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NOTE 1 BASIS OF PREPARATION
BACKGROUND
CANAL+ SA (the \u2018Company\u2019), is a public company with limited liability
(Soci\u00e9t\u00e9 Anonyme, SA) incorporated under French law and listed on the
Main Market of the London Stock Exchange (LSE) under the ticker symbol
\u2018CAN\u2019. Its registered office is located at:
50 Rue Camille Desmoulins, 92863 Issy-Les-Moulineaux Cedex 9, France.
The Group is a major player in content creation and Pay-TV distribution
worldwide. Currently, it has 40 million subscribers worldwide, with a
diversified geographic presence mainly across three continents (Europe,
Africa and Asia), holding strong positions and offering an attractive value
proposition in both mature markets (Europe) and high growth markets
(Africa and Asia). Subscriptions account for 83% of the Group\u2019s revenues,
the Group distributes across all broadcasting channels (satellite, ADSL,
DTT and digital), and both linear and non-linear offerings.
The Group is a publisher and distributor of premium and thematic
subscription TV and advertising-based television in Europe and in the
Africa and Asia, as well as production, sales and distribution of movies
and TV\u00a0series:
\u25aa Europe: In France, as in other European countries, the Group is a
major player in the production, financing and broadcasting of a wide
range of exclusive content.
\u25aa Africa & Asia: This operating segment encompasses the Group\u2019s
Pay-TV business outside of Europe, primarily in Africa & Asia. In Africa,
the Group operates Pay-TV services in more than 47 countries under
CANAL+ and MultiChoice brands and offers premium international
content across sports, films and series from global majors, alongside
local content offerings tailored to African audiences. CANAL+ owns
a distribution network comprised of over 32,000 points of sale and
over 750 distribution partners. GVA offers broadband internet access
services through optical fibre networks and operates an expanding
FTTH network, currently in 14 cities in 9 countries in Africa. In Asia, the
Group operates in Myanmar under a joint venture agreement with the
Forever Group which provides access to 60 channels including those
produced specifically in the Burmese language and showcasing local
content. The Group also operates in Vietnam, through Vietnam Satellite
Digital Television Company Limited but is currently restructuring its
operations and stopped commercial activities under the \u201cK+\u201d brand.
Following the reclassification of Vietnam as a discontinued operations
(see note 3.6), its contribution is excluded from the Africa & Asia
operating segment.
\u25aa Content Production, Distribution and Other:
STUDIOCANAL is the European market leader in the production,
acquisition, sale and distribution of feature films and TV series. It is
present in Europe\u2019s major markets (Germany, Benelux, Spain, France,
Poland and the United Kingdom), as well as in Australia, New
Zealand, China and the United States. This segment also includes
(i) DAILYMOTION, an international end-to-end video platform, which
derives its revenue from advertising, (ii) Thema, a production and
distribution company and (iii) L\u2019Olympia and Th\u00e9\u00e2tre de L\u2019\u0152uvre,
live entertainment venues in Paris.
On 9 March 2026, at a meeting held at CANAL+\u2019s headquarters,
the Management Board approved and authorised for issuance the
Consolidated Financial Statements for the year ended 31 December 2025.
They were also reviewed by the Audit Committee at its meeting held on
5 March 2026 and by the Supervisory Board at its meeting held on
10 March 2026.
The Consolidated Financial Statements for the year ended 31 December
2025 will be submitted to the Company\u2019s shareholders for approval at
the Annual General Shareholders\u2019 Meeting to be held on 29 May 2026.
BASIS OF PREPARATION AND
CONSOLIDATION
The Consolidated Financial Statements have been prepared on a going
concern basis and on a historical cost basis, with the exception of certain
assets and liabilities that have been measured at fair value according to
IFRS 13 - fair value measurement. Relevant categories and disclosures are
detailed in Note 2.
The consolidated financial statements are presented in euros and
all values are rounded to the nearest million, except when otherwise
indicated.
The consolidated financial statements provide comparative information in
respect of the previous period.
The Consolidated Financial Statements include the financial statements
of the Company and its subsidiaries (together referred to as the \u2018Group\u2019)
after eliminating intra-group items and transactions and the Group\u2019s
interests in associates and jointly controlled entities.\u00a0
The Group has a 31 December year end. Subsidiaries that do not have
a 31 December year end prepare interim financial statements as of that
date, except when their year end falls within the three months preceding
31 December.
Subsidiaries that have been acquired by the Group are included in the
Consolidated Financial Statements as of the date of acquisition.
KEY JUDGEMENTS AND ESTIMATES
The preparation of the Consolidated Financial Statements in compliance
with IFRS Accounting Standards requires the Group\u2019s management to
make certain estimates and assumptions which it considers reasonable
and realistic. Although these estimates and assumptions are regularly
reviewed, based in particular on past or anticipated achievements, facts
and circumstances may lead to changes in these estimates and
assumptions which could have an impact on the reported amount of the
Group\u2019s assets, liabilities, equity or earnings.
The following areas involve key assumptions and other key sources of
estimation uncertainty and that may have a significant risk of causing a
material adjustment on the consolidated financial statements in the next
12 months:
\u25aa Provisions: risk estimates performed on an individual basis, noting
that the occurrence of certain events during the course of procedures
may lead to a risk reassessment at any time (please refer to Notes
2.2.7.1 and 20).
\u25aa Capitalised cost of theatrical films, and television rights produced
or acquired to be sold to third parties, are amortised, and other
related costs are expensed, pursuant to the estimated revenue method
(i.e. based on the ratio of the current period\u2019s revenue to the total
remaining revenue forecasted on an individual production basis).
In addition to the above, the following areas involve key assumptions and
other key sources of estimation uncertainty and that may have a
significant risk of causing a material adjustment on the consolidated
financial statements, but are not expected to have a material impact on
them in the next 12 months.
\u25aa Goodwill and other intangible assets: valuation methods
used to identify intangible assets acquired through business
combinations (please refer to Note 2.2.5.1).
\u25aa Impairment testing of non-financial assets: assumptions
relating to impairment tests performed on each of the Group\u2019s cash-
generating units (\u2018CGUs\u2019), future cash flows and discount rates are
updated annually (please refer to Notes 2.2.5.6 and 10).
\u25aa Share-based payments: Estimating fair value for share-based
payment transactions at grant date and number of equity instruments
requires determination of the most appropriate valuation model and
the inputs to this model including the volatility and dividend yield
(please refer to Notes 2.2.9 and 22).
The following are the critical judgements, apart from those involving
estimations (which are presented separately above), that management
has made in the process of applying the Group\u2019s accounting policies and
that have the most significant effect on the amounts recognised in its
consolidated financial statements:
\u25aa Provisions and litigation: the management has carefully
assessed the facts and circumstances regarding legal obligation
(statutory, regulatory or contractual) or constructive obligation resulting
from past events, as well as relevant legal documents, to determine
whether it is probable that an outflow of resources will be required to
settle the obligation.
\u25aa Transmission commitments: the management has carefully
assessed whether the transponder contracts should be classified as
leases in accordance with IFRS 16 (See notes 2.2.5.5 and 14).
CONSIDERATION OF CLIMATE CHANGE
The preparation of the Consolidated Financial Statements of the Group
involves taking into account climate change issues.
The consequences of climate change had no significant impact on the
Consolidated Financial Statements ended 31 December 2024 and 2025.
In addition, the Group\u2019s management ensured that the assumptions
underlying the estimates in the Consolidated Financial Statements account
for the future effects deemed most likely related to climate change issues
(e.g. assumptions used for goodwill impairment testing). The Group
considers that the consequences of climate change and the commitments
made by the Group do not have a significant impact on its medium-term
activities.
1.3 SEPARATION FROM VIVENDI
Vivendi SE (or \u2018Vivendi\u2019 or \u2018Vivendi Group\u2019 together with its subsidiaries) is
a European company which, since 7 January 2020, has been subject to
the provisions of French commercial company law that are applicable to
it in France, including Council Regulation EC No. 2157/2001 of 8
October 2001 on the statute for a European company (SE) and the
French Commercial Code (Code de commerce). Vivendi was
incorporated on 18 December 1987, for a term of 99 years expiring on
17 December 2086, except in the event of an early dissolution or unless
its term is extended. Its registered office is located at 42 Avenue de
Friedland - 75008 Paris (France). Vivendi\u2019s shares are listed on Euronext
Paris (Compartment A).
On 13 December 2023, Vivendi announced the initiation of a feasibility
study in relation to the separation of several entities from the Vivendi
Group, including the Group, each of which would become an
independent, publicly listed company, operating separately from Vivendi.
On 9 December 2024, the combined general shareholders\u2019 meeting of
Vivendi and the shareholders\u2019 meeting of CANAL+ approved the Partial
Demerger, which was implemented by way of a partial asset contribution
subject to the French legal regime applicable to demergers, whereby
Vivendi contributed to the Company all of the ordinary shares it held in
the share capital of Groupe CANAL+ SA.
The Partial Demerger became effective on 13 December 2024,
after which:
\u25aa CANAL+ SA issued 991,811,494 shares that were allocated directly
to the shareholders of Vivendi and corresponding to the number of
Vivendi shares in issue at 13 December 2024 (excluding the treasury
shares held by Vivendi at this date)
\u25aa The total number of issued CANAL+ shares was 991,959,494 , which
included the 148,000 existing CANAL+ SA shares already issued as
of that date.
\u25aa CANAL+ shares began trading on the London Stock Exchange on 16
December 2024
As of 31 December 2025 and 2024, transactions with Vivendi were still
qualified as transactions with related parties under IAS 24 and are disclosed
as such in these Consolidated Financial Statements. Commercial relationships
among the Group and Vivendi subsidiaries prior and subsequent to the
separation, are conducted on an arm\u2019s length basis on terms and conditions
similar to those which would be offered by third parties.
CONVERSION OF VIVENDI LOANS INTO EQUITY
\u25aa In 2024, prior to the Vivendi Spin-Off, loans granted by Vivendi and its
subsidiaries to the Group were converted into equity for a total
amount of \u20ac4,657 million:
\u25aa On 16 April 2024, Vivendi's loan to the Group was converted into
share capital to an amount of \u20ac3,400 million.
\u25aa On 30 September 2024, Vivendi\u2019s loans were converted into share
capital as follows:
\u25aa Groupe CANAL+ SA: \u20ac795 million
\u25aa DAILYMOTION: \u20ac350 million
\u25aa CANAL OLYMPIA: \u20ac112 million
LEGAL REORGANISATION AND CONTRIBUTION OF
CANAL+ SHARES HELD BY VIVENDI TO THE COMPANY
The arrangement that constituted the combined Group was not a legal
entity in its own right and was made up of entities under the common
control of Vivendi. The scope of combination principally comprised
entities held directly and indirectly by CANAL+ SA and other entities
held by Vivendi directly or indirectly through subsidiaries (mainly
DAILYMOTION SA, GROUP VIVENDI AFRICA SAS (\u2018GVA\u2019)) as well as
performance venues and licensing and production entities in France. Most
of them were previously operationally managed by the Group.
In order to better align the Group\u2019s operational and legal structure, after
completion of relevant employee representatives consultation process,
Vivendi and the Group entered into share transfer agreements organising
the following transfers from Vivendi (the \u2018Legal Reorganisation\u2019), as
summarised below:
\u25aa In September 2024, Groupe CANAL+ SA acquired 100% of the
shares of DAILYMOTION SA and CANAL+ International acquired
100% of the shares of CANAL OLYMPIA.
\u25aa In September 2024, Vivendi and CANAL+ International signed a
share purchase agreement whereby CANAL+ International agreed
to acquire 100% of the share capital of GVA, subject to certain
conditions. In 2025, the Group settled the deferred consideration
recognised as a liability in 2024.
\u25aa In July 2024 and September 2024, STUDIOCANAL executed binding
agreements for the transfer of the entire stake held by Vivendi in
various production entities in France, Poland and Germany, as well as
in STUDIOCANAL KIDS & FAMILY LIMITED (formerly known as
Copyrights Group), a global intellectual property management agency
developing, inter alia, the \u2018Paddington\u2019 brand.
\u25aa In July 2024, CANAL+ France acquired all of the shares held by
Vivendi in L\u2019Olympia and in UBU PRODUCTIONS, which holds 100%
of the share capital of SOCIETE NOUVELLE DU THEATRE DE
L\u2019OEUVRE.
The Legal Reorganisation described above was a business combination
under common control that was scoped out of IFRS 3 Business
combination. In the absence of an IFRS standard specifically applicable
to such a transaction, management elected to apply the pooling-of-
interests method in the consolidated financial statements of the Group,
based on the historical carrying values of the assets and liabilities of: (i)
Groupe CANAL+ SA and the subsidiaries it controlled before the Legal
Reorganisation, directly or indirectly and (ii) the assets and legal entities
acquired from Vivendi SE through the Legal Reorganisation.
On 13 December 2024, Vivendi contributed to the Company all of the
ordinary shares it held in the share capital of Groupe CANAL+ SA. As
a result, the Company issued, as consideration for such contribution,
991,811,494 shares.
As such, in the 2024 Group\u2019s Consolidated Financial Statements, the
contribution was directly recorded as an increase in equity attributable to
the Group shareholders (\u20ac248 million in share capital and \u20ac6,603
million in share premium), with a corresponding entry in retained
earnings. Additionally, consolidated equity was (i) adjusted by \u20ac665
million to neutralise the effect of the Legal Reorganisation and (ii)
increased by \u20ac4,657 million as a result of the Conversion of Vivendi\u2019s
loans into equity.
In 2024, separation costs were expensed as incurred and included fees
and expenses associated with the separation transaction. The costs
included legal and tax advice expenses, consulting services and other
separation activities related costs. Separation costs were included in the
consolidated statement of earnings line \u2018Technology, selling, general,
administrative costs & others\u2019.
1.4 GOING CONCERN
As part of the implementation of its strategic plan and the management
of its operations, and considering its current balance sheet position, the
principal and emerging risks which could impact its performance, the
Group evaluates, integrates, and tests scenarios that it considers
plausible. The Group defines its level of indebtedness and continuously
measures its liquidity needs to be able to seize opportunities when they
arise and meet its contractual obligations.
As of 31 December 2025, net debt amounted to \u20ac1,997 million,
comprising cash and cash equivalents of \u20ac830 million and gross
borrowings of \u20ac2,827 million.
In the context of its refinancing strategy, aimed at refinancing both the
Bridge Facility Agreement put in place for the acquisition of the
MultiChoice shares (\u20ac1,715 million), the existing indebtedness of
MultiChoice (ZAR 11 billion) and the term loan secured for the acquisition
of GVA (\u20ac335 million), the Group entered into several new financing
arrangements during the year. These transactions were executed across
both the capital markets, which demonstrated strong investor demand,
and the banking market, with the objective of establishing a robust and
diversified funding structure while significantly optimising the Group\u2019s cost
of funding.
During the year, the Group completed the following notable transactions
(see note 23.3):
\u25aa the issuance of euro-denominated Schuldschein loans for a total
nominal amount of \u20ac320 million, with maturities in July 2028 and
July 2030;
\u25aa the issuance of \u20ac700 million of euro-denominated unsecured senior
notes maturing in 2030;
\u25aa the signing of a new syndicated facilities agreement for a total amount
of \u20ac1,800 million, comprising:
\u25aa a \u20ac500 million term loan with an initial maturity in December 2026,
extendable by one additional year at the Group\u2019s option; and
\u25aa a \u20ac1,300 million amortising term loan with a final maturity in
December 2030, repayable in three instalments.
\"\"
In addition, the \u20ac750 million revolving credit facility, initially maturing in
July 2029, was extended in June 2025 to July 2030. This facility remains
available for drawings until its maturity date.
The Group\u2019s banking financing arrangements and Schuldschein loans
are subject to a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA 1 ratio below 3.5x (2.75x as of
31 December 2025, 1.96x excluding VAT and TST settlement effects
(see note 7.4)).
As of the date of approval of these consolidated financial statements,
the tests implemented by management, which incorporate the key
assumptions the Group is likely to face in the scenarios, demonstrate
a satisfactory level of financial resources and cash generation, thus
enabling the financing of its ongoing operations, including its contractual
and commercial commitments, investment expenditures, and the
management of its identified risks despite the current economic outlook.
Therefore, the management is satisfied that the Group has sufficient
resources to continue in operation for the foreseeable future, a period
of not less than twelve months from the date of this report and,
accordingly, adopt the going concern basis in preparing the
consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "CANAL+ SA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2026-01-01T00:00:00/2027-01-01T00:00:00" } }, "f-427": { "value": "public company with limited liability (Soci\u00e9t\u00e9 Anonyme, SA)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2026-01-01T00:00:00/2027-01-01T00:00:00" } }, "f-428": { "value": "50 Rue Camille Desmoulins, 92863 Issy-Les-Moulineaux Cedex 9, France", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2026-01-01T00:00:00/2027-01-01T00:00:00" } }, "f-429": { "value": "50 Rue Camille Desmoulins, 92863 Issy-Les-Moulineaux Cedex 9, France", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2026-01-01T00:00:00/2027-01-01T00:00:00" } }, "f-430": { "value": "France", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "France", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "The Group is a major player in content creation and Pay-TV distribution worldwide.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2026-01-01T00:00:00/2027-01-01T00:00:00" } }, "f-433": { "value": "
On 9 March 2026, at a meeting held at CANAL+\u2019s headquarters,
the Management Board approved and authorised for issuance the
Consolidated Financial Statements for the year ended 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
1.1 STATEMENT OF COMPLIANCE
The Consolidated Financial Statements have been prepared in
accordance with IFRS \u00ae Accounting Standards as endorsed by the EU,
and in accordance with IFRS Accounting Standards published by the
IASB with mandatory application as of 31 December 2025.
The Group applied standards and amendments, which are effective for
annual periods beginning on or after 1 January 2025 (unless otherwise
stated). The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet effective.
LACK OF EXCHANGEABILITY \u2013 AMENDMENTS TO IAS 21
For annual reporting periods beginning on or after 1 January 2025, Lack
of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates specifies how an entity should assess whether a
currency is exchangeable and how it should determine a spot exchange
rate when exchangeability is lacking. The amendments also require
disclosure of information that enables users of its financial statements to
understand how the currency not being exchangeable into the other
currency affects, or is expected to affect, the entity\u2019s financial
performance, financial position and cash flows. This amendment had no
material effect on the Group\u2019s consolidated financial statements.
NOTE 2 ACCOUNTING POLICIES AND
VALUATION METHODS
2.1 PRESENTATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS
2.1.1 CONSOLIDATED STATEMENT OF EARNINGS
The main line items presented in the Group\u2019s consolidated statement of
earnings are revenues, income from equity affiliates, interest, provision
for income taxes, and net earnings. The consolidated statement of
earnings presents a subtotal of operating income (EBIT) equal to
Earnings before income tax less: income/(loss) from equity affiliates,
interest expenses, income from investments, other financial income and
other financial expenses.
2.1.2 CONSOLIDATED STATEMENT OF CASH FLOWS
NET CASH PROVIDED BY OPERATING ACTIVITIES
Net cash provided by operating activities is calculated using the indirect
method based on operating income (EBIT). Operating income (EBIT) is
adjusted for non-cash items and changes in net working capital. Net cash
provided by operating activities excludes the cash impact of financial
charges and income and net changes in working capital related to
property and equipment, and intangible assets.
NET CASH USED FOR INVESTING ACTIVITIES
Net cash used for investing activities includes changes in net working
capital related to property and equipment, and intangible assets as well
as cash from investments (particularly dividends received from equity
affiliates). It also includes any cash flows arising from the gain or loss of
control of subsidiaries.
NET CASH USED FOR FINANCING ACTIVITIES
Net cash used for financing activities includes changes in the principal
amount of borrowings and other financial liabilities, net interest paid on
borrowings, bank overdrafts, the cash impact of other items related to
financing activities such as premiums from the early redemption of
borrowings and the settlement of derivative instruments, as well as the
cash payments for the principal amount of the lease liability and any
interest thereon. It also includes cash flows from changes in ownership
interests in a subsidiary that do not result in a loss of control (including
increases in ownership interests and transactions with shareholders).
2.1.3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Assets and liabilities that are expected to be realised, or intended for sale
or consumption, within an entity\u2019s normal operating cycle (generally 12
months), are recorded as current assets or liabilities. If their maturity
exceeds this period, they are recorded as non-current assets or liabilities.
2.2 SUMMARY OF MATERIAL ACCOUNTING
POLICIES
2.2.1 CONSOLIDATION PRINCIPLES
For a list of the major subsidiaries, joint ventures and associated entities
that form part of the Group, please refer to Note 28.
CONSOLIDATION
All companies in which the Group has a controlling interest, are fully
consolidated.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Specifically, the Group
controls an investee if, and only if, the Group has:
\u25aa Power over the investee (i.e., existing rights that give it the current
ability to direct the relevant activities of the investee)
\u25aa Exposure, or rights, to variable returns from its involvement with the
investee
\u25aa The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.
The Consolidated Financial Statements of the Group are presented as if
the Group was a single economic entity with two categories of owners:
(i)\u00a0the owners of the parent company (i.e. the Group owners) and (ii) the
owners of non-controlling interests (NCIs) (i.e., the minority shareholders of
the Group\u2019s subsidiaries). An NCI is defined as the interest in a subsidiary
that is not attributable, whether directly or indirectly, to a parent
company. As a result, reductions in a parent company\u2019s ownership
interest in a subsidiary that do not result in a loss of control only impact
equity, as control of the economic entity does not change. In addition, for
the acquisition of an additional interest in a consolidated entity, the
Group recognises the difference between the acquisition price and the
carrying amount of NCIs acquired as a change in equity attributable to
the Group owners.
Conversely, in case of acquisition of control achieved in stages, the
Group remeasure its previously held equity interest in the acquiree at its
acquisition\u2011date fair value and recognise the resulting gain or loss, if any,
in profit or loss. If the Group loses control over a subsidiary, the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity are derecognised, while any resulting gain or loss
is recognised in profit or loss. Any investment retained is recognised at
fair value.
ACCOUNTING FOR JOINT ARRANGEMENTS
IFRS 11 \u2013 Joint Arrangements establishes principles for financial reporting
by parties to a joint arrangement.
In a joint arrangement, parties are bound by a contractual arrangement,
giving these parties joint control of the arrangement. An entity that is a
party to an arrangement shall assess whether the contractual arrangement
gives all the parties or a group of the parties control of the arrangement
collectively. Once it has been established that all the parties or a group of
the parties collectively control the arrangement, joint control exists only
when decisions about the relevant activities require the unanimous consent
of the parties that collectively control the arrangement.
Joint arrangements are classified into two categories:
\u25aa Joint operations: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties
are called joint operators. A joint operator shall recognise 100% of
wholly owned assets/liabilities, expenses/revenues of the joint
operation, and its share of any of those items held jointly.
\u25aa Joint ventures: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the net assets of
the arrangement. Those parties are called joint venturers. Each joint
venturer shall recognise its interest in a joint venture as an investment
and shall account for that investment using the equity method in
accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures (please see below).
EQUITY ACCOUNTING - INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
Entities over which the Group exercises significant influence as well as
joint ventures are accounted for under the equity method.
Significant influence is deemed to exist when the Group holds, whether
directly or indirectly, at least 20% of the voting rights in an entity unless it
can be clearly established that the Group does not exercise a significant
influence. Significant influence can be evidenced through further criteria,
such as representation on the entity\u2019s board of Directors or equivalent
governing body, participation in policy-making of financial and
operational processes, material transactions with the entity or the
interchange of managerial personnel or provision of essential technical
information.
The aggregate of the Group\u2019s share of profit or loss of an associate
and a joint venture is shown on the face of the consolidated statement
of earnings outside operating profit and represents profit or loss after
tax and non-controlling interests in the subsidiaries of the associate or
joint venture.
Under the equity method, the investment in an associate or a joint venture
is initially recognised at cost. The carrying amount of the investment is
adjusted to recognise changes in the Group\u2019s share of net assets of the
associate or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is included in the
carrying amount of the investment and is not tested for impairment
separately. Impairments and reversals are presented within line \u2018Income
(loss) from equity affiliates\u2019 in the consolidated statement of earnings.
2.2.2 FOREIGN CURRENCY TRANSLATION
The Consolidated Financial Statements are presented in millions of
euros. The functional and presentation currency of the Group is the euro.
TRANSACTIONS IN FOREIGN CURRENCY
Foreign currency transactions are initially recorded in the functional
currency of the entity at the exchange rate prevailing at the date of the
transaction. At the closing date, foreign currency monetary assets and
liabilities are translated into the entity\u2019s functional currency at the
exchange rate prevailing on that date. All foreign currency differences
are recognised in profit or loss, except for differences resulting from
borrowings in foreign currencies which constitute a hedge of the net
investment in a foreign entity. These differences are allocated directly to
charges and income directly recognised in equity until the divestiture of
the net investment.
FOREIGN EXCHANGE DIFFERENCES ARISING ON QUASI-
EQUITY LOANS
The Group has several quasi-equity loans provided to some of its subsidiaries
which are eliminated in the consolidated financial statements in accordance to
IFRS10, and denominated in a currency other than the parent\u2019s functional
currency. For these loans the Group has determined that their settlement is
neither planned nor likely to occur in the foreseeable future. These loans form
a part of the Group net investment in a foreign operation.
Consequently, any foreign exchange differences arising from these loans
are recognized in charges and income directly recognised in equity from
the date these loans became a part of the net investment. These
exchange differences remain in equity until the net investment is disposed
of. At that point, the accumulated exchange differences are reclassified
from equity to profit or loss.
TRANSLATION OF FINANCIAL STATEMENTS DENOMINATED
IN FOREIGN CURRENCY
Except in cases of significant exchange rate fluctuation, financial
statements of subsidiaries, joint ventures or other associated entities
for which the functional currency is not the euro are translated into
euros as follows:
\u25aa the consolidated statement of financial position is translated at the
exchange rate at the end of the period, and
\u25aa the consolidated statement of earnings and the consolidated statement
of cash flows are translated using average monthly exchange rates for
the period.
The resulting translation gains and losses are recorded as foreign
currency translation differences in charges and income directly
recognised in equity. On disposal of a foreign operation, the aggregated
amount of translation differences recognised in equity relating to
disposed foreign operation is reclassified to profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any
fair value adjustments to the carrying amounts of assets and liabilities
arising on the acquisition are treated as assets and liabilities of the
foreign operation and translated at the spot rate of exchange at the
reporting date.
2.2.3 EARNINGS PER SHARE
According to IAS 33 \u2018Earnings per Share\u2019, basic Earnings Per Share
(\u2018EPS\u2019) is calculated by dividing the net earnings attributable to equity
holders of the Company by the weighted average number of shares
outstanding during the year, after deducting treasury shares.
Diluted earnings per share amounts are calculated by dividing the net
earnings attributable to equity holders of the Company, restated if
necessary for the financial cost of dilutive financial instruments, by the
weighted average number of outstanding shares, adjusted for the
weighted average number of treasury shares held in the year and for the
effects of all dilutive potential shares which comprise share rights granted
to employees.
2.2.4 REVENUES AND ASSOCIATED COSTS
Revenues from contracts with customers are recorded when performance
obligations promised in the contract are satisfied, and for an amount for
which it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. Revenues are reported net
of discounts.
INTELLECTUAL PROPERTY LICENSING
These licences transfer to a customer either a right to use an entity\u2019s
intellectual property as it exists at the point in time at which the licence is
granted (static licence), or a right to access an entity\u2019s intellectual property
as it exists throughout the licence period (dynamic licence).
Revenues are accounted for when the performance obligation promised
in the contract is satisfied (static licence) or over time upon satisfaction
(dynamic licence), i.e. when the seller transfers the risks and rewards of
the right to use/access the intellectual property and the customer obtains
control of the use/access of that licence. Consequently, revenues from
static licences are recognised at the point in time when the licence is
transferred and the customer is able to use and benefit from the licence.
Revenues from dynamic licences are accounted for over time, over the
licence period from the date the customer is able to use and benefit from
the licence.
ANALYSIS OF THE AGENT/PRINCIPAL RELATIONSHIP IN
SALES TRANSACTIONS INVOLVING A THIRD PARTY
If the nature of the entity\u2019s promise is a performance obligation to provide
the specified goods or services itself, then the entity acts on its own behalf
and the entity is the \u2018principal\u2019 in the sale transaction: the entity recognises
as revenue the gross amount of consideration to which it expects to be
entitled in exchange for the goods or services provided, and the
commission due to the third party as cost of revenues. If the entity
arranges for a third party to provide the goods or services specified in
the contract, the entity is the \u2018agent\u2019, then the entity recognises as revenues
the net amount of consideration to which the entity expects to be entitled
in exchange for the goods or services provided.
2.2.4.1 REVENUE RECOGNITION
Terrestrial, satellite or ADSL television subscription services
\u25aa Subscription to programmes
Each subscription to a contract for pay-TV services is considered as a
series of distinct services that are substantially the same and that have the
same pattern of transfer to the customer. The provision of set-top boxes,
digital cards and access fees do not represent distinct services or goods,
and they are combined with the subscription service as a single
performance obligation satisfied over time, as the customer
simultaneously receives and consumes the benefits provided by the
Group's performance as the pay-TV services are supplied. In its
relationship with the third-party distributor and the end customer, the
Group acts as the \u2018principal\u2019 in the transaction with the end customer for
the self-distribution contracts as it is responsible for the activation of the
subscription of the end customer and for setting the selling price.
Revenues, net of potential free periods granted, are then accounted for
over the period the service is provided, starting from the activation date
of the subscription and as the service is provided.
\u25aa Video-on-demand and television-on-demand services
The video-on-demand service (which allows customers to have unlimited
access to a catalogue of programmes through streaming) and the
television-on-demand service (which provides access to one-time
programmes by downloading or streaming) are services distinct from the
subscription service. In its relationship with the third-party distributor and
the end customer, the Group is not the \u2018principal\u2019, as the third-party
distributor is responsible for the performance of the service both
technically and commercially.
The video-on-demand service is a performance obligation which is
satisfied over time, and the revenues are accounted for over the period it
is provided to the customer. The television-on-demand service is a
performance obligation satisfied at a point in time, and the revenues are
accounted for when the content is available for broadcasting.
Sales of advertising spaces
These are sales of television advertising spaces (in the form of classic TV
commercials and partnerships for shows or events) or online advertising
spaces (i.e. videos and advertising banners). In its relationship with the
third-party distributor and the end customer, the Group is not the
\u2018principal\u2019, as the third party distributor is responsible for the performance
of the service and does not set the selling price.
\u25aa Television advertising spaces
Regarding commercials, the distinct performance obligation is the reach
of a given gross rating point (\u2018GRP\u2019), which generally comprises a set of
advertising messages aimed at a specific target audience and satisfied
over time. Revenues from these sales, net of rebates if any, are accounted
for over the period of the advertising campaign, generally as the
advertising commercials are broadcasted considering potential free
periods granted.
\u25aa Online advertising spaces
Each type of advertising imprint (advertising display) represents a distinct
performance obligation, because the advertiser can benefit separately
from each type of advertising imprint, satisfied at a point in time. Revenues
from the sale of online advertising spaces, net of rebates, if any, are
accounted for when the advertising imprints are produced, i.e. when the
advertisements are broadcasted on the website.
Film and television programmes
\u25aa Revenue from licencing audiovisual works
These sales are intellectual property licences granted by the Group to
broadcasters or to distributors and which give them certain rights over its
audiovisual works. These licences give the customer the right to use the
films as they exist at the point in time at which the licences are granted. In
its relationship with the third-party distributor and the end customer, the
Group is not the \u2018principal\u2019 in the transaction with the end customer, as the
distributor is responsible for the delivery of the film and for the price
setting to the end customer.
Revenues from licencing audiovisual works are recorded from the moment
the client is able to use it and obtain the remaining benefits. When the
consideration paid by the customer is a fixed price, revenues from the sales
of exploitation rights are recorded from the latest of the delivery and the
opening of the exploitation window set contractually or legally (refer to the
media chronology in France). When the consideration paid by the
customer is variable in the form of a sales-based royalty to the end
customer, revenues are recognised as the subsequent sale occurs.
Television series
\u25aa Production of TV series
These sales constitute intellectual property licences sold by
STUDIOCANAL to television channels, subscription video-on-demand
platforms, or distributors and which give them certain rights over its works.
These clients finance and commission the programme from the producer
for their specific needs. These licences are static licences because they
transfer a right to use the series as they exist at the point in time when the
licence is granted. In its relationship with its clients, STUDIOCANAL acts
as the 'principal\u2019 with respect to the third party. Revenues from the sale of
these rights are recorded when the performance obligations specified in
the contract are fulfilled. These contractual obligations may include the
production and client acceptance of the programme's components, or the
final delivery of the episodes.
\u25aa Distribution of TV series
These sales constitute intellectual property licences granted by
STUDIOCANAL to distributors, giving them certain rights over its works.
Revenues from the licensing of these rights are recorded from the moment
the client is able to use the programme and obtain the remaining benefits.
When the consideration paid by the customers is a fixed price, revenues
from the sales of exploitation rights are recorded from the latest of the
delivery and the opening of the exploitation set contractually or legally.
When the consideration paid by the customer is variable in the form of
sales based royalty to the end customer, revenues are recognised as the
subsequent sales occur.
2.2.4.2 COSTS
Content costs include all costs related to the acquisition, production
and editing of content (primarily amortisation and expenses of content
assets (see Note 2.2.5.2), personnel expenses, technical costs and other
associated expenses) as well as costs related to distribution and
aggregation of third parties\u2019 channels and platforms (Netflix, MAX,
Eurosport, beIN\u2026).
Technology, selling, general, administrative costs & others
primarily include technology and development costs, costs for sales
(distribution, marketing, advertising), and costs related to central functions.
2.2.5 ASSETS
2.2.5.1 GOODWILL AND BUSINESS COMBINATIONS
Business combinations are recorded using the acquisition method. Under
this method, upon the initial consolidation of an entity over which the
Group has acquired exclusive control:
\u25aa the identifiable assets acquired and the liabilities assumed are
recognised at their fair value on the acquisition date; and
\u25aa non-controlling interests are measured either at fair value (the \u2018full\u2019
goodwill method) or at the non-controlling interest\u2019s proportionate
share of the acquiree\u2019s net identifiable assets (the \u2018partial\u2019 goodwill
method). This option is available on a transaction-by-transaction basis.
On the acquisition date, goodwill is initially measured as the difference
between:
\u25aa the fair value of the consideration transferred, plus the amount of
non-controlling interests in the acquiree and, in a business combination
achieved in stages, the fair value on the acquisition date of the
previously held equity interest in the acquiree; and
\u25aa the net fair value of the identifiable assets acquired and liabilities
assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in
an increase in goodwill up to the extent attributable to these interests,
thereby leading to the recognition of a \u2018full goodwill'\u2019 Allocation of
the purchase price shall be performed within 12 months after the
acquisition date.
If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group re-assesses whether it has correctly
identified all of the assets acquired and all of the liabilities assumed and
reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results in an excess of the fair
value of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in profit or loss.
After the acquisition date, goodwill is measured at its initial amount
less recorded accumulated impairment losses (please refer to
Note 2.2.5.7 below).
In addition, the following principles are applied to business combinations:
\u25aa on the acquisition date, to the extent possible, goodwill is allocated to
each cash-generating unit likely to benefit from the business combination;
\u25aa contingent consideration in a business combination is recorded at fair
value on the acquisition date, and any subsequent adjustment
occurring after the purchase price allocation period is recognised in
the Consolidated Statements of Earnings of the Group;
\u25aa acquisition-related costs are recognised as expenses when incurred;
\u25aa goodwill is not amortised.
On disposal of a subsidiary or a part of Cash Generated Unit (CGU), or
a CGU, the goodwill associated with the disposed operation is included
in the carrying amount of the operation when determining the gain or loss
on disposal. Goodwill disposed in these circumstances is measured
based on the relative values of the disposed operation and the portion of
the cash-generating unit retained.
2.2.5.2 CONTENT ASSETS
Film, television or sports broadcasting rights
When entering into contracts for the acquisition of film, television or sports
broadcasting rights, the rights acquired are classified as contractual
commitments. They are recorded in the consolidated statement of
financial position and classified as content assets as follows:
\u25aa film and television broadcasting rights are recognised at their
acquisition cost when the programme is available for screening and
are amortised over their broadcasting period depending on the
percentage of consumption of economic benefits for each screening
estimated by the Group;
\u25aa sports broadcasting rights are recognised at their acquisition cost
upon the first payment for that amount, then for the remaining balance
at the opening of the broadcasting period of the related sports season
and are amortised over their broadcasting period;
\u25aa amortisation and impairment of film, television and sports broadcasting
rights are included in content costs.
Theatrical films and television rights produced or acquired
to be sold to third parties
Theatrical films and television rights produced or acquired before their
initial exhibition, which are to be sold to third parties, are recorded as
content assets at capitalised cost (mainly direct production and overhead
costs) or at their acquisition cost. The cost of theatrical films and television
rights are amortised, and other related costs are amortised, pursuant to
the estimated revenue method (i.e. based on the ratio of the current
period\u2019s gross revenues to estimated total gross revenues from all sources
on an individual production basis). The Group considers that amortisation
pursuant to the estimated revenue method reflects the rate at which the
entity plans to consume the future economic benefits related to the asset,
and that there is a high correlation between revenue and the
consumption of the economic benefits embodied in the intangible assets.
The estimates of the total remaining revenue forecasted have a significant
impact on the rate at which capitalised costs are amortised. The
determination of the total remaining revenue forecasted to be realised
requires the Company to make significant estimates of future revenue
based on the distribution strategy and historical performance of similar
content, as well as factors unique to the content itself. Estimates are made
by media: theatrical exploitation, home entertainment, television sales,
and all right sales or television sales for the Rest of the World. These
estimates are then updated during budgets and reforecasts, and after the
release of the movie based on actual performance.
Where appropriate, estimated losses in value are provided in full against
earnings for the period in which the losses are estimated, on an individual
product basis.
Film and television rights catalogues
Catalogues comprise film rights acquired for a second television
screening, or produced or acquired film and television rights that are sold
to third parties after their first television screening (i.e. after their first
broadcast on a free terrestrial channel). They are recognised as an asset
at their acquisition or transfer cost and amortised as groups of films, or
individually, based respectively on the estimated revenue method.
2.2.5.3 OTHER INTANGIBLE ASSETS
Intangible assets acquired separately are recorded at cost, and
intangible assets acquired in connection with a business combination are
recorded at their fair value on the acquisition date. The historical cost
model is applied to intangible assets after they have been recognised.
Assets with an indefinite useful life are not amortised but are subject to an
annual impairment test. Amortisation is accrued for assets with a finite
useful life. Useful life is reviewed at the end of each reporting period.
Other intangible assets include software, trade names and customer
bases. Internally generated catalogues, trade names, subscriber bases
and market shares are not recognised as intangible assets in the normal
course of business. Customer bases and trade names acquired in a
business combination are measured at fair value at the acquisition date.
Customer bases are depreciated using the straight-line method according
to their estimated useful life (2 to 12 years).
2.2.5.4 PROPERTY AND EQUIPMENT
Property and equipment are carried at historical cost less any
accumulated depreciation and impairment losses. Historical cost includes
the acquisition cost or production cost, costs directly attributable to
transporting an asset to its physical location and preparing it for its
operational use, the estimated costs relating to the demolition and the
collection of property and equipment, and the rehabilitation of the
physical location resulting from the incurred obligation.
When property and equipment include significant components with
different useful lives, they are recorded and amortised separately.
Depreciation is calculated using the straight-line method based on the
estimated useful life of the assets. Useful lives of the main components are
reviewed at the end of each reporting period and are as follows:
\u25aa buildings: 5 to 50 years
\u25aa equipment and machinery: 3 to 15 years
\u25aa set-top boxes: 5 to 7 years
\u25aa other: 2 to 10 years
After initial recognition, the cost model is applied to property and
equipment.
2.2.5.5 LEASE CONTRACTS
The Group assesses at contract inception whether a contract is, or
contains, a lease. That is, if the contract conveys the right to control the
use of an identified asset for a period of time in exchange for
consideration.
The Group as lessee
The Group recognises lease liabilities to make lease payments and right-
of-use assets representing the right to use the underlying assets, except for
short-term and low-value leases.
CANAL+ Group\u2019s main lease contracts are property leases and
transmission agreements acquired in the business combination with
MultiChoice.
Other transmission agreements are in general commercial service
agreements for which contract costs are expensed as operational costs
for the period.
Measurement of right-of-use assets and lease liabilities
Leases for which the Group is the lessee are recorded at the
commencement date and result in the recognition of a lease liability equal
to the present value of future fixed payments, against a right-of-use asset
relating to leases.
The right-of-use assets is recognised at cost at the inception date of the
lease. The cost of the right-of-use asset includes:
\u25aa the amount of the associated lease liability
\u25aa initial direct costs (incremental costs of obtaining the lease)
\u25aa payments made prior to the commencement of the lease, less any
lease incentives received
\u25aa dismantling and restoration costs (recognised and measured in
accordance with IAS 37)
After initial recognition, the right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term and the estimated
useful lives of the assets as follows :
\u25aa Property \u2013 from 1 to 15 years
\u25aa Transmission agreements \u2013 from 1 to 5 years
In determining the lease term, the management considers all facts and
circumstances that create an economic incentive to exercise an extension
option or not exercise a termination option. Extension options (or periods
after termination options) are only included in the lease term if the lease is
reasonably certain to be extended (or not terminated). The Group applies
judgment in assessing whether it is reasonably likely that options will be
exercised. Factors considered include how far in the future an option occurs,
the Group\u2019s business planning cycle, significance of related leasehold
improvements and past history of terminating/not renewing a lease.
At the commencement date of the lease, the Group recognises lease
liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including
in-substance fixed payments) less any lease incentives receivable, variable
lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments of
penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate.
After initial recognition, the liability is:
\u25aa increased by the effect of unwinding the associated lease liability
(interest expense on lease liabilities)
\u25aa decreased by the cash out for lease payments
\u25aa reassessed in the event of an amendment to the lease contract
The amount of lease liabilities relating to leases arising from business
combinations, is measured at the present value of the remaining fixed
lease payments, in accordance with IFRS 16, as if the leases acquired
were new leases at the acquisition date. The amount of the right of use
assets is measured at the amount of the lease liabilities, adjusted to reflect
the favorable or unfavorable nature of the lease terms compared with
market terms.
IFRS 16 requires the discount rate for each contract to be determined by
reference to the incremental borrowing rate of the borrowing entity. In
practice, given the organisation of the Group\u2019s financing, which is carried
or guaranteed almost exclusively by the Group, the incremental
borrowing rates are based on the yield curve for the currency
concerned, plus the financing component in the same currency. The rate
applied for each lease taken into account the lease payment profile.
Lease modifications and remeasurements
In the event of a reduction in the lease term or in the surface area leased,
the right-of-use asset and lease liability are reduced accordingly in line
with the percentage decrease, with the offsetting entry posted to gains
and losses on leases in the statement of earnings. The residual lease
liability, calculated using the discount rate revised as of the date of the
modification, is then adjusted against the right-of-use asset.
Increases in the lease term or in the surface area leased do not generate
gains or losses on lease modifications, but rather lead to a
remeasurement of the lease liability using a discount rate revised as of the
date of the modification, which is recognised against an adjustment to the
right-of-use asset.
Changes in the amount of the lease stipulated in the lease contract
that do not involve modification of the leased surface area or lease
term will lead to a remeasurement of the lease liability with no revision
of the discount rate, which is recognised against an adjustment to the
right-of-use asset.
Presentation in the consolidated statement of financial
position, the consolidated statement of earnings and the
consolidated statement of cash flows
The lease liability is a current or non-current liability. The depreciation of
right-of-use assets is included in operating income (EBIT). The effect of
unwinding the lease liability (interest expense on lease liabilities) is
included in other financial charges. Cash payments for the principal of the
lease liability and any interest thereon, are presented as financing
activities in the consolidated statement of cash flows.
2.2.5.6 IMPAIRMENT OF NON-FINANCIAL ASSETS
The Group assesses at each reporting date whether there is an indication
that an asset may be impaired. Each time events or changes in the
economic environment indicate a risk of impairment to goodwill, other
intangible assets, property and equipment, and assets in progress, the
Group re-examines the recoverable amount of these assets. In addition, in
accordance with applicable accounting standards, goodwill, other
intangible assets with an indefinite useful life, and intangible assets in
progress are all subject to an annual impairment test undertaken in the
fourth quarter of each fiscal year. This impairment test is performed to
compare the recoverable amount of an asset or a cash-generating unit
(\u2018CGU\u2019) or, if necessary, groups of CGUs, to the carrying amount of the
corresponding assets (including goodwill). A CGU is the smallest
identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets. The
Group operates through different media and content businesses. Each
business offers different products and services that are marketed through
various channels. CGUs are independently defined at each business
level, corresponding to the Group operating segments. For a description
of the Group\u2019s CGUs and groups of CGUs, please refer to Note 10.
The recoverable amount is determined for each individual asset as the
higher of: (i) its value in use; and (ii) its fair value (less costs to sell) as
described hereafter. If an asset does not generate cash inflows that are
largely independent of other assets or groups of assets, the recoverable
amount is determined for the CGU\u00a0to which the asset belongs. In
particular, an impairment test of goodwill is performed by the Group for
each CGU or group of CGUs, depending on the level at which the
Group\u2019s management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to
exceptions, as the discounted value of future cash flows (Discounted Cash
Flow method (\u201cDCF\u201d)) by using cash flow projections consistent with the
budget of the following year and the most recent forecasts prepared by
the operating segments.
In assessing value in use, the estimated future cash flows are discounted
to their present value using a discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
Applied discount rates are determined by reference to available external
sources of information, usually based on financial institutions\u2019 benchmarks,
and reflect the current assessment by the Group of the time value of
money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs are those used to
prepare budgets for each CGU or group of CGUs and, beyond the
period covered, are consistent with growth rates estimated by the
business by extrapolating growth rates used in the budget, without
exceeding the long-term average growth rate for the markets in which the
Group operates.
The Group bases its impairment calculation on the most recent budgets
and forecast calculations, which are prepared separately for each of the
Group\u2019s CGUs to which the individual assets are allocated. These
budgets and forecast calculations generally cover a maximum period of
five years. A perpetual rate is calculated and applied to project future
cash flows after the fifth year.The fair value (less costs to sell) is the price
that would be received from the sale of an asset or group of assets in an
orderly transaction between market participants at the measurement
date, less costs to sell. These values are generally determined on the basis
of market data (stock market prices or comparison with similar listed
companies, with the value attributed to similar assets or companies in
recent transactions) or, in the absence of such data, on the basis of
discounted cash flows.
If the recoverable amount is lower than the carrying amount of an asset
or group of assets, an impairment loss equal to the difference is
recognised in operating income (EBIT). In the case of a group of assets,
this impairment loss is first recorded against goodwill.
The impairment losses recognised in respect of property and equipment,
and intangible assets (other than goodwill) may be reversed in a later
period if there is an indication that the recoverable amount becomes
greater than the carrying amount, within the limit of impairment losses
previously recognised. Impairment losses recognised in respect of
goodwill cannot be reversed at a later date.
2.2.5.7 FINANCIAL ASSETS
Financial assets are initially recognised at fair value which corresponds,
in general, to the consideration paid and is best evidenced by the
acquisition cost (including associated acquisition costs, if any). Thereafter,
financial assets are measured at fair value or at amortised cost
depending on the financial asset category to which they belong.
Financial assets are classified into the accounting categories \u2018financial
assets at amortised cost\u2019, \u2018financial assets at fair value through other
comprehensive income\u2019 and \u2018financial assets at fair value through profit
or loss\u2019.
This classification depends on the entity\u2018s business model for managing
the financial assets and its contractual terms, enabling the determination
of whether the cash flows are solely payments of principal and interest
(SPPI). The financial assets that contain an embedded derivative should be
considered in full to determine whether their cash flows are SPPI.
Financial assets at fair value
These include financial assets measured at fair value through other
comprehensive income, derivative financial instruments with a positive value
and other financial assets measured at fair value through profit or loss. Most
of these financial assets are actively traded in organised financial markets
given that their fair value is calculated by reference to the published market
price at the period end. Fair value is estimated for financial assets which do
not have a published market price on an active market. As a last resort,
when a reliable estimate of fair value cannot be made using valuation
techniques and in the absence of an active market, the Group values
financial assets at historical cost less any impairment losses.
These financial assets are initially recognised on the trade date, when the
Company becomes a party to the contractual terms of the instrument.
Dividend income is recognised when the Group\u2019s entitlement to receive
payment is confirmed.
Valuation method at fair value is defined according to the three following
classification levels:
\u25aa Level 1: fair value measurement based on quoted prices in active
markets for identical assets or liabilities
\u25aa Level 2: fair value measurement based on observable market data
(other than quoted prices included under Level 1)
\u25aa Level 3: fair value measurement based on valuation techniques
using inputs for the asset or liability that are not based on observable
market data
The fair value of trade accounts receivable, cash and cash equivalents,
and trade accounts payable is a reasonable estimate of fair value, due to
the short maturity of these instruments.
Financial assets at amortised cost
Financial assets at amortised cost consist of debt instruments held within a
business model whose objective is to hold financial assets to collect
contractual cash flows that are solely payments of principal and interest
on the principal amount outstanding. At the end of each period, these
assets are measured at amortised cost using the effective interest method.
Impairment of financial assets
The Group assesses the expected credit loss associated with its financial
assets recognised at amortised cost and debt instrument recognised at
fair value through other comprehensive income on a prospective basis. A
loss allowance for expected credit loss based on probability of default is
recognised by the Group at initial recognition. The loss allowance is
updated for changes in these expected credit losses at each reporting
date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, the
Group compares the credit risk at the reporting date with the credit risk
at the date of initial recognition based on reasonable forward-looking
information and events, including credit ratings if available, and significant
adverse changes (actual or expected) in economic, financial or business
conditions that are expected to result in a material change in the
borrower's ability to meet its obligations.
The definition of default and write-off policy are defined specifically within
each operating entity.
If there is objective evidence that an impairment loss has been incurred,
the amount of this loss, measured as the difference between the financial
asset\u2019s carrying amount and its recoverable amount (equal to the present
value of estimated future cash flows discounted at the financial asset\u2019s
initial effective interest rate), is recognised in profit or loss. Impairment
losses may be reversed if the recoverable amount of the asset
subsequently increases in the future.
2.2.5.8 INVENTORIES
Inventories are valued at the lower of cost and net realisable value.
Cost comprises purchase costs, production costs and other supply
and packaging costs. These are usually calculated using the weighted
average cost method. Net realisable value is the estimated selling price
in the normal course of business less estimated completion costs and
selling costs.
2.2.5.9 TRADE ACCOUNTS RECEIVABLE
Trade accounts receivable are initially recognised at fair value, which is
generally equal to their nominal value. Expected loss rates on trade
receivables are calculated by the relevant operating entities over their
lifetime, from initial recognition, and are based on historical data that also
incorporates forward-looking information. In addition, accounts
receivable from terminated customers subject to insolvency proceedings
or customers with whom the Group is involved in litigation or a dispute
are generally impaired in full.
2.2.5.10 CASH AND CASH EQUIVALENTS
The \u2018cash and cash equivalents\u2019 category, defined in accordance with
IAS 7, includes, on one hand, cash in banks and both interest-bearing
and non-interest-bearing demand deposits, which correspond to cash,
and, on the other hand, monetary Undertaking for Collective Investment
in Transferable Securities (UCITS) and other highly liquid investments with
initial maturities of generally three months or less which correspond to
cash equivalents.
Investments in securities, investments with initial maturities of more than
three months without an early termination option and bank accounts
subject to restrictions (blocked accounts), other than restrictions due to
regulations specific to a country or activity sector (e.g. exchange
controls), are classified as financial assets, rather than as cash equivalents.
Moreover, the historical performances of the investments are monitored
regularly to confirm their accounting classification as cash equivalents.
2.2.6 FINANCIAL LIABILITIES
Long-term and short-term borrowings and other financial liabilities include:
\u25aa bonds and credit facilities, as well as various other borrowings
(including commercial paper and debt related to finance leases) and
related accrued interest
\u25aa obligations arising out of commitments to purchase non-controlling
interests
\u25aa bank overdrafts
\u25aa the negative value of other derivative financial instruments. Derivatives
with positive values are recorded as financial assets in the
consolidated statement of financial position
2.2.6.1 BORROWINGS
All borrowings are initially accounted for at fair value net of transaction
costs directly attributable to the borrowing (please refer to Note 2.2.5.7 for
fair value classification levels). Borrowings bearing interest are subsequently
valued at amortised cost, applying the effective interest method. The
effective interest rate is the internal yield rate that discounts future cash
flows over the term of the borrowing. In addition, where the borrowing
comprises an embedded derivative (e.g. an exchangeable bond) or an
equity instrument (e.g. a convertible bond), the amortised cost is calculated
for the debt component only, following the separation of the embedded
derivative or equity instrument. In the event of a change in expected future
cash flows (e.g. redemption occurs earlier than initially expected), the
amortised cost is adjusted against earnings to reflect the value of the new
expected cash flows, discounted at the initial effective interest rate.
2.2.6.2 COMMITMENTS TO PURCHASE NON-
CONTROLLING INTERESTS
The Group has committed to purchase the non-controlling interests of
some of the minority shareholders of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g. put options) or
mandatory (e.g. forward purchase contracts).
The following accounting treatment has been applied:
\u25aa Upon initial recognition, the commitment to purchase non-controlling
interests is recognised as a financial liability for the present value of
the purchase price under the put option or forward purchase contract,
mainly offset by the book value of non-controlling interests and the
remaining balance through equity attributable to the Group owners
\u25aa Subsequent changes to the value of the commitment are recognised as
a financial liability through an adjustment to equity attributable to the
Group owners
\u25aa Upon maturity of the commitment, if the non-controlling interests are not
purchased, the previously recognised entries are reversed; if the non-
controlling interests are purchased, the amount recognised in financial
liabilities is reversed, offset by the cash outflow relating to the
purchase of the non-controlling interests
2.2.6.3 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to manage and reduce its
exposure to foreign currency exchange rates. All instruments are either
listed on organised markets or traded over the counter with highly rated
counterparties. These instruments include interest rate and currency
swaps, and forward exchange contracts. All these derivative financial
instruments are used for hedging purposes. At the inception of the
hedging relationship there is a formal designation and documentation of
the hedging relationship and the entity\u2019s risk management objective and
strategy for undertaking the hedge.
Derivatives are initially measured at fair value on the settlement date and
are subsequently remeasured at fair value on each subsequent reporting
date (please refer to notes 2.2.5.7 and 23 for fair value classification
levels). The recognition of subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if
applicable, the nature of the hedged item and the type of hedging
relationship designated. When these contracts qualify as hedges for
accounting purposes, gains and losses arising on these contracts are
offset in earnings against the gains and losses relating to the hedged item.
When forward contracts are used as hedging instruments, the Group
only qualifies as hedging instruments the change in the fair value of the
forward contract related to the variation of the spot exchange rate.
Changes in the forward points are excluded from the hedging
relationship and are recognised either in the financial result or through
other charges and income directly recognised in equity, on a hedge-by-
hedge basis, applying the \u201ccost hedging\u201d method permitted by IFRS 9.
Fair value hedge
When the derivative financial instrument hedges exposures to fluctuations
in the fair value of an asset or a liability recognised in the consolidated
statement of financial position or of a firm commitment which is not
recognised in the Statement of Financial Position, it is a fair value hedge.
The instrument is remeasured at fair value in earnings, with the gains or
losses arising on remeasurement of the hedged portion of the hedged
item offset on the same line of the consolidated statement of earnings, or,
as part of a forecasted transaction relating to a non-financial asset or
liability, at the initial cost of the asset or liability.
Cash flow hedge
When the derivative financial instrument hedges cash flows, it is a cash
flow hedge. The hedging instrument is remeasured at fair value and the
portion of the gain or loss that is determined to be an effective hedge is
recognised through other charges and income directly recognised in
equity, whereas its ineffective portion is recognised in earnings. When the
hedged item is realised, accumulated gains and losses recognised in
equity are released to the consolidated statement of earnings and
recorded on the same line as the hedged item; as part of a forecasted
transaction on a non-financial asset or liability, they are recognised at the
initial cost of the asset or liability.
For cash flow hedges, the amount accumulated in OCI is reclassified to
profit or loss as a reclassification adjustment in the same period or
periods during which the hedged cash flows affect profit or loss.\u00a0
If cash flow hedge accounting is discontinued, the amount that has been
accumulated in cash flow hedge reserve must remain in equityI if the
hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a
reclassification adjustment. After discontinuation, once the hedged cash
flow occurs, any amount remaining in cash flow hedge reserve must be
accounted for depending on the nature of the underlying transaction as
described above.
