Earnings release
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RNS Number : 9535ZCanal+ S.A22 October 2026 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+", the "Group" or the "Company") Trading update for the Nine Months ended 30 September 2026 Issy-les-Moulineaux, 22 October 2026 CANAL+, the global media and entertainment company, is today providing a trading update, including unauditedconsolidated revenue, for the nine months and quarter ended 30 September 2026. Group revenue up 37.5%, reflecting increased scale following MultiChoice acquisition Well on track to deliver 2026 guidance MAXIME SAADA, CHIEF EXECUTIVE OFFICER OFCANAL+, SAID: "We delivered a solid performance in the first nine months of the year as we continued to execute our strategy. Revenue was in line with our expectations, supported by strong momentum in French-speaking Africa and at STUDIOCANAL. "We are making good progress withthe MultiChoice turnaround plan. In September, a new, simplified value proposition was launched in South Africa, providing subscribers with more content, greater choice, and better value for the same price. The rollout of the new offers will continue across English- and Portuguese-speaking Africa over the coming months. "Building on this progress,we have further strengthened our sports offering in Africa. We secured exclusive rights to all UEFA men's club competitions across more than 40 countries for 2027-2031, the Group's first major sports rights acquisition covering all our markets on the continent, as well as rights across Africa for the 2027 Africa Cup of Nations and its qualifying campaign. "In France, we introducedSPORT+, a new, free digital platform that give non-subscribers a taste of our premium sports content and provides an entry point to the CANAL+ App and our wider offering. In the Czech Republic and Slovakia, we launched the CANAL+ brand, alongside a new offering and the CANAL+ App. More broadly, in early October we unveiled the upgraded CANAL+ App, which makes content discovery easier and more intuitive and now features AI-powered search. "2026 is shaping up to be a landmark year for STUDIOCANAL, with strong box-office performances from Pressure and the recent releases Les Misérables, The Doll (Lalka) and the third Shaun the Sheep film. Our bold and diverse slate includes Ink, which opened the Venice Film Festival; Elsinore, winner of the International People's Choice Award at the Toronto International Film Festival, and the highly anticipatedViolette (Changer l'eau des fleurs). "We remain well on track to achieve our 2026 synergies target and deliver our full-year guidance." REVENUE FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026 (UNAUDITED) €M 9M 20261,2 9M 2025 restated1 % Change 9M 2025 restated1,including MultiChoice2,3 % Change % Like-for- like4 Europe 3,363 3,411 -1.4% 3,411 -1.4% -1.5% Africa & Asia 2,604 842 209.1% 2,526 3.1% 0.7% Content Production,Distribution and Other 530 485 9.3% 485 9.3% 5.4% Eliminations -85 -74 N/A -74 N/A N/A
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Total CANAL+ Group 6,412 4,664 +37.5% 6,348 1.0% -0.3% Of which CANAL+excluding MultiChoice 4,646 4,588 1.3% 4,588 1.3% 0.8% Of which MultiChoiceGroup 1,805 79 N/A 1,797 0.4% -3.0% Of which eliminationlinked to MultiChoiceGroup -39 -2 N/A -37 N/A N/A REVENUE FOR THE QUARTER ENDED 30 SEPTEMBER 2026 (UNAUDITED) €M Q3 20261,2 Q3 2025 restated1,including MultiChoice2,3 % Change % Like-for-like4 Europe 1,104 1,124 -1.8% -1.6% Africa & Asia 881 824 6.9% -0.1% Content Production,Distribution and Other 173 161 8.0% 4.3% Eliminations -33 -24 Total CANAL+ Group 2,125 2,085 1.9% -1.0% 1In accordance with IFRS 5, Vietnam, divested in March 2026, is treated as a discontinued operation and excluded from the Group's financial metrics (revenue: €4 million in Q3 2025 and €18m in 9M 2025). 2In accordance with IFRS 5, Showmax, discontinued in Africa at the end of April 2026, is treated as a discontinued operation and excluded from the Group's financial metrics (revenue: €10 million in Q3 2025 and €33 million in 9M 2025), including on a comparable basis for 2025. 3Combined figures aggregate published KPIs for the historical CANAL+ perimeter (excluding Vietnam) and unaudited KPIs derived from MultiChoice Group's management reporting. They are presented for illustrative purposes only. 4At constant scope and foreign exchange rates. TRADING UPDATE FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026 CANAL+ GroupGroup revenue increased 37.5% year on year to €6,412 million on a restated basis, primarily reflecting the Group's increasedscale following the MultiChoice acquisition. Group revenue remained broadly flat (-0.3%) year on year on a like-for-like basisincluding nine months' contribution from MultiChoice. Group revenue excluding MultiChoice increased 1.3% on a restated basis to €4,646 million and by 0.8% on a like-for-likebasis, supported bystrong momentum in French-speaking Africa and in Content Production and Distribution. EuropeEurope revenue decreased 1.4% to €3,363 million on a restated basis and by 1.5% on a like-for-like basis. This mainlyreflected the termination of the C8 channel in Q1 2025 and the end of the distribution of DAZN in France, as well as thedivestment of the DTH subscriber base in Hungary in 2025. Excluding these effects, revenue in mainland France was broadly flat. The increase in DtoC Pay-TV revenue was offset bylower contribution from wholesale and the weakness of the advertising market. In the Overseas Territories, revenue was broadly stable. The consolidation of MC Vision in Mauritius was offset by the slightdecline in the Pay-TV subscriber base. In Poland, revenue grew slightly, driven by OTT subscription growth and a continued increase in advertising. In other European countries, revenue decreased primarily due to the sale of a non-profitable DTH subscriber base in Hungaryand the ongoing effects of the transition away from DTH. Africa and AsiaAfrica and Asia revenue more than tripled to €2,604 million, following the acquisition of MultiChoice. Revenue includingMultiChoice increased 3.1% on a restated basis and 0.7% on a like-for-like basis. This reflects 10.2% like-for-like revenuegrowth of Africa and Asia excluding MultiChoice and a slight decline for MultiChoice. As expected, the subscriber basenormalised in Q3 after the significant boost from the FIFA World Cup in H1 2026. MultiChoice Group revenue increased 0.4% on a restated basis, notably