Canal+ has reported a strong set of preliminary results for 2025, a year the company described as “transformational” following the completion of its acquisition of African pay-TV operator MultiChoice.
The group said it achieved or exceeded its financial guidance, with organic revenue growth and improved profitability across its core business.
Including a partial contribution from MultiChoice following its acquisition in September 2025, group revenues reached €6.95 billion and adjusted EBIT before exceptional items totalled €646 million.
Canal said the MultiChoice deal was a key strategic milestone, creating a combined group with 42.3 million subscribers, revenues of €8.7 billion and operations in more than 70 countries.
However, MultiChoice itself experienced a challenging year. Revenue declined 6% to €2.4 billion, while adjusted EBIT fell 14% to €159 million as subscriber numbers dropped from 14.9 million to 14.4 million.
Maxime Saada, CEO of Canal+, said the company had overcome several major challenges during its first year as a listed company.
“We completed the acquisition of MultiChoice, resolved our legacy tax issues in France, improved profitability in Europe and extended our agreement with UEFA in France. As a result, we delivered revenues in line with guidance and exceeded our expectations on profitability and cash.”
Looking ahead, Canal+ expects adjusted EBIT to reach €735 million in 2026, with more than €600 million in cash flow from operations and at least €250 million in free cash flow.
The group’s medium-term outlook includes adjusted EBIT above €850 million and free cash flow above €500 million as it focuses on integrating MultiChoice, improving profitability in Europe and strengthening its entertainment platform across Europe and Africa.
As part of its strategy, Canal+ also plans a secondary listing on the Johannesburg Stock Exchange following the MultiChoice acquisition.
