 in Paris. Known for its innovative productions, le Théâtre de l'Œuvre continues to have a significant impact on modern theatre. Under the direction of Kim Poignant, with Benoit Lavigne and François-Xavier Demaison as active minority shareholders, it hosts a variety of performances, such as 'Ring', 'L'effet Miroir' and 'La Joconde parle enfin'. 1 For further information on CANAL+ Originals production, please refer to ECOPROD website @Matthis Vandermeulen ANNUAL REPORT 2025 25 1.7 OUR RESPONSIBILITIES AT CANAL+ WE RECOGNISE THE ADDITIONAL RESPONSIBILITY THAT COMES WITH BEING A GLOBAL MEDIA AND ENTERTAINMENT COMPANY. Amandine Ferre Chief Financial Officer of CANAL+ ‌At CANAL+, we have long recognised the additional level of responsibility that comes with being a global media and entertainment company. Today, as we are in millions of homes across Europe, Africa and Asia, we embrace a special responsibility to address sustainability challenges and opportunities. This commitment extends across our own operations, through our partnerships, and to the diverse audiences we serve. Societies and cultures interact more intensely than ever before, and the pace and scale of information exchange is unprecedented. In this context, media and entertainment are not only reflections of culture and society but also powerful forces in shaping their evolution, from the stories told on screen to the voices amplified across our platforms. At CANAL+, sustainability is woven into every aspect of our business and is an integral consideration in our daily and long-term strategic decision making, as well as our creative processes. This approach is a cornerstone of our overall performance, guiding us as we build a resilient, responsible business that has a meaningful positive impact. Building on our historical commitments and as a trusted and responsible storyteller, we can inspire our audiences and deepen their understanding of the issues that matter most. With this goal in mind, we launched a new sustainability strategy in 2025. To uphold our responsibility as a leading international media and entertainment player, our sustainability strategy considers the impact of our actions both behind the camera and in front of the camera. Our approach is structured around four main pillars that translate our commitments into concrete actions. BEHIND THE CAMERA To help accelerate decarbonisation and support the development of creative talent, at CANAL+ we go beyond our own operations. We are committed to reducing carbon emissions across the entire value chain, contributing to the transition toward a more sustainable media and entertainment industry. At the same time, we invest in fostering the next generation of creative talent, ensuring that diverse voices and skills can thrive and shape the stories of tomorrow. REDUCING CARBON EMISSION ACROSS THE ENTIRE VALUE CHAIN Main achievements: On-going effort to reduce Scope 1 & 2 with programmes to enhance energy efficiency and increase the use of renewable energy. In 2025, we reached 78% of renewable energy (+11 points versus 2024). Engaging our suppliers and partners to reduce Scope 3, which represents the largest share of our carbon footprint. On technology, we strive to minimise our environmental impact by integrating sustainable practices during the design phase. As a result, our latest set-top box is made of 97% of recycled plastic. In 2025, we implemented a new 'green analysis' process. All project leaders are required to evaluate the potential carbon impact of new tech prior to beginning the project. On content, we lean on our scale and position in our markets to encourage others in our industry and lead by example. CANAL+ was a founding member of Ecoprod, the French association aiming at uniting our sector around positive environmental practices. Since 2023, 100% of films produced by STUDIOCANAL in the UK received the eco-production certification via the UK Albert label. Since 2024, 100% of original series produced in France in received the Ecoprod label. Since 2025, we require projected carbon footprint upon greenlight for all STUDIOCANAL's production. Progressively integrating MultiChoice in Scope 1, 2, 3. At the end of 2025, the Group began a new climate risk analysis, including CANAL+ and MultiChoice. FOSTERING THE NEXT GENERATION OF CREATIVE TALENT The richness of our content stems from the diversity of the people who create it. Our ambition is to nurture the creators of tomorrow and help new voices emerge in every region. Main achievements: Partnerships with prestigious schools in Europe: CinéFabrique and Cité Européenne des Scénaristes in France, London Screen Academy in the UK and Fundacja Filmowa in Poland. 