Net investment hedge
When the derivative financial instrument hedges a net investment in a
foreign operation, it is recognised in the same way as a cash flow hedge.
Presentation in the consolidated statement of earnings
Derivative financial instruments that do not qualify as a hedge for
accounting purposes are remeasured at fair value and resulting gains
and losses are recognised directly in earnings, without remeasurement of
the underlying instrument.
Income and expenses relating to foreign currency instruments used to
hedge highly probable budget exposures and firm commitments
contracted pursuant to the acquisition of editorial content rights (including
sports, audiovisual and film rights) are recognised in operating income
(EBIT). In all other cases, gains and losses arising on the fair value
remeasurement of instruments are recognised in other financial charges
and income.
2.2.7 OTHER LIABILITIES
2.2.7.1 PROVISIONS
Provisions are recognised when, at the end of the reporting period, the
Group has a legal obligation (statutory, regulatory or contractual) or a
constructive obligation as a result of past events, and it is probable that an
outflow of resources embodying economic benefits will be required to
settle the obligation and the obligation can be reliably estimated. Where
the effect of the time value of money is material, provisions are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money. If the amount of the
obligation cannot be reliably estimated, no provision is recorded and a
disclosure is made in the Notes to the Consolidated Financial Statements.
2.2.7.2 EMPLOYEE BENEFIT PLANS
In accordance with the laws and practices of each country in which the
Group operates, the Group participates in, or maintains, employee
benefit plans providing retirement pensions, post-retirement health care,
life insurance and post-employment benefits to eligible employees, former
employees, retirees and such of their beneficiaries who meet the required
conditions. Retirement pensions are provided for substantially all
employees through defined contribution plans, which are integrated with
local social security and multi-employer plans, or defined benefit plans,
which are generally managed via roup pension plans. The plan funding
policy implemented by the Group is consistent with applicable
government funding requirements and regulations.
Defined contribution plans
The Group provides retirement benefits to its full-time employees, by
means of monthly contributions to a defined contribution pension fund.
The assets of this fund are held in separate trustee administered funds.
The Group\u2019s contribution to the retirement fund is recognised as an
expense in the period in which the employees render the related service.
Defined benefit plans
Defined benefit plans may be funded by investments in various instruments
such as insurance contracts or equity and debt investment securities,
excluding shares or debt instruments of any entity within the Group.
Pension expenses and defined benefit obligations are calculated by
independent actuaries using the projected unit credit method over the
vesting period. This method is based on annually updated assumptions
which include the probability of employees remaining with the Group until
retirement, expected changes in future compensation and an appropriate
discount rate for each country in which the Group maintains a pension
plan. The assumptions adopted and the means of determining these
assumptions are presented in Note 21. A provision is recorded in the
consolidated statement of financial position equal to the difference
between the present value of the related benefits (Defined Benefit
Obligation) and the fair value of any associated plan assets, and this
includes past service costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognised
as follows:
\u25aa the service cost is included in technology, selling, general,
administrative expenses and others. It comprises current service cost,
past service cost resulting from a plan amendment or a curtailment,
fully recognised in profit and loss, and gains and losses on settlement;
\u25aa the financial component, recorded in other financial charges and
income, consists of the undiscounting of the obligation, less the
expected return on plan assets determined using the discount rate
retained for the measurement of the benefit obligation;
\u25aa the remeasurements of the net defined benefit liability (asset),
recognised in items not subsequently reclassified to profit or loss within
charges and income directly recognised in other comprehensive
income. It mainly consists of actuarial gains and losses, i.e., changes in
the present value of the defined benefit obligation and plan assets
resulting from changes in actuarial assumptions and experience
adjustments (representing the differences between the expected effect
of some actuarial assumptions applied to previous valuations and the
effective impact).
Where the value of plan assets exceeds benefit obligations, a financial
asset is recognised up to the present value of future refunds and the
expected reduction in future contributions.
2.2.8\u00a0 TAXES
2.2.8.1 CURRENT INCOME TAX
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities. The
tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted at the reporting date in the countries
where the Group operates and generates taxable income.
Current income tax relating to items recognised directly in equity is
recognised in equity and not in profit or loss. Management periodically
evaluates positions taken in the tax returns with respect to situations in
which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
2.2.8.2 DEFERRED TAX
Deferred tax is provided using the liability method on temporary
differences between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes at the reporting date.
Differences existing at closing between the tax base value of assets and
liabilities and their carrying amount in the consolidated statement of
financial position give rise to temporary differences. Pursuant to the
liability method, these temporary differences result in the accounting of:
\u25aa deferred tax assets, when the tax base value is greater than the
carrying amount (expected future tax saving);
\u25aa deferred tax liabilities, when the tax base value is lower than the
carrying amount (expected future tax expense).
Deferred tax assets and liabilities are measured at the expected tax rates
for the year during which the asset will be realised or the liability settled,
based on tax rates (and tax regulations) enacted or substantially enacted
by the closing date. They are reviewed at the end of each fiscal year, in
line with any changes in applicable tax rates.
Deferred tax assets are recognised for all deductible temporary
differences, tax loss carry-forwards and unused tax credits, insofar as it is
probable that a taxable profit will be available, or when a current tax
liability exists to make use of those deductible temporary differences, tax
loss carry-forwards and unused tax credits, except where the deferred
tax asset associated with the deductible temporary difference is
generated by initial recognition of an asset or liability in a transaction that
is not a business combination, and, at the transaction date, does not
impact accounting income, nor tax income or loss.
For deductible temporary differences resulting from investments in
subsidiaries, joint ventures and other associated entities, deferred tax
assets are recorded to the extent that it is probable that the temporary
difference will reverse in the foreseeable future and that a taxable profit
will be available against which the temporary difference can be utilised.
The carrying amount of deferred tax assets is reviewed at each closing
date, and revalued or reduced to the extent that it is more or less
probable that a taxable profit will be available to allow the deferred tax
asset to be utilised. When assessing the probability of a taxable profit
being available, account is taken, primarily, of prior years\u2019 results,
forecasted future results, non-recurring items unlikely to occur in the future
and the tax strategy. As such, the assessment of the Group\u2019s ability to
utilise tax losses carried forward is to a large extent judgment-based. If
the future taxable results of the Group differ significantly from those
expected, the Group would be required to increase or decrease the
carrying amount of deferred tax assets with a potentially material impact
on the consolidated statement of financial position and the consolidated
statement of earnings of the Group.
Deferred tax liabilities are recognised for all taxable temporary
differences, except where the deferred tax liability results from goodwill
or initial recognition of an asset or liability in a transaction that is not a
business combination, and, at the transaction date, does not impact
accounting income, tax income or loss.
For taxable temporary differences resulting from investments in subsidiaries,
joint ventures and other associated entities, deferred tax liabilities are
recorded except to the extent that both of the following conditions are
satisfied: the parent, investor or venturer is able to control the timing of the
reversal of the temporary difference, and it is probable that the temporary
difference will not be reversed in the foreseeable future.
Current tax and deferred tax shall be charged or credited directly to
equity, and not earnings, if the tax relates to items that are credited or
charged directly to equity.
2.2.9 SHARE-BASED COMPENSATION
2.2.9.1 EQUITY-SETTLED SHARE-BASED COMPENSATION
Executives and some key employees of CANAL+ Group benefit from
share-based compensation plans (share purchase plans, performance share
plans and bonus share plans) or other equity instruments based on the
value of the Group share price. Grants under these plans are approved by
the Group\u2019s Management Board and Supervisory Board. In addition, the
definitive grant of performance shares is contingent upon the achievement
of specific performance objectives set by the Group\u2019s Management Board
and the Supervisory Board. Moreover, all granted plans are conditional
upon active employment at the relevant vesting date.
Equity-settled share-based payments are measured at fair value at the
grant date. The fair value is recognised as personnel costs, with a
corresponding increase in equity, on a straight-line basis over the
vesting period.
The fair value of such instruments is assessed using a binomial model. This
method relies on assumptions updated at the valuation date such as the
calculated volatility of the relevant shares, the discount rate
corresponding to the risk-free interest rate, the expected dividend yield,
and the probability of relevant managers and employees remaining
employed within the Group until the exercise of their rights.
The cumulative expense recognised for equity-settled transactions at each
reporting date reflects the progress of the vesting period and the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest.
The expense in the Financial Statement of earnings for a period
represents the change in the cumulative expense from the beginning to
the end of that period. Service and non-market performance conditions
are not included in determining the grant date fair value, but the Group
assesses the likelihood of these conditions being met as part of its
estimate of the number of equity instruments that will vest. Market
performance conditions are accounted for in the grant date fair value.
2.2.9.2 CASH-SETTLED SHARE-BASED COMPENSATION
For cash-settled share based compensation a liability is recognised for the
fair value of cash-settled transactions. The fair value is measured initially
and at each reporting date up to and including the settlement date, with
changes in fair value recognised in profit or loss.
The fair value is expensed over the period until the vesting date with
recognition of a corresponding liability. The fair value is determined
using a binomial model. The approach used to account for vesting
conditions when measuring equity-settled transactions also applies to
cash-settled transactions.
Share-based compensation cost is allocated to each operating segment,
pro rata to the number of equity instruments or equivalent instruments
granted to their managers and employees.
2.4 RELATED PARTIES
The Group\u2019s related parties are those companies over which the Group
exercises exclusive control, joint control or significant influence,
shareholders exercising joint control over Group joint ventures, non-
controlling interests exercising significant influence over Group
subsidiaries, corporate officers, Group management, and Directors and
companies over which the latter exercise exclusive control, joint control or
significant influence.
The transactions with subsidiaries over which the Group exercises control
are eliminated within the intersegment transactions (a list of the Group\u2019s
major consolidated entities is set out in Note 28). Moreover, commercial
relationships among subsidiaries of the Group, aggregated in operating
segments, are conducted on an arm\u2019s length basis on terms and
conditions similar to those which would be offered to third parties.
2.5 CONTRACTUAL OBLIGATIONS AND
CONTINGENT ASSETS AND LIABILITIES
Once a year, the Group and its subsidiaries prepare detailed reports on
all contractual obligations, commercial and financial commitments, and
contingent obligations, for which they are jointly and severally liable, and
that are material to the Group. These detailed reports are updated by the
relevant departments and reviewed by senior management on a regular
basis. To ensure completeness, accuracy and consistency of these reports,
some dedicated internal control procedures are carried out, including
(but not limited to) the review of:
\u25aa minutes of meetings of the shareholders, Management Board,
Supervisory Board and committees of the Supervisory Board of
CANAL+ SA in respect of matters such as contracts, litigation and
authorisation of asset acquisitions or divestitures;
\u25aa pledges and guarantees with banks and financial institutions;
\u25aa pending litigation, claims (in dispute) and environmental matters as well
as related assessments for unrecorded contingencies with internal
and/or external legal counsels;
\u25aa tax examiner\u2019s reports and, if applicable, notices of reassessments for
prior years;
\u25aa insurance coverage for unrecorded contingencies with the Risk
Management Department and insurance agents and brokers with
whom entities within the Group have contracted;
\u25aa related-party transactions for guarantees and other given or received
commitments;
\u25aa more generally, major contracts and agreements
2.6 NEW IFRS ACCOUNTING STANDARDS
AND IFRS INTERPRETATIONS COMMITTEE
INTERPRETATIONS
Among the IFRS Accounting Standards and IFRIC Interpretations issued
by the IASB/IFRS Interpretations Committee as of the approval date of
these consolidated financial statements, but not yet effective, for which the
Group has not opted for early application, the main standard likely to
affect the Group is :
IFRS 18, PRESENTATION AND DISCLOSURES IN FINANCIAL
STATEMENTS,
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 and
introduces new requirements for presentation within profit or loss,
including specified totals and subtotals, classification of all income and
expenses within profit or loss, disclosure of management-defined
performance measures and new requirements for aggregation and
disaggregation of financial information.
IFRS 18, and the amendments to the other standards, are effective for
reporting periods beginning on or after 1 January 2027, but earlier
application is permitted. IFRS 18 will apply retrospectively. The standard
is currently in the process of endorsement by the EU.
The Group is currently working to identify all impacts the new standard
will have on the consolidated financial statements and the notes.
AMENDMENTS TO IFRS 9 / IFRS 7 - CLASSIFICATION AND
MEASUREMENT OF FINANCIAL INSTRUMENTS.
In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7
regarding the classification and measurement of financial instruments. The
amendments relate to the settling of financial liabilities using an electronic
payment system, as well as assessing contractual cash flow characteristics
of financial assets, including those with environmental, social and
governance linked features. The amendments are effective for periods
beginning on or after January 1, 2026, with early adoption permitted. The
Group is currently evaluating the impact of adoption.
IASB ANNUAL IMPROVEMENTS
In July 2024, the IASB issued Annual Improvements to IFRS Accounting
Standards \u2013 Volume 11, which included amendments to the following
standards: Amendments to IFRS 1 First-time Adoption of International
Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures
and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial
Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7
Statement of Cash Flows. The amendments are effective for periods
beginning on or after January 1, 2026, with early adoption permitted. The
Group is currently evaluating the impact of adoption.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
1.1 STATEMENT OF COMPLIANCE
The Consolidated Financial Statements have been prepared in
accordance with IFRS \u00ae Accounting Standards as endorsed by the EU,
and in accordance with IFRS Accounting Standards published by the
IASB with mandatory application as of 31 December 2025.
The Group applied standards and amendments, which are effective for
annual periods beginning on or after 1 January 2025 (unless otherwise
stated). The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet effective.
LACK OF EXCHANGEABILITY \u2013 AMENDMENTS TO IAS 21
For annual reporting periods beginning on or after 1 January 2025, Lack
of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates specifies how an entity should assess whether a
currency is exchangeable and how it should determine a spot exchange
rate when exchangeability is lacking. The amendments also require
disclosure of information that enables users of its financial statements to
understand how the currency not being exchangeable into the other
currency affects, or is expected to affect, the entity\u2019s financial
performance, financial position and cash flows. This amendment had no
material effect on the Group\u2019s consolidated financial statements.
2.6 NEW IFRS ACCOUNTING STANDARDS
AND IFRS INTERPRETATIONS COMMITTEE
INTERPRETATIONS
Among the IFRS Accounting Standards and IFRIC Interpretations issued
by the IASB/IFRS Interpretations Committee as of the approval date of
these consolidated financial statements, but not yet effective, for which the
Group has not opted for early application, the main standard likely to
affect the Group is :
IFRS 18, PRESENTATION AND DISCLOSURES IN FINANCIAL
STATEMENTS,
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 and
introduces new requirements for presentation within profit or loss,
including specified totals and subtotals, classification of all income and
expenses within profit or loss, disclosure of management-defined
performance measures and new requirements for aggregation and
disaggregation of financial information.
IFRS 18, and the amendments to the other standards, are effective for
reporting periods beginning on or after 1 January 2027, but earlier
application is permitted. IFRS 18 will apply retrospectively. The standard
is currently in the process of endorsement by the EU.
The Group is currently working to identify all impacts the new standard
will have on the consolidated financial statements and the notes.
AMENDMENTS TO IFRS 9 / IFRS 7 - CLASSIFICATION AND
MEASUREMENT OF FINANCIAL INSTRUMENTS.
In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7
regarding the classification and measurement of financial instruments. The
amendments relate to the settling of financial liabilities using an electronic
payment system, as well as assessing contractual cash flow characteristics
of financial assets, including those with environmental, social and
governance linked features. The amendments are effective for periods
beginning on or after January 1, 2026, with early adoption permitted. The
Group is currently evaluating the impact of adoption.
IASB ANNUAL IMPROVEMENTS
In July 2024, the IASB issued Annual Improvements to IFRS Accounting
Standards \u2013 Volume 11, which included amendments to the following
standards: Amendments to IFRS 1 First-time Adoption of International
Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures
and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial
Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7
Statement of Cash Flows. The amendments are effective for periods
beginning on or after January 1, 2026, with early adoption permitted. The
Group is currently evaluating the impact of adoption.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "STATEMENT OF COMPLIANCE
The Consolidated Financial Statements have been prepared in
accordance with IFRS \u00ae Accounting Standards as endorsed by the EU,
and in accordance with IFRS Accounting Standards published by the
IASB with mandatory application as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
1.2 BASIS OF PREPARATION AND
CONSOLIDATION
The Consolidated Financial Statements have been prepared on a going
concern basis and on a historical cost basis, with the exception of certain
assets and liabilities that have been measured at fair value according to
IFRS 13 - fair value measurement. Relevant categories and disclosures are
detailed in Note 2.
The consolidated financial statements are presented in euros and
all values are rounded to the nearest million, except when otherwise
indicated.
The consolidated financial statements provide comparative information in
respect of the previous period.
The Consolidated Financial Statements include the financial statements
of the Company and its subsidiaries (together referred to as the \u2018Group\u2019)
after eliminating intra-group items and transactions and the Group\u2019s
interests in associates and jointly controlled entities.\u00a0
The Group has a 31 December year end. Subsidiaries that do not have
a 31 December year end prepare interim financial statements as of that
date, except when their year end falls within the three months preceding
31 December.
Subsidiaries that have been acquired by the Group are included in the
Consolidated Financial Statements as of the date of acquisition.
KEY JUDGEMENTS AND ESTIMATES
The preparation of the Consolidated Financial Statements in compliance
with IFRS Accounting Standards requires the Group\u2019s management to
make certain estimates and assumptions which it considers reasonable
and realistic. Although these estimates and assumptions are regularly
reviewed, based in particular on past or anticipated achievements, facts
and circumstances may lead to changes in these estimates and
assumptions which could have an impact on the reported amount of the
Group\u2019s assets, liabilities, equity or earnings.
The following areas involve key assumptions and other key sources of
estimation uncertainty and that may have a significant risk of causing a
material adjustment on the consolidated financial statements in the next
12 months:
\u25aa Provisions: risk estimates performed on an individual basis, noting
that the occurrence of certain events during the course of procedures
may lead to a risk reassessment at any time (please refer to Notes
2.2.7.1 and 20).
\u25aa Capitalised cost of theatrical films, and television rights produced
or acquired to be sold to third parties, are amortised, and other
related costs are expensed, pursuant to the estimated revenue method
(i.e. based on the ratio of the current period\u2019s revenue to the total
remaining revenue forecasted on an individual production basis).
In addition to the above, the following areas involve key assumptions and
other key sources of estimation uncertainty and that may have a
significant risk of causing a material adjustment on the consolidated
financial statements, but are not expected to have a material impact on
them in the next 12 months.
\u25aa Goodwill and other intangible assets: valuation methods
used to identify intangible assets acquired through business
combinations (please refer to Note 2.2.5.1).
\u25aa Impairment testing of non-financial assets: assumptions
relating to impairment tests performed on each of the Group\u2019s cash-
generating units (\u2018CGUs\u2019), future cash flows and discount rates are
updated annually (please refer to Notes 2.2.5.6 and 10).
\u25aa Share-based payments: Estimating fair value for share-based
payment transactions at grant date and number of equity instruments
requires determination of the most appropriate valuation model and
the inputs to this model including the volatility and dividend yield
(please refer to Notes 2.2.9 and 22).
The following are the critical judgements, apart from those involving
estimations (which are presented separately above), that management
has made in the process of applying the Group\u2019s accounting policies and
that have the most significant effect on the amounts recognised in its
consolidated financial statements:
\u25aa Provisions and litigation: the management has carefully
assessed the facts and circumstances regarding legal obligation
(statutory, regulatory or contractual) or constructive obligation resulting
from past events, as well as relevant legal documents, to determine
whether it is probable that an outflow of resources will be required to
settle the obligation.
\u25aa Transmission commitments: the management has carefully
assessed whether the transponder contracts should be classified as
leases in accordance with IFRS 16 (See notes 2.2.5.5 and 14).
CONSIDERATION OF CLIMATE CHANGE
The preparation of the Consolidated Financial Statements of the Group
involves taking into account climate change issues.
The consequences of climate change had no significant impact on the
Consolidated Financial Statements ended 31 December 2024 and 2025.
In addition, the Group\u2019s management ensured that the assumptions
underlying the estimates in the Consolidated Financial Statements account
for the future effects deemed most likely related to climate change issues
(e.g. assumptions used for goodwill impairment testing). The Group
considers that the consequences of climate change and the commitments
made by the Group do not have a significant impact on its medium-term
activities.
2.1 PRESENTATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS
2.1.1 CONSOLIDATED STATEMENT OF EARNINGS
The main line items presented in the Group\u2019s consolidated statement of
earnings are revenues, income from equity affiliates, interest, provision
for income taxes, and net earnings. The consolidated statement of
earnings presents a subtotal of operating income (EBIT) equal to
Earnings before income tax less: income/(loss) from equity affiliates,
interest expenses, income from investments, other financial income and
other financial expenses.
2.1.2 CONSOLIDATED STATEMENT OF CASH FLOWS
NET CASH PROVIDED BY OPERATING ACTIVITIES
Net cash provided by operating activities is calculated using the indirect
method based on operating income (EBIT). Operating income (EBIT) is
adjusted for non-cash items and changes in net working capital. Net cash
provided by operating activities excludes the cash impact of financial
charges and income and net changes in working capital related to
property and equipment, and intangible assets.
NET CASH USED FOR INVESTING ACTIVITIES
Net cash used for investing activities includes changes in net working
capital related to property and equipment, and intangible assets as well
as cash from investments (particularly dividends received from equity
affiliates). It also includes any cash flows arising from the gain or loss of
control of subsidiaries.
NET CASH USED FOR FINANCING ACTIVITIES
Net cash used for financing activities includes changes in the principal
amount of borrowings and other financial liabilities, net interest paid on
borrowings, bank overdrafts, the cash impact of other items related to
financing activities such as premiums from the early redemption of
borrowings and the settlement of derivative instruments, as well as the
cash payments for the principal amount of the lease liability and any
interest thereon. It also includes cash flows from changes in ownership
interests in a subsidiary that do not result in a loss of control (including
increases in ownership interests and transactions with shareholders).
2.1.3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Assets and liabilities that are expected to be realised, or intended for sale
or consumption, within an entity\u2019s normal operating cycle (generally 12
months), are recorded as current assets or liabilities. If their maturity
exceeds this period, they are recorded as non-current assets or liabilities.
2.2.1 CONSOLIDATION PRINCIPLES
For a list of the major subsidiaries, joint ventures and associated entities
that form part of the Group, please refer to Note 28.
CONSOLIDATION
All companies in which the Group has a controlling interest, are fully
consolidated.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Specifically, the Group
controls an investee if, and only if, the Group has:
\u25aa Power over the investee (i.e., existing rights that give it the current
ability to direct the relevant activities of the investee)
\u25aa Exposure, or rights, to variable returns from its involvement with the
investee
\u25aa The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.
The Consolidated Financial Statements of the Group are presented as if
the Group was a single economic entity with two categories of owners:
(i)\u00a0the owners of the parent company (i.e. the Group owners) and (ii) the
owners of non-controlling interests (NCIs) (i.e., the minority shareholders of
the Group\u2019s subsidiaries). An NCI is defined as the interest in a subsidiary
that is not attributable, whether directly or indirectly, to a parent
company. As a result, reductions in a parent company\u2019s ownership
interest in a subsidiary that do not result in a loss of control only impact
equity, as control of the economic entity does not change. In addition, for
the acquisition of an additional interest in a consolidated entity, the
Group recognises the difference between the acquisition price and the
carrying amount of NCIs acquired as a change in equity attributable to
the Group owners.
Conversely, in case of acquisition of control achieved in stages, the
Group remeasure its previously held equity interest in the acquiree at its
acquisition\u2011date fair value and recognise the resulting gain or loss, if any,
in profit or loss. If the Group loses control over a subsidiary, the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity are derecognised, while any resulting gain or loss
is recognised in profit or loss. Any investment retained is recognised at
fair value.
ACCOUNTING FOR JOINT ARRANGEMENTS
IFRS 11 \u2013 Joint Arrangements establishes principles for financial reporting
by parties to a joint arrangement.
In a joint arrangement, parties are bound by a contractual arrangement,
giving these parties joint control of the arrangement. An entity that is a
party to an arrangement shall assess whether the contractual arrangement
gives all the parties or a group of the parties control of the arrangement
collectively. Once it has been established that all the parties or a group of
the parties collectively control the arrangement, joint control exists only
when decisions about the relevant activities require the unanimous consent
of the parties that collectively control the arrangement.
Joint arrangements are classified into two categories:
\u25aa Joint operations: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties
are called joint operators. A joint operator shall recognise 100% of
wholly owned assets/liabilities, expenses/revenues of the joint
operation, and its share of any of those items held jointly.
\u25aa Joint ventures: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the net assets of
the arrangement. Those parties are called joint venturers. Each joint
venturer shall recognise its interest in a joint venture as an investment
and shall account for that investment using the equity method in
accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures (please see below).
EQUITY ACCOUNTING - INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
Entities over which the Group exercises significant influence as well as
joint ventures are accounted for under the equity method.
Significant influence is deemed to exist when the Group holds, whether
directly or indirectly, at least 20% of the voting rights in an entity unless it
can be clearly established that the Group does not exercise a significant
influence. Significant influence can be evidenced through further criteria,
such as representation on the entity\u2019s board of Directors or equivalent
governing body, participation in policy-making of financial and
operational processes, material transactions with the entity or the
interchange of managerial personnel or provision of essential technical
information.
The aggregate of the Group\u2019s share of profit or loss of an associate
and a joint venture is shown on the face of the consolidated statement
of earnings outside operating profit and represents profit or loss after
tax and non-controlling interests in the subsidiaries of the associate or
joint venture.
Under the equity method, the investment in an associate or a joint venture
is initially recognised at cost. The carrying amount of the investment is
adjusted to recognise changes in the Group\u2019s share of net assets of the
associate or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is included in the
carrying amount of the investment and is not tested for impairment
separately. Impairments and reversals are presented within line \u2018Income
(loss) from equity affiliates\u2019 in the consolidated statement of earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
1.4 GOING CONCERN
As part of the implementation of its strategic plan and the management
of its operations, and considering its current balance sheet position, the
principal and emerging risks which could impact its performance, the
Group evaluates, integrates, and tests scenarios that it considers
plausible. The Group defines its level of indebtedness and continuously
measures its liquidity needs to be able to seize opportunities when they
arise and meet its contractual obligations.
As of 31 December 2025, net debt amounted to \u20ac1,997 million,
comprising cash and cash equivalents of \u20ac830 million and gross
borrowings of \u20ac2,827 million.
In the context of its refinancing strategy, aimed at refinancing both the
Bridge Facility Agreement put in place for the acquisition of the
MultiChoice shares (\u20ac1,715 million), the existing indebtedness of
MultiChoice (ZAR 11 billion) and the term loan secured for the acquisition
of GVA (\u20ac335 million), the Group entered into several new financing
arrangements during the year. These transactions were executed across
both the capital markets, which demonstrated strong investor demand,
and the banking market, with the objective of establishing a robust and
diversified funding structure while significantly optimising the Group\u2019s cost
of funding.
During the year, the Group completed the following notable transactions
(see note 23.3):
\u25aa the issuance of euro-denominated Schuldschein loans for a total
nominal amount of \u20ac320 million, with maturities in July 2028 and
July 2030;
\u25aa the issuance of \u20ac700 million of euro-denominated unsecured senior
notes maturing in 2030;
\u25aa the signing of a new syndicated facilities agreement for a total amount
of \u20ac1,800 million, comprising:
\u25aa a \u20ac500 million term loan with an initial maturity in December 2026,
extendable by one additional year at the Group\u2019s option; and
\u25aa a \u20ac1,300 million amortising term loan with a final maturity in
December 2030, repayable in three instalments.
\"\"
In addition, the \u20ac750 million revolving credit facility, initially maturing in
July 2029, was extended in June 2025 to July 2030. This facility remains
available for drawings until its maturity date.
The Group\u2019s banking financing arrangements and Schuldschein loans
are subject to a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA 1 ratio below 3.5x (2.75x as of
31 December 2025, 1.96x excluding VAT and TST settlement effects
(see note 7.4)).
As of the date of approval of these consolidated financial statements,
the tests implemented by management, which incorporate the key
assumptions the Group is likely to face in the scenarios, demonstrate
a satisfactory level of financial resources and cash generation, thus
enabling the financing of its ongoing operations, including its contractual
and commercial commitments, investment expenditures, and the
management of its identified risks despite the current economic outlook.
Therefore, the management is satisfied that the Group has sufficient
resources to continue in operation for the foreseeable future, a period
of not less than twelve months from the date of this report and,
accordingly, adopt the going concern basis in preparing the
consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
2.2.1 CONSOLIDATION PRINCIPLES
For a list of the major subsidiaries, joint ventures and associated entities
that form part of the Group, please refer to Note 28.
CONSOLIDATION
All companies in which the Group has a controlling interest, are fully
consolidated.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Specifically, the Group
controls an investee if, and only if, the Group has:
\u25aa Power over the investee (i.e., existing rights that give it the current
ability to direct the relevant activities of the investee)
\u25aa Exposure, or rights, to variable returns from its involvement with the
investee
\u25aa The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.
The Consolidated Financial Statements of the Group are presented as if
the Group was a single economic entity with two categories of owners:
(i)\u00a0the owners of the parent company (i.e. the Group owners) and (ii) the
owners of non-controlling interests (NCIs) (i.e., the minority shareholders of
the Group\u2019s subsidiaries). An NCI is defined as the interest in a subsidiary
that is not attributable, whether directly or indirectly, to a parent
company. As a result, reductions in a parent company\u2019s ownership
interest in a subsidiary that do not result in a loss of control only impact
equity, as control of the economic entity does not change. In addition, for
the acquisition of an additional interest in a consolidated entity, the
Group recognises the difference between the acquisition price and the
carrying amount of NCIs acquired as a change in equity attributable to
the Group owners.
Conversely, in case of acquisition of control achieved in stages, the
Group remeasure its previously held equity interest in the acquiree at its
acquisition\u2011date fair value and recognise the resulting gain or loss, if any,
in profit or loss. If the Group loses control over a subsidiary, the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity are derecognised, while any resulting gain or loss
is recognised in profit or loss. Any investment retained is recognised at
fair value.
ACCOUNTING FOR JOINT ARRANGEMENTS
IFRS 11 \u2013 Joint Arrangements establishes principles for financial reporting
by parties to a joint arrangement.
In a joint arrangement, parties are bound by a contractual arrangement,
giving these parties joint control of the arrangement. An entity that is a
party to an arrangement shall assess whether the contractual arrangement
gives all the parties or a group of the parties control of the arrangement
collectively. Once it has been established that all the parties or a group of
the parties collectively control the arrangement, joint control exists only
when decisions about the relevant activities require the unanimous consent
of the parties that collectively control the arrangement.
Joint arrangements are classified into two categories:
\u25aa Joint operations: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties
are called joint operators. A joint operator shall recognise 100% of
wholly owned assets/liabilities, expenses/revenues of the joint
operation, and its share of any of those items held jointly.
\u25aa Joint ventures: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the net assets of
the arrangement. Those parties are called joint venturers. Each joint
venturer shall recognise its interest in a joint venture as an investment
and shall account for that investment using the equity method in
accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures (please see below).
EQUITY ACCOUNTING - INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
Entities over which the Group exercises significant influence as well as
joint ventures are accounted for under the equity method.
Significant influence is deemed to exist when the Group holds, whether
directly or indirectly, at least 20% of the voting rights in an entity unless it
can be clearly established that the Group does not exercise a significant
influence. Significant influence can be evidenced through further criteria,
such as representation on the entity\u2019s board of Directors or equivalent
governing body, participation in policy-making of financial and
operational processes, material transactions with the entity or the
interchange of managerial personnel or provision of essential technical
information.
The aggregate of the Group\u2019s share of profit or loss of an associate
and a joint venture is shown on the face of the consolidated statement
of earnings outside operating profit and represents profit or loss after
tax and non-controlling interests in the subsidiaries of the associate or
joint venture.
Under the equity method, the investment in an associate or a joint venture
is initially recognised at cost. The carrying amount of the investment is
adjusted to recognise changes in the Group\u2019s share of net assets of the
associate or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is included in the
carrying amount of the investment and is not tested for impairment
separately. Impairments and reversals are presented within line \u2018Income
(loss) from equity affiliates\u2019 in the consolidated statement of earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
2.2.1 CONSOLIDATION PRINCIPLES
For a list of the major subsidiaries, joint ventures and associated entities
that form part of the Group, please refer to Note 28.
CONSOLIDATION
All companies in which the Group has a controlling interest, are fully
consolidated.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Specifically, the Group
controls an investee if, and only if, the Group has:
\u25aa Power over the investee (i.e., existing rights that give it the current
ability to direct the relevant activities of the investee)
\u25aa Exposure, or rights, to variable returns from its involvement with the
investee
\u25aa The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.
The Consolidated Financial Statements of the Group are presented as if
the Group was a single economic entity with two categories of owners:
(i)\u00a0the owners of the parent company (i.e. the Group owners) and (ii) the
owners of non-controlling interests (NCIs) (i.e., the minority shareholders of
the Group\u2019s subsidiaries). An NCI is defined as the interest in a subsidiary
that is not attributable, whether directly or indirectly, to a parent
company. As a result, reductions in a parent company\u2019s ownership
interest in a subsidiary that do not result in a loss of control only impact
equity, as control of the economic entity does not change. In addition, for
the acquisition of an additional interest in a consolidated entity, the
Group recognises the difference between the acquisition price and the
carrying amount of NCIs acquired as a change in equity attributable to
the Group owners.
Conversely, in case of acquisition of control achieved in stages, the
Group remeasure its previously held equity interest in the acquiree at its
acquisition\u2011date fair value and recognise the resulting gain or loss, if any,
in profit or loss. If the Group loses control over a subsidiary, the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity are derecognised, while any resulting gain or loss
is recognised in profit or loss. Any investment retained is recognised at
fair value.
ACCOUNTING FOR JOINT ARRANGEMENTS
IFRS 11 \u2013 Joint Arrangements establishes principles for financial reporting
by parties to a joint arrangement.
In a joint arrangement, parties are bound by a contractual arrangement,
giving these parties joint control of the arrangement. An entity that is a
party to an arrangement shall assess whether the contractual arrangement
gives all the parties or a group of the parties control of the arrangement
collectively. Once it has been established that all the parties or a group of
the parties collectively control the arrangement, joint control exists only
when decisions about the relevant activities require the unanimous consent
of the parties that collectively control the arrangement.
Joint arrangements are classified into two categories:
\u25aa Joint operations: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties
are called joint operators. A joint operator shall recognise 100% of
wholly owned assets/liabilities, expenses/revenues of the joint
operation, and its share of any of those items held jointly.
\u25aa Joint ventures: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the net assets of
the arrangement. Those parties are called joint venturers. Each joint
venturer shall recognise its interest in a joint venture as an investment
and shall account for that investment using the equity method in
accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures (please see below).
EQUITY ACCOUNTING - INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
Entities over which the Group exercises significant influence as well as
joint ventures are accounted for under the equity method.
Significant influence is deemed to exist when the Group holds, whether
directly or indirectly, at least 20% of the voting rights in an entity unless it
can be clearly established that the Group does not exercise a significant
influence. Significant influence can be evidenced through further criteria,
such as representation on the entity\u2019s board of Directors or equivalent
governing body, participation in policy-making of financial and
operational processes, material transactions with the entity or the
interchange of managerial personnel or provision of essential technical
information.
The aggregate of the Group\u2019s share of profit or loss of an associate
and a joint venture is shown on the face of the consolidated statement
of earnings outside operating profit and represents profit or loss after
tax and non-controlling interests in the subsidiaries of the associate or
joint venture.
Under the equity method, the investment in an associate or a joint venture
is initially recognised at cost. The carrying amount of the investment is
adjusted to recognise changes in the Group\u2019s share of net assets of the
associate or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is included in the
carrying amount of the investment and is not tested for impairment
separately. Impairments and reversals are presented within line \u2018Income
(loss) from equity affiliates\u2019 in the consolidated statement of earnings.
NOTE 15 INVESTMENTS IN EQUITY AFFILIATES
15.1 THE GROUP\u2019S MAIN INVESTMENTS IN EQUITY AFFILIATES
As of 31 December 2025, the main companies accounted for by the
Group using the equity method are as follows:
\u25aa Viu: a leading streaming platform in Asia, whose head office is located
in Hong Kong
\u25aa Viaplay: the leader in pay-TV in the Nordic countries, whose head
office is located in Stockholm, listed on Nasdaq Stockholm (Sweden)
\u25aa Kingmakers : investment holding (sports betting) entity and an
associate of MultiChoice, incorporated in Mauritius
\u25aa NMSIS : provider of niche personal lines and insurance products and
an associate of MultiChoice, incorporated in South Africa
\u25aa UGC : UGC is a leading French cinema and audiovisual production
group with one of France\u2019s strongest cinema chains, content libraries,
and networks of talent with 55 theaters (48 in France and 7 in
Belgium), whose head office is located in France.
The table below summarises information relating to the Group\u2019s associates and joint ventures as at 31\u00a0December\u00a02025 and 2024.
Ownership interest as of 31 December
Voting interest
as of 31 December
Net carrying amount of equity affiliates
as of 31 December
(in millions of euros)
2025
2024
2025
2024
2025
2024
MultiChoice Group
(a)
(a)
45.20%
(a)
(a)
(a)
1,115
Viu
(b)
37.32%
37.18%
37.32%
37.18%
172
225
Viaplay
(c)
29.33%
29.33%
29.30%
29.29%
91
106
Blue Lake Ventures Limited (KingMakers)
(d)
51.23%
na
49.23%
na
155
\u2013
NMS insurance services (SA) Ltd (NMSIS)
(d)
40.00%
na
40.00%
na
45
\u2013
UGC
(e)
34.00%
na
34.53%
na
109
\u2013
Other
46
36
619
1,482
na: not applicable.
a. MultiChoice acquisition
As described in Note 3.1, the Group acquired control of MultiChoice on 20
September 2025. Consequently, MultiChoice was accounted for as an associate
using the equity method for the period from 1 January 2025 to the acquisition
date. From that date, MultiChoice became a subsidiary and has been
consolidated in the Group financial statements. In accordance with IFRS 3
Business Combinations, the Group remeasured its previously held equity interest
at fair value at the acquisition date and recognised a gain of \u20ac173 million in
profit or loss (see Note 3.1).
As of 31 December 2024, the Group held 45.20% of MultiChoice\u2019s share
capital. South African regulations prohibit any foreign investor (excluding
countries in the African Union that entered into bilateral agreements) from
holding a direct or indirect financial interest of more than 20% of the voting
rights or controlling a company holding commercial television broadcasting
licensing. MultiChoice\u2019s memorandum of incorporation limits the voting
rights of all of MultiChoice\u2019s foreign shareholders to 20% with, if necessary,
a proportional reduction of their voting rights (a \u2018scale back\u2019 mechanism).
The Group tested the value of its interest in MultiChoice to determine whether
the recoverable value was at least equal to its carrying amount. As of
31 December 2024, the Group\u2019s management considered that the recoverable
amount of MultiChoice was at least equal to its carrying amount.
b.Viu
As of 31 December 2025, the Group held 37.32% of Viu\u2019s share capital. The
Group also holds an option to increase its ownership interest in Viu to 51%.
As of 31 December 2024, the Group held 37.18% of Viu\u2019s share capital.
After assessment of facts and circumstances, management concluded that the
Group did not have control over Viu. As of 31 December 2025, the Group\u2019s
management considered that the recoverable amount of Viu is at least equal
to its carrying amount.
c.Viaplay
On 20 July 2023, the Group announced that it had acquired a 12% interest
in Viaplay Group AB (\u2018Viaplay\u2019), a leader in pay-TV in the Nordic countries.
On 9 February 2024, following completion of the recapitalisation, the Group
announced that it had increased its 12% interest in Viaplay to 29.29%, confirming
its position as the largest shareholder. The Group exercises a significant influence
over Viaplay, which is accounted for under the equity method since 9 February
2024.\u00a0 As of 31 December 2025, the Group held 29.33% of Viaplay\u2019s share
capital and 29.30% of the Company\u2019s voting rights.
The Group\u2019s investment in Viaplay Ltd includes fair value adjustments recognized
at the date when the Group obtained significant influence over Viaplay mainly
relating to goodwill, customer relationships and trademarks and trade names.
The fair value adjustments (except goodwill) are amortized over their respective
useful lives and are deducted from the Group\u2019s share in Viaplay\u2019s profit and loss.
As of 31 December 2025 and 2024, CANAL+\u2019s management considered that
the recoverable amount of Viaplay was at least equal to its carrying amount.
d.MultiChoice associates and joint ventures
As part of the identifiable net assets of MultiChoice recognised in the business
combination, the Group acquired several associates and joint ventures previously
held by MultiChoice. Following the acquisition of MultiChoice, these associates
and joint ventures have been accounted for using the equity method.
Associates and joint ventures of MultiChoice were measured at fair value in
accordance with business combination requirements. Therefore, As at
31\u00a0December\u00a02025, no impairment test was performed, as the acquisition
occurred in September 2025 and no indicators of impairment were identified
between the acquisition date and year\u2011end.
Multichoice\u2019s main associates are Kingmakers and NMSIS.
Kingmakers
The group holds 49.23% voting rights in Blue Lake Ventures Limited, an interactive
entertainment business (operating as KingMakers). However, the group
considered the economic ownership to be 51.23% due to the sale of shares to
the KingMakers\u2019 share scheme, which was considered to be the issuance of an
option derivative. As of 31 December 2025, the fair value of the option is a liability
of \u20ac5 million.
Considering all facts and circumstances, mainly board representation (the group only has
the right to appoint 3 of the 7 directors) and\u00a0 consideration of voting rights, management
concluded that the Group do not have the ability to direct the relevant activities of
KingMakers and rather exercises significant influence over Kingmakers. Thus, the group\u2019s
investment in Kingmakers has been equity accounted as an associate.
NMSIS
As of 31 December 2025, the Groupe held 40% of NMSIS. Before the acquisition
of MultiChoice by the Group, NMSIS was a wholly owned subsidiary of
MultiChoice. On 30 November 2024, MultiChoice sold 60% of its shareholding
in its NMSIS subsidiary to Sanlam Life Insurance Limited (Sanlam), a wholly owned
subsidiary of Sanlam Limited.
The transaction price included upfront cash proceeds and a potential
performance-based cash earn-out (contingent consideration) of up to a maximum
consideration of ZAR1.5bn that is contingent upon the amount of gross written
premiums (GWPs) generated by NMSIS for the calendar year ending 31
December 2026.
The contingent consideration constitutes a financial asset under IFRS 9, which is
accounted for at fair value through profit or loss. The fair value of the contingent
consideration is nil a as of acquisition date and 31 December 2025 giving the
decline in GWPs during the year 2025.
The transaction resulted in the loss of control of NMSIS. The remaining 40%
interest in NMSIS has subsequently been accounted for using the equity method
for investments in associates.
e.UGC
As described in notes 3.5 and 26, on 15\u00a0October\u00a02025 the Group acquired a
34% equity interest in UGC Group. As at 31\u00a0December\u00a02025, no impairment test
was performed in respect of this investment, as the acquisition occurred in
October\u00a02025 and no indicators of impairment were identified between the
acquisition date and year\u2011end. In particular, there were no triggering events
suggesting a decline in the fair value of UGC Group\u2019s assets or liabilities during
this period.
Change in value of investments in equity affiliates
Year ended December 31
(in millions of euros)
2025
2024
Opening Balance
1,482
1,103
Acquisitions
(a)
111
498
Business combination
(b)
216
\u2013
Reclassification from financial investments
\u2013
4
Sales/decrease
(c)
(1,251)
\u2013
Income (loss) from equity affiliates
(d)
38
(158)
Other comprehensive income
1
27
Dividends received
(1)
\u2013
Other
22
8
Closing Balance
619
1,482
a. In 2025, the increase is mainly related to the acquisition of 34% interests in UGC.
b.In 2025, the increase is mainly related to the acquisition of MultiChoice (see note 3.1).
c.\u00a0 The decrease in 2025 is mainly explained by the acquisition control over MultiChoice on 20 September 2025.\u00a0 From that date, MultiChoice became a subsidiary and has
been consolidated in the Group financial statements. The previously held equity interests that was accounted for using equity method was derecognised at fair value
resulting in the recognition of a gain amounting to \u20ac173 million recognised in profit or loss under the line \u201cIncome (loss) from equity affiliates\u201d.
d.In 2025, mainly included the Group\u2019s share of the net income (loss) from MultiChoice for +\u20ac73 million (-\u20ac100 million in 2024), Viu for -\u20ac37 million (-\u20ac47 million in
2024), Viaplay for -\u20ac15 million (-\u20ac11 million in 2024) and +\u20ac22 million related to MC Vision following the additional acquisition over the period due to the revaluation
at fair value of the shares previously held.
15.2 FINANCIAL INFORMATION DATA OF MATERIAL ASSOCIATES
\u25aa MULTICHOICE
The main financial items in the Consolidated Financial Statements as of the acquisition date of MultiChoice are outlined in note 3.1.
As of 31 December 2024, the main financial items in the Consolidated Financial Statements, as publicly disclosed by MultiChoice, were as follows:
Statement of financial position
MultiChoice
(in millions of euros)
Six month ended 30 September 2024
Year ended 31 March 2024
Date of publication:
12 November 2024
12 June 2024
Non-current assets
1,053
1,112
Current assets
1,159
1,036
Total assets
2,212
2,148
Total equity
(145)
(52)
Non-current liabilities
1,199
1,188
Current liabilities
1,158
1,012
Total liabilities
2,212
2,148
Statement of earnings
MultiChoice
(in millions of euros)
Six month ended 30 September 2024
Year ended 31 March 2024
Date of publication:
12 November 2024
12 June 2024
Revenues
1,246
2,764
Loss for the period attributable to equity holders of the Group
(90)
(196)
of which continuing operations
(90)
(196)
discontinued operations
\u2013
\u2013
The Group's share of net earnings
(100)
(42)
Comprehensive income
23
19
Before the date of acquisition, the Group accounted for its share of
MultiChoice\u2019s net earnings with a three-month reporting lag. The
Consolidated Financial Statements of the Group for the fiscal year ended
31 December 2024 included the Group share of MultiChoice\u2019s net
earnings based on: (i) consolidated interim financial statements of
MultiChoice for the half-year ended 30 September 2024, cumulated with
(ii) consolidated annual financial statements of MultiChoice for the year
ended 31 March 2024, reduced by (iii) consolidated interim financial
statements of MultiChoice for the half-year ended 30 September 2023.
The Consolidated statement of financial position and the consolidated
statement of earnings were translated into euros using EUR/ZAR
exchange rates of 18.77 and 19.94, respectively.
The Group's share of net earnings includes amortisation of assets related
to the former purchase price allocation related to MultiChoice accounted
as an equity affiliate.
\u25aa VIAPLAY
The main financial items in the Consolidated Financial Statements, as publicly disclosed by Viaplay were as follows:
Statement of financial position
Viaplay
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Date of publication:
February, 19 2026
February, 20 2025
Non-current assets
644
375
Current assets
1,096
1,096
Total assets
1,739
1,471
Total equity
210
321
Non-current liabilities
696
392
Current liabilities
834
759
Total liabilities
1,739
1,471
Statement of earnings
Viaplay
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Date of publication:
February, 19 2026
February, 20 2025
Revenues
1,593
1,619
Profit (Loss) for the period attributable to Equity holders of the group
(114)
9
of which continuing operations
(114)
9
discontinued operations
\u2013
\u2013
Canal+ Group's share of net earnings
(15)
(11)
Comprehensive income
1
(4)
\u25aa KINGMAKERS
The summarised financial information presented below represents the unaudited financial information of KingMakers for the year ended 31 December
2025:
Statement of financial position
KingsMakers
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Non-current assets
33
na
Current assets
72
na
Total assets
105
na
Total equity
77
na
Non-current liabilities
7
na
Current liabilities
20
na
Total liabilities
105
Statement of earnings
KingsMakers
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Revenues
60
na
Profit (Loss) for the period attributable to Equity holders of the group
(58)
na
of which continuing operations
(58)
na
discontinued operations
\u2013
na
Canal+ Group's share of net earnings
(a)
(4)
na
Comprehensive income
(7)
na
a. The Group's share of net earnings includes amortisation of assets related to the purchase price allocation.
The Consolidated statement of financial position and the consolidated statement of earnings were translated into euros using EUR/ZAR exchange rates
of 19.66 and 20.19, respectively.
\u25aa OTHER EQUITY AFFILIATES
Regarding Viu, NMSIS and UGC, the main financial items in the Consolidated Financial Statements were not publicly disclosed as of 31 December
2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
2.2.1 CONSOLIDATION PRINCIPLES
For a list of the major subsidiaries, joint ventures and associated entities
that form part of the Group, please refer to Note 28.
CONSOLIDATION
All companies in which the Group has a controlling interest, are fully
consolidated.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Specifically, the Group
controls an investee if, and only if, the Group has:
\u25aa Power over the investee (i.e., existing rights that give it the current
ability to direct the relevant activities of the investee)
\u25aa Exposure, or rights, to variable returns from its involvement with the
investee
\u25aa The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.
The Consolidated Financial Statements of the Group are presented as if
the Group was a single economic entity with two categories of owners:
(i)\u00a0the owners of the parent company (i.e. the Group owners) and (ii) the
owners of non-controlling interests (NCIs) (i.e., the minority shareholders of
the Group\u2019s subsidiaries). An NCI is defined as the interest in a subsidiary
that is not attributable, whether directly or indirectly, to a parent
company. As a result, reductions in a parent company\u2019s ownership
interest in a subsidiary that do not result in a loss of control only impact
equity, as control of the economic entity does not change. In addition, for
the acquisition of an additional interest in a consolidated entity, the
Group recognises the difference between the acquisition price and the
carrying amount of NCIs acquired as a change in equity attributable to
the Group owners.
Conversely, in case of acquisition of control achieved in stages, the
Group remeasure its previously held equity interest in the acquiree at its
acquisition\u2011date fair value and recognise the resulting gain or loss, if any,
in profit or loss. If the Group loses control over a subsidiary, the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity are derecognised, while any resulting gain or loss
is recognised in profit or loss. Any investment retained is recognised at
fair value.
ACCOUNTING FOR JOINT ARRANGEMENTS
IFRS 11 \u2013 Joint Arrangements establishes principles for financial reporting
by parties to a joint arrangement.
In a joint arrangement, parties are bound by a contractual arrangement,
giving these parties joint control of the arrangement. An entity that is a
party to an arrangement shall assess whether the contractual arrangement
gives all the parties or a group of the parties control of the arrangement
collectively. Once it has been established that all the parties or a group of
the parties collectively control the arrangement, joint control exists only
when decisions about the relevant activities require the unanimous consent
of the parties that collectively control the arrangement.
Joint arrangements are classified into two categories:
\u25aa Joint operations: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties
are called joint operators. A joint operator shall recognise 100% of
wholly owned assets/liabilities, expenses/revenues of the joint
operation, and its share of any of those items held jointly.
\u25aa Joint ventures: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the net assets of
the arrangement. Those parties are called joint venturers. Each joint
venturer shall recognise its interest in a joint venture as an investment
and shall account for that investment using the equity method in
accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures (please see below).
EQUITY ACCOUNTING - INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
Entities over which the Group exercises significant influence as well as
joint ventures are accounted for under the equity method.
Significant influence is deemed to exist when the Group holds, whether
directly or indirectly, at least 20% of the voting rights in an entity unless it
can be clearly established that the Group does not exercise a significant
influence. Significant influence can be evidenced through further criteria,
such as representation on the entity\u2019s board of Directors or equivalent
governing body, participation in policy-making of financial and
operational processes, material transactions with the entity or the
interchange of managerial personnel or provision of essential technical
information.
The aggregate of the Group\u2019s share of profit or loss of an associate
and a joint venture is shown on the face of the consolidated statement
of earnings outside operating profit and represents profit or loss after
tax and non-controlling interests in the subsidiaries of the associate or
joint venture.
Under the equity method, the investment in an associate or a joint venture
is initially recognised at cost. The carrying amount of the investment is
adjusted to recognise changes in the Group\u2019s share of net assets of the
associate or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is included in the
carrying amount of the investment and is not tested for impairment
separately. Impairments and reversals are presented within line \u2018Income
(loss) from equity affiliates\u2019 in the consolidated statement of earnings.
NOTE 15 INVESTMENTS IN EQUITY AFFILIATES
15.1 THE GROUP\u2019S MAIN INVESTMENTS IN EQUITY AFFILIATES
As of 31 December 2025, the main companies accounted for by the
Group using the equity method are as follows:
\u25aa Viu: a leading streaming platform in Asia, whose head office is located
in Hong Kong
\u25aa Viaplay: the leader in pay-TV in the Nordic countries, whose head
office is located in Stockholm, listed on Nasdaq Stockholm (Sweden)
\u25aa Kingmakers : investment holding (sports betting) entity and an
associate of MultiChoice, incorporated in Mauritius
\u25aa NMSIS : provider of niche personal lines and insurance products and
an associate of MultiChoice, incorporated in South Africa
\u25aa UGC : UGC is a leading French cinema and audiovisual production
group with one of France\u2019s strongest cinema chains, content libraries,
and networks of talent with 55 theaters (48 in France and 7 in
Belgium), whose head office is located in France.
The table below summarises information relating to the Group\u2019s associates and joint ventures as at 31\u00a0December\u00a02025 and 2024.
Ownership interest as of 31 December
Voting interest
as of 31 December
Net carrying amount of equity affiliates
as of 31 December
(in millions of euros)
2025
2024
2025
2024
2025
2024
MultiChoice Group
(a)
(a)
45.20%
(a)
(a)
(a)
1,115
Viu
(b)
37.32%
37.18%
37.32%
37.18%
172
225
Viaplay
(c)
29.33%
29.33%
29.30%
29.29%
91
106
Blue Lake Ventures Limited (KingMakers)
(d)
51.23%
na
49.23%
na
155
\u2013
NMS insurance services (SA) Ltd (NMSIS)
(d)
40.00%
na
40.00%
na
45
\u2013
UGC
(e)
34.00%
na
34.53%
na
109
\u2013
Other
46
36
619
1,482
na: not applicable.
a. MultiChoice acquisition
As described in Note 3.1, the Group acquired control of MultiChoice on 20
September 2025. Consequently, MultiChoice was accounted for as an associate
using the equity method for the period from 1 January 2025 to the acquisition
date. From that date, MultiChoice became a subsidiary and has been
consolidated in the Group financial statements. In accordance with IFRS 3
Business Combinations, the Group remeasured its previously held equity interest
at fair value at the acquisition date and recognised a gain of \u20ac173 million in
profit or loss (see Note 3.1).
As of 31 December 2024, the Group held 45.20% of MultiChoice\u2019s share
capital. South African regulations prohibit any foreign investor (excluding
countries in the African Union that entered into bilateral agreements) from
holding a direct or indirect financial interest of more than 20% of the voting
rights or controlling a company holding commercial television broadcasting
licensing. MultiChoice\u2019s memorandum of incorporation limits the voting
rights of all of MultiChoice\u2019s foreign shareholders to 20% with, if necessary,
a proportional reduction of their voting rights (a \u2018scale back\u2019 mechanism).
The Group tested the value of its interest in MultiChoice to determine whether
the recoverable value was at least equal to its carrying amount. As of
31 December 2024, the Group\u2019s management considered that the recoverable
amount of MultiChoice was at least equal to its carrying amount.
b.Viu
As of 31 December 2025, the Group held 37.32% of Viu\u2019s share capital. The
Group also holds an option to increase its ownership interest in Viu to 51%.
As of 31 December 2024, the Group held 37.18% of Viu\u2019s share capital.
After assessment of facts and circumstances, management concluded that the
Group did not have control over Viu. As of 31 December 2025, the Group\u2019s
management considered that the recoverable amount of Viu is at least equal
to its carrying amount.
c.Viaplay
On 20 July 2023, the Group announced that it had acquired a 12% interest
in Viaplay Group AB (\u2018Viaplay\u2019), a leader in pay-TV in the Nordic countries.
On 9 February 2024, following completion of the recapitalisation, the Group
announced that it had increased its 12% interest in Viaplay to 29.29%, confirming
its position as the largest shareholder. The Group exercises a significant influence
over Viaplay, which is accounted for under the equity method since 9 February
2024.\u00a0 As of 31 December 2025, the Group held 29.33% of Viaplay\u2019s share
capital and 29.30% of the Company\u2019s voting rights.
The Group\u2019s investment in Viaplay Ltd includes fair value adjustments recognized
at the date when the Group obtained significant influence over Viaplay mainly
relating to goodwill, customer relationships and trademarks and trade names.
The fair value adjustments (except goodwill) are amortized over their respective
useful lives and are deducted from the Group\u2019s share in Viaplay\u2019s profit and loss.
