CANAL+ H1 2025 Results

About this update from Canal+ Sa

[{"type":"text","content":"\n \n \n 2025 HALF-YEAR INTERIM RESULTS \n   \n Issy-les-Moulineaux, 29 July 2025 \n   \n CANAL+ (LSE: CAN, \"the Company\", the \"Group\"), the global media and entertainment company, today released its unaudited half-year results for the half-year ended 30 June 2025. \n \n \n CANAL+ H1 2025 Results in Line with Upgraded Guidance \n Strategic Ambitions on Track \n MultiChoice Group Acquisition Process: Regulatory Path Cleared \n   \n Increased organic revenue \n ▪ Group revenue of €3,086M, up +0.9% organically [1] (-3.3% on a reported basis as expected, due to termination of contracts and discontinued activities) \n EBITA [2] in line with expectations, significant year on year increase expected in H2 25 \n ▪ Delivered Group EBITA of €246M following termination of sublicensing contract in Europe \n ▪ H1 25 EBITA lower than H1 24 EBITA as expected, due to a one-off positive item related to the OCS acquisition in H1 24 and the end of the UEFA Champions League sublicensing partnership \n ▪ Cost reduction initiatives in Europe on track to progressively deliver material improvement to profitability \n First positive outcome from cash optimisation plan \n ▪ Record CFFO of €416M due to to implementation of cash initiatives \n ▪ Solid FCF of €370M in H1 25 \n Inaugural Schuldschein loan successfully issued  \n ▪ Issuance highly oversubscribed at 2.3x to reach €285M \n ▪ Attractive pricing, improving CANAL+ overall cost of funds \n ▪ Sets positive precedent ahead of expected Multichoice Group acquisition \n Strengthened content value proposition \n ▪ Record viewership in cinema, series and live sport events across all territories \n ▪ Extended Netflix partnership into 24 French-speaking African countries \n ▪ Studiocanal delivered global and local box-office hits including Bridget Jones: Mad About the Boy and Colours of Times, and smash hit series A Widow's Game   \n ▪ Creation of labels to foster IP development: Paddington the Musical is coming to theatres this Autumn \n Enhanced distribution capabilities with upgraded CANAL+ App experience and new partnerships \n ▪ Major user experience upgrade to flagship platform, the Canal+ App, available now on all iOS devices in France, Poland and Africa and by end of summer on all Android devices \n ▪ CANAL+ App available on all major manufacturers of connected TVs \n ▪ CANAL+ App on Renault, Alpine and BMW, MINI multimedia screens and CANAL+ content available to watch on Air France flights \n ▪ Produced the world's first immersive video documentary for Apple Vision Pro, capturing the raw speed and adrenalin of MotoGP \n New ESG strategy - underpinned by new governance \n ▪ Environment: Reducing carbon emissions across the value chain \n ▪ Social: Fostering the next generation of creative talent \n ▪ Societal: Enabling access to empowering and inspiring content \n Regulatory path cleared for MultiChoice Group acquisition process: South African Competition Tribunal approved the proposed Transaction on 23 July 2025              \n ▪ Synergy plans in place: ready to begin integration on Day 1 \n ▪ On track to close by 8 October 2025 as planned  \n On track for a successful first year as a listed business \n ▪ FY25 revenue in line with expectations \n ▪ FY25 EBITA expected at c.€515m in line with guidance \n ▪ FY25 CFFO anticipated above €500m as per guidance \n ▪ FY25 FCF expected above €370m \n   \n Maxime Saada, Chief Executive Officer of CANAL+, said: \n \"I am pleased with all we have accomplished at Canal+ since our listing. We are on track to achieve organic revenue growth in 2025. Our focus on profitability and cash has started delivering structural improvements, put us in a strong position at the half year, and enabled us to confirm our upgraded guidance for both EBITA and CFFO for 2025. \n \"Our strategy of bringing our in-house content together with content from the world's best studios, sports competitions and streaming platforms, and super-aggregating it all on our enhanced CANAL+ App for the benefit of our customers, provides us with a unique value proposition. We are now taking super-aggregation beyond Europe by extending our historic partnership with Netflix to 24 French-speaking African countries, the first deal of its kind on the continent. \n \"Finally, we were pleased to receive approval from the South African Competition Tribunal for the proposed acquisition of MultiChoice. This concludes the South African competition process and clears the way for us to complete the transaction prior to 8 October 2025 as planned. We are excited to begin implementing synergies as we start to combine our companies for the benefit of our customers, and we are committ ed to increasing our support for the cultural economies, sports and creative industries in each of our markets in Africa. CANAL+ is progressing towards the start of a new chapter in its history, with more than 40 million subscribers in 70 countries. \n \"I would like to thank my colleagues for all of their hard work, focus and commitment.\" \n \n FINANCIAL HEADLINES [3] AND STRATEGIC DEVELOPMENTS \n SUBSCRIBER BASE \n \n \n \n \n (in K subscribers) \n \n \n \n \n \n 30 June 2025 \n \n \n \n \n \n 30 June 2024 \n \n \n \n \n \n Δ % \n \n \n \n \n PER GEOGRAPHY \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Europe \n \n \n \n \n \n 16,880 \n \n \n \n \n \n 17,051 \n \n \n \n \n \n -1.0% \n \n \n \n \n Africa / Asia \n \n \n \n \n \n 8,780 \n \n \n \n \n \n 8,932 \n \n \n \n \n \n -1.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n PER DISTRIBUTION CHANNEL \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n DtoC \n \n \n \n \n \n 19,190 \n \n \n \n \n \n 19,161 \n \n \n \n \n \n +0.2% \n \n \n \n \n Wholesale \n \n \n \n \n \n 6,470 \n \n \n \n \n \n 6,823 \n \n \n \n \n \n -5.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n TOTAL CANAL+ \n \n \n \n \n \n 25,660 \n \n \n \n \n \n 25,984 \n \n \n \n \n \n -1.2% \n \n \n \n \n   \n CANAL+ aims to provide the best experience and content for its subscribers while maintaining a constant focus on profitability. This leads CANAL+ to focus on growing its high-value retail Direct-to-Consumer (DtoC) subscriber base as a priority, while adopting a more selective approach on wholesale distribution deals, with potential exits if the economics are not considered optimal, as we have demonstrated. \n In that context, CANAL+ recorded a net decrease of 353k wholesale subscribers over the past twelve months. Meanwhile, CANAL+'s DtoC customer base increased by 0.2%, despite non-renewal of L1 and Disney deals in France, still benefiting from high customer loyalty and a successful new customer acquisition strategy, which includes: (i) targeted and powerful offers for under-penetrated segments like youth, and (ii) innovative distribution agreements with ISPs, enabling direct-to-customer access and (iii) the continued strengthening of our content value proposition. Overall, CANAL+'s total subscriber base declined by -323k, bringing the total subscriber base to 25.7 million as of 30 June 2025. \n REVENUE \n \n \n \n \n \n \n \n \n \n \n Half-Year ended 30 June \n \n \n \n \n \n % reported \n \n \n \n \n \n % Organic growth [4] \n \n \n \n \n \n % LFL [5] \n \n \n \n \n (in millions of euros) \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Europe \n \n \n \n \n \n 2,287 \n \n \n \n \n \n 2,390 \n \n \n \n \n \n -4.3% \n \n \n \n \n \n +1.3% \n \n \n \n \n \n -4.9% \n \n \n \n \n Africa & Asia \n \n \n \n \n \n 525 \n \n \n \n \n \n 527 \n \n \n \n \n \n -0.5% \n \n \n \n \n \n -0.5% \n \n \n \n \n \n -0.3% \n \n \n \n \n Content Production, Distribution and Other \n \n \n \n \n \n 324 \n \n \n \n \n \n 333 \n \n \n \n \n \n -2.6% \n \n \n \n \n \n -2.6% \n \n \n \n \n \n -3.1% \n \n \n \n \n Eliminations \n \n \n \n \n \n (49) \n \n \n \n \n \n (60) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n REVENUE \n \n \n \n \n \n 3,086 \n \n \n \n \n \n 3,190 \n \n \n \n \n \n -3.3% \n \n \n \n \n \n +0.9% \n \n \n \n \n \n -3.7% \n \n \n \n \n   \n For the first half of 2025, the Group's revenue amounted to €3,086 million, up +0.9% organically [6] compared to the same period in 2024, demonstrating the Group's solid underlying momentum, somewhat offset by some content calendar effects in Africa and revenue cyclicity on Studiocanal production activity.  Taking into account discontinued contracts and activities (termination of Disney contract, UEFA Champions League sublicensing partnership and closure of C8 channel), revenue was down -3.3% on a reported basis. \n ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS \n \n \n \n \n \n \n \n \n \n \n Half-Year ended 30 June \n \n \n \n \n \n % reported \n \n \n \n \n \n % LFL [7] \n \n \n \n \n (in millions of euros) \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n Europe \n \n \n \n \n \n 111 \n \n \n \n \n \n 179 \n \n \n \n \n \n -37.8% \n \n \n \n \n \n -37.1% \n \n \n \n \n As a percentage of total consolidated revenues \n \n \n \n \n \n 4.9% \n \n \n \n \n \n 7.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Africa & Asia \n \n \n \n \n \n 105 \n \n \n \n \n \n 114 \n \n \n \n \n \n -8.0% \n \n \n \n \n \n -9.2% \n \n \n \n \n As a percentage of total consolidated revenues \n \n \n \n \n \n 20.0% \n \n \n \n \n \n 21.6% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Content Production, Distribution and Other \n \n \n \n \n \n 30 \n \n \n \n \n \n 22 \n \n \n \n \n \n 36.1% \n \n \n \n \n \n 37.9% \n \n \n \n \n As a percentage of total consolidated revenues \n \n \n \n \n \n 9.3% \n \n \n \n \n \n 6.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS \n \n \n \n \n \n 246 \n \n \n \n \n \n 315 \n \n \n \n \n \n -21.8% \n \n \n \n \n \n -21.6% \n \n \n \n \n As a percentage of total consolidated revenues \n \n \n \n \n \n 8.0% \n \n \n \n \n \n 9.