Canal+ (CAN) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 40% year-on-year to €4.3 billion, mainly due to MultiChoice integration; like-for-like revenue up 1.4%.

• Adjusted EBIT before exceptional items increased 68% to €433 million, with margin at 10.1%; up 13% excluding MultiChoice.

• Free cash flow before exceptional items reached €414 million; €254 million excluding MultiChoice.

• MultiChoice turnaround plan underway, with early signs of stabilization and best subscriber acquisition month in South Africa in a decade.

• Accelerated synergies plan contributed €120 million to adjusted EBIT at half year; on track for €250 million full-year target.

Financial highlights

• Subscriber base grew 8.4% year-over-year to 41.2 million, with strong growth in Africa and France.

• Reported revenue up 40% year-on-year; like-for-like revenue up 1.4% as Canal+ growth offset MultiChoice decline.

• Adjusted EBIT up 68% to €433 million; Showmax losses discontinued, boosting profitability.

• Group generated €559 million CFFO and 129% cash conversion rate; free cash flow before exceptionals at €414 million.

• Leverage ratio improved to 1.83x net financial debt/EBITDA as of June 2026.

Outlook and guidance

• On track to meet full-year 2026 guidance: flat revenue, adjusted EBIT up 5% to €735 million, CFFO over €600 million, free cash flow over €250 million.

• Medium-term targets: moderate top-line growth, adjusted EBIT over €850 million, CFFO over €800 million, free cash flow over €500 million.

• Cost synergies and boost plan expected to continue driving profitability.