Canal+ reported 9-month revenue of €4.61 billion, up 1.2% organically excluding the newly consolidated MultiChoice (€78 million for its 11 days under the Paris umbrella), with management stressing that all three segments grew organically despite reported declines from terminated deals.
In Europe (€3.41 billion), growth was led by Poland, where pay-TV revenue rose on OTT and DTH price increases and stronger advertising from owned premium and thematic channels. In mainland France, reported revenue fell as expected after the Disney contract ended, the UEFA Champions League sublicensing partnership ceased and the C8 channel closed; excluding C8, advertising increased, helped by record CNEWS audiences.
Africa & Asia (€783 million) delivered modest growth. Africa remained resilient, supported by new third-quarter offers bundling Netflix and the launch of premium channel Canal+ Magic. GVA continued to post double-digit revenue growth from its fibre roll-out and rising penetration in Congo, Côte d’Ivoire and DR Congo. Asia was mixed: Vietnam declined following a wholesale exit and DTH erosion, partly offset by the August launch of Premier League rights in Myanmar.
In Content Production, Distribution & Other (€485 million), StudioCanal revenue was lower year-on-year due to delivery phasing versus a heavier 2024 slate, partly offset by box-office and series sales in 2025, while Dailymotion maintained robust double-digit revenue growth on broader programmatic reach and product improvements.
Underlying growth is coming from pricing and OTT momentum in Poland, ad gains from CNEWS in France, resilient pay-TV and new bundle/channel offers in Africa, fast-growing GVA fibre, and Dailymotion’s advertising uplift – while reported revenue is still weighed by deliberate exits from legacy contracts and the C8 closure.
