CANAL+ SA

(Incorporated and registered in France)

Identification number: 835 150 434

ISIN: FR001400T0D6

LEI number: 9695000537F9F73BXN18

LSE share code: CAN

JSE share code: CNP

("CANAL+" or the "Company")

2026 HALF YEAR RESULTS 

Strong H1 results with improved profitability and cash flow generation

MultiChoice turnaround plan underway

Full year and medium-term guidance confirmed

Issy-les-Moulineaux, 28 July 2026

CANAL+, the global media and entertainment company, today announces its unaudited half year results for the six months ended 30 June 2026.  

Maxime Saada, Chief Executive Officer of CANAL+, said:

"Our strong first-half results reflect our strategic progress. Revenue increased by 40% and Adjusted EBIT by 68%, reflecting our increased scale following the acquisition of MultiChoice, and we continued to generate very strong free cash flow, benefitting from cash optimisation initiatives and seasonality effects.

"In Africa, we have grown our combined subscriber base by 7%, and as part of the MultiChoice turnaround plan we reduced entry costs for new subscribers and expanded our sales network. In South Africa, we delivered a standout month in June, with the highest new subscriber uptake in a decade, and we secured long-term rights to the most watched sports competition, the Premier Soccer League.

"In Europe, we grew our subscriber base, improved profitability, and secured UEFA rights in multiple markets, including Belgium, where we will launch next year. In France, the extension of our exclusive 6-month theatrical release window to 2032 reaffirms CANAL+'s unique role as French cinema's number one partner.

"STUDIOCANAL had an excellent six months on and off screen, delivering a series of theatrical successes from Guru in France to Pressure in the US, and the biggest film deal at Cannes 2026, with The Midnight Library. With a slate including Paddington 4, Zack Snyder's remake of Escape from New York, our first major South African film production, The Road Home, and Danny Boyle's Ink, STUDIOCANAL's momentum looks set to continue.

"Finally, following the acquisition of MultiChoice, our increased scale is starting to deliver the benefits we expected. We have achieved half of our €250m synergies target and remain well on track for the year, and we confirm our full-year and medium-term guidance."

(1) In 2025, the Group started the process of divesting its activities in Vietnam (completed in March 2026). In accordance with IFRS5, contribution relating to the Vietnam business (revenues: €14 million in H1 2025; Adjusted EBIT (EBITa) before exceptional items : -€11 million in H1 2025; CFFO after exceptional: €1 million in H1 2025) is hereafter excluded from all financial metrics and presented in "Earnings/(losses) from discontinued operations" in the income statement.

(2) Following the discontinuation of the Showmax service in Africa at the end of April 2026, the contribution of Showmax (revenues: €23 million in H1 2025 ; Adjusted EBIT (EBITa) before exceptional items : -€52 million in H1 2025 ; CFFO after exceptional: -€39 million in H1 2025; FCF after exceptional: -€39 million in H1 2025) is excluded from the Group's financial performance metrics and is presented within "Profit/(loss) from discontinued operations" in discontinued operations in the income statement and in the consolidated statement of cash flows, in accordance with IFRS 5 in H1 2026 and as if IFRS 5 had been applied in H1 2025.

(3) The combined figures correspond to the aggregation of the published KPIs from the CANAL+ historical perimeter (excluding Vietnam following the classification of VSTV as a discontinued operation) and the unaudited KPIs derived from MCG's management report. The combined KPIs are presented for illustrative purposes only and based on certain hypothesis

SUBSCRIBERS BASE

H1 2026 RESULTS CONFERENCE CALL DETAILS

Speakers:

Maxime Saada
Chief Executive Officer

Amandine Ferré
Chief Financial and ESG Officer

Date: 28 July 2026 (8.30am GMT / 9.30am CET)

Online: the webcast can be followed online at:

https://sparklive.lseg.com/CANALSA/events/c1a682f3-0056-41c1-aef3-99b3ba0a8017/canal-h1-26-results

Q&A: To ask a question, please email [email protected] to request access to the conference call lines.

A replay of the webcast as well as the slides of the presentation will be available on the Company's website www.canalplusgroup.com.

Financial Calendar: Q3 2026 revenue release: 22 October 2026

For further enquiries please contact:

In compliance with Disclosure Guidance and Transparency Rule 6.3.5(1A), CANAL+'s  2026 Half Year Results have been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will be available shortly for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and are also available on the CANAL+  website at  https://www.canalplusgroup.com/en/results-and-publications

The Company has a primary listing on the London Stock Exchange and a secondary listing on the JSE Limited.

ABOUT CANAL+

CANAL+ is a global media and entertainment company with leading positions in Europe and Africa. Over 40 million subscribers enjoy the CANAL+ entertainment platform, which brings together the best local and global films, live sport, TV series and much more. CANAL+ operates in over 70 countries and has approximately 15,000 employees.

CANAL+ operates across the entire audio-visual value chain, including production, broadcast, distribution and aggregation. In addition to its Pay-TV and streaming operations in Europe, Africa and Asia, the combined group includes: MultiChoice Group, Africa's leading entertainment platform; STUDIOCANAL, Europe's leading film and television studio, with worldwide production and distribution capabilities; Dailymotion, a major international video platform powered by cutting-edge proprietary technology for video delivery, advertising, and monetisation; CANAL+ Distribution, a production and distribution company specialising in creating and distributing diverse content and channels; telecommunication services, through CANAL+ Telecom Africa in Africa and CANAL+ Telecom in the French overseas jurisdictions and territories.

CANAL+ also has minority stakes in Viaplay (Scandinavia's leading entertainment provider), Viu (a leading OTT provider in Southeast Asia), and UGC, a leading French cinema group.

canalplusgroup.com/en

IMPORTANT INFORMATION

This announcement is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in the Company or any other securities.

This announcement is not directed at, and must not be distributed, published or transmitted to, any person in any jurisdiction where such distribution, publication or transmission would be contrary to applicable law or regulation. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This announcement contains certain statements that are or may be forward-looking statements. Phrases such as "aim", "plan", "expect", "intend", "anticipate", "believe", "estimate", "target", and similar expressions of a future or forward-looking nature are intended to identify such forward-looking statements. Forward-looking statements address our expected future business and financial performance and financial condition, and by definition address matters that are, to different degrees, uncertain. They are not historical facts, nor are they guarantees of future performance; actual results may differ materially from those expressed or implied by these forward-looking statements. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward looking statements. These include, but are not limited to (i) the general economic, business, political, regulatory and social conditions in the key markets in which the Group operates, (ii) a significant event impacting the Company's liquidity or ability to operate and deliver effectively in any area of our business, (iii) significant change in regulation or legislation, (iv) a significant change in demand for global content, and (v) a material change in the Group strategy to respond to these and other factors. Certain of these factors are discussed in more detail elsewhere in this announcement and in reports and presentations published by the Company, as available on the investor section of the website: https://www.canalplusgroup.com

Forward-looking statements speak only as of the date they are made and, except as required by applicable law or regulation, CANAL+ undertakes no obligation to update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.