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Adjusted EBIT (EBITA) before exceptional items for the first half of 2025 was €246 million, a €69 million year on year decrease (H1 24: €315 million). The year on year decrease in EBITA was primarily due to the one-off impact of the OCS acquisition in 2024 and the end of the UEFA Champions League sublicensing partnership. In terms of operational performance, EBITA margin is in line with expectations for the half year at 8.0%. \n   \n CASH GENERATION \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n Change N vs N-1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBIT (EBITA) \n \n \n 162 \n \n \n 312 \n \n \n (150) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Content investments, net \n \n \n 188 \n \n \n (58) \n \n \n 246 \n \n \n \n \n Acquisition paid \n \n \n (780) \n \n \n (887) \n \n \n \n \n \n \n \n Consumption \n \n \n 968 \n \n \n 829 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-content investments, net \n \n \n 11 \n \n \n 10 \n \n \n 1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Others (including changes in net working capital) \n \n \n 55 \n \n \n (40) \n \n \n 95 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow from operations (CFFO) \n \n \n 416 \n \n \n 224 \n \n \n 192 \n \n \n \n \n Cash generation: Cash flow from operations (CFFO)/Adjusted EBIT(EBITA) \n \n \n                       256.9%  \n \n \n 71.8%    \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax (paid)/received, net \n \n \n (17) \n \n \n (57) \n \n \n 40 \n \n \n \n \n Interest paid, net \n \n \n (13) \n \n \n (18) \n \n \n 5 \n \n \n \n \n Other cash items related to financial activities \n \n \n (17) \n \n \n (20) \n \n \n 3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Free Cash-Flow (FCF) \n \n \n 370 \n \n \n 128 \n \n \n 242 \n \n \n \n \n                 \n   \n For the first half of 2025, the Group generated very strong Cash Flow From Operations (CFFO) of €416 million, driven by numerous cash optimisation initiatives (on payment terms, inventories management and revenues collection) and reversal effect of prepayments made during the second half of 2024. CFFO remains expected above €500 million in 2025, partly driven by a one-off improvement related to payment phasing optimisation. Although the Group does not expect its one-off contract phasing update to structurally impact CFFO beyond 2025, it is confident that the positive cash effects of its various other initiatives will start ramping up in 2026. \n   \n Free Cash-Flow (FCF) [8] reached €370 million, benefiting from (i) normalisation in tax payments, driven by the first positive impacts of financial integration in France as well as (ii) a one-off positive tax refund related to 2024. \n ANNOUNCED NEW ESG STRATEGY \n In line with the commitments made at the November 2024 Capital Markets Day, CANAL+ has announced its inaugural ESG strategy. The Group views strategic, credible and structured action on ESG as an imperative to create long-term value, strengthen risk management, and enhance its competitive advantage. \n The strategic framework reflects the business strategy and operations of CANAL+. It is structured around four key pillars: Environment, Social, Societal, and Governance. Key priorities and clear KPIs will underpin each pillar. On Environment, the Group remains committed to reducing its carbon footprint, with a particular focus on enabling impactful multi-stakeholder action across all its markets. On Social, it prioritises investment in the next generation of creative talent, a cornerstone of future growth. The Societal impact of CANAL+ and its opportunity lies in fostering cultural representation through authentic storytelling across our global footprint, ensuring the accessibility of our content, while protecting against the risks of screen overexposure and promoting healthy digital habits. Strong Governance foundations support and enable the delivery of the Group's strategic ambitions. The framework has been designed with flexibility to support the integration of MultiChoice Group, following the proposed acquisition. Once integration is underway, the Group will launch a detailed KPI target-setting process. Progress will be reported in due course. \n   \n CREATED CANAL+ FOUNDATION \n On 16 January 2025, CANAL+ announced the creation of its Foundation, the aim of which is to promote access to culture for all. Building on the Group's expertise, the Foundation will develop cultural and training initiatives across the regions where CANAL+ operates, in line with existing programmes such as \"Create Joy,\" \"CANAL+ University,\" and \"Orphée\". \n   \n   \n H1 2025 SIGNIFICANT CORPORATE EVENTS \n 1. MULTICHOICE GROUP \n ▪ On 4 February 2025, CANAL+ and MultiChoice Group announced that they had concluded their discussions regarding the intended post-transaction structure of MultiChoice. \n ▪ On 4 March 2025, CANAL+ announced the extension of the L ong Stop Date to 8 October 2025. \n ▪ On 21 May 2025, CANAL+ and MultiChoice Group announced that the South African Competition Commission had recommended that the South African Competition Tribunal approve the MultiChoice Offer, subject to conditions relating to public interest considerations. \n ▪ On 23 July 2025, CANAL+ and MultiChoice Group announced that the South African Competition Tribunal had approved the Proposed Transaction, subject to agreed conditions which included the implementation of the structure announced on 4 February 2025. \n As was previously disclosed, the agreed conditions include a robust package of guaranteed public interest commitments. The package supports the participation of firms controlled by Historically Disadvantaged Persons (\"HDPs\") and Small, Micro and Medium Enterprises (\"SMMEs\") in the audio-visual industry in South Africa. This package will maintain funding for local South African general entertainment and sports content, providing local content creators with a strong foundation for future success. \n 2. CANAL+ SUCCESSFULLY LAUNCHED ITS FIRST SCHULDSCHEINDARLEHEN ISSUE \n In July 2025, CANAL+ completed its inaugural debt facility since listing on the London Stock Exchange in December 2024, issuing its first Schuldschein loan (a private placement loan issued under German law), raising €285 million in financing.  \n The issuance was highly oversubscribed with an orderbook consisting of high-quality French and international investors, demonstrating strong interest and confidence of investors in the financial profile and strategic direction of CANAL+. Due to the high level of demand, which facilitated pricing at the tight end of the spread range, the total financing package was increased, from an initial launch volume of €125 million to a final volume of €285 million. The attractive pricing and scale of the Schuldschein loan will improve CANAL+'s overall cost of funds. \n 3. SIGNIFICANT AGREEMENTS REACHED \n 3.1 AGREEMENT REACHED WITH THE FRENCH CINEMA INDUSTRY \n On 3 March 2025, the Group signed a new agreement with the French cinema industry. \n The agreement related to CANAL+ and CINE+ OCS. It secured their advantageous and unique place in the movie release schedules in France (\"chronologie des médias\"), allowing them to broadcast films as early as six months after their theatrical release. It took effect retroactively from 1 January 2025 for a period of 3 years, i.e. until 31 December 2027, and is tacitly renewable. \n The Group's commitment amounts to a minimum of €480 million over the 3 years of the agreement: €150 million in 2025, €160 million in 2026 and €170 million in 2027 , down from €220 million in 2024. \n 3.2 AGREEMENT REACHED WITH THE CNC \n On 6 June 2025, CANAL+ announced it had reached an agreement with the Centre national du Cinéma et de l'Image animée (\"CNC\") regarding the rules applicable to determining the tax basis of the French Tax on Television Services, which settled the disputes relating to past fiscal years and removed uncertainty regarding the possibility of a material additional disbursement. As a result, the Group expects no impact on cash, with a one-off impact on its income statement in H1 2025 in the form of exceptional items. \n 4. STRENGTHENED CONTENT VALUE PROPOSITION: CANAL+ AND NETFLIX EXTENDED THEIR STRATEGIC PARTNERSHIP TO FRENCH SPEAKING AFRICA \n On 6 June 2025, CANAL+ and Netflix strengthened their historic partnership, forged in 2019 in France and Poland, by extending their strategic distribution agreement to Sub-Saharan Africa. Under this agreement, CANAL+ became the first operator to distribute Netflix as part of its offerings across 24 Sub-Saharan African countries, marking a new step in access to premium content for African subscribers. \n CANAL+ already offers an unrivalled line-up with over 400 live channels, including 28 produced for African audiences, and an enriched experience via the CANAL+ App and connected set-top boxes. This partnership enriches our offer, with iconic Netflix series like Stranger Things and Squid Game available alongside internationally successful African productions such as Blood & Water, Young Famous and African and Kings of Joburg. \n This partnership marked an important milestone for both groups. This agreement, which was Netflix's first in the region, provides entertainment fans with more choice on how to access their favourite Netflix series and films. Netflix is relying on CANAL+'s strength and extensive footprint on the African continent to roll out its service. For CANAL+, this partnership offers an opportunity to strengthen its position as the world's major content aggregator, by enabling its African subscribers to enjoy content from the world's leading streaming platform. \n   \n 5. ENHANCED DISTRIBUTION CAPABILITIES WITH UPGRADED CANAL+ APP EXPERIENCE AND NEW PARTNERSHIPS, PROVIDING EVEN MORE WAYS TO ACCESS CANAL+ \n 5.1 ANNOUNCED MAJOR UPGRADE TO THE CANAL+ APP \n On 11 June 2025, CANAL+ announced a major upgrade to its flagship platform, the CANAL+ App, a true technological showcase for the Group. Committed to supporting the evolving habits of its subscribers and being present wherever content is consumed, CANAL+ continues to push the boundaries of entertainment by partnering with companies that share its culture of innovation and excellence. Backed by over €1 billion in annual technology spend and a global team of more than 2,500 experts, the Group unveiled a redesigned CANAL+ App, offering a smoother, more intuitive and content-centered experience, further strengthening its position as a leader in both entertainment and technology. \n 5.2 CANAL+ STRENGTHENED ITS GLOBAL PARTNERSHIP WITH SAMSUNG \n On 17 February 2025, CANAL+ and Samsung Electronics, the world's largest Smart TV manufacturer, extended their strategic partnership to cover over 40 territories globally. This new extended partnership reinforces Samsung's strategic relationship with CANAL+ which will include the distribution of CANAL+ application on over 25 million Samsung Smart TVs. \n 5.3 AIR FRANCE AND CANAL+ ANNOUNCED UNPRECEDENTED PARTNERSHIP \n On 24 April 2025, Air France and CANAL+ announced an unprecedented new partnership. \n Since 1 May 2025, the airline has offered privileged access to a selection of CANAL+ programmes on all its long-haul flights. Customers are able to watch CANAL+ Creation Originale series, must-see programmes, comedy shows, documentaries and children's shows during their flight. All this content enhances Air France's entertainment offer, which also includes a large number of movies. \n By teaming up with CANAL+, Air France continues to promote French savoir-faire throughout the world. This is a strong commitment on the part of Air France, which devotes 30% of its entertainment offer to French productions, with its selection of films and TV series. \n 5.4 ANNOUNCED NEW PARTNERSHIPS IN CONNECTED CARS \n On 11 June 2025, CANAL+ announced the CANAL+ App will be available in connected cars from Renault and BMW. \n ▪ The CANAL+ App is the first video app available on board the Alpine A390: available on Renault connected cars equipped with OpenR Link in France, Switzerland and Poland since October 2024, the CANAL+ App will be the first video application pre-installed by default in Alpine vehicles. CANAL+ subscribers now have access to CANAL+ content in Alpine cars, including the A390, which will be launched at the end of the year. \n ▪ The CANAL+ App will be available onboard connected BMWs: CANAL+ and BMW join forces to distribute and promote the CANAL+ App in the BMW store in France, Poland and Switzerland. \n 6. REINFORCEMENT OF CANAL+ GLOBAL ORGANISATION \n On 15 April 2025, CANAL+ announced a change in the scope of its Management Board members, effective starting 1 March 2025. \n To address the Group's development plans and strengthen the synergies between the various CANAL+ regions, now operating in 52 countries, Maxime Saada, CEO of CANAL+, chose to extend the missions of the Management Board. \n Since 1 March 2025, Jacques du Puy, Amandine Ferré and Anna Marsh have taken on new responsibilities: \n ▪ Jacques