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Canal+ SA (LSE:CAN) shares fell more than 16% on Wednesday after the group reported negative free cash flow and weaker performance at MultiChoice, the African broadcaster it purchased for €3.5 billion only months after its London listing.

At MultiChoice Group, revenue dropped 6% to €2.40 billion in the year ended 31 December 2025 as the subscriber base declined to 14.4 million from 14.9 million. Adjusted EBIT fell 14% to €159 million, while free cash flow turned negative at €42 million.

For 2026, Canal+ expects MultiChoice to report negative free cash flow of around €50 million and adjusted EBIT of €170 million before restructuring costs. The group said these projections reflect a €140 million headwind stemming from falling revenue and rising operating costs.

Chief Executive Maxime Saada said Canal+ entered 2026 “from a position of strength, clarity and confidence,” and detailed a €100 million investment plan aimed at boosting growth at MultiChoice. The company is also accelerating integration efforts, targeting cost synergies worth more than €220 million in free cash flow terms by 2026, with total synergy expectations reaching €400 million by 2030.

Across its historical operations—excluding MultiChoice and its Vietnamese business, which has been reclassified as a discontinued operation—Canal+ reported 2025 revenue of €6,266 million, representing 1% organic growth. Adjusted EBIT rose to €542 million, lifting operating margins to 8.7% from 8.1%.

Operating cash flow reached €606 million, surpassing earlier guidance of €500 million.

On a combined basis including MultiChoice’s full-year contribution, the group generated €8,665 million in revenue and €701 million in adjusted EBIT, corresponding to an 8.1% margin. Free cash flow totalled €447 million, while the combined subscriber base reached 42.3 million.

Net debt stood at €1,997 million at the end of 2025, equivalent to 2.75 times covenant EBITDA, comfortably below the company’s ceiling of 3.5 times.

During the year, Canal+ also strengthened its financing position by issuing a €700 million Eurobond with a 4.625% coupon, securing €320 million through Schuldschein loans and arranging a new €1.8 billion syndicated credit facility.

In December 2025, the company reached a €385 million settlement with French tax authorities regarding VAT, although the final payment schedule has yet to be determined. All of the group’s 2026 guidance figures exclude the impact of the VAT settlement and restructuring charges.

Looking ahead, Canal+ forecasts combined adjusted EBIT of €735 million in 2026, cash flow from operations above €500 million and free cash flow exceeding €250 million. Over the medium term, the group is targeting adjusted EBIT above €800 million and free cash flow of more than €500 million.

The board proposed a dividend of €2.2 cents per share, representing a 10% increase, with payment scheduled for June 15.

Harbour Energy plc (LSE:HBR) shares dropped 9.4% on Wednesday after a major shareholder carried out a secondary share placing.

Potomac View Investments, L.P., an entity managed by EIG Management Company, sold 60 million ordinary shares in the company through an accelerated bookbuild process. The shares were placed with institutional investors at 255 pence each, representing about 3.8% of Harbour Energy’s issued share capital.

The transaction raised approximately £153m in gross proceeds for the seller. Following completion of the sale, Potomac View Investments’ holding in Harbour Energy will decline to roughly 3.5% of the company’s issued share capital.

The seller has also agreed to a 90-day lock-up period during which it will not sell further shares in Harbour Energy, subject to customary exceptions.

Barclays Bank plc acted as sole global coordinator and sole bookrunner for the transaction. The shares were offered exclusively to institutional investors and were not made available through a public offering.

Large secondary share placings can increase the supply of stock available in the market, which may put downward pressure on share prices. Significant disposals by major shareholders can also influence investor sentiment, as market participants may interpret them as a sign of reduced confidence in the company’s near-term outlook.

Bodycote plc (LSE:BOY) reported full-year 2025 results that came in ahead of analyst forecasts, with adjusted earnings per share reaching 44.4p, around 2% above consensus estimates. Alongside the results, the company announced a new £80m share buyback programme.

Revenue for the year ended 31 December 2025 was £727.1m, down 4.0% from £757.1m in the previous year and 3% lower on a constant currency basis. Adjusted operating profit declined 11.4% to £114.3m from £129.0m, with the adjusted operating margin narrowing by 130 basis points to 15.7%.

Core revenue held relatively steady at £671.6m, slipping only 0.3% organically for the year. Trading improved during the second half, however, with year-on-year growth of 3.2%. Following the announcement, the company’s shares rose around 1.8%.

Bodycote said it expects core organic revenue growth and stronger operating margins in 2026. Demand remains solid in the aerospace and defence sector as well as in industrial gas turbines, although conditions in automotive and broader industrial markets are expected to remain challenging.

