29th Jul 2025 10:03
(Alliance News) - Canal+ SA on Tuesday reported weaker first half earnings but affirmed its annual outlook.
Shares in the company rose 4.7% to 240.30 pence each in London on Tuesday morning.
The Paris-based subscription television and video streaming said pretax profit in the half year ended June 30 declined 26% to EUR120 million from EUR162 million. Revenue fell 3.3% to EUR3.09 billion from EUR3.19 billion. However, it rose 0.9% organically.
Canal+ put the earnings decline down to the termination of some contracts and discontinued activities. It noted the end of a sublicensing partnership with the UEFA Champions League, the top-tier European football competition.
"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," Chief Executive Officer Maxime Saada said.
Canal+ made its London debut in December, splitting from Vivendi SA.
Canal+ said half-year adjusted earnings before interest and tax fell 22% to EUR246 million from EUR315 million. For the full-year, it still expects an outcome of around EUR515 million.
The company also announced it raised over EUR285 million through the issue of a Schuldschein loan, a private placement loan issued under German law.
"The issuance was highly oversubscribed with an orderbook consisting of high-quality French and international investors, demonstrating strong interest and confidence of investors in the financial profile and strategic direction of Canal+. Due to the high level of demand, which facilitated pricing at the tight end of the spread range, the total financing package was increased, from an initial launch volume of EUR125 million to a final volume of EUR285 million. The attractive pricing and scale of the Schuldschein loan will improve Canal+'s overall cost of funds," the firm said.
Last week, the Competition Tribunal of South Africa approved a deal for Canal+ to buy Johannesburg-listed MultiChoice Group Ltd. Last year, it made a bid to buy MultiChoice shares it did not already own for ZAR125 each, ZAR35.37 billion in total, around GBP1.48 billion.
By Eric Cunha, Alliance News news editor
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