du Puy, Member of the Management Board, is now in charge of Global PayTV, a new division bringing together all of CANAL+'s pay TV activities, namely those in France, Poland, Central Europe (Belgium, the Netherlands, Austria, the Czech Republic, Slovakia, Hungary and Romania), Africa and Asia. This division steers the performance of the global PayTV activity and aims to provide a transversal vision of all PayTV and telecommunication activities (in the French Overseas Territories and in Africa), while leveraging the expertise of the group's various PayTV teams. \n ▪ Amandine Ferré, Member of the Management Board, Chief Financial Officer of CANAL+ and responsible for CSR, is now directly in charge of all the financial functions of the Group and all its entities, which report directly to her. This change has already been instrumental in upgrading cash management processes and delivering strong H1 2025 cash numbers. \n ▪ Anna Marsh, Member of the Management Board, has been appointed Chief Content Officer of CANAL+, in addition to her responsibilities as Deputy CEO of CANAL+ and CEO of STUDIOCANAL. This new role has four objectives: i) strengthen the deployment of a global content strategy at Group level; ii) facilitate the integration of global content, while respecting the specifics of each region; iii) optimise knowledge sharing between local and central teams; and finally, iv) deepen understanding of key success factors for acquisitions and productions based on CANAL+ data. \n \n CONFIRMED 2025 OUTLOOK WITH MATERIAL ONE-OFF CASH IMPROVEMENT \n CANAL+ confirms that 2025 performance and results are on track, with a higher than initially expected cash level and in line with the press release dated 6 June 2025: \n 2025 revenue and EBITA [9] outlook confirmed, reflecting solid business performance. \n Mid-year, the Company is in a position to confirm its 2025 outlook on revenue and EBITA, with a material 2025 one-off cash improvement and structural cash improvements expected for the future. \n As such, the Company confirms it is on track to deliver organic growth in 2025, more than offset by the termination of C8 channel and some contracts, as expected. \n As part of its ongoing cost optimisation assessment to deliver enhanced operational leverage, and supported by the advanced transition to profitability of its newly-integrated assets, CANAL+ anticipates 2025 Group EBITA [10] to reach c. €515 million, in line with expectations. \n Due to various initiatives, the Group expects its 2025 CFFO to exceed €500 million. Although the Group does not expect its one-off contract phasing update to structurally impact CFFO beyond 2025, it is confident that the positive cash effects of its various other initiatives will start ramping up in 2026, including the renewed French cinema financing agreement, the decrease in costs in France and the profitability improvement of its new assets - GVA and Dailymotion. \n The Group has announced it expects to deliver over €370 million FCF at FY25. The exceptional level of expected FCF is due to the high CFFO and lower tax levels this year, following tax integration, and tax refunds in H1 2025. Tax payments are expected to normalise in H2 2025. Interest payments are anticipated at a similar level in H2 2025 (excluding the MultiChoice Group transaction). \n \n \n H1 FY 25 RESULTS CONFERENCE CALL DETAILS \n   \n Speakers: \n Maxime Saada \nChief Executive Officer \n Amandine Ferré \nChief Financial Officer \n   \n Date : 29 July 2025 (9.30am GMT / 10.30am CET) \n   \n Online: the conference call can be followed online at \n https://sparklive.lseg.com/CANALSA/events/8daf47db-4af1-494d-9269-1fa373adf152/canal-h1-fy25-results \n   \n Q&A: questions can be asked live via the online conference call or by sending an email to [email protected]   \n A replay of the conference call as well as the slides of the presentation will be available following the conference call on the Company's website www.canalplusgroup.com . \n   \n Financial Calendar \n Q3 FY25 release: 16 October 2025 \n   \n For further enquiries please contact: \n \n \n \n \n Alima Levy \n Andrew Swailes \n \n \n [email protected] \n [email protected] \n \n \n \n \n   \n   \n About CANAL+ \n Founded as a French subscription-TV channel 40 years ago, CANAL+ is now a global media and entertainment company. The group has 26.9 million subscribers worldwide, over 400 million monthly active users on its video streaming platforms, and a total of more than 9,000 employees. It generates revenues in 195 countries and operates directly in 52 countries, with leading positions in Pay-TV in 20 of them. CANAL+ operates across the entire audio-visual value chain, including production, broadcast, distribution and aggregation. \n It is home to STUDIOCANAL, a leading film and television studio with worldwide production and distribution capabilities; Dailymotion, major international video platform powered by cutting-edge proprietary technology for video delivery, advertising, and monetization; Thema, a production and distribution company specialising in creating and distributing diverse content and channels; and telecommunication services, through GVA in Africa and CANAL+ Telecom in the French overseas jurisdictions and territories. It also operates the iconic performance venues L'Olympia and Théâtre de l'Œuvre in France. \n CANAL+ has also significant equity stakes across Africa, Europe and Asia, namely in MultiChoice (the Pay-TV leader in English and Portuguese-speaking Africa), Viaplay (the Pay-TV leader in Scandinavia) and Viu (a leading AVOD platform in Southern-Asia). canalplusgroup.com/en \n IMPORTANT DISCLAIMERS \n DISCLAIMER \n The Company makes no representation or warranty as to the appropriateness, accuracy, completeness or reliability of the information in this announcement and accordingly neither the Company nor any of its directors accepts any liability to any person in respect of this announcement or any information contained within it. \n CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS \n This announcement contains certain statements that are or may be forward-looking statements. Phrases such as \"aim\", \"plan\", \"expect\", \"intend\", \"anticipate\", \"believe\", \"estimate\", \"target\", and similar expressions of a future or forward-looking nature are intended to identify such forward-looking statements. Forward-looking statements address our expected future business and financial performance and financial condition, and by definition address matters that are, to different degrees, uncertain. They are not historical facts, nor are they guarantees of future performance; actual results may differ materially from those expressed or implied by these forward-looking statements. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward looking statements. These include, but are not limited to (i) the general economic, business, political, regulatory and social conditions in the key markets in which the Group operates, (ii) a significant event impacting the Company's liquidity or ability to operate and deliver effectively in any area of our business, (iii) significant change in regulation or legislation, (iv) a significant change in demand for global content, and (v) a material change in the Group strategy to respond to these and other factors. Certain of these factors are discussed in more detail elsewhere in this announcement and in the Company's Annual Report and Accounts published on 17 April 2025. \n Forward-looking statements speak only as of the date they are made and, expect as required by applicable law or regulation, CANAL+ undertakes no obligation to update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. \n \n \n FINANCIAL AND OPERATING REVIEW \n 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. \n \n \n STATEMENT OF EARNINGS \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n \n Change N vs. N-1 \n \n \n \n \n (in millions of euros, except per share amounts, euros) \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n REVENUES \n \n \n 3,086 \n \n \n \n \n \n 3,190 \n \n \n \n \n \n (104) \n \n \n \n \n Content costs \n \n \n (1,784) \n \n \n \n \n \n (1,909) \n \n \n \n \n \n 125 \n \n \n \n \n Technology, Selling, General, Administrative expenses & Others before exceptional items \n \n \n (1,057) \n \n \n \n \n \n (967) \n \n \n \n \n \n (90) \n \n \n \n \n ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS \n \n \n 246 \n \n \n \n \n \n 315 \n \n \n \n \n \n (69) \n \n \n \n \n As a percentage of total consolidated revenues \n \n \n 8.0% \n \n \n \n \n \n 9.9% \n \n \n \n \n \n \n \n \n \n \n Exceptional items \n \n \n (84) \n \n \n \n \n \n (2) \n \n \n \n \n \n (82) \n \n \n \n \n ADJUSTED EBIT (EBITA) \n \n \n 162 \n \n \n \n \n \n 312 \n \n \n \n \n \n (150) \n \n \n \n \n Amortisation and impairment losses on intangible assets acquired through business combinations \n \n \n (20) \n \n \n \n \n \n (24) \n \n \n \n \n \n 3 \n \n \n \n \n OPERATING INCOME (EBIT) \n \n \n 142 \n \n \n \n \n \n 289 \n \n \n \n \n \n (147) \n \n \n \n \n Income (loss) from equity affiliates \n \n \n 42 \n \n \n \n \n \n (70) \n \n \n \n \n \n 112 \n \n \n \n \n Net financial income (loss) \n \n \n (64) \n \n \n \n \n \n (57) \n \n \n \n \n \n (7) \n \n \n \n \n Income taxes \n \n \n (29) \n \n \n \n \n \n (107) \n \n \n \n \n \n 78 \n \n \n \n \n EARNINGS (LOSSES) \n \n \n 91 \n \n \n \n \n \n 54 \n \n \n \n \n \n 36 \n \n \n \n \n EARNINGS (LOSSES) ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT \n \n \n 70 \n \n \n \n \n \n 23 \n \n \n \n \n \n 47 \n \n \n \n \n Earnings (losses) attributable to non-controlling interests \n \n \n 21 \n \n \n \n \n \n 31 \n \n \n \n \n \n (11) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ADJUSTED NET INCOME (ANI) \n \n \n 104 \n \n \n \n \n \n 83 \n \n \n \n \n \n 21 \n \n \n \n \n ANI per share \n \n \n 0.10 \n \n \n \n \n \n 0.08 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EARNINGS ANALYSIS \n For the first half of 2025, Group revenues were €3,086 million compared to €3,190 million for the same period in 2024, up +0.9% organically [11] .Taking into account discontinued contracts and activities (termination of Disney contract, UEFA Champions League sublicensing partnership and closure of C8 channel), revenue was down -3.3% on a reported basis. \n Content costs amounted to €1,784 million, down €125 million i.e. 6.6%. Relative to PAY TV activities, CANAL+ continued to rationalise its content portfolio, with a selective approach based on consumption data analysis. This allowed the Group to discontinue Disney and Ligue 1 in France without any notable impact on the subscriber base. Beyond PAY TV, content cost decreases were also driven by the closure of the C8 channel, ramp-up of operational efficiency initiatives, as well as lower variable costs at Studiocanal, in line with lower revenues due to line-up effects. \n Technology, Selling, General, Administrative expenses & Others before exceptional items amounted to €1,057 million, up €90 million or +9.3%. This 2025 increase was primarily due to (i) a positive one-off item in 2024 related to the OCS acquisition (bargain purchase gain), as well as (ii) higher variable costs at GVA (correlated with sales growth) and (iii) costs related to the Group's listing on the London Stock Exchange. \n Adjusted EBIT (EBITA) for the first half of 2025 was €246 million, a €69 million year on year decrease (H1 24: €315 million). The year on year decrease in