“2025 was a year of significant progress in executing our strategy, improving the quality of the Group’s portfolio and positioning us for growth,” said Jim Fairbairn. “The Optimise programme is well underway and is delivering benefits in line with our expectations.”

The Optimise programme generated roughly £4m in cost savings during 2025, with a similar incremental contribution expected in 2026. During the year, Bodycote also completed the sale of 10 non-core sites in France, receiving net proceeds of £19m from the disposal in November.

Adjusted profit before tax reached £105.2m, exceeding analyst expectations, while statutory operating profit rose to £83.6m from £37.9m in the prior year due to lower exceptional charges.

The newly announced £80m share buyback programme is expected to be completed by the end of 2027. This follows £120m of share repurchases carried out since 2024. Net debt, excluding lease liabilities, stood at £104.8m at year-end, equivalent to around 0.6 times EBITDA.

The board maintained the company’s full-year ordinary dividend at 23.0p per share.

Premier African Minerals Limited (LSE:PREM) has secured approximately £500,000 through a share subscription and has also settled £100,000 of supplier invoices through the issuance of new equity at 0.0185 pence per share. In total, the company issued 3,243,243,244 new ordinary shares as part of the funding and debt settlement.

The capital raise and debt-for-equity arrangement are intended to support operational costs and manage outstanding creditor obligations at the company’s Zulu Lithium and Tantalum Project, while also providing additional working capital.

Most of the newly raised funds will be directed toward the installation and commissioning of a 15–20 tonne-per-hour flotation plant supplied by Xinhai at the Zulu project. The facility is designed to enable the production of lithium products at commercially viable grades and recovery levels, marking a key step toward stable processing operations.

Following admission of the newly issued shares to trading on AIM—expected around 17 March 2026—the company’s total issued share capital will increase to 17,501,485,100 ordinary shares with voting rights. The enlarged share count highlights the ongoing dilution faced by shareholders as the company prioritises stabilising operations and achieving consistent production at Zulu.

Despite operational progress, the company’s outlook remains challenged by financial pressures. Premier continues to report persistent losses, negative gross profit and ongoing cash burn. Technical indicators also suggest bearish market momentum, with the share price trading below key moving averages and showing a negative MACD signal. Valuation metrics provide limited support due to a negative price-to-earnings ratio and the absence of dividend yield.

More about Premier African Minerals

Premier African Minerals Limited is a mining and natural resources development company focused on projects in Southern Africa. Its key assets include the RHA Tungsten Project and the Zulu Lithium and Tantalum Project in Zimbabwe. The company also holds a broader portfolio of exploration and development interests spanning tungsten, lithium, tantalum and rare earth elements in Zimbabwe, along with lithium and gold projects in Mozambique, ranging from early-stage exploration to near-term production opportunities.

Supermarket Income REIT plc (LSE:SUPR) reported interim results for the six months to 31 December 2025 broadly in line with expectations, with annualised passing rent increasing 11% and the portfolio value rising 27% to £2.06bn. EPRA earnings per share declined 10% during the period, while dividend cover fell to 88%.

The company said the reduction in earnings mainly reflected temporary factors, including cash drag from its expanded joint venture and one-off refinancing costs. Management expects these pressures to ease following the full redeployment of joint venture capital into £398m of acquisitions aimed at boosting future earnings.

With the joint venture proceeds now fully invested, the board has updated its dividend outlook and is targeting a sustainable minimum dividend increase of 2% per year from the 2027 financial year onward. The dividend strategy will continue to be supported by long-term, inflation-linked rental income from grocery tenants. The group also highlighted a significant improvement in efficiency, with its EPRA cost ratio falling to 9.2%, among the lowest levels in the sector after bringing management fully in-house.

Portfolio performance remained stable, with like-for-like valuations rising 1.3% and the portfolio delivering a net initial yield of 6.0%. Loan-to-value increased to 45% as the company used leverage, including a debut bond issuance, to expand its grocery property holdings.

Management said the long-term outlook for grocery real estate remains favourable, supported by rising supermarket sales and the essential role of omnichannel stores that serve both in-store shoppers and online fulfilment operations. The company aims to significantly expand its portfolio over time.

Recent transactions have broadened the trust’s tenant base and geographic exposure. The group acquired 20 supermarkets leased to Carrefour directly and, through its joint venture, added 10 stores leased to Asda. Management described the properties as well-established locations with strong trading histories.

The company is also exploring further diversification opportunities, including grocery-anchored retail parks, European supermarket assets and potentially grocery distribution facilities. It said its acquisition pipeline currently exceeds £500m.

