Canal+ has announced a revenue of €3.08B ($3.57B), representing a 3.3% drop year-on-year on a reported basis in H1 2025. The company, however, said organic revenue was actually up 0.9%, but that the termination of its contract with Disney, a UEFA Champions League sublicensing deal and the close of the C8 channel had dragged the overall number down.
Report Details
Earnings before interest, tax, and amortization were €246M, which was lower than 2024 but in line with expectations. Canal+ also said it was on track to post full-year EBITA of €515M, in line with guidance.
Studiocanal, Canal+’s production and distribution division, saw revenue fall compared with H1 2024. The Content Production, Distribution and Other segment, which also includes streamer Dailymotion, came in at €324M, down from €333M last tear, though adjusted EBITA before exceptional items was up from €22M to €30M.
The revenue dip was put down to “phasing for international sales” and a smaller lineup of “major deliveries” such as last year’s Back to Black and Wicked Little Letters. Early year TV sales in 2024 also played a part, but was partially offset by the theatrical releases of Paddington in Peru, Bridget Jones: Mad About the Boy and We Live in Time, along with “significant” sales of Wild Lands.
Multichoice Purchase to Improve Profit
Canal+, which already owns over a third of MultiChoice, is due to pay 35 billion rand ($2B) to acquire the business, with shares valued at 125 rand each. The deal values MultiChoice at around 55 billion rand and is set to close on October 8.
“We are on track to achieve organic revenue growth in 2025. 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 for both EBITA and CFFO for 2025.
“Our strategy of bringing our in-house content together with content from the world’s best studios, sports competitions and streaming platforms, and super-aggregating it all on our enhanced Canal+ app for the benefit of our customers, provides us with a unique value proposition. We are now taking super-aggregation beyond Europe by extending our historic partnership with Netflix to 24 French-speaking African countries, the first deal of its kind on the continent.” CEO Maxime Saada noted.