26 ANNUAL REPORT 2025 OUR RESPONSIBILITIES CONTINUED In 2025, STUDIOCANAL entered in a new partnership with National Youth Theater to sponsor StoryFest, a UK-based month-long festival dedicated to nurturing emerging writing talent through ten new plays, including four commissioned works. This initiative supports over 100 young creatives, reinforcing our commitment to fostering the next generation of storytellers. In-house training programme for audiovisual professions in Africa, delivered through CANAL+ University with 160,000 hours of training provided in 2025 to more than 2,500 people. In 2025, CANAL+ University strengthened its commitment to developing audiovisual and film expertise in Africa by launching a prestigious programme in partnership with the fcole Supérieure des Arts Visuels of Marrakech (ESAV) and the International Organisation of La Francophonie (OIF). This initiative includes a diploma-level training pathway dedicated to content production and sponsorship for ten emerging producers from countries where the Group operates. Starting 2026, as part of its commitment to equity and professional solidarity among women in the audiovisual industry, CANAL+ will support the 'Girls Support Girls' initiative. This partnership will enable the launch of an annual programme designed to create lasting artistic and professional connections through masterclasses, networking events, and collaborative projects. The initiative will culminate in a manifesto advocating for improved representation and working conditions for women across the sector in Africa. IN FRONT OF THE CAMERA In front of the camera, at CANAL+ we are focused on enabling access to empowering and inspiring content. We strive to ensure diverse representation on screen, so that the stories we tell and the characters we portray mirror the diversity of our societies. We also work to broaden the accessibility of our content, ensuring that all audiences can benefit from the richness of our programming, extending this commitment beyond our own content to the wider cultural sphere through the creation of the Fondation CANAL+. ENSURE DIVERSE REPRESENTATION ON SCREEN We carefully consider how characters are represented and how their lifestyles are portrayed, ensuring authenticity and respect. By embracing the richness of identities and cultures in our storytelling, we strive to reflect the diversity of our audiences. Our goal is for everyone to see themselves represented on screen We apply the Bechdel Test to the content we produce. In 2025, 81% of episodes of original series from our French line-up passed the Bechdel Test. Starting 2026, STUDIOCANAL will require Bechdel Test results as part of the greenlight process for all new films. The objective is to have 80% of all internal production passing the Bechdel Test. BROADEN THE ACCESSIBILITY OF OUR CONTENT We strive to deliver the best viewing experience to all of our subscribers through our proprietary technology, with a strong focus on accessibility for viewers with disabilities. To achieve this, we feature highly accessible programs directly on our homepage, with features such as subtitles for the Deaf and Hard of Hearing, Sign Language, and audio description. In 2025, we deployed a new AI-powered tool to enable us to increase the accessibility of our different websites and platforms. We reached 78% of accessibility for the CANAL+ App in 2025 and we aim at exceeding 80% for all main websites and platforms of the Group. Our commitment is reinforced through long-term partnerships with leading organisations. Handicap Zero since 1996 for TV guides adapted for visually impaired audiences. Puissance DYS (and the support of BETC) since 2023 for dyslexia-friendly subtitles, readable by both dyslexic and non-dyslexic people. Campus Louis Braille since 2025 for user testing of platform innovations and new features. BRINGING PEOPLE TOGETHER THROUGH CULTURE WITH THE FONDATION CANAL+ Guided by the belief that "Culture is a plus-let's share it", CANAL+ created the Fondation CANAL+ in 2024. The foundation's mission is built on two pillars: expanding