As of 31 December 2025 and 2024, CANAL+\u2019s management considered that
the recoverable amount of Viaplay was at least equal to its carrying amount.
d.MultiChoice associates and joint ventures
As part of the identifiable net assets of MultiChoice recognised in the business
combination, the Group acquired several associates and joint ventures previously
held by MultiChoice. Following the acquisition of MultiChoice, these associates
and joint ventures have been accounted for using the equity method.
Associates and joint ventures of MultiChoice were measured at fair value in
accordance with business combination requirements. Therefore, As at
31\u00a0December\u00a02025, no impairment test was performed, as the acquisition
occurred in September 2025 and no indicators of impairment were identified
between the acquisition date and year\u2011end.
Multichoice\u2019s main associates are Kingmakers and NMSIS.
Kingmakers
The group holds 49.23% voting rights in Blue Lake Ventures Limited, an interactive
entertainment business (operating as KingMakers). However, the group
considered the economic ownership to be 51.23% due to the sale of shares to
the KingMakers\u2019 share scheme, which was considered to be the issuance of an
option derivative. As of 31 December 2025, the fair value of the option is a liability
of \u20ac5 million.
Considering all facts and circumstances, mainly board representation (the group only has
the right to appoint 3 of the 7 directors) and\u00a0 consideration of voting rights, management
concluded that the Group do not have the ability to direct the relevant activities of
KingMakers and rather exercises significant influence over Kingmakers. Thus, the group\u2019s
investment in Kingmakers has been equity accounted as an associate.
NMSIS
As of 31 December 2025, the Groupe held 40% of NMSIS. Before the acquisition
of MultiChoice by the Group, NMSIS was a wholly owned subsidiary of
MultiChoice. On 30 November 2024, MultiChoice sold 60% of its shareholding
in its NMSIS subsidiary to Sanlam Life Insurance Limited (Sanlam), a wholly owned
subsidiary of Sanlam Limited.
The transaction price included upfront cash proceeds and a potential
performance-based cash earn-out (contingent consideration) of up to a maximum
consideration of ZAR1.5bn that is contingent upon the amount of gross written
premiums (GWPs) generated by NMSIS for the calendar year ending 31
December 2026.
The contingent consideration constitutes a financial asset under IFRS 9, which is
accounted for at fair value through profit or loss. The fair value of the contingent
consideration is nil a as of acquisition date and 31 December 2025 giving the
decline in GWPs during the year 2025.
The transaction resulted in the loss of control of NMSIS. The remaining 40%
interest in NMSIS has subsequently been accounted for using the equity method
for investments in associates.
e.UGC
As described in notes 3.5 and 26, on 15\u00a0October\u00a02025 the Group acquired a
34% equity interest in UGC Group. As at 31\u00a0December\u00a02025, no impairment test
was performed in respect of this investment, as the acquisition occurred in
October\u00a02025 and no indicators of impairment were identified between the
acquisition date and year\u2011end. In particular, there were no triggering events
suggesting a decline in the fair value of UGC Group\u2019s assets or liabilities during
this period.
Change in value of investments in equity affiliates
Year ended December 31
(in millions of euros)
2025
2024
Opening Balance
1,482
1,103
Acquisitions
(a)
111
498
Business combination
(b)
216
\u2013
Reclassification from financial investments
\u2013
4
Sales/decrease
(c)
(1,251)
\u2013
Income (loss) from equity affiliates
(d)
38
(158)
Other comprehensive income
1
27
Dividends received
(1)
\u2013
Other
22
8
Closing Balance
619
1,482
a. In 2025, the increase is mainly related to the acquisition of 34% interests in UGC.
b.In 2025, the increase is mainly related to the acquisition of MultiChoice (see note 3.1).
c.\u00a0 The decrease in 2025 is mainly explained by the acquisition control over MultiChoice on 20 September 2025.\u00a0 From that date, MultiChoice became a subsidiary and has
been consolidated in the Group financial statements. The previously held equity interests that was accounted for using equity method was derecognised at fair value
resulting in the recognition of a gain amounting to \u20ac173 million recognised in profit or loss under the line \u201cIncome (loss) from equity affiliates\u201d.
d.In 2025, mainly included the Group\u2019s share of the net income (loss) from MultiChoice for +\u20ac73 million (-\u20ac100 million in 2024), Viu for -\u20ac37 million (-\u20ac47 million in
2024), Viaplay for -\u20ac15 million (-\u20ac11 million in 2024) and +\u20ac22 million related to MC Vision following the additional acquisition over the period due to the revaluation
at fair value of the shares previously held.
15.2 FINANCIAL INFORMATION DATA OF MATERIAL ASSOCIATES
\u25aa MULTICHOICE
The main financial items in the Consolidated Financial Statements as of the acquisition date of MultiChoice are outlined in note 3.1.
As of 31 December 2024, the main financial items in the Consolidated Financial Statements, as publicly disclosed by MultiChoice, were as follows:
Statement of financial position
MultiChoice
(in millions of euros)
Six month ended 30 September 2024
Year ended 31 March 2024
Date of publication:
12 November 2024
12 June 2024
Non-current assets
1,053
1,112
Current assets
1,159
1,036
Total assets
2,212
2,148
Total equity
(145)
(52)
Non-current liabilities
1,199
1,188
Current liabilities
1,158
1,012
Total liabilities
2,212
2,148
Statement of earnings
MultiChoice
(in millions of euros)
Six month ended 30 September 2024
Year ended 31 March 2024
Date of publication:
12 November 2024
12 June 2024
Revenues
1,246
2,764
Loss for the period attributable to equity holders of the Group
(90)
(196)
of which continuing operations
(90)
(196)
discontinued operations
\u2013
\u2013
The Group's share of net earnings
(100)
(42)
Comprehensive income
23
19
Before the date of acquisition, the Group accounted for its share of
MultiChoice\u2019s net earnings with a three-month reporting lag. The
Consolidated Financial Statements of the Group for the fiscal year ended
31 December 2024 included the Group share of MultiChoice\u2019s net
earnings based on: (i) consolidated interim financial statements of
MultiChoice for the half-year ended 30 September 2024, cumulated with
(ii) consolidated annual financial statements of MultiChoice for the year
ended 31 March 2024, reduced by (iii) consolidated interim financial
statements of MultiChoice for the half-year ended 30 September 2023.
The Consolidated statement of financial position and the consolidated
statement of earnings were translated into euros using EUR/ZAR
exchange rates of 18.77 and 19.94, respectively.
The Group's share of net earnings includes amortisation of assets related
to the former purchase price allocation related to MultiChoice accounted
as an equity affiliate.
\u25aa VIAPLAY
The main financial items in the Consolidated Financial Statements, as publicly disclosed by Viaplay were as follows:
Statement of financial position
Viaplay
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Date of publication:
February, 19 2026
February, 20 2025
Non-current assets
644
375
Current assets
1,096
1,096
Total assets
1,739
1,471
Total equity
210
321
Non-current liabilities
696
392
Current liabilities
834
759
Total liabilities
1,739
1,471
Statement of earnings
Viaplay
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Date of publication:
February, 19 2026
February, 20 2025
Revenues
1,593
1,619
Profit (Loss) for the period attributable to Equity holders of the group
(114)
9
of which continuing operations
(114)
9
discontinued operations
\u2013
\u2013
Canal+ Group's share of net earnings
(15)
(11)
Comprehensive income
1
(4)
\u25aa KINGMAKERS
The summarised financial information presented below represents the unaudited financial information of KingMakers for the year ended 31 December
2025:
Statement of financial position
KingsMakers
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Non-current assets
33
na
Current assets
72
na
Total assets
105
na
Total equity
77
na
Non-current liabilities
7
na
Current liabilities
20
na
Total liabilities
105
Statement of earnings
KingsMakers
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Revenues
60
na
Profit (Loss) for the period attributable to Equity holders of the group
(58)
na
of which continuing operations
(58)
na
discontinued operations
\u2013
na
Canal+ Group's share of net earnings
(a)
(4)
na
Comprehensive income
(7)
na
a. The Group's share of net earnings includes amortisation of assets related to the purchase price allocation.
The Consolidated statement of financial position and the consolidated statement of earnings were translated into euros using EUR/ZAR exchange rates
of 19.66 and 20.19, respectively.
\u25aa OTHER EQUITY AFFILIATES
Regarding Viu, NMSIS and UGC, the main financial items in the Consolidated Financial Statements were not publicly disclosed as of 31 December
2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
2.2.1 CONSOLIDATION PRINCIPLES
For a list of the major subsidiaries, joint ventures and associated entities
that form part of the Group, please refer to Note 28.
CONSOLIDATION
All companies in which the Group has a controlling interest, are fully
consolidated.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Specifically, the Group
controls an investee if, and only if, the Group has:
\u25aa Power over the investee (i.e., existing rights that give it the current
ability to direct the relevant activities of the investee)
\u25aa Exposure, or rights, to variable returns from its involvement with the
investee
\u25aa The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.
The Consolidated Financial Statements of the Group are presented as if
the Group was a single economic entity with two categories of owners:
(i)\u00a0the owners of the parent company (i.e. the Group owners) and (ii) the
owners of non-controlling interests (NCIs) (i.e., the minority shareholders of
the Group\u2019s subsidiaries). An NCI is defined as the interest in a subsidiary
that is not attributable, whether directly or indirectly, to a parent
company. As a result, reductions in a parent company\u2019s ownership
interest in a subsidiary that do not result in a loss of control only impact
equity, as control of the economic entity does not change. In addition, for
the acquisition of an additional interest in a consolidated entity, the
Group recognises the difference between the acquisition price and the
carrying amount of NCIs acquired as a change in equity attributable to
the Group owners.
Conversely, in case of acquisition of control achieved in stages, the
Group remeasure its previously held equity interest in the acquiree at its
acquisition\u2011date fair value and recognise the resulting gain or loss, if any,
in profit or loss. If the Group loses control over a subsidiary, the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity are derecognised, while any resulting gain or loss
is recognised in profit or loss. Any investment retained is recognised at
fair value.
ACCOUNTING FOR JOINT ARRANGEMENTS
IFRS 11 \u2013 Joint Arrangements establishes principles for financial reporting
by parties to a joint arrangement.
In a joint arrangement, parties are bound by a contractual arrangement,
giving these parties joint control of the arrangement. An entity that is a
party to an arrangement shall assess whether the contractual arrangement
gives all the parties or a group of the parties control of the arrangement
collectively. Once it has been established that all the parties or a group of
the parties collectively control the arrangement, joint control exists only
when decisions about the relevant activities require the unanimous consent
of the parties that collectively control the arrangement.
Joint arrangements are classified into two categories:
\u25aa Joint operations: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties
are called joint operators. A joint operator shall recognise 100% of
wholly owned assets/liabilities, expenses/revenues of the joint
operation, and its share of any of those items held jointly.
\u25aa Joint ventures: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the net assets of
the arrangement. Those parties are called joint venturers. Each joint
venturer shall recognise its interest in a joint venture as an investment
and shall account for that investment using the equity method in
accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures (please see below).
EQUITY ACCOUNTING - INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
Entities over which the Group exercises significant influence as well as
joint ventures are accounted for under the equity method.
Significant influence is deemed to exist when the Group holds, whether
directly or indirectly, at least 20% of the voting rights in an entity unless it
can be clearly established that the Group does not exercise a significant
influence. Significant influence can be evidenced through further criteria,
such as representation on the entity\u2019s board of Directors or equivalent
governing body, participation in policy-making of financial and
operational processes, material transactions with the entity or the
interchange of managerial personnel or provision of essential technical
information.
The aggregate of the Group\u2019s share of profit or loss of an associate
and a joint venture is shown on the face of the consolidated statement
of earnings outside operating profit and represents profit or loss after
tax and non-controlling interests in the subsidiaries of the associate or
joint venture.
Under the equity method, the investment in an associate or a joint venture
is initially recognised at cost. The carrying amount of the investment is
adjusted to recognise changes in the Group\u2019s share of net assets of the
associate or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is included in the
carrying amount of the investment and is not tested for impairment
separately. Impairments and reversals are presented within line \u2018Income
(loss) from equity affiliates\u2019 in the consolidated statement of earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
2.2.1 CONSOLIDATION PRINCIPLES
For a list of the major subsidiaries, joint ventures and associated entities
that form part of the Group, please refer to Note 28.
CONSOLIDATION
All companies in which the Group has a controlling interest, are fully
consolidated.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Specifically, the Group
controls an investee if, and only if, the Group has:
\u25aa Power over the investee (i.e., existing rights that give it the current
ability to direct the relevant activities of the investee)
\u25aa Exposure, or rights, to variable returns from its involvement with the
investee
\u25aa The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.
The Consolidated Financial Statements of the Group are presented as if
the Group was a single economic entity with two categories of owners:
(i)\u00a0the owners of the parent company (i.e. the Group owners) and (ii) the
owners of non-controlling interests (NCIs) (i.e., the minority shareholders of
the Group\u2019s subsidiaries). An NCI is defined as the interest in a subsidiary
that is not attributable, whether directly or indirectly, to a parent
company. As a result, reductions in a parent company\u2019s ownership
interest in a subsidiary that do not result in a loss of control only impact
equity, as control of the economic entity does not change. In addition, for
the acquisition of an additional interest in a consolidated entity, the
Group recognises the difference between the acquisition price and the
carrying amount of NCIs acquired as a change in equity attributable to
the Group owners.
Conversely, in case of acquisition of control achieved in stages, the
Group remeasure its previously held equity interest in the acquiree at its
acquisition\u2011date fair value and recognise the resulting gain or loss, if any,
in profit or loss. If the Group loses control over a subsidiary, the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity are derecognised, while any resulting gain or loss
is recognised in profit or loss. Any investment retained is recognised at
fair value.
ACCOUNTING FOR JOINT ARRANGEMENTS
IFRS 11 \u2013 Joint Arrangements establishes principles for financial reporting
by parties to a joint arrangement.
In a joint arrangement, parties are bound by a contractual arrangement,
giving these parties joint control of the arrangement. An entity that is a
party to an arrangement shall assess whether the contractual arrangement
gives all the parties or a group of the parties control of the arrangement
collectively. Once it has been established that all the parties or a group of
the parties collectively control the arrangement, joint control exists only
when decisions about the relevant activities require the unanimous consent
of the parties that collectively control the arrangement.
Joint arrangements are classified into two categories:
\u25aa Joint operations: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties
are called joint operators. A joint operator shall recognise 100% of
wholly owned assets/liabilities, expenses/revenues of the joint
operation, and its share of any of those items held jointly.
\u25aa Joint ventures: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the net assets of
the arrangement. Those parties are called joint venturers. Each joint
venturer shall recognise its interest in a joint venture as an investment
and shall account for that investment using the equity method in
accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures (please see below).
EQUITY ACCOUNTING - INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
Entities over which the Group exercises significant influence as well as
joint ventures are accounted for under the equity method.
Significant influence is deemed to exist when the Group holds, whether
directly or indirectly, at least 20% of the voting rights in an entity unless it
can be clearly established that the Group does not exercise a significant
influence. Significant influence can be evidenced through further criteria,
such as representation on the entity\u2019s board of Directors or equivalent
governing body, participation in policy-making of financial and
operational processes, material transactions with the entity or the
interchange of managerial personnel or provision of essential technical
information.
The aggregate of the Group\u2019s share of profit or loss of an associate
and a joint venture is shown on the face of the consolidated statement
of earnings outside operating profit and represents profit or loss after
tax and non-controlling interests in the subsidiaries of the associate or
joint venture.
Under the equity method, the investment in an associate or a joint venture
is initially recognised at cost. The carrying amount of the investment is
adjusted to recognise changes in the Group\u2019s share of net assets of the
associate or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is included in the
carrying amount of the investment and is not tested for impairment
separately. Impairments and reversals are presented within line \u2018Income
(loss) from equity affiliates\u2019 in the consolidated statement of earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
2.2.1 CONSOLIDATION PRINCIPLES
For a list of the major subsidiaries, joint ventures and associated entities
that form part of the Group, please refer to Note 28.
CONSOLIDATION
All companies in which the Group has a controlling interest, are fully
consolidated.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Specifically, the Group
controls an investee if, and only if, the Group has:
\u25aa Power over the investee (i.e., existing rights that give it the current
ability to direct the relevant activities of the investee)
\u25aa Exposure, or rights, to variable returns from its involvement with the
investee
\u25aa The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.
The Consolidated Financial Statements of the Group are presented as if
the Group was a single economic entity with two categories of owners:
(i)\u00a0the owners of the parent company (i.e. the Group owners) and (ii) the
owners of non-controlling interests (NCIs) (i.e., the minority shareholders of
the Group\u2019s subsidiaries). An NCI is defined as the interest in a subsidiary
that is not attributable, whether directly or indirectly, to a parent
company. As a result, reductions in a parent company\u2019s ownership
interest in a subsidiary that do not result in a loss of control only impact
equity, as control of the economic entity does not change. In addition, for
the acquisition of an additional interest in a consolidated entity, the
Group recognises the difference between the acquisition price and the
carrying amount of NCIs acquired as a change in equity attributable to
the Group owners.
Conversely, in case of acquisition of control achieved in stages, the
Group remeasure its previously held equity interest in the acquiree at its
acquisition\u2011date fair value and recognise the resulting gain or loss, if any,
in profit or loss. If the Group loses control over a subsidiary, the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity are derecognised, while any resulting gain or loss
is recognised in profit or loss. Any investment retained is recognised at
fair value.
ACCOUNTING FOR JOINT ARRANGEMENTS
IFRS 11 \u2013 Joint Arrangements establishes principles for financial reporting
by parties to a joint arrangement.
In a joint arrangement, parties are bound by a contractual arrangement,
giving these parties joint control of the arrangement. An entity that is a
party to an arrangement shall assess whether the contractual arrangement
gives all the parties or a group of the parties control of the arrangement
collectively. Once it has been established that all the parties or a group of
the parties collectively control the arrangement, joint control exists only
when decisions about the relevant activities require the unanimous consent
of the parties that collectively control the arrangement.
Joint arrangements are classified into two categories:
\u25aa Joint operations: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties
are called joint operators. A joint operator shall recognise 100% of
wholly owned assets/liabilities, expenses/revenues of the joint
operation, and its share of any of those items held jointly.
\u25aa Joint ventures: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the net assets of
the arrangement. Those parties are called joint venturers. Each joint
venturer shall recognise its interest in a joint venture as an investment
and shall account for that investment using the equity method in
accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures (please see below).
EQUITY ACCOUNTING - INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
Entities over which the Group exercises significant influence as well as
joint ventures are accounted for under the equity method.
Significant influence is deemed to exist when the Group holds, whether
directly or indirectly, at least 20% of the voting rights in an entity unless it
can be clearly established that the Group does not exercise a significant
influence. Significant influence can be evidenced through further criteria,
such as representation on the entity\u2019s board of Directors or equivalent
governing body, participation in policy-making of financial and
operational processes, material transactions with the entity or the
interchange of managerial personnel or provision of essential technical
information.
The aggregate of the Group\u2019s share of profit or loss of an associate
and a joint venture is shown on the face of the consolidated statement
of earnings outside operating profit and represents profit or loss after
tax and non-controlling interests in the subsidiaries of the associate or
joint venture.
Under the equity method, the investment in an associate or a joint venture
is initially recognised at cost. The carrying amount of the investment is
adjusted to recognise changes in the Group\u2019s share of net assets of the
associate or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is included in the
carrying amount of the investment and is not tested for impairment
separately. Impairments and reversals are presented within line \u2018Income
(loss) from equity affiliates\u2019 in the consolidated statement of earnings.
NOTE 15 INVESTMENTS IN EQUITY AFFILIATES
15.1 THE GROUP\u2019S MAIN INVESTMENTS IN EQUITY AFFILIATES
As of 31 December 2025, the main companies accounted for by the
Group using the equity method are as follows:
\u25aa Viu: a leading streaming platform in Asia, whose head office is located
in Hong Kong
\u25aa Viaplay: the leader in pay-TV in the Nordic countries, whose head
office is located in Stockholm, listed on Nasdaq Stockholm (Sweden)
\u25aa Kingmakers : investment holding (sports betting) entity and an
associate of MultiChoice, incorporated in Mauritius
\u25aa NMSIS : provider of niche personal lines and insurance products and
an associate of MultiChoice, incorporated in South Africa
\u25aa UGC : UGC is a leading French cinema and audiovisual production
group with one of France\u2019s strongest cinema chains, content libraries,
and networks of talent with 55 theaters (48 in France and 7 in
Belgium), whose head office is located in France.
The table below summarises information relating to the Group\u2019s associates and joint ventures as at 31\u00a0December\u00a02025 and 2024.
Ownership interest as of 31 December
Voting interest
as of 31 December
Net carrying amount of equity affiliates
as of 31 December
(in millions of euros)
2025
2024
2025
2024
2025
2024
MultiChoice Group
(a)
(a)
45.20%
(a)
(a)
(a)
1,115
Viu
(b)
37.32%
37.18%
37.32%
37.18%
172
225
Viaplay
(c)
29.33%
29.33%
29.30%
29.29%
91
106
Blue Lake Ventures Limited (KingMakers)
(d)
51.23%
na
49.23%
na
155
\u2013
NMS insurance services (SA) Ltd (NMSIS)
(d)
40.00%
na
40.00%
na
45
\u2013
UGC
(e)
34.00%
na
34.53%
na
109
\u2013
Other
46
36
619
1,482
na: not applicable.
a. MultiChoice acquisition
As described in Note 3.1, the Group acquired control of MultiChoice on 20
September 2025. Consequently, MultiChoice was accounted for as an associate
using the equity method for the period from 1 January 2025 to the acquisition
date. From that date, MultiChoice became a subsidiary and has been
consolidated in the Group financial statements. In accordance with IFRS 3
Business Combinations, the Group remeasured its previously held equity interest
at fair value at the acquisition date and recognised a gain of \u20ac173 million in
profit or loss (see Note 3.1).
As of 31 December 2024, the Group held 45.20% of MultiChoice\u2019s share
capital. South African regulations prohibit any foreign investor (excluding
countries in the African Union that entered into bilateral agreements) from
holding a direct or indirect financial interest of more than 20% of the voting
rights or controlling a company holding commercial television broadcasting
licensing. MultiChoice\u2019s memorandum of incorporation limits the voting
rights of all of MultiChoice\u2019s foreign shareholders to 20% with, if necessary,
a proportional reduction of their voting rights (a \u2018scale back\u2019 mechanism).
The Group tested the value of its interest in MultiChoice to determine whether
the recoverable value was at least equal to its carrying amount. As of
31 December 2024, the Group\u2019s management considered that the recoverable
amount of MultiChoice was at least equal to its carrying amount.
b.Viu
As of 31 December 2025, the Group held 37.32% of Viu\u2019s share capital. The
Group also holds an option to increase its ownership interest in Viu to 51%.
As of 31 December 2024, the Group held 37.18% of Viu\u2019s share capital.
After assessment of facts and circumstances, management concluded that the
Group did not have control over Viu. As of 31 December 2025, the Group\u2019s
management considered that the recoverable amount of Viu is at least equal
to its carrying amount.
c.Viaplay
On 20 July 2023, the Group announced that it had acquired a 12% interest
in Viaplay Group AB (\u2018Viaplay\u2019), a leader in pay-TV in the Nordic countries.
On 9 February 2024, following completion of the recapitalisation, the Group
announced that it had increased its 12% interest in Viaplay to 29.29%, confirming
its position as the largest shareholder. The Group exercises a significant influence
over Viaplay, which is accounted for under the equity method since 9 February
2024.\u00a0 As of 31 December 2025, the Group held 29.33% of Viaplay\u2019s share
capital and 29.30% of the Company\u2019s voting rights.
The Group\u2019s investment in Viaplay Ltd includes fair value adjustments recognized
at the date when the Group obtained significant influence over Viaplay mainly
relating to goodwill, customer relationships and trademarks and trade names.
The fair value adjustments (except goodwill) are amortized over their respective
useful lives and are deducted from the Group\u2019s share in Viaplay\u2019s profit and loss.
As of 31 December 2025 and 2024, CANAL+\u2019s management considered that
the recoverable amount of Viaplay was at least equal to its carrying amount.
d.MultiChoice associates and joint ventures
As part of the identifiable net assets of MultiChoice recognised in the business
combination, the Group acquired several associates and joint ventures previously
held by MultiChoice. Following the acquisition of MultiChoice, these associates
and joint ventures have been accounted for using the equity method.
Associates and joint ventures of MultiChoice were measured at fair value in
accordance with business combination requirements. Therefore, As at
31\u00a0December\u00a02025, no impairment test was performed, as the acquisition
occurred in September 2025 and no indicators of impairment were identified
between the acquisition date and year\u2011end.
Multichoice\u2019s main associates are Kingmakers and NMSIS.
Kingmakers
The group holds 49.23% voting rights in Blue Lake Ventures Limited, an interactive
entertainment business (operating as KingMakers). However, the group
considered the economic ownership to be 51.23% due to the sale of shares to
the KingMakers\u2019 share scheme, which was considered to be the issuance of an
option derivative. As of 31 December 2025, the fair value of the option is a liability
of \u20ac5 million.
Considering all facts and circumstances, mainly board representation (the group only has
the right to appoint 3 of the 7 directors) and\u00a0 consideration of voting rights, management
concluded that the Group do not have the ability to direct the relevant activities of
KingMakers and rather exercises significant influence over Kingmakers. Thus, the group\u2019s
investment in Kingmakers has been equity accounted as an associate.
NMSIS
As of 31 December 2025, the Groupe held 40% of NMSIS. Before the acquisition
of MultiChoice by the Group, NMSIS was a wholly owned subsidiary of
MultiChoice. On 30 November 2024, MultiChoice sold 60% of its shareholding
in its NMSIS subsidiary to Sanlam Life Insurance Limited (Sanlam), a wholly owned
subsidiary of Sanlam Limited.
The transaction price included upfront cash proceeds and a potential
performance-based cash earn-out (contingent consideration) of up to a maximum
consideration of ZAR1.5bn that is contingent upon the amount of gross written
premiums (GWPs) generated by NMSIS for the calendar year ending 31
December 2026.
The contingent consideration constitutes a financial asset under IFRS 9, which is
accounted for at fair value through profit or loss. The fair value of the contingent
consideration is nil a as of acquisition date and 31 December 2025 giving the
decline in GWPs during the year 2025.
The transaction resulted in the loss of control of NMSIS. The remaining 40%
interest in NMSIS has subsequently been accounted for using the equity method
for investments in associates.
e.UGC
As described in notes 3.5 and 26, on 15\u00a0October\u00a02025 the Group acquired a
34% equity interest in UGC Group. As at 31\u00a0December\u00a02025, no impairment test
was performed in respect of this investment, as the acquisition occurred in
October\u00a02025 and no indicators of impairment were identified between the
acquisition date and year\u2011end. In particular, there were no triggering events
suggesting a decline in the fair value of UGC Group\u2019s assets or liabilities during
this period.
Change in value of investments in equity affiliates
Year ended December 31
(in millions of euros)
2025
2024
Opening Balance
1,482
1,103
Acquisitions
(a)
111
498
Business combination
(b)
216
\u2013
Reclassification from financial investments
\u2013
4
Sales/decrease
(c)
(1,251)
\u2013
Income (loss) from equity affiliates
(d)
38
(158)
Other comprehensive income
1
27
Dividends received
(1)
\u2013
Other
22
8
Closing Balance
619
1,482
a. In 2025, the increase is mainly related to the acquisition of 34% interests in UGC.
b.In 2025, the increase is mainly related to the acquisition of MultiChoice (see note 3.1).
c.\u00a0 The decrease in 2025 is mainly explained by the acquisition control over MultiChoice on 20 September 2025.\u00a0 From that date, MultiChoice became a subsidiary and has
been consolidated in the Group financial statements. The previously held equity interests that was accounted for using equity method was derecognised at fair value
resulting in the recognition of a gain amounting to \u20ac173 million recognised in profit or loss under the line \u201cIncome (loss) from equity affiliates\u201d.
d.In 2025, mainly included the Group\u2019s share of the net income (loss) from MultiChoice for +\u20ac73 million (-\u20ac100 million in 2024), Viu for -\u20ac37 million (-\u20ac47 million in
2024), Viaplay for -\u20ac15 million (-\u20ac11 million in 2024) and +\u20ac22 million related to MC Vision following the additional acquisition over the period due to the revaluation
at fair value of the shares previously held.
15.2 FINANCIAL INFORMATION DATA OF MATERIAL ASSOCIATES
\u25aa MULTICHOICE
The main financial items in the Consolidated Financial Statements as of the acquisition date of MultiChoice are outlined in note 3.1.
As of 31 December 2024, the main financial items in the Consolidated Financial Statements, as publicly disclosed by MultiChoice, were as follows:
Statement of financial position
MultiChoice
(in millions of euros)
Six month ended 30 September 2024
Year ended 31 March 2024
Date of publication:
12 November 2024
12 June 2024
Non-current assets
1,053
1,112
Current assets
1,159
1,036
Total assets
2,212
2,148
Total equity
(145)
(52)
Non-current liabilities
1,199
1,188
Current liabilities
1,158
1,012
Total liabilities
2,212
2,148
Statement of earnings
MultiChoice
(in millions of euros)
Six month ended 30 September 2024
Year ended 31 March 2024
Date of publication:
12 November 2024
12 June 2024
Revenues
1,246
2,764
Loss for the period attributable to equity holders of the Group
(90)
(196)
of which continuing operations
(90)
(196)
discontinued operations
\u2013
\u2013
The Group's share of net earnings
(100)
(42)
Comprehensive income
23
19
Before the date of acquisition, the Group accounted for its share of
MultiChoice\u2019s net earnings with a three-month reporting lag. The
Consolidated Financial Statements of the Group for the fiscal year ended
31 December 2024 included the Group share of MultiChoice\u2019s net
earnings based on: (i) consolidated interim financial statements of
MultiChoice for the half-year ended 30 September 2024, cumulated with
(ii) consolidated annual financial statements of MultiChoice for the year
ended 31 March 2024, reduced by (iii) consolidated interim financial
statements of MultiChoice for the half-year ended 30 September 2023.
The Consolidated statement of financial position and the consolidated
statement of earnings were translated into euros using EUR/ZAR
exchange rates of 18.77 and 19.94, respectively.
The Group's share of net earnings includes amortisation of assets related
to the former purchase price allocation related to MultiChoice accounted
as an equity affiliate.
\u25aa VIAPLAY
The main financial items in the Consolidated Financial Statements, as publicly disclosed by Viaplay were as follows:
Statement of financial position
Viaplay
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Date of publication:
February, 19 2026
February, 20 2025
Non-current assets
644
375
Current assets
1,096
1,096
Total assets
1,739
1,471
Total equity
210
321
Non-current liabilities
696
392
Current liabilities
834
759
Total liabilities
1,739
1,471
Statement of earnings
Viaplay
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Date of publication:
February, 19 2026
February, 20 2025
Revenues
1,593
1,619
Profit (Loss) for the period attributable to Equity holders of the group
(114)
9
of which continuing operations
(114)
9
discontinued operations
\u2013
\u2013
Canal+ Group's share of net earnings
(15)
(11)
Comprehensive income
1
(4)
\u25aa KINGMAKERS
The summarised financial information presented below represents the unaudited financial information of KingMakers for the year ended 31 December
2025:
Statement of financial position
KingsMakers
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Non-current assets
33
na
Current assets
72
na
Total assets
105
na
Total equity
77
na
Non-current liabilities
7
na
Current liabilities
20
na
Total liabilities
105
Statement of earnings
KingsMakers
(in millions of euros)
Year ended 31 December 2025
Year ended 31 December 2024
Revenues
60
na
Profit (Loss) for the period attributable to Equity holders of the group
(58)
na
of which continuing operations
(58)
na
discontinued operations
\u2013
na
Canal+ Group's share of net earnings
(a)
(4)
na
Comprehensive income
(7)
na
a. The Group's share of net earnings includes amortisation of assets related to the purchase price allocation.
The Consolidated statement of financial position and the consolidated statement of earnings were translated into euros using EUR/ZAR exchange rates
of 19.66 and 20.19, respectively.
\u25aa OTHER EQUITY AFFILIATES
Regarding Viu, NMSIS and UGC, the main financial items in the Consolidated Financial Statements were not publicly disclosed as of 31 December
2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
2.2.1 CONSOLIDATION PRINCIPLES
For a list of the major subsidiaries, joint ventures and associated entities
that form part of the Group, please refer to Note 28.
CONSOLIDATION
All companies in which the Group has a controlling interest, are fully
consolidated.
Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Specifically, the Group
controls an investee if, and only if, the Group has:
\u25aa Power over the investee (i.e., existing rights that give it the current
ability to direct the relevant activities of the investee)
\u25aa Exposure, or rights, to variable returns from its involvement with the
investee
\u25aa The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.
The Consolidated Financial Statements of the Group are presented as if
the Group was a single economic entity with two categories of owners:
(i)\u00a0the owners of the parent company (i.e. the Group owners) and (ii) the
owners of non-controlling interests (NCIs) (i.e., the minority shareholders of
the Group\u2019s subsidiaries). An NCI is defined as the interest in a subsidiary
that is not attributable, whether directly or indirectly, to a parent
company. As a result, reductions in a parent company\u2019s ownership
interest in a subsidiary that do not result in a loss of control only impact
equity, as control of the economic entity does not change. In addition, for
the acquisition of an additional interest in a consolidated entity, the
Group recognises the difference between the acquisition price and the
carrying amount of NCIs acquired as a change in equity attributable to
the Group owners.
Conversely, in case of acquisition of control achieved in stages, the
Group remeasure its previously held equity interest in the acquiree at its
acquisition\u2011date fair value and recognise the resulting gain or loss, if any,
in profit or loss. If the Group loses control over a subsidiary, the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity are derecognised, while any resulting gain or loss
is recognised in profit or loss. Any investment retained is recognised at
fair value.
ACCOUNTING FOR JOINT ARRANGEMENTS
IFRS 11 \u2013 Joint Arrangements establishes principles for financial reporting
by parties to a joint arrangement.
In a joint arrangement, parties are bound by a contractual arrangement,
giving these parties joint control of the arrangement. An entity that is a
party to an arrangement shall assess whether the contractual arrangement
gives all the parties or a group of the parties control of the arrangement
collectively. Once it has been established that all the parties or a group of
the parties collectively control the arrangement, joint control exists only
when decisions about the relevant activities require the unanimous consent
of the parties that collectively control the arrangement.
Joint arrangements are classified into two categories:
\u25aa Joint operations: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties
are called joint operators. A joint operator shall recognise 100% of
wholly owned assets/liabilities, expenses/revenues of the joint
operation, and its share of any of those items held jointly.
\u25aa Joint ventures: these are joint arrangements whereby the parties that
have joint control of the arrangement have rights to the net assets of
the arrangement. Those parties are called joint venturers. Each joint
venturer shall recognise its interest in a joint venture as an investment
and shall account for that investment using the equity method in
accordance with IAS 28 \u2013 Investments in Associates and Joint
Ventures (please see below).
EQUITY ACCOUNTING - INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
Entities over which the Group exercises significant influence as well as
joint ventures are accounted for under the equity method.
Significant influence is deemed to exist when the Group holds, whether
directly or indirectly, at least 20% of the voting rights in an entity unless it
can be clearly established that the Group does not exercise a significant
influence. Significant influence can be evidenced through further criteria,
such as representation on the entity\u2019s board of Directors or equivalent
governing body, participation in policy-making of financial and
operational processes, material transactions with the entity or the
interchange of managerial personnel or provision of essential technical
information.
The aggregate of the Group\u2019s share of profit or loss of an associate
and a joint venture is shown on the face of the consolidated statement
of earnings outside operating profit and represents profit or loss after
tax and non-controlling interests in the subsidiaries of the associate or
joint venture.
Under the equity method, the investment in an associate or a joint venture
is initially recognised at cost. The carrying amount of the investment is
adjusted to recognise changes in the Group\u2019s share of net assets of the
associate or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is included in the
carrying amount of the investment and is not tested for impairment
separately. Impairments and reversals are presented within line \u2018Income
(loss) from equity affiliates\u2019 in the consolidated statement of earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
2.2.2 FOREIGN CURRENCY TRANSLATION
The Consolidated Financial Statements are presented in millions of
euros. The functional and presentation currency of the Group is the euro.
TRANSACTIONS IN FOREIGN CURRENCY
Foreign currency transactions are initially recorded in the functional
currency of the entity at the exchange rate prevailing at the date of the
transaction. At the closing date, foreign currency monetary assets and
liabilities are translated into the entity\u2019s functional currency at the
exchange rate prevailing on that date. All foreign currency differences
are recognised in profit or loss, except for differences resulting from
borrowings in foreign currencies which constitute a hedge of the net
investment in a foreign entity. These differences are allocated directly to
charges and income directly recognised in equity until the divestiture of
the net investment.
FOREIGN EXCHANGE DIFFERENCES ARISING ON QUASI-
EQUITY LOANS
The Group has several quasi-equity loans provided to some of its subsidiaries
which are eliminated in the consolidated financial statements in accordance to
IFRS10, and denominated in a currency other than the parent\u2019s functional
currency. For these loans the Group has determined that their settlement is
neither planned nor likely to occur in the foreseeable future. These loans form
a part of the Group net investment in a foreign operation.
Consequently, any foreign exchange differences arising from these loans
are recognized in charges and income directly recognised in equity from
the date these loans became a part of the net investment. These
exchange differences remain in equity until the net investment is disposed
of. At that point, the accumulated exchange differences are reclassified
from equity to profit or loss.
TRANSLATION OF FINANCIAL STATEMENTS DENOMINATED
IN FOREIGN CURRENCY
Except in cases of significant exchange rate fluctuation, financial
statements of subsidiaries, joint ventures or other associated entities
for which the functional currency is not the euro are translated into
euros as follows:
\u25aa the consolidated statement of financial position is translated at the
exchange rate at the end of the period, and
\u25aa the consolidated statement of earnings and the consolidated statement
of cash flows are translated using average monthly exchange rates for
the period.
The resulting translation gains and losses are recorded as foreign
currency translation differences in charges and income directly
recognised in equity. On disposal of a foreign operation, the aggregated
amount of translation differences recognised in equity relating to
disposed foreign operation is reclassified to profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any
fair value adjustments to the carrying amounts of assets and liabilities
arising on the acquisition are treated as assets and liabilities of the
foreign operation and translated at the spot rate of exchange at the
reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
2.2.2 FOREIGN CURRENCY TRANSLATION
The Consolidated Financial Statements are presented in millions of
euros. The functional and presentation currency of the Group is the euro.
TRANSACTIONS IN FOREIGN CURRENCY
Foreign currency transactions are initially recorded in the functional
currency of the entity at the exchange rate prevailing at the date of the
transaction. At the closing date, foreign currency monetary assets and
liabilities are translated into the entity\u2019s functional currency at the
exchange rate prevailing on that date. All foreign currency differences
are recognised in profit or loss, except for differences resulting from
borrowings in foreign currencies which constitute a hedge of the net
investment in a foreign entity. These differences are allocated directly to
charges and income directly recognised in equity until the divestiture of
the net investment.
FOREIGN EXCHANGE DIFFERENCES ARISING ON QUASI-
EQUITY LOANS
The Group has several quasi-equity loans provided to some of its subsidiaries
which are eliminated in the consolidated financial statements in accordance to
IFRS10, and denominated in a currency other than the parent\u2019s functional
currency. For these loans the Group has determined that their settlement is
neither planned nor likely to occur in the foreseeable future. These loans form
a part of the Group net investment in a foreign operation.
Consequently, any foreign exchange differences arising from these loans
are recognized in charges and income directly recognised in equity from
the date these loans became a part of the net investment. These
exchange differences remain in equity until the net investment is disposed
of. At that point, the accumulated exchange differences are reclassified
from equity to profit or loss.
TRANSLATION OF FINANCIAL STATEMENTS DENOMINATED
IN FOREIGN CURRENCY
Except in cases of significant exchange rate fluctuation, financial
statements of subsidiaries, joint ventures or other associated entities
for which the functional currency is not the euro are translated into
euros as follows:
\u25aa the consolidated statement of financial position is translated at the
exchange rate at the end of the period, and
\u25aa the consolidated statement of earnings and the consolidated statement
of cash flows are translated using average monthly exchange rates for
the period.
The resulting translation gains and losses are recorded as foreign
currency translation differences in charges and income directly
recognised in equity. On disposal of a foreign operation, the aggregated
amount of translation differences recognised in equity relating to
disposed foreign operation is reclassified to profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any
fair value adjustments to the carrying amounts of assets and liabilities
arising on the acquisition are treated as assets and liabilities of the
foreign operation and translated at the spot rate of exchange at the
reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
2.2.2 FOREIGN CURRENCY TRANSLATION
The Consolidated Financial Statements are presented in millions of
euros. The functional and presentation currency of the Group is the euro.
TRANSACTIONS IN FOREIGN CURRENCY
Foreign currency transactions are initially recorded in the functional
currency of the entity at the exchange rate prevailing at the date of the
transaction. At the closing date, foreign currency monetary assets and
liabilities are translated into the entity\u2019s functional currency at the
exchange rate prevailing on that date. All foreign currency differences
are recognised in profit or loss, except for differences resulting from
borrowings in foreign currencies which constitute a hedge of the net
investment in a foreign entity. These differences are allocated directly to
charges and income directly recognised in equity until the divestiture of
the net investment.
FOREIGN EXCHANGE DIFFERENCES ARISING ON QUASI-
EQUITY LOANS
The Group has several quasi-equity loans provided to some of its subsidiaries
which are eliminated in the consolidated financial statements in accordance to
IFRS10, and denominated in a currency other than the parent\u2019s functional
currency. For these loans the Group has determined that their settlement is
neither planned nor likely to occur in the foreseeable future. These loans form
a part of the Group net investment in a foreign operation.
Consequently, any foreign exchange differences arising from these loans
are recognized in charges and income directly recognised in equity from
the date these loans became a part of the net investment. These
exchange differences remain in equity until the net investment is disposed
of. At that point, the accumulated exchange differences are reclassified
from equity to profit or loss.
TRANSLATION OF FINANCIAL STATEMENTS DENOMINATED
IN FOREIGN CURRENCY
Except in cases of significant exchange rate fluctuation, financial
statements of subsidiaries, joint ventures or other associated entities
for which the functional currency is not the euro are translated into
euros as follows:
\u25aa the consolidated statement of financial position is translated at the
exchange rate at the end of the period, and
\u25aa the consolidated statement of earnings and the consolidated statement
of cash flows are translated using average monthly exchange rates for
the period.
The resulting translation gains and losses are recorded as foreign
currency translation differences in charges and income directly
recognised in equity. On disposal of a foreign operation, the aggregated
amount of translation differences recognised in equity relating to
disposed foreign operation is reclassified to profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any
fair value adjustments to the carrying amounts of assets and liabilities
arising on the acquisition are treated as assets and liabilities of the
foreign operation and translated at the spot rate of exchange at the
reporting date.
NOTE 9 CHARGES AND INCOME DIRECTLY RECOGNISED IN EQUITY
DETAILS OF CHANGES IN EQUITY RELATED TO OTHER COMPREHENSIVE INCOME (OCI)
Items not subsequently reclassified to profit or loss
Items to be subsequently reclassified to profit or loss
Actuarial gains/(losses)
related to employee
defined benefit plans
Financial assets at fair value
through OCI
Unrealised gains/(losses)
Foreign currency
translation adjustments
OCI from equity affiliates,
net
OCI
(in millions of euros)
(a)
Hedging instruments
Year ended 31
December 2024
12
11
(3)
(11)
68
77
Charges and income
directly recognised in
equity
(b)
(1)
\u2013
(19)
88
20
87
Tax effect
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassification to
reserves following
deconsolidation
(c)
\u2013
\u2013
\u2013
\u2013
(89)
(89)
Year ended 31
December 2025
11
11
(22)
76
(1)
75
a. Please refer to Note 21
b. Including the recycling of currency translation reserve for -\u20ac32million following the derecognition of MultiChoice as an equity affiliate (see note 3.1)
c. Mainly related to the derecognition of MultiChoice as an equity affiliate (see note 3.1)
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
The Consolidated Financial Statements are presented in millions of
euros. The functional and presentation currency of the Group is the euro.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
2.2.3 EARNINGS PER SHARE
According to IAS 33 \u2018Earnings per Share\u2019, basic Earnings Per Share
(\u2018EPS\u2019) is calculated by dividing the net earnings attributable to equity
holders of the Company by the weighted average number of shares
outstanding during the year, after deducting treasury shares.
Diluted earnings per share amounts are calculated by dividing the net
earnings attributable to equity holders of the Company, restated if
necessary for the financial cost of dilutive financial instruments, by the
weighted average number of outstanding shares, adjusted for the
weighted average number of treasury shares held in the year and for the
effects of all dilutive potential shares which comprise share rights granted
to employees.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
2.2.3 EARNINGS PER SHARE
According to IAS 33 \u2018Earnings per Share\u2019, basic Earnings Per Share
(\u2018EPS\u2019) is calculated by dividing the net earnings attributable to equity
holders of the Company by the weighted average number of shares
outstanding during the year, after deducting treasury shares.
Diluted earnings per share amounts are calculated by dividing the net
earnings attributable to equity holders of the Company, restated if
necessary for the financial cost of dilutive financial instruments, by the
weighted average number of outstanding shares, adjusted for the
weighted average number of treasury shares held in the year and for the
effects of all dilutive potential shares which comprise share rights granted
to employees.
NOTE 8 EARNINGS PER SHARE
Year ended 31 December
2025
2024
Earnings (losses) from continuing operations attributable to equity holders of the parent (in millions of euros)
(22)
(138)
Earnings (losses) from discontinued operations attributable to equity holders of the parent (in millions of euros)
(25)
(9)
Earnings (losses) attributable to equity holders of the parent (in millions of euros)
(47)
(147)
Weighted average number of shares outstanding during the year
(a)
990,034,191
991,959,494
Potential dilutive effects related to share-based compensation
\u2013
\u2013
Diluted weighted average number of shares
990,034,191
991,959,494
\u2013
Earnings per share (in euros)
Basic, earnings (losses) from continuing operations for the period attributable to equity holders of the parent
(0.02)
(0.14)
Basic, earnings (losses) from discontinued operations for the period attributable to equity holders of the
parent
(0.03)
(0.01)
Basic earnings per share
(0.05)
(0.15)
Diluted, earnings (losses) from continuing operations for the period attributable to equity holders of the parent
(0.02)
(0.14)
Diluted, earnings (losses) from discontinued operations for the period attributable to equity holders of the
parent
(0.03)
(0.01)
Diluted earnings per share
(0.05)
(0.15)
a. Net of the weighted average number of treasury shares (1,925,303 shares in 2025)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
2.2.4 REVENUES AND ASSOCIATED COSTS
Revenues from contracts with customers are recorded when performance
obligations promised in the contract are satisfied, and for an amount for
which it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. Revenues are reported net
of discounts.
INTELLECTUAL PROPERTY LICENSING
These licences transfer to a customer either a right to use an entity\u2019s
intellectual property as it exists at the point in time at which the licence is
granted (static licence), or a right to access an entity\u2019s intellectual property
as it exists throughout the licence period (dynamic licence).
Revenues are accounted for when the performance obligation promised
in the contract is satisfied (static licence) or over time upon satisfaction
(dynamic licence), i.e. when the seller transfers the risks and rewards of
the right to use/access the intellectual property and the customer obtains
control of the use/access of that licence. Consequently, revenues from
static licences are recognised at the point in time when the licence is
transferred and the customer is able to use and benefit from the licence.
Revenues from dynamic licences are accounted for over time, over the
licence period from the date the customer is able to use and benefit from
the licence.
ANALYSIS OF THE AGENT/PRINCIPAL RELATIONSHIP IN
SALES TRANSACTIONS INVOLVING A THIRD PARTY
If the nature of the entity\u2019s promise is a performance obligation to provide
the specified goods or services itself, then the entity acts on its own behalf
and the entity is the \u2018principal\u2019 in the sale transaction: the entity recognises
as revenue the gross amount of consideration to which it expects to be
entitled in exchange for the goods or services provided, and the
commission due to the third party as cost of revenues. If the entity
arranges for a third party to provide the goods or services specified in
the contract, the entity is the \u2018agent\u2019, then the entity recognises as revenues
the net amount of consideration to which the entity expects to be entitled
in exchange for the goods or services provided.
2.2.4.1 REVENUE RECOGNITION
Terrestrial, satellite or ADSL television subscription services
\u25aa Subscription to programmes
Each subscription to a contract for pay-TV services is considered as a
series of distinct services that are substantially the same and that have the
same pattern of transfer to the customer. The provision of set-top boxes,
digital cards and access fees do not represent distinct services or goods,
and they are combined with the subscription service as a single
performance obligation satisfied over time, as the customer
simultaneously receives and consumes the benefits provided by the
Group's performance as the pay-TV services are supplied. In its
relationship with the third-party distributor and the end customer, the
Group acts as the \u2018principal\u2019 in the transaction with the end customer for
the self-distribution contracts as it is responsible for the activation of the
subscription of the end customer and for setting the selling price.
Revenues, net of potential free periods granted, are then accounted for
over the period the service is provided, starting from the activation date
of the subscription and as the service is provided.
\u25aa Video-on-demand and television-on-demand services
The video-on-demand service (which allows customers to have unlimited
access to a catalogue of programmes through streaming) and the
television-on-demand service (which provides access to one-time
programmes by downloading or streaming) are services distinct from the
subscription service. In its relationship with the third-party distributor and
the end customer, the Group is not the \u2018principal\u2019, as the third-party
distributor is responsible for the performance of the service both
technically and commercially.
The video-on-demand service is a performance obligation which is
satisfied over time, and the revenues are accounted for over the period it
is provided to the customer. The television-on-demand service is a
performance obligation satisfied at a point in time, and the revenues are
accounted for when the content is available for broadcasting.
Sales of advertising spaces
These are sales of television advertising spaces (in the form of classic TV
commercials and partnerships for shows or events) or online advertising
spaces (i.e. videos and advertising banners). In its relationship with the
third-party distributor and the end customer, the Group is not the
\u2018principal\u2019, as the third party distributor is responsible for the performance
of the service and does not set the selling price.
\u25aa Television advertising spaces
Regarding commercials, the distinct performance obligation is the reach
of a given gross rating point (\u2018GRP\u2019), which generally comprises a set of
advertising messages aimed at a specific target audience and satisfied
over time. Revenues from these sales, net of rebates if any, are accounted
for over the period of the advertising campaign, generally as the
advertising commercials are broadcasted considering potential free
periods granted.
\u25aa Online advertising spaces
Each type of advertising imprint (advertising display) represents a distinct
performance obligation, because the advertiser can benefit separately
from each type of advertising imprint, satisfied at a point in time. Revenues
from the sale of online advertising spaces, net of rebates, if any, are
accounted for when the advertising imprints are produced, i.e. when the
advertisements are broadcasted on the website.
Film and television programmes
\u25aa Revenue from licencing audiovisual works
These sales are intellectual property licences granted by the Group to
broadcasters or to distributors and which give them certain rights over its
audiovisual works. These licences give the customer the right to use the
films as they exist at the point in time at which the licences are granted. In
its relationship with the third-party distributor and the end customer, the
Group is not the \u2018principal\u2019 in the transaction with the end customer, as the
distributor is responsible for the delivery of the film and for the price
setting to the end customer.
Revenues from licencing audiovisual works are recorded from the moment
the client is able to use it and obtain the remaining benefits. When the
consideration paid by the customer is a fixed price, revenues from the sales
of exploitation rights are recorded from the latest of the delivery and the
opening of the exploitation window set contractually or legally (refer to the
media chronology in France). When the consideration paid by the
customer is variable in the form of a sales-based royalty to the end
customer, revenues are recognised as the subsequent sale occurs.
Television series
\u25aa Production of TV series
These sales constitute intellectual property licences sold by
STUDIOCANAL to television channels, subscription video-on-demand
platforms, or distributors and which give them certain rights over its works.
These clients finance and commission the programme from the producer
for their specific needs. These licences are static licences because they
transfer a right to use the series as they exist at the point in time when the
licence is granted. In its relationship with its clients, STUDIOCANAL acts
as the 'principal\u2019 with respect to the third party. Revenues from the sale of
these rights are recorded when the performance obligations specified in
the contract are fulfilled. These contractual obligations may include the
production and client acceptance of the programme's components, or the
final delivery of the episodes.
\u25aa Distribution of TV series
These sales constitute intellectual property licences granted by
STUDIOCANAL to distributors, giving them certain rights over its works.
Revenues from the licensing of these rights are recorded from the moment
the client is able to use the programme and obtain the remaining benefits.
When the consideration paid by the customers is a fixed price, revenues
from the sales of exploitation rights are recorded from the latest of the
delivery and the opening of the exploitation set contractually or legally.
When the consideration paid by the customer is variable in the form of
sales based royalty to the end customer, revenues are recognised as the
subsequent sales occur.
2.2.4.2 COSTS
Content costs include all costs related to the acquisition, production
and editing of content (primarily amortisation and expenses of content
assets (see Note 2.2.5.2), personnel expenses, technical costs and other
associated expenses) as well as costs related to distribution and
aggregation of third parties\u2019 channels and platforms (Netflix, MAX,
Eurosport, beIN\u2026).
Technology, selling, general, administrative costs & others
primarily include technology and development costs, costs for sales
(distribution, marketing, advertising), and costs related to central functions.
NOTE 5 OPERATING INCOME (EBIT)
5.1 REVENUES
BY ACTIVITY
Year ended 31 December
(in millions of euros)
2025
2024
Subscriptions
5,736
5,173
Advertising, content sales and other
1,212
1,245
Revenues
6,949
6,418
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac684 million to the Group revenues.
BY GEOGRAPHIC AREA
Revenues are broken down by customer location.
Year ended 31 December
(in millions of euros)
2025
2024
France
3,571
51.4%
3,762
58.6%
Poland
701
10.1%
648
10.1%
South Africa
452
6.5%
4
0.1%
Rest of the world
2,225
32.0%
2,004
31.2%
Revenues
6,949
100%
6,418
100%
5.2 PERSONNEL COSTS AND AVERAGE EMPLOYEE NUMBERS
Year ended 31 December
(in millions of euros)
2025
2024
Salaries
603
487
Social security and other employment charges
204
177
Capitalised personnel costs
(29)
(27)
Wages and expenses
778
638
Share-based compensation plans
14
4
Employee benefit plans
(1)
5
Other
43
36
Personnel costs
(a)
834
682
Annual average number of full-time equivalent employee (in units)
10,422
8,647
a. excluding Restructuring costs
In 2025, Personnel costs are included in the Operating Income (EBIT) as follows:
\u25aa \u20ac187 million included in the Content costs
\u25aa \u20ac647 million included in the Technology, selling, general, administrative costs & others\u00a0
\u25aa \u20ac27 million included in the Restructuring costs
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac114 million to the Group\u2019s personnel costs. This include \u20ac15 million reported under
Content costs and \u20ac98 million reported under Technology, selling, general, administrative costs & others. Over the same period, MultiChoice also
contributed 1,792 to the Group\u2019s annual average number of full-time equivalent employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
2.2.4.1 REVENUE RECOGNITION
Terrestrial, satellite or ADSL television subscription services
\u25aa Subscription to programmes
Each subscription to a contract for pay-TV services is considered as a
series of distinct services that are substantially the same and that have the
same pattern of transfer to the customer. The provision of set-top boxes,
digital cards and access fees do not represent distinct services or goods,
and they are combined with the subscription service as a single
performance obligation satisfied over time, as the customer
simultaneously receives and consumes the benefits provided by the
Group's performance as the pay-TV services are supplied. In its
relationship with the third-party distributor and the end customer, the
Group acts as the \u2018principal\u2019 in the transaction with the end customer for
the self-distribution contracts as it is responsible for the activation of the
subscription of the end customer and for setting the selling price.
Revenues, net of potential free periods granted, are then accounted for
over the period the service is provided, starting from the activation date
of the subscription and as the service is provided.
\u25aa Video-on-demand and television-on-demand services
The video-on-demand service (which allows customers to have unlimited
access to a catalogue of programmes through streaming) and the
television-on-demand service (which provides access to one-time
programmes by downloading or streaming) are services distinct from the
subscription service. In its relationship with the third-party distributor and
the end customer, the Group is not the \u2018principal\u2019, as the third-party
distributor is responsible for the performance of the service both
technically and commercially.
The video-on-demand service is a performance obligation which is
satisfied over time, and the revenues are accounted for over the period it
is provided to the customer. The television-on-demand service is a
performance obligation satisfied at a point in time, and the revenues are
accounted for when the content is available for broadcasting.