benefitting from a material positive currency effect.On a like-for-like basis, revenue decreased 3.0%, driven by lower subscription revenue in South Africa, partially offset byhigher revenue in most other English-speaking countries. In Q3, the like-for-like revenue decline moderated to 2.0% year-on-year, from 3.4% in H1 2026, partly reflecting favourable comparison effects related to the sporting events line-up. In French-speaking Africa, like-for-like revenue performed well, reflecting subscriber growth supported by a compelling line-up and improved distribution efficiency. CANAL+ Telecom Africa revenue grew at a double-digit rate, fuelled by the expansion of its Fibre-to-the-Home network andpositive commercial momentum. Asia revenue maintained its growth momentum, supported by an enhanced content offering and long-term subscriptions. Content Production, Distribution and OtherContent Production, Distribution and Other revenue increased by 9.3% to €530 million on a restated basis and by 5.4% on alike-for-like basis. This was mainly driven by STUDIOCANAL's strong box office performance and international sales, as well asits increased scale following the acquisition of Lucky Red in February 2026. Dailymotion was negatively impacted by lower advertising in Q3, against a challenging market backdrop.
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Update on the proposed removal of the reduced VAT rate in France As part of the 2027 Budget, the French government has proposed to increase the VAT rate applicable to CANAL+'s activities in mainland France and Overseas. The Group is actively challenging this measure with support from cinema organisations and sport federations and leagues. The Group has made progress in opposing the proposal, although the outcome remains uncertain.Should the proposal be adopted into law, the Group intends to implement subscription price increases and significant cost reduction initiatives to mitigate the resulting financial impact. OUTLOOK· The Group remains well on track to achieve its 2026 synergies target and full year guidance:o 2026 synergies target:€250m Adjusted EBIT; €220m FCF oFull year guidance:revenue flat; Adjusted EBIT €735m; CFFO above €600m and FCF above €250m before VAT settlement & restructuring· While the Group is cognisant of the macroeconomic and political backdrop, its medium-term guidance remainsunchanged. CONFERENCE CALL DETAILS Speakers: Maxime Saada, Chief Executive Officer Amandine Ferré, Chief Financial and ESG Officer Date:22 October 2026 (8.30am UK time / 9.30am Paris time) Online:the webcast can be followed online at:https://canalplusgroup.engagestream.euronext.com/9- month_2026_revenue Q&A:To ask a question, please emailir@canal-plus.comto request access to the conference call lines. A replay of the webcast will be available on the Company's website www.canalplusgroup.com. FINANCIAL CALENDAR 2026 Annual Results: 4 March 2027 CANAL+ CONTACTS For enquiries please contact: Analysts and investors Julien Desmaretz julien.desmaretz@canal-plus.com Financial Communications Andrew Swailes andrew.swailes@canal-plus.com Corporate Communications Karima Mhoumadi Edwige Lerolle karima.mhoumadi@canal-plus.com edwige.lerolle@ext.canal-plus.com ABOUT CANAL+CANAL+ is a global media and entertainment company with leading positions in Europe and Africa. Over 40 millionsubscribers enjoy the CANAL+ entertainment platform, which brings together the best local and global films, live sport, TVseries 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. Inaddition 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 worldwideproduction and distribution capabilities; Dailymotion, a major international video platform powered by cutting-edgeproprietary technology for video delivery, advertising, and monetisation; CANAL+ Distribution, a production and distributioncompany specialising in creating and distributing diverse content and channels; telecommunication services, throughCANAL+ 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 inSoutheast Asia), and UGC, a leading French cinema group.canalplusgroup.com/en IMPORTANT INFORMATION The trading update is based upon the unaudited management accounts of the Group and has not been reviewed or auditedby the Company's auditors. It has been prepared solely to provide additional information on trading to the shareholders ofthe Company. Accordingly, the Company makes no representation or warranty as to the appropriateness, accuracy,completeness or reliability of the information in this announcement and accordingly neither the Company nor any of itsdirectors accepts any liability to any person in respect of this announcement or any information contained within it. This announcement is not directed at, and must not be distributed, published or transmitted to, any person in anyjurisdiction where such distribution, publication or transmission would be contrary to applicable law or regulation. Personsinto whose possession this announcement comes should inform themselves about and observe any such restrictions. Anyfailure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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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-lookingnature are intended to identify such forward-looking statements. Forward-looking statements address our expected futurebusiness 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 materiallyfrom those expressed or implied by these forward-looking statements. There are a number of factors that could cause actualresults and developments to differ materially from those expressed or implied by such forward looking statements. Theseinclude, but are not limited to (i) the general economic, business, political, regulatory and social conditions in the keymarkets in which the Group operates, (ii) a significant event impacting the Company's liquidity or ability to operate anddeliver effectively in any area of our business, (iii) significant change in regulation or legislation, (iv) a significant change indemand for global content, and (v) a material change in the Group strategy to respond to these and other factors. Certain ofthese factors are discussed in more detail elsewhere in this announcement and in reports and presentations published by theCompany, 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 madefrom time to time, whether as a result of new information, future events or otherwise. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END