access to culture for all audiences and opening pathways into creative professions, fostering equal opportunities and nurturing tomorrow's talent. With a strong footprint in Europe and Africa, the Foundation works daily to unlock talent and promote diverse voices and perspectives wherever CANAL+ operates. Access to culture: In 2025, outreach programmes reached more than 30,000 people worldwide, from disadvantaged communities in France and the overseas territories to children in 80 childcare facilities across Africa. Key achievements include: CinéMo, a cinema-on-wheels launched in May 2025, visited 33 towns during a 2,170-kilometer tour, offering nearly 300 screenings to around 11,000 attendees. 13,000 children supported through access to cultural entertainment, including screenings, creative workshops and age-appropriate cultural content, across 17 African countries. New partnership with Culture Relax in France, which helps thousands of people, including neurodivergent audiences, to share the experience of cinema with family and friends. Access to training and creative careers: Training schemes funded by the Foundation supported almost 3,000 aspiring creative professionals across Europe and Africa, delivering nearly 350,000 hours of learning. Highlights include: Funding for the creation of Futuro Audiovisual in Madrid, supporting migrants' employability in the audiovisual sector through technical training. The ATOM programme run by the CEEA, which enabled the emergence of young talents from the French overseas territories through excellence training in scriptwriting. The successfull delivery of a pioneering Pan-African Production Course, developed with the OIF and ESAV, aimed at strengthening African producers' presence on the international stage. ANNUAL REPORT 2025 27 OVERALL PERFORMANCE: KEY INDICATORS ‌2025 PERFORMANCE All figures are excluding MultiChoice and Vietnam unless stated REVENUES (EUR M) €6,266m ** +1% organic growth DEFINITION 5,970 654 929 6,187 713 966 6,418 817 1,006 6,266 775 1,038 683 6,266 4,507 4,640 4,731 4,565 Sum of revenues generated by the Group's activities externally, 6,500 5,200 3,900 2,600 1,300 0 (121) (131) (136) (112) 6,949 excluding internal invoicing. 2022 2023 2024 2025 2025 WHY DO WE TRACK THIS KPI exc. MultiChoice CANAL+ Group Reflects our activity and growth Enables comparison with other media companies Europe Content Prod Africa Asia Inter-segments eliminations (exc. MultiChoice contribution) Total CANAL+ (historical perimeter) MultiChoice* ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS (EUR M) €542m ** 8.7% margin DEFINITION To calculate Adjusted EBIT (EBITa) before exceptional items, the accounting impact of the following items is excluded from Operating income (EBIT): The amortisation of intangible assets acquired through business; combinations as well as of other rights catalogues acquired; 600 450 300 150 0 646 468 44 210 490 61 227 520 70 233 542 77 216 103 542 214 203 217 250 2022 2023 2024 2025 2025 Impairment of goodwill, other intangibles acquired through business combinations and other rights catalogues; and exceptional items. WHY DO WE TRACK THIS KPI exc. MultiChoice CANAL+ Group To compare the performance of operating segments regardless of whether their performance is driven by the operating segment's organic growth or by acquisitions Europe Content Prod MultiChoice* Africa Asia Total CANAL+ (historical perimeter) CFFO (EUR M) €606m ** DEFINITION Cash-Flow From Operations, after exceptional items WHY DO WE TRACK THIS KPI Reflects value creation for shareholders 600 450 300 150 0 606 546 262 328 234 648 606 312 333 243 (50) (5) (9) (41) (60) 2022 2023 2024 2025 2025 Key internal metrics to assess business profitability Reflects 's financing capacity exc. MultiChoice CANAL+ Group Before except. Total CANAL+ (historical perimeter) Except. MultiChoice* * MultiChoice contribution over the consolidated period (3 months 11 days) ** Unaudited 28 ANNUAL REPORT 2025 1.8 OVERALL PERFORMANCE: KEY INDICATORS CONTINUED 2025 PERFORMANCE CONTINUED All figures are excluding MultiChoice and Vietnam unless stated FREE CASH FLOW (EUR M) €448m ** x15 vs 2024 DEFINITION Free Cash Flow (formerly CFAIT) is calculated as the sum of: net cash provided by operating activities; cash payments for the principal of lease liabilities and related interest expenses and interest paid and other cash items