Sales of advertising spaces
These are sales of television advertising spaces (in the form of classic TV
commercials and partnerships for shows or events) or online advertising
spaces (i.e. videos and advertising banners). In its relationship with the
third-party distributor and the end customer, the Group is not the
\u2018principal\u2019, as the third party distributor is responsible for the performance
of the service and does not set the selling price.
\u25aa Television advertising spaces
Regarding commercials, the distinct performance obligation is the reach
of a given gross rating point (\u2018GRP\u2019), which generally comprises a set of
advertising messages aimed at a specific target audience and satisfied
over time. Revenues from these sales, net of rebates if any, are accounted
for over the period of the advertising campaign, generally as the
advertising commercials are broadcasted considering potential free
periods granted.
\u25aa Online advertising spaces
Each type of advertising imprint (advertising display) represents a distinct
performance obligation, because the advertiser can benefit separately
from each type of advertising imprint, satisfied at a point in time. Revenues
from the sale of online advertising spaces, net of rebates, if any, are
accounted for when the advertising imprints are produced, i.e. when the
advertisements are broadcasted on the website.
Film and television programmes
\u25aa Revenue from licencing audiovisual works
These sales are intellectual property licences granted by the Group to
broadcasters or to distributors and which give them certain rights over its
audiovisual works. These licences give the customer the right to use the
films as they exist at the point in time at which the licences are granted. In
its relationship with the third-party distributor and the end customer, the
Group is not the \u2018principal\u2019 in the transaction with the end customer, as the
distributor is responsible for the delivery of the film and for the price
setting to the end customer.
Revenues from licencing audiovisual works are recorded from the moment
the client is able to use it and obtain the remaining benefits. When the
consideration paid by the customer is a fixed price, revenues from the sales
of exploitation rights are recorded from the latest of the delivery and the
opening of the exploitation window set contractually or legally (refer to the
media chronology in France). When the consideration paid by the
customer is variable in the form of a sales-based royalty to the end
customer, revenues are recognised as the subsequent sale occurs.
Television series
\u25aa Production of TV series
These sales constitute intellectual property licences sold by
STUDIOCANAL to television channels, subscription video-on-demand
platforms, or distributors and which give them certain rights over its works.
These clients finance and commission the programme from the producer
for their specific needs. These licences are static licences because they
transfer a right to use the series as they exist at the point in time when the
licence is granted. In its relationship with its clients, STUDIOCANAL acts
as the 'principal\u2019 with respect to the third party. Revenues from the sale of
these rights are recorded when the performance obligations specified in
the contract are fulfilled. These contractual obligations may include the
production and client acceptance of the programme's components, or the
final delivery of the episodes.
\u25aa Distribution of TV series
These sales constitute intellectual property licences granted by
STUDIOCANAL to distributors, giving them certain rights over its works.
Revenues from the licensing of these rights are recorded from the moment
the client is able to use the programme and obtain the remaining benefits.
When the consideration paid by the customers is a fixed price, revenues
from the sales of exploitation rights are recorded from the latest of the
delivery and the opening of the exploitation set contractually or legally.
When the consideration paid by the customer is variable in the form of
sales based royalty to the end customer, revenues are recognised as the
subsequent sales occur.
5.1 REVENUES
BY ACTIVITY
Year ended 31 December
(in millions of euros)
2025
2024
Subscriptions
5,736
5,173
Advertising, content sales and other
1,212
1,245
Revenues
6,949
6,418
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac684 million to the Group revenues.
BY GEOGRAPHIC AREA
Revenues are broken down by customer location.
Year ended 31 December
(in millions of euros)
2025
2024
France
3,571
51.4%
3,762
58.6%
Poland
701
10.1%
648
10.1%
South Africa
452
6.5%
4
0.1%
Rest of the world
2,225
32.0%
2,004
31.2%
Revenues
6,949
100%
6,418
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
2.2.4.1 REVENUE RECOGNITION
Terrestrial, satellite or ADSL television subscription services
\u25aa Subscription to programmes
Each subscription to a contract for pay-TV services is considered as a
series of distinct services that are substantially the same and that have the
same pattern of transfer to the customer. The provision of set-top boxes,
digital cards and access fees do not represent distinct services or goods,
and they are combined with the subscription service as a single
performance obligation satisfied over time, as the customer
simultaneously receives and consumes the benefits provided by the
Group's performance as the pay-TV services are supplied. In its
relationship with the third-party distributor and the end customer, the
Group acts as the \u2018principal\u2019 in the transaction with the end customer for
the self-distribution contracts as it is responsible for the activation of the
subscription of the end customer and for setting the selling price.
Revenues, net of potential free periods granted, are then accounted for
over the period the service is provided, starting from the activation date
of the subscription and as the service is provided.
\u25aa Video-on-demand and television-on-demand services
The video-on-demand service (which allows customers to have unlimited
access to a catalogue of programmes through streaming) and the
television-on-demand service (which provides access to one-time
programmes by downloading or streaming) are services distinct from the
subscription service. In its relationship with the third-party distributor and
the end customer, the Group is not the \u2018principal\u2019, as the third-party
distributor is responsible for the performance of the service both
technically and commercially.
The video-on-demand service is a performance obligation which is
satisfied over time, and the revenues are accounted for over the period it
is provided to the customer. The television-on-demand service is a
performance obligation satisfied at a point in time, and the revenues are
accounted for when the content is available for broadcasting.
Sales of advertising spaces
These are sales of television advertising spaces (in the form of classic TV
commercials and partnerships for shows or events) or online advertising
spaces (i.e. videos and advertising banners). In its relationship with the
third-party distributor and the end customer, the Group is not the
\u2018principal\u2019, as the third party distributor is responsible for the performance
of the service and does not set the selling price.
\u25aa Television advertising spaces
Regarding commercials, the distinct performance obligation is the reach
of a given gross rating point (\u2018GRP\u2019), which generally comprises a set of
advertising messages aimed at a specific target audience and satisfied
over time. Revenues from these sales, net of rebates if any, are accounted
for over the period of the advertising campaign, generally as the
advertising commercials are broadcasted considering potential free
periods granted.
\u25aa Online advertising spaces
Each type of advertising imprint (advertising display) represents a distinct
performance obligation, because the advertiser can benefit separately
from each type of advertising imprint, satisfied at a point in time. Revenues
from the sale of online advertising spaces, net of rebates, if any, are
accounted for when the advertising imprints are produced, i.e. when the
advertisements are broadcasted on the website.
Film and television programmes
\u25aa Revenue from licencing audiovisual works
These sales are intellectual property licences granted by the Group to
broadcasters or to distributors and which give them certain rights over its
audiovisual works. These licences give the customer the right to use the
films as they exist at the point in time at which the licences are granted. In
its relationship with the third-party distributor and the end customer, the
Group is not the \u2018principal\u2019 in the transaction with the end customer, as the
distributor is responsible for the delivery of the film and for the price
setting to the end customer.
Revenues from licencing audiovisual works are recorded from the moment
the client is able to use it and obtain the remaining benefits. When the
consideration paid by the customer is a fixed price, revenues from the sales
of exploitation rights are recorded from the latest of the delivery and the
opening of the exploitation window set contractually or legally (refer to the
media chronology in France). When the consideration paid by the
customer is variable in the form of a sales-based royalty to the end
customer, revenues are recognised as the subsequent sale occurs.
Television series
\u25aa Production of TV series
These sales constitute intellectual property licences sold by
STUDIOCANAL to television channels, subscription video-on-demand
platforms, or distributors and which give them certain rights over its works.
These clients finance and commission the programme from the producer
for their specific needs. These licences are static licences because they
transfer a right to use the series as they exist at the point in time when the
licence is granted. In its relationship with its clients, STUDIOCANAL acts
as the 'principal\u2019 with respect to the third party. Revenues from the sale of
these rights are recorded when the performance obligations specified in
the contract are fulfilled. These contractual obligations may include the
production and client acceptance of the programme's components, or the
final delivery of the episodes.
\u25aa Distribution of TV series
These sales constitute intellectual property licences granted by
STUDIOCANAL to distributors, giving them certain rights over its works.
Revenues from the licensing of these rights are recorded from the moment
the client is able to use the programme and obtain the remaining benefits.
When the consideration paid by the customers is a fixed price, revenues
from the sales of exploitation rights are recorded from the latest of the
delivery and the opening of the exploitation set contractually or legally.
When the consideration paid by the customer is variable in the form of
sales based royalty to the end customer, revenues are recognised as the
subsequent sales occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
2.2.4.1 REVENUE RECOGNITION
Terrestrial, satellite or ADSL television subscription services
\u25aa Subscription to programmes
Each subscription to a contract for pay-TV services is considered as a
series of distinct services that are substantially the same and that have the
same pattern of transfer to the customer. The provision of set-top boxes,
digital cards and access fees do not represent distinct services or goods,
and they are combined with the subscription service as a single
performance obligation satisfied over time, as the customer
simultaneously receives and consumes the benefits provided by the
Group's performance as the pay-TV services are supplied. In its
relationship with the third-party distributor and the end customer, the
Group acts as the \u2018principal\u2019 in the transaction with the end customer for
the self-distribution contracts as it is responsible for the activation of the
subscription of the end customer and for setting the selling price.
Revenues, net of potential free periods granted, are then accounted for
over the period the service is provided, starting from the activation date
of the subscription and as the service is provided.
\u25aa Video-on-demand and television-on-demand services
The video-on-demand service (which allows customers to have unlimited
access to a catalogue of programmes through streaming) and the
television-on-demand service (which provides access to one-time
programmes by downloading or streaming) are services distinct from the
subscription service. In its relationship with the third-party distributor and
the end customer, the Group is not the \u2018principal\u2019, as the third-party
distributor is responsible for the performance of the service both
technically and commercially.
The video-on-demand service is a performance obligation which is
satisfied over time, and the revenues are accounted for over the period it
is provided to the customer. The television-on-demand service is a
performance obligation satisfied at a point in time, and the revenues are
accounted for when the content is available for broadcasting.
Sales of advertising spaces
These are sales of television advertising spaces (in the form of classic TV
commercials and partnerships for shows or events) or online advertising
spaces (i.e. videos and advertising banners). In its relationship with the
third-party distributor and the end customer, the Group is not the
\u2018principal\u2019, as the third party distributor is responsible for the performance
of the service and does not set the selling price.
\u25aa Television advertising spaces
Regarding commercials, the distinct performance obligation is the reach
of a given gross rating point (\u2018GRP\u2019), which generally comprises a set of
advertising messages aimed at a specific target audience and satisfied
over time. Revenues from these sales, net of rebates if any, are accounted
for over the period of the advertising campaign, generally as the
advertising commercials are broadcasted considering potential free
periods granted.
\u25aa Online advertising spaces
Each type of advertising imprint (advertising display) represents a distinct
performance obligation, because the advertiser can benefit separately
from each type of advertising imprint, satisfied at a point in time. Revenues
from the sale of online advertising spaces, net of rebates, if any, are
accounted for when the advertising imprints are produced, i.e. when the
advertisements are broadcasted on the website.
Film and television programmes
\u25aa Revenue from licencing audiovisual works
These sales are intellectual property licences granted by the Group to
broadcasters or to distributors and which give them certain rights over its
audiovisual works. These licences give the customer the right to use the
films as they exist at the point in time at which the licences are granted. In
its relationship with the third-party distributor and the end customer, the
Group is not the \u2018principal\u2019 in the transaction with the end customer, as the
distributor is responsible for the delivery of the film and for the price
setting to the end customer.
Revenues from licencing audiovisual works are recorded from the moment
the client is able to use it and obtain the remaining benefits. When the
consideration paid by the customer is a fixed price, revenues from the sales
of exploitation rights are recorded from the latest of the delivery and the
opening of the exploitation window set contractually or legally (refer to the
media chronology in France). When the consideration paid by the
customer is variable in the form of a sales-based royalty to the end
customer, revenues are recognised as the subsequent sale occurs.
Television series
\u25aa Production of TV series
These sales constitute intellectual property licences sold by
STUDIOCANAL to television channels, subscription video-on-demand
platforms, or distributors and which give them certain rights over its works.
These clients finance and commission the programme from the producer
for their specific needs. These licences are static licences because they
transfer a right to use the series as they exist at the point in time when the
licence is granted. In its relationship with its clients, STUDIOCANAL acts
as the 'principal\u2019 with respect to the third party. Revenues from the sale of
these rights are recorded when the performance obligations specified in
the contract are fulfilled. These contractual obligations may include the
production and client acceptance of the programme's components, or the
final delivery of the episodes.
\u25aa Distribution of TV series
These sales constitute intellectual property licences granted by
STUDIOCANAL to distributors, giving them certain rights over its works.
Revenues from the licensing of these rights are recorded from the moment
the client is able to use the programme and obtain the remaining benefits.
When the consideration paid by the customers is a fixed price, revenues
from the sales of exploitation rights are recorded from the latest of the
delivery and the opening of the exploitation set contractually or legally.
When the consideration paid by the customer is variable in the form of
sales based royalty to the end customer, revenues are recognised as the
subsequent sales occur.
5.1 REVENUES
BY ACTIVITY
Year ended 31 December
(in millions of euros)
2025
2024
Subscriptions
5,736
5,173
Advertising, content sales and other
1,212
1,245
Revenues
6,949
6,418
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac684 million to the Group revenues.
BY GEOGRAPHIC AREA
Revenues are broken down by customer location.
Year ended 31 December
(in millions of euros)
2025
2024
France
3,571
51.4%
3,762
58.6%
Poland
701
10.1%
648
10.1%
South Africa
452
6.5%
4
0.1%
Rest of the world
2,225
32.0%
2,004
31.2%
Revenues
6,949
100%
6,418
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
2.2.4.2 COSTS
Content costs include all costs related to the acquisition, production
and editing of content (primarily amortisation and expenses of content
assets (see Note 2.2.5.2), personnel expenses, technical costs and other
associated expenses) as well as costs related to distribution and
aggregation of third parties\u2019 channels and platforms (Netflix, MAX,
Eurosport, beIN\u2026).
Technology, selling, general, administrative costs & others
primarily include technology and development costs, costs for sales
(distribution, marketing, advertising), and costs related to central functions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
2.2.4.2 COSTS
Content costs include all costs related to the acquisition, production
and editing of content (primarily amortisation and expenses of content
assets (see Note 2.2.5.2), personnel expenses, technical costs and other
associated expenses) as well as costs related to distribution and
aggregation of third parties\u2019 channels and platforms (Netflix, MAX,
Eurosport, beIN\u2026).
Technology, selling, general, administrative costs & others
primarily include technology and development costs, costs for sales
(distribution, marketing, advertising), and costs related to central functions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
2.2.5.1 GOODWILL AND BUSINESS COMBINATIONS
Business combinations are recorded using the acquisition method. Under
this method, upon the initial consolidation of an entity over which the
Group has acquired exclusive control:
\u25aa the identifiable assets acquired and the liabilities assumed are
recognised at their fair value on the acquisition date; and
\u25aa non-controlling interests are measured either at fair value (the \u2018full\u2019
goodwill method) or at the non-controlling interest\u2019s proportionate
share of the acquiree\u2019s net identifiable assets (the \u2018partial\u2019 goodwill
method). This option is available on a transaction-by-transaction basis.
On the acquisition date, goodwill is initially measured as the difference
between:
\u25aa the fair value of the consideration transferred, plus the amount of
non-controlling interests in the acquiree and, in a business combination
achieved in stages, the fair value on the acquisition date of the
previously held equity interest in the acquiree; and
\u25aa the net fair value of the identifiable assets acquired and liabilities
assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in
an increase in goodwill up to the extent attributable to these interests,
thereby leading to the recognition of a \u2018full goodwill'\u2019 Allocation of
the purchase price shall be performed within 12 months after the
acquisition date.
If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group re-assesses whether it has correctly
identified all of the assets acquired and all of the liabilities assumed and
reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results in an excess of the fair
value of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in profit or loss.
After the acquisition date, goodwill is measured at its initial amount
less recorded accumulated impairment losses (please refer to
Note 2.2.5.7 below).
In addition, the following principles are applied to business combinations:
\u25aa on the acquisition date, to the extent possible, goodwill is allocated to
each cash-generating unit likely to benefit from the business combination;
\u25aa contingent consideration in a business combination is recorded at fair
value on the acquisition date, and any subsequent adjustment
occurring after the purchase price allocation period is recognised in
the Consolidated Statements of Earnings of the Group;
\u25aa acquisition-related costs are recognised as expenses when incurred;
\u25aa goodwill is not amortised.
On disposal of a subsidiary or a part of Cash Generated Unit (CGU), or
a CGU, the goodwill associated with the disposed operation is included
in the carrying amount of the operation when determining the gain or loss
on disposal. Goodwill disposed in these circumstances is measured
based on the relative values of the disposed operation and the portion of
the cash-generating unit retained.
NOTE 10 GOODWILL
Year ended 31 December
(in millions of euros)
2025
2024
Goodwill, Gross
3,697
2,472
Impairment losses
(8)
(10)
Goodwill, Net
3,689
2,462
10.1 CHANGES IN GOODWILL
(in millions of euros)
Year ended 31 December
2024
Impairment
losses
Business
combinations
Divestitures in
progress
Foreign currency translation
adjustments and other
Year ended 31 December
2025
(a)
Europe
1,645
\u2013
50
\u2013
1
1,696
Africa and Asia
381
\u2013
1,112
\u2013
38
1,532
Content Production,
Distribution and Other
436
\u2013
29
\u2013
(3)
462
Total
2,462
\u2013
1,191
\u2013
37
3,689
a. Mainly related to MultiChoice acquisition for Africa and Asia (see note 3.1), to MC Vision for Europe and Archery for Content Production, Distribution and Other.
10.2 IMPAIRMENT TEST OF GOODWILL
As of 31 December 2025 and 2024, the Group ensured that the recoverable amount of each group of CGUs tested exceeded their carrying value
(including goodwill). For a description of the methods used for the impairment test, please refer to Note\u00a0 2.2.5.6.
The goodwill impairment tests of each group of CGUs were performed, based on valuations of recoverable amounts determined through internal
valuations. As a result, and notwithstanding the current macroeconomic uncertainties, the Group\u2019s management concluded that as of 31 December
2025 and 2024, the recoverable amount of each group of CGUs tested exceeded their carrying value.
For a description of the Group\u2019s CGUs or groups of CGUs, as well as key assumptions, please refer to the tables below.
PRESENTATION OF CGU OR GROUPS OF CGUS
Operating segments
Cash-generating units (CGU)
Groups of CGUs tested
(a)
Europe
Pay-TV in France and in the Rest of Europe
Europe
Free-to-air TV in France
Africa & Asia
Pay-TV in Africa and Asia
Africa & Asia
MultiChoice
(b)
Group Vivendi Africa
Content Production, Distribution and Other
STUDIOCANAL
Content Production, Distribution and Other
DAILYMOTION
Venues in France
a. Relates to the level of monitoring return on investments.
b. As described in note 3.1, on 20 September 2025 the Group acquired control of MultiChoice. As a result of this acquisition, MultiChoice was included in the Africa & Asia
CGU starting from the acquisition date.
CONSIDERATIONS RELATED TO MACROECONOMIC
UNCERTAINTIES
The Group notes that current macroeconomic uncertainties have a
significant impact on the financial markets and the prices of certain
commodities, which affect the outlook of the global economy. The Group
has, to the best of its ability, taken into account the indirect consequences
of these events in determining the value of its business activities as of 31
December 2025 and 2024.
CONSIDERATION OF CLIMATE CHANGE
The preparation of financial statements involves taking into account
climate change issues. The Group considers that the consequences of
climate change should not have any material impact on the consolidated
financial statements as of 31 December 2025 and 2024 and on its
medium-term activities. The Group\u2019s Management ensured that
assumptions used in goodwill impairment tests include the most likely
future effects related to climate change.
10.2.1 PRESENTATION OF KEY ASSUMPTIONS USED FOR THE DETERMINATION OF RECOVERABLE AMOUNTS
In 2025, the Group determined the recoverable amount of its assets primarily on the basis of their value in use, calculated using the discounted future
cash flow method, in accordance with IAS 36 Impairment of Asset. The forecast cash flows used are derived from budgets and business plans
approved by management and cover an explicit medium-term forecast period. These projections notably incorporate assumptions relating to changes in
revenue based on market conditions, expected operating margins, maintenance capital expenditures required to renew assets, as well as changes in
working capital requirements.
Beyond the explicit forecast period, a terminal value is determined by extrapolating the cash flows of the final year of the business plan, based on a
perpetual growth rate of 2.25%, representative of the long-term growth prospects of the markets in which the cash-generating units operate.
Future cash flows are discounted using a discount rate corresponding to the weighted average cost of capital, reflecting the market\u2019s current assessment
of the time value of money and the risks specific to the relevant cash-generating units.
Groups of CGU tested
CGU or groups of CGU
Valuation method
Discount rate (a) /
Multiple transaction or
multiple market (b)
Perpetual growth rate
Sensitivity
Impact of an increase or
decrease in rates \u00b12pp (c)
Discount rate
Perpetual growth
rate
Europe
Pay-TV Europe
DCF
8.02%
2.25%
\u2013
\u2013
Free-to-air TV
Comparable
2.9x
na
na
na
Africa & Asia
Pay-TV Africa & Asia
DCF
14.06% - 14.50%
2.25% - 3.00%
\u2013
\u2013
Group Vivendi Africa
DCF
14.75%
2.25%
\u2013
\u2013
Content
Production,
Distribution and
Others
STUDIOCANAL
DCF
7.58%
2.25%
\u2013
\u2013
DAILYMOTION
DCF
10.53%
2.25%
\u2013
\u2013
THEMA
DCF
8.04%
2.25%
\u2013
\u2013
Venues in France
DCF
8.39%
2.25%
\u2013
\u2013
a. The determination of recoverable amounts using a post-tax discount rate applied to post-tax cash flows provides recoverable amounts consistent with those that would have
been obtained using a pre-tax discount rate applied to pre-tax cash flows.
b. Revenue multiple for Free-to-air TV.
c. The sensitivity analysis around the key assumptions would not cause the recoverable amount to be less than the carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
2.2.5.1 GOODWILL AND BUSINESS COMBINATIONS
Business combinations are recorded using the acquisition method. Under
this method, upon the initial consolidation of an entity over which the
Group has acquired exclusive control:
\u25aa the identifiable assets acquired and the liabilities assumed are
recognised at their fair value on the acquisition date; and
\u25aa non-controlling interests are measured either at fair value (the \u2018full\u2019
goodwill method) or at the non-controlling interest\u2019s proportionate
share of the acquiree\u2019s net identifiable assets (the \u2018partial\u2019 goodwill
method). This option is available on a transaction-by-transaction basis.
On the acquisition date, goodwill is initially measured as the difference
between:
\u25aa the fair value of the consideration transferred, plus the amount of
non-controlling interests in the acquiree and, in a business combination
achieved in stages, the fair value on the acquisition date of the
previously held equity interest in the acquiree; and
\u25aa the net fair value of the identifiable assets acquired and liabilities
assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in
an increase in goodwill up to the extent attributable to these interests,
thereby leading to the recognition of a \u2018full goodwill'\u2019 Allocation of
the purchase price shall be performed within 12 months after the
acquisition date.
If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group re-assesses whether it has correctly
identified all of the assets acquired and all of the liabilities assumed and
reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results in an excess of the fair
value of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in profit or loss.
After the acquisition date, goodwill is measured at its initial amount
less recorded accumulated impairment losses (please refer to
Note 2.2.5.7 below).
In addition, the following principles are applied to business combinations:
\u25aa on the acquisition date, to the extent possible, goodwill is allocated to
each cash-generating unit likely to benefit from the business combination;
\u25aa contingent consideration in a business combination is recorded at fair
value on the acquisition date, and any subsequent adjustment
occurring after the purchase price allocation period is recognised in
the Consolidated Statements of Earnings of the Group;
\u25aa acquisition-related costs are recognised as expenses when incurred;
\u25aa goodwill is not amortised.
On disposal of a subsidiary or a part of Cash Generated Unit (CGU), or
a CGU, the goodwill associated with the disposed operation is included
in the carrying amount of the operation when determining the gain or loss
on disposal. Goodwill disposed in these circumstances is measured
based on the relative values of the disposed operation and the portion of
the cash-generating unit retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
2.2.5.1 GOODWILL AND BUSINESS COMBINATIONS
Business combinations are recorded using the acquisition method. Under
this method, upon the initial consolidation of an entity over which the
Group has acquired exclusive control:
\u25aa the identifiable assets acquired and the liabilities assumed are
recognised at their fair value on the acquisition date; and
\u25aa non-controlling interests are measured either at fair value (the \u2018full\u2019
goodwill method) or at the non-controlling interest\u2019s proportionate
share of the acquiree\u2019s net identifiable assets (the \u2018partial\u2019 goodwill
method). This option is available on a transaction-by-transaction basis.
On the acquisition date, goodwill is initially measured as the difference
between:
\u25aa the fair value of the consideration transferred, plus the amount of
non-controlling interests in the acquiree and, in a business combination
achieved in stages, the fair value on the acquisition date of the
previously held equity interest in the acquiree; and
\u25aa the net fair value of the identifiable assets acquired and liabilities
assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in
an increase in goodwill up to the extent attributable to these interests,
thereby leading to the recognition of a \u2018full goodwill'\u2019 Allocation of
the purchase price shall be performed within 12 months after the
acquisition date.
If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group re-assesses whether it has correctly
identified all of the assets acquired and all of the liabilities assumed and
reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results in an excess of the fair
value of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in profit or loss.
After the acquisition date, goodwill is measured at its initial amount
less recorded accumulated impairment losses (please refer to
Note 2.2.5.7 below).
In addition, the following principles are applied to business combinations:
\u25aa on the acquisition date, to the extent possible, goodwill is allocated to
each cash-generating unit likely to benefit from the business combination;
\u25aa contingent consideration in a business combination is recorded at fair
value on the acquisition date, and any subsequent adjustment
occurring after the purchase price allocation period is recognised in
the Consolidated Statements of Earnings of the Group;
\u25aa acquisition-related costs are recognised as expenses when incurred;
\u25aa goodwill is not amortised.
On disposal of a subsidiary or a part of Cash Generated Unit (CGU), or
a CGU, the goodwill associated with the disposed operation is included
in the carrying amount of the operation when determining the gain or loss
on disposal. Goodwill disposed in these circumstances is measured
based on the relative values of the disposed operation and the portion of
the cash-generating unit retained.
NOTE 10 GOODWILL
Year ended 31 December
(in millions of euros)
2025
2024
Goodwill, Gross
3,697
2,472
Impairment losses
(8)
(10)
Goodwill, Net
3,689
2,462
10.1 CHANGES IN GOODWILL
(in millions of euros)
Year ended 31 December
2024
Impairment
losses
Business
combinations
Divestitures in
progress
Foreign currency translation
adjustments and other
Year ended 31 December
2025
(a)
Europe
1,645
\u2013
50
\u2013
1
1,696
Africa and Asia
381
\u2013
1,112
\u2013
38
1,532
Content Production,
Distribution and Other
436
\u2013
29
\u2013
(3)
462
Total
2,462
\u2013
1,191
\u2013
37
3,689
a. Mainly related to MultiChoice acquisition for Africa and Asia (see note 3.1), to MC Vision for Europe and Archery for Content Production, Distribution and Other.
10.2 IMPAIRMENT TEST OF GOODWILL
As of 31 December 2025 and 2024, the Group ensured that the recoverable amount of each group of CGUs tested exceeded their carrying value
(including goodwill). For a description of the methods used for the impairment test, please refer to Note\u00a0 2.2.5.6.
The goodwill impairment tests of each group of CGUs were performed, based on valuations of recoverable amounts determined through internal
valuations. As a result, and notwithstanding the current macroeconomic uncertainties, the Group\u2019s management concluded that as of 31 December
2025 and 2024, the recoverable amount of each group of CGUs tested exceeded their carrying value.
For a description of the Group\u2019s CGUs or groups of CGUs, as well as key assumptions, please refer to the tables below.
PRESENTATION OF CGU OR GROUPS OF CGUS
Operating segments
Cash-generating units (CGU)
Groups of CGUs tested
(a)
Europe
Pay-TV in France and in the Rest of Europe
Europe
Free-to-air TV in France
Africa & Asia
Pay-TV in Africa and Asia
Africa & Asia
MultiChoice
(b)
Group Vivendi Africa
Content Production, Distribution and Other
STUDIOCANAL
Content Production, Distribution and Other
DAILYMOTION
Venues in France
a. Relates to the level of monitoring return on investments.
b. As described in note 3.1, on 20 September 2025 the Group acquired control of MultiChoice. As a result of this acquisition, MultiChoice was included in the Africa & Asia
CGU starting from the acquisition date.
CONSIDERATIONS RELATED TO MACROECONOMIC
UNCERTAINTIES
The Group notes that current macroeconomic uncertainties have a
significant impact on the financial markets and the prices of certain
commodities, which affect the outlook of the global economy. The Group
has, to the best of its ability, taken into account the indirect consequences
of these events in determining the value of its business activities as of 31
December 2025 and 2024.
CONSIDERATION OF CLIMATE CHANGE
The preparation of financial statements involves taking into account
climate change issues. The Group considers that the consequences of
climate change should not have any material impact on the consolidated
financial statements as of 31 December 2025 and 2024 and on its
medium-term activities. The Group\u2019s Management ensured that
assumptions used in goodwill impairment tests include the most likely
future effects related to climate change.
10.2.1 PRESENTATION OF KEY ASSUMPTIONS USED FOR THE DETERMINATION OF RECOVERABLE AMOUNTS
In 2025, the Group determined the recoverable amount of its assets primarily on the basis of their value in use, calculated using the discounted future
cash flow method, in accordance with IAS 36 Impairment of Asset. The forecast cash flows used are derived from budgets and business plans
approved by management and cover an explicit medium-term forecast period. These projections notably incorporate assumptions relating to changes in
revenue based on market conditions, expected operating margins, maintenance capital expenditures required to renew assets, as well as changes in
working capital requirements.
Beyond the explicit forecast period, a terminal value is determined by extrapolating the cash flows of the final year of the business plan, based on a
perpetual growth rate of 2.25%, representative of the long-term growth prospects of the markets in which the cash-generating units operate.
Future cash flows are discounted using a discount rate corresponding to the weighted average cost of capital, reflecting the market\u2019s current assessment
of the time value of money and the risks specific to the relevant cash-generating units.
Groups of CGU tested
CGU or groups of CGU
Valuation method
Discount rate (a) /
Multiple transaction or
multiple market (b)
Perpetual growth rate
Sensitivity
Impact of an increase or
decrease in rates \u00b12pp (c)
Discount rate
Perpetual growth
rate
Europe
Pay-TV Europe
DCF
8.02%
2.25%
\u2013
\u2013
Free-to-air TV
Comparable
2.9x
na
na
na
Africa & Asia
Pay-TV Africa & Asia
DCF
14.06% - 14.50%
2.25% - 3.00%
\u2013
\u2013
Group Vivendi Africa
DCF
14.75%
2.25%
\u2013
\u2013
Content
Production,
Distribution and
Others
STUDIOCANAL
DCF
7.58%
2.25%
\u2013
\u2013
DAILYMOTION
DCF
10.53%
2.25%
\u2013
\u2013
THEMA
DCF
8.04%
2.25%
\u2013
\u2013
Venues in France
DCF
8.39%
2.25%
\u2013
\u2013
a. The determination of recoverable amounts using a post-tax discount rate applied to post-tax cash flows provides recoverable amounts consistent with those that would have
been obtained using a pre-tax discount rate applied to pre-tax cash flows.
b. Revenue multiple for Free-to-air TV.
c. The sensitivity analysis around the key assumptions would not cause the recoverable amount to be less than the carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
2.2.5.1 GOODWILL AND BUSINESS COMBINATIONS
Business combinations are recorded using the acquisition method. Under
this method, upon the initial consolidation of an entity over which the
Group has acquired exclusive control:
\u25aa the identifiable assets acquired and the liabilities assumed are
recognised at their fair value on the acquisition date; and
\u25aa non-controlling interests are measured either at fair value (the \u2018full\u2019
goodwill method) or at the non-controlling interest\u2019s proportionate
share of the acquiree\u2019s net identifiable assets (the \u2018partial\u2019 goodwill
method). This option is available on a transaction-by-transaction basis.
On the acquisition date, goodwill is initially measured as the difference
between:
\u25aa the fair value of the consideration transferred, plus the amount of
non-controlling interests in the acquiree and, in a business combination
achieved in stages, the fair value on the acquisition date of the
previously held equity interest in the acquiree; and
\u25aa the net fair value of the identifiable assets acquired and liabilities
assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in
an increase in goodwill up to the extent attributable to these interests,
thereby leading to the recognition of a \u2018full goodwill'\u2019 Allocation of
the purchase price shall be performed within 12 months after the
acquisition date.
If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group re-assesses whether it has correctly
identified all of the assets acquired and all of the liabilities assumed and
reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results in an excess of the fair
value of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in profit or loss.
After the acquisition date, goodwill is measured at its initial amount
less recorded accumulated impairment losses (please refer to
Note 2.2.5.7 below).
In addition, the following principles are applied to business combinations:
\u25aa on the acquisition date, to the extent possible, goodwill is allocated to
each cash-generating unit likely to benefit from the business combination;
\u25aa contingent consideration in a business combination is recorded at fair
value on the acquisition date, and any subsequent adjustment
occurring after the purchase price allocation period is recognised in
the Consolidated Statements of Earnings of the Group;
\u25aa acquisition-related costs are recognised as expenses when incurred;
\u25aa goodwill is not amortised.
On disposal of a subsidiary or a part of Cash Generated Unit (CGU), or
a CGU, the goodwill associated with the disposed operation is included
in the carrying amount of the operation when determining the gain or loss
on disposal. Goodwill disposed in these circumstances is measured
based on the relative values of the disposed operation and the portion of
the cash-generating unit retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
2.2.5.1 GOODWILL AND BUSINESS COMBINATIONS
Business combinations are recorded using the acquisition method. Under
this method, upon the initial consolidation of an entity over which the
Group has acquired exclusive control:
\u25aa the identifiable assets acquired and the liabilities assumed are
recognised at their fair value on the acquisition date; and
\u25aa non-controlling interests are measured either at fair value (the \u2018full\u2019
goodwill method) or at the non-controlling interest\u2019s proportionate
share of the acquiree\u2019s net identifiable assets (the \u2018partial\u2019 goodwill
method). This option is available on a transaction-by-transaction basis.
On the acquisition date, goodwill is initially measured as the difference
between:
\u25aa the fair value of the consideration transferred, plus the amount of
non-controlling interests in the acquiree and, in a business combination
achieved in stages, the fair value on the acquisition date of the
previously held equity interest in the acquiree; and
\u25aa the net fair value of the identifiable assets acquired and liabilities
assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in
an increase in goodwill up to the extent attributable to these interests,
thereby leading to the recognition of a \u2018full goodwill'\u2019 Allocation of
the purchase price shall be performed within 12 months after the
acquisition date.
If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group re-assesses whether it has correctly
identified all of the assets acquired and all of the liabilities assumed and
reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results in an excess of the fair
value of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in profit or loss.
After the acquisition date, goodwill is measured at its initial amount
less recorded accumulated impairment losses (please refer to
Note 2.2.5.7 below).
In addition, the following principles are applied to business combinations:
\u25aa on the acquisition date, to the extent possible, goodwill is allocated to
each cash-generating unit likely to benefit from the business combination;
\u25aa contingent consideration in a business combination is recorded at fair
value on the acquisition date, and any subsequent adjustment
occurring after the purchase price allocation period is recognised in
the Consolidated Statements of Earnings of the Group;
\u25aa acquisition-related costs are recognised as expenses when incurred;
\u25aa goodwill is not amortised.
On disposal of a subsidiary or a part of Cash Generated Unit (CGU), or
a CGU, the goodwill associated with the disposed operation is included
in the carrying amount of the operation when determining the gain or loss
on disposal. Goodwill disposed in these circumstances is measured
based on the relative values of the disposed operation and the portion of
the cash-generating unit retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
2.2.5.2 CONTENT ASSETS
Film, television or sports broadcasting rights
When entering into contracts for the acquisition of film, television or sports
broadcasting rights, the rights acquired are classified as contractual
commitments. They are recorded in the consolidated statement of
financial position and classified as content assets as follows:
\u25aa film and television broadcasting rights are recognised at their
acquisition cost when the programme is available for screening and
are amortised over their broadcasting period depending on the
percentage of consumption of economic benefits for each screening
estimated by the Group;
\u25aa sports broadcasting rights are recognised at their acquisition cost
upon the first payment for that amount, then for the remaining balance
at the opening of the broadcasting period of the related sports season
and are amortised over their broadcasting period;
\u25aa amortisation and impairment of film, television and sports broadcasting
rights are included in content costs.
Theatrical films and television rights produced or acquired
to be sold to third parties
Theatrical films and television rights produced or acquired before their
initial exhibition, which are to be sold to third parties, are recorded as
content assets at capitalised cost (mainly direct production and overhead
costs) or at their acquisition cost. The cost of theatrical films and television
rights are amortised, and other related costs are amortised, pursuant to
the estimated revenue method (i.e. based on the ratio of the current
period\u2019s gross revenues to estimated total gross revenues from all sources
on an individual production basis). The Group considers that amortisation
pursuant to the estimated revenue method reflects the rate at which the
entity plans to consume the future economic benefits related to the asset,
and that there is a high correlation between revenue and the
consumption of the economic benefits embodied in the intangible assets.
The estimates of the total remaining revenue forecasted have a significant
impact on the rate at which capitalised costs are amortised. The
determination of the total remaining revenue forecasted to be realised
requires the Company to make significant estimates of future revenue
based on the distribution strategy and historical performance of similar
content, as well as factors unique to the content itself. Estimates are made
by media: theatrical exploitation, home entertainment, television sales,
and all right sales or television sales for the Rest of the World. These
estimates are then updated during budgets and reforecasts, and after the
release of the movie based on actual performance.
Where appropriate, estimated losses in value are provided in full against
earnings for the period in which the losses are estimated, on an individual
product basis.
Film and television rights catalogues
Catalogues comprise film rights acquired for a second television
screening, or produced or acquired film and television rights that are sold
to third parties after their first television screening (i.e. after their first
broadcast on a free terrestrial channel). They are recognised as an asset
at their acquisition or transfer cost and amortised as groups of films, or
individually, based respectively on the estimated revenue method.
NOTE 11 CONTENT ASSETS AND COMMITMENTS
11.1 CONTENT ASSETS
Year ended 31 December
(in millions of euros)
2025
2024
Film and television costs
1,039
984
Sports rights
704
515
Content assets
1,743
1,499
Deduction of current content assets
(1,233)
(964)
Non-current content assets
510
535
11.2 CHANGES IN CONTENT ASSETS
(in millions of euros)
Total
Year ended 31 December 2023
1,447
Acquisitions
2,216
Decreases (consumptions)
(2,028)
Amortisation and impairment losses
(12)
Business combinations
46
Divestitures in progress
\u2013
Foreign currency translation adjustments and other
(171)
Year ended 31 December 2024
1,499
Acquisitions
1,810
Decreases (consumptions)
(1,882)
Amortisation and impairment losses
(287)
Business combinations
(a)
414
Divestitures in progress
(b)
(6)
Foreign currency translation adjustments and other
194
Year ended 31 December 2025
1,743
a.Mainly related to MultiChoice acquisition (see note 3.1)
b.Related to Assets held for sale in Vietnam (see note 3.6)
Acquisitions paid on content investment include increase in content investments as mentioned above for the years ended 31 December 2025, 2024,
respectively, less increase/decrease in payables on audiovisual rights, production and programming costs of -\u20ac272 million and -\u20ac60 million for the
years ended 31 December 2025, 2024, respectively.
11.3 CONTRACTUAL CONTENT COMMITMENTS
Commitments given recorded in the consolidated statement of financial position: content liabilities
Content liabilities are mainly recorded in \u2018Trade accounts payable and other\u2019 or in \u2018Other non-current liabilities\u2019 whether they are current or non-current,
as applicable.
Minimum future payments as of 31 December 2025
Year ended 31 December 2024
Total
Payments due in
(in millions of euros)
2026
2027-2030
After 2030
Film and television rights
451
451
\u2013
\u2013
241
Sports rights
326
326
\u2013
\u2013
164
Content liabilities
777
777
\u2013
\u2013
405
OFF-BALANCE-SHEET COMMITMENTS GIVEN/(RECEIVED)
Minimum future payments as of 31 December 2025
Year ended\u00a0 31 December 2024
Payments due in
(in millions of euros)
Total
2026
2027-2030
After 2030
Film and television rights
(a)
3,156
1,137
2,017
2
3,502
Sports rights
(b)
5,239
1,452
3,389
399
3,426
Other
\u2013
\u2013
\u2013
\u2013
\u2013
Given commitments
8,395
2,589
5,406
401
6,929
Film and television rights
(a)
(204)
(132)
(72)
\u2013
(346)
Sports rights
(13)
(12)
(2)
\u2013
(24)
Other
\u2013
\u2013
\u2013
\u2013
\u2013
Received commitments
(217)
(143)
(74)
\u2013
(371)
Net total
8,178
2,446
5,332
401
6,558
a. Mainly includes multi-year contracts for movies and TV production broadcasting rights
(primarily exclusivity contracts with major US studios), pre-purchases of rights in the
French cinema industry, STUDIOCANAL\u2019s film production and co-production
commitments (given and received), and CANAL+ multi-channel digital TV package
broadcasting rights. These are recorded as content assets when the broadcast is
available for initial release or after the initial significant payment. As of 31 December
2025, contingent liabilities recorded in respect of these commitments amounted to \u20ac2
million (compared to \u20ac3 million as of 31 December 2024).
On 3 March 2025, CANAL+ and film organisations, represented by BLIC,
BLOC and ARP, announced the signing of a new agreement which replaced the
2 December 2021 agreement, and extended the partnership between CANAL+
and the French film industry until the end of 2027, being specified this agreement
is renewable annually unless terminated earlier by any of the parties.
Among other things, the agreement provides for:
\u2022 a guaranteed investment of over \u20ac480 million in French and European
movies by CANAL+ and Cin\u00e9+OCS from 2025 to 2027.
\u2022 an unchanged CANAL+\u2019s position in the media chronology six months after
theatre release, confirming its status as the leading contributor to French and
European film production.
\u2022 a minimum nine-month period of exclusive broadcast rights for CANAL+, and
as much as 16 months including the second window.
\u2022 a better exposure and circulation of works on CANAL+\u2019s movie channels
and on the CANAL+ App
In the event of termination of this agreement, CANAL+ SA\u2019s investment
obligations in the cinematographic production would be directly in line with
guidelines stated under Decree No. 2021-1924 of 30 December 2021.
The 2022 media chronology agreement has been renewed on the same terms on
6 February 2025 and extended to the entire sector on 13 February 2025 for 3 years.\u00a0
However, these amounts do not include:
\u2022 commitments under contracts for channel diffusion rights and non-exclusive
distribution of channels, in respect of which CANAL+ did not grant or receive
minimum guaranteed amounts. The net variable amount of these commitments
cannot be reliably determined and is not reported in either the consolidated
statement of financial position or in the commitments and is instead recorded
as a content cost and/or a revenue when applicable, for the period in which
it was incurred. Based on an estimate of the future subscriber base at
CANAL+ , net commitments received amounted to \u20ac621 million as of 31
December 2025 due to the renewal of multi-year contracts (compared to
\u20ac856\u202fmillion as of 31 December 2024).\u00a0
\u2022 Only the films for which an agreement in principle has been reached with the
producers are recognised as off-balance-sheet commitments, as it is not
possible to make a reasonably reliable estimate of the total and future
obligations under agreements with the professional cinema organisations and
the producers\u2019 and authors\u2019 organisations.\u00a0
With respect to the obligations governing investments in audiovisual production,
under Decree No. 2021-1924 of 30 December 2021, the CANAL+ channel must
dedicate at least 4.2% of its total net revenue for the previous year to \u201cheritage
works\u201d (drama, animation, creative documentaries, music videos and actual
footage or reenactments of live performances). A portion of this investment
(representing at least 2.8% of net revenue) is allocated to the development of
independent production.
b.Mainly includes broadcasting rights held by CANAL+ (including MultiChoice
since September 2025) to the following sporting events:
\u2022 UEFA Club Competitions: exclusive rights from the 2024/2025 to the
2026/2027 season for the Champions League, Europa League and Europa
Conference League, in France, Myanmar and Sub-Saharan English speaking
Africa; Champions League in Poland and selected matches in Austria and
Sub-Saharan French speaking Africa. In France, CANAL+ has renewed for 4
more seasons 100% of the exclusive rights to UEFA club competitions until the
end of the season 2030/2031 with all the matches of the UEFA Champions
League, the UEFA Europa League and the UEFA Conference League.
\u2022 Premier League: exclusive rights until the end of the 2027/2028 season in
France, Czech Republic, Slovakia, Poland, Sub-Saharan Africa, and Myanmar.
\u2022 Other football rights: broadcasting rights for a number of local and
international football leagues and events in various territories, including the
South-African Premier Soccer League and the men\u2019s FIFA World Cup taking
place in 2026 for Sub-Saharan Africa;
\u2022 French National Rugby Competitions (TOP 14 and PRO D2): exclusive rights
until the end of the 2031/2032 season in France, Czech Republic, Slovakia,
and Sub-Saharan French speaking Africa.
\u2022 Top Rugby competitions in Sub-Saharan Africa.
\u2022 Formula 1: exclusive rights in France, Sub-Saharan French speaking Africa, and
Myanmar; and until the 2027 season in Sub-Saharan English speaking Africa.\u00a0
\u2022 MotoGP\u2122: exclusive rights in France and Sub-Saharan French speaking Africa.
\u2022 Top exclusive Cricket competitions in Sub-Saharan Africa.
These commitments are accounted for in the consolidated statement of financial
position either upon the start of every season or upon an initial significant payment.", "dimensions": { "concept": "can:ContentAssetsTextBlock", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
2.2.5.3 OTHER INTANGIBLE ASSETS
Intangible assets acquired separately are recorded at cost, and
intangible assets acquired in connection with a business combination are
recorded at their fair value on the acquisition date. The historical cost
model is applied to intangible assets after they have been recognised.
Assets with an indefinite useful life are not amortised but are subject to an
annual impairment test. Amortisation is accrued for assets with a finite
useful life. Useful life is reviewed at the end of each reporting period.
Other intangible assets include software, trade names and customer
bases. Internally generated catalogues, trade names, subscriber bases
and market shares are not recognised as intangible assets in the normal
course of business. Customer bases and trade names acquired in a
business combination are measured at fair value at the acquisition date.
Customer bases are depreciated using the straight-line method according
to their estimated useful life (2 to 12 years).
NOTE 12 OTHER INTANGIBLE ASSETS
12.1 OTHER INTANGIBLE ASSETS
Year ended 31 December 2025
(in millions of euros)
Other Intangible assets,
Gross
Accumulated amortisation
and impairment losses
Other Intangible assets, Net
Customer bases and trade names
2,001
(532)
1,469
Software
456
(240)
216
Other
900
(545)
355
Total
3,357
(1,317)
2,040
Year ended 31 December 2024
(in millions of euros)
Other Intangible assets,
Gross
Accumulated amortisation
and impairment losses
Other Intangible assets, Net
Customer bases and trade names
667
(490)
177
Software
391
(227)
164
Other
819
(492)
327
Total
1,877
(1,208)
669
12.2 CHANGES IN OTHER INTANGIBLE ASSETS
Year ended 31 December
(in millions of euros)
2025
2024
Opening Balance
669
632
Amortisation and impairment losses
(197)
(154)
Acquisitions
151
133
Increase related to internal developments
27
29
Decreases
(12)
(4)
Business combinations
(a)
1,349
\u2013
Divestitures in progress
\u2013
\u2013
Foreign currency translation adjustments and other
53
32
Closing Balance
2,040
669
a. Mainly related to MultiChoice acquisition (see note 3.1)", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
2.2.5.3 OTHER INTANGIBLE ASSETS
Intangible assets acquired separately are recorded at cost, and
intangible assets acquired in connection with a business combination are
recorded at their fair value on the acquisition date. The historical cost
model is applied to intangible assets after they have been recognised.
Assets with an indefinite useful life are not amortised but are subject to an
annual impairment test. Amortisation is accrued for assets with a finite
useful life. Useful life is reviewed at the end of each reporting period.
Other intangible assets include software, trade names and customer
bases. Internally generated catalogues, trade names, subscriber bases
and market shares are not recognised as intangible assets in the normal
course of business. Customer bases and trade names acquired in a
business combination are measured at fair value at the acquisition date.
Customer bases are depreciated using the straight-line method according
to their estimated useful life (2 to 12 years).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
2.2.5.4 PROPERTY AND EQUIPMENT
Property and equipment are carried at historical cost less any
accumulated depreciation and impairment losses. Historical cost includes
the acquisition cost or production cost, costs directly attributable to
transporting an asset to its physical location and preparing it for its
operational use, the estimated costs relating to the demolition and the
collection of property and equipment, and the rehabilitation of the
physical location resulting from the incurred obligation.
When property and equipment include significant components with
different useful lives, they are recorded and amortised separately.
Depreciation is calculated using the straight-line method based on the
estimated useful life of the assets. Useful lives of the main components are
reviewed at the end of each reporting period and are as follows:
\u25aa buildings: 5 to 50 years
\u25aa equipment and machinery: 3 to 15 years
\u25aa set-top boxes: 5 to 7 years
\u25aa other: 2 to 10 years
After initial recognition, the cost model is applied to property and
equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
2.2.5.4 PROPERTY AND EQUIPMENT
Property and equipment are carried at historical cost less any
accumulated depreciation and impairment losses. Historical cost includes
the acquisition cost or production cost, costs directly attributable to
transporting an asset to its physical location and preparing it for its
operational use, the estimated costs relating to the demolition and the
collection of property and equipment, and the rehabilitation of the
physical location resulting from the incurred obligation.
When property and equipment include significant components with
different useful lives, they are recorded and amortised separately.
Depreciation is calculated using the straight-line method based on the
estimated useful life of the assets. Useful lives of the main components are
reviewed at the end of each reporting period and are as follows:
\u25aa buildings: 5 to 50 years
\u25aa equipment and machinery: 3 to 15 years
\u25aa set-top boxes: 5 to 7 years
\u25aa other: 2 to 10 years
After initial recognition, the cost model is applied to property and
equipment.
NOTE 13 PROPERTY AND EQUIPMENT
13.1 PROPERTY AND EQUIPMENT
Year ended 31 December 2025
(in millions of euros)
Property and equipment,
Gross
Accumulated depreciation
and impairment losses
Property and equipment, Net
Set-top boxes
1,025
(841)
184
Equipment and machinery
530
(316)
214
Building
208
(57)
151
Land
24
\u2013
24
Assets in progress
86
(2)
85
Other property, plant
91
(71)
20
Total
1,964
(1,288)
676
Year ended 31 December 2024
(in millions of euros)
Property and equipment,
Gross
Accumulated depreciation
and impairment losses
Property and equipment, Net
Set-top boxes
1,045
(825)
220
Equipment and machinery
534
(302)
232
Building
145
(54)
91
Land
5
\u2013
5
Assets in progress
48
(3)
44
Other property, plant
86
(70)
16
Total
1,863
(1,254)
609
13.2 CHANGES IN PROPERTY AND EQUIPMENT
Year ended 31 December
(in millions of euros)
2025
2024
Opening
609
675
Depreciation and impairment losses
(167)
(159)
Acquisitions
122
134
Decreases
(11)
(7)
Business combinations
(a)
122
\u2013
Divestitures in progress
(1)
\u2013
Foreign currency translation adjustments and other
3
(34)
Closing
676
609
a. Mainly related to MultiChoice acquisition (see note 3.1)", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
2.2.5.5 LEASE CONTRACTS
The Group assesses at contract inception whether a contract is, or
contains, a lease. That is, if the contract conveys the right to control the
use of an identified asset for a period of time in exchange for
consideration.
The Group as lessee
The Group recognises lease liabilities to make lease payments and right-
of-use assets representing the right to use the underlying assets, except for
short-term and low-value leases.
CANAL+ Group\u2019s main lease contracts are property leases and
transmission agreements acquired in the business combination with
MultiChoice.
Other transmission agreements are in general commercial service
agreements for which contract costs are expensed as operational costs
for the period.
Measurement of right-of-use assets and lease liabilities
Leases for which the Group is the lessee are recorded at the
commencement date and result in the recognition of a lease liability equal
to the present value of future fixed payments, against a right-of-use asset
relating to leases.
The right-of-use assets is recognised at cost at the inception date of the
lease. The cost of the right-of-use asset includes:
\u25aa the amount of the associated lease liability
\u25aa initial direct costs (incremental costs of obtaining the lease)
\u25aa payments made prior to the commencement of the lease, less any
lease incentives received
\u25aa dismantling and restoration costs (recognised and measured in
accordance with IAS 37)
After initial recognition, the right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term and the estimated
useful lives of the assets as follows :
\u25aa Property \u2013 from 1 to 15 years
\u25aa Transmission agreements \u2013 from 1 to 5 years
In determining the lease term, the management considers all facts and
circumstances that create an economic incentive to exercise an extension
option or not exercise a termination option. Extension options (or periods
after termination options) are only included in the lease term if the lease is
reasonably certain to be extended (or not terminated). The Group applies
judgment in assessing whether it is reasonably likely that options will be
exercised. Factors considered include how far in the future an option occurs,
the Group\u2019s business planning cycle, significance of related leasehold
improvements and past history of terminating/not renewing a lease.
At the commencement date of the lease, the Group recognises lease
liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including
in-substance fixed payments) less any lease incentives receivable, variable
lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments of
penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate.
After initial recognition, the liability is:
\u25aa increased by the effect of unwinding the associated lease liability
(interest expense on lease liabilities)
\u25aa decreased by the cash out for lease payments
\u25aa reassessed in the event of an amendment to the lease contract
The amount of lease liabilities relating to leases arising from business
combinations, is measured at the present value of the remaining fixed
lease payments, in accordance with IFRS 16, as if the leases acquired
were new leases at the acquisition date. The amount of the right of use
assets is measured at the amount of the lease liabilities, adjusted to reflect
the favorable or unfavorable nature of the lease terms compared with
market terms.
IFRS 16 requires the discount rate for each contract to be determined by
reference to the incremental borrowing rate of the borrowing entity. In
practice, given the organisation of the Group\u2019s financing, which is carried
or guaranteed almost exclusively by the Group, the incremental
borrowing rates are based on the yield curve for the currency
concerned, plus the financing component in the same currency. The rate
applied for each lease taken into account the lease payment profile.
Lease modifications and remeasurements
In the event of a reduction in the lease term or in the surface area leased,
the right-of-use asset and lease liability are reduced accordingly in line
with the percentage decrease, with the offsetting entry posted to gains
and losses on leases in the statement of earnings. The residual lease
liability, calculated using the discount rate revised as of the date of the
modification, is then adjusted against the right-of-use asset.
Increases in the lease term or in the surface area leased do not generate
gains or losses on lease modifications, but rather lead to a
remeasurement of the lease liability using a discount rate revised as of the
date of the modification, which is recognised against an adjustment to the
right-of-use asset.
Changes in the amount of the lease stipulated in the lease contract
that do not involve modification of the leased surface area or lease
term will lead to a remeasurement of the lease liability with no revision
of the discount rate, which is recognised against an adjustment to the
right-of-use asset.
Presentation in the consolidated statement of financial
position, the consolidated statement of earnings and the
consolidated statement of cash flows
The lease liability is a current or non-current liability. The depreciation of
right-of-use assets is included in operating income (EBIT). The effect of
unwinding the lease liability (interest expense on lease liabilities) is
included in other financial charges. Cash payments for the principal of the
lease liability and any interest thereon, are presented as financing
activities in the consolidated statement of cash flows.
NOTE 14 LEASES
As described in note 3.1, on 20 September 2025, the Group acquired control of MultiChoice. As part of this acquisition the Group assumed
MultiChoice\u2019s lease agreements for transmission equipment and buildings and other leases.
Transmission agreements of MultiChoice meet the definition of a lease and are accounted for as leases in accordance with IFRS 16. Other transmission
agreements entered into by other subsidiaries of the Group are qualified as commercial service agreements for which contract costs are expensed as
operational costs for the period.
As a result of the MultiChoice acquisition , CANAL+ recognised the right-of-use assets and lease liabilities for MultiChoice\u2019s transmission agreements in
the amounts of \u20ac140 million and \u20ac290 million respectively and , for buildings and other leases \u2013 in the amounts of \u20ac22 million and \u20ac22 million.
At the date of the MultiChoice acquisition the measurement of lease liabilities was based on the present value of remaining lease payments, discounted
using the Group\u2019s incremental borrowing rates at that date. The right-of-use assets were measured at an amount equal to the lease liabilities, adjusted
for any favorable or unfavorable terms compared to market conditions.