EBITA was primarily due to the one-off positive impact of the OCS acquisition in 2024. In terms of operational performance, EBITA margin is in line with expectation for the half year at 8.0%. \n Exceptional items were €84 million for the first half of 2025, compared to €2 million for the same period in 2024. These costs mainly related to the settlement of the 'French TST' litigation (Taxe sur les services de television) with the Centre national du cinéma et de l'image animée (CNC) regarding the rules applicable to determining the tax basis of the French TST. The agreement, which is cash neutral for the Group, settled the disputes relating to past fiscal years and removes the possibility of a material additional disbursement. \n \n \n \n \n \n \n \n Six months ended 30 June \n \n \n Change N vs. N-1 \n \n \n Change N vs. N-1 at constant currency and scope of consolidation \n \n \n % Change N vs. N-1 \n \n \n % Change N vs. N-1 at constant currency and scope of consolidation \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Revenues \n \n \n 3,086 \n \n \n 3,190 \n \n \n (104) \n \n \n (118) \n \n \n                         -3.3% \n \n \n                         -3.7% \n \n \n \n \n Europe \n \n \n 2,287 \n \n \n 2,390 \n \n \n (103) \n \n \n (117) \n \n \n             -4.3%  \n \n \n               -4.9%   \n \n \n \n \n Africa and Asia \n \n \n 525 \n \n \n 527 \n \n \n (3) \n \n \n (2) \n \n \n             -0.5%   \n \n \n              -0.3%  \n \n \n \n \n Content Production, Distribution and Other \n \n \n 324 \n \n \n 333 \n \n \n (9) \n \n \n (10) \n \n \n              -2.6%    \n \n \n             -3.1%   \n \n \n \n \n Eliminations \n \n \n (49) \n \n \n (60) \n \n \n 11 \n \n \n 11 \n \n \n \n \n \n \n \n \n \n \n Adjusted EBIT (EBITA) before exceptional items \n \n \n 246 \n \n \n 315 \n \n \n (69) \n \n \n (68) \n \n \n           -21.8% \n \n \n             -21.6% \n \n \n \n \n As a percentage of total consolidated revenues \n \n \n                8.0%               \n \n \n                 9.9%                \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Exceptional items \n \n \n (84) \n \n \n (2) \n \n \n (82) \n \n \n (82) \n \n \n \n \n \n \n \n \n \n \n Adjusted EBIT (EBITA) \n \n \n 162 \n \n \n 312 \n \n \n (150) \n \n \n (150) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EUROPE \n This operating segment encompasses the Group's subscription-TV, advertising-supported television businesses, i ncluding content on OTT forma t across France, French Overseas and adjacent Territories, Poland, and, through Canal+ Benelux & Central Europe (which also includes the more geographically diverse activities of SPI), certain Central European countries, the Benelux countries, and the group's telecommunication business in the French Overseas departments. \n Overall, subscribers in the Europe segment slightly decreased, by 171 thousand (from 17,051 thousand as of 30 June 2024 to 16,880 thousand as of 30 June 2025) mainly related to the termination of wholesale contracts, partially offset by an increase in DtoC subscribers, with momentum remaining strong in France despite non renewal of Disney and Ligue 1 contracts, demonstrating high resilience in the customer base. \n Revenue from the Europe segment amounted to €2,287 million, up +1.3% organically [12] compared to the first half of 2024. Taking into account the discontinued contracts and activities, revenue declined by -4.3%, reflecting the impact of strategic decisions. Adjusted EBIT (EBITA) margin before exceptional items continued to improve, reaching 4.9% compared to 4.6% end of 2024 (and compared to 7.5% in H1 2024, which was positively impacted by a one-off item related to the OCS acquisition). \n   \n \n \n \n \n Europe \n \n \n Six months ended 30 June \n \n \n Change N vs. N-1 \n \n \n Change N vs. N-1 at constant currency and scope of consolidation \n \n \n % change N vs. N-1 \n \n \n % Change N vs N-1 at constant currency and scope of consolidation \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenues \n \n \n 2,287 \n \n \n 2,390 \n \n \n (103) \n \n \n (117) \n \n \n               -4.3% \n \n \n                       -4.9% \n \n \n \n \n Adjusted EBIT (EBITA) before exceptional items \n \n \n 111 \n \n \n 179 \n \n \n (68) \n \n \n (66) \n \n \n    -37.8% \n \n \n                       -37.1% \n \n \n \n \n As a percentage of total consolidated revenues \n \n \n                4.9%     \n \n \n               7.5%             \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n In mainland France, the Group's focus on high-value customers continued to drive DtoC subscription revenue growth, coming from both price increases and portfolio. Wholesale and sublicensing revenues declined as a result of discontinued contracts and activities (termination of Disney contract, UEFA Champions League sublicensing partnership). The number of DtoC subscribers continued to rise, despite content portfolio rationalisation, showing the success of the customer acquisition strategy and the high customer loyalty. \n Excluding the C8 channel closure, advertising revenue grew, supported by strong performance of CNEWS, which recorded its largest-ever audience in June 2025 and delivered its highest level of revenues in the first half of 2025. \n In the Overseas Territories, both portfolio and revenues decreased slightly, due to natural disasters (in the Indian Ocean) and challenging market conditions (mainly in the French West Indies), partially offset by broadband subscriber growth. \n In Poland, PayTV revenues continued to rise, driven by higher revenues from subscriptions for OTT (both portfolio and price increase) and DTH business (price increase), an increase in revenues generated by sports rights sub-licences and a positive currency effect. The overall subscriber base decreased, following the termination of a wholesale agreement in 2024. \n In other European countries revenues saw a slight decrease, mainly driven by the decline of DTH subscription which has not yet been offset by the growth of OTT subscription. \n Adjusted EBIT (EBITA) before exceptional items from the Europe segment decreased to €111 million. The €68m year on year decrease was largely due to the one-off gain from the OCS acquisition in H1 24 and the end of the UEFA Champions League sublicensing partnership. The net improvement in 2025 primarily reflects stronger profitability in the French PayTV business, driven by the ongoing rationalisation of the content portfolio (notably the termination of Disney and Ligue 1 contracts) and the ramp-up of operational efficiency initiatives. \n   \n AFRICA AND ASIA \n   \n This operating segment encompasses the Group's PayTV business outside of Europe, in Africa and Asia. In Africa, the Group operates PayTV services in more than 25 French-speaking countries and offers premium international content across sports, films and series from majors, alongside local content offerings tailored to African audiences. CANAL+ owns a distribution network comprised of over 17,000 points of sale and over 300 distribution partners. GVA, currently owned by Vivendi and expected to be transferred to the Group subject to completion of certain conditions, offers broadband internet access services through optical fibre networks and operates an expanding FTTH network, currently in 14 cities in nine countries in Africa with the launch of Benin in May, 2025. In Asia, the Group operates in Vietnam through K+, a package of local and international channels jointly owned with Vietnamese public television and Opal, a local shareholder. The group has also been present in Myanmar for 6 years, where it operates under a joint venture agreement with the Forever Group. \n Overall, subscribers in the Africa and Asia segment decreased by 152 thousand (from 8,932 thousan d as of 30 June 2024 to 8,780 thousand as of 30 June 2025), as a result of Asia activities (in particular the discontinuation of a wholesale deal) whereas the subscriber base in Africa experienced slight growth. \n Revenues from the Africa and Asia segment amounted to €525 million, down -0.5% compared to the first half of 2024, with a decrease in Adjusted EBIT (EBITA) margin before exceptional items from 21.6% to 20.0%. \n   \n \n \n \n \n Africa & Asia \n \n \n Six months ended 30 June \n \n \n Change N vs. N-1 \n \n \n Change N vs. N-1 at constant currency and scope of consolidation \n \n \n % Change N vs. N-1 \n \n \n % Change N vs. N-1 at constant currency and scope of consolidation \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenues \n \n \n 525 \n \n \n 527 \n \n \n (3) \n \n \n (2) \n \n \n               -0.5% \n \n \n                                                 -0.3% \n \n \n \n \n Adjusted EBIT (EBITA) before exceptional items \n \n \n 105 \n \n \n 114 \n \n \n (9) \n \n \n (11) \n \n \n                         -8.0% \n \n \n                                             -9.2% \n \n \n \n \n As a percentage of segment revenues \n \n \n      20.0%    \n \n \n         21.6%  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n In Africa, commercial performance remained strong, with increased new customer acquisitions compared to H1 24, excluding the effect of the AFCON [13] tournament in January 2024. The slight year on year decrease in revenues was driven by the high advertising and subscription revenues generated by AFCON in H1 24. \n GVA continued to expand high-speed internet access in Africa, with equipped customers increasing by over +53% year-over-year. GVA's strong growth resulted from the expansion of its Fibre-to-the-Home (FTTH) network and from a strong commercial performance, which increased penetration in eligible zones (in particular Congo, Ivory Coast and Burkina Faso). As a result, GVA's revenue continued to grow at a double-digit rate. \n In Asia, the number of subscribers, as well as revenues, declined in Vietnam, due to the termination of a wholesale contract and a decrease in DTH television broadcasting. \n Adjusted EBIT (EBITA) before exceptional items from the Africa and Asia segment reached €105 million, decreasing by €9 million, leading to a 20.0% adjusted EBIT (EBITA) margin before exceptional items, compared to 21.6% in 2024. This decline primarily reflects higher content costs, particularly related to sports rights in Africa, signed mid 2024, partially offset by improving margin at GVA. In Asia, the Vietnam business is being closely assessed as its performance has been meaningfully affected by the market environment.  \n   \n \n CONTENT PRODUCTION, DISTRIBUTION AND OTHER \n This operating segment includes: \n ▪ Studiocanal, a leading film and series studio with worldwide production and distribution capabilities. It operates directly in ten major European markets (including Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Poland, Spain and the UK) as well as in Australia and New Zealand, and has offices in the United States and China. Furthermore, Studiocanal also includes Studiocanal Kids & Family Limited (formerly known as Copyrights Group), which is notably developing and monetising the 'Paddington' brand. \n ▪ Dailymotion is an international proprietary ecosystem connecting creators, publishers, brands and users, and a technology leader in short-form, branded video creation. The Dailymotion's business consolidates around three core pillars: \n •      Dailymotion.com & Apps: a community-driven social video platform, aspiring to be Europe's ethical, privacy-forward alternative on the global stage-combining content, creation, and conversation. \n •      Dailymotion Advertising: an advanced AI-powered marketing suite that empowers brands to understand audience behavior and deliver high-impact, measurable advertising experiences in a brand-safe, first party data environment. \n •      DM Pro: a modular, end-to-end video solution tailored for publishers and enterprises, supporting their streaming, engagement, marketing and monetisation needs with flexible APIs and top notch customer support. \n ▪ 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. \n ▪ L'Olympia and Théâtre de L'Oeuvre, live entertainment venues in Paris. \n Revenues from the Content Production, Distribution and Other segment amounted to €324 million, down -2.6% compared to the first half of 2024. \n   \n \n \n \n \n Content Production, Distribution and Other \n \n \n Six months ended 30 June \n \n \n Change N vs. N-1 \n \n \n Change N vs. N-1 at constant currency and scope of consolidation \n \n \n % Change N vs. N-1 \n \n \n % Change N vs. N-1 at constant currency and scope of consolidation \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenues \n \n \n 324 \n \n \n 333 \n \n \n (9) \n \n \n (10) \n \n \n               -2.6% \n \n \n          -3.1%  \n \n \n \n \n Adjusted EBIT (EBITA) before exceptional items \n \n \n 30 \n \n \n 22 \n \n \n 8 \n \n \n 8 \n \n \n              36.1% \n \n \n               37.9% \n \n \n \n \n As a percentage of segment revenues \n \n \n                9.3%                \n \n \n               6.7%               \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Studiocanal's revenues decreased compared to the first half of 2024, mainly due to delivery phasing for international sales, with a smaller line-up compared to major deliveries in 2024, such as Back to Black and Wicked Little Letters. The decrease also reflects the timing effect of early TV sales in 2024 with no equivalent in 2025. These effects were partially offset by successful theatrical releases during H1 25 such as Paddington in Peru, Bridget Jones: Mad about the Boy, and We Live In Time, and significant series distribution deals on Wild Lands. \n Dailymotion sustained robust double-digit revenue growth in the first half of 2025, due to the expansion of its commercial reach, the continued expansion of its programmatic network and ongoing enhancements to the user experience across its owned and operated platforms. With a strategy focused on international expansion and strict cost management, Dailymotion continues to invest in technological development and AI powered innovations. In May 2025, Dailymotion acquired Archery Inc., the developer of Mojo, a leading AI-powered video creation and editing platform. Mojo's intuitive web and mobile apps enable professional-grade social video production at scale, using AI features such as animated templates, brand kit integration, and automatized edition. This acquisition strengthens Dailymotion's creative ecosystem and positions the company as a technology leader in AI powered video creation at scale. \n Adjusted EBIT (EBITA) before exceptional items for the Content Production, Distribution and Other segment amounted to €30 million, up +36.1% compared to the first half of 2024 (+37.9% like-for-like), mostly coming from Dailymotion which is now close to breakeven on a full year basis. \n   \n Amortisation and impairment losses on intangible assets acquired through business combination amounted to €20 million for the first half of 2025, compared to €24 million for the first half of 2024. These mainly included the amortisation of assets acquired in Europe in recent years. \n Income from equity affiliates amounted to an income of +€42 million for the first half of 2025, compared to a loss of -€70 million for the first half of 2024, primarily due to the following: \n ▪ An income related to CANAL+'s participation in MultiChoice of +€32 million for the first half of 2025, which included -€12 million of amortisation resulting from business combinations. This compares to a loss of -€42 million for the first half of 2024, which included -€9 million of amortisation resulting from business combinations. In response to the challenging macro-economic environment that negatively impacted its 2024 results, MultiChoice implemented decisive measures across key areas under its control. This included (i) maintaining a discipline of inflationary pricing which enabled the group to offset the decline in subscriber volume pressures, (ii) accelerating costs savings without unduly sacrificing the group's customer value proposition. As a result, the group returned to a positive net income through a combination of costs savings, the growth of new products (DStv Internet, DStv Stream and Extra Stream), stabilization in currencies, and the accounting gain on the sale of 60% of the group's shareholding in its insurance business (NMSIS) to Sanlam. As of 30 June 2025,  held 45.20% of MultiChoice's share capital, representing an increase of +10.6% of average interest rate year-over-year. \n ▪ A loss related to CANAL+'s participation in Viu of -€17 million for the first half of 2025, compared to -€18 million in the same period of 2024. As of 30 June 2025, CANAL+ held 37.32% of Viu's share capital, representing a +6.9% year-on-year increase in its average economic interest over the first half of 2025. \n ▪ An income related to CANAL+'s share capital in Viaplay of +€4 million for the first half of 2025 compared to -€11 million for the first half of 2024 (participation accounted for under the equity method as from 9th February 2024). This result includes CANAL+'s share of VIAPLAY's net income, amounting to -€5 million, as well as favorable impacts related to the purchase price allocation from business combinations, for +€9 million. Although VIAPLAY recorded a net loss of -SEK174 million as of June 30, the Group continues its transformation. This is notably reflected in a positive EBIT of SEK126 million for the period, showing growth over the past two consecutive quarters. \n ▪ An income related to MC Vision for €22 million following the additional acquisition over the period due to the revaluation at fair value of the shares previously held in accordance with IFRS3 'Business Combinations' \n For the first half of 2025, net financial income (loss) represented a charge of €64 million, compared to a charge of €57 million for the first half of 2024, composed of: \n ▪ €13 million of net interest charges including interest charges on external financing (term loan facility, Bridge facility and Revolving credit facility) settled in the context of the separation from Vivendi and the mandatory tender offer on MultiChoice shares and interest incomes on cash equivalents for the first half of 2025, compared to €18 million of net interest charges for the first half of 2024 mostly linked to current accounts with Vivendi. \n ▪ €51 million of other financial charges and income, including various fees, interest on lease liabilities, foreign exchange impacts, discounting effect on financial instruments and one-off items related to the MultiChoice tender offer (guarantee fees, foreign exchange hedging instrument) compared to €40m for the first half of 2024. The increase compared to the first half of 2024 results mostly from higher financial guarantees related to the ongoing offer over MultiChoice and negative foreign exchange impacts. \n For the first half of 2025, provision for income taxes was a net charge of €29 million, compared to €107 million for the first half of 2024, representing a decrease of €78 million. Beyond the decline in pre-tax profit in 2025 (in line with Adjusted EBIT evolution), the decrease of income tax was also driven by the benefit of tax Group consolidation in France (set-up in 2025). the set-up of a Tax group consolidation in France in 2025. \n Earnings attributable to non-controlling interests amounted to €21 million for the first half of 2025, compared to €31 million for the first half of 2024, down by €11 million. \n Taking into account all of these items, the net result attributable to the Group increased by €47 million to €70 million. \n Adjusted Net Income amounted to €104 million for the first half of 2025, compared to €83 million for the first half of 2024. The decline in operating profit due to the combined effects of a one-off item in 2024 for €71 million and exceptional items in 2025 for €84 million was offset by an improvement of the income from equity affiliates (in particular MultiChoice) and lower income taxes due to the set-up of a Tax group consolidation in France in 2025. \n   \n \n \n \n \n \n \n \n \n \n \n Six months ended 30 June 2025 \n \n \n \n \n \n Six months ended 30 June 2024 \n \n \n \n \n \n \n \n \n \n \n (in millions of euros) \n \n \n \n \n \n Consolidated earnings \n \n \n Adjustments \n \n \n Adjusted net income \n \n \n \n \n \n Consolidated earnings \n \n \n Adjustments \n \n \n Adjusted net income \n \n \n \n \n \n Change N vs. N-1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBIT (EBITA) before exceptional items \n \n \n \n \n \n 246 \n \n \n - \n \n \n 246 \n \n \n \n \n \n 315 \n \n \n - \n \n \n 315 \n \n \n \n \n \n (69) \n \n \n \n \n Exceptional items \n \n \n \n \n \n (84) \n \n \n - \n \n \n (84) \n \n \n \n \n \n (2) \n \n \n - \n \n \n (2) \n \n \n \n \n \n (82) \n \n \n \n \n Adjusted EBIT (EBITA) \n \n \n \n \n \n 162 \n \n \n - \n \n \n 162 \n \n \n \n \n \n 312 \n \n \n - \n \n \n 312 \n \n \n \n \n \n (150) \n \n \n \n \n Amortisation and impairment losses on intangible assets acquired through business combinations \n \n \n a \n \n \n (20) \n \n \n 20 \n \n \n - \n \n \n \n \n \n (24) \n \n \n 24 \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n Operating income (EBIT) \n \n \n \n \n \n 142 \n \n \n 20 \n \n \n 162 \n \n \n \n \n \n 289 \n \n \n 24 \n \n \n 312 \n \n \n \n \n \n (150) \n \n \n \n \n Income (loss) from equity affiliates \n \n \n b \n \n \n 42 \n \n \n (18) \n \n \n 24 \n \n \n \n \n \n (70) \n \n \n 7 \n \n \n (63) \n \n \n \n \n \n 87 \n \n \n \n \n Net financial income (loss) \n \n \n c \n \n \n (64) \n \n \n 51 \n \n \n (13) \n \n \n \n \n \n (57) \n \n \n 40 \n \n \n (17) \n \n \n \n \n \n 4 \n \n \n \n \n Income taxes \n \n \n d \n \n \n (29) \n \n \n (17) \n \n \n (46) \n \n \n \n \n \n (107) \n \n \n (14) \n \n \n (121) \n \n \n \n \n \n 76 \n \n \n \n \n Non-controlling interests \n \n \n e \n \n \n (21) \n \n \n (2) \n \n \n (23) \n \n \n \n \n \n (31) \n \n \n 4 \n \n \n (27) \n \n \n \n \n \n 4 \n \n \n \n \n Earnings (losses) attributable to equity holders of the parent \n \n \n \n \n \n 70 \n \n \n 34 \n \n \n 104 \n \n \n \n \n \n 23 \n \n \n 60 \n \n \n 83 \n \n \n \n \n \n 21 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n a.         €20 million (half-year 2024: €24 million) adjustment relates to amortisation of intangible assets and impairment of Goodwill acquired through business combinations and through other catalogues of rights acquired by the group's content production businesses. \n b.         -€18 million (half-year 2024: +€7 million) adjustment relates to amortisation of intangible assets acquired through business combinations related to investments in equity affiliates and the income related to MC Vision for €22 million following the additional acquisition over the period due to the revaluation at fair value of the shares previously held in accordance with IFRS3 'Business Combinations' \n c.         €51 million (half-year 2024: €40 million) adjustment relates to other financial charges and income. The ANI includes only interest expense on borrowings net of interest income earned on cash and cash equivalents, and income from investments (including dividends and interest received from unconsolidated companies). \n d.         Tax adjustments relate to tax effects of the previous adjustments made to reconcile the earnings before income taxes to ANI. \n e.         Adjustments attributable to non-controlling interests. \n   \n For a detailed reconciliation of ANI to earnings (losses) attributable to equity holders of the parent the half years ended 30 June 2025 and 2024, please refer to definition in section Definitions of alternative performance measures. \n \n CASH GENERATION \n Cash Flow From Operations is defined as the sum of (i) net cash provided by operating activities before income tax paid, (ii) dividends received from equity affiliates and unconsolidated companies, (iii) cash payments for the principal of lease liabilities and related interest expenses and (iv) cash used for capital expenditures, net of proceeds from sales of property and equipment, and intangible assets (see reconciliation table at the end of this section). \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n Change N vs N-1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBIT (EBITA) \n \n \n 162 \n \n \n 312 \n \n \n (150) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Content investments, net \n \n \n 188 \n \n \n (58) \n \n \n 246 \n \n \n \n \n Acquisition paid \n \n \n (780) \n \n \n (887) \n \n \n \n \n \n \n \n Consumption \n \n \n 968 \n \n \n 829 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-content investments, net \n \n \n 11 \n \n \n 10 \n \n \n 1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Others (including changes in net working capital) \n \n \n 55 \n \n \n (40) \n \n \n 95 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow from operations (CFFO) \n \n \n 416 \n \n \n 224 \n \n \n 192 \n \n \n \n \n Cash generation: Cash flow from operations (CFFO)/Adjusted EBIT(EBITA) \n \n \n              256.9%  \n \n \n 71.8%  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax (paid)/received, net \n \n \n (17) \n \n \n (57) \n \n \n 40 \n \n \n \n \n Interest paid, net \n \n \n (13) \n \n \n (18) \n \n \n 5 \n \n \n \n \n Other cash items related to financial activities \n \n \n (17) \n \n \n (20) \n \n \n 3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Free Cash-Flow (FCF) \n \n \n 370 \n \n \n 128 \n \n \n 242 \n \n \n \n \n                 \n   \n For the first half of 2025, the Group generated a very strong Cash Flow From Operations (CFFO) of €416 million, driven by numerous cash optimisation initiatives (on payment terms, inventories management and revenues collection) and reversal effect of prepayments made during the second half of 2024. CFFO remains expected above €500 million in 2025, partly driven by a one-off improvement related to payment phasing optimisation. Although the Group does not expect its one-off contract phasing update to structurally impact CFFO beyond 2025, it is confident that the positive cash effects of its various other initiatives will start ramping up in 2026, including the renewed French cinema financing agreement, the decrease in costs in France and the profitability improvement of its new assets - GVA and Dailymotion. \n Free Cash-Flow (FCF, formerly CFAIT, please refer to definitions of alternative performance measures) reached €370 million, benefiting from a significant reduction in tax payments. This improvement reflected the first impacts of Tax group consolidation set-up in France as well as a one-off positive tax reimbursement related to 2024 . \n Below Free Cash-Flow, Group net debt variation was also impacted by €42 million of M&A investments (mainly increase of shares in MC Vision and Mojo) as well as €20 million of dividends paid to shareholders. \n \n \n LIQUIDITY AND CAPITAL RESOURCES \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n Year ended 31 December \n \n \n \n \n \n \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n Change N vs N-1 \n \n \n % Change N vs N-1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash Position \n \n \n 579 \n \n \n 376 \n \n \n 203 \n \n \n             53.9% \n \n \n \n \n Total Borrowings at amortised cost \n \n \n (603) \n \n \n (731) \n \n \n 128 \n \n \n             -17.5% \n \n \n \n \n Financial Net Debt \n \n \n (24) \n \n \n (355) \n \n \n 331 \n \n \n               -93.2% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As of 30 June 2025, net debt was €24 million, including cash and cash equivalent of €579 million and borrowings of €603 million. \n In the context of the separation from Vivendi, in July 2024, Groupe CANAL+ SA entered into the Facilities Agreement which initially comprised a €400 million term loan facility which was reduced to €335 million on 31 May 2025 and a €750 million revolving credit facility. \n The term loan facility will mature in July 2029 and will be repaid in five annual instalments. \n The revolving credit facility with an initial maturity in July 2029 was extended to July 2030 in June 2025. The revolving credit facility is available for drawings until its termination date. \n In addition, in the context of the mandatory tender offer for the MultiChoice shares that it does not already own, in April 2024 Groupe CANAL+ SA entered into a credit facility (Bridge Facility Agreement), which may be utilised by way of drawing of loans and issue of a letter of credit, up to a maximum amount of €1,900 million which will mature in January 2026 following the exercise of one of the two six-month extension options available to the Group. \n As of 30 June 2025, the group had approximately €1,329 million in total liquidity immediately available from cash and its undrawn facilities maturing in July 2030. \n In July 2025, CANAL+ issued its first Schuldschein loan. Due to the high level of demand, which facilitated pricing at the tight end of the spread range, the total financing package was increased, from an initial launch volume of €125 million to a final volume of €285 million. The attractive pricing and scale of the Schuldschein loan will improve CANAL+'s overall cost of funds. \n \n \n DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES \n Non-GAAP measures should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance as presented in the Consolidated Financial Statements and the related Notes, or as described in this financial review. The group considers these to be relevant indicators for the group's operating and financial performance. \n ADJUSTED EBIT (EBITA) BEFORE EXCEPTIONAL ITEMS \n Adjusted EBIT (EBITA) before exceptional items enables the 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. \n To calculate Adjusted EBIT (EBITA) before exceptional items, the accounting impact of the following items is excluded from Operating income (EBIT): \n •      The amortisation of intangible assets acquired through business combinations as well as of other rights catalogues acquired. \n •      Impairment of goodwill, other intangibles acquired through business combinations and other rights catalogues. \n •      Exceptional items. \n Exceptional items are items of financial performance which have been determined by management as being material by their size or incidence and not relevant to an understanding of the group's underlying business performance. Exceptional items for the current and prior year include restructuring costs and certain expenses and provision for contingencies. \n Reconciliation of Adjusted EBIT (EBITA) before exceptional items to EBIT is provided in the introductory table of Earnings analysis. \n ADJUSTED NET INCOME (ANI) \n ANI includes the following items: adjusted EBIT (EBITA); income (losses) from equity affiliates; interest (corresponding to interest expense on borrowings net of interest income earned on cash and cash equivalents); income from investments (including dividends and interest received from unconsolidated companies); and taxes and non-controlling interests related to these items. It does not include the following items: amortisation of intangible assets acquired through business combinations and through other catalogues of rights acquired by the group's content production businesses; impairment of goodwill and other intangible assets acquired through business combinations and through the other catalogues of rights acquired by the group's content production businesses; other financial charges and income; provisions for income taxes and adjustments attributable to non-controlling interests; and non-recurring tax items. \n Reconciliation of earnings (losses) attributable to equity holders to ANI : \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n Change N vs N-1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings (losses) attributable to equity holders of the parent \n \n \n 70 \n \n \n 23 \n \n \n 47 \n \n \n \n \n Adjustments \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment losses on intangible assets acquired through business combinations \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Amortization of intangible assets acquired through business combinations \n \n \n 20 \n \n \n 23 \n \n \n (3) \n \n \n \n \n Amortization of intangible assets acquired through business combinations related to investments in equity affiliates and others impacts related to business combinations* \n \n \n (18) \n \n \n 7 \n \n \n (25) \n \n \n \n \n Other financial charges and income \n \n \n 51 \n \n \n 40 \n \n \n 11 \n \n \n \n \n Provision for income taxes on adjustements \n \n \n (17) \n \n \n (14) \n \n \n (2) \n \n \n \n \n Non-controlling interests in adjustments \n \n \n (2) \n \n \n 4 \n \n \n (7) \n \n \n \n \n Adjusted net income (ANI) \n \n \n 104 \n \n \n 83 \n \n \n 21 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n *Including income related to MC Vision for €22 million following the additional acquisition over the period due to the revaluation at fair value of the shares previously held in accordance with IFRS3 'Business Combinations' \n MEASURES AT CONSTANT CURRENCY AND SCOPE OF CONSOLIDATION \n Revenues and adjusted EBIT (EBITA) before exceptional items at constant currency and scope of consolidation: the group presents changes in revenue and adjusted EBIT (EBITA) before exceptional items on a reported basis, on a constant currency basis and at constant scope of consolidation, and this constitutes an alternative performance measure. Figures presented on a constant currency and constant scope of consolidation basis eliminate the impacts of: (i) changes in foreign currency exchange rates (such that the foreign currency exchange rate in the current period is applied to the prior period results) and (ii) changes to the scope of consolidation resulting from acquisitions and disposals (such that the revenues and adjusted EBIT (EBITA) before exceptional items of the prior period are adjusted to reflect the acquisitions and disposals of the current period). The calculation is made by adjusting the prior period using the business scope and foreign exchange conversion rate of the current period. The group uses these adjusted figures both for internal analysis and for external communication, as it believes they provide means to analyse and explain variations from one period to another based on comparable exchange rates and scope of consolidation. \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n Change N vs. N-1 \n \n \n % Change N vs. N-1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenues \n \n \n 3,086 \n \n \n 3,190 \n \n \n (104) \n \n \n           -3.3% \n \n \n \n \n Constant currency adjustement \n \n \n - \n \n \n 5 \n \n \n \n \n \n \n \n \n \n \n Constant scope of consolidated adjustement \n \n \n - \n \n \n 9 \n \n \n \n \n \n \n \n \n \n \n Revenues at constant currency and scope of consolidation \n \n \n 3,086 \n \n \n 3,204 \n \n \n (118) \n \n \n           -3.