related to financial activities. Includes cash used for capital expenditure, net of proceeds from sales of property and equipment, and intangible assets. WHY DO WE TRACK THIS KPI Key indicator to track financial health ACTIVE SUBSCRIBERS (END OF PERIOD) 28m +2 million vs 2024 DEFINITION Paying subscriptions active at the end of year WHY DO WE TRACK THIS KPI Reflects the Group's commitment to making its proposition as widely 500 400 300 200 100 0 40,000 30,000 20,000 10,000 0 448 46 2024 2025 42,346 27,975 24,675 25,802 25,914 27,975 20,823 19,653 19,211 7,152 6,261 6,591 14,371 18,849 5,826 2022 2023 2024 2025 2025 accessible as possible exc. MultiChoice CANAL+ Group Enables comparison with other media companies Retail Total CANAL+ (historical perimeter) Wholesale MultiChoice CONTENT COSTS (EUR M) €3,629m ** DEFINITION Sum of the Group's investment in content (Production, Pre-purchase, restoration) WHY DO WE TRACK THIS KPI Reflects the Group's commitment to developing high quality content 4,000 3,000 2,000 1,000 0 3,515 3,695 3,865 3,629 3,875 246 3,515 3,695 3,865 3,629 3,629 2022 2023 2024 2025 2025 and expanding its value proposition for subscribers Reflects relative footprint and weight in relation to rights holders exc. MultiChoice CANAL+ Group & content producers CANAL+ Total CANAL+ (historical perimeter) MultiChoice* * Contribution over the consolidated period (3 months 11 days) ** Unaudited ANNUAL REPORT 2025 29 1.9 FINANCIAL AND OPERATING REVIEW ‌This section contains a number of alternative performance measures (Non-GAAP metrics) to report on the performance of the Group's business. Alternative performance measures exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. Alternative performance measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. The definition of these alternative performance measures is included at the end of this section. The previously published financial statements and non GAAP metrics presented hereafter have been restated to take into account the presentation in the consolidated financial statements for the year ended December 31, 2025 (the consolidated statement of earnings and the consolidated statement of cash flows) of the Vietnam activities as discontinued operations (see Note 3.6 Discontinued operations in Vietnam to the consolidated financial statements). From a financial perspective, 2025 was a year of successful delivery and significant progress, with guidance exceeded on Adjusted EBIT (EBITDA) before exceptional items and cash generation and a number of key objectives delivered, including the settlement of two major tax disputes, the refinancing of our debt on improved terms, the execution of key and transformative acquisitions and investments (MultiChoice, UGC) and the decision to divest from loss-making activities (Vietnam, Canal Olympia and DTT in France). Before taking into account MultiChoice's contribution and excluding impact of discontinued activities in Vietnam, the Group's revenues continued to grow on an organic 1 basis, increasing by 1.0%, Adjusted EBIT (EBITA) before exceptional items reached €542 million (generating an EBIT of €156 million), with a margin increasing to 8.7% from 8.1% in 2024 and cash generation was very strong, with a Cash Flow From Operations (CFFO) of €606 million, as a result of our numerous profitability and cash generation initiatives including the cost reduction plan, redundancy plan and content portfolio rationalisation. From a tax perspective, the Group reached an agreement with the Centre national du cinéma et de l'image animée (CNC) which settled the disputes relating to past fiscal years and removes uncertainty regarding the possibility of a material additional payment. This agreement generated a one-off impact on the Group's income statement in the form of a €78 million exceptional item but was cash neutral. The Group also closed the French VAT risk: resolving the dispute related to the VAT rate applicable to television subscriptions, with the Group committed to pay €363 million (impact recognised as an exceptional item in the Group's income statement and payment schedule yet to be agreed), and clarifying the rules applicable starting September 2025. Additionally in 2025, a tax Group consolidation was agreed in France, reducing the effective tax rate to 38% (excluding MultiChoice and exceptional items impact). In relation to its financing, the Group successfully refinanced its existing debt, including the bridge facility related to the acquisition of MultiChoice shares, through a Schuldschein loan, a bond issuance and a term loan supported by a syndicate of leading international banks. All three transactions were highly oversubscribed, demonstrating lender and investor confidence in the Group's financial profile and enabling the Group to improve its cost of financing. 