14.1 RIGHTS-OF-USE RELATING TO LEASES
As of 31 December 2025, the rights-of-use relating to leases amounted to \u20ac464 million (compared to \u20ac280 million as of 31 December 2024) less the
accumulated depreciation and impairment losses of \u20ac152 million as of 31 December 2025 (compared to \u20ac104 million as of 31 December 2024).
The Group\u2019s leases mainly consist of transmission agreements and buildings and other leases acquired in the business combination for the acquisition of
MultiChoice.
Changes in rights-of-use assets
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Transmission
agreements
Buildings and other
leases
Total
Total
Opening
\u2013
176
176
184
Depreciation
(14)
(42)
(56)
(41)
Acquisition/increase
\u2013
9
10
22
Sales/decrease
\u2013
\u2013
\u2013
\u2013
Business combinations
(a)
152
25
177
\u2013
Divestitures in progress
\u2013
(1)
(1)
\u2013
Foreign currency translation adjustments and other
2
4
6
12
Closing
140
172
312
176
a. Mainly related to MultiChoice acquisition (see note 3.1)
14.2 LEASE LIABILITIES
Changes in lease liabilities
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Transmission
agreements
Buildings and other
leases
Total
Total
Opening Balance
\u2013
212
212
223
Lease payments
(27)
(52)
(79)
(52)
Interest expense
8
5
12
5
Acquisitions/increase
1
10
11
23
Sales/decrease
\u2013
(4)
(4)
\u2013
Business combinations
(a)
314
24
337
\u2013
Divestitures in progress
\u2013
(1)
(1)
\u2013
Foreign currency translation adjustments and other
(5)
9
4
14
Closing Balance
290
202
493
212
a. Mainly related to MultiChoice acquisition (see note 3.1)
Maturity of lease liabilities
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Transmission
agreements
Buildings and other
leases
Total
Total
< 1 year
63
45
109
41
Between 1 and 5 years
200
145
344
128
> 5 years
27
12
39
43
Lease liabilities
290
202
492
212
14.3 LEASE-RELATED EXPENSES
Lease-related expenses (consisting of depreciation of right-of-use assets and interest expenses on lease liabilities) recorded in the consolidated statement
of earnings amounted to \u20ac67\u00a0million in 2025 (compared to \u20ac 46 million in 2024). The increase in lease related expenses is due to the acquisition of
MultiChoice.
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
2.2.5.5 LEASE CONTRACTS
The Group assesses at contract inception whether a contract is, or
contains, a lease. That is, if the contract conveys the right to control the
use of an identified asset for a period of time in exchange for
consideration.
The Group as lessee
The Group recognises lease liabilities to make lease payments and right-
of-use assets representing the right to use the underlying assets, except for
short-term and low-value leases.
CANAL+ Group\u2019s main lease contracts are property leases and
transmission agreements acquired in the business combination with
MultiChoice.
Other transmission agreements are in general commercial service
agreements for which contract costs are expensed as operational costs
for the period.
Measurement of right-of-use assets and lease liabilities
Leases for which the Group is the lessee are recorded at the
commencement date and result in the recognition of a lease liability equal
to the present value of future fixed payments, against a right-of-use asset
relating to leases.
The right-of-use assets is recognised at cost at the inception date of the
lease. The cost of the right-of-use asset includes:
\u25aa the amount of the associated lease liability
\u25aa initial direct costs (incremental costs of obtaining the lease)
\u25aa payments made prior to the commencement of the lease, less any
lease incentives received
\u25aa dismantling and restoration costs (recognised and measured in
accordance with IAS 37)
After initial recognition, the right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term and the estimated
useful lives of the assets as follows :
\u25aa Property \u2013 from 1 to 15 years
\u25aa Transmission agreements \u2013 from 1 to 5 years
In determining the lease term, the management considers all facts and
circumstances that create an economic incentive to exercise an extension
option or not exercise a termination option. Extension options (or periods
after termination options) are only included in the lease term if the lease is
reasonably certain to be extended (or not terminated). The Group applies
judgment in assessing whether it is reasonably likely that options will be
exercised. Factors considered include how far in the future an option occurs,
the Group\u2019s business planning cycle, significance of related leasehold
improvements and past history of terminating/not renewing a lease.
At the commencement date of the lease, the Group recognises lease
liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including
in-substance fixed payments) less any lease incentives receivable, variable
lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments of
penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate.
After initial recognition, the liability is:
\u25aa increased by the effect of unwinding the associated lease liability
(interest expense on lease liabilities)
\u25aa decreased by the cash out for lease payments
\u25aa reassessed in the event of an amendment to the lease contract
The amount of lease liabilities relating to leases arising from business
combinations, is measured at the present value of the remaining fixed
lease payments, in accordance with IFRS 16, as if the leases acquired
were new leases at the acquisition date. The amount of the right of use
assets is measured at the amount of the lease liabilities, adjusted to reflect
the favorable or unfavorable nature of the lease terms compared with
market terms.
IFRS 16 requires the discount rate for each contract to be determined by
reference to the incremental borrowing rate of the borrowing entity. In
practice, given the organisation of the Group\u2019s financing, which is carried
or guaranteed almost exclusively by the Group, the incremental
borrowing rates are based on the yield curve for the currency
concerned, plus the financing component in the same currency. The rate
applied for each lease taken into account the lease payment profile.
Lease modifications and remeasurements
In the event of a reduction in the lease term or in the surface area leased,
the right-of-use asset and lease liability are reduced accordingly in line
with the percentage decrease, with the offsetting entry posted to gains
and losses on leases in the statement of earnings. The residual lease
liability, calculated using the discount rate revised as of the date of the
modification, is then adjusted against the right-of-use asset.
Increases in the lease term or in the surface area leased do not generate
gains or losses on lease modifications, but rather lead to a
remeasurement of the lease liability using a discount rate revised as of the
date of the modification, which is recognised against an adjustment to the
right-of-use asset.
Changes in the amount of the lease stipulated in the lease contract
that do not involve modification of the leased surface area or lease
term will lead to a remeasurement of the lease liability with no revision
of the discount rate, which is recognised against an adjustment to the
right-of-use asset.
Presentation in the consolidated statement of financial
position, the consolidated statement of earnings and the
consolidated statement of cash flows
The lease liability is a current or non-current liability. The depreciation of
right-of-use assets is included in operating income (EBIT). The effect of
unwinding the lease liability (interest expense on lease liabilities) is
included in other financial charges. Cash payments for the principal of the
lease liability and any interest thereon, are presented as financing
activities in the consolidated statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
2.2.5.6 IMPAIRMENT OF NON-FINANCIAL ASSETS
The Group assesses at each reporting date whether there is an indication
that an asset may be impaired. Each time events or changes in the
economic environment indicate a risk of impairment to goodwill, other
intangible assets, property and equipment, and assets in progress, the
Group re-examines the recoverable amount of these assets. In addition, in
accordance with applicable accounting standards, goodwill, other
intangible assets with an indefinite useful life, and intangible assets in
progress are all subject to an annual impairment test undertaken in the
fourth quarter of each fiscal year. This impairment test is performed to
compare the recoverable amount of an asset or a cash-generating unit
(\u2018CGU\u2019) or, if necessary, groups of CGUs, to the carrying amount of the
corresponding assets (including goodwill). A CGU is the smallest
identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets. The
Group operates through different media and content businesses. Each
business offers different products and services that are marketed through
various channels. CGUs are independently defined at each business
level, corresponding to the Group operating segments. For a description
of the Group\u2019s CGUs and groups of CGUs, please refer to Note 10.
The recoverable amount is determined for each individual asset as the
higher of: (i) its value in use; and (ii) its fair value (less costs to sell) as
described hereafter. If an asset does not generate cash inflows that are
largely independent of other assets or groups of assets, the recoverable
amount is determined for the CGU\u00a0to which the asset belongs. In
particular, an impairment test of goodwill is performed by the Group for
each CGU or group of CGUs, depending on the level at which the
Group\u2019s management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to
exceptions, as the discounted value of future cash flows (Discounted Cash
Flow method (\u201cDCF\u201d)) by using cash flow projections consistent with the
budget of the following year and the most recent forecasts prepared by
the operating segments.
In assessing value in use, the estimated future cash flows are discounted
to their present value using a discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
Applied discount rates are determined by reference to available external
sources of information, usually based on financial institutions\u2019 benchmarks,
and reflect the current assessment by the Group of the time value of
money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs are those used to
prepare budgets for each CGU or group of CGUs and, beyond the
period covered, are consistent with growth rates estimated by the
business by extrapolating growth rates used in the budget, without
exceeding the long-term average growth rate for the markets in which the
Group operates.
The Group bases its impairment calculation on the most recent budgets
and forecast calculations, which are prepared separately for each of the
Group\u2019s CGUs to which the individual assets are allocated. These
budgets and forecast calculations generally cover a maximum period of
five years. A perpetual rate is calculated and applied to project future
cash flows after the fifth year.The fair value (less costs to sell) is the price
that would be received from the sale of an asset or group of assets in an
orderly transaction between market participants at the measurement
date, less costs to sell. These values are generally determined on the basis
of market data (stock market prices or comparison with similar listed
companies, with the value attributed to similar assets or companies in
recent transactions) or, in the absence of such data, on the basis of
discounted cash flows.
If the recoverable amount is lower than the carrying amount of an asset
or group of assets, an impairment loss equal to the difference is
recognised in operating income (EBIT). In the case of a group of assets,
this impairment loss is first recorded against goodwill.
The impairment losses recognised in respect of property and equipment,
and intangible assets (other than goodwill) may be reversed in a later
period if there is an indication that the recoverable amount becomes
greater than the carrying amount, within the limit of impairment losses
previously recognised. Impairment losses recognised in respect of
goodwill cannot be reversed at a later date.
NOTE 10 GOODWILL
Year ended 31 December
(in millions of euros)
2025
2024
Goodwill, Gross
3,697
2,472
Impairment losses
(8)
(10)
Goodwill, Net
3,689
2,462
10.1 CHANGES IN GOODWILL
(in millions of euros)
Year ended 31 December
2024
Impairment
losses
Business
combinations
Divestitures in
progress
Foreign currency translation
adjustments and other
Year ended 31 December
2025
(a)
Europe
1,645
\u2013
50
\u2013
1
1,696
Africa and Asia
381
\u2013
1,112
\u2013
38
1,532
Content Production,
Distribution and Other
436
\u2013
29
\u2013
(3)
462
Total
2,462
\u2013
1,191
\u2013
37
3,689
a. Mainly related to MultiChoice acquisition for Africa and Asia (see note 3.1), to MC Vision for Europe and Archery for Content Production, Distribution and Other.
10.2 IMPAIRMENT TEST OF GOODWILL
As of 31 December 2025 and 2024, the Group ensured that the recoverable amount of each group of CGUs tested exceeded their carrying value
(including goodwill). For a description of the methods used for the impairment test, please refer to Note\u00a0 2.2.5.6.
The goodwill impairment tests of each group of CGUs were performed, based on valuations of recoverable amounts determined through internal
valuations. As a result, and notwithstanding the current macroeconomic uncertainties, the Group\u2019s management concluded that as of 31 December
2025 and 2024, the recoverable amount of each group of CGUs tested exceeded their carrying value.
For a description of the Group\u2019s CGUs or groups of CGUs, as well as key assumptions, please refer to the tables below.
PRESENTATION OF CGU OR GROUPS OF CGUS
Operating segments
Cash-generating units (CGU)
Groups of CGUs tested
(a)
Europe
Pay-TV in France and in the Rest of Europe
Europe
Free-to-air TV in France
Africa & Asia
Pay-TV in Africa and Asia
Africa & Asia
MultiChoice
(b)
Group Vivendi Africa
Content Production, Distribution and Other
STUDIOCANAL
Content Production, Distribution and Other
DAILYMOTION
Venues in France
a. Relates to the level of monitoring return on investments.
b. As described in note 3.1, on 20 September 2025 the Group acquired control of MultiChoice. As a result of this acquisition, MultiChoice was included in the Africa & Asia
CGU starting from the acquisition date.
CONSIDERATIONS RELATED TO MACROECONOMIC
UNCERTAINTIES
The Group notes that current macroeconomic uncertainties have a
significant impact on the financial markets and the prices of certain
commodities, which affect the outlook of the global economy. The Group
has, to the best of its ability, taken into account the indirect consequences
of these events in determining the value of its business activities as of 31
December 2025 and 2024.
CONSIDERATION OF CLIMATE CHANGE
The preparation of financial statements involves taking into account
climate change issues. The Group considers that the consequences of
climate change should not have any material impact on the consolidated
financial statements as of 31 December 2025 and 2024 and on its
medium-term activities. The Group\u2019s Management ensured that
assumptions used in goodwill impairment tests include the most likely
future effects related to climate change.
10.2.1 PRESENTATION OF KEY ASSUMPTIONS USED FOR THE DETERMINATION OF RECOVERABLE AMOUNTS
In 2025, the Group determined the recoverable amount of its assets primarily on the basis of their value in use, calculated using the discounted future
cash flow method, in accordance with IAS 36 Impairment of Asset. The forecast cash flows used are derived from budgets and business plans
approved by management and cover an explicit medium-term forecast period. These projections notably incorporate assumptions relating to changes in
revenue based on market conditions, expected operating margins, maintenance capital expenditures required to renew assets, as well as changes in
working capital requirements.
Beyond the explicit forecast period, a terminal value is determined by extrapolating the cash flows of the final year of the business plan, based on a
perpetual growth rate of 2.25%, representative of the long-term growth prospects of the markets in which the cash-generating units operate.
Future cash flows are discounted using a discount rate corresponding to the weighted average cost of capital, reflecting the market\u2019s current assessment
of the time value of money and the risks specific to the relevant cash-generating units.
Groups of CGU tested
CGU or groups of CGU
Valuation method
Discount rate (a) /
Multiple transaction or
multiple market (b)
Perpetual growth rate
Sensitivity
Impact of an increase or
decrease in rates \u00b12pp (c)
Discount rate
Perpetual growth
rate
Europe
Pay-TV Europe
DCF
8.02%
2.25%
\u2013
\u2013
Free-to-air TV
Comparable
2.9x
na
na
na
Africa & Asia
Pay-TV Africa & Asia
DCF
14.06% - 14.50%
2.25% - 3.00%
\u2013
\u2013
Group Vivendi Africa
DCF
14.75%
2.25%
\u2013
\u2013
Content
Production,
Distribution and
Others
STUDIOCANAL
DCF
7.58%
2.25%
\u2013
\u2013
DAILYMOTION
DCF
10.53%
2.25%
\u2013
\u2013
THEMA
DCF
8.04%
2.25%
\u2013
\u2013
Venues in France
DCF
8.39%
2.25%
\u2013
\u2013
a. The determination of recoverable amounts using a post-tax discount rate applied to post-tax cash flows provides recoverable amounts consistent with those that would have
been obtained using a pre-tax discount rate applied to pre-tax cash flows.
b. Revenue multiple for Free-to-air TV.
c. The sensitivity analysis around the key assumptions would not cause the recoverable amount to be less than the carrying value.
NOTE 12 OTHER INTANGIBLE ASSETS
12.1 OTHER INTANGIBLE ASSETS
Year ended 31 December 2025
(in millions of euros)
Other Intangible assets,
Gross
Accumulated amortisation
and impairment losses
Other Intangible assets, Net
Customer bases and trade names
2,001
(532)
1,469
Software
456
(240)
216
Other
900
(545)
355
Total
3,357
(1,317)
2,040
Year ended 31 December 2024
(in millions of euros)
Other Intangible assets,
Gross
Accumulated amortisation
and impairment losses
Other Intangible assets, Net
Customer bases and trade names
667
(490)
177
Software
391
(227)
164
Other
819
(492)
327
Total
1,877
(1,208)
669
12.2 CHANGES IN OTHER INTANGIBLE ASSETS
Year ended 31 December
(in millions of euros)
2025
2024
Opening Balance
669
632
Amortisation and impairment losses
(197)
(154)
Acquisitions
151
133
Increase related to internal developments
27
29
Decreases
(12)
(4)
Business combinations
(a)
1,349
\u2013
Divestitures in progress
\u2013
\u2013
Foreign currency translation adjustments and other
53
32
Closing Balance
2,040
669
a. Mainly related to MultiChoice acquisition (see note 3.1)
NOTE 13 PROPERTY AND EQUIPMENT
13.1 PROPERTY AND EQUIPMENT
Year ended 31 December 2025
(in millions of euros)
Property and equipment,
Gross
Accumulated depreciation
and impairment losses
Property and equipment, Net
Set-top boxes
1,025
(841)
184
Equipment and machinery
530
(316)
214
Building
208
(57)
151
Land
24
\u2013
24
Assets in progress
86
(2)
85
Other property, plant
91
(71)
20
Total
1,964
(1,288)
676
Year ended 31 December 2024
(in millions of euros)
Property and equipment,
Gross
Accumulated depreciation
and impairment losses
Property and equipment, Net
Set-top boxes
1,045
(825)
220
Equipment and machinery
534
(302)
232
Building
145
(54)
91
Land
5
\u2013
5
Assets in progress
48
(3)
44
Other property, plant
86
(70)
16
Total
1,863
(1,254)
609
13.2 CHANGES IN PROPERTY AND EQUIPMENT
Year ended 31 December
(in millions of euros)
2025
2024
Opening
609
675
Depreciation and impairment losses
(167)
(159)
Acquisitions
122
134
Decreases
(11)
(7)
Business combinations
(a)
122
\u2013
Divestitures in progress
(1)
\u2013
Foreign currency translation adjustments and other
3
(34)
Closing
676
609
a. Mainly related to MultiChoice acquisition (see note 3.1)", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
2.2.5.6 IMPAIRMENT OF NON-FINANCIAL ASSETS
The Group assesses at each reporting date whether there is an indication
that an asset may be impaired. Each time events or changes in the
economic environment indicate a risk of impairment to goodwill, other
intangible assets, property and equipment, and assets in progress, the
Group re-examines the recoverable amount of these assets. In addition, in
accordance with applicable accounting standards, goodwill, other
intangible assets with an indefinite useful life, and intangible assets in
progress are all subject to an annual impairment test undertaken in the
fourth quarter of each fiscal year. This impairment test is performed to
compare the recoverable amount of an asset or a cash-generating unit
(\u2018CGU\u2019) or, if necessary, groups of CGUs, to the carrying amount of the
corresponding assets (including goodwill). A CGU is the smallest
identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets. The
Group operates through different media and content businesses. Each
business offers different products and services that are marketed through
various channels. CGUs are independently defined at each business
level, corresponding to the Group operating segments. For a description
of the Group\u2019s CGUs and groups of CGUs, please refer to Note 10.
The recoverable amount is determined for each individual asset as the
higher of: (i) its value in use; and (ii) its fair value (less costs to sell) as
described hereafter. If an asset does not generate cash inflows that are
largely independent of other assets or groups of assets, the recoverable
amount is determined for the CGU\u00a0to which the asset belongs. In
particular, an impairment test of goodwill is performed by the Group for
each CGU or group of CGUs, depending on the level at which the
Group\u2019s management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to
exceptions, as the discounted value of future cash flows (Discounted Cash
Flow method (\u201cDCF\u201d)) by using cash flow projections consistent with the
budget of the following year and the most recent forecasts prepared by
the operating segments.
In assessing value in use, the estimated future cash flows are discounted
to their present value using a discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
Applied discount rates are determined by reference to available external
sources of information, usually based on financial institutions\u2019 benchmarks,
and reflect the current assessment by the Group of the time value of
money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs are those used to
prepare budgets for each CGU or group of CGUs and, beyond the
period covered, are consistent with growth rates estimated by the
business by extrapolating growth rates used in the budget, without
exceeding the long-term average growth rate for the markets in which the
Group operates.
The Group bases its impairment calculation on the most recent budgets
and forecast calculations, which are prepared separately for each of the
Group\u2019s CGUs to which the individual assets are allocated. These
budgets and forecast calculations generally cover a maximum period of
five years. A perpetual rate is calculated and applied to project future
cash flows after the fifth year.The fair value (less costs to sell) is the price
that would be received from the sale of an asset or group of assets in an
orderly transaction between market participants at the measurement
date, less costs to sell. These values are generally determined on the basis
of market data (stock market prices or comparison with similar listed
companies, with the value attributed to similar assets or companies in
recent transactions) or, in the absence of such data, on the basis of
discounted cash flows.
If the recoverable amount is lower than the carrying amount of an asset
or group of assets, an impairment loss equal to the difference is
recognised in operating income (EBIT). In the case of a group of assets,
this impairment loss is first recorded against goodwill.
The impairment losses recognised in respect of property and equipment,
and intangible assets (other than goodwill) may be reversed in a later
period if there is an indication that the recoverable amount becomes
greater than the carrying amount, within the limit of impairment losses
previously recognised. Impairment losses recognised in respect of
goodwill cannot be reversed at a later date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
2.2.5.6 IMPAIRMENT OF NON-FINANCIAL ASSETS
The Group assesses at each reporting date whether there is an indication
that an asset may be impaired. Each time events or changes in the
economic environment indicate a risk of impairment to goodwill, other
intangible assets, property and equipment, and assets in progress, the
Group re-examines the recoverable amount of these assets. In addition, in
accordance with applicable accounting standards, goodwill, other
intangible assets with an indefinite useful life, and intangible assets in
progress are all subject to an annual impairment test undertaken in the
fourth quarter of each fiscal year. This impairment test is performed to
compare the recoverable amount of an asset or a cash-generating unit
(\u2018CGU\u2019) or, if necessary, groups of CGUs, to the carrying amount of the
corresponding assets (including goodwill). A CGU is the smallest
identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets. The
Group operates through different media and content businesses. Each
business offers different products and services that are marketed through
various channels. CGUs are independently defined at each business
level, corresponding to the Group operating segments. For a description
of the Group\u2019s CGUs and groups of CGUs, please refer to Note 10.
The recoverable amount is determined for each individual asset as the
higher of: (i) its value in use; and (ii) its fair value (less costs to sell) as
described hereafter. If an asset does not generate cash inflows that are
largely independent of other assets or groups of assets, the recoverable
amount is determined for the CGU\u00a0to which the asset belongs. In
particular, an impairment test of goodwill is performed by the Group for
each CGU or group of CGUs, depending on the level at which the
Group\u2019s management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to
exceptions, as the discounted value of future cash flows (Discounted Cash
Flow method (\u201cDCF\u201d)) by using cash flow projections consistent with the
budget of the following year and the most recent forecasts prepared by
the operating segments.
In assessing value in use, the estimated future cash flows are discounted
to their present value using a discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
Applied discount rates are determined by reference to available external
sources of information, usually based on financial institutions\u2019 benchmarks,
and reflect the current assessment by the Group of the time value of
money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs are those used to
prepare budgets for each CGU or group of CGUs and, beyond the
period covered, are consistent with growth rates estimated by the
business by extrapolating growth rates used in the budget, without
exceeding the long-term average growth rate for the markets in which the
Group operates.
The Group bases its impairment calculation on the most recent budgets
and forecast calculations, which are prepared separately for each of the
Group\u2019s CGUs to which the individual assets are allocated. These
budgets and forecast calculations generally cover a maximum period of
five years. A perpetual rate is calculated and applied to project future
cash flows after the fifth year.The fair value (less costs to sell) is the price
that would be received from the sale of an asset or group of assets in an
orderly transaction between market participants at the measurement
date, less costs to sell. These values are generally determined on the basis
of market data (stock market prices or comparison with similar listed
companies, with the value attributed to similar assets or companies in
recent transactions) or, in the absence of such data, on the basis of
discounted cash flows.
If the recoverable amount is lower than the carrying amount of an asset
or group of assets, an impairment loss equal to the difference is
recognised in operating income (EBIT). In the case of a group of assets,
this impairment loss is first recorded against goodwill.
The impairment losses recognised in respect of property and equipment,
and intangible assets (other than goodwill) may be reversed in a later
period if there is an indication that the recoverable amount becomes
greater than the carrying amount, within the limit of impairment losses
previously recognised. Impairment losses recognised in respect of
goodwill cannot be reversed at a later date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
2.2.5.7 FINANCIAL ASSETS
Financial assets are initially recognised at fair value which corresponds,
in general, to the consideration paid and is best evidenced by the
acquisition cost (including associated acquisition costs, if any). Thereafter,
financial assets are measured at fair value or at amortised cost
depending on the financial asset category to which they belong.
Financial assets are classified into the accounting categories \u2018financial
assets at amortised cost\u2019, \u2018financial assets at fair value through other
comprehensive income\u2019 and \u2018financial assets at fair value through profit
or loss\u2019.
This classification depends on the entity\u2018s business model for managing
the financial assets and its contractual terms, enabling the determination
of whether the cash flows are solely payments of principal and interest
(SPPI). The financial assets that contain an embedded derivative should be
considered in full to determine whether their cash flows are SPPI.
Financial assets at fair value
These include financial assets measured at fair value through other
comprehensive income, derivative financial instruments with a positive value
and other financial assets measured at fair value through profit or loss. Most
of these financial assets are actively traded in organised financial markets
given that their fair value is calculated by reference to the published market
price at the period end. Fair value is estimated for financial assets which do
not have a published market price on an active market. As a last resort,
when a reliable estimate of fair value cannot be made using valuation
techniques and in the absence of an active market, the Group values
financial assets at historical cost less any impairment losses.
These financial assets are initially recognised on the trade date, when the
Company becomes a party to the contractual terms of the instrument.
Dividend income is recognised when the Group\u2019s entitlement to receive
payment is confirmed.
Valuation method at fair value is defined according to the three following
classification levels:
\u25aa Level 1: fair value measurement based on quoted prices in active
markets for identical assets or liabilities
\u25aa Level 2: fair value measurement based on observable market data
(other than quoted prices included under Level 1)
\u25aa Level 3: fair value measurement based on valuation techniques
using inputs for the asset or liability that are not based on observable
market data
The fair value of trade accounts receivable, cash and cash equivalents,
and trade accounts payable is a reasonable estimate of fair value, due to
the short maturity of these instruments.
Financial assets at amortised cost
Financial assets at amortised cost consist of debt instruments held within a
business model whose objective is to hold financial assets to collect
contractual cash flows that are solely payments of principal and interest
on the principal amount outstanding. At the end of each period, these
assets are measured at amortised cost using the effective interest method.
Impairment of financial assets
The Group assesses the expected credit loss associated with its financial
assets recognised at amortised cost and debt instrument recognised at
fair value through other comprehensive income on a prospective basis. A
loss allowance for expected credit loss based on probability of default is
recognised by the Group at initial recognition. The loss allowance is
updated for changes in these expected credit losses at each reporting
date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, the
Group compares the credit risk at the reporting date with the credit risk
at the date of initial recognition based on reasonable forward-looking
information and events, including credit ratings if available, and significant
adverse changes (actual or expected) in economic, financial or business
conditions that are expected to result in a material change in the
borrower's ability to meet its obligations.
The definition of default and write-off policy are defined specifically within
each operating entity.
If there is objective evidence that an impairment loss has been incurred,
the amount of this loss, measured as the difference between the financial
asset\u2019s carrying amount and its recoverable amount (equal to the present
value of estimated future cash flows discounted at the financial asset\u2019s
initial effective interest rate), is recognised in profit or loss. Impairment
losses may be reversed if the recoverable amount of the asset
subsequently increases in the future.
2.2.6 FINANCIAL LIABILITIES
Long-term and short-term borrowings and other financial liabilities include:
\u25aa bonds and credit facilities, as well as various other borrowings
(including commercial paper and debt related to finance leases) and
related accrued interest
\u25aa obligations arising out of commitments to purchase non-controlling
interests
\u25aa bank overdrafts
\u25aa the negative value of other derivative financial instruments. Derivatives
with positive values are recorded as financial assets in the
consolidated statement of financial position
2.2.6.1 BORROWINGS
All borrowings are initially accounted for at fair value net of transaction
costs directly attributable to the borrowing (please refer to Note 2.2.5.7 for
fair value classification levels). Borrowings bearing interest are subsequently
valued at amortised cost, applying the effective interest method. The
effective interest rate is the internal yield rate that discounts future cash
flows over the term of the borrowing. In addition, where the borrowing
comprises an embedded derivative (e.g. an exchangeable bond) or an
equity instrument (e.g. a convertible bond), the amortised cost is calculated
for the debt component only, following the separation of the embedded
derivative or equity instrument. In the event of a change in expected future
cash flows (e.g. redemption occurs earlier than initially expected), the
amortised cost is adjusted against earnings to reflect the value of the new
expected cash flows, discounted at the initial effective interest rate.
2.2.6.2 COMMITMENTS TO PURCHASE NON-
CONTROLLING INTERESTS
The Group has committed to purchase the non-controlling interests of
some of the minority shareholders of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g. put options) or
mandatory (e.g. forward purchase contracts).
The following accounting treatment has been applied:
\u25aa Upon initial recognition, the commitment to purchase non-controlling
interests is recognised as a financial liability for the present value of
the purchase price under the put option or forward purchase contract,
mainly offset by the book value of non-controlling interests and the
remaining balance through equity attributable to the Group owners
\u25aa Subsequent changes to the value of the commitment are recognised as
a financial liability through an adjustment to equity attributable to the
Group owners
\u25aa Upon maturity of the commitment, if the non-controlling interests are not
purchased, the previously recognised entries are reversed; if the non-
controlling interests are purchased, the amount recognised in financial
liabilities is reversed, offset by the cash outflow relating to the
purchase of the non-controlling interests
2.2.6.3 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to manage and reduce its
exposure to foreign currency exchange rates. All instruments are either
listed on organised markets or traded over the counter with highly rated
counterparties. These instruments include interest rate and currency
swaps, and forward exchange contracts. All these derivative financial
instruments are used for hedging purposes. At the inception of the
hedging relationship there is a formal designation and documentation of
the hedging relationship and the entity\u2019s risk management objective and
strategy for undertaking the hedge.
Derivatives are initially measured at fair value on the settlement date and
are subsequently remeasured at fair value on each subsequent reporting
date (please refer to notes 2.2.5.7 and 23 for fair value classification
levels). The recognition of subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if
applicable, the nature of the hedged item and the type of hedging
relationship designated. When these contracts qualify as hedges for
accounting purposes, gains and losses arising on these contracts are
offset in earnings against the gains and losses relating to the hedged item.
When forward contracts are used as hedging instruments, the Group
only qualifies as hedging instruments the change in the fair value of the
forward contract related to the variation of the spot exchange rate.
Changes in the forward points are excluded from the hedging
relationship and are recognised either in the financial result or through
other charges and income directly recognised in equity, on a hedge-by-
hedge basis, applying the \u201ccost hedging\u201d method permitted by IFRS 9.
Fair value hedge
When the derivative financial instrument hedges exposures to fluctuations
in the fair value of an asset or a liability recognised in the consolidated
statement of financial position or of a firm commitment which is not
recognised in the Statement of Financial Position, it is a fair value hedge.
The instrument is remeasured at fair value in earnings, with the gains or
losses arising on remeasurement of the hedged portion of the hedged
item offset on the same line of the consolidated statement of earnings, or,
as part of a forecasted transaction relating to a non-financial asset or
liability, at the initial cost of the asset or liability.
Cash flow hedge
When the derivative financial instrument hedges cash flows, it is a cash
flow hedge. The hedging instrument is remeasured at fair value and the
portion of the gain or loss that is determined to be an effective hedge is
recognised through other charges and income directly recognised in
equity, whereas its ineffective portion is recognised in earnings. When the
hedged item is realised, accumulated gains and losses recognised in
equity are released to the consolidated statement of earnings and
recorded on the same line as the hedged item; as part of a forecasted
transaction on a non-financial asset or liability, they are recognised at the
initial cost of the asset or liability.
For cash flow hedges, the amount accumulated in OCI is reclassified to
profit or loss as a reclassification adjustment in the same period or
periods during which the hedged cash flows affect profit or loss.\u00a0
If cash flow hedge accounting is discontinued, the amount that has been
accumulated in cash flow hedge reserve must remain in equityI if the
hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a
reclassification adjustment. After discontinuation, once the hedged cash
flow occurs, any amount remaining in cash flow hedge reserve must be
accounted for depending on the nature of the underlying transaction as
described above.
Net investment hedge
When the derivative financial instrument hedges a net investment in a
foreign operation, it is recognised in the same way as a cash flow hedge.
Presentation in the consolidated statement of earnings
Derivative financial instruments that do not qualify as a hedge for
accounting purposes are remeasured at fair value and resulting gains
and losses are recognised directly in earnings, without remeasurement of
the underlying instrument.
Income and expenses relating to foreign currency instruments used to
hedge highly probable budget exposures and firm commitments
contracted pursuant to the acquisition of editorial content rights (including
sports, audiovisual and film rights) are recognised in operating income
(EBIT). In all other cases, gains and losses arising on the fair value
remeasurement of instruments are recognised in other financial charges
and income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
2.2.5.7 FINANCIAL ASSETS
Financial assets are initially recognised at fair value which corresponds,
in general, to the consideration paid and is best evidenced by the
acquisition cost (including associated acquisition costs, if any). Thereafter,
financial assets are measured at fair value or at amortised cost
depending on the financial asset category to which they belong.
Financial assets are classified into the accounting categories \u2018financial
assets at amortised cost\u2019, \u2018financial assets at fair value through other
comprehensive income\u2019 and \u2018financial assets at fair value through profit
or loss\u2019.
This classification depends on the entity\u2018s business model for managing
the financial assets and its contractual terms, enabling the determination
of whether the cash flows are solely payments of principal and interest
(SPPI). The financial assets that contain an embedded derivative should be
considered in full to determine whether their cash flows are SPPI.
Financial assets at fair value
These include financial assets measured at fair value through other
comprehensive income, derivative financial instruments with a positive value
and other financial assets measured at fair value through profit or loss. Most
of these financial assets are actively traded in organised financial markets
given that their fair value is calculated by reference to the published market
price at the period end. Fair value is estimated for financial assets which do
not have a published market price on an active market. As a last resort,
when a reliable estimate of fair value cannot be made using valuation
techniques and in the absence of an active market, the Group values
financial assets at historical cost less any impairment losses.
These financial assets are initially recognised on the trade date, when the
Company becomes a party to the contractual terms of the instrument.
Dividend income is recognised when the Group\u2019s entitlement to receive
payment is confirmed.
Valuation method at fair value is defined according to the three following
classification levels:
\u25aa Level 1: fair value measurement based on quoted prices in active
markets for identical assets or liabilities
\u25aa Level 2: fair value measurement based on observable market data
(other than quoted prices included under Level 1)
\u25aa Level 3: fair value measurement based on valuation techniques
using inputs for the asset or liability that are not based on observable
market data
The fair value of trade accounts receivable, cash and cash equivalents,
and trade accounts payable is a reasonable estimate of fair value, due to
the short maturity of these instruments.
Financial assets at amortised cost
Financial assets at amortised cost consist of debt instruments held within a
business model whose objective is to hold financial assets to collect
contractual cash flows that are solely payments of principal and interest
on the principal amount outstanding. At the end of each period, these
assets are measured at amortised cost using the effective interest method.
Impairment of financial assets
The Group assesses the expected credit loss associated with its financial
assets recognised at amortised cost and debt instrument recognised at
fair value through other comprehensive income on a prospective basis. A
loss allowance for expected credit loss based on probability of default is
recognised by the Group at initial recognition. The loss allowance is
updated for changes in these expected credit losses at each reporting
date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, the
Group compares the credit risk at the reporting date with the credit risk
at the date of initial recognition based on reasonable forward-looking
information and events, including credit ratings if available, and significant
adverse changes (actual or expected) in economic, financial or business
conditions that are expected to result in a material change in the
borrower's ability to meet its obligations.
The definition of default and write-off policy are defined specifically within
each operating entity.
If there is objective evidence that an impairment loss has been incurred,
the amount of this loss, measured as the difference between the financial
asset\u2019s carrying amount and its recoverable amount (equal to the present
value of estimated future cash flows discounted at the financial asset\u2019s
initial effective interest rate), is recognised in profit or loss. Impairment
losses may be reversed if the recoverable amount of the asset
subsequently increases in the future.
2.2.6 FINANCIAL LIABILITIES
Long-term and short-term borrowings and other financial liabilities include:
\u25aa bonds and credit facilities, as well as various other borrowings
(including commercial paper and debt related to finance leases) and
related accrued interest
\u25aa obligations arising out of commitments to purchase non-controlling
interests
\u25aa bank overdrafts
\u25aa the negative value of other derivative financial instruments. Derivatives
with positive values are recorded as financial assets in the
consolidated statement of financial position
2.2.6.1 BORROWINGS
All borrowings are initially accounted for at fair value net of transaction
costs directly attributable to the borrowing (please refer to Note 2.2.5.7 for
fair value classification levels). Borrowings bearing interest are subsequently
valued at amortised cost, applying the effective interest method. The
effective interest rate is the internal yield rate that discounts future cash
flows over the term of the borrowing. In addition, where the borrowing
comprises an embedded derivative (e.g. an exchangeable bond) or an
equity instrument (e.g. a convertible bond), the amortised cost is calculated
for the debt component only, following the separation of the embedded
derivative or equity instrument. In the event of a change in expected future
cash flows (e.g. redemption occurs earlier than initially expected), the
amortised cost is adjusted against earnings to reflect the value of the new
expected cash flows, discounted at the initial effective interest rate.
2.2.6.2 COMMITMENTS TO PURCHASE NON-
CONTROLLING INTERESTS
The Group has committed to purchase the non-controlling interests of
some of the minority shareholders of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g. put options) or
mandatory (e.g. forward purchase contracts).
The following accounting treatment has been applied:
\u25aa Upon initial recognition, the commitment to purchase non-controlling
interests is recognised as a financial liability for the present value of
the purchase price under the put option or forward purchase contract,
mainly offset by the book value of non-controlling interests and the
remaining balance through equity attributable to the Group owners
\u25aa Subsequent changes to the value of the commitment are recognised as
a financial liability through an adjustment to equity attributable to the
Group owners
\u25aa Upon maturity of the commitment, if the non-controlling interests are not
purchased, the previously recognised entries are reversed; if the non-
controlling interests are purchased, the amount recognised in financial
liabilities is reversed, offset by the cash outflow relating to the
purchase of the non-controlling interests
2.2.6.3 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to manage and reduce its
exposure to foreign currency exchange rates. All instruments are either
listed on organised markets or traded over the counter with highly rated
counterparties. These instruments include interest rate and currency
swaps, and forward exchange contracts. All these derivative financial
instruments are used for hedging purposes. At the inception of the
hedging relationship there is a formal designation and documentation of
the hedging relationship and the entity\u2019s risk management objective and
strategy for undertaking the hedge.
Derivatives are initially measured at fair value on the settlement date and
are subsequently remeasured at fair value on each subsequent reporting
date (please refer to notes 2.2.5.7 and 23 for fair value classification
levels). The recognition of subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if
applicable, the nature of the hedged item and the type of hedging
relationship designated. When these contracts qualify as hedges for
accounting purposes, gains and losses arising on these contracts are
offset in earnings against the gains and losses relating to the hedged item.
When forward contracts are used as hedging instruments, the Group
only qualifies as hedging instruments the change in the fair value of the
forward contract related to the variation of the spot exchange rate.
Changes in the forward points are excluded from the hedging
relationship and are recognised either in the financial result or through
other charges and income directly recognised in equity, on a hedge-by-
hedge basis, applying the \u201ccost hedging\u201d method permitted by IFRS 9.
Fair value hedge
When the derivative financial instrument hedges exposures to fluctuations
in the fair value of an asset or a liability recognised in the consolidated
statement of financial position or of a firm commitment which is not
recognised in the Statement of Financial Position, it is a fair value hedge.
The instrument is remeasured at fair value in earnings, with the gains or
losses arising on remeasurement of the hedged portion of the hedged
item offset on the same line of the consolidated statement of earnings, or,
as part of a forecasted transaction relating to a non-financial asset or
liability, at the initial cost of the asset or liability.
Cash flow hedge
When the derivative financial instrument hedges cash flows, it is a cash
flow hedge. The hedging instrument is remeasured at fair value and the
portion of the gain or loss that is determined to be an effective hedge is
recognised through other charges and income directly recognised in
equity, whereas its ineffective portion is recognised in earnings. When the
hedged item is realised, accumulated gains and losses recognised in
equity are released to the consolidated statement of earnings and
recorded on the same line as the hedged item; as part of a forecasted
transaction on a non-financial asset or liability, they are recognised at the
initial cost of the asset or liability.
For cash flow hedges, the amount accumulated in OCI is reclassified to
profit or loss as a reclassification adjustment in the same period or
periods during which the hedged cash flows affect profit or loss.\u00a0
If cash flow hedge accounting is discontinued, the amount that has been
accumulated in cash flow hedge reserve must remain in equityI if the
hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a
reclassification adjustment. After discontinuation, once the hedged cash
flow occurs, any amount remaining in cash flow hedge reserve must be
accounted for depending on the nature of the underlying transaction as
described above.
Net investment hedge
When the derivative financial instrument hedges a net investment in a
foreign operation, it is recognised in the same way as a cash flow hedge.
Presentation in the consolidated statement of earnings
Derivative financial instruments that do not qualify as a hedge for
accounting purposes are remeasured at fair value and resulting gains
and losses are recognised directly in earnings, without remeasurement of
the underlying instrument.
Income and expenses relating to foreign currency instruments used to
hedge highly probable budget exposures and firm commitments
contracted pursuant to the acquisition of editorial content rights (including
sports, audiovisual and film rights) are recognised in operating income
(EBIT). In all other cases, gains and losses arising on the fair value
remeasurement of instruments are recognised in other financial charges
and income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
2.2.5.7 FINANCIAL ASSETS
Financial assets are initially recognised at fair value which corresponds,
in general, to the consideration paid and is best evidenced by the
acquisition cost (including associated acquisition costs, if any). Thereafter,
financial assets are measured at fair value or at amortised cost
depending on the financial asset category to which they belong.
Financial assets are classified into the accounting categories \u2018financial
assets at amortised cost\u2019, \u2018financial assets at fair value through other
comprehensive income\u2019 and \u2018financial assets at fair value through profit
or loss\u2019.
This classification depends on the entity\u2018s business model for managing
the financial assets and its contractual terms, enabling the determination
of whether the cash flows are solely payments of principal and interest
(SPPI). The financial assets that contain an embedded derivative should be
considered in full to determine whether their cash flows are SPPI.
Financial assets at fair value
These include financial assets measured at fair value through other
comprehensive income, derivative financial instruments with a positive value
and other financial assets measured at fair value through profit or loss. Most
of these financial assets are actively traded in organised financial markets
given that their fair value is calculated by reference to the published market
price at the period end. Fair value is estimated for financial assets which do
not have a published market price on an active market. As a last resort,
when a reliable estimate of fair value cannot be made using valuation
techniques and in the absence of an active market, the Group values
financial assets at historical cost less any impairment losses.
These financial assets are initially recognised on the trade date, when the
Company becomes a party to the contractual terms of the instrument.
Dividend income is recognised when the Group\u2019s entitlement to receive
payment is confirmed.
Valuation method at fair value is defined according to the three following
classification levels:
\u25aa Level 1: fair value measurement based on quoted prices in active
markets for identical assets or liabilities
\u25aa Level 2: fair value measurement based on observable market data
(other than quoted prices included under Level 1)
\u25aa Level 3: fair value measurement based on valuation techniques
using inputs for the asset or liability that are not based on observable
market data
The fair value of trade accounts receivable, cash and cash equivalents,
and trade accounts payable is a reasonable estimate of fair value, due to
the short maturity of these instruments.
Financial assets at amortised cost
Financial assets at amortised cost consist of debt instruments held within a
business model whose objective is to hold financial assets to collect
contractual cash flows that are solely payments of principal and interest
on the principal amount outstanding. At the end of each period, these
assets are measured at amortised cost using the effective interest method.
Impairment of financial assets
The Group assesses the expected credit loss associated with its financial
assets recognised at amortised cost and debt instrument recognised at
fair value through other comprehensive income on a prospective basis. A
loss allowance for expected credit loss based on probability of default is
recognised by the Group at initial recognition. The loss allowance is
updated for changes in these expected credit losses at each reporting
date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, the
Group compares the credit risk at the reporting date with the credit risk
at the date of initial recognition based on reasonable forward-looking
information and events, including credit ratings if available, and significant
adverse changes (actual or expected) in economic, financial or business
conditions that are expected to result in a material change in the
borrower's ability to meet its obligations.
The definition of default and write-off policy are defined specifically within
each operating entity.
If there is objective evidence that an impairment loss has been incurred,
the amount of this loss, measured as the difference between the financial
asset\u2019s carrying amount and its recoverable amount (equal to the present
value of estimated future cash flows discounted at the financial asset\u2019s
initial effective interest rate), is recognised in profit or loss. Impairment
losses may be reversed if the recoverable amount of the asset
subsequently increases in the future.
2.2.6 FINANCIAL LIABILITIES
Long-term and short-term borrowings and other financial liabilities include:
\u25aa bonds and credit facilities, as well as various other borrowings
(including commercial paper and debt related to finance leases) and
related accrued interest
\u25aa obligations arising out of commitments to purchase non-controlling
interests
\u25aa bank overdrafts
\u25aa the negative value of other derivative financial instruments. Derivatives
with positive values are recorded as financial assets in the
consolidated statement of financial position
2.2.6.1 BORROWINGS
All borrowings are initially accounted for at fair value net of transaction
costs directly attributable to the borrowing (please refer to Note 2.2.5.7 for
fair value classification levels). Borrowings bearing interest are subsequently
valued at amortised cost, applying the effective interest method. The
effective interest rate is the internal yield rate that discounts future cash
flows over the term of the borrowing. In addition, where the borrowing
comprises an embedded derivative (e.g. an exchangeable bond) or an
equity instrument (e.g. a convertible bond), the amortised cost is calculated
for the debt component only, following the separation of the embedded
derivative or equity instrument. In the event of a change in expected future
cash flows (e.g. redemption occurs earlier than initially expected), the
amortised cost is adjusted against earnings to reflect the value of the new
expected cash flows, discounted at the initial effective interest rate.
2.2.6.2 COMMITMENTS TO PURCHASE NON-
CONTROLLING INTERESTS
The Group has committed to purchase the non-controlling interests of
some of the minority shareholders of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g. put options) or
mandatory (e.g. forward purchase contracts).
The following accounting treatment has been applied:
\u25aa Upon initial recognition, the commitment to purchase non-controlling
interests is recognised as a financial liability for the present value of
the purchase price under the put option or forward purchase contract,
mainly offset by the book value of non-controlling interests and the
remaining balance through equity attributable to the Group owners
\u25aa Subsequent changes to the value of the commitment are recognised as
a financial liability through an adjustment to equity attributable to the
Group owners
\u25aa Upon maturity of the commitment, if the non-controlling interests are not
purchased, the previously recognised entries are reversed; if the non-
controlling interests are purchased, the amount recognised in financial
liabilities is reversed, offset by the cash outflow relating to the
purchase of the non-controlling interests
2.2.6.3 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to manage and reduce its
exposure to foreign currency exchange rates. All instruments are either
listed on organised markets or traded over the counter with highly rated
counterparties. These instruments include interest rate and currency
swaps, and forward exchange contracts. All these derivative financial
instruments are used for hedging purposes. At the inception of the
hedging relationship there is a formal designation and documentation of
the hedging relationship and the entity\u2019s risk management objective and
strategy for undertaking the hedge.
Derivatives are initially measured at fair value on the settlement date and
are subsequently remeasured at fair value on each subsequent reporting
date (please refer to notes 2.2.5.7 and 23 for fair value classification
levels). The recognition of subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if
applicable, the nature of the hedged item and the type of hedging
relationship designated. When these contracts qualify as hedges for
accounting purposes, gains and losses arising on these contracts are
offset in earnings against the gains and losses relating to the hedged item.
When forward contracts are used as hedging instruments, the Group
only qualifies as hedging instruments the change in the fair value of the
forward contract related to the variation of the spot exchange rate.
Changes in the forward points are excluded from the hedging
relationship and are recognised either in the financial result or through
other charges and income directly recognised in equity, on a hedge-by-
hedge basis, applying the \u201ccost hedging\u201d method permitted by IFRS 9.
Fair value hedge
When the derivative financial instrument hedges exposures to fluctuations
in the fair value of an asset or a liability recognised in the consolidated
statement of financial position or of a firm commitment which is not
recognised in the Statement of Financial Position, it is a fair value hedge.
The instrument is remeasured at fair value in earnings, with the gains or
losses arising on remeasurement of the hedged portion of the hedged
item offset on the same line of the consolidated statement of earnings, or,
as part of a forecasted transaction relating to a non-financial asset or
liability, at the initial cost of the asset or liability.
Cash flow hedge
When the derivative financial instrument hedges cash flows, it is a cash
flow hedge. The hedging instrument is remeasured at fair value and the
portion of the gain or loss that is determined to be an effective hedge is
recognised through other charges and income directly recognised in
equity, whereas its ineffective portion is recognised in earnings. When the
hedged item is realised, accumulated gains and losses recognised in
equity are released to the consolidated statement of earnings and
recorded on the same line as the hedged item; as part of a forecasted
transaction on a non-financial asset or liability, they are recognised at the
initial cost of the asset or liability.
For cash flow hedges, the amount accumulated in OCI is reclassified to
profit or loss as a reclassification adjustment in the same period or
periods during which the hedged cash flows affect profit or loss.\u00a0
If cash flow hedge accounting is discontinued, the amount that has been
accumulated in cash flow hedge reserve must remain in equityI if the
hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a
reclassification adjustment. After discontinuation, once the hedged cash
flow occurs, any amount remaining in cash flow hedge reserve must be
accounted for depending on the nature of the underlying transaction as
described above.
Net investment hedge
When the derivative financial instrument hedges a net investment in a
foreign operation, it is recognised in the same way as a cash flow hedge.
Presentation in the consolidated statement of earnings
Derivative financial instruments that do not qualify as a hedge for
accounting purposes are remeasured at fair value and resulting gains
and losses are recognised directly in earnings, without remeasurement of
the underlying instrument.
Income and expenses relating to foreign currency instruments used to
hedge highly probable budget exposures and firm commitments
contracted pursuant to the acquisition of editorial content rights (including
sports, audiovisual and film rights) are recognised in operating income
(EBIT). In all other cases, gains and losses arising on the fair value
remeasurement of instruments are recognised in other financial charges
and income.
NOTE 16 FINANCIAL ASSETS
Year ended 31 December
2025
2024
(in millions of euros)
Total
Current
Non-current
Total
Current
Non-current
Level 2 - Derivative financial instruments
52
18
34
37
29
8
Level 3 - Term deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3 - Investment held at fair value throught profit
and loss
(a)
38
\u2013
38
\u2013
\u2013
\u2013
Financial assets at fair value through
profit or loss
90
18
72
37
29
8
Level 1 - Listed equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3 - Unlisted equity securities
13
\u2013
13
13
\u2013
13
Financial assets at fair value through other
comprehensive income
13
\u2013
13
13
\u2013
13
Financial assets at amortized cost
223
\u2013
223
230
2
228
Financial assets
326
18
307
280
31
249
a. Mainly related to the option held by the Group to increase its stake in UGC in 2028 and to an equity investment held by MultiChoice acquired as of 20 September 2025.
The three classification levels for the measurement of financial assets at fair value are defined in Note 2.2.5.7.
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
2.2.5.7 FINANCIAL ASSETS
Financial assets are initially recognised at fair value which corresponds,
in general, to the consideration paid and is best evidenced by the
acquisition cost (including associated acquisition costs, if any). Thereafter,
financial assets are measured at fair value or at amortised cost
depending on the financial asset category to which they belong.
Financial assets are classified into the accounting categories \u2018financial
assets at amortised cost\u2019, \u2018financial assets at fair value through other
comprehensive income\u2019 and \u2018financial assets at fair value through profit
or loss\u2019.
This classification depends on the entity\u2018s business model for managing
the financial assets and its contractual terms, enabling the determination
of whether the cash flows are solely payments of principal and interest
(SPPI). The financial assets that contain an embedded derivative should be
considered in full to determine whether their cash flows are SPPI.
Financial assets at fair value
These include financial assets measured at fair value through other
comprehensive income, derivative financial instruments with a positive value
and other financial assets measured at fair value through profit or loss. Most
of these financial assets are actively traded in organised financial markets
given that their fair value is calculated by reference to the published market
price at the period end. Fair value is estimated for financial assets which do
not have a published market price on an active market. As a last resort,
when a reliable estimate of fair value cannot be made using valuation
techniques and in the absence of an active market, the Group values
financial assets at historical cost less any impairment losses.
These financial assets are initially recognised on the trade date, when the
Company becomes a party to the contractual terms of the instrument.
Dividend income is recognised when the Group\u2019s entitlement to receive
payment is confirmed.
Valuation method at fair value is defined according to the three following
classification levels:
\u25aa Level 1: fair value measurement based on quoted prices in active
markets for identical assets or liabilities
\u25aa Level 2: fair value measurement based on observable market data
(other than quoted prices included under Level 1)
\u25aa Level 3: fair value measurement based on valuation techniques
using inputs for the asset or liability that are not based on observable
market data
The fair value of trade accounts receivable, cash and cash equivalents,
and trade accounts payable is a reasonable estimate of fair value, due to
the short maturity of these instruments.
Financial assets at amortised cost
Financial assets at amortised cost consist of debt instruments held within a
business model whose objective is to hold financial assets to collect
contractual cash flows that are solely payments of principal and interest
on the principal amount outstanding. At the end of each period, these
assets are measured at amortised cost using the effective interest method.
Impairment of financial assets
The Group assesses the expected credit loss associated with its financial
assets recognised at amortised cost and debt instrument recognised at
fair value through other comprehensive income on a prospective basis. A
loss allowance for expected credit loss based on probability of default is
recognised by the Group at initial recognition. The loss allowance is
updated for changes in these expected credit losses at each reporting
date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, the
Group compares the credit risk at the reporting date with the credit risk
at the date of initial recognition based on reasonable forward-looking
information and events, including credit ratings if available, and significant
adverse changes (actual or expected) in economic, financial or business
conditions that are expected to result in a material change in the
borrower's ability to meet its obligations.
The definition of default and write-off policy are defined specifically within
each operating entity.
If there is objective evidence that an impairment loss has been incurred,
the amount of this loss, measured as the difference between the financial
asset\u2019s carrying amount and its recoverable amount (equal to the present
value of estimated future cash flows discounted at the financial asset\u2019s
initial effective interest rate), is recognised in profit or loss. Impairment
losses may be reversed if the recoverable amount of the asset
subsequently increases in the future.
NOTE 16 FINANCIAL ASSETS
Year ended 31 December
2025
2024
(in millions of euros)
Total
Current
Non-current
Total
Current
Non-current
Level 2 - Derivative financial instruments
52
18
34
37
29
8
Level 3 - Term deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3 - Investment held at fair value throught profit
and loss
(a)
38
\u2013
38
\u2013
\u2013
\u2013
Financial assets at fair value through
profit or loss
90
18
72
37
29
8
Level 1 - Listed equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3 - Unlisted equity securities
13
\u2013
13
13
\u2013
13
Financial assets at fair value through other
comprehensive income
13
\u2013
13
13
\u2013
13
Financial assets at amortized cost
223
\u2013
223
230
2
228
Financial assets
326
18
307
280
31
249
a. Mainly related to the option held by the Group to increase its stake in UGC in 2028 and to an equity investment held by MultiChoice acquired as of 20 September 2025.
The three classification levels for the measurement of financial assets at fair value are defined in Note 2.2.5.7.
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
2.2.5.7 FINANCIAL ASSETS
Financial assets are initially recognised at fair value which corresponds,
in general, to the consideration paid and is best evidenced by the
acquisition cost (including associated acquisition costs, if any). Thereafter,
financial assets are measured at fair value or at amortised cost
depending on the financial asset category to which they belong.
Financial assets are classified into the accounting categories \u2018financial
assets at amortised cost\u2019, \u2018financial assets at fair value through other
comprehensive income\u2019 and \u2018financial assets at fair value through profit
or loss\u2019.
This classification depends on the entity\u2018s business model for managing
the financial assets and its contractual terms, enabling the determination
of whether the cash flows are solely payments of principal and interest
(SPPI). The financial assets that contain an embedded derivative should be
considered in full to determine whether their cash flows are SPPI.
Financial assets at fair value
These include financial assets measured at fair value through other
comprehensive income, derivative financial instruments with a positive value
and other financial assets measured at fair value through profit or loss. Most
of these financial assets are actively traded in organised financial markets
given that their fair value is calculated by reference to the published market
price at the period end. Fair value is estimated for financial assets which do
not have a published market price on an active market. As a last resort,
when a reliable estimate of fair value cannot be made using valuation
techniques and in the absence of an active market, the Group values
financial assets at historical cost less any impairment losses.
