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9 - MONTH 2026 REVENUE 22 OCTOBER 2026
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DISCLAIMER This presentation 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 . No reliance may or should be placed by any person for any purpose whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness . Recipients of this presentation should conduct their own investigation, evaluation and analysis of the business, data and property described in this presentation . The information in this presentation is subject to change . This presentation 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 presentation 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 . This presentation 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 presentation 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 . 2
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MAXIME SAADA CANAL+ CEO AMANDINE FERRÉ CANAL+ CFO CHIEF ESG OFFICER SPEAKERS 3
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9M 2026 FINANCIAL HIGHLIGHTS 1. At constant scope and currency, compared to 9M 2025 including MultiChoice 4 9M 2026 REVENUE €6,412 million +1.0% on a restated basis LIKE - FOR - LIKE 1 GROWTH VS 9M 25 - 0.3% including MultiChoice +0.8% excluding MultiChoice WELL ON TRACK TO DELIVER 2026 GUIDANCE
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+1.0% GROWTH IN REVENUE, IN LINE WITH 2026 GUIDANCE 9M 2026 REVENUE YEAR - ON - YEAR VARIATION (€M) 1,717 MultiChoice 9M 2025 revenue consolidation 2 - - 33 Multichoice - Showmax discontinuation impact 4 9M 2025 restated combined revenue 4, 5 40 like - for - like 1 excl . MultiChoice - 59 MultiChoice like - for - like 1 56 Currency effect 9M 2026 3, 4 Scope effect 6 4,664 6,348 6,412 26 9M 2025 restated revenue 3 +1.0% 1. Like - for - like, i.e. at constant scope and constant currency 2. Including (35)M of elimination and adjustment for MultiChoice contribution in Q3 25 (11 days) 3. In accordance with IFRS5, contributions relating to the Vietnam business are presented in “Earning/(losses) from discontinued op erations (€18m revenue in 9M 2025) 4. In accordance with IFRS5, contributions relating to Showmax are presented in “Earning/(losses) from discontinued operations. (€3 3m revenue in 9M 2025) 5. The combined figures correspond to the aggregation of the published KPIs from the historical perimeter (excluding Vietnam) and the unaudited KPIs derived from MCG’s management report excluding Showmax. 6. Including Lucky Red, MC Vision and Mojo +0.8% like - for - like 1 growth excl. MultiChoice - 0.3 % like - for - like 1 in cl. MultiChoice 5
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EUROPE: REVENUE DOWN 1% IN 9M 2026 REVENUE (€M) 9M 2025 9M 2026 3,411 3,363 - 1% 1. At constant scope and currency - 1.5% LIKE - FOR - LIKE 1 REVENUE DECLINE ▪ France revenue broadly flat excluding C8 channel closure : ▪ Increase in DtoC Pay - TV revenue in mainland France ▪ Lower contribution from wholesale and weakness in advertising market in mainland France ▪ Slight decline in subscriber base in Overseas ▪ Poland: slight revenue growth driven by OTT subscription and a continued increase in advertising ▪ Other European countries: revenue decreased primarily due to the sale of a non - profitable DTH subscriber base in Hungary and the ongoing effects of the transition away from DTH 6
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AFRICA & ASIA: REVENUE UP +3% IN 9M 2026 REVENUE (€M) 765 1,762 2 9M 2025 836 1,768 2 9M 2026 2,526 2,604 +3% 1. At constant scope and currency 2. After eliminations +0.7% LIKE - FOR - LIKE 1 REVENUE GROWTH ▪ +10.2% like - for - like revenue growth excluding MultiChoice: ▪ High single - digit in French - speaking Africa Pay - TV with a higher subscriber growth and a compelling line - up ▪ Double - digit growth for CANAL+ Telecom Africa ▪ MultiChoice 9M revenue decreased by 3.0% vs. 9M 25 like - for - like: ▪ Lower subscription revenue in South Africa ▪ Higher revenue in most English - speaking countries ▪ Sequential improvement: - 2% LFL in Q3 vs. - 3.4% in H1 SIGNIFICANT POSITIVE FX IMPACT IN Q3 ESPECIALLY ON MULTICHOICE SCOPE 7 Historical perimeter MultiChoice
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CONTENT PRODUCTION, DISTRIBUTION AND OTHER: REVENUE UP +9% IN 9M 2026 REVENUE (€M) 9M 2025 9M 2026 485 530 +9% 1. At constant scope and currency +5.4 % LIKE - FOR - LIKE 1 REVENUE GROWTH ▪ STUDIOCANAL: ▪ Strong box office performance ▪ Strong international sales ▪ Dailymotion: strong first half of the year with negative impact from lower advertising in Q3 against a challenging market backdrop POSITIVE SCOPE EFFECT FROM LUCKY RED AND MOJO 8