1 Organic growth is calculated by taking the difference between 2024 revenues and 2025 revenues and excluding 2024 revenues generated from contracts and activities that have since been discontinued - i.e. the termination of the Disney contract, the UEFA Champions League sublicensing partnership and the closure of the C8 channel, for an amount of €216 million). 30 ANNUAL REPORT 2025 FINANCIAL AND OPERATING REVIEW CONTINUED EARNINGS ANALYSIS Following the acquisition of MultiChoice on 20 September 2025, MultiChoice's results are consolidated over a period of 3 months and 11 days. In 2025, the Group started the process of divesting its activities in Vietnam. In accordance with IFRS5, contributions relating to the Vietnam business are hereafter excluded from all financial metrics and presented in "Earning/(losses) from discontinued activities" in the income statement. CANAL+ historical perimeter 1 MultiChoice 2 CANAL+ Group 3 (in millions of euros, except per share amounts, euros) Year ended 31 December 2025 2 Year ended 31 December 2024 reported Change (€m) 2025 (3 months and 11 days) Year ended 31 December 2025 reported Change (€m) Revenues 6,266 6,418 (152) 683 6,949 531 Adjusted EBIT (EBITa) before exceptional items 542 520 22 103 646 125 As a percentage of total consolidated revenues 8.7% 8.1% 15.1% 9.3% Exceptional items (346) (122) (223) - (346) (224) Adjusted EBIT (EBITa) 197 398 (201) 103 300 (98) Amortisation and impairment losses on intangible assets acquired through business combinations (40) (39) (1) (23) (63) (24) Operating income (EBIT) 156 359 (203) 80 236 (123) Income (loss) from equity affiliates 42 (158) 200 (4) 38 196 Net financial income (loss) (97) (123) 26 (25) (122) 1 Income taxes (64) (156) 92 (49) (113) 43 Earnings (losses) from continuing operations 37 (77) 114 3 40 117 inc. attributable to equity holders of the parent (19) (138) 120 (4) (22) 116 inc. attributable to non-controlling interests 55 61 (5) 6 62 1 Earnings (losses) from discontinued operations (32) (18) (14) - (32) (14) inc. attributable to equity holders of the parent (25) (9) (16) - (25) (16) inc. attributable to non-controlling interests (7) (9) 2 - (7) 2 Earnings (losses) 5 (96) 101 3 8 103 inc. attributable to equity holders of the parent (43) (147) 104 (4) (47) 100 inc. attributable to non-controlling interests 49 51 (3) 6 55 3 Earnings (losses) per share (in euros) Basic, earnings for the period attributable to equity holders of the parent (0.04) (0.15) (0.05) Diluted, earnings for the period attributable to equity holders of the parent (0.04) (0.15) (0.05) 1 See definition in Note 1.9.4 2 Unaudited 3 Including MultiChoice contribution since 2025, September 20th ANNUAL REPORT 2025 31 FINANCIAL AND OPERATING REVIEW CONTINUED REVENUES AND ADJUSTED EBIT (EBITA) Group revenues amounted to €6,949 million (including €683 million of MultiChoice contribution over the consolidation period) and Adjusted EBIT (EBITa) before exceptional items to €646 million (including €103 million of MultiChoice contribution). Before taking into account MultiChoice's contribution: Revenues grew organically 1 by 1.0% to €6,266 million, with sustained growth in Europe and Africa/Asia driven by strong dynamics in subscriber bases, especially in high value DtoC segments, while Content Production, Distribution and Other revenues decreased compared to 2024 due to a strong 2024 line-up including Paddington in Peru, Back to Black and Paris Has Fallen. Adjusted EBIT (EBIT a ) before exceptional items reached €542 million (€527 million including the losses from Vietnam, as defined in guidance), with an operating margin of 8.7%, up from 8.1% in 2024 due to our numerous profitability initiatives. Exceptional items amounted to a net charge of €346 million, largely in relation to the TST and VAT disputes settlements and, to a lesser extent, from fees related to MultiChoice shares acquisition. Revenues organic growth (CANAL+ historical perimeter) 1.0% EBITa before