Canaan H2 Earnings Call Highlights

Canal+ reported it exceeded its 2025 fiscal guidance successful its archetypal afloat twelvemonth arsenic a listed company, portion outlining a turnaround program for recently acquired MultiChoice and providing a archetypal medium-term outlook for the combined group. Management emphasized stronger currency generation, improved profitability successful Europe, and accelerated outgo synergies pursuing the MultiChoice transaction, alongside a determination to discontinue the loss-making Showmax streaming service.

CEO and Chairman Maxime Saada said 2025 was “a precise palmy archetypal year” arsenic a listed company, with the radical achieving oregon exceeding its fiscal objectives. On the humanities Canal+ perimeter (excluding MultiChoice and excluding Vietnam, which was discontinued), Canal+ guided to adjusted EBIT of €515 cardinal and delivered €542 cardinal excluding Vietnam. Cash travel from operations (CFFO) came successful astatine €606 cardinal excluding Vietnam versus guidance of much than €500 million, and escaped currency travel reached €448 cardinal excluding Vietnam versus guidance of much than €370 million.

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CFO Amandine Ferré said Canal+ ended 2025 with a lawsuit basal up by much than 2 cardinal versus 2024, peaking astatine 28 cardinal astatine year-end, helped by a impermanent uplift astir AFCON that aboriginal “came disconnected a bit.” Retail subscribers accrued by much than 1 million, which absorption described arsenic a cardinal absorption area.

Ferré said Europe delivered a “real turnaround,” with profitability improving by 1 percent constituent year-over-year. She attributed the betterment to some top-line performance—1.1% integrated gross growth—and outgo reductions. Saada added that Europe adjusted EBIT roseate 15% successful 2025.

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In Africa and Asia connected the humanities Canal+ perimeter (excluding MultiChoice), end-of-year subscribers accrued by 1 million, again with a one-off AFCON effect. Revenues roseate by much than 3%, portion profitability remained “very high” with a borderline complaint supra 20% contempt higher contented costs and subscriber acquisition investment.

In contented accumulation and distribution, revenues declined slightly, which Ferré linked to StudioCanal’s “exceptional slate successful 2024” including Paddington and Back to Black. Management stressed StudioCanal’s quality to support bottom-line show adjacent successful a much mean merchandise year. Saada besides pointed to improved economics astatine Dailymotion, with revenues up much than 20% and the concern “close to present breaking even.”