These financial assets are initially recognised on the trade date, when the
Company becomes a party to the contractual terms of the instrument.
Dividend income is recognised when the Group\u2019s entitlement to receive
payment is confirmed.
Valuation method at fair value is defined according to the three following
classification levels:
\u25aa Level 1: fair value measurement based on quoted prices in active
markets for identical assets or liabilities
\u25aa Level 2: fair value measurement based on observable market data
(other than quoted prices included under Level 1)
\u25aa Level 3: fair value measurement based on valuation techniques
using inputs for the asset or liability that are not based on observable
market data
The fair value of trade accounts receivable, cash and cash equivalents,
and trade accounts payable is a reasonable estimate of fair value, due to
the short maturity of these instruments.
Financial assets at amortised cost
Financial assets at amortised cost consist of debt instruments held within a
business model whose objective is to hold financial assets to collect
contractual cash flows that are solely payments of principal and interest
on the principal amount outstanding. At the end of each period, these
assets are measured at amortised cost using the effective interest method.
Impairment of financial assets
The Group assesses the expected credit loss associated with its financial
assets recognised at amortised cost and debt instrument recognised at
fair value through other comprehensive income on a prospective basis. A
loss allowance for expected credit loss based on probability of default is
recognised by the Group at initial recognition. The loss allowance is
updated for changes in these expected credit losses at each reporting
date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, the
Group compares the credit risk at the reporting date with the credit risk
at the date of initial recognition based on reasonable forward-looking
information and events, including credit ratings if available, and significant
adverse changes (actual or expected) in economic, financial or business
conditions that are expected to result in a material change in the
borrower's ability to meet its obligations.
The definition of default and write-off policy are defined specifically within
each operating entity.
If there is objective evidence that an impairment loss has been incurred,
the amount of this loss, measured as the difference between the financial
asset\u2019s carrying amount and its recoverable amount (equal to the present
value of estimated future cash flows discounted at the financial asset\u2019s
initial effective interest rate), is recognised in profit or loss. Impairment
losses may be reversed if the recoverable amount of the asset
subsequently increases in the future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
2.2.5.7 FINANCIAL ASSETS
Financial assets are initially recognised at fair value which corresponds,
in general, to the consideration paid and is best evidenced by the
acquisition cost (including associated acquisition costs, if any). Thereafter,
financial assets are measured at fair value or at amortised cost
depending on the financial asset category to which they belong.
Financial assets are classified into the accounting categories \u2018financial
assets at amortised cost\u2019, \u2018financial assets at fair value through other
comprehensive income\u2019 and \u2018financial assets at fair value through profit
or loss\u2019.
This classification depends on the entity\u2018s business model for managing
the financial assets and its contractual terms, enabling the determination
of whether the cash flows are solely payments of principal and interest
(SPPI). The financial assets that contain an embedded derivative should be
considered in full to determine whether their cash flows are SPPI.
Financial assets at fair value
These include financial assets measured at fair value through other
comprehensive income, derivative financial instruments with a positive value
and other financial assets measured at fair value through profit or loss. Most
of these financial assets are actively traded in organised financial markets
given that their fair value is calculated by reference to the published market
price at the period end. Fair value is estimated for financial assets which do
not have a published market price on an active market. As a last resort,
when a reliable estimate of fair value cannot be made using valuation
techniques and in the absence of an active market, the Group values
financial assets at historical cost less any impairment losses.
These financial assets are initially recognised on the trade date, when the
Company becomes a party to the contractual terms of the instrument.
Dividend income is recognised when the Group\u2019s entitlement to receive
payment is confirmed.
Valuation method at fair value is defined according to the three following
classification levels:
\u25aa Level 1: fair value measurement based on quoted prices in active
markets for identical assets or liabilities
\u25aa Level 2: fair value measurement based on observable market data
(other than quoted prices included under Level 1)
\u25aa Level 3: fair value measurement based on valuation techniques
using inputs for the asset or liability that are not based on observable
market data
The fair value of trade accounts receivable, cash and cash equivalents,
and trade accounts payable is a reasonable estimate of fair value, due to
the short maturity of these instruments.
Financial assets at amortised cost
Financial assets at amortised cost consist of debt instruments held within a
business model whose objective is to hold financial assets to collect
contractual cash flows that are solely payments of principal and interest
on the principal amount outstanding. At the end of each period, these
assets are measured at amortised cost using the effective interest method.
Impairment of financial assets
The Group assesses the expected credit loss associated with its financial
assets recognised at amortised cost and debt instrument recognised at
fair value through other comprehensive income on a prospective basis. A
loss allowance for expected credit loss based on probability of default is
recognised by the Group at initial recognition. The loss allowance is
updated for changes in these expected credit losses at each reporting
date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, the
Group compares the credit risk at the reporting date with the credit risk
at the date of initial recognition based on reasonable forward-looking
information and events, including credit ratings if available, and significant
adverse changes (actual or expected) in economic, financial or business
conditions that are expected to result in a material change in the
borrower's ability to meet its obligations.
The definition of default and write-off policy are defined specifically within
each operating entity.
If there is objective evidence that an impairment loss has been incurred,
the amount of this loss, measured as the difference between the financial
asset\u2019s carrying amount and its recoverable amount (equal to the present
value of estimated future cash flows discounted at the financial asset\u2019s
initial effective interest rate), is recognised in profit or loss. Impairment
losses may be reversed if the recoverable amount of the asset
subsequently increases in the future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
Impairment of financial assets
The Group assesses the expected credit loss associated with its financial
assets recognised at amortised cost and debt instrument recognised at
fair value through other comprehensive income on a prospective basis. A
loss allowance for expected credit loss based on probability of default is
recognised by the Group at initial recognition. The loss allowance is
updated for changes in these expected credit losses at each reporting
date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, the
Group compares the credit risk at the reporting date with the credit risk
at the date of initial recognition based on reasonable forward-looking
information and events, including credit ratings if available, and significant
adverse changes (actual or expected) in economic, financial or business
conditions that are expected to result in a material change in the
borrower's ability to meet its obligations.
The definition of default and write-off policy are defined specifically within
each operating entity.
If there is objective evidence that an impairment loss has been incurred,
the amount of this loss, measured as the difference between the financial
asset\u2019s carrying amount and its recoverable amount (equal to the present
value of estimated future cash flows discounted at the financial asset\u2019s
initial effective interest rate), is recognised in profit or loss. Impairment
losses may be reversed if the recoverable amount of the asset
subsequently increases in the future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
2.2.5.8 INVENTORIES
Inventories are valued at the lower of cost and net realisable value.
Cost comprises purchase costs, production costs and other supply
and packaging costs. These are usually calculated using the weighted
average cost method. Net realisable value is the estimated selling price
in the normal course of business less estimated completion costs and
selling costs.
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
2.2.5.8 INVENTORIES
Inventories are valued at the lower of cost and net realisable value.
Cost comprises purchase costs, production costs and other supply
and packaging costs. These are usually calculated using the weighted
average cost method. Net realisable value is the estimated selling price
in the normal course of business less estimated completion costs and
selling costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
2.2.5.9 TRADE ACCOUNTS RECEIVABLE
Trade accounts receivable are initially recognised at fair value, which is
generally equal to their nominal value. Expected loss rates on trade
receivables are calculated by the relevant operating entities over their
lifetime, from initial recognition, and are based on historical data that also
incorporates forward-looking information. In addition, accounts
receivable from terminated customers subject to insolvency proceedings
or customers with whom the Group is involved in litigation or a dispute
are generally impaired in full.
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
2.2.5.9 TRADE ACCOUNTS RECEIVABLE
Trade accounts receivable are initially recognised at fair value, which is
generally equal to their nominal value. Expected loss rates on trade
receivables are calculated by the relevant operating entities over their
lifetime, from initial recognition, and are based on historical data that also
incorporates forward-looking information. In addition, accounts
receivable from terminated customers subject to insolvency proceedings
or customers with whom the Group is involved in litigation or a dispute
are generally impaired in full.
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
2.2.5.9 TRADE ACCOUNTS RECEIVABLE
Trade accounts receivable are initially recognised at fair value, which is
generally equal to their nominal value. Expected loss rates on trade
receivables are calculated by the relevant operating entities over their
lifetime, from initial recognition, and are based on historical data that also
incorporates forward-looking information. In addition, accounts
receivable from terminated customers subject to insolvency proceedings
or customers with whom the Group is involved in litigation or a dispute
are generally impaired in full.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
2.2.5.10 CASH AND CASH EQUIVALENTS
The \u2018cash and cash equivalents\u2019 category, defined in accordance with
IAS 7, includes, on one hand, cash in banks and both interest-bearing
and non-interest-bearing demand deposits, which correspond to cash,
and, on the other hand, monetary Undertaking for Collective Investment
in Transferable Securities (UCITS) and other highly liquid investments with
initial maturities of generally three months or less which correspond to
cash equivalents.
Investments in securities, investments with initial maturities of more than
three months without an early termination option and bank accounts
subject to restrictions (blocked accounts), other than restrictions due to
regulations specific to a country or activity sector (e.g. exchange
controls), are classified as financial assets, rather than as cash equivalents.
Moreover, the historical performances of the investments are monitored
regularly to confirm their accounting classification as cash equivalents.
NOTE 18 CASH AND CASH EQUIVALENTS
Year ended 31 December
(in millions of euros)
2025
2024
Cash management financial assets
Cash
468
327
Term deposits and current accounts
362
49
Cash and cash equivalent
830
376
18.1 LIQUIDITY RISK
The Group considers that cash flows generated by its operating activities,
cash surpluses, net of cash used to reduce its loss, as well as cash
available through undrawn bank credit facilities (please refer to Note
23.3) will be sufficient to cover its operating expenses and investments,
debt service, payment of income taxes, as well as its investment projects,
for the next 12 months.
Liquidity reserves consist of (i) cash and cash equivalents and (ii) the \u20ac750
million revolving credit facility, which was fully undrawn as of 31 December
2025.
In accordance with the contractual terms, the maturity of the revolving
credit facility was extended by one year to July 2030. The
implementation of new financings in 2025, as detailed in note 23.3,
significantly extended the average maturity of the debt.
NOTE 24 CASH FLOW STATEMENT
24.1 ADJUSTMENTS
Year ended 31 December
(in millions of euros)
2025
2024
Non-cash items from operating activities of continuing operations
Amortisation and depreciation of intangible asset and property and equipment
426
365
Change in provision, net
(290)
14
Other non-cash items from Operating income (EBIT)
11
1
Other
Impairment loss
\u2013
1
Proceeds from sales of property, plant, equipment and intangible assets
3
5
Adjustments of continuing operations
150
385
24.2 INVESTING AND FINANCING ACTIVITIES WITH NO CASH IMPACT
In 2025, there were no significant investing and financing activities without a cash impact.
In 2024, prior to the Vivendi Spin-Off, loans granted by Vivendi and its subsidiaries to the Group were converted into equity for a total amount of
\u20ac4,657 million (please refer to Note 1.3).
25.2 CASH MANAGEMENT AGREEMENT
BETWEEN VIVENDI AND THE GROUP
In compliance with Article L.\u00a0511-7 of the French Monetary and Financial
Code, the Group entities entered into intra-group cash management
agreements, on market terms, with Vivendi SE, until the effective date of
the Vivendi Spin-Off on 13 December 2024.
Upon these contracts, Vivendi organised, coordinated and optimised the
Group\u2019s cash requirements and surplus. In exchange, Vivendi received a
remuneration equal to the spread between the borrowing and lending
interest rates applied. These interest rates are calculated for each
currency based on defined reference rates adjusted with a positive or
negative margin.
In 2024, prior to the Vivendi Spin-Off, loans granted by Vivendi and its
subsidiaries to the Group were converted into equity for a total amount
of \u20ac4,657 million and the remaining cash surplus has been fully repaid
by Vivendi.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
2.2.5.10 CASH AND CASH EQUIVALENTS
The \u2018cash and cash equivalents\u2019 category, defined in accordance with
IAS 7, includes, on one hand, cash in banks and both interest-bearing
and non-interest-bearing demand deposits, which correspond to cash,
and, on the other hand, monetary Undertaking for Collective Investment
in Transferable Securities (UCITS) and other highly liquid investments with
initial maturities of generally three months or less which correspond to
cash equivalents.
Investments in securities, investments with initial maturities of more than
three months without an early termination option and bank accounts
subject to restrictions (blocked accounts), other than restrictions due to
regulations specific to a country or activity sector (e.g. exchange
controls), are classified as financial assets, rather than as cash equivalents.
Moreover, the historical performances of the investments are monitored
regularly to confirm their accounting classification as cash equivalents.
NOTE 18 CASH AND CASH EQUIVALENTS
Year ended 31 December
(in millions of euros)
2025
2024
Cash management financial assets
Cash
468
327
Term deposits and current accounts
362
49
Cash and cash equivalent
830
376
18.1 LIQUIDITY RISK
The Group considers that cash flows generated by its operating activities,
cash surpluses, net of cash used to reduce its loss, as well as cash
available through undrawn bank credit facilities (please refer to Note
23.3) will be sufficient to cover its operating expenses and investments,
debt service, payment of income taxes, as well as its investment projects,
for the next 12 months.
Liquidity reserves consist of (i) cash and cash equivalents and (ii) the \u20ac750
million revolving credit facility, which was fully undrawn as of 31 December
2025.
In accordance with the contractual terms, the maturity of the revolving
credit facility was extended by one year to July 2030. The
implementation of new financings in 2025, as detailed in note 23.3,
significantly extended the average maturity of the debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
2.2.6 FINANCIAL LIABILITIES
Long-term and short-term borrowings and other financial liabilities include:
\u25aa bonds and credit facilities, as well as various other borrowings
(including commercial paper and debt related to finance leases) and
related accrued interest
\u25aa obligations arising out of commitments to purchase non-controlling
interests
\u25aa bank overdrafts
\u25aa the negative value of other derivative financial instruments. Derivatives
with positive values are recorded as financial assets in the
consolidated statement of financial position
2.2.6.1 BORROWINGS
All borrowings are initially accounted for at fair value net of transaction
costs directly attributable to the borrowing (please refer to Note 2.2.5.7 for
fair value classification levels). Borrowings bearing interest are subsequently
valued at amortised cost, applying the effective interest method. The
effective interest rate is the internal yield rate that discounts future cash
flows over the term of the borrowing. In addition, where the borrowing
comprises an embedded derivative (e.g. an exchangeable bond) or an
equity instrument (e.g. a convertible bond), the amortised cost is calculated
for the debt component only, following the separation of the embedded
derivative or equity instrument. In the event of a change in expected future
cash flows (e.g. redemption occurs earlier than initially expected), the
amortised cost is adjusted against earnings to reflect the value of the new
expected cash flows, discounted at the initial effective interest rate.
2.2.6.2 COMMITMENTS TO PURCHASE NON-
CONTROLLING INTERESTS
The Group has committed to purchase the non-controlling interests of
some of the minority shareholders of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g. put options) or
mandatory (e.g. forward purchase contracts).
The following accounting treatment has been applied:
\u25aa Upon initial recognition, the commitment to purchase non-controlling
interests is recognised as a financial liability for the present value of
the purchase price under the put option or forward purchase contract,
mainly offset by the book value of non-controlling interests and the
remaining balance through equity attributable to the Group owners
\u25aa Subsequent changes to the value of the commitment are recognised as
a financial liability through an adjustment to equity attributable to the
Group owners
\u25aa Upon maturity of the commitment, if the non-controlling interests are not
purchased, the previously recognised entries are reversed; if the non-
controlling interests are purchased, the amount recognised in financial
liabilities is reversed, offset by the cash outflow relating to the
purchase of the non-controlling interests
2.2.6.3 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to manage and reduce its
exposure to foreign currency exchange rates. All instruments are either
listed on organised markets or traded over the counter with highly rated
counterparties. These instruments include interest rate and currency
swaps, and forward exchange contracts. All these derivative financial
instruments are used for hedging purposes. At the inception of the
hedging relationship there is a formal designation and documentation of
the hedging relationship and the entity\u2019s risk management objective and
strategy for undertaking the hedge.
Derivatives are initially measured at fair value on the settlement date and
are subsequently remeasured at fair value on each subsequent reporting
date (please refer to notes 2.2.5.7 and 23 for fair value classification
levels). The recognition of subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if
applicable, the nature of the hedged item and the type of hedging
relationship designated. When these contracts qualify as hedges for
accounting purposes, gains and losses arising on these contracts are
offset in earnings against the gains and losses relating to the hedged item.
When forward contracts are used as hedging instruments, the Group
only qualifies as hedging instruments the change in the fair value of the
forward contract related to the variation of the spot exchange rate.
Changes in the forward points are excluded from the hedging
relationship and are recognised either in the financial result or through
other charges and income directly recognised in equity, on a hedge-by-
hedge basis, applying the \u201ccost hedging\u201d method permitted by IFRS 9.
Fair value hedge
When the derivative financial instrument hedges exposures to fluctuations
in the fair value of an asset or a liability recognised in the consolidated
statement of financial position or of a firm commitment which is not
recognised in the Statement of Financial Position, it is a fair value hedge.
The instrument is remeasured at fair value in earnings, with the gains or
losses arising on remeasurement of the hedged portion of the hedged
item offset on the same line of the consolidated statement of earnings, or,
as part of a forecasted transaction relating to a non-financial asset or
liability, at the initial cost of the asset or liability.
Cash flow hedge
When the derivative financial instrument hedges cash flows, it is a cash
flow hedge. The hedging instrument is remeasured at fair value and the
portion of the gain or loss that is determined to be an effective hedge is
recognised through other charges and income directly recognised in
equity, whereas its ineffective portion is recognised in earnings. When the
hedged item is realised, accumulated gains and losses recognised in
equity are released to the consolidated statement of earnings and
recorded on the same line as the hedged item; as part of a forecasted
transaction on a non-financial asset or liability, they are recognised at the
initial cost of the asset or liability.
For cash flow hedges, the amount accumulated in OCI is reclassified to
profit or loss as a reclassification adjustment in the same period or
periods during which the hedged cash flows affect profit or loss.\u00a0
If cash flow hedge accounting is discontinued, the amount that has been
accumulated in cash flow hedge reserve must remain in equityI if the
hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a
reclassification adjustment. After discontinuation, once the hedged cash
flow occurs, any amount remaining in cash flow hedge reserve must be
accounted for depending on the nature of the underlying transaction as
described above.
Net investment hedge
When the derivative financial instrument hedges a net investment in a
foreign operation, it is recognised in the same way as a cash flow hedge.
Presentation in the consolidated statement of earnings
Derivative financial instruments that do not qualify as a hedge for
accounting purposes are remeasured at fair value and resulting gains
and losses are recognised directly in earnings, without remeasurement of
the underlying instrument.
Income and expenses relating to foreign currency instruments used to
hedge highly probable budget exposures and firm commitments
contracted pursuant to the acquisition of editorial content rights (including
sports, audiovisual and film rights) are recognised in operating income
(EBIT). In all other cases, gains and losses arising on the fair value
remeasurement of instruments are recognised in other financial charges
and income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
2.2.6.1 BORROWINGS
All borrowings are initially accounted for at fair value net of transaction
costs directly attributable to the borrowing (please refer to Note 2.2.5.7 for
fair value classification levels). Borrowings bearing interest are subsequently
valued at amortised cost, applying the effective interest method. The
effective interest rate is the internal yield rate that discounts future cash
flows over the term of the borrowing. In addition, where the borrowing
comprises an embedded derivative (e.g. an exchangeable bond) or an
equity instrument (e.g. a convertible bond), the amortised cost is calculated
for the debt component only, following the separation of the embedded
derivative or equity instrument. In the event of a change in expected future
cash flows (e.g. redemption occurs earlier than initially expected), the
amortised cost is adjusted against earnings to reflect the value of the new
expected cash flows, discounted at the initial effective interest rate.
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
2.2.6.1 BORROWINGS
All borrowings are initially accounted for at fair value net of transaction
costs directly attributable to the borrowing (please refer to Note 2.2.5.7 for
fair value classification levels). Borrowings bearing interest are subsequently
valued at amortised cost, applying the effective interest method. The
effective interest rate is the internal yield rate that discounts future cash
flows over the term of the borrowing. In addition, where the borrowing
comprises an embedded derivative (e.g. an exchangeable bond) or an
equity instrument (e.g. a convertible bond), the amortised cost is calculated
for the debt component only, following the separation of the embedded
derivative or equity instrument. In the event of a change in expected future
cash flows (e.g. redemption occurs earlier than initially expected), the
amortised cost is adjusted against earnings to reflect the value of the new
expected cash flows, discounted at the initial effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
2.2.6.2 COMMITMENTS TO PURCHASE NON-
CONTROLLING INTERESTS
The Group has committed to purchase the non-controlling interests of
some of the minority shareholders of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g. put options) or
mandatory (e.g. forward purchase contracts).
The following accounting treatment has been applied:
\u25aa Upon initial recognition, the commitment to purchase non-controlling
interests is recognised as a financial liability for the present value of
the purchase price under the put option or forward purchase contract,
mainly offset by the book value of non-controlling interests and the
remaining balance through equity attributable to the Group owners
\u25aa Subsequent changes to the value of the commitment are recognised as
a financial liability through an adjustment to equity attributable to the
Group owners
\u25aa Upon maturity of the commitment, if the non-controlling interests are not
purchased, the previously recognised entries are reversed; if the non-
controlling interests are purchased, the amount recognised in financial
liabilities is reversed, offset by the cash outflow relating to the
purchase of the non-controlling interests
2.5 CONTRACTUAL OBLIGATIONS AND
CONTINGENT ASSETS AND LIABILITIES
Once a year, the Group and its subsidiaries prepare detailed reports on
all contractual obligations, commercial and financial commitments, and
contingent obligations, for which they are jointly and severally liable, and
that are material to the Group. These detailed reports are updated by the
relevant departments and reviewed by senior management on a regular
basis. To ensure completeness, accuracy and consistency of these reports,
some dedicated internal control procedures are carried out, including
(but not limited to) the review of:
\u25aa minutes of meetings of the shareholders, Management Board,
Supervisory Board and committees of the Supervisory Board of
CANAL+ SA in respect of matters such as contracts, litigation and
authorisation of asset acquisitions or divestitures;
\u25aa pledges and guarantees with banks and financial institutions;
\u25aa pending litigation, claims (in dispute) and environmental matters as well
as related assessments for unrecorded contingencies with internal
and/or external legal counsels;
\u25aa tax examiner\u2019s reports and, if applicable, notices of reassessments for
prior years;
\u25aa insurance coverage for unrecorded contingencies with the Risk
Management Department and insurance agents and brokers with
whom entities within the Group have contracted;
\u25aa related-party transactions for guarantees and other given or received
commitments;
\u25aa more generally, major contracts and agreements
7.4 TAX LITIGATION
VAT TAX REASSESSMENTS IN FRANCE AND FRENCH TST
CHALLENGE
FRENCH VAT
On 19 December 2025, the Group reached a settlement with the French
tax authorities, resolving all the disputes related to the VAT rate
applicable to television subscriptions in France.
This agreement follows the clarifications published by the tax authorities in
September 2025, as well as the work jointly carried out on the definition
and operational terms of catch-up television at CANAL+.
In this context, VAT applies at a reduced rate on television subscription
services. The Company believes that future related tax audits for
subsequent years should not result in any significant additional
adjustments. The Company has therefore decided not to make any
additional provision in its accounts in this respect.
The total amount to which the Group has committed amounts to
\u20ac363 million.
FRENCH TAX ON TELEVISION SERVICES
On 5 June 2025, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and Groupe CANAL+
reached an agreement with the Centre national du cin\u00e9ma et de l'image
anim\u00e9e (CNC) regarding the rules applicable to determining the tax basis
of the French tax on television services (Taxe sur les services de television)
(the 'French TST\u2019). It settled the disputes relating to fiscal years 2017 to
2023 included and removes uncertainty regarding the possibility of a
material additional disbursement.
This agreement is cash neutral for the Group and the corresponding
expense on the consolidated statement of earnings of \u20ac78 million is
deductible for tax purposes, resulting in a corporate income tax saving.
As from 1 January 2024, rules governing the determination of the tax
basis of the French TST have been modified. Although the way this
modification has been introduced in the TST law could be disputed
starting as from 1 January 2024, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and
Groupe CANAL+ applied the law as amended. This results in an
additional annual amount of \u20ac20 million of TST.
TAX REASSESSMENTS REGARDING CANAL+
LUXEMBOURG
CANAL+ Luxembourg (formerly M7 and as successor of CDS Topco
BV) has been subject to a withholding tax reassessment by the Dutch tax
authorities with respect to dividend distributions made by CDS Topco BV
to one of its shareholder over the 2015-2017 period, as well as a
reassessment relating to the deductibility of interest expenses for fiscal
years 2017 and 2018.\u00a0
\u25aa With respect to dividend withholding tax, Dutch tax authorities argue
that the shareholder which received the dividends was not eligible for
a withholding tax exemption, based on abuse of law, arguing that the
shareholder did not have the required substance and that the
beneficial owner of the dividends was outside the European Union.
The total reassessment (including accrued interest and penalties)
amounts to \u20ac22.6 million. CANAL+ Luxembourg has contested the
tax reassessment before the Dutch courts. The lower court ruled
against CANAL+ Luxembourg but CANAL+ Luxembourg has
appealed the decision in 2024; the Court of Appeal in Den Bosch has
confirmed the lower Court decision on 24 December 2025.
CANAL+ filed an appeal in cassation with the Supreme Court on 4
February 2026. The case is now pending before the Supreme Court.
The payment is still suspended meanwhile. In parallel, CANAL+ filed
a recourse claim before the Dutch civil courts in order to obtain a
refund of taxes, costs and fees borne in relation to the Dutch tax
reassessment. The lower court dismissed CANAL+\u2019s arguments.
CANAL+ appealed the decision. The court of appeals ruled against
CANAL+ Luxembourg on 1 April 2025. After in-depth legal analysis,
filing an appeal with the Dutch Supreme court was not possible.
Therefore, this civil litigation is now over.
\u25aa With respect to interest deductibility, Dutch tax authorities challenge
the way the company has computed the interest deduction limitation
ratio for both fiscal years (on different grounds for each of the two
years). The total reassessment (including accrued interest and
penalties) amounts to \u20ac12.5 million. The company has contested the
tax reassessment in front of the lower Dutch tax court. This lower court
denied CANAL+ requests on 27 May 2025. CANAL+ appealed
this judgment on 7 July 2025. The payment is suspended meanwhile.
TAX AUDITS, TAX REASSESSMENTS AND PROCEDURES IN
SEVERAL AFRICAN JURISDICTIONS
The Group is regularly subject to tax audits, proposed tax adjustments
and other tax procedures in the African jurisdictions where it operates.
Several jurisdictions and several tax matters (e.g. corporate income tax,
VAT, turnover taxes, withholding tax) are concerned. The Group
maintains and regularly updates a provision in its consolidated financial
statements that reflects its best estimate of the actual tax risk, considering
its prior history of resolution of the procedures.
11.3 CONTRACTUAL CONTENT COMMITMENTS
Commitments given recorded in the consolidated statement of financial position: content liabilities
Content liabilities are mainly recorded in \u2018Trade accounts payable and other\u2019 or in \u2018Other non-current liabilities\u2019 whether they are current or non-current,
as applicable.
Minimum future payments as of 31 December 2025
Year ended 31 December 2024
Total
Payments due in
(in millions of euros)
2026
2027-2030
After 2030
Film and television rights
451
451
\u2013
\u2013
241
Sports rights
326
326
\u2013
\u2013
164
Content liabilities
777
777
\u2013
\u2013
405
OFF-BALANCE-SHEET COMMITMENTS GIVEN/(RECEIVED)
Minimum future payments as of 31 December 2025
Year ended\u00a0 31 December 2024
Payments due in
(in millions of euros)
Total
2026
2027-2030
After 2030
Film and television rights
(a)
3,156
1,137
2,017
2
3,502
Sports rights
(b)
5,239
1,452
3,389
399
3,426
Other
\u2013
\u2013
\u2013
\u2013
\u2013
Given commitments
8,395
2,589
5,406
401
6,929
Film and television rights
(a)
(204)
(132)
(72)
\u2013
(346)
Sports rights
(13)
(12)
(2)
\u2013
(24)
Other
\u2013
\u2013
\u2013
\u2013
\u2013
Received commitments
(217)
(143)
(74)
\u2013
(371)
Net total
8,178
2,446
5,332
401
6,558
a. Mainly includes multi-year contracts for movies and TV production broadcasting rights
(primarily exclusivity contracts with major US studios), pre-purchases of rights in the
French cinema industry, STUDIOCANAL\u2019s film production and co-production
commitments (given and received), and CANAL+ multi-channel digital TV package
broadcasting rights. These are recorded as content assets when the broadcast is
available for initial release or after the initial significant payment. As of 31 December
2025, contingent liabilities recorded in respect of these commitments amounted to \u20ac2
million (compared to \u20ac3 million as of 31 December 2024).
On 3 March 2025, CANAL+ and film organisations, represented by BLIC,
BLOC and ARP, announced the signing of a new agreement which replaced the
2 December 2021 agreement, and extended the partnership between CANAL+
and the French film industry until the end of 2027, being specified this agreement
is renewable annually unless terminated earlier by any of the parties.
Among other things, the agreement provides for:
\u2022 a guaranteed investment of over \u20ac480 million in French and European
movies by CANAL+ and Cin\u00e9+OCS from 2025 to 2027.
\u2022 an unchanged CANAL+\u2019s position in the media chronology six months after
theatre release, confirming its status as the leading contributor to French and
European film production.
\u2022 a minimum nine-month period of exclusive broadcast rights for CANAL+, and
as much as 16 months including the second window.
\u2022 a better exposure and circulation of works on CANAL+\u2019s movie channels
and on the CANAL+ App
In the event of termination of this agreement, CANAL+ SA\u2019s investment
obligations in the cinematographic production would be directly in line with
guidelines stated under Decree No. 2021-1924 of 30 December 2021.
The 2022 media chronology agreement has been renewed on the same terms on
6 February 2025 and extended to the entire sector on 13 February 2025 for 3 years.\u00a0
However, these amounts do not include:
\u2022 commitments under contracts for channel diffusion rights and non-exclusive
distribution of channels, in respect of which CANAL+ did not grant or receive
minimum guaranteed amounts. The net variable amount of these commitments
cannot be reliably determined and is not reported in either the consolidated
statement of financial position or in the commitments and is instead recorded
as a content cost and/or a revenue when applicable, for the period in which
it was incurred. Based on an estimate of the future subscriber base at
CANAL+ , net commitments received amounted to \u20ac621 million as of 31
December 2025 due to the renewal of multi-year contracts (compared to
\u20ac856\u202fmillion as of 31 December 2024).\u00a0
\u2022 Only the films for which an agreement in principle has been reached with the
producers are recognised as off-balance-sheet commitments, as it is not
possible to make a reasonably reliable estimate of the total and future
obligations under agreements with the professional cinema organisations and
the producers\u2019 and authors\u2019 organisations.\u00a0
With respect to the obligations governing investments in audiovisual production,
under Decree No. 2021-1924 of 30 December 2021, the CANAL+ channel must
dedicate at least 4.2% of its total net revenue for the previous year to \u201cheritage
works\u201d (drama, animation, creative documentaries, music videos and actual
footage or reenactments of live performances). A portion of this investment
(representing at least 2.8% of net revenue) is allocated to the development of
independent production.
b.Mainly includes broadcasting rights held by CANAL+ (including MultiChoice
since September 2025) to the following sporting events:
\u2022 UEFA Club Competitions: exclusive rights from the 2024/2025 to the
2026/2027 season for the Champions League, Europa League and Europa
Conference League, in France, Myanmar and Sub-Saharan English speaking
Africa; Champions League in Poland and selected matches in Austria and
Sub-Saharan French speaking Africa. In France, CANAL+ has renewed for 4
more seasons 100% of the exclusive rights to UEFA club competitions until the
end of the season 2030/2031 with all the matches of the UEFA Champions
League, the UEFA Europa League and the UEFA Conference League.
\u2022 Premier League: exclusive rights until the end of the 2027/2028 season in
France, Czech Republic, Slovakia, Poland, Sub-Saharan Africa, and Myanmar.
\u2022 Other football rights: broadcasting rights for a number of local and
international football leagues and events in various territories, including the
South-African Premier Soccer League and the men\u2019s FIFA World Cup taking
place in 2026 for Sub-Saharan Africa;
\u2022 French National Rugby Competitions (TOP 14 and PRO D2): exclusive rights
until the end of the 2031/2032 season in France, Czech Republic, Slovakia,
and Sub-Saharan French speaking Africa.
\u2022 Top Rugby competitions in Sub-Saharan Africa.
\u2022 Formula 1: exclusive rights in France, Sub-Saharan French speaking Africa, and
Myanmar; and until the 2027 season in Sub-Saharan English speaking Africa.\u00a0
\u2022 MotoGP\u2122: exclusive rights in France and Sub-Saharan French speaking Africa.
\u2022 Top exclusive Cricket competitions in Sub-Saharan Africa.
These commitments are accounted for in the consolidated statement of financial
position either upon the start of every season or upon an initial significant payment.
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
NOTE 26 CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS
The Group\u2019s material contractual obligations and contingent assets and
liabilities include:
\u25aa certain contractual obligations relating to the Group\u2019s business
operations, such as content commitments (please refer to Note 11.3),
contractual obligations and commercial commitments recorded in the
consolidated statement of financial position, including leases and off-
balance-sheet commercial commitments, such as long-term service
contracts and purchase or investment commitments
\u25aa commitments related to the Group\u2019s consolidation scope made in
connection with acquisitions or divestitures such as share purchase or
sale commitments, contingent assets and liabilities subsequent to given
or received commitments related to the divestiture or acquisition of
shares, commitments under shareholders\u2019 agreements and collateral
and pledges granted to third parties over Vivendi\u2019s assets
\u25aa commitments related to the Group\u2019s financing: undrawn confirmed
bank credit facilities as well as the management of interest rate,
foreign currency and liquidity risks (please refer to Note 23.3)
\u25aa contingent assets and liabilities resulting from legal proceedings in
which the Group and/or its subsidiaries are either plaintiff or
defendant (please refer to Note 27)
26.1 CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS
Minimum future payments as of 31 December 2025
Year ended 31 December
2024
Due in
(in millions of euros)
Total
2026
2027 - 2030
After 2030
Contractual content commitments
8,178
2,446
5,332
401
6,558
Commercial commitments
950
316
608
26
756
Net off-balance sheet commitments
9,127
2,761
5,940
426
7,314
As of 31 December 2025, other commitments relating to operations amounted to \u20ac3\u00a0million (\u20ac4 million as of 31 December 2024).
26.2 SHARE PURCHASE AND SALE
COMMITMENTS
In connection with the purchase or sale of operations and financial
assets, the Group has granted or received commitments to purchase or
sell securities. In addition, the Group and its subsidiaries granted or
received put or call options on shares in equity affiliates and
unconsolidated investments.
On 20 June 2024, the Group announced that it held 36.8% of Viu\u2019s
share capital. As of 31 December 2025, the interest held by the Group
increased to 37.32% due to subsequent contractual adjustments). The
Group has an option to increase its ownership interest in Viu to 51%.
On 15 October 2025, the Group signed an agreement to acquire a
minority (34%) stake in the French cinema player, UGC. From 2028, the
Group entered into liquidity-related put and call arrangements which, if
exercised, would give the Group control over UGC.
Before acquisition date by the Group, MultiChoice concluded a
partnership with Comcast NBCUniversal. The shareholders agreement
includes a put option that permits NBCUniversal to put its 30%
shareholding in Showmax Africa Holdings Limited to the Group on the
seventh anniversary of the launch date.
26.3 OTHER CONTINGENT ASSETS
AND LIABILITIES
Several guarantees received or given during prior years in connection
with asset acquisitions or disposals have expired. However, the time
periods or statutes of limitation of certain guarantees relating to, among
other things, employees, environment and tax liabilities, in consideration
of share ownership, or given notably in connection with the winding-up of
certain businesses or the dissolution of entities are still in effect. To the best
of the Group\u2019s knowledge, no material claims for indemnification against
such liabilities have been made to date.
In addition, when settling disputes and litigation, the Group regularly
delivers commitments for damages to third parties that are customary for
transactions of this type.
As of 31 December 2025, the Group is not subject to guarantees clauses
under the terms of disposal agreements between the Group and the
acquirer of certain assets (including shares ownership).
As of 31 December 2025, to its best knowledge, the Group is not aware
of material claims for indemnification against liabilities in connection with
the winding-up or dissolution of certain businesses.
26.4 SHAREHOLDERS\u2019 AGREEMENTS
Under existing shareholders\u2019 or investors\u2019 agreements, the Group and its
subsidiaries hold certain rights (e.g.), pre-emptive rights and rights of first
offer that give it control over the capital structure of its consolidated
companies having minority shareholders. Conversely, the Group has
granted similar rights to these other shareholders in the event that it sells
its interests to third parties.
Moreover, pursuant to other shareholders\u2019 agreements or the bylaws of
other consolidated entities, equity affiliates or unconsolidated interests, the
Group or its subsidiaries have given or received certain rights (pre-
emptive and other rights) entitling them to maintain their shareholders\u2019
rights.
In addition, certain rights and obligations of the Group under existing
shareholders\u2019 agreements may be amended or terminated in the event
of a change of control of the Group.
These shareholders\u2019 agreements are subject to confidentiality provisions.
26.5 COLLATERALS AND PLEDGES
As of 31 December 2025, no material asset in the consolidated statement
of financial position was subject to a pledge or mortgage for the benefit
of third parties.
NOTE 27 LITIGATION
In the course of its ordinary activities, the Group may be involved in legal,
arbitration, administrative or regulatory proceedings, including disputes
with its suppliers, competitors and employees, as well as audiovisual and
tax authorities and similar bodies. At the date of this document, the Group
is not aware of any governmental, legal or arbitration proceedings,
including any proceedings which are ongoing or with which it is
threatened, other than those mentioned below.
Expenses resulting from any governmental, legal or arbitration
proceedings are recognised as provisions only when they are likely to be
incurred and the financial obligation resulting from such proceedings can
be reasonably quantified or estimated. In such case, the provision amount
represents the Group\u2019s best estimate of the risk resulting from such
proceedings, based on a case-by-case assessment of the risk level. The
Group may reassess this risk at any time if new events occur during the
proceedings. As of 31 December 2025, the Group\u2019s total provision for
contingencies and expenses amounted to \u20ac267 million (please refer to
Note 20).
PARABOLE R\u00c9UNION
Following the acquisition by the Group of the TPS channels, notably TPS
Foot, which were previously distributed by Parabole R\u00e9union, Parabole
R\u00e9union initiated several legal proceedings against the Group before the
Paris Tribunal de Grande Instance (the Paris Court of First Instance): in
2007, Parabole R\u00e9union requested that the Court order the Group to
make available, on an exclusive basis, several channels with a level of
attractiveness similar to that of the former TPS channels licensed to
Parabole R\u00e9union prior to 2007 and pay damages to it, and in 2012,
Parabole requested that the Court rule that the Group (and more
specifically CANAL+ France, Groupe CANAL+ SA and CANAL+
Distribution) failed to fulfil their contractual obligations to Parabole
R\u00e9union and their commitments to the Ministry of Economy, pursuant to
which they had undertaken to make available a number of channels to
Parabole R\u00e9union.
In 2014, the Paris Court of First Instance partially admitted Parabole
R\u00e9union\u2019s claim related to the attractiveness of the channels with respect
to the period following 19 June 2008 and concluded that the Group was
liable pursuant to its contract with Parabole R\u00e9union on the grounds of
the deterioration of the quality of certain channels made available to
Parabole R\u00e9union, and ordered an expert report in respect of the amount
of damages suffered by Parabole R\u00e9union.
In June 2016, the Paris Court of Appeals upheld the 2014 decision of the
Paris Court of First Instance.
In January 2017, the Paris Court of First Instance ordered the Group to
pay to Parabole R\u00e9union damages in an amount of \u20ac37,720,000,
which was paid in full by the Group. The amount of damages thus
granted by the Court was far below Parabole Reunion\u2019s claims and the
amount set forth by the Court-appointed expert. As a result, Parabole
R\u00e9union appealed this decision.
Further to additional claims and challenges by Parabole R\u00e9union, in
February 2022 and following a second expertise ordered at Parabole
R\u00e9union\u2019s request, the Paris Court of Appeals upheld the January 2017
decision in its entirety, except for the amount of damages awarded for
operating losses suffered by Parabole R\u00e9union, which was then set by the
Paris Court of Appeals at \u20ac48.55 million for the period 2008-2012
(which amount was increased to \u20ac49.3 million further to the issuance by
the Court of an amended decision in March 2024 and paid in full by the
Group), and at \u20ac29.5 million for the period 2013-2016, all of which were
to be capitalised at an interest rate of 11% for the period from 1 January
2013 to 31 December 2016 (which capitalisation was subsequently
extended to the period 2008-2012 by decisions of the Paris Court of
Appeals of April 2022 and May 2022). It also ordered the Group to
pay \u20ac1 million in damages for reputational harm and \u20ac500,000 in
moral damages.
Further to appeals by the Group and by Parabole R\u00e9union in
May 2022, the French Supreme Court (Cour de cassation) upheld
the principal amount of the damages awarded by the Paris Court of
Appeal on 11 February 2022, but reversed the provisions of the judicial
decision ordering the Group to pay interest to Parabole R\u00e9union at
the capitalisation rate of 11% and remanded the case to the Paris Court
of Appeal.
In connection with the pending procedure before the Paris Court of
Appeals, Parabole R\u00e9union seeks payment for compensatory damages
and interest, including (i) interest capitalised at 11% for the period 2008 to
2012 estimated at \u20ac7 million, (ii) an additional amount of \u20ac190 million of
damages in respect of 2013, and (iii) interest capitalised at the regulatory
rates applied by the Autorit\u00e9 de r\u00e9gulation des communications
\u00e9lectroniques, des postes et de la distribution de la presse (Arcep) and/
or Vivendi\u2019s weighted average cost of capital for the period starting after
2014, estimated at \u20ac43 million. It also seeks publication of the decision
and \u20ac12.5 million in compensation for the reimbursement of legal fees
and expenses disbursed by it pursuant to Article 700 of the French Code
of Civil Procedure.
By decision dated 20 January 2025, the Paris Court of Appeal dismissed
Parabole R\u00e9union\u2019s claim to receive \u20ac190 million of damages for 2013,
considering that this request was not admissible.
Regarding Parabole R\u00e9union\u2019s other requests, the Paris Court of Appeal
decided to reopen the discussions and scheduled a hearing on 20
February 2025 to hear the parties regarding the opportunity to settle the
pending demands on an amicable basis.
By decision dated 16 June 2025, the Paris Court of Appeal rejected
Parabole R\u00e9union\u2019s request for benefiting compensatory interest
capitalized at 11% or interest capitalized at the regulatory rates applied
by the Autorit\u00e9 de r\u00e9gulation des communication \u00e9lectroniques, des
postes et de la distribution de la presse (Arcep) and/or Vivendi\u2019s
weighted average cost of capital, for the operating losses it had suffered.
The Paris Court of Appeal upheld the Group\u2019s request to allocate
Parabole R\u00e9union only compensatory interest capitalized at the legal rate
on the damages GCP was sentenced to pay as well as to take into
account the progressive nature of the operating losses suffered by
Parabole R\u00e9union since 2008. Therefore, the Group is required to pay to
Parabole R\u00e9union interest capitalized at the legal rate, on an actualized
basis, on the successive amount of damages awarded for operating
losses suffered by Parabole R\u00e9union up to the date of the decisions fixing
those damages.
The Court also ordered the Group to pay moratory interest, at the legal
rate, calculated on the Group\u2019s condemnations from the date of the
decisions fixing the amount of damages awarded to Parabole R\u00e9union up
to the dates of payment of those damages by the Group.
Remaining claims of Parabole R\u00e9union for compensatory interests as well
as for the decision to be published were dismissed by the Court.
As regards procedural costs, the Paris Court of Appeal ordered the
Group to pay Parabole R\u00e9union 450,000 euros to cover the costs of the
first instance proceedings and the appeal proceedings prior to the
Supreme Court ruling, while condemning Parabole R\u00e9union to pay the
costs of the proceedings that led to the decision.\u00a0 Parabole R\u00e9union
lodged an appeal before the French Supreme Court against the decisions
delivered by the Paris Court of Appeal on 20 January 2025 and 16 June
2025. The proceedings are currently pending.
ARCOM
C8, a former\u00a0 free-to-air channel of the Group, stopped broadcasting on
28 February 2025 following the refusal of the French Regulatory
Authority for Audiovisual and Digital Communication (\u201cARCOM\u201d) to
renew the channel\u2019s DTT license, a decision which is currently disputed
before the European Court of Human Rights.
CNEWS, one of the Group\u2019s remaining free-to-air channels whose DTT
license was renewed in 2024, has been the subject of monetary
sanctions by ARCOM over the last few years for various regulatory
violations. CNEWS appealed most of such sanction decisions to the
French Council of State (Conseil d'\u00c9tat), certain of these appeals were
successful. There are currently a couple of similar proceedings pending
with ARCOM and a number of others were closed by ARCOM without
any sanction.
POLSKA
On 8 January 2024, the Polish Office of Competition and Consumer
Protection (UOKiK) rendered a sanction decision against CANAL+
POLSKA, considering that a number of sales practices implemented by
CANAL+ POLSKA\u2019s external service providers seeking to conclude
contracts over phone calls were detrimental to the collective interests
of consumers.
The fine imposed on CANAL+ POLSKA was 46,557,853 zlotys
(\u20ac10.6 million).
The UOKiK also ordered CANAL+ POLSKA to compensate customers
affected by these practices by: (i) repaying the amount of the contractual
termination penalty paid by customers who entered into subscription
contracts with the company between 10 October 2019 and 22 April
2022, and exercised their termination right before the end of the
contract\u2019s validity period and (ii) refunding subscription fees paid by
customers who, between 10 October 2019 until 29 December 2023,
submitted a complaint regarding irregularities in subscription offers made
by the Company, and who did not receive a full refund in connection with
the submitted complaint. UOKiK stated in its decision that these
repayments/refunds were required to occur by the end of a two-month
period following the request made by the concerned consumers. In
accordance with Polish law, the UOKiK\u2019s decisions are not binding and
cannot be regarded as enforceable if a party mentioned in the decision
files an appeal against it. CANAL+ POLSKA lodged an appeal against
this decision on 29 January 2024 with Warsaw\u2019s Commercial Court.\u00a0 The
Warsaw Commercial Court dismissed the company's appeal and upheld
the UOKiK\u2019s decision in its entirety. The company intends to appeal the
court\u2019s decision.
AGAINST MEDIAPRO
On 18 September 2020, the Group filed a claim against Mediapro
before the Nanterre Commercial Court for unequal treatment and
discriminatory practices in the context of discussions that had taken place
between the two companies regarding the distribution of the Telefoot
channel, which has since been discontinued. On 2 October 2020, the
Nanterre Commercial Court referred the case to the Paris Commercial
Court.\u00a0
On 20 November 2020, Mediapro filed counter-claims against the
Group, alleging: (i) abuse of dominant position and unfair practices in the
Telefoot distribution contract negotiations and (ii) disparaging statements
constituting unfair competition. The two cases were subsequently joined
and Mediapro entered into liquidation proceedings in France.
The Group subsequently sought damages for the 2018 bids whereby
Mediapro obtained the broadcasting rights (see above) based on bids
that are deemed by the Group both exorbitant and lacking economic
rationality, while Mediapro increased its claims to \u20ac369 million for
alleged operational damages, \u20ac185 million for alleged loss of future
income and \u20ac35 million for cessation of activity.
On 16 June 2022, the Group filed a request for forced intervention
against Mediapro International, a division of the Mediapro Group, on the
grounds that it participated in the 2018 wrongful bids. In October 2022,
the Paris Commercial Court decided that the question of the admissibility
of Mediapro International\u2019s intervention should be joined with the case on
the merits.
On 31 January 2023, the Paris Commercial Court dismissed all of the
parties\u2019 respective claims. On 30 March 2023, Mediapro appealed
against the Paris Commercial Court\u2019s decision. The appeal is pending
before the Paris Court of Appeals, and the hearing is expected to take
place on 27 May 2026.\u00a0
AGAINST THE FRENCH PROFESSIONAL
FOOTBALL LEAGUE
The Group initiated proceedings against the LFP following the call for
tenders launched by the LFP on 19 January 2021 for the sale of the League
1 rights returned by Mediapro and the award of those rights to Amazon for
an amount of \u20ac250 million per season. Those rights had been acquired by
Mediapro in the 2018 LFP call for tenders in respect of the 2020-2021 to
2023-2024 seasons, while the Group had acquired from beIN Sports
other broadcasting rights (Lot 3) obtained by beIN pursuant to that same
call for tenders for an amount of \u20ac332 million per season. These
proceedings involve claims by the Group to obtain: (i) the annulment of the
2021 LFP call for tenders, (ii) the request that the LFP launch a new call for
tender of all of League 1 broadcasting rights for the period concerned by
the 2021 LFP call for tenders, (iii) the annulment of the contract relating to
Lot 3 acquired by the Group, (iv) the suspension of the agreement entered
into between the LFP and Amazon, and the reallocation of the lots
attributed to Amazon for the 2022-2023 and 2023-2024 seasons, and (v)
the repayment of the difference between the price paid by the Group for
the acquisition of Lot 3 and the current economic value of such rights further
to the award of the rights returned by Mediapro to Amazon. These
proceedings are described in further detail below. Two of them are
pending before the French Supreme Court (Cour de cassation) and one is
pending before the Paris Court of Appeals.
First, on 22 January 2021, the Group brought fast-track proceedings
against the LFP before the Paris Commercial Court, seeking, among other
things, the annulment of the 2021 call for tenders and of any subsequent
contract and an injunction against the LFP to launch a new call for tenders
for all of League 1 broadcasting rights. In March 2021, the Paris
Commercial Court dismissed all the Group\u2019s claims and ordered it to pay
\u20ac50,000 to the LFP for legal fees. In April 2021, the Group appealed
against this decision before the Paris Court of Appeals, which upheld the
lower court\u2019s decision in a decision rendered on 3 February 2023. On 10
March 2023, the Group appealed against this decision to the French
Supreme Court (Cour de cassation). On 25 September 2024, the French
Supreme Court (Cour de cassation) overturned the Paris Court of
Appeals\u2019 decision and sent the case back to the Paris Court of Appeals.
On 14 January 2026, the Paris Court of Appeals dismissed all the
Group\u2019s claims. The Group decided to appeal against this decision to the
French Supreme Court (Cour de cassation).
Second, in January 2021, the Group also filed a claim and a request
for interim measures against the LFP before the French Competition
Authority, demanding in particular that the LFP organise a new call for
tenders for all League 1 broadcasting rights for the broadcasting period
concerned. The French Competition Authority denied the Group\u2019s claim
and request for interim measures for lack of sufficiently probationary
evidence on 11 June 2021. The Group appealed against this decision, and
such appeal was dismissed on 30 June 2022. On 28 July 2022, the
Group appealed this dismissal to the French Supreme Court (Cour de
cassation). On 25 September 2024, the French Supreme Court (Cour de
cassation) dismissed the Group\u2019s appeal. As a result, the decision of the
French Competition Authority of 11 June 2021 became final.\u00a0
Third, in July 2021, beIN Sports, the original licensee of Lot 3, which sub-
licensed such Lot 3 to the Group, filed a claim against the LFP before the
Paris Civil Court requesting that the Court declare the contract relating to
Lot 3 null and void or, alternatively, terminate it on grounds of hardship.
On 19 September 2023, the Paris Civil Court dismissed all of beIN
Sports\u2019 and the Group\u2019s claims. The Group and beIN Sports appealed
against this decision in October and November 2023, respectively. The
proceedings before the Paris Court of Appeals are still pending. On 14
January 2026, the Paris Court of Appeals dismissed all the Group\u2019s and
BeIN Sport\u2019s claims. The Group decided to appeal against this decision
to the French Supreme Court (Cour de cassation).
BEIN SPORTS AGAINST THE GROUP
As part of the 2018 call for tenders for the rights to broadcast the League
1 football Championship for the 2020-2021 to 2023-2024 seasons, beIN
Sports was awarded Lot 3 and subsequently sub-licensed these rights to
the Group. Following the return of the League 1 Championship rights for
Lots 1, 2, 4, 5 and 7 by Mediapro in January 2021, the French
Professional Football League (LFP) subsequently awarded these rights to
Amazon on 11 June 2021, for an amount of \u20ac250 million (compared to
the \u20ac780 million paid for these same lots when they were awarded to
Mediapro). Considering the price paid by the Group for the rights to
broadcast the Lot 3 matches compared to the price of the matches sold
to Amazon, the Group believes that it was subject to serious unequal
treatment and discriminatory practices. Accordingly, it notified the LFP that
it would no longer broadcast this Lot 3 once the Championship resumed
in August 2021.
In parallel, the Group, in its capacity as sub-licensee of the rights to Lot 3,
enjoined beIN Sports to take all legal measures to have the agreement
relating to Lot 3, signed between beIN Sports and the LFP, declared null
and void, and to refer the matter to the French Competition Authority on
the grounds of discriminatory practices and distortion of competition.
Faced with beIN Sports\u2019 inaction, in July 2021, the Group notified beIN
Sports that it was suspending the performance of its obligations under the
sub-licence agreement, considering that beIN Sports had failed to fulfil its
essential obligation to take the abovementioned legal actions.\u00a0
Considering that the suspension of the performance of the sub-licence
agreement constituted a manifestly unlawful disturbance and exposed
beIN Sports to imminent damages vis-\u00e0-vis the LFP, beIN Sports requested
an interim injunction against the Group to produce, broadcast and
pay for the matches in Lot 3 of the French League 1 Championship.
On 23 July 2021, the Nanterre Commercial Court dismissed beIN Sports\u2019
requests. Such decision was appealed by beIN Sports. On 31 March
2022, the appeal was rejected by the Versailles Court of Appeals and
on 13 December 2023, a subsequent appeal was dismissed by the
French Supreme Court (Cour de cassation).
On 24 July 2021, the Group terminated the sub-licence agreement
with beIN Sports on the grounds that its refusal to take legal actions
against the LFP irremediably compromised the Group\u2019s rights. As a result,
on 29 July 2021, beIN Sports requested another interim injunction against
the Group seeking specific performance of the Group\u2019s obligations under
the sub-licence agreement, which resulted in the Nanterre Commercial
Court issuing an interim order, on 5 August 2021, enjoining the Group to
fulfil all of its obligations under the sub-licence agreement pending a
decision on the merits regarding the validity of the termination of the
agreement by the Group. Such decision was appealed by the Group but,
pursuant to the injunction, the Group continued to broadcast these matches
and to pay the contractual amounts to BeIN Sports. On 31 March 2022,
the appeal was rejected by the Versailles Court of Appeals, thereby
ordering the Group to continue to perform the agreement relating to Lot 3.
On 13 December 2023, a subsequent appeal was also dismissed by the
French Supreme Court (Cour de cassation).
In addition, on 2 February 2022, beIN Sports brought proceedings on
the merits against the Group before the Paris Commercial Court,
challenging the termination of the sub-licence by the Group and thus
seeking a final injunction against the Group to perform its obligations
under the sub-licence agreement. On 5 July 2022, the Paris Commercial
Court ruled that the termination clause was valid, but that the Group was
not entitled to terminate the sub-licence agreement with beIN Sports.
Following an appeal against this decision, on 31 May 2024, the Paris
Court of Appeals considered that the termination clause did not meet the
French Civil Code\u2019s requirements and thus dismissed the Group claims.
On September 2024, the Group appealed to the French Supreme Court
(Cour de Cassation).
UFC-QUE CHOISIR AGAINST\u00a0 GROUP
AND SOCI\u00c9T\u00c9 D\u2019EDITION DE CANAL PLUS
On 20 April 2018, the Departmental Directorate for the Protection of the
Populations of the Hauts-de-Seine (Direction d\u00e9partementale de la
protection des populations des Hauts-de-Seine) (\u2018DDPP92\u2019) issued an
injunction against the Group to stop switching its customers to more
expensive subscription plans, a practice which the DDPP92 alleges to be
an \u2018unordered sale\u2019. At the same time, DDPP92 informed the Group that it
had referred the case to the office of the Nanterre public prosecutor
along with a statement that it deemed the Group to have committed the
offence of forced sale of services, which is prohibited under the French
Consumer Code (Code de la consommation). On 8 July 2020, the
Nanterre Judicial Court approved a plea bargain agreement between
the Group and the deputy public prosecutor of Nanterre.