exceptional items (CANAL+ historical perimeter) €542 million EBITa margin before exceptional items (CANAL+ historical perimeter) 8.7% CANAL+ historical perimeter 2 MultiChoice 3 CANAL+ Group 4 (in millions of euros) Year ended 31 December 2025 3 Year ended 31 December 2024 reported Change (€m) Change (%) Change organic (%) 2025 (3 months and 11 days) Year ended 31 December 2025 reported Change (€m) Revenues 6,266 6,418 (152) (2.4)% 1.0 % 683 6,949 531 Europe 4,565 4,731 (166) (3.5) % 1.1 % - 4,565 (166) Africa and Asia 1,038 1,006 32 3.2 % 3.2 % 684 1,722 716 Content Production, Distribution and Other 775 817 (42) (5.1) % (5.1) % - 775 (42) Eliminations (112) (136) 24 (17.6) % (17.6) % (1) (113) 23 Adjusted EBIT (EBITa) before exceptional items 542 520 22 4.2 % 103 646 125 As a percentage of total consolidated revenues 8.7% 8.1% 15.1% 9.3% Exceptional items (346) (122) (223) - (346) (224) Adjusted EBIT (EBITa) 197 398 (201) 103 300 (98) 1 Organic growth is calculated by taking the difference between 2024 revenues and 2025 revenues and excluding 2024 revenues generated from contracts and activities that have since been discontinued - i.e. the termination of the Disney contract, the UEFA Champions League sublicensing partnership and the closure of the C8 channel, for an amount of €216 million. 2 See definition in Note 1.9.4 3 Unaudited 4 Including MultiChoice contribution since 2025, September 20th 32 ANNUAL REPORT 2025 1.9 FINANCIAL AND OPERATING REVIEW CONTINUED EUROPE This operating segment encompasses the Group's subscription-TV, advertising-based television businesses, including content on OTT format across France, French Overseas and adjacent Territories, Poland and also Central Europe and the Benelux through BCE (ex-M7) (which also includes the more geographically diverse activities of SPI), and the Group's telecommunication business in the French Overseas departments. Europe segment revenues decreased by €166 million, or -3.5%, to €4,565 million due to the impact of discontinued contracts and activities, namely the UEFA Champions League sublicensing partnership, termination of the Disney contract and the closure of C8 channel. Excluding those impacts, revenues increased by 1.1% organically 1 . Europe's Adjusted EBIT (EBIT a ) margin before exceptional items improved to 5.5% from 4.6% in 2024 . (in millions of euros) Year ended 31 December 2025 Year ended 31 December 2024 Change (€m) Change (%) Change organic (%) Change at constant scope and FX (%) Revenues 4,565 4,731 (166) (3.5)% 1.1 % (4.1)% Adjusted EBIT (EBITa) before exceptional items 250 217 33 15.2 % 17.1 % As a percentage of total consolidated revenues 5.5% 4.6% In mainland France, the DtoC subscriber base continued to deliver strong growth with the best performance on with-commitment offers over the past 15 years and despite content portfolio rationalisation including the termination of the Ligue 1 contract mid-2024 and of the Disney contract at the end of 2024, demonstrating the robustness of the Group's content valuation models. Customer satisfaction continued to increase and reached historical peaks while churn rate slightly improved. This led to an increase in DtoC subscription revenues, offset by termination of the UEFA Champions League sublicensing partnership and the impact on wholesale revenues of the Disney contract termination. On the content side, 2025 also saw the renewal of the UEFA men's competitions, including the Champions League, on an exclusive basis from 2027-2031 at a lower cost, ensuring the continuation of premium sports rights as part of the content offering. Revenues generated by free-to-air television increased (excluding the impact of C8 closure), driven by exceptional performance of CNEWS, which became the leading news channel in France in 2025 in terms of audience and reached profitability. In the Overseas Territories, the Group's subscriber base and revenues remained stable, despite challenging market conditions and the impact of a natural disaster in the Indian Ocean. In Poland, the subscriber base grew despite challenging conditions in the DTH market, driven by OTT offers and a strong content offering. As a result, revenues continued to deliver dynamic growth, also driven by price effect, an increase in advertising revenues and, to a lesser extent a positive currency effect. In other European countries, overall revenues slightly