Canal+ reported full-year 2025 results that beat its own guidance on profitability and cash flow, even as African pay-TV giant MultiChoice, which it acquired last September, recorded a 6% revenue decline and continued to lose subscribers.
The company also announced partnerships with Google Cloud, OpenAI and Sky, and confirmed it was exiting its loss-making Showmax streaming venture.
The London-listed company posted adjusted EBIT (earnings before interest and tax) of 527 million euros ($611 million) in its prior results, compared with guidance of 515 million euros ($598 million). Like-for-like revenue fell 2.4% on a reported basis to €6.27 billion ($7.28 billion), but rose 0.9% in real terms, excluding the impact of discontinued agreements, including sublicensing partnerships with Ligue 1, Disney and the UEFA Champions League. Operating cash flow amounted to €587 million ($681 million), exceeding the company’s guidance of more than €500 million ($580 million), and free cash flow came in at €428 million ($497 million), compared to guidance of more than €370 million ($429 million).
“2025 was a year of success and transformation for Canal+,” said CEO Maxime Saada. “We started the year facing significant challenges: the MultiChoice acquisition was not yet completed, there were significant estate tax issues outstanding in France, there were profitability concerns in Europe, and a significant sports bid was still outstanding.”
Combined with Canal+ and MultiChoice, the group now has 42.3 million subscribers, revenue of €8.67 billion ($10.06 billion) and adjusted EBIT of €701 million ($813 million).
MultiChoice itself had a tough 2025, with full-year revenue down 6% to 2.4 billion euros ($2.78 billion) as its subscriber base fell from 14.9 million to 14.4 million. The Africa-focused pay TV operator, whose brands include DStv, GOtv, M-Net and SuperSport, has been hit by Nigeria’s currency devaluation, power outages, cost inflation and the difficulties of transitioning to OTT, exemplified by the costly failure of Showmax. Canal+ is terminating its loss-making contract with Showmax, a move that will partially accelerate the realization of synergies, increasing the amount of sales to €250 million ($290 million) in 2026 from the €150 million ($174 million) promised in January.
Canal+ has announced the launch of a €100 million ($116 million) growth drive to reverse MultiChoice’s fortunes. The plan will be built around four pillars: local content creation in Africa, a simplified commercial offer, a subscriber acquisition drive supported by equipment subsidies, the recruitment of more than 1,000 salespeople across the MultiChoice market, and operational excellence across the group. Canal+ also announced that it has begun a voluntary severance plan in MultiChoice’s support division and is embarking on a restructuring of MultiChoice’s technology and cybersecurity subsidiary, Irdeto. Canal Plus has also confirmed its plans to seek a secondary listing on the Johannesburg Stock Exchange in the first half of 2026, which will give South African investors direct access to the combined group’s shares.
Along with the financial results, Canal+ announced two separate AI partnerships. Both are expected to be operational in June 2026. The company announced a multi-year partnership with Google Cloud that will use the tech giant’s generative AI technology to accelerate the indexing of Canal+’s content library, creating a multimodal database that combines sound, video and text data to power more personalized recommendations on the Canal+ app. The partnership also gives Canal+ production partners access to Veo3, Google’s generative AI video tool, which can be used for previsualization and creative experimentation.
Stéphane Beaumier, Chief Technology Officer of Canal+, said: “The larger scale of Canal+’s content video index gives the Group a significant advantage, especially by enabling us to offer sharper discoveries and truly enhanced personalized journeys in all markets with the Canal+ app.” Matt Renner, president and chief revenue officer of Google Cloud, said the partnership is a sign that “the intersection of creativity and computational power defines market leadership” in today’s entertainment environment.
Separately, Canal+ announced an agreement with OpenAI to integrate the AI company’s Frontier Model into the Canal+ app’s search and discovery experience. Starting in June 2026, subscribers will be able to search for content using natural language prompts that describe mood, genre preferences, or specific types of stories, rather than keyword queries. Canal+ described the feature as a “world-first innovation in the entertainment industry.” “Currently, our subscribers already have access to the best international and regional content on the Canal+ app. We are proud to take a huge leap forward, redefining the way viewers discover content with this technology partnership,” Saada said. Ashley Kramer, OpenAI’s vice president of enterprise, said the partnership will make entertainment experiences “simpler, more intuitive, and more personal.”
Canal+ also announced a new content partnership with Sky to co-develop English-speaking drama. Mr Saada explained that this is a further expression of the group’s ambition to develop globally successful IP. The company did not disclose financial details of the transaction. This IP-building strategy is rooted in Canal+’s track record with franchises such as “Paddington,” which has generated nearly 1.5 billion euros ($1.74 billion) in total consumer sales since its inception, and which the group cites as a model for internationally exportable brands looking to emulate.
In Europe, Canal Plus said its adjusted EBIT margin improved from 4.6% to 5.5% due to content portfolio rationalization, including the termination of the Ligue 1 contract in France and the Disney contract. The company also renewed its UEFA Champions League soccer rights in France until 2031. In 2026, Canal+ aimed for flat earnings growth at a group level, with adjusted EBIT expected to be €735 million ($853 million), CFFO (cash flow from operating activities) before VAT of more than €600 million ($696 million) and free cash flow of more than €250 million ($290 million). Restructuring costs. Over the medium term, the company aims for adjusted EBIT of over €850 million ($986 million), CFFO of over €800 million ($928 million) and free cash flow of over €500 million ($580 million).
Canal+’s Board of Directors has proposed a 10% dividend increase to be paid on June 15, 2026, subject to shareholder approval at the company’s annual general meeting to be held on May 29, 2026.
