Canal+ achieved strong cash flow despite revenue dip, securing upcoming MultiChoice deal

French pay‑TV operator Canal+ reported a jump in free cash flow in the first half of 2025 even when the revenue declined by a 3.3%, reaching €3.09 billion, in line with its expectations, while its Adjusted EBITA dropped 21.6% to €246 million due to the lapse of a UEFA Championship sublicensing agreement and the absence of a one‑off acquisition gain from the prior year, according to Reuters. Despite these setbacks, the company declared that it remains on track to meet its full‑year earnings target. 

Wholesale subscriber numbers saw a net decrease of 353,000 globally over the period, though direct‑to‑consumer customers edged up by 0.2%, even after losing broadcasting contracts for Ligue 1 and Disney in France. Free cash flow experienced a significant boost, rising to €370 million in the first half compared to €128 million a year earlier, driven by normalized French tax payments and improved cash management practices.

CEO Maxime Saada emphasized Canal+’s unique strategic model: “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,” positioning content aggregation as a key competitive advantage. The company also noted pressure in Vietnam, stating: “The Vietnam business is being closely assessed as its performance has been meaningfully affected by the market environment.”

Canal+ has received regulatory approval for its $2 billion acquisition of South African broadcaster MultiChoice, with closing anticipated by October 8, and integration preparations already underway. Bank of America characterized the results as “soft at first glance but solid on an underlying basis,” citing resilient pay‑TV operations and strong free cash flow improvement.

This strong cash flow performance reinforces Canal+’s financial resilience despite two bouts of content rights loss and revenue contraction, while the pending MultiChoice deal presents a strategic expansion into French‑speaking African markets that could reshape its long‑term growth trajectory.