declined, mainly driven by the continued decrease in DTH subscriptions, which has not yet been offset by the growth of OTT subscriptions and the increase in advertising revenues. This, correlated with increasing investments in content to get back to portfolio and revenues growth, put margin under pressure. Adjusted EBIT (EBIT a ) before exceptional items from the Europe segment increased by €33 million, or c. +15%, to €250 million, while Adjusted EBIT (EBITa) before exceptional items margin reached 5.5%, compared to 4.6% in 2024. This profitability improvement was especially strong in France (which was a significant positive contributor to Group margin in 2025) despite a one-off gain from the OCS acquisition in 2024 and the negative impact of the end of the UEFA Champions League sublicensing partnership and was primarily driven by content portfolio rationalisation including the discontinuation of the Ligue 1 and Disney agreements. 1 Organic growth is calculated by taking the difference between 2024 revenues and 2025 revenues and excluding 2024 revenues generated from contracts and activities that have since been discontinued - i.e. the termination of the Disney contract, the UEFA Champions League sublicensing partnership and the closure of the C8 channel, for an amount of €216 million. ANNUAL REPORT 2025 33 1.9 FINANCIAL AND OPERATING REVIEW CONTINUED AFRICA & ASIA This operating segment encompasses the Group's Pay-TV business outside of Europe, primarily in Africa & Asia. In Africa, the Group operates Pay-TV services in more than 47 countries under CANAL+ and MultiChoice brands and offers premium international content across sports, films and series from global majors, alongside local content offerings tailored to African audiences. CANAL+ owns a distribution network comprised of over 32,000 points of sale and over 750 distribution partners. GVA offers broadband internet access services through optical fibre networks and operates an expanding FTTH network, currently in 14 cities in 9 countries in Africa. In Asia, the Group operates in Myanmar under a joint venture agreement with the Forever Group which provides access to 60 channels including those produced specifically in the Burmese language and showcasing local content. The Group also operates in Vietnam, through Vietnam Satellite Digital Television Company Limited but is currently restructuring its operations and stopped commercial activities under the "K+" brand. Following the reclassification of Vietnam as a discontinued operations (see note 3.6 of the consolidated financial statements), its contribution is excluded from the Africa & Asia operating segment. Africa/Asia segment revenues amounted to €1,722 million (including €684 million of MultiChoice contribution over the consolidation period) and Adjusted EBIT (EBITa) before exceptional items to €319 million (including €103 million of MultiChoice contribution). Before taking into account MultiChoice's contribution, Africa/Asia segment revenues increased by €32 million, or +3.2%, to €1,038 million with an Adjusted EBIT (EBIT a ) margin before exceptional items decline to 20.8%. (in millions of euros) Year ended 31 December 2025 Year ended 31 December 2024 Change at constant Change (€m) Change (%) scope and FX (%) CANAL+ Group excluding MultiChoice Revenues 1,038 1,006 32 3.2 % 4.0 % Adjusted EBIT (EBITa) before exceptional items 216 233 (17) (7.5)% (7.5)% As a percentage of total consolidated revenues 20.8% 23.2% MultiChoice (3 months and 11 days) Revenues 684 Adjusted EBIT (EBITa) before exceptional items 103 As a percentage of segment revenues 15.1% CANAL+ Group including MultiChoice Revenues 1,722 1,006 Adjusted EBIT (EBITa) before exceptional items 319 233 As a percentage of segment revenues 18.5% 23.2% In French speaking Africa (i.e excluding MultiChoice territories), Pay-TV recorded a historical year of subscriber base growth with very strong performance at the end of the year, driven in particular by AFCON, 2025 delivering one of the top three annual increases to the subscriber base over the last 15 years. Impact on revenues were however limited due to phasing effects as subscribers base growth was concentrated in Q4 and due to unfavorable foreign exchange effects. GVA's strong growth continued in 2025, with around a +30% increase in home-passed (GVA's serviceable addressable market) as well as in revenues. 