CANAL+ H1 2025 RESULTS

2025 HALF-YEAR INTERIM RESULTS

CANAL+ H1 2025 Results in Line with Upgraded Guidance Strategic Ambitions on Track MultiChoice Group Acquisition Process: Regulatory Path Cleared

Increased organic revenue

▪ Group revenue of €3,086M, up +0.9% organically (-3.3% on a reported basis as expected, due to termination of contracts and discontinued activities)

EBITA in line with expectations, significant year on year increase expected in H2 25

▪ Delivered Group EBITA of €246M following termination of sublicensing contract in Europe

▪ H1 25 EBITA lower than H1 24 EBITA as expected, due to a one-off positive item related to the OCS acquisition in H1 24 and the end of the UEFA Champions League sublicensing partnership

▪ Cost reduction initiatives in Europe on track to progressively deliver material improvement to profitability

First positive outcome from cash optimisation plan

▪ Record CFFO of €416M due to to implementation of cash initiatives

▪ Solid FCF of €370M in H1 25

Inaugural Schuldschein loan successfully issued

▪ Issuance highly oversubscribed at 2.3x to reach €285M

▪ Attractive pricing, improving CANAL+ overall cost of funds

▪ Sets positive precedent ahead of expected Multichoice Group acquisition

Strengthened content value proposition

▪ Record viewership in cinema, series and live sport events across all territories

▪ Extended Netflix partnership into 24 French-speaking African countries

▪ STUDIOCANAL delivered global and local box-office hits including Bridget Jones: Mad About the Boy and Colours of Times, and smash hit series A Widow’s Game

▪ Creation of labels to foster IP development: Paddington the Musical is coming to theatres this Autumn

Enhanced distribution capabilities with upgraded CANAL+ App experience and new partnerships

▪ Major user experience upgrade to flagship platform, the CANAL+ App, available now on all iOS devices in France, Poland and Africa and by end of summer on all Android devices

▪ CANAL+ App available on all major manufacturers of connected TVs

▪ CANAL+ App on Renault, Alpine and BMW, MINI multimedia screens and CANAL+ content available to watch on Air France flights

▪ Produced the world’s first immersive video documentary for Apple Vision Pro, capturing the raw speed and adrenalin of MotoGP

New ESG strategy – underpinned by new governance

▪ Environment: Reducing carbon emissions across the value chain

▪ Social: Fostering the next generation of creative talent

▪ Societal: Enabling access to empowering and inspiring content

Regulatory path cleared for MultiChoice Group acquisition process: South African Competition Tribunal approved the proposed Transaction on 23 July 2025

▪ Synergy plans in place: ready to begin integration on Day 1

▪ On track to close by 8 October 2025 as planned
** On track for a successful first year as a listed business**

▪ FY25 revenue in line with expectations

▪ FY25 EBITA expected at c.€515m in line with guidance

▪ FY25 CFFO anticipated above €500m as per guidance

▪ FY25 FCF expected above €370m

Maxime Saada, Chief Executive Officer of CANAL+, said: “I am pleased with all we have accomplished at CANAL+ since our listing. 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. “Finally, we were pleased to receive approval from the South African Competition Tribunal for the proposed acquisition of MultiChoice. This concludes the South African competition process and clears the way for us to complete the transaction prior to 8 October 2025 as planned. We are excited to begin implementing synergies as we start to combine our companies for the benefit of our customers, and we are committed to increasing our support for the cultural economies, sports and creative industries in each of our markets in Africa. CANAL+ is progressing towards the start of a new chapter in its history, with more than 40 million subscribers in 70 countries. “I would like to thank my colleagues for all of their hard work, focus and commitment.”