Shares of Canal+ SA (LSE:CAN) climbed 5.9% on Tuesday after the media and entertainment firm released its first-half 2025 results, which aligned with its recently revised guidance. The report showed modest organic revenue growth, despite headwinds from the loss of key content partnerships.
Revenue for the six-month period ended June 30 reached €3.09 billion, reflecting a 0.9% increase on an organic basis. However, total reported revenue declined by 3.3%, largely due to the end of sublicensing deals, including those with Disney (NYSE:DIS) and the UEFA Champions League.
Analysts had expected revenue of around €3.07 billion, and earnings before interest, tax, and amortization (EBITA) of €229 million, according to UBS. Canal+ outperformed on both fronts, posting EBITA of €246 million—though still below the €315 million recorded in the same period a year earlier.
“I am pleased with all we have accomplished at Canal+ since our listing. We are on track to achieve organic revenue growth in 2025,” said Maxime Saada, Chief Executive Officer of CANAL+.
“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.”
The company emphasized its strong operational cash performance, generating a record €416 million in cash flow and €370 million in free cash flow, supported by ongoing efficiency measures.
In the financing arena, Canal+ successfully launched its first Schuldschein loan, raising €285 million after it was oversubscribed by more than twice.
On the M&A front, Canal+ confirmed regulatory approval from South Africa’s Competition Tribunal for its planned acquisition of MultiChoice Group (TG:30R), a deal expected to close by October 8, 2025. The transaction is set to expand Canal+’s total subscriber count to over 40 million across 70 countries.
Looking ahead, the company reiterated its 2025 outlook, projecting EBITA of around €515 million, operating cash flow above €500 million, and free cash flow exceeding €370 million.
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