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n \n \n \n \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n Change N vs N-1 \n \n \n % Change N vs N-1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBIT (EBITA) before exceptional items \n \n \n 246 \n \n \n 315 \n \n \n (69) \n \n \n             -21.8% \n \n \n \n \n Constant currency adjustement \n \n \n - \n \n \n 2 \n \n \n \n \n \n \n \n \n \n \n Constant scope of consolidated adjustement \n \n \n - \n \n \n (3) \n \n \n \n \n \n \n \n \n \n \n Adjusted EBIT (EBITA) before exceptional items at constant currency and scope of consolidation \n \n \n 246 \n \n \n 314 \n \n \n (68) \n \n \n             -21.6% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CASH FLOW FROM OPERATIONS (CFFO) \n CFFO is calculated as the sum of: \n (i)   net cash provided by operating activities before income tax paid, as presented in the consolidated statement of cash flows \n (ii)  dividends received from equity affiliates and unconsolidated companies \n (iii) cash payments for the principal of lease liabilities and related interest expenses, which are presented as financing activities in the consolidated statement of cash flows \n (iv) cash used for capital expenditures, net of proceeds from sales of property and equipment, and intangible assets, which are presented as investing activities in the consolidated statement of cash flows \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n \n \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n Change N vs. N-1 \n \n \n % Change N vs. N-1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash provided by operating activities before income tax paid \n \n \n 567 \n \n \n 373 \n \n \n 194 \n \n \n               52.0% \n \n \n \n \n Capital expenditures, net of proceeds from sales of property, plant, equipment and intangible assets \n \n \n (127) \n \n \n (126) \n \n \n (1) \n \n \n \n \n \n \n \n Repayment of lease liabilities and related interest expenses \n \n \n (25) \n \n \n (23) \n \n \n (1) \n \n \n \n \n \n \n \n Dividends received from equity affiliates \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Dividends received from unconsolidated companies \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Cash flow from operations (CFFO) \n \n \n 416 \n \n \n 224 \n \n \n 192 \n \n \n               85.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n   \n FREE CASH-FLOW (FCF) \n FCF (formerly cash flow from operations after interest and income tax paid CFAIT) is calculated as the sum of: \n (i)   net cash provided by operating activities, as presented in the consolidated statement of cash flows \n (ii)  dividends received from equity affiliates and unconsolidated companies \n (iii) cash payments for the principal of lease liabilities and related interest expenses \n (iv) interest paid and other cash items related to financial activities that are presented as financing activities in the consolidated statement of cash flows. It also includes cash used for capital expenditures, net of proceeds from sales of property and equipment, and intangible assets that are presented as investing activities in the consolidated statement of cash flows \n During the period, the Group renamed the alternative performance measure previously referred to as \"Cash-Flow from operations After Interests and income tax paid\" (\"CFAIT\") to \"Free Cash-Flow\" (\"FCF\") in order to be aligned with market practice and increase accounts readability. The calculation methodology remains unchanged \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n \n \n \n \n \n \n (in millions of euros) \n \n \n 2025 \n \n \n 2024 \n \n \n Change N vs. N-1 \n \n \n Change N vs. N-1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash provided by operating activities \n \n \n 551 \n \n \n 315 \n \n \n 235 \n \n \n 0,7x \n \n \n \n \n Capital expenditures, net of proceeds from sales of property, plant, equipment and intangible assets \n \n \n (127) \n \n \n (126) \n \n \n (1) \n \n \n \n \n \n \n \n Repayment of lease liabilities and related interest expenses \n \n \n (25) \n \n \n (23) \n \n \n (1) \n \n \n \n \n \n \n \n Dividends received from equity affiliates \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Dividends received from unconsolidated companies \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Interest paid, net \n \n \n (13) \n \n \n (18) \n \n \n 4 \n \n \n \n \n \n \n \n Other cash items related to financial activities \n \n \n (17) \n \n \n (20) \n \n \n 3 \n \n \n \n \n \n \n \n Free Cash-Flow (FCF) \n \n \n 370 \n \n \n 128 \n \n \n 242 \n \n \n 1,9x \n \n \n \n \n   \n FINANCIAL NET DEBT \n Financial net debt (or Net Cash Position) is calculated by adding together: \n (i)       cash and cash equivalents, as reported in the consolidated statement of financial position \n (ii)     cash management financial assets, included in the consolidated statement of financial position under \"financial assets\", relating to financial investments, which do not meet the criteria for classification as cash equivalents set forth in IAS 7. \n (iii)    less: the value of borrowings at amortised cost. \n \n \n PRINCIPAL RISKS \n CANAL+ has established a robust risk management and internal control framework, incorporating the three lines of defense model, which enhances its strategic resilience. This model delineates clear roles and responsibilities across the organisation, ensuring a comprehensive approach to risk oversight and control. \n Our risk management framework includes regular assessments, continuous monitoring and real-time risk reporting provides the business with the tools to identify, assess, manage and continually review our risks. The Audit and Sustainability Committee and the Management Board as a whole have performed a robust assessment of these principal and emerging risks and uncertainties faced by the Group. Based on this changes to the principal risks and uncertainties stated on pages 42 to 48 of our Annual Report and Accounts for the year ended 31 December 2024 ('the 2024 ARA') have been made, as follows: \n ▪ Closing of the legal risk regarding French tax on television services as CANAL+ has reached on 5th June 2025 an agreement with the CNC regarding the rules applicable to determining the tax basis of the French TST, which settles the disputes relating to past fiscal years and removes uncertainty regarding the possibility of a material additional disbursement. \n Other identified risks remain continuously monitored to track their evolution and ensure that they are being addressed adequately by those responsible for managing the relevant risk. \n The principal risks and their trajectory, compared to what was disclosed in the 2024 ARA, are summarised below to highlight any changes: \n \n \n \n \n Strategic risks \n \n \n Trend \n \n \n \n \n Content access and costs \n \n \n Static \n \n \n \n \n External growth \n \n \n Static \n \n \n \n \n Competition and disintermediation \n \n \n Trending up \n \n \n \n \n Operational risks \n   \n \n \n \n \n \n \n \n Piracy \n \n \n Trending up \n \n \n \n \n Cyber risk \n \n \n Trending up \n \n \n \n \n IT operational resilience \n \n \n Static \n \n \n \n \n Financial risks \n \n \n \n \n \n \n \n Margin compression \n \n \n Trending down \n \n \n \n \n Financing \n \n \n Trending down \n \n \n \n \n Legal risks \n \n \n \n \n \n \n \n French VAT \n \n \n Static \n \n \n \n \n   \n Refer to our 2024 ARA for further detail on our Risk Management and Principal Risks, available at https://www.canalplusgroup.com/en/results-and-publications \n   \n RESPONSIBILITY STATEMENT OF THE MANAGEMENT BOARD MEMBERS \n The members of the Management Board are responsible for preparing the Half-yearly Financial Report in accordance with applicable law and regulations. \n   \n Each of the members of the Management Board confirms that, to the best of their knowledge the condensed consolidated interim financial statements, which have been prepared in accordance with the applicable set of accounting standards and the Disclosure, Guidance and Transparency Rules sourcebook of the UK's Financial Conduct Authority (\"DTR\"), give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and \n ▪ the Interim Management Report includes a fair review of the information required by DTR 4.2.7R (indication of important events that have occurred during the first six months and description of the principal risks and uncertainties for the remaining six months of the financial year); and \n ▪ the Interim Management Report includes a fair review of the information required by DTR 4.2.8R (disclosure of material related-party transactions and any changes therein). \n   \n The members of the Management Board are listed in the Annual Report for the year ended 31 December 2024 and available to view on the Canal+ SA website, www.canalplusgroup.com \n   \n For and on behalf of the Management Board: \n   \n   \n Maxime Saada \nChairman of the Management Board, \nChief Executive Officer of CANAL+ SA \n   \n   \n Amandine Ferré \nMember of the Management Board of CANAL+ SA, \nChief Financial Officer of CANAL+ \n   \n 28 July 2025 \n   \n   \n \n UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS AS OF AND FOR THE HALF-YEAR ENDED 30 JUNE 2025 \n   \n STATUTORY AUDITORS' REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM  FINANCIAL STATEMENTS AS OF AND FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025 \n To the Chairman of the Management Board of CANAL+, \n Introduction \n In our capacity as statutory auditors of CANAL+ (the \"Company\") and at your request, we have reviewed the accompanying condensed consolidated interim statement of financial position of Company and its subsidiaries (the \"Group\") as of June 30, 2025 and the related condensed consolidated interim statement of earnings, condensed consolidated interim statement of comprehensive income, condensed consolidated interim statement of cash flows and condensed consolidated interim statement of changes in equity for the six-month period then ended, and the related condensed notes, including material accounting policy information (together, the \"Condensed Consolidated Interim Financial Statements\"). \n Management is responsible for the preparation and presentation of these Condensed Consolidated Interim Financial Statements in accordance with IAS 34 - standard of the IFRSs applicable to interim financial information, as adopted by the European Union and published by the International Accounting Standards Board (IASB). \n These Condensed Consolidated Interim Financial Statements are prepared under the responsibility of the Management Board and reviewed by the Supervisory Board. \n Our responsibility is to express a conclusion on the Condensed Consolidated Interim Financial Statements based on our review. \n Scope of Review \n We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. \n Conclusion \n Based on our review, nothing