Canal+ Surpasses Expectations in 2025 Financial Results
Canal+ has reported its full-year 2025 results, exceeding its own profitability and cash flow targets. Despite challenges faced by its recently acquired African pay-TV giant, MultiChoice, Canal+ has demonstrated strong performance in the past year.
The company has announced strategic partnerships with industry leaders such as Google Cloud, OpenAI, and Sky, while also confirming its decision to exit the loss-making Showmax streaming venture.
In terms of financial performance, Canal+ posted an adjusted EBIT of €527 million ($611 million) on its historical perimeter, surpassing its guidance of €515 million ($598 million). Revenues fell by 2.4% on a reported basis to €6.27 billion ($7.28 billion), but grew by 0.9% organically after accounting for discontinued contracts. Cash flow from operations reached €587 million ($681 million), exceeding the company’s guidance, with free cash flow amounting to €428 million ($497 million).
CEO Maxime Saada reflected on the success of 2025, highlighting the completion of the MultiChoice acquisition and the resolution of various challenges faced by the company earlier in the year.
The combined group, consisting of Canal+ and MultiChoice, now boasts 42.3 million subscribers, revenues of €8.67 billion ($10.06 billion), and adjusted EBIT of €701 million ($813 million).
Despite a 6% decline in revenues and a decrease in subscribers, MultiChoice has outlined plans to reverse its fortunes. Canal+ has announced a €100 million ($116 million) growth plan focused on local African content production, simplified commercial offers, subscriber acquisition initiatives, and operational excellence across the group.
In addition to financial results, Canal+ has unveiled partnerships with Google Cloud and OpenAI, set to enhance the content discovery experience for subscribers. The company’s collaboration with Google Cloud will leverage generative AI technologies to improve content indexing and personalized recommendations on the Canal+ App.
An agreement with OpenAI will introduce natural language search capabilities to the Canal+ App, enabling users to find content based on mood, genre preferences, or specific story elements.
Furthermore, Canal+ has partnered with Sky to co-develop English-speaking drama, aligning with the company’s strategy to create globally successful intellectual property. The company’s focus on content portfolio rationalization and strategic partnerships has contributed to an improved adjusted EBIT margin in Europe.
Looking ahead, Canal+ has provided guidance for flat revenue growth in 2026, with adjusted EBIT projected at €735 million ($853 million). The company aims to achieve long-term financial targets of adjusted EBIT above €850 million ($986 million) and free cash flow above €500 million ($580 million).
The board of Canal+ has proposed a 10% dividend increase, subject to shareholder approval at the upcoming annual general meeting. The dividend is scheduled to be paid on June 15, 2026.
With a strong financial performance and strategic partnerships in place, Canal+ is well-positioned for continued growth and innovation in the evolving entertainment landscape.