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APPENDIX
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CFFO is calculated as the sum of: ( i ) net cash provided by operating activities before income tax paid, as presented in the consolidated statement of cash flows; (i i) cash used for capital expenditures, net of proceeds from sales of property and equipment, and intangible assets, which are presented as investing a cti vities in the consolidated statement of cash flows; (iii) cash payments for the principal of lease liabilities and related interest expenses, which are presented as financing activiti es in the consolidated statement of cash flows. Cash flow from operations (CFFO) GLOSSARY 11 TV broadcasting technology using groundbased antennas to deliver digital content. Digital Terrestrial Television (DTT) Self - distributed Consumer. Direct to Consumer ( DtoC ) Over - The - Top (OTT) Media services delivered directly to viewers via internet. Financial net debt (or Net Cash Position) is calculated by adding together: (i) cash and cash equivalents, as reported in the co nsolidated statement of financial position; (ii) cash management financial assets, included in the consolidated statement of financial position under “financial assets”, relating to financial investments, which do not meet the criteria for classification as cash equivalents set forth in IAS 7; (iii) less: the value of borrowings at amortised cost. Financial Net Debt Non - GAAP measures should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financi al performance as presented in the Consolidated Financial Statements and the related Notes, or as described in this financial review. The group considers these to be relevant indicators for the group’s operatin g a nd financial performance. Adjusted EBIT ( EBITa ) before exceptional items enables the group to compare the performance of operating segments regardless of whether their per for mance is driven by the operating segment’s organic growth or by acquisitions. To calculate Adjusted EBIT ( EBITa ) before exceptional items, the accounting impact of the following items is excluded from Operating income (EBIT): ( i ) the amortisation of intangible assets acquired through business combinations as well as of other rights catalogues acquired; (ii) impairment o f goodwill, other intangibles acquired through business combinations and other rights catalogues; (iii) exceptional items Adjusted EBIT ( EBITa ) before exceptional items TV broadcasting services delivered via satellite directly to viewers’ homes, typically using a set - top box. Direct to Home (DTH) Free Cash Flow (FCF) is calculated as the sum of: ( i ) net cash provided by operating activities, as presented in the consolidated statement of cash flows; (ii) cash used for cap ita l expenditures, net of proceeds from sales of property and equipment, and intangible assets, which are presented as investing a cti vities in the consolidated statement of cash flows; (iii) cash payments for the principal of lease liabilities and related interest expenses, which are presented as financing activiti es in the consolidated statement of cash flows; (iv) interest paid and other cash items related to financial activities that are presented as financing activities in the consolidated statement of cash flows Free Cash Flow (FCF) Revenues and adjusted EBIT ( EBITa ) before exceptional items at constant currency and scope of consolidation: the group presents changes in revenue and adjuste d E BIT ( EBITa ) before exceptional items on a reported basis, on a constant currency basis and at constant scope of consolidation, and this constitu tes an alternative performance measure At constant currency and scope of consolidation (like - for - like) Net financial debt / EBITDA ratio based on 12 months rolling EBITDA as of 30 June 2026 Leverage Ratio Exceptional items Exceptional items are items of financial performance which have been determined by management as being material by their size or incidence and not relevant to an understanding of the group’s underlying business performance. Exceptional items for the current and prior year include restructuring costs, ce rta in expenses and provision for contingencies together with provision reversals arising from the purchase price allocation ("PPA") related to the MultiChoice acquisition.