Canal+ (CAN) Q1 2026 TU earnings summary

Executive summary

• Group revenue for Q1 2026 was broadly flat year-over-year, with slight growth on a historical basis excluding MultiChoice.

• MultiChoice revenue continued to decline as expected, while operational execution of the synergy and turnaround plans is underway.

• Cost discipline in France and Poland is starting to yield profitability improvements in Europe.

• STUDIOCANAL delivered strong box office results in France, Germany, Australia, and New Zealand.

• Secondary listing on the Johannesburg Stock Exchange is scheduled for 3 June 2026.

Financial highlights

• Total Group revenue increased by 41% to €2,169 million compared to Q1 2025 restated (excluding MultiChoice), reflecting the MultiChoice acquisition.

• Group revenue excluding MultiChoice rose 1.8% to €1,567 million, driven by Pay-TV in French-speaking Africa and content production.

• Europe revenue decreased by 1.6% to €1,127 million, impacted by channel terminations and divestments.

• Africa & Asia revenue surged 242.6% to €889 million due to MultiChoice inclusion; on a like-for-like basis, revenue declined 1.2%.

• Content Production, Distribution and Other revenue grew 9.0%, led by STUDIOCANAL's box office and library sales.

Outlook and guidance

• Full-year 2026 guidance reiterated: revenue expected to be flat, Adjusted EBIT €735m, CFFO before VAT and restructuring above €600m, FCF before VAT and restructuring above €250m.

• Macroeconomic and geopolitical risks acknowledged, but no change to outlook.