On 27 April 2021, the Federal Union of Consumers (UFC Que Choisir)
filed a claim against Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and the Group
before the Nanterre Judicial Court as part of a group action seeking
reimbursement of amounts overpaid by subscribers.
In an order dated 25 November 2022, later confirmed by a decision of
the Paris Court of Appeal issued on 14 November 2023, the pre-trial
judge denied the Group\u2019s motions to dismiss.
The Parties have entered into mediation and have reached an agreement
in order to allocate a flat-rate compensation to subscribers who will claim
such compensation. The agreement was submitted to the Nanterre
Judicial Court for approval and was approved on 17 June 2025. ursuant
to such agreement, consumers will have up to 6 months to claim their flat-
rate compensation, which is between 20 and 75 euros, depending on
their status (active subscribers or former subscribers) and their
subscription plan in 2018.\u00a0
UFC Que Choisir withdrew the lawsuit and the judge confirmed such
withdrawal on 16 June 2025.
LABOUR DISPUTES
The Group faces individual disputes related to dismissals on personal
grounds as well as individual disputes in the ordinary course of its
business. In this respect, the Group is currently subject to several
procedures before the relevant labour courts (Conseil de Prud\u2019hommes)
regarding claims of dismissal without real and serious cause, claims of
dismissal being null and void, or requests for temporary employment
contracts or service contracts to be reclassified as permanent contracts.
The Group is also the subject of proceedings before the Labor Court
concerning the recognition of an alleged discrimination on the part of
certain employees, and consequent compensation for the corresponding
losses. Furthermore, appeal proceedings relating to the claims made by
several employees of the Group\u2019s call centres located in Saint Denis,
demanding the annulment of their dismissal on the grounds that the
implemented job protection plan was discriminatory, are currently
pending before the French Supreme Court (Cour de cassation).
AGAINST TECHNICOLOR
In December 2016, the Group and Technicolor entered into an
agreement to manufacture and deliver G9 (for mainland France) and G9
Light (for Poland) set-top boxes. In 2017, Technicolor challenged the
prices agreed with the Group and ultimately decided to terminate this
agreement at the end of 2017. As a result, the Group brought summary
proceedings against Technicolor before the Nanterre Commercial Court
for breach of contract. On 15 December 2017, the Group\u2019s claim was
dismissed. However, on 6 December 2018, the Versailles Court of
Appeals ruled in favour of the Group, recognising the wrongful nature of
the termination of the agreement by Technicolor. Technicolor filed an
appeal before the French Supreme Court (Cour de cassation), which was
dismissed on 24 June 2020.
In parallel, on 2 September 2019, the Group filed a claim before the
Paris Commercial Court against Technicolor for breach of its contractual
commitments. In its claim, the Group alleged that Technicolor failed to
deliver the G9 and G9 Light set-top boxes in accordance with the
manufacturing and delivery agreements entered into between the two
companies. The Group demanded reimbursement of additional costs
incurred, alternative transportation costs, late payment penalties and the
payment of damages. In turn, on 9 October 2019, Technicolor filed a
claim for unpaid invoices against the Group,\u00a0 R\u00e9union,\u00a0
Antilles and\u00a0 Caledonia before the Nanterre Commercial Court.
On 2 September 2020, the Paris Commercial Court referred the case to
the Nanterre Commercial Court. On 22 October 2021, the Nanterre
Commercial Court issued a decision in which it recognised the wrongful
nature of Technicolor\u2019s termination of the agreement and its requests for a
price increase. The Court also ordered an expert appraisal to calculate
the amounts of damages claimed by the Group in this dispute.
Technicolor appealed against this decision and such appeal was
dismissed in a decision rendered in March 2022. The proceedings
before the Nanterre Commercial Court are continuing with respect to the
expert appraisal that was ordered.
The final report and hearing are expected before the end of 2026.
SAGEMCOM AGAINST
Sagemcom provides the Group with several hardware products,
including the Global One (G11) set-top box.
Sagemcom has made several claims against the Group relating to the
set-top box orders that the Group should have allegedly placed and is
seeking payment of sums past due. The Group has disputed all claims
made by Sagemcom.
On 30 July 2024, Sagemcom filed a claim against CANAL+ before the
Commercial Court of Paris, alleging that the Group was in breach of its
contractual obligations and had abruptly terminated the commercial
relations between the two groups. Sagemcom is seeking to obtain (i)
\u20ac5,076,715.50 on a principal basis for alleged breach of the agreement
(or \u20ac3,984,015.41 subsidiarily by alleging that some provisions created a
significant imbalance between the parties) and (ii) \u20ac3,139,000 for abrupt
termination of established commercial relations which is prohibited under
section L. 442-1, II of the French Commercial Code.\u00a0
A decision on this matter is expected during H1 2026.
SKY AGAINST\u00a0 LUXEMBOURG
On 20 June 2014, Sky filed a claim before the Luxembourg District Court
seeking an injunction against\u00a0 Luxembourg banning the use of
the \u2018Skylink\u2019 trademark or any other sign containing the word \u2018Sky\u2019 and
the payment of damages.
On 5 July 2019, the Luxembourg District Court rejected Sky\u2019s request, and
such decision was appealed by Sky before the Court of Appeal of
Luxembourg on 23 December 2019. The proceedings are still pending.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
2.2.6.2 COMMITMENTS TO PURCHASE NON-
CONTROLLING INTERESTS
The Group has committed to purchase the non-controlling interests of
some of the minority shareholders of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g. put options) or
mandatory (e.g. forward purchase contracts).
The following accounting treatment has been applied:
\u25aa Upon initial recognition, the commitment to purchase non-controlling
interests is recognised as a financial liability for the present value of
the purchase price under the put option or forward purchase contract,
mainly offset by the book value of non-controlling interests and the
remaining balance through equity attributable to the Group owners
\u25aa Subsequent changes to the value of the commitment are recognised as
a financial liability through an adjustment to equity attributable to the
Group owners
\u25aa Upon maturity of the commitment, if the non-controlling interests are not
purchased, the previously recognised entries are reversed; if the non-
controlling interests are purchased, the amount recognised in financial
liabilities is reversed, offset by the cash outflow relating to the
purchase of the non-controlling interests
2.5 CONTRACTUAL OBLIGATIONS AND
CONTINGENT ASSETS AND LIABILITIES
Once a year, the Group and its subsidiaries prepare detailed reports on
all contractual obligations, commercial and financial commitments, and
contingent obligations, for which they are jointly and severally liable, and
that are material to the Group. These detailed reports are updated by the
relevant departments and reviewed by senior management on a regular
basis. To ensure completeness, accuracy and consistency of these reports,
some dedicated internal control procedures are carried out, including
(but not limited to) the review of:
\u25aa minutes of meetings of the shareholders, Management Board,
Supervisory Board and committees of the Supervisory Board of
CANAL+ SA in respect of matters such as contracts, litigation and
authorisation of asset acquisitions or divestitures;
\u25aa pledges and guarantees with banks and financial institutions;
\u25aa pending litigation, claims (in dispute) and environmental matters as well
as related assessments for unrecorded contingencies with internal
and/or external legal counsels;
\u25aa tax examiner\u2019s reports and, if applicable, notices of reassessments for
prior years;
\u25aa insurance coverage for unrecorded contingencies with the Risk
Management Department and insurance agents and brokers with
whom entities within the Group have contracted;
\u25aa related-party transactions for guarantees and other given or received
commitments;
\u25aa more generally, major contracts and agreements
11.3 CONTRACTUAL CONTENT COMMITMENTS
Commitments given recorded in the consolidated statement of financial position: content liabilities
Content liabilities are mainly recorded in \u2018Trade accounts payable and other\u2019 or in \u2018Other non-current liabilities\u2019 whether they are current or non-current,
as applicable.
Minimum future payments as of 31 December 2025
Year ended 31 December 2024
Total
Payments due in
(in millions of euros)
2026
2027-2030
After 2030
Film and television rights
451
451
\u2013
\u2013
241
Sports rights
326
326
\u2013
\u2013
164
Content liabilities
777
777
\u2013
\u2013
405
OFF-BALANCE-SHEET COMMITMENTS GIVEN/(RECEIVED)
Minimum future payments as of 31 December 2025
Year ended\u00a0 31 December 2024
Payments due in
(in millions of euros)
Total
2026
2027-2030
After 2030
Film and television rights
(a)
3,156
1,137
2,017
2
3,502
Sports rights
(b)
5,239
1,452
3,389
399
3,426
Other
\u2013
\u2013
\u2013
\u2013
\u2013
Given commitments
8,395
2,589
5,406
401
6,929
Film and television rights
(a)
(204)
(132)
(72)
\u2013
(346)
Sports rights
(13)
(12)
(2)
\u2013
(24)
Other
\u2013
\u2013
\u2013
\u2013
\u2013
Received commitments
(217)
(143)
(74)
\u2013
(371)
Net total
8,178
2,446
5,332
401
6,558
a. Mainly includes multi-year contracts for movies and TV production broadcasting rights
(primarily exclusivity contracts with major US studios), pre-purchases of rights in the
French cinema industry, STUDIOCANAL\u2019s film production and co-production
commitments (given and received), and CANAL+ multi-channel digital TV package
broadcasting rights. These are recorded as content assets when the broadcast is
available for initial release or after the initial significant payment. As of 31 December
2025, contingent liabilities recorded in respect of these commitments amounted to \u20ac2
million (compared to \u20ac3 million as of 31 December 2024).
On 3 March 2025, CANAL+ and film organisations, represented by BLIC,
BLOC and ARP, announced the signing of a new agreement which replaced the
2 December 2021 agreement, and extended the partnership between CANAL+
and the French film industry until the end of 2027, being specified this agreement
is renewable annually unless terminated earlier by any of the parties.
Among other things, the agreement provides for:
\u2022 a guaranteed investment of over \u20ac480 million in French and European
movies by CANAL+ and Cin\u00e9+OCS from 2025 to 2027.
\u2022 an unchanged CANAL+\u2019s position in the media chronology six months after
theatre release, confirming its status as the leading contributor to French and
European film production.
\u2022 a minimum nine-month period of exclusive broadcast rights for CANAL+, and
as much as 16 months including the second window.
\u2022 a better exposure and circulation of works on CANAL+\u2019s movie channels
and on the CANAL+ App
In the event of termination of this agreement, CANAL+ SA\u2019s investment
obligations in the cinematographic production would be directly in line with
guidelines stated under Decree No. 2021-1924 of 30 December 2021.
The 2022 media chronology agreement has been renewed on the same terms on
6 February 2025 and extended to the entire sector on 13 February 2025 for 3 years.\u00a0
However, these amounts do not include:
\u2022 commitments under contracts for channel diffusion rights and non-exclusive
distribution of channels, in respect of which CANAL+ did not grant or receive
minimum guaranteed amounts. The net variable amount of these commitments
cannot be reliably determined and is not reported in either the consolidated
statement of financial position or in the commitments and is instead recorded
as a content cost and/or a revenue when applicable, for the period in which
it was incurred. Based on an estimate of the future subscriber base at
CANAL+ , net commitments received amounted to \u20ac621 million as of 31
December 2025 due to the renewal of multi-year contracts (compared to
\u20ac856\u202fmillion as of 31 December 2024).\u00a0
\u2022 Only the films for which an agreement in principle has been reached with the
producers are recognised as off-balance-sheet commitments, as it is not
possible to make a reasonably reliable estimate of the total and future
obligations under agreements with the professional cinema organisations and
the producers\u2019 and authors\u2019 organisations.\u00a0
With respect to the obligations governing investments in audiovisual production,
under Decree No. 2021-1924 of 30 December 2021, the CANAL+ channel must
dedicate at least 4.2% of its total net revenue for the previous year to \u201cheritage
works\u201d (drama, animation, creative documentaries, music videos and actual
footage or reenactments of live performances). A portion of this investment
(representing at least 2.8% of net revenue) is allocated to the development of
independent production.
b.Mainly includes broadcasting rights held by CANAL+ (including MultiChoice
since September 2025) to the following sporting events:
\u2022 UEFA Club Competitions: exclusive rights from the 2024/2025 to the
2026/2027 season for the Champions League, Europa League and Europa
Conference League, in France, Myanmar and Sub-Saharan English speaking
Africa; Champions League in Poland and selected matches in Austria and
Sub-Saharan French speaking Africa. In France, CANAL+ has renewed for 4
more seasons 100% of the exclusive rights to UEFA club competitions until the
end of the season 2030/2031 with all the matches of the UEFA Champions
League, the UEFA Europa League and the UEFA Conference League.
\u2022 Premier League: exclusive rights until the end of the 2027/2028 season in
France, Czech Republic, Slovakia, Poland, Sub-Saharan Africa, and Myanmar.
\u2022 Other football rights: broadcasting rights for a number of local and
international football leagues and events in various territories, including the
South-African Premier Soccer League and the men\u2019s FIFA World Cup taking
place in 2026 for Sub-Saharan Africa;
\u2022 French National Rugby Competitions (TOP 14 and PRO D2): exclusive rights
until the end of the 2031/2032 season in France, Czech Republic, Slovakia,
and Sub-Saharan French speaking Africa.
\u2022 Top Rugby competitions in Sub-Saharan Africa.
\u2022 Formula 1: exclusive rights in France, Sub-Saharan French speaking Africa, and
Myanmar; and until the 2027 season in Sub-Saharan English speaking Africa.\u00a0
\u2022 MotoGP\u2122: exclusive rights in France and Sub-Saharan French speaking Africa.
\u2022 Top exclusive Cricket competitions in Sub-Saharan Africa.
These commitments are accounted for in the consolidated statement of financial
position either upon the start of every season or upon an initial significant payment.
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
NOTE 26 CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS
The Group\u2019s material contractual obligations and contingent assets and
liabilities include:
\u25aa certain contractual obligations relating to the Group\u2019s business
operations, such as content commitments (please refer to Note 11.3),
contractual obligations and commercial commitments recorded in the
consolidated statement of financial position, including leases and off-
balance-sheet commercial commitments, such as long-term service
contracts and purchase or investment commitments
\u25aa commitments related to the Group\u2019s consolidation scope made in
connection with acquisitions or divestitures such as share purchase or
sale commitments, contingent assets and liabilities subsequent to given
or received commitments related to the divestiture or acquisition of
shares, commitments under shareholders\u2019 agreements and collateral
and pledges granted to third parties over Vivendi\u2019s assets
\u25aa commitments related to the Group\u2019s financing: undrawn confirmed
bank credit facilities as well as the management of interest rate,
foreign currency and liquidity risks (please refer to Note 23.3)
\u25aa contingent assets and liabilities resulting from legal proceedings in
which the Group and/or its subsidiaries are either plaintiff or
defendant (please refer to Note 27)
26.1 CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS
Minimum future payments as of 31 December 2025
Year ended 31 December
2024
Due in
(in millions of euros)
Total
2026
2027 - 2030
After 2030
Contractual content commitments
8,178
2,446
5,332
401
6,558
Commercial commitments
950
316
608
26
756
Net off-balance sheet commitments
9,127
2,761
5,940
426
7,314
As of 31 December 2025, other commitments relating to operations amounted to \u20ac3\u00a0million (\u20ac4 million as of 31 December 2024).
26.2 SHARE PURCHASE AND SALE
COMMITMENTS
In connection with the purchase or sale of operations and financial
assets, the Group has granted or received commitments to purchase or
sell securities. In addition, the Group and its subsidiaries granted or
received put or call options on shares in equity affiliates and
unconsolidated investments.
On 20 June 2024, the Group announced that it held 36.8% of Viu\u2019s
share capital. As of 31 December 2025, the interest held by the Group
increased to 37.32% due to subsequent contractual adjustments). The
Group has an option to increase its ownership interest in Viu to 51%.
On 15 October 2025, the Group signed an agreement to acquire a
minority (34%) stake in the French cinema player, UGC. From 2028, the
Group entered into liquidity-related put and call arrangements which, if
exercised, would give the Group control over UGC.
Before acquisition date by the Group, MultiChoice concluded a
partnership with Comcast NBCUniversal. The shareholders agreement
includes a put option that permits NBCUniversal to put its 30%
shareholding in Showmax Africa Holdings Limited to the Group on the
seventh anniversary of the launch date.
26.3 OTHER CONTINGENT ASSETS
AND LIABILITIES
Several guarantees received or given during prior years in connection
with asset acquisitions or disposals have expired. However, the time
periods or statutes of limitation of certain guarantees relating to, among
other things, employees, environment and tax liabilities, in consideration
of share ownership, or given notably in connection with the winding-up of
certain businesses or the dissolution of entities are still in effect. To the best
of the Group\u2019s knowledge, no material claims for indemnification against
such liabilities have been made to date.
In addition, when settling disputes and litigation, the Group regularly
delivers commitments for damages to third parties that are customary for
transactions of this type.
As of 31 December 2025, the Group is not subject to guarantees clauses
under the terms of disposal agreements between the Group and the
acquirer of certain assets (including shares ownership).
As of 31 December 2025, to its best knowledge, the Group is not aware
of material claims for indemnification against liabilities in connection with
the winding-up or dissolution of certain businesses.
26.4 SHAREHOLDERS\u2019 AGREEMENTS
Under existing shareholders\u2019 or investors\u2019 agreements, the Group and its
subsidiaries hold certain rights (e.g.), pre-emptive rights and rights of first
offer that give it control over the capital structure of its consolidated
companies having minority shareholders. Conversely, the Group has
granted similar rights to these other shareholders in the event that it sells
its interests to third parties.
Moreover, pursuant to other shareholders\u2019 agreements or the bylaws of
other consolidated entities, equity affiliates or unconsolidated interests, the
Group or its subsidiaries have given or received certain rights (pre-
emptive and other rights) entitling them to maintain their shareholders\u2019
rights.
In addition, certain rights and obligations of the Group under existing
shareholders\u2019 agreements may be amended or terminated in the event
of a change of control of the Group.
These shareholders\u2019 agreements are subject to confidentiality provisions.
26.5 COLLATERALS AND PLEDGES
As of 31 December 2025, no material asset in the consolidated statement
of financial position was subject to a pledge or mortgage for the benefit
of third parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
2.2.6.2 COMMITMENTS TO PURCHASE NON-
CONTROLLING INTERESTS
The Group has committed to purchase the non-controlling interests of
some of the minority shareholders of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g. put options) or
mandatory (e.g. forward purchase contracts).
The following accounting treatment has been applied:
\u25aa Upon initial recognition, the commitment to purchase non-controlling
interests is recognised as a financial liability for the present value of
the purchase price under the put option or forward purchase contract,
mainly offset by the book value of non-controlling interests and the
remaining balance through equity attributable to the Group owners
\u25aa Subsequent changes to the value of the commitment are recognised as
a financial liability through an adjustment to equity attributable to the
Group owners
\u25aa Upon maturity of the commitment, if the non-controlling interests are not
purchased, the previously recognised entries are reversed; if the non-
controlling interests are purchased, the amount recognised in financial
liabilities is reversed, offset by the cash outflow relating to the
purchase of the non-controlling interests
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
2.2.6.2 COMMITMENTS TO PURCHASE NON-
CONTROLLING INTERESTS
The Group has committed to purchase the non-controlling interests of
some of the minority shareholders of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g. put options) or
mandatory (e.g. forward purchase contracts).
The following accounting treatment has been applied:
\u25aa Upon initial recognition, the commitment to purchase non-controlling
interests is recognised as a financial liability for the present value of
the purchase price under the put option or forward purchase contract,
mainly offset by the book value of non-controlling interests and the
remaining balance through equity attributable to the Group owners
\u25aa Subsequent changes to the value of the commitment are recognised as
a financial liability through an adjustment to equity attributable to the
Group owners
\u25aa Upon maturity of the commitment, if the non-controlling interests are not
purchased, the previously recognised entries are reversed; if the non-
controlling interests are purchased, the amount recognised in financial
liabilities is reversed, offset by the cash outflow relating to the
purchase of the non-controlling interests
19.3 NON-CONTROLLING INTERESTS
NCI represents the share of non-wholly-owned subsidiaries\u2019 net assets that are not directly attributable to the shareholders of the Group. The following
table presents the main NCIs :
Year ended 31 December
(in millions of euros)
2025
2024
CANAL+ Polska
228
219
CANAL+ Overseas
113
108
VSTV (Vietnam Satellite Digital Television Company JSC)
(94)
(97)
MultiChoice Nigeria Limited\u00a0 (a)
(297)
\u2013
MultiChoice South Africa Holdings Proprietary Limited
170
\u2013
Other
(42)
26
Non-controlling interests
78
255
a. MultiChoice Nigeria limited is a subsidiary of the Group incorporated in Nigeria. As at 31 December 2025, non-controlling interests held 21% of the
equity interests and voting rights in MultiChoice Nigeria Ltd (see note 28).
Summarised financial statements of MultiChoice Nigeria Limited
\u25aa Statement of financial position
MultiChoice Nigeria limited
(in millions of euros)
Year ended 31 December 2025
Non-current assets
13
Current assets
26
Total assets
40
Non-current liabilities (a)
1,288
Current liabilities
164
Total liabilities
1,452
Net assets
(1,412)
\u00a0 \u00a0 Attributable to non-controlling interests
(297)
a. MultiChoice Africa B.V. (\u201cMAH\u201d) has, over a number of years, supported the development of operations across the African continent, either through
the establishment of local entities or through arrangements with agents. In this context, MAH has provided funding to these activities through a
combination of direct capital investments and the allocation of annual charges relating to content, satellite capacity and support services. The USD-
denominated loan balances represent amounts owed by MultiChoice Nigeria Limited to MAH B.V., which have accumulated over time as a result
of these investments and charges. The losses generated by the entity have also been impacted by the significant depreciation of the Nigerian Naira
against the US dollar in recent years.
\u25aa Statement of earnings
MultiChoice Nigeria limited
(in millions of euros)
Year ended 31 December 2025
Revenues
72
Profit or Loss for the period
38
Other comprehensive income
\u2013
Total Comprehensive income
38
\u00a0 \u00a0 Attributable to non-controlling interests
(2)
\u25aa Cash flow statement
MultiChoice Nigeria limited
(in millions of euros)
Year ended 31 December 2025
Operating activities
295
Investing activities
(2)
Financing activities
293
Net cash (outflow)/inflow
\u2013
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
2.2.6.3 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to manage and reduce its
exposure to foreign currency exchange rates. All instruments are either
listed on organised markets or traded over the counter with highly rated
counterparties. These instruments include interest rate and currency
swaps, and forward exchange contracts. All these derivative financial
instruments are used for hedging purposes. At the inception of the
hedging relationship there is a formal designation and documentation of
the hedging relationship and the entity\u2019s risk management objective and
strategy for undertaking the hedge.
Derivatives are initially measured at fair value on the settlement date and
are subsequently remeasured at fair value on each subsequent reporting
date (please refer to notes 2.2.5.7 and 23 for fair value classification
levels). The recognition of subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if
applicable, the nature of the hedged item and the type of hedging
relationship designated. When these contracts qualify as hedges for
accounting purposes, gains and losses arising on these contracts are
offset in earnings against the gains and losses relating to the hedged item.
When forward contracts are used as hedging instruments, the Group
only qualifies as hedging instruments the change in the fair value of the
forward contract related to the variation of the spot exchange rate.
Changes in the forward points are excluded from the hedging
relationship and are recognised either in the financial result or through
other charges and income directly recognised in equity, on a hedge-by-
hedge basis, applying the \u201ccost hedging\u201d method permitted by IFRS 9.
Fair value hedge
When the derivative financial instrument hedges exposures to fluctuations
in the fair value of an asset or a liability recognised in the consolidated
statement of financial position or of a firm commitment which is not
recognised in the Statement of Financial Position, it is a fair value hedge.
The instrument is remeasured at fair value in earnings, with the gains or
losses arising on remeasurement of the hedged portion of the hedged
item offset on the same line of the consolidated statement of earnings, or,
as part of a forecasted transaction relating to a non-financial asset or
liability, at the initial cost of the asset or liability.
Cash flow hedge
When the derivative financial instrument hedges cash flows, it is a cash
flow hedge. The hedging instrument is remeasured at fair value and the
portion of the gain or loss that is determined to be an effective hedge is
recognised through other charges and income directly recognised in
equity, whereas its ineffective portion is recognised in earnings. When the
hedged item is realised, accumulated gains and losses recognised in
equity are released to the consolidated statement of earnings and
recorded on the same line as the hedged item; as part of a forecasted
transaction on a non-financial asset or liability, they are recognised at the
initial cost of the asset or liability.
For cash flow hedges, the amount accumulated in OCI is reclassified to
profit or loss as a reclassification adjustment in the same period or
periods during which the hedged cash flows affect profit or loss.\u00a0
If cash flow hedge accounting is discontinued, the amount that has been
accumulated in cash flow hedge reserve must remain in equityI if the
hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a
reclassification adjustment. After discontinuation, once the hedged cash
flow occurs, any amount remaining in cash flow hedge reserve must be
accounted for depending on the nature of the underlying transaction as
described above.
Net investment hedge
When the derivative financial instrument hedges a net investment in a
foreign operation, it is recognised in the same way as a cash flow hedge.
Presentation in the consolidated statement of earnings
Derivative financial instruments that do not qualify as a hedge for
accounting purposes are remeasured at fair value and resulting gains
and losses are recognised directly in earnings, without remeasurement of
the underlying instrument.
Income and expenses relating to foreign currency instruments used to
hedge highly probable budget exposures and firm commitments
contracted pursuant to the acquisition of editorial content rights (including
sports, audiovisual and film rights) are recognised in operating income
(EBIT). In all other cases, gains and losses arising on the fair value
remeasurement of instruments are recognised in other financial charges
and income.
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
2.2.6.3 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to manage and reduce its
exposure to foreign currency exchange rates. All instruments are either
listed on organised markets or traded over the counter with highly rated
counterparties. These instruments include interest rate and currency
swaps, and forward exchange contracts. All these derivative financial
instruments are used for hedging purposes. At the inception of the
hedging relationship there is a formal designation and documentation of
the hedging relationship and the entity\u2019s risk management objective and
strategy for undertaking the hedge.
Derivatives are initially measured at fair value on the settlement date and
are subsequently remeasured at fair value on each subsequent reporting
date (please refer to notes 2.2.5.7 and 23 for fair value classification
levels). The recognition of subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if
applicable, the nature of the hedged item and the type of hedging
relationship designated. When these contracts qualify as hedges for
accounting purposes, gains and losses arising on these contracts are
offset in earnings against the gains and losses relating to the hedged item.
When forward contracts are used as hedging instruments, the Group
only qualifies as hedging instruments the change in the fair value of the
forward contract related to the variation of the spot exchange rate.
Changes in the forward points are excluded from the hedging
relationship and are recognised either in the financial result or through
other charges and income directly recognised in equity, on a hedge-by-
hedge basis, applying the \u201ccost hedging\u201d method permitted by IFRS 9.
Fair value hedge
When the derivative financial instrument hedges exposures to fluctuations
in the fair value of an asset or a liability recognised in the consolidated
statement of financial position or of a firm commitment which is not
recognised in the Statement of Financial Position, it is a fair value hedge.
The instrument is remeasured at fair value in earnings, with the gains or
losses arising on remeasurement of the hedged portion of the hedged
item offset on the same line of the consolidated statement of earnings, or,
as part of a forecasted transaction relating to a non-financial asset or
liability, at the initial cost of the asset or liability.
Cash flow hedge
When the derivative financial instrument hedges cash flows, it is a cash
flow hedge. The hedging instrument is remeasured at fair value and the
portion of the gain or loss that is determined to be an effective hedge is
recognised through other charges and income directly recognised in
equity, whereas its ineffective portion is recognised in earnings. When the
hedged item is realised, accumulated gains and losses recognised in
equity are released to the consolidated statement of earnings and
recorded on the same line as the hedged item; as part of a forecasted
transaction on a non-financial asset or liability, they are recognised at the
initial cost of the asset or liability.
For cash flow hedges, the amount accumulated in OCI is reclassified to
profit or loss as a reclassification adjustment in the same period or
periods during which the hedged cash flows affect profit or loss.\u00a0
If cash flow hedge accounting is discontinued, the amount that has been
accumulated in cash flow hedge reserve must remain in equityI if the
hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a
reclassification adjustment. After discontinuation, once the hedged cash
flow occurs, any amount remaining in cash flow hedge reserve must be
accounted for depending on the nature of the underlying transaction as
described above.
Net investment hedge
When the derivative financial instrument hedges a net investment in a
foreign operation, it is recognised in the same way as a cash flow hedge.
Presentation in the consolidated statement of earnings
Derivative financial instruments that do not qualify as a hedge for
accounting purposes are remeasured at fair value and resulting gains
and losses are recognised directly in earnings, without remeasurement of
the underlying instrument.
Income and expenses relating to foreign currency instruments used to
hedge highly probable budget exposures and firm commitments
contracted pursuant to the acquisition of editorial content rights (including
sports, audiovisual and film rights) are recognised in operating income
(EBIT). In all other cases, gains and losses arising on the fair value
remeasurement of instruments are recognised in other financial charges
and income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
2.2.6.3 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to manage and reduce its
exposure to foreign currency exchange rates. All instruments are either
listed on organised markets or traded over the counter with highly rated
counterparties. These instruments include interest rate and currency
swaps, and forward exchange contracts. All these derivative financial
instruments are used for hedging purposes. At the inception of the
hedging relationship there is a formal designation and documentation of
the hedging relationship and the entity\u2019s risk management objective and
strategy for undertaking the hedge.
Derivatives are initially measured at fair value on the settlement date and
are subsequently remeasured at fair value on each subsequent reporting
date (please refer to notes 2.2.5.7 and 23 for fair value classification
levels). The recognition of subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if
applicable, the nature of the hedged item and the type of hedging
relationship designated. When these contracts qualify as hedges for
accounting purposes, gains and losses arising on these contracts are
offset in earnings against the gains and losses relating to the hedged item.
When forward contracts are used as hedging instruments, the Group
only qualifies as hedging instruments the change in the fair value of the
forward contract related to the variation of the spot exchange rate.
Changes in the forward points are excluded from the hedging
relationship and are recognised either in the financial result or through
other charges and income directly recognised in equity, on a hedge-by-
hedge basis, applying the \u201ccost hedging\u201d method permitted by IFRS 9.
Fair value hedge
When the derivative financial instrument hedges exposures to fluctuations
in the fair value of an asset or a liability recognised in the consolidated
statement of financial position or of a firm commitment which is not
recognised in the Statement of Financial Position, it is a fair value hedge.
The instrument is remeasured at fair value in earnings, with the gains or
losses arising on remeasurement of the hedged portion of the hedged
item offset on the same line of the consolidated statement of earnings, or,
as part of a forecasted transaction relating to a non-financial asset or
liability, at the initial cost of the asset or liability.
Cash flow hedge
When the derivative financial instrument hedges cash flows, it is a cash
flow hedge. The hedging instrument is remeasured at fair value and the
portion of the gain or loss that is determined to be an effective hedge is
recognised through other charges and income directly recognised in
equity, whereas its ineffective portion is recognised in earnings. When the
hedged item is realised, accumulated gains and losses recognised in
equity are released to the consolidated statement of earnings and
recorded on the same line as the hedged item; as part of a forecasted
transaction on a non-financial asset or liability, they are recognised at the
initial cost of the asset or liability.
For cash flow hedges, the amount accumulated in OCI is reclassified to
profit or loss as a reclassification adjustment in the same period or
periods during which the hedged cash flows affect profit or loss.\u00a0
If cash flow hedge accounting is discontinued, the amount that has been
accumulated in cash flow hedge reserve must remain in equityI if the
hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a
reclassification adjustment. After discontinuation, once the hedged cash
flow occurs, any amount remaining in cash flow hedge reserve must be
accounted for depending on the nature of the underlying transaction as
described above.
Net investment hedge
When the derivative financial instrument hedges a net investment in a
foreign operation, it is recognised in the same way as a cash flow hedge.
Presentation in the consolidated statement of earnings
Derivative financial instruments that do not qualify as a hedge for
accounting purposes are remeasured at fair value and resulting gains
and losses are recognised directly in earnings, without remeasurement of
the underlying instrument.
Income and expenses relating to foreign currency instruments used to
hedge highly probable budget exposures and firm commitments
contracted pursuant to the acquisition of editorial content rights (including
sports, audiovisual and film rights) are recognised in operating income
(EBIT). In all other cases, gains and losses arising on the fair value
remeasurement of instruments are recognised in other financial charges
and income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
2.2.6.3 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to manage and reduce its
exposure to foreign currency exchange rates. All instruments are either
listed on organised markets or traded over the counter with highly rated
counterparties. These instruments include interest rate and currency
swaps, and forward exchange contracts. All these derivative financial
instruments are used for hedging purposes. At the inception of the
hedging relationship there is a formal designation and documentation of
the hedging relationship and the entity\u2019s risk management objective and
strategy for undertaking the hedge.
Derivatives are initially measured at fair value on the settlement date and
are subsequently remeasured at fair value on each subsequent reporting
date (please refer to notes 2.2.5.7 and 23 for fair value classification
levels). The recognition of subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if
applicable, the nature of the hedged item and the type of hedging
relationship designated. When these contracts qualify as hedges for
accounting purposes, gains and losses arising on these contracts are
offset in earnings against the gains and losses relating to the hedged item.
When forward contracts are used as hedging instruments, the Group
only qualifies as hedging instruments the change in the fair value of the
forward contract related to the variation of the spot exchange rate.
Changes in the forward points are excluded from the hedging
relationship and are recognised either in the financial result or through
other charges and income directly recognised in equity, on a hedge-by-
hedge basis, applying the \u201ccost hedging\u201d method permitted by IFRS 9.
Fair value hedge
When the derivative financial instrument hedges exposures to fluctuations
in the fair value of an asset or a liability recognised in the consolidated
statement of financial position or of a firm commitment which is not
recognised in the Statement of Financial Position, it is a fair value hedge.
The instrument is remeasured at fair value in earnings, with the gains or
losses arising on remeasurement of the hedged portion of the hedged
item offset on the same line of the consolidated statement of earnings, or,
as part of a forecasted transaction relating to a non-financial asset or
liability, at the initial cost of the asset or liability.
Cash flow hedge
When the derivative financial instrument hedges cash flows, it is a cash
flow hedge. The hedging instrument is remeasured at fair value and the
portion of the gain or loss that is determined to be an effective hedge is
recognised through other charges and income directly recognised in
equity, whereas its ineffective portion is recognised in earnings. When the
hedged item is realised, accumulated gains and losses recognised in
equity are released to the consolidated statement of earnings and
recorded on the same line as the hedged item; as part of a forecasted
transaction on a non-financial asset or liability, they are recognised at the
initial cost of the asset or liability.
For cash flow hedges, the amount accumulated in OCI is reclassified to
profit or loss as a reclassification adjustment in the same period or
periods during which the hedged cash flows affect profit or loss.\u00a0
If cash flow hedge accounting is discontinued, the amount that has been
accumulated in cash flow hedge reserve must remain in equityI if the
hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a
reclassification adjustment. After discontinuation, once the hedged cash
flow occurs, any amount remaining in cash flow hedge reserve must be
accounted for depending on the nature of the underlying transaction as
described above.
Net investment hedge
When the derivative financial instrument hedges a net investment in a
foreign operation, it is recognised in the same way as a cash flow hedge.
Presentation in the consolidated statement of earnings
Derivative financial instruments that do not qualify as a hedge for
accounting purposes are remeasured at fair value and resulting gains
and losses are recognised directly in earnings, without remeasurement of
the underlying instrument.
Income and expenses relating to foreign currency instruments used to
hedge highly probable budget exposures and firm commitments
contracted pursuant to the acquisition of editorial content rights (including
sports, audiovisual and film rights) are recognised in operating income
(EBIT). In all other cases, gains and losses arising on the fair value
remeasurement of instruments are recognised in other financial charges
and income.
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2.2.7.1 PROVISIONS
Provisions are recognised when, at the end of the reporting period, the
Group has a legal obligation (statutory, regulatory or contractual) or a
constructive obligation as a result of past events, and it is probable that an
outflow of resources embodying economic benefits will be required to
settle the obligation and the obligation can be reliably estimated. Where
the effect of the time value of money is material, provisions are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money. If the amount of the
obligation cannot be reliably estimated, no provision is recorded and a
disclosure is made in the Notes to the Consolidated Financial Statements.
2.2.7.2 EMPLOYEE BENEFIT PLANS
In accordance with the laws and practices of each country in which the
Group operates, the Group participates in, or maintains, employee
benefit plans providing retirement pensions, post-retirement health care,
life insurance and post-employment benefits to eligible employees, former
employees, retirees and such of their beneficiaries who meet the required
conditions. Retirement pensions are provided for substantially all
employees through defined contribution plans, which are integrated with
local social security and multi-employer plans, or defined benefit plans,
which are generally managed via roup pension plans. The plan funding
policy implemented by the Group is consistent with applicable
government funding requirements and regulations.
Defined contribution plans
The Group provides retirement benefits to its full-time employees, by
means of monthly contributions to a defined contribution pension fund.
The assets of this fund are held in separate trustee administered funds.
The Group\u2019s contribution to the retirement fund is recognised as an
expense in the period in which the employees render the related service.
Defined benefit plans
Defined benefit plans may be funded by investments in various instruments
such as insurance contracts or equity and debt investment securities,
excluding shares or debt instruments of any entity within the Group.
Pension expenses and defined benefit obligations are calculated by
independent actuaries using the projected unit credit method over the
vesting period. This method is based on annually updated assumptions
which include the probability of employees remaining with the Group until
retirement, expected changes in future compensation and an appropriate
discount rate for each country in which the Group maintains a pension
plan. The assumptions adopted and the means of determining these
assumptions are presented in Note 21. A provision is recorded in the
consolidated statement of financial position equal to the difference
between the present value of the related benefits (Defined Benefit
Obligation) and the fair value of any associated plan assets, and this
includes past service costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognised
as follows:
\u25aa the service cost is included in technology, selling, general,
administrative expenses and others. It comprises current service cost,
past service cost resulting from a plan amendment or a curtailment,
fully recognised in profit and loss, and gains and losses on settlement;
\u25aa the financial component, recorded in other financial charges and
income, consists of the undiscounting of the obligation, less the
expected return on plan assets determined using the discount rate
retained for the measurement of the benefit obligation;
\u25aa the remeasurements of the net defined benefit liability (asset),
recognised in items not subsequently reclassified to profit or loss within
charges and income directly recognised in other comprehensive
income. It mainly consists of actuarial gains and losses, i.e., changes in
the present value of the defined benefit obligation and plan assets
resulting from changes in actuarial assumptions and experience
adjustments (representing the differences between the expected effect
of some actuarial assumptions applied to previous valuations and the
effective impact).
Where the value of plan assets exceeds benefit obligations, a financial
asset is recognised up to the present value of future refunds and the
expected reduction in future contributions.
5.2 PERSONNEL COSTS AND AVERAGE EMPLOYEE NUMBERS
Year ended 31 December
(in millions of euros)
2025
2024
Salaries
603
487
Social security and other employment charges
204
177
Capitalised personnel costs
(29)
(27)
Wages and expenses
778
638
Share-based compensation plans
14
4
Employee benefit plans
(1)
5
Other
43
36
Personnel costs
(a)
834
682
Annual average number of full-time equivalent employee (in units)
10,422
8,647
a. excluding Restructuring costs
In 2025, Personnel costs are included in the Operating Income (EBIT) as follows:
\u25aa \u20ac187 million included in the Content costs
\u25aa \u20ac647 million included in the Technology, selling, general, administrative costs & others\u00a0
\u25aa \u20ac27 million included in the Restructuring costs
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac114 million to the Group\u2019s personnel costs. This include \u20ac15 million reported under
Content costs and \u20ac98 million reported under Technology, selling, general, administrative costs & others. Over the same period, MultiChoice also
contributed 1,792 to the Group\u2019s annual average number of full-time equivalent employees.
7.4 TAX LITIGATION
VAT TAX REASSESSMENTS IN FRANCE AND FRENCH TST
CHALLENGE
FRENCH VAT
On 19 December 2025, the Group reached a settlement with the French
tax authorities, resolving all the disputes related to the VAT rate
applicable to television subscriptions in France.
This agreement follows the clarifications published by the tax authorities in
September 2025, as well as the work jointly carried out on the definition
and operational terms of catch-up television at CANAL+.
In this context, VAT applies at a reduced rate on television subscription
services. The Company believes that future related tax audits for
subsequent years should not result in any significant additional
adjustments. The Company has therefore decided not to make any
additional provision in its accounts in this respect.
The total amount to which the Group has committed amounts to
\u20ac363 million.
FRENCH TAX ON TELEVISION SERVICES
On 5 June 2025, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and Groupe CANAL+
reached an agreement with the Centre national du cin\u00e9ma et de l'image
anim\u00e9e (CNC) regarding the rules applicable to determining the tax basis
of the French tax on television services (Taxe sur les services de television)
(the 'French TST\u2019). It settled the disputes relating to fiscal years 2017 to
2023 included and removes uncertainty regarding the possibility of a
material additional disbursement.
This agreement is cash neutral for the Group and the corresponding
expense on the consolidated statement of earnings of \u20ac78 million is
deductible for tax purposes, resulting in a corporate income tax saving.
As from 1 January 2024, rules governing the determination of the tax
basis of the French TST have been modified. Although the way this
modification has been introduced in the TST law could be disputed
starting as from 1 January 2024, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and
Groupe CANAL+ applied the law as amended. This results in an
additional annual amount of \u20ac20 million of TST.
TAX REASSESSMENTS REGARDING CANAL+
LUXEMBOURG
CANAL+ Luxembourg (formerly M7 and as successor of CDS Topco
BV) has been subject to a withholding tax reassessment by the Dutch tax
authorities with respect to dividend distributions made by CDS Topco BV
to one of its shareholder over the 2015-2017 period, as well as a
reassessment relating to the deductibility of interest expenses for fiscal
years 2017 and 2018.\u00a0
\u25aa With respect to dividend withholding tax, Dutch tax authorities argue
that the shareholder which received the dividends was not eligible for
a withholding tax exemption, based on abuse of law, arguing that the
shareholder did not have the required substance and that the
beneficial owner of the dividends was outside the European Union.
The total reassessment (including accrued interest and penalties)
amounts to \u20ac22.6 million. CANAL+ Luxembourg has contested the
tax reassessment before the Dutch courts. The lower court ruled
against CANAL+ Luxembourg but CANAL+ Luxembourg has
appealed the decision in 2024; the Court of Appeal in Den Bosch has
confirmed the lower Court decision on 24 December 2025.
CANAL+ filed an appeal in cassation with the Supreme Court on 4
February 2026. The case is now pending before the Supreme Court.
The payment is still suspended meanwhile. In parallel, CANAL+ filed
a recourse claim before the Dutch civil courts in order to obtain a
refund of taxes, costs and fees borne in relation to the Dutch tax
reassessment. The lower court dismissed CANAL+\u2019s arguments.
CANAL+ appealed the decision. The court of appeals ruled against
CANAL+ Luxembourg on 1 April 2025. After in-depth legal analysis,
filing an appeal with the Dutch Supreme court was not possible.
Therefore, this civil litigation is now over.
\u25aa With respect to interest deductibility, Dutch tax authorities challenge
the way the company has computed the interest deduction limitation
ratio for both fiscal years (on different grounds for each of the two
years). The total reassessment (including accrued interest and
penalties) amounts to \u20ac12.5 million. The company has contested the
tax reassessment in front of the lower Dutch tax court. This lower court
denied CANAL+ requests on 27 May 2025. CANAL+ appealed
this judgment on 7 July 2025. The payment is suspended meanwhile.
TAX AUDITS, TAX REASSESSMENTS AND PROCEDURES IN
SEVERAL AFRICAN JURISDICTIONS
The Group is regularly subject to tax audits, proposed tax adjustments
and other tax procedures in the African jurisdictions where it operates.
Several jurisdictions and several tax matters (e.g. corporate income tax,
VAT, turnover taxes, withholding tax) are concerned. The Group
maintains and regularly updates a provision in its consolidated financial
statements that reflects its best estimate of the actual tax risk, considering
its prior history of resolution of the procedures.
NOTE 20 PROVISIONS
Year ended 31 December
(in millions of euros)
Note
2025
2024
Employee benefits
(a)
22
19
Restructuring costs
46
83
Litigations
27
267
327
Losses on onerous contracts and unfavourable contracts
382
81
Other
(b)
100
25
Provisions
817
535
Deduction of Current provisions
(188)
(294)
Non-current provisions
629
241
a.Includes deferred employee compensation as well as provisions for employee defined plans but excludes employee termination reserves recorded under restructuring costs
(please refer for the latter to Note 4.1).
b.Notably includes litigation provisions for which the amount and nature are not disclosed because such disclosure could be prejudicial to the Group.
20.1 CHANGE IN PROVISIONS
Year ended 31 December
(in millions of euros)
2025
2024
Opening
535
398
Addition
43
160
Utilisation
(280)
(103)
Reversal
(51)
(45)
Business combinations
(a)
550
127
Divestitures in progress
(b)
(3)
\u2013
Foreign currency translation adjustments and other
22
(3)
Closing
817
535
a. Mainly related to MultiChoice acquisition (see note 3.1)
b. Related to discontinued operations in Vietnam (see note 3.6)
NOTE 27 LITIGATION
In the course of its ordinary activities, the Group may be involved in legal,
arbitration, administrative or regulatory proceedings, including disputes
with its suppliers, competitors and employees, as well as audiovisual and
tax authorities and similar bodies. At the date of this document, the Group
is not aware of any governmental, legal or arbitration proceedings,
including any proceedings which are ongoing or with which it is
threatened, other than those mentioned below.
Expenses resulting from any governmental, legal or arbitration
proceedings are recognised as provisions only when they are likely to be
incurred and the financial obligation resulting from such proceedings can
be reasonably quantified or estimated. In such case, the provision amount
represents the Group\u2019s best estimate of the risk resulting from such
proceedings, based on a case-by-case assessment of the risk level. The
Group may reassess this risk at any time if new events occur during the
proceedings. As of 31 December 2025, the Group\u2019s total provision for
contingencies and expenses amounted to \u20ac267 million (please refer to
Note 20).
PARABOLE R\u00c9UNION
Following the acquisition by the Group of the TPS channels, notably TPS
Foot, which were previously distributed by Parabole R\u00e9union, Parabole
R\u00e9union initiated several legal proceedings against the Group before the
Paris Tribunal de Grande Instance (the Paris Court of First Instance): in
2007, Parabole R\u00e9union requested that the Court order the Group to
make available, on an exclusive basis, several channels with a level of
attractiveness similar to that of the former TPS channels licensed to
Parabole R\u00e9union prior to 2007 and pay damages to it, and in 2012,
Parabole requested that the Court rule that the Group (and more
specifically CANAL+ France, Groupe CANAL+ SA and CANAL+
Distribution) failed to fulfil their contractual obligations to Parabole
R\u00e9union and their commitments to the Ministry of Economy, pursuant to
which they had undertaken to make available a number of channels to
Parabole R\u00e9union.
In 2014, the Paris Court of First Instance partially admitted Parabole
R\u00e9union\u2019s claim related to the attractiveness of the channels with respect
to the period following 19 June 2008 and concluded that the Group was
liable pursuant to its contract with Parabole R\u00e9union on the grounds of
the deterioration of the quality of certain channels made available to
Parabole R\u00e9union, and ordered an expert report in respect of the amount
of damages suffered by Parabole R\u00e9union.
In June 2016, the Paris Court of Appeals upheld the 2014 decision of the
Paris Court of First Instance.
In January 2017, the Paris Court of First Instance ordered the Group to
pay to Parabole R\u00e9union damages in an amount of \u20ac37,720,000,
which was paid in full by the Group. The amount of damages thus
granted by the Court was far below Parabole Reunion\u2019s claims and the
amount set forth by the Court-appointed expert. As a result, Parabole
R\u00e9union appealed this decision.
Further to additional claims and challenges by Parabole R\u00e9union, in
February 2022 and following a second expertise ordered at Parabole
R\u00e9union\u2019s request, the Paris Court of Appeals upheld the January 2017
decision in its entirety, except for the amount of damages awarded for
operating losses suffered by Parabole R\u00e9union, which was then set by the
Paris Court of Appeals at \u20ac48.55 million for the period 2008-2012
(which amount was increased to \u20ac49.3 million further to the issuance by
the Court of an amended decision in March 2024 and paid in full by the
Group), and at \u20ac29.5 million for the period 2013-2016, all of which were
to be capitalised at an interest rate of 11% for the period from 1 January
2013 to 31 December 2016 (which capitalisation was subsequently
extended to the period 2008-2012 by decisions of the Paris Court of
Appeals of April 2022 and May 2022). It also ordered the Group to
pay \u20ac1 million in damages for reputational harm and \u20ac500,000 in
moral damages.
Further to appeals by the Group and by Parabole R\u00e9union in
May 2022, the French Supreme Court (Cour de cassation) upheld
the principal amount of the damages awarded by the Paris Court of
Appeal on 11 February 2022, but reversed the provisions of the judicial
decision ordering the Group to pay interest to Parabole R\u00e9union at
the capitalisation rate of 11% and remanded the case to the Paris Court
of Appeal.
In connection with the pending procedure before the Paris Court of
Appeals, Parabole R\u00e9union seeks payment for compensatory damages
and interest, including (i) interest capitalised at 11% for the period 2008 to
2012 estimated at \u20ac7 million, (ii) an additional amount of \u20ac190 million of
damages in respect of 2013, and (iii) interest capitalised at the regulatory
rates applied by the Autorit\u00e9 de r\u00e9gulation des communications
\u00e9lectroniques, des postes et de la distribution de la presse (Arcep) and/
or Vivendi\u2019s weighted average cost of capital for the period starting after
2014, estimated at \u20ac43 million. It also seeks publication of the decision
and \u20ac12.5 million in compensation for the reimbursement of legal fees
and expenses disbursed by it pursuant to Article 700 of the French Code
of Civil Procedure.
By decision dated 20 January 2025, the Paris Court of Appeal dismissed
Parabole R\u00e9union\u2019s claim to receive \u20ac190 million of damages for 2013,
considering that this request was not admissible.
Regarding Parabole R\u00e9union\u2019s other requests, the Paris Court of Appeal
decided to reopen the discussions and scheduled a hearing on 20
February 2025 to hear the parties regarding the opportunity to settle the
pending demands on an amicable basis.
By decision dated 16 June 2025, the Paris Court of Appeal rejected
Parabole R\u00e9union\u2019s request for benefiting compensatory interest
capitalized at 11% or interest capitalized at the regulatory rates applied
by the Autorit\u00e9 de r\u00e9gulation des communication \u00e9lectroniques, des
postes et de la distribution de la presse (Arcep) and/or Vivendi\u2019s
weighted average cost of capital, for the operating losses it had suffered.
The Paris Court of Appeal upheld the Group\u2019s request to allocate
Parabole R\u00e9union only compensatory interest capitalized at the legal rate
on the damages GCP was sentenced to pay as well as to take into
account the progressive nature of the operating losses suffered by
Parabole R\u00e9union since 2008. Therefore, the Group is required to pay to
Parabole R\u00e9union interest capitalized at the legal rate, on an actualized
basis, on the successive amount of damages awarded for operating
losses suffered by Parabole R\u00e9union up to the date of the decisions fixing
those damages.
The Court also ordered the Group to pay moratory interest, at the legal
rate, calculated on the Group\u2019s condemnations from the date of the
decisions fixing the amount of damages awarded to Parabole R\u00e9union up
to the dates of payment of those damages by the Group.
Remaining claims of Parabole R\u00e9union for compensatory interests as well
as for the decision to be published were dismissed by the Court.
As regards procedural costs, the Paris Court of Appeal ordered the
Group to pay Parabole R\u00e9union 450,000 euros to cover the costs of the
first instance proceedings and the appeal proceedings prior to the
Supreme Court ruling, while condemning Parabole R\u00e9union to pay the
costs of the proceedings that led to the decision.\u00a0 Parabole R\u00e9union
lodged an appeal before the French Supreme Court against the decisions
delivered by the Paris Court of Appeal on 20 January 2025 and 16 June
2025. The proceedings are currently pending.
ARCOM
C8, a former\u00a0 free-to-air channel of the Group, stopped broadcasting on
28 February 2025 following the refusal of the French Regulatory
Authority for Audiovisual and Digital Communication (\u201cARCOM\u201d) to
renew the channel\u2019s DTT license, a decision which is currently disputed
before the European Court of Human Rights.
CNEWS, one of the Group\u2019s remaining free-to-air channels whose DTT
license was renewed in 2024, has been the subject of monetary
sanctions by ARCOM over the last few years for various regulatory
violations. CNEWS appealed most of such sanction decisions to the
French Council of State (Conseil d'\u00c9tat), certain of these appeals were
successful. There are currently a couple of similar proceedings pending
with ARCOM and a number of others were closed by ARCOM without
any sanction.
POLSKA
On 8 January 2024, the Polish Office of Competition and Consumer
Protection (UOKiK) rendered a sanction decision against CANAL+
POLSKA, considering that a number of sales practices implemented by
CANAL+ POLSKA\u2019s external service providers seeking to conclude
contracts over phone calls were detrimental to the collective interests
of consumers.
The fine imposed on CANAL+ POLSKA was 46,557,853 zlotys
(\u20ac10.6 million).
The UOKiK also ordered CANAL+ POLSKA to compensate customers
affected by these practices by: (i) repaying the amount of the contractual
termination penalty paid by customers who entered into subscription
contracts with the company between 10 October 2019 and 22 April
2022, and exercised their termination right before the end of the
contract\u2019s validity period and (ii) refunding subscription fees paid by
customers who, between 10 October 2019 until 29 December 2023,
submitted a complaint regarding irregularities in subscription offers made
by the Company, and who did not receive a full refund in connection with
the submitted complaint. UOKiK stated in its decision that these
repayments/refunds were required to occur by the end of a two-month
period following the request made by the concerned consumers. In
accordance with Polish law, the UOKiK\u2019s decisions are not binding and
cannot be regarded as enforceable if a party mentioned in the decision
files an appeal against it. CANAL+ POLSKA lodged an appeal against
this decision on 29 January 2024 with Warsaw\u2019s Commercial Court.\u00a0 The
Warsaw Commercial Court dismissed the company's appeal and upheld
the UOKiK\u2019s decision in its entirety. The company intends to appeal the
court\u2019s decision.
AGAINST MEDIAPRO
On 18 September 2020, the Group filed a claim against Mediapro
before the Nanterre Commercial Court for unequal treatment and
discriminatory practices in the context of discussions that had taken place
between the two companies regarding the distribution of the Telefoot
channel, which has since been discontinued. On 2 October 2020, the
Nanterre Commercial Court referred the case to the Paris Commercial
Court.\u00a0
On 20 November 2020, Mediapro filed counter-claims against the
Group, alleging: (i) abuse of dominant position and unfair practices in the
Telefoot distribution contract negotiations and (ii) disparaging statements
constituting unfair competition. The two cases were subsequently joined
and Mediapro entered into liquidation proceedings in France.
The Group subsequently sought damages for the 2018 bids whereby
Mediapro obtained the broadcasting rights (see above) based on bids
that are deemed by the Group both exorbitant and lacking economic
rationality, while Mediapro increased its claims to \u20ac369 million for
alleged operational damages, \u20ac185 million for alleged loss of future
income and \u20ac35 million for cessation of activity.
On 16 June 2022, the Group filed a request for forced intervention
against Mediapro International, a division of the Mediapro Group, on the
grounds that it participated in the 2018 wrongful bids. In October 2022,
the Paris Commercial Court decided that the question of the admissibility
of Mediapro International\u2019s intervention should be joined with the case on
the merits.
On 31 January 2023, the Paris Commercial Court dismissed all of the
parties\u2019 respective claims. On 30 March 2023, Mediapro appealed
against the Paris Commercial Court\u2019s decision. The appeal is pending
before the Paris Court of Appeals, and the hearing is expected to take
place on 27 May 2026.\u00a0
AGAINST THE FRENCH PROFESSIONAL
FOOTBALL LEAGUE
The Group initiated proceedings against the LFP following the call for
tenders launched by the LFP on 19 January 2021 for the sale of the League
1 rights returned by Mediapro and the award of those rights to Amazon for
an amount of \u20ac250 million per season. Those rights had been acquired by
Mediapro in the 2018 LFP call for tenders in respect of the 2020-2021 to
2023-2024 seasons, while the Group had acquired from beIN Sports
other broadcasting rights (Lot 3) obtained by beIN pursuant to that same
call for tenders for an amount of \u20ac332 million per season. These
proceedings involve claims by the Group to obtain: (i) the annulment of the
2021 LFP call for tenders, (ii) the request that the LFP launch a new call for
tender of all of League 1 broadcasting rights for the period concerned by
the 2021 LFP call for tenders, (iii) the annulment of the contract relating to
Lot 3 acquired by the Group, (iv) the suspension of the agreement entered
into between the LFP and Amazon, and the reallocation of the lots
attributed to Amazon for the 2022-2023 and 2023-2024 seasons, and (v)
the repayment of the difference between the price paid by the Group for
the acquisition of Lot 3 and the current economic value of such rights further
to the award of the rights returned by Mediapro to Amazon. These
proceedings are described in further detail below. Two of them are
pending before the French Supreme Court (Cour de cassation) and one is
pending before the Paris Court of Appeals.