has come to our attention that causes us to believe that the accompanying Condensed Consolidated Interim Financial Statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRSs applicable to interim financial information, as adopted by the European Union and published by the IASB. \n This report is governed by French law. The courts of France (within the jurisdiction of the Cour d'Appel de Paris) shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning this report and any matter arising from it. Each party irrevocably waives any right it may have to object to an action being brought in those courts, to claim that the action has been brought in an inconvenient forum, or to claim that those courts do not have jurisdiction. \n Neuilly-sur-Seine and Paris-La Défense, July 28, 2025 \nThe Statutory Auditors, \n   \n Grant Thornton \nFrench member of Grant Thornton International \n Jean-François Baloteaud \n   \n Deloitte & Associés \n Jean Paul Seguret Frédéric Souliard \n   \n   \n UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF EARNINGS \n \n \n \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n (in millions of euros, except per share amounts, euros) \n \n \n Note \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Revenues \n \n \n 4 \n \n \n 3,086 \n \n \n 3,190 \n \n \n \n \n Content costs \n \n \n \n \n \n (1,784) \n \n \n (1,909) \n \n \n \n \n Technology, selling, general, administrative costs & others \n \n \n \n \n \n (1,135) \n \n \n (967) \n \n \n \n \n Restructuring costs \n \n \n \n \n \n (6) \n \n \n (2) \n \n \n \n \n Impairment losses on intangible assets acquired through business combinations \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Amortisation of intangible assets acquired through business combinations \n \n \n \n \n \n (20) \n \n \n (23) \n \n \n \n \n Operating income (EBIT) \n \n \n 4 \n \n \n 142 \n \n \n 289 \n \n \n \n \n Income (loss) from equity affiliates \n \n \n 12 \n \n \n 42 \n \n \n (70) \n \n \n \n \n Net financial income (loss) \n \n \n 5 \n \n \n (64) \n \n \n (57) \n \n \n \n \n Interest expenses \n \n \n 5 \n \n \n (13) \n \n \n (18) \n \n \n \n \n Income from investments \n \n \n \n \n \n - \n \n \n 1 \n \n \n \n \n Other financial income \n \n \n 5 \n \n \n 15 \n \n \n 1 \n \n \n \n \n Other financial expenses \n \n \n 5 \n \n \n (66) \n \n \n (41) \n \n \n \n \n Earnings before income taxes \n \n \n \n \n \n 120 \n \n \n 162 \n \n \n \n \n Income taxes \n \n \n 6 \n \n \n (29) \n \n \n (107) \n \n \n \n \n Earnings \n \n \n \n \n \n 91 \n \n \n 54 \n \n \n \n \n Of which \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings attributable to equity holders of the parent \n \n \n \n \n \n 70 \n \n \n 23 \n \n \n \n \n Earnings attributable to non-controlling interests \n \n \n \n \n \n 21 \n \n \n 31 \n \n \n \n \n Earnings per share (in euros) \n \n \n 7 \n \n \n \n \n \n \n \n \n \n \n Basic, earnings for the period attributable to equity holders of the parent \n \n \n \n \n \n 0.07 \n \n \n 0.02 \n \n \n \n \n Diluted earnings for the period attributable to equity holders of the parent \n \n \n \n \n \n 0.07 \n \n \n 0.02 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME \n \n \n \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n (in millions of euros) \n \n \n Note \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Earnings (losses) \n \n \n \n \n \n 91 \n \n \n 54 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Actuarial gains/(losses) related to employee defined benefit plans, net of tax \n \n \n 8 \n \n \n 1 \n \n \n - \n \n \n \n \n Financial assets at fair value through other comprehensive income, net of tax \n \n \n 8 \n \n \n - \n \n \n - \n \n \n \n \n Items not subsequently reclassified to profit or loss \n \n \n \n \n \n 1 \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign currency translation adjustments \n \n \n \n \n \n 8 \n \n \n 4 \n \n \n \n \n Unrealised gains/(losses), net of tax \n \n \n \n \n \n 5 \n \n \n 2 \n \n \n \n \n Comprehensive income (loss) from equity affiliates, net of tax \n \n \n 12 \n \n \n (17) \n \n \n 16 \n \n \n \n \n Items to be subsequently reclassified to profit or loss \n \n \n \n \n \n (4) \n \n \n 22 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Charges and income directly recognised in equity \n \n \n 8 \n \n \n (3) \n \n \n 23 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n 88 \n \n \n 77 \n \n \n \n \n Of which \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income (loss) attributable to equity holders of the parent \n \n \n \n \n \n 58 \n \n \n 50 \n \n \n \n \n Total comprehensive income (loss) attributable to non-controlling interests \n \n \n \n \n \n 30 \n \n \n 27 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION \n \n \n \n \n (in millions of euros) \n \n \n Note \n \n \n 30 June 2025 (unaudited) \n \n \n \n \n \n 31 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ASSETS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Goodwill \n \n \n 9 \n \n \n 2,535 \n \n \n \n \n \n 2,462 \n \n \n \n \n Non-current content assets \n \n \n 10 \n \n \n 482 \n \n \n \n \n \n 535 \n \n \n \n \n Other Intangible assets \n \n \n \n \n \n 662 \n \n \n \n \n \n 669 \n \n \n \n \n Property and equipment \n \n \n \n \n \n 571 \n \n \n \n \n \n 609 \n \n \n \n \n Rights-of-use relating to leases \n \n \n 11 \n \n \n 160 \n \n \n \n \n \n 176 \n \n \n \n \n Investments in equity affiliates \n \n \n 12 \n \n \n 1,481 \n \n \n \n \n \n 1,482 \n \n \n \n \n Non-current financial assets \n \n \n \n \n \n 256 \n \n \n \n \n \n 249 \n \n \n \n \n Other non-current assets \n \n \n \n \n \n 93 \n \n \n \n \n \n 104 \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n 140 \n \n \n \n \n \n 141 \n \n \n \n \n Non current assets \n \n \n \n \n \n 6,381 \n \n \n \n \n \n 6,427 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 56 \n \n \n \n \n \n 66 \n \n \n \n \n Current tax receivables \n \n \n \n \n \n 56 \n \n \n \n \n \n 41 \n \n \n \n \n Current content assets \n \n \n 10 \n \n \n 669 \n \n \n \n \n \n 964 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 1,148 \n \n \n \n \n \n 1,467 \n \n \n \n \n Other current financial assets \n \n \n \n \n \n 3 \n \n \n \n \n \n 31 \n \n \n \n \n Cash and cash equivalent \n \n \n 13 \n \n \n 579 \n \n \n \n \n \n 376 \n \n \n \n \n Current Assets \n \n \n \n \n \n 2,511 \n \n \n \n \n \n 2,944 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n TOTAL ASSETS \n \n \n \n \n \n 8,892 \n \n \n \n \n \n 9,370 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EQUITY AND LIABILITIES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share Capital \n \n \n 14 \n \n \n 248 \n \n \n \n \n \n 248 \n \n \n \n \n Share Premium \n \n \n 14 \n \n \n 6,583 \n \n \n \n \n \n 6,603 \n \n \n \n \n Retained earnings and other reserves \n \n \n \n \n \n (2,000) \n \n \n \n \n \n (2,060) \n \n \n \n \n Total equity attributable to shareholders of the parent \n \n \n \n \n \n 4,831 \n \n \n \n \n \n 4,791 \n \n \n \n \n Non-controlling interests \n \n \n 14 \n \n \n 264 \n \n \n \n \n \n 255 \n \n \n \n \n Total equity \n \n \n \n \n \n 5,096 \n \n \n \n \n \n 5,046 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current provisions \n \n \n 15 \n \n \n 194 \n \n \n \n \n \n 241 \n \n \n \n \n Long-term borrowings and other financial liabilities \n \n \n 16 \n \n \n 313 \n \n \n \n \n \n 420 \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n 179 \n \n \n \n \n \n 178 \n \n \n \n \n Long-term lease liabilities \n \n \n 11 \n \n \n 173 \n \n \n \n \n \n 171 \n \n \n \n \n Other non-current liabilities \n \n \n \n \n \n 11 \n \n \n \n \n \n 11 \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n 870 \n \n \n \n \n \n 1,021 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current provisions \n \n \n 15 \n \n \n 270 \n \n \n \n \n \n 294 \n \n \n \n \n Short-term borrowings and other financial liabilities \n \n \n 16 \n \n \n 347 \n \n \n \n \n \n 345 \n \n \n \n \n Trade and other payables \n \n \n \n \n \n 2,225 \n \n \n \n \n \n 2,587 \n \n \n \n \n Short-term lease liabilities \n \n \n 11 \n \n \n 22 \n \n \n \n \n \n 41 \n \n \n \n \n Current tax payables \n \n \n \n \n \n 63 \n \n \n \n \n \n 36 \n \n \n \n \n Current liabilities \n \n \n \n \n \n 2,926 \n \n \n \n \n \n 3,303 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n TOTAL LIABILITIES \n \n \n \n \n \n 3,796 \n \n \n \n \n \n 4,324 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n TOTAL EQUITY AND LIABILITIES \n \n \n \n \n \n 8,892 \n \n \n \n \n \n 9,370 \n \n \n \n \n   \n UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS \n \n \n \n \n \n \n \n \n \n \n Six months ended 30 June (unaudited) \n \n \n \n \n (in millions of euros) \n \n \n Note \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating income (EBIT) \n \n \n \n \n \n 142 \n \n \n 289 \n \n \n \n \n Adjustments \n \n \n 17 \n \n \n 123 \n \n \n 137 \n \n \n \n \n Content investments, net \n \n \n 10 \n \n \n 188 \n \n \n (58) \n \n \n \n \n Acquisition paid \n \n \n \n \n \n (780) \n \n \n (887) \n \n \n \n \n Consumption \n \n \n \n \n \n 968 \n \n \n 829 \n \n \n \n \n Gross cash provided by operating activities before income tax paid and other changes in net working capital \n \n \n \n \n \n 453 \n \n \n 367 \n \n \n \n \n Other changes in net working capital \n \n \n \n \n \n 115 \n \n \n 5 \n \n \n \n \n Net cash provided by operating activities before income tax paid \n \n \n \n \n \n 567 \n \n \n 373 \n \n \n \n \n Income tax (paid)/received, net \n \n \n \n \n \n (17) \n \n \n (57) \n \n \n \n \n Net cash provided by operating activities \n \n \n \n \n \n 551 \n \n \n 315 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital expenditures \n \n \n \n \n \n (140) \n \n \n (132) \n \n \n \n \n Purchases of consolidated companies, after acquired cash \n \n \n \n \n \n (46) \n \n \n (9) \n \n \n \n \n Investments in equity affiliates \n \n \n 12 \n \n \n - \n \n \n (495) \n \n \n \n \n Purchase of financial assets \n \n \n \n \n \n (6) \n \n \n (57) \n \n \n \n \n Investments \n \n \n \n \n \n (192) \n \n \n (693) \n \n \n \n \n Proceeds from sales of property, plant, equipment and intangible assets \n \n \n \n \n \n 13 \n \n \n 6 \n \n \n \n \n Proceeds from sales of consolidated companies, after divested cash \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Proceeds from sale of financial assets \n \n \n \n \n \n 25 \n \n \n 14 \n \n \n \n \n Divestitures \n \n \n \n \n \n 37 \n \n \n 20 \n \n \n \n \n Dividends received from equity affiliates \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Dividends received from unconsolidated companies \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Net cash provided by (used for) investing activities \n \n \n \n \n \n (154) \n \n \n (673) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Acquisition of non-controlling interests \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Dividends paid by consolidated companies to their non-controlling interests \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Distributions to Canal+ Group's equity holders \n \n \n 14 \n \n \n (20) \n \n \n - \n \n \n \n \n Transactions with equity holders \n \n \n \n \n \n (20) \n \n \n - \n \n \n \n \n Proceeds from long-term borrowings and other financial liabilities \n \n \n \n \n \n - \n \n \n 1 \n \n \n \n \n Repayments on long-term borrowings and other long-term financi...

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