2025 also saw a successful launch in Benin and the Group plans to continue investing to selectively expand GVA's footprint. GVA is now close to reaching the critical scale required to achieve break-even profitability. Myanmar performance in 2025 was exceptional, despite challenges related to the earthquake in March, with both the subscriber base and revenues almost doubling due to its enhanced content line-up, especially exclusive EPL rights. Adjusted EBIT (EBIT a ) before exceptional items for the Africa and Asia segment (before taking into account MultiChoice's contribution) amounted to €216 million, with a margin rate of 20.8%. Segment margin has been decreasing in 2025 due to content costs inflation and higher acquisition costs (volume effect in relation with AFCON). Those effects have been partially offset by margin improvement of GVA which is very close to profitability. 34 ANNUAL REPORT 2025 1.9 FINANCIAL AND OPERATING REVIEW CONTINUED CONTENT PRODUCTION, DISTRIBUTION AND OTHER This operating segment includes: STUDIOCANAL , Europe's leading film and television studio, with worldwide production and distribution capabilities and direct operations in ten major European markets including Austria, Benelux, Denmark, France, Germany, Ireland, Italy, Poland, Spain and the United Kingdom, as well as in Australia and New Zealand, and offices in the United States and China. STUDIOCANAL owns one of the most prestigious catalogues in the world and the largest catalogue of European titles, boasting more than 9,400 titles from 60 countries spanning 100 years of film history. STUDIOCANAL also encompasses a worldwide network of 22 production companies, and STUDIOCANAL KIDS & FAMILY, which is developing the PADDINGTON brand. DAILYMOTION , an international end-to-end video platform, advertising-based business model, headquartered in Paris with offices in New York and Singapore. CANAL+ Distribution (formerly Thema) , a production and distribution company specialised in creating and distributing diverse content and channels to cable, IPTV and DTH operators, and for mobile packages and OTT. L'OLYMPIA and Théâtre de L'Oeuvre , live entertainment venues in Paris. (in millions of euros) Year ended 31 December 2025 Year ended 31 December 2024 Change (€m) Change (%) Change at constant scope and FX (%) Revenues 775 817 (42) (5.1)% (5.6)% Adjusted EBIT (EBITa) before exceptional items 77 70 7 9.4 % 8.5 % As a percentage of total consolidated revenues 9.9 % 8.6 % STUDIOCANAL confirmed its position as a leading independent distributor in Europe, ranking #1 in France and the Netherlands, #2 in the UK and Poland; as well as in Australia & New Zealand (#1). Paddington in Peru, released in late 2024, continued to perform strongly in 2025, delivering more than 3211 million at the box office overall. This momentum was complemented by new 2025 hits including Bridget Jones: Mad About the Boy (3136 million), We Live in Time (372 million), and Dog 51 (1.4 million admissions in France). Overall, 2025 revenues were down versus 2024, during which it recorded a record year for international sales, boosted by the exceptional concentration of major deliveries such as Paddington in Peru, Back to Black, We Live in Time and Wicked Little Letters. Additionally, series production revenues continued to grow, driven by the sustained success of returning titles such as the Has Fallen franchise and Valle Salvaje. Content library revenues remained strong. DAILYMOTION delivered significant growth, with revenues exceeding €100 million, up over 20% compared with 2024, due to the expansion of its commercial reach, its programmatic network and ongoing enhancements to the user experience. DAILYMOTION continued to invest in technological development and AI powered innovations and acquired Archery Inc., the developer of Mojo, a leading AI-powered video creation and editing platform enabling professional-grade social video production at scale. This acquisition strengthens DAILYMOTION's creative ecosystem and positions the company as a technology leader in AI powered video creation. Adjusted EBIT (EBIT a ) before exceptional items for the Content Production, Distribution and Other segment amounted to €77 million, with the margin improving from 8.6% in 2024 to 9.9% in 2025, primarily driven by DAILYMOTION, which is now close to breakeven. ANNUAL REPORT 2025 3...

View stock analysis, news, and events for Canal+ Sa