On the sustainability front, Supermarket Income REIT received its first EPRA Sustainability Best Practices Gold Award and achieved a seventh consecutive EPRA Gold Award for financial reporting. The group has also joined the United Nations Global Compact, reinforcing its commitment to responsible business standards.

Overall, the company’s outlook remains supported by stable financial performance, a relatively attractive dividend yield and positive market momentum. Strategic acquisitions and continued confidence from management further strengthen its position as a leading specialist investor in grocery real estate.

More about Supermarket Income REIT

Supermarket Income REIT plc is a FTSE 250-listed property investment company focused on high-quality omnichannel supermarkets and grocery-related real estate. As of 31 December 2025, its portfolio was valued at approximately £2.1bn and leased to leading UK and European grocery operators under long-term, inflation-linked agreements. The company aims to deliver progressive dividends alongside long-term capital growth by investing in assets that support both physical and online grocery retail.

ITM Power plc (LSE:ITM) confirmed that a previously announced 20 MW Notice to Proceed relates to MorGen Energy’s West Wales Hydrogen project in Milford Haven, which has now reached final investment decision under the UK government’s Hydrogen Allocation Round 1 (HAR1) funding framework.

The project will see ITM supply its 20 MW POSEIDON electrolysis module for installation at a facility located on the site of the former Milford Haven Refinery in Wales. Once operational, the plant is expected to produce approximately 2,000 tonnes of green hydrogen each year, supplying industrial users across Milford Haven, Port Talbot and the wider Welsh industrial region. Commissioning of the facility is planned for 2028.

Alongside the equipment contract, ITM has also signed a ten-year long-term service agreement with MorGen Energy to support the facility’s ongoing operation. The agreement covers maintenance and operational services for the electrolysis system and is expected to provide recurring revenue for ITM over the life of the contract.

The project represents an important step in the development of large-scale green hydrogen infrastructure in the UK and reinforces the bankability of ITM’s electrolysis technology. Management believes the contract strengthens the company’s position in industrial decarbonisation initiatives as demand for low-carbon hydrogen solutions continues to grow.

Despite these strategic wins, the company’s near-term outlook remains constrained by financial factors. ITM continues to report operating losses and negative operating and free cash flow, while technical indicators point to a bearish share price trend with the stock trading below major moving averages. However, operational progress has been evident, including record first-half revenue, improving order backlog quality and reaffirmed growth guidance. The company also maintains a relatively low-leverage balance sheet, although profitability and cash flow timing remain key risks.

More about ITM Power

ITM Power plc, founded in 2000 and listed on London’s AIM since 2004, is headquartered in Sheffield and specialises in proton exchange membrane (PEM) electrolysers used to produce green hydrogen from renewable electricity and water. The company focuses on supplying advanced electrolysis technology to support industrial decarbonisation and the development of the emerging green hydrogen economy across the UK and Europe.

4imprint Group plc (LSE:FOUR) reported a modest decline in its 2025 financial results, with revenue slipping 2% to $1.35bn while profit before tax also eased 2% to $150.8m. Despite the softer top-line performance, the company maintained a solid operating margin of 10.8% and continued to deliver a strong gross margin.

Cash and bank deposits declined to $132.8m during the year but remained at a comfortable level. The board maintained the total regular dividend at 240.0 cents per share, reflecting the group’s continued confidence in its financial position while still investing in staff, marketing initiatives, technology and infrastructure improvements.

Operational activity showed mixed trends. Total orders decreased 3% to 2.06 million as new customer orders fell by 12%. However, orders from existing customers remained stable and the average order value increased by 1%, highlighting strong customer retention and the company’s ability to maintain pricing strength.

The group is also progressing a project valued at approximately $10m to relocate its Oshkosh office to a larger distribution centre. Management said the business is managing cost pressures linked to tariffs and navigating a softer start to 2026 trading. At the same time, the board reiterated confidence in the company’s long-term strategy as leadership transitions continue, including the planned appointment of Paul Forman as chair.

Overall, the company’s outlook is supported by strong financial health, disciplined capital management and a low-risk balance sheet. Attractive valuation metrics and positive technical signals add to the constructive view, while strategic leadership changes may help support future growth.

More about 4imprint

4imprint Group plc is a direct marketer of promotional merchandise operating in a large and fragmented global market for branded products. The company focuses primarily on organic expansion, aiming to increase market share through its highly cash-generative direct marketing model. Its strategy is built around strong brand recognition, long-standing supplier relationships and high levels of customer retention.