First, on 22 January 2021, the Group brought fast-track proceedings
against the LFP before the Paris Commercial Court, seeking, among other
things, the annulment of the 2021 call for tenders and of any subsequent
contract and an injunction against the LFP to launch a new call for tenders
for all of League 1 broadcasting rights. In March 2021, the Paris
Commercial Court dismissed all the Group\u2019s claims and ordered it to pay
\u20ac50,000 to the LFP for legal fees. In April 2021, the Group appealed
against this decision before the Paris Court of Appeals, which upheld the
lower court\u2019s decision in a decision rendered on 3 February 2023. On 10
March 2023, the Group appealed against this decision to the French
Supreme Court (Cour de cassation). On 25 September 2024, the French
Supreme Court (Cour de cassation) overturned the Paris Court of
Appeals\u2019 decision and sent the case back to the Paris Court of Appeals.
On 14 January 2026, the Paris Court of Appeals dismissed all the
Group\u2019s claims. The Group decided to appeal against this decision to the
French Supreme Court (Cour de cassation).
Second, in January 2021, the Group also filed a claim and a request
for interim measures against the LFP before the French Competition
Authority, demanding in particular that the LFP organise a new call for
tenders for all League 1 broadcasting rights for the broadcasting period
concerned. The French Competition Authority denied the Group\u2019s claim
and request for interim measures for lack of sufficiently probationary
evidence on 11 June 2021. The Group appealed against this decision, and
such appeal was dismissed on 30 June 2022. On 28 July 2022, the
Group appealed this dismissal to the French Supreme Court (Cour de
cassation). On 25 September 2024, the French Supreme Court (Cour de
cassation) dismissed the Group\u2019s appeal. As a result, the decision of the
French Competition Authority of 11 June 2021 became final.\u00a0
Third, in July 2021, beIN Sports, the original licensee of Lot 3, which sub-
licensed such Lot 3 to the Group, filed a claim against the LFP before the
Paris Civil Court requesting that the Court declare the contract relating to
Lot 3 null and void or, alternatively, terminate it on grounds of hardship.
On 19 September 2023, the Paris Civil Court dismissed all of beIN
Sports\u2019 and the Group\u2019s claims. The Group and beIN Sports appealed
against this decision in October and November 2023, respectively. The
proceedings before the Paris Court of Appeals are still pending. On 14
January 2026, the Paris Court of Appeals dismissed all the Group\u2019s and
BeIN Sport\u2019s claims. The Group decided to appeal against this decision
to the French Supreme Court (Cour de cassation).
BEIN SPORTS AGAINST THE GROUP
As part of the 2018 call for tenders for the rights to broadcast the League
1 football Championship for the 2020-2021 to 2023-2024 seasons, beIN
Sports was awarded Lot 3 and subsequently sub-licensed these rights to
the Group. Following the return of the League 1 Championship rights for
Lots 1, 2, 4, 5 and 7 by Mediapro in January 2021, the French
Professional Football League (LFP) subsequently awarded these rights to
Amazon on 11 June 2021, for an amount of \u20ac250 million (compared to
the \u20ac780 million paid for these same lots when they were awarded to
Mediapro). Considering the price paid by the Group for the rights to
broadcast the Lot 3 matches compared to the price of the matches sold
to Amazon, the Group believes that it was subject to serious unequal
treatment and discriminatory practices. Accordingly, it notified the LFP that
it would no longer broadcast this Lot 3 once the Championship resumed
in August 2021.
In parallel, the Group, in its capacity as sub-licensee of the rights to Lot 3,
enjoined beIN Sports to take all legal measures to have the agreement
relating to Lot 3, signed between beIN Sports and the LFP, declared null
and void, and to refer the matter to the French Competition Authority on
the grounds of discriminatory practices and distortion of competition.
Faced with beIN Sports\u2019 inaction, in July 2021, the Group notified beIN
Sports that it was suspending the performance of its obligations under the
sub-licence agreement, considering that beIN Sports had failed to fulfil its
essential obligation to take the abovementioned legal actions.\u00a0
Considering that the suspension of the performance of the sub-licence
agreement constituted a manifestly unlawful disturbance and exposed
beIN Sports to imminent damages vis-\u00e0-vis the LFP, beIN Sports requested
an interim injunction against the Group to produce, broadcast and
pay for the matches in Lot 3 of the French League 1 Championship.
On 23 July 2021, the Nanterre Commercial Court dismissed beIN Sports\u2019
requests. Such decision was appealed by beIN Sports. On 31 March
2022, the appeal was rejected by the Versailles Court of Appeals and
on 13 December 2023, a subsequent appeal was dismissed by the
French Supreme Court (Cour de cassation).
On 24 July 2021, the Group terminated the sub-licence agreement
with beIN Sports on the grounds that its refusal to take legal actions
against the LFP irremediably compromised the Group\u2019s rights. As a result,
on 29 July 2021, beIN Sports requested another interim injunction against
the Group seeking specific performance of the Group\u2019s obligations under
the sub-licence agreement, which resulted in the Nanterre Commercial
Court issuing an interim order, on 5 August 2021, enjoining the Group to
fulfil all of its obligations under the sub-licence agreement pending a
decision on the merits regarding the validity of the termination of the
agreement by the Group. Such decision was appealed by the Group but,
pursuant to the injunction, the Group continued to broadcast these matches
and to pay the contractual amounts to BeIN Sports. On 31 March 2022,
the appeal was rejected by the Versailles Court of Appeals, thereby
ordering the Group to continue to perform the agreement relating to Lot 3.
On 13 December 2023, a subsequent appeal was also dismissed by the
French Supreme Court (Cour de cassation).
In addition, on 2 February 2022, beIN Sports brought proceedings on
the merits against the Group before the Paris Commercial Court,
challenging the termination of the sub-licence by the Group and thus
seeking a final injunction against the Group to perform its obligations
under the sub-licence agreement. On 5 July 2022, the Paris Commercial
Court ruled that the termination clause was valid, but that the Group was
not entitled to terminate the sub-licence agreement with beIN Sports.
Following an appeal against this decision, on 31 May 2024, the Paris
Court of Appeals considered that the termination clause did not meet the
French Civil Code\u2019s requirements and thus dismissed the Group claims.
On September 2024, the Group appealed to the French Supreme Court
(Cour de Cassation).
UFC-QUE CHOISIR AGAINST\u00a0 GROUP
AND SOCI\u00c9T\u00c9 D\u2019EDITION DE CANAL PLUS
On 20 April 2018, the Departmental Directorate for the Protection of the
Populations of the Hauts-de-Seine (Direction d\u00e9partementale de la
protection des populations des Hauts-de-Seine) (\u2018DDPP92\u2019) issued an
injunction against the Group to stop switching its customers to more
expensive subscription plans, a practice which the DDPP92 alleges to be
an \u2018unordered sale\u2019. At the same time, DDPP92 informed the Group that it
had referred the case to the office of the Nanterre public prosecutor
along with a statement that it deemed the Group to have committed the
offence of forced sale of services, which is prohibited under the French
Consumer Code (Code de la consommation). On 8 July 2020, the
Nanterre Judicial Court approved a plea bargain agreement between
the Group and the deputy public prosecutor of Nanterre.
On 27 April 2021, the Federal Union of Consumers (UFC Que Choisir)
filed a claim against Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and the Group
before the Nanterre Judicial Court as part of a group action seeking
reimbursement of amounts overpaid by subscribers.
In an order dated 25 November 2022, later confirmed by a decision of
the Paris Court of Appeal issued on 14 November 2023, the pre-trial
judge denied the Group\u2019s motions to dismiss.
The Parties have entered into mediation and have reached an agreement
in order to allocate a flat-rate compensation to subscribers who will claim
such compensation. The agreement was submitted to the Nanterre
Judicial Court for approval and was approved on 17 June 2025. ursuant
to such agreement, consumers will have up to 6 months to claim their flat-
rate compensation, which is between 20 and 75 euros, depending on
their status (active subscribers or former subscribers) and their
subscription plan in 2018.\u00a0
UFC Que Choisir withdrew the lawsuit and the judge confirmed such
withdrawal on 16 June 2025.
LABOUR DISPUTES
The Group faces individual disputes related to dismissals on personal
grounds as well as individual disputes in the ordinary course of its
business. In this respect, the Group is currently subject to several
procedures before the relevant labour courts (Conseil de Prud\u2019hommes)
regarding claims of dismissal without real and serious cause, claims of
dismissal being null and void, or requests for temporary employment
contracts or service contracts to be reclassified as permanent contracts.
The Group is also the subject of proceedings before the Labor Court
concerning the recognition of an alleged discrimination on the part of
certain employees, and consequent compensation for the corresponding
losses. Furthermore, appeal proceedings relating to the claims made by
several employees of the Group\u2019s call centres located in Saint Denis,
demanding the annulment of their dismissal on the grounds that the
implemented job protection plan was discriminatory, are currently
pending before the French Supreme Court (Cour de cassation).
AGAINST TECHNICOLOR
In December 2016, the Group and Technicolor entered into an
agreement to manufacture and deliver G9 (for mainland France) and G9
Light (for Poland) set-top boxes. In 2017, Technicolor challenged the
prices agreed with the Group and ultimately decided to terminate this
agreement at the end of 2017. As a result, the Group brought summary
proceedings against Technicolor before the Nanterre Commercial Court
for breach of contract. On 15 December 2017, the Group\u2019s claim was
dismissed. However, on 6 December 2018, the Versailles Court of
Appeals ruled in favour of the Group, recognising the wrongful nature of
the termination of the agreement by Technicolor. Technicolor filed an
appeal before the French Supreme Court (Cour de cassation), which was
dismissed on 24 June 2020.
In parallel, on 2 September 2019, the Group filed a claim before the
Paris Commercial Court against Technicolor for breach of its contractual
commitments. In its claim, the Group alleged that Technicolor failed to
deliver the G9 and G9 Light set-top boxes in accordance with the
manufacturing and delivery agreements entered into between the two
companies. The Group demanded reimbursement of additional costs
incurred, alternative transportation costs, late payment penalties and the
payment of damages. In turn, on 9 October 2019, Technicolor filed a
claim for unpaid invoices against the Group,\u00a0 R\u00e9union,\u00a0
Antilles and\u00a0 Caledonia before the Nanterre Commercial Court.
On 2 September 2020, the Paris Commercial Court referred the case to
the Nanterre Commercial Court. On 22 October 2021, the Nanterre
Commercial Court issued a decision in which it recognised the wrongful
nature of Technicolor\u2019s termination of the agreement and its requests for a
price increase. The Court also ordered an expert appraisal to calculate
the amounts of damages claimed by the Group in this dispute.
Technicolor appealed against this decision and such appeal was
dismissed in a decision rendered in March 2022. The proceedings
before the Nanterre Commercial Court are continuing with respect to the
expert appraisal that was ordered.
The final report and hearing are expected before the end of 2026.
SAGEMCOM AGAINST
Sagemcom provides the Group with several hardware products,
including the Global One (G11) set-top box.
Sagemcom has made several claims against the Group relating to the
set-top box orders that the Group should have allegedly placed and is
seeking payment of sums past due. The Group has disputed all claims
made by Sagemcom.
On 30 July 2024, Sagemcom filed a claim against CANAL+ before the
Commercial Court of Paris, alleging that the Group was in breach of its
contractual obligations and had abruptly terminated the commercial
relations between the two groups. Sagemcom is seeking to obtain (i)
\u20ac5,076,715.50 on a principal basis for alleged breach of the agreement
(or \u20ac3,984,015.41 subsidiarily by alleging that some provisions created a
significant imbalance between the parties) and (ii) \u20ac3,139,000 for abrupt
termination of established commercial relations which is prohibited under
section L. 442-1, II of the French Commercial Code.\u00a0
A decision on this matter is expected during H1 2026.
SKY AGAINST\u00a0 LUXEMBOURG
On 20 June 2014, Sky filed a claim before the Luxembourg District Court
seeking an injunction against\u00a0 Luxembourg banning the use of
the \u2018Skylink\u2019 trademark or any other sign containing the word \u2018Sky\u2019 and
the payment of damages.
On 5 July 2019, the Luxembourg District Court rejected Sky\u2019s request, and
such decision was appealed by Sky before the Court of Appeal of
Luxembourg on 23 December 2019. The proceedings are still pending.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
2.2.7.1 PROVISIONS
Provisions are recognised when, at the end of the reporting period, the
Group has a legal obligation (statutory, regulatory or contractual) or a
constructive obligation as a result of past events, and it is probable that an
outflow of resources embodying economic benefits will be required to
settle the obligation and the obligation can be reliably estimated. Where
the effect of the time value of money is material, provisions are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money. If the amount of the
obligation cannot be reliably estimated, no provision is recorded and a
disclosure is made in the Notes to the Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
2.2.7.2 EMPLOYEE BENEFIT PLANS
In accordance with the laws and practices of each country in which the
Group operates, the Group participates in, or maintains, employee
benefit plans providing retirement pensions, post-retirement health care,
life insurance and post-employment benefits to eligible employees, former
employees, retirees and such of their beneficiaries who meet the required
conditions. Retirement pensions are provided for substantially all
employees through defined contribution plans, which are integrated with
local social security and multi-employer plans, or defined benefit plans,
which are generally managed via roup pension plans. The plan funding
policy implemented by the Group is consistent with applicable
government funding requirements and regulations.
Defined contribution plans
The Group provides retirement benefits to its full-time employees, by
means of monthly contributions to a defined contribution pension fund.
The assets of this fund are held in separate trustee administered funds.
The Group\u2019s contribution to the retirement fund is recognised as an
expense in the period in which the employees render the related service.
Defined benefit plans
Defined benefit plans may be funded by investments in various instruments
such as insurance contracts or equity and debt investment securities,
excluding shares or debt instruments of any entity within the Group.
Pension expenses and defined benefit obligations are calculated by
independent actuaries using the projected unit credit method over the
vesting period. This method is based on annually updated assumptions
which include the probability of employees remaining with the Group until
retirement, expected changes in future compensation and an appropriate
discount rate for each country in which the Group maintains a pension
plan. The assumptions adopted and the means of determining these
assumptions are presented in Note 21. A provision is recorded in the
consolidated statement of financial position equal to the difference
between the present value of the related benefits (Defined Benefit
Obligation) and the fair value of any associated plan assets, and this
includes past service costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognised
as follows:
\u25aa the service cost is included in technology, selling, general,
administrative expenses and others. It comprises current service cost,
past service cost resulting from a plan amendment or a curtailment,
fully recognised in profit and loss, and gains and losses on settlement;
\u25aa the financial component, recorded in other financial charges and
income, consists of the undiscounting of the obligation, less the
expected return on plan assets determined using the discount rate
retained for the measurement of the benefit obligation;
\u25aa the remeasurements of the net defined benefit liability (asset),
recognised in items not subsequently reclassified to profit or loss within
charges and income directly recognised in other comprehensive
income. It mainly consists of actuarial gains and losses, i.e., changes in
the present value of the defined benefit obligation and plan assets
resulting from changes in actuarial assumptions and experience
adjustments (representing the differences between the expected effect
of some actuarial assumptions applied to previous valuations and the
effective impact).
Where the value of plan assets exceeds benefit obligations, a financial
asset is recognised up to the present value of future refunds and the
expected reduction in future contributions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
2.2.7.2 EMPLOYEE BENEFIT PLANS
In accordance with the laws and practices of each country in which the
Group operates, the Group participates in, or maintains, employee
benefit plans providing retirement pensions, post-retirement health care,
life insurance and post-employment benefits to eligible employees, former
employees, retirees and such of their beneficiaries who meet the required
conditions. Retirement pensions are provided for substantially all
employees through defined contribution plans, which are integrated with
local social security and multi-employer plans, or defined benefit plans,
which are generally managed via roup pension plans. The plan funding
policy implemented by the Group is consistent with applicable
government funding requirements and regulations.
Defined contribution plans
The Group provides retirement benefits to its full-time employees, by
means of monthly contributions to a defined contribution pension fund.
The assets of this fund are held in separate trustee administered funds.
The Group\u2019s contribution to the retirement fund is recognised as an
expense in the period in which the employees render the related service.
Defined benefit plans
Defined benefit plans may be funded by investments in various instruments
such as insurance contracts or equity and debt investment securities,
excluding shares or debt instruments of any entity within the Group.
Pension expenses and defined benefit obligations are calculated by
independent actuaries using the projected unit credit method over the
vesting period. This method is based on annually updated assumptions
which include the probability of employees remaining with the Group until
retirement, expected changes in future compensation and an appropriate
discount rate for each country in which the Group maintains a pension
plan. The assumptions adopted and the means of determining these
assumptions are presented in Note 21. A provision is recorded in the
consolidated statement of financial position equal to the difference
between the present value of the related benefits (Defined Benefit
Obligation) and the fair value of any associated plan assets, and this
includes past service costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognised
as follows:
\u25aa the service cost is included in technology, selling, general,
administrative expenses and others. It comprises current service cost,
past service cost resulting from a plan amendment or a curtailment,
fully recognised in profit and loss, and gains and losses on settlement;
\u25aa the financial component, recorded in other financial charges and
income, consists of the undiscounting of the obligation, less the
expected return on plan assets determined using the discount rate
retained for the measurement of the benefit obligation;
\u25aa the remeasurements of the net defined benefit liability (asset),
recognised in items not subsequently reclassified to profit or loss within
charges and income directly recognised in other comprehensive
income. It mainly consists of actuarial gains and losses, i.e., changes in
the present value of the defined benefit obligation and plan assets
resulting from changes in actuarial assumptions and experience
adjustments (representing the differences between the expected effect
of some actuarial assumptions applied to previous valuations and the
effective impact).
Where the value of plan assets exceeds benefit obligations, a financial
asset is recognised up to the present value of future refunds and the
expected reduction in future contributions.
5.2 PERSONNEL COSTS AND AVERAGE EMPLOYEE NUMBERS
Year ended 31 December
(in millions of euros)
2025
2024
Salaries
603
487
Social security and other employment charges
204
177
Capitalised personnel costs
(29)
(27)
Wages and expenses
778
638
Share-based compensation plans
14
4
Employee benefit plans
(1)
5
Other
43
36
Personnel costs
(a)
834
682
Annual average number of full-time equivalent employee (in units)
10,422
8,647
a. excluding Restructuring costs
In 2025, Personnel costs are included in the Operating Income (EBIT) as follows:
\u25aa \u20ac187 million included in the Content costs
\u25aa \u20ac647 million included in the Technology, selling, general, administrative costs & others\u00a0
\u25aa \u20ac27 million included in the Restructuring costs
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac114 million to the Group\u2019s personnel costs. This include \u20ac15 million reported under
Content costs and \u20ac98 million reported under Technology, selling, general, administrative costs & others. Over the same period, MultiChoice also
contributed 1,792 to the Group\u2019s annual average number of full-time equivalent employees.
NOTE 20 PROVISIONS
Year ended 31 December
(in millions of euros)
Note
2025
2024
Employee benefits
(a)
22
19
Restructuring costs
46
83
Litigations
27
267
327
Losses on onerous contracts and unfavourable contracts
382
81
Other
(b)
100
25
Provisions
817
535
Deduction of Current provisions
(188)
(294)
Non-current provisions
629
241
a.Includes deferred employee compensation as well as provisions for employee defined plans but excludes employee termination reserves recorded under restructuring costs
(please refer for the latter to Note 4.1).
b.Notably includes litigation provisions for which the amount and nature are not disclosed because such disclosure could be prejudicial to the Group.
20.1 CHANGE IN PROVISIONS
Year ended 31 December
(in millions of euros)
2025
2024
Opening
535
398
Addition
43
160
Utilisation
(280)
(103)
Reversal
(51)
(45)
Business combinations
(a)
550
127
Divestitures in progress
(b)
(3)
\u2013
Foreign currency translation adjustments and other
22
(3)
Closing
817
535
a. Mainly related to MultiChoice acquisition (see note 3.1)
b. Related to discontinued operations in Vietnam (see note 3.6)
NOTE 21 EMPLOYEE BENEFITS
In accordance with the laws and practices of each country in which it
operates, the Group participates in, or maintains, employee benefit plans
providing retirement pensions to eligible employees. Post-retirement
benefits are provided for substantially all employees through defined
contribution plans, which are integrated with local social security, or
defined benefit plans, which are generally managed via Group
pension plans.
The benefits provided by these plans are based on employees\u2019 years of
service and compensation levels.
The main obligations of the Group regarding pensions and other post-
employment benefits are related to retirement severance payment in
France.
The Group recognises provisions or assets in the statement of balance
sheet reflecting its obligations under defined benefit plans. Please refer to
Note 2.2.7.2 \u2018Employee benefit plans\u2019 for a description of the accounting
principles applicable to the Group\u2019s pension schemes.
Refer to the table below for the present value of the net defined benefit
obligations and plan assets as at 31 December.
Year ended 31 December
2025
2024
(in millions of euros)
Defined Benefit
Obligation
Fair value of plan
assets
Net (provision) /
asset
Defined Benefit
Obligation
Fair value of plan
assets
Net (provision) /
asset
France
44
(29)
14
42
(28)
14
Other
7
\u2013
7
6
\u2013
6
51
(29)
22
48
(28)
19
21.1 CHANGE IN NET DEFINED BENEFIT OBLIGATIONS
Movements of the net defined benefit obligation for the year ended on 31 December, are presented in the table below.
Year ended 31 December
2025
2024
(in millions of euros)
Note
Defined Benefit
Obligation
Fair value of plan
assets
Net (provision) / asset
Defined Benefit
Obligation
Fair value of plan
assets
Net (provision) / asset
(A)
(B)
(B)-(A)
(A)
(B)
(B)-(A)
Opening balance
48
28
(19)
42
29
(13)
Current service cost
5
\u2013
(5)
4
\u2013
(4)
Past service cost
(5)
\u2013
5
\u2013
\u2013
\u2013
(Gains)/losses on settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impact on Technology,
selling, administration and
general expenses
\u2013
\u2013
\u2013
5
\u2013
(5)
Interest cost
6
2
\u2013
(2)
1
\u2013
(1)
Expected return on plan assets
6
\u2013
1
1
\u2013
1
1
Impact on other financial
charges and income
2
1
(1)
1
1
(1)
Net benefit cost recognised
in profit or loss
5
1
1
\u2013
6
1
(5)
Actuarial gains/(losses) related to :
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Experience gains/(losses) (a)
4
1
(3)
\u2013
(1)
(1)
Changes in demographic
assumptions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Changes in financial assumptions
(1)
\u2013
1
\u2013
\u2013
\u2013
Actuarial gains/(losses)
recognised in other
comprehensive income
2
1
(2)
(1)
(1)
\u2013
Contributions by employers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Benefits paid by the fund
(1)
(1)
\u2013
\u2013
\u2013
\u2013
Benefits paid by the employer
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign currency translation and
other
\u2013
\u2013
\u2013
1
\u2013
(1)
Closing balance, of which:
51
29
(22)
48
28
(19)
wholly or partly funded benefits
31
29
wholly unfunded benefits (b)
20
19
assets related to employee
benefit plans
\u2013
\u2013
provisions for employee benefit
plans
20
(22)
(19)
a.Includes the impact on the benefit obligations resulting from the difference between actuarial assumptions at the previous year end and effective benefits during the year,
and the difference between the expected return on plan assets at the previous year end and the actual return on plan assets during the year.
b.In accordance with local laws and practices, certain pension plans are not funded through plan assets. As of 31 December 2025, and 2024, these plans mainly consisted
of employee termination reserves.
21.2 ASSUMPTIONS USED IN THE EVALUATION
AND SENSITIVITY ANALYSIS
Discount rate, expected return on plan assets and rate of
compensation increase
The assumptions underlying the valuation of defined benefit plans were
made in compliance with the accounting policies presented in Note
2.2.7.2 and have been applied consistently for several years.
Demographic assumptions (including notably the rate of compensation
increase) are company specific. Financial assumptions (notably the
discount rate) are determined by independent actuaries and other
independent advisers, and are reviewed by the Group\u2019s Finance
Department. The discount rate is therefore determined for each country
by reference to yields on notes issued by investment grade companies
having a credit rating of AA and maturities identical to that of the valued
plans, generally based on relevant rate indices. The discount rates
selected are therefore used by Vivendi\u2019s Finance Department at year end
to determine a best estimate of expected trends in future payments from
the first benefit payments.
In accordance with IAS 19, the expected return on plan assets are
estimated by using the selected discount rate to value the obligations
of the previous year.
In weighted average
France
Weighted average for all plans
2025
2024
2025
2024
Discount rate
3.8%
3.5%
3.9%
3.7%
Rate of compensation increase (weighted average)
2.5%
2.5%
2.7%
2.7%
Duration of the benefit obligation (in years)
10.5
10.7
11.1
11.2
A 50-basis-point increase (or a 50-basis-point decrease, respectively) in the 2025 discount rate would have led to a decrease in the defined obligations
of \u20ac3 million (or an increase of \u20ac3 million, respectively).
Allocation of pension plan assets
Year ended 31 December
2025
2024
Equity securities
9%
7%
Debt securities
80%
83%
Real estate
7%
7%
Cash and other
4%
4%
Total
100%
100%
Pension plan assets are mainly financial assets actively traded in organised financial markets. Although these assets may be subject to interest rate risk,
credit risk and counterparty risk, they are invested in a diversified portfolio designed to mitigate these risks. This approach helps to safeguard against
potential impacts that could affect the net pension surplus or deficit.
These assets do not include occupied buildings or assets used by the Group nor any shares or debt instruments of entities within the Group.
21.3 EXPECTED FUTURE BENEFIT PAYMENTS AND CONTRIBUTIONS
In 2026, payments to beneficiaries by the Group are estimated at \u20ac3 million, mainly paid by the relevant pension funds. No contributions to the
pension funds are expected in 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
2.2.8\u00a0 TAXES
2.2.8.1 CURRENT INCOME TAX
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities. The
tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted at the reporting date in the countries
where the Group operates and generates taxable income.
Current income tax relating to items recognised directly in equity is
recognised in equity and not in profit or loss. Management periodically
evaluates positions taken in the tax returns with respect to situations in
which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
2.2.8.2 DEFERRED TAX
Deferred tax is provided using the liability method on temporary
differences between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes at the reporting date.
Differences existing at closing between the tax base value of assets and
liabilities and their carrying amount in the consolidated statement of
financial position give rise to temporary differences. Pursuant to the
liability method, these temporary differences result in the accounting of:
\u25aa deferred tax assets, when the tax base value is greater than the
carrying amount (expected future tax saving);
\u25aa deferred tax liabilities, when the tax base value is lower than the
carrying amount (expected future tax expense).
Deferred tax assets and liabilities are measured at the expected tax rates
for the year during which the asset will be realised or the liability settled,
based on tax rates (and tax regulations) enacted or substantially enacted
by the closing date. They are reviewed at the end of each fiscal year, in
line with any changes in applicable tax rates.
Deferred tax assets are recognised for all deductible temporary
differences, tax loss carry-forwards and unused tax credits, insofar as it is
probable that a taxable profit will be available, or when a current tax
liability exists to make use of those deductible temporary differences, tax
loss carry-forwards and unused tax credits, except where the deferred
tax asset associated with the deductible temporary difference is
generated by initial recognition of an asset or liability in a transaction that
is not a business combination, and, at the transaction date, does not
impact accounting income, nor tax income or loss.
For deductible temporary differences resulting from investments in
subsidiaries, joint ventures and other associated entities, deferred tax
assets are recorded to the extent that it is probable that the temporary
difference will reverse in the foreseeable future and that a taxable profit
will be available against which the temporary difference can be utilised.
The carrying amount of deferred tax assets is reviewed at each closing
date, and revalued or reduced to the extent that it is more or less
probable that a taxable profit will be available to allow the deferred tax
asset to be utilised. When assessing the probability of a taxable profit
being available, account is taken, primarily, of prior years\u2019 results,
forecasted future results, non-recurring items unlikely to occur in the future
and the tax strategy. As such, the assessment of the Group\u2019s ability to
utilise tax losses carried forward is to a large extent judgment-based. If
the future taxable results of the Group differ significantly from those
expected, the Group would be required to increase or decrease the
carrying amount of deferred tax assets with a potentially material impact
on the consolidated statement of financial position and the consolidated
statement of earnings of the Group.
Deferred tax liabilities are recognised for all taxable temporary
differences, except where the deferred tax liability results from goodwill
or initial recognition of an asset or liability in a transaction that is not a
business combination, and, at the transaction date, does not impact
accounting income, tax income or loss.
For taxable temporary differences resulting from investments in subsidiaries,
joint ventures and other associated entities, deferred tax liabilities are
recorded except to the extent that both of the following conditions are
satisfied: the parent, investor or venturer is able to control the timing of the
reversal of the temporary difference, and it is probable that the temporary
difference will not be reversed in the foreseeable future.
Current tax and deferred tax shall be charged or credited directly to
equity, and not earnings, if the tax relates to items that are credited or
charged directly to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
2.2.8\u00a0 TAXES
2.2.8.1 CURRENT INCOME TAX
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities. The
tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted at the reporting date in the countries
where the Group operates and generates taxable income.
Current income tax relating to items recognised directly in equity is
recognised in equity and not in profit or loss. Management periodically
evaluates positions taken in the tax returns with respect to situations in
which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
2.2.8.2 DEFERRED TAX
Deferred tax is provided using the liability method on temporary
differences between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes at the reporting date.
Differences existing at closing between the tax base value of assets and
liabilities and their carrying amount in the consolidated statement of
financial position give rise to temporary differences. Pursuant to the
liability method, these temporary differences result in the accounting of:
\u25aa deferred tax assets, when the tax base value is greater than the
carrying amount (expected future tax saving);
\u25aa deferred tax liabilities, when the tax base value is lower than the
carrying amount (expected future tax expense).
Deferred tax assets and liabilities are measured at the expected tax rates
for the year during which the asset will be realised or the liability settled,
based on tax rates (and tax regulations) enacted or substantially enacted
by the closing date. They are reviewed at the end of each fiscal year, in
line with any changes in applicable tax rates.
Deferred tax assets are recognised for all deductible temporary
differences, tax loss carry-forwards and unused tax credits, insofar as it is
probable that a taxable profit will be available, or when a current tax
liability exists to make use of those deductible temporary differences, tax
loss carry-forwards and unused tax credits, except where the deferred
tax asset associated with the deductible temporary difference is
generated by initial recognition of an asset or liability in a transaction that
is not a business combination, and, at the transaction date, does not
impact accounting income, nor tax income or loss.
For deductible temporary differences resulting from investments in
subsidiaries, joint ventures and other associated entities, deferred tax
assets are recorded to the extent that it is probable that the temporary
difference will reverse in the foreseeable future and that a taxable profit
will be available against which the temporary difference can be utilised.
The carrying amount of deferred tax assets is reviewed at each closing
date, and revalued or reduced to the extent that it is more or less
probable that a taxable profit will be available to allow the deferred tax
asset to be utilised. When assessing the probability of a taxable profit
being available, account is taken, primarily, of prior years\u2019 results,
forecasted future results, non-recurring items unlikely to occur in the future
and the tax strategy. As such, the assessment of the Group\u2019s ability to
utilise tax losses carried forward is to a large extent judgment-based. If
the future taxable results of the Group differ significantly from those
expected, the Group would be required to increase or decrease the
carrying amount of deferred tax assets with a potentially material impact
on the consolidated statement of financial position and the consolidated
statement of earnings of the Group.
Deferred tax liabilities are recognised for all taxable temporary
differences, except where the deferred tax liability results from goodwill
or initial recognition of an asset or liability in a transaction that is not a
business combination, and, at the transaction date, does not impact
accounting income, tax income or loss.
For taxable temporary differences resulting from investments in subsidiaries,
joint ventures and other associated entities, deferred tax liabilities are
recorded except to the extent that both of the following conditions are
satisfied: the parent, investor or venturer is able to control the timing of the
reversal of the temporary difference, and it is probable that the temporary
difference will not be reversed in the foreseeable future.
Current tax and deferred tax shall be charged or credited directly to
equity, and not earnings, if the tax relates to items that are credited or
charged directly to equity.
NOTE 7 INCOME TAXES
7.1 PROVISION FOR INCOME TAXES AND INCOME TAX PAID
PROVISION FOR INCOME TAXES
(Charge)/Income
Year ended 31 December
(in millions of euros)
2025
2024
France
(3)
(46)
Rest of Europe
(20)
(16)
Africa
(118)
(62)
Rest of the world
(5)
(6)
Current
(146)
(129)
France
28
(4)
Rest of Europe
4
(24)
Africa
2
1
Rest of the world
(1)
\u2013
Deferred
33
(27)
Income tax
(113)
(156)
INCOME TAX PAID
Year ended 31 December
(in millions of euros)
2025
2024
France
16
(54)
Rest of Europe
(36)
(9)
Africa
(146)
(57)
Rest of the world
(5)
(7)
Income tax (paid)/collected
(170)
(127)
7.2 EFFECTIVE TAX RATE
Year ended 31 December
(in millions of euros)
2025
2024
Earnings (losses) from continuing operations
40
(77)
Eliminations
0
Income (loss) from equity affiliates
(38)
158
Income tax
113
156
Earnings from continuing operations before provision for income taxes and income from
equity affiliates
114
236
French statutory tax rate
25.83%
25.83%
Theoretical provision for income taxes based on french statutory tax rate
(30)
(61)
Reconciliation of the theoretical and effective provision for income taxes
\u2013
\u2013
Earnings tax rates differences
(19)
(2)
Use or recognition of tax losses
10
11
Depreciation or non-recognition of tax losses
(28)
(60)
Adjustments to tax expense from previous years
(1)
(2)
Tax on corporate value added
(3)
(3)
Withholding tax/tax credits
(38)
(25)
Non-deductible expenses and non-taxable revenues
(9)
(5)
Other
5
(10)
Income tax
(113)
(156)
Effective tax rate
98.79%
65.96%
The effective tax rate is notably impacted by exceptional items (see note 4.1) that negatively affect the Earnings from continuing operations before
provision for income taxes and income from equity affiliates.
7.3 DEFERRED TAX ASSETS AND LIABILITIES
CHANGES IN DEFERRED TAX ASSETS/(LIABILITIES), NET
Year ended 31 December
(in millions of euros)
2025
2024
Opening balance of deferred assets/liabilities, Net
(37)
(62)
Provision for income taxes
33
(27)
Charges and income directly recognised in equity
\u2013
1
Business combinations
(a)
(354)
49
Divestitures in progress
(b)
(2)
\u2013
Change in foreign currency translation adjustements and other
(3)
1
Closing balance of deferred assets/liabilities, Net
(364)
(37)
a. Mainly related to MultiChoice acquisition (see note 3.1)
b. Related to discontinued operations in Vietnam (see note 3.6)
COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES
Year ended 31 December
(in millions of euros)
2025
2024
Deferred tax assets
Recognisable deferred taxes
Tax attributes
(a)
1,097
398
Other
231
122
of which non-deductible provisions
149
76
of which leases
27
2
of which employee benefits
7
7
of which working capital
30
10
Total gross deferred taxes
1,328
520
Deferred taxes, unrecognised
Tax attributes
(a)
(982)
(364)
Other
(20)
(14)
Total deferred tax assets, unrecognised
(1,002)
(379)
Recorded deferred tax assets
(c)
326
141
Deferred tax liabilities
Asset revaluations
(b)
(418)
(48)
Other
(272)
(130)
Recorded deferred tax liabilities
(c)
(690)
(178)
Deferred tax assets/(liabilities), net
(364)
(37)
a. Under French tax law, French corporations and their 95% owned domestic subsidiaries may elect to file one single tax return, thus allowing the offset of losses against the
profits of corporations\u2019 members of a tax group. The Group opted for such tax consolidation with French subsidiaries at least 95% owned as from 1 January 2025
together \u201cthe Group\u2019s French entities\u201d. Tax losses incurred by a subsidiary during the period for which it is consolidated for tax purposes will belong to CANAL+ SA as the
head of the tax group.
The consolidated taxable result of the French\u00a0 tax group is a loss of \u20ac311 million in 2025 (as a consequence of exceptional items, see note 4.1) no corporate income tax is
payable by the tax group. Tax losses which pertain to the tax group are recognized as tax attributes. These tax losses are recognized to the extent that their recovery is
supported by the short and medium term taxable profit forecasts of the tax group and are recorded as assets for a total of \u20ac84 million. Under French tax lax, those tax
losses are carried forward indefinitely.
At the end of 2025, the tax losses carryforwards for the entities within the French tax group amount to \u20ac915 million including \u20ac311 million relating to the CANAL+ SA tax
group\u2019s result in 2025 and \u20ac604 million of standalone tax losses incurred prior to joining the CANAL+ SA tax group.
b. These tax liabilities, stemming from asset revaluations as part of the purchase price allocation of entities acquired by the Group, are cancelled upon amortisation or
divestiture of the related assets and never generate any current tax liabilities.
c. At the end of December 2025, the deferred tax assets and deferred tax liabilities relating to MultiChoice amount respectively to \u20ac173 million and \u20ac534 million.
7.4 TAX LITIGATION
VAT TAX REASSESSMENTS IN FRANCE AND FRENCH TST
CHALLENGE
FRENCH VAT
On 19 December 2025, the Group reached a settlement with the French
tax authorities, resolving all the disputes related to the VAT rate
applicable to television subscriptions in France.
This agreement follows the clarifications published by the tax authorities in
September 2025, as well as the work jointly carried out on the definition
and operational terms of catch-up television at CANAL+.
In this context, VAT applies at a reduced rate on television subscription
services. The Company believes that future related tax audits for
subsequent years should not result in any significant additional
adjustments. The Company has therefore decided not to make any
additional provision in its accounts in this respect.
The total amount to which the Group has committed amounts to
\u20ac363 million.
FRENCH TAX ON TELEVISION SERVICES
On 5 June 2025, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and Groupe CANAL+
reached an agreement with the Centre national du cin\u00e9ma et de l'image
anim\u00e9e (CNC) regarding the rules applicable to determining the tax basis
of the French tax on television services (Taxe sur les services de television)
(the 'French TST\u2019). It settled the disputes relating to fiscal years 2017 to
2023 included and removes uncertainty regarding the possibility of a
material additional disbursement.
This agreement is cash neutral for the Group and the corresponding
expense on the consolidated statement of earnings of \u20ac78 million is
deductible for tax purposes, resulting in a corporate income tax saving.
As from 1 January 2024, rules governing the determination of the tax
basis of the French TST have been modified. Although the way this
modification has been introduced in the TST law could be disputed
starting as from 1 January 2024, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and
Groupe CANAL+ applied the law as amended. This results in an
additional annual amount of \u20ac20 million of TST.
TAX REASSESSMENTS REGARDING CANAL+
LUXEMBOURG
CANAL+ Luxembourg (formerly M7 and as successor of CDS Topco
BV) has been subject to a withholding tax reassessment by the Dutch tax
authorities with respect to dividend distributions made by CDS Topco BV
to one of its shareholder over the 2015-2017 period, as well as a
reassessment relating to the deductibility of interest expenses for fiscal
years 2017 and 2018.\u00a0
\u25aa With respect to dividend withholding tax, Dutch tax authorities argue
that the shareholder which received the dividends was not eligible for
a withholding tax exemption, based on abuse of law, arguing that the
shareholder did not have the required substance and that the
beneficial owner of the dividends was outside the European Union.
The total reassessment (including accrued interest and penalties)
amounts to \u20ac22.6 million. CANAL+ Luxembourg has contested the
tax reassessment before the Dutch courts. The lower court ruled
against CANAL+ Luxembourg but CANAL+ Luxembourg has
appealed the decision in 2024; the Court of Appeal in Den Bosch has
confirmed the lower Court decision on 24 December 2025.
CANAL+ filed an appeal in cassation with the Supreme Court on 4
February 2026. The case is now pending before the Supreme Court.
The payment is still suspended meanwhile. In parallel, CANAL+ filed
a recourse claim before the Dutch civil courts in order to obtain a
refund of taxes, costs and fees borne in relation to the Dutch tax
reassessment. The lower court dismissed CANAL+\u2019s arguments.
CANAL+ appealed the decision. The court of appeals ruled against
CANAL+ Luxembourg on 1 April 2025. After in-depth legal analysis,
filing an appeal with the Dutch Supreme court was not possible.
Therefore, this civil litigation is now over.
\u25aa With respect to interest deductibility, Dutch tax authorities challenge
the way the company has computed the interest deduction limitation
ratio for both fiscal years (on different grounds for each of the two
years). The total reassessment (including accrued interest and
penalties) amounts to \u20ac12.5 million. The company has contested the
tax reassessment in front of the lower Dutch tax court. This lower court
denied CANAL+ requests on 27 May 2025. CANAL+ appealed
this judgment on 7 July 2025. The payment is suspended meanwhile.
TAX AUDITS, TAX REASSESSMENTS AND PROCEDURES IN
SEVERAL AFRICAN JURISDICTIONS
The Group is regularly subject to tax audits, proposed tax adjustments
and other tax procedures in the African jurisdictions where it operates.
Several jurisdictions and several tax matters (e.g. corporate income tax,
VAT, turnover taxes, withholding tax) are concerned. The Group
maintains and regularly updates a provision in its consolidated financial
statements that reflects its best estimate of the actual tax risk, considering
its prior history of resolution of the procedures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
2.2.9 SHARE-BASED COMPENSATION
2.2.9.1 EQUITY-SETTLED SHARE-BASED COMPENSATION
Executives and some key employees of CANAL+ Group benefit from
share-based compensation plans (share purchase plans, performance share
plans and bonus share plans) or other equity instruments based on the
value of the Group share price. Grants under these plans are approved by
the Group\u2019s Management Board and Supervisory Board. In addition, the
definitive grant of performance shares is contingent upon the achievement
of specific performance objectives set by the Group\u2019s Management Board
and the Supervisory Board. Moreover, all granted plans are conditional
upon active employment at the relevant vesting date.
Equity-settled share-based payments are measured at fair value at the
grant date. The fair value is recognised as personnel costs, with a
corresponding increase in equity, on a straight-line basis over the
vesting period.
The fair value of such instruments is assessed using a binomial model. This
method relies on assumptions updated at the valuation date such as the
calculated volatility of the relevant shares, the discount rate
corresponding to the risk-free interest rate, the expected dividend yield,
and the probability of relevant managers and employees remaining
employed within the Group until the exercise of their rights.
The cumulative expense recognised for equity-settled transactions at each
reporting date reflects the progress of the vesting period and the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest.
The expense in the Financial Statement of earnings for a period
represents the change in the cumulative expense from the beginning to
the end of that period. Service and non-market performance conditions
are not included in determining the grant date fair value, but the Group
assesses the likelihood of these conditions being met as part of its
estimate of the number of equity instruments that will vest. Market
performance conditions are accounted for in the grant date fair value.
2.2.9.2 CASH-SETTLED SHARE-BASED COMPENSATION
For cash-settled share based compensation a liability is recognised for the
fair value of cash-settled transactions. The fair value is measured initially
and at each reporting date up to and including the settlement date, with
changes in fair value recognised in profit or loss.
The fair value is expensed over the period until the vesting date with
recognition of a corresponding liability. The fair value is determined
using a binomial model. The approach used to account for vesting
conditions when measuring equity-settled transactions also applies to
cash-settled transactions.
Share-based compensation cost is allocated to each operating segment,
pro rata to the number of equity instruments or equivalent instruments
granted to their managers and employees.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
2.2.9 SHARE-BASED COMPENSATION
2.2.9.1 EQUITY-SETTLED SHARE-BASED COMPENSATION
Executives and some key employees of CANAL+ Group benefit from
share-based compensation plans (share purchase plans, performance share
plans and bonus share plans) or other equity instruments based on the
value of the Group share price. Grants under these plans are approved by
the Group\u2019s Management Board and Supervisory Board. In addition, the
definitive grant of performance shares is contingent upon the achievement
of specific performance objectives set by the Group\u2019s Management Board
and the Supervisory Board. Moreover, all granted plans are conditional
upon active employment at the relevant vesting date.
Equity-settled share-based payments are measured at fair value at the
grant date. The fair value is recognised as personnel costs, with a
corresponding increase in equity, on a straight-line basis over the
vesting period.
The fair value of such instruments is assessed using a binomial model. This
method relies on assumptions updated at the valuation date such as the
calculated volatility of the relevant shares, the discount rate
corresponding to the risk-free interest rate, the expected dividend yield,
and the probability of relevant managers and employees remaining
employed within the Group until the exercise of their rights.
The cumulative expense recognised for equity-settled transactions at each
reporting date reflects the progress of the vesting period and the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest.
The expense in the Financial Statement of earnings for a period
represents the change in the cumulative expense from the beginning to
the end of that period. Service and non-market performance conditions
are not included in determining the grant date fair value, but the Group
assesses the likelihood of these conditions being met as part of its
estimate of the number of equity instruments that will vest. Market
performance conditions are accounted for in the grant date fair value.
2.2.9.2 CASH-SETTLED SHARE-BASED COMPENSATION
For cash-settled share based compensation a liability is recognised for the
fair value of cash-settled transactions. The fair value is measured initially
and at each reporting date up to and including the settlement date, with
changes in fair value recognised in profit or loss.
The fair value is expensed over the period until the vesting date with
recognition of a corresponding liability. The fair value is determined
using a binomial model. The approach used to account for vesting
conditions when measuring equity-settled transactions also applies to
cash-settled transactions.
Share-based compensation cost is allocated to each operating segment,
pro rata to the number of equity instruments or equivalent instruments
granted to their managers and employees.
5.2 PERSONNEL COSTS AND AVERAGE EMPLOYEE NUMBERS
Year ended 31 December
(in millions of euros)
2025
2024
Salaries
603
487
Social security and other employment charges
204
177
Capitalised personnel costs
(29)
(27)
Wages and expenses
778
638
Share-based compensation plans
14
4
Employee benefit plans
(1)
5
Other
43
36
Personnel costs
(a)
834
682
Annual average number of full-time equivalent employee (in units)
10,422
8,647
a. excluding Restructuring costs
In 2025, Personnel costs are included in the Operating Income (EBIT) as follows:
\u25aa \u20ac187 million included in the Content costs
\u25aa \u20ac647 million included in the Technology, selling, general, administrative costs & others\u00a0
\u25aa \u20ac27 million included in the Restructuring costs
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac114 million to the Group\u2019s personnel costs. This include \u20ac15 million reported under
Content costs and \u20ac98 million reported under Technology, selling, general, administrative costs & others. Over the same period, MultiChoice also
contributed 1,792 to the Group\u2019s annual average number of full-time equivalent employees.
NOTE 22 SHARE-BASED COMPENSATION PLANS
22.1 PLANS GRANTED BY CANAL+
CANAL+ PERFORMANCE SHARE PLANS
To support the Group\u2019s long\u2011term strategic ambitions and to reinforce sustainable value creation for its shareholders, the Group has implemented free
share allocation plans for the benefit of eligible employees and corporate officers.
(in thousand)
Performance shares
Year ended 31 December 2023
\u2013
Granted
(b)
3,339
Issued
\u2013
Cancelled
\u2013
Adjusted
\u2013
Other
\u2013
Year ended 31 December 2024
3,339
Granted
(a)
4,512
Issued
\u2013
Cancelled
(21)
Adjusted
\u2013
Other
\u2013
Year ended 31 December 2025
7,831
a.\u00a0 On 31 July 2025, CANAL+ SA granted 3,555,500 performance shares to employees and corporate officers. The fair value of each performance share granted was
estimated at \u20ac2.79, corresponding to an aggregate fair value of the plan of \u20ac10 million.
Subject to the presence of the beneficiaries the rights will vest definitively upon settlement at the end of a three\u2011year vesting period. The vesting of such free shares will also
be subject to the satisfaction of the following combination of performance criteria: financial objectives for 85%, including (i) 35% based on Adjusted EBIT (EBITa) and (ii)
50% based on CFFO (excluding potential VAT and TST impacts) and CSR objectives for 15%. The performance shares will be equity-settled.
In addition, on 31 July 2025, CANAL+ SA granted 956,937 performance shares to certain employees and corporate officers in recognition of their contribution to the
acquisition of MultiChoice. The fair value of each performance share granted was estimated at \u20ac2.83, representing a total grant\u2011date fair value of \u20ac3 million. Subject to
the presence of the beneficiaries the rights will vest definitively upon settlement at the end of a one\u2011year vesting period.
b.\u00a0 As a reminder, on 24 December 2024, CANAL+ SA granted 3,338,800 performance shares to employees and corporate officers. The fair value of each granted
performance share was estimated at \u20ac2.37, corresponding to an aggregate fair value of the plan of \u20ac8 million.
The compensation cost is recognised on a straight-line basis over the vesting period. The accounting methods that are applied to estimate and recognise the value of these
granted plans are described in Note 2.2.9.
In 2025, the expense amounted to \u20ac6 million (compared to less than 1 million in 2024).
22.2 PLANS GRANTED BY MULTICHOICE
Before 2025, MultiChoice Group Limited (MCG) had a number of equity-
settled compensation plans which allowed certain employees the right to
receive ordinary shares in MultiChoice after a prescribed period and
subject to performance conditions for some participants. In terms of these
plans, employees were offered awards in the form of either, restricted
stock units (RSUs), RSUs with performance conditions (PSUs), Phantom
Performance Shares (PPS). MultiChoice granted these awards, subject to
the completion of a service period by employees, ranging from 2 to 5
years, and had the obligation to settle the awards in MultiChoice shares,
the schemes have been recognised as equity-settled.
At its special meeting on 3 April 2024, the Remuneration Committee of
MultiChoice resolved that, once effective at the date the offer to acquire
MultiChoice shares by CANAL+ becomes unconditional:
\u25aa Performance conditions would be deemed achieved at 75%.
\u25aa The vesting period for each award would be brought forward by one
year (12-months acceleration).
\u25aa Awards vesting after closing would be cash-settled at the offer price
(125 ZAR) regarding MultiChoice Restricted Share Plans or at the
settlement values determined with reference to the latest applicable
equity valuation undertaken in terms of the relevant share incentive
scheme rules regarding MultiChoice PPS, Irdeto and Showmax Plans.
The public announcement that the offer had become unconditional was
made on 22 September 2025 and the remaining MultiChoice share-
based compensation became cash-settled. The total estimated expense
amounts to \u20ac86 million for unvested schemes at the acquisition date of
MultiChoice. The portion of the award attributable to pre\u2011combination
service is the market\u2011based measure at the acquisition date before
modification multiplied by the ratio of the portion of the vesting period
completed to the original vesting period. A Liability of \u20ac45 million was
therefore recognised in the opening balance sheet. The estimated
expense of \u20ac41 million for the period after the acquisition date will be
taken to profit or loss progressively over the period from
20 September 2025 to the different vesting dates for the relevant
schemes. An expense of \u20ac12 million was recognised in respect of 2025.
(in thousand)
MultiChoice RSU & PSU
MultiChoice PPS
Irdeto phantom share
Showmax RSU
Opening 19 September 2025
19,131
586
487
522
Granted
\u2013
\u2013
\u2013
\u2013
Issued
(4,565)
(96)
(97)
(77)
Cancelled
(4,111)
(197)
(25)
(176)
Year end 31 December 2025
10,455
292
365
270
22.3 PLANS GRANTED BY VIVENDI SE
VIVENDI PERFORMANCE SHARE PLANS
Since 13 December, 2024 and as a result of the partial demerger of Vivendi Group, the Vivendi free share rights granted by the latter to CANAL+\u2019s
beneficiaries no longer have any accounting impact. Accordingly, no expense was recognized in the 2025 statement of earnings (compared with an
expense of \u20ac3 million in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
2.3. NON CURRENT ASSETS HELD FOR SALE
AND DISCONTINUED OPERATIONS
The Group classifies non-current assets and disposal groups as held for
sale if their carrying amounts will be recovered principally through a sale
transaction rather than through continuing use. Non-current assets and
disposal groups classified as held for sale are measured at the lower of
their carrying amount and fair value less costs to sell. Costs to sell are the
incremental costs directly attributable to the disposal of an asset (disposal
group), excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when
the sale is highly probable, and the asset or disposal group is available
for immediate sale in its present condition. Management must be
committed to the plan to sell the asset and the sale expected to be
completed within one year from the date of the classification.
Property and equipment and intangible assets are not depreciated or
amortized once classified as held for sale. Assets and liabilities classified
as held for sale are presented separately as current items in the statement
of financial position under the line \u201cassets held for sale\u201d.
A discontinued operation is a component of the Group that has been
disposed of or is classified as held for sale and that represents a separate
major line of business or geographical area of operations, is part of a
single coordinated plan to dispose of a separate major line of business or
geographical area of operations, or is a subsidiary acquired exclusively
with a view to resale. Discontinued operations are excluded from the
earnings from continuing operations and are presented as a single
amount as earnings (losses) from discontinued operations in the
consolidated statement of earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2026-01-01T00:00:00/2027-01-01T00:00:00" } }, "f-509": { "value": "
2.4 RELATED PARTIES
The Group\u2019s related parties are those companies over which the Group
exercises exclusive control, joint control or significant influence,
shareholders exercising joint control over Group joint ventures, non-
controlling interests exercising significant influence over Group
subsidiaries, corporate officers, Group management, and Directors and
companies over which the latter exercise exclusive control, joint control or
significant influence.
The transactions with subsidiaries over which the Group exercises control
are eliminated within the intersegment transactions (a list of the Group\u2019s
major consolidated entities is set out in Note 28). Moreover, commercial
relationships among subsidiaries of the Group, aggregated in operating
segments, are conducted on an arm\u2019s length basis on terms and
conditions similar to those which would be offered to third parties.
NOTE 25 RELATED PARTIES
The Group\u2019s related parties are corporate officers, members of CANAL+ SA (\u2018CANAL+\u2019) Supervisory and Management Boards, as well as other
related parties, including:
\u25aa companies fully consolidated by CANAL+. The transactions between these companies have been eliminated for the preparation of the
Consolidated Financial Statements;
\u25aa companies over which the Group exercises a significant influence;
\u25aa all companies in which key executive managers or their close relatives hold significant voting rights;
\u25aa minority shareholders exercising a significant influence over the Group\u2019s subsidiaries;
\u25aa Bollor\u00e9 Group as well as their related parties, given that the Group is consolidated under the equity method by Group Bollor\u00e9
25.1 CORPORATE OFFICERS
SUPERVISORY BOARD
As a result of the Partial Demerger which became effective on 13 December 2024, CANAL+ SA became the consolidating entity of the Group.
Prior to CANAL+ SA becoming the Group\u2019s consolidating entity, the aggregate gross amount of the attendance fees referred to members of the
Supervisory Board of Groupe CANAL+ SAS.
For the fiscal years ended 31 December 2025 and 2024 the attendance fees expenses were \u20ac1,535,000 and \u20ac175,000 respectively.
MANAGEMENT BOARD
Aggregate compensation received by members of the Management Board for the year ended 31 December 2025 and the fiscal financial year ended
31 December 2024 is presented in the table below.
Year ended 31 December
(in thousands of euros)
2025
2024
Short-term employee benefits
9,778
8,070
Post-employment benefits
2,512
1,860
Other long-term benefits
\u2013
\u2013
Termination benefits
\u2013
\u2013
Share-based payments
2,652
800
Management Board Compensation
14,943
10,730
25.2 CASH MANAGEMENT AGREEMENT
BETWEEN VIVENDI AND THE GROUP
In compliance with Article L.\u00a0511-7 of the French Monetary and Financial
Code, the Group entities entered into intra-group cash management
agreements, on market terms, with Vivendi SE, until the effective date of
the Vivendi Spin-Off on 13 December 2024.
Upon these contracts, Vivendi organised, coordinated and optimised the
Group\u2019s cash requirements and surplus. In exchange, Vivendi received a
remuneration equal to the spread between the borrowing and lending
interest rates applied. These interest rates are calculated for each
currency based on defined reference rates adjusted with a positive or
negative margin.
In 2024, prior to the Vivendi Spin-Off, loans granted by Vivendi and its
subsidiaries to the Group were converted into equity for a total amount
of \u20ac4,657 million and the remaining cash surplus has been fully repaid
by Vivendi.
25.3 GUARANTEES GRANTED BY VIVENDI ON BEHALF OF THE GROUP
As of 31 December 2025, Vivendi has granted guarantees in various forms to third parties or financial institutions on behalf of the Group in the course
of its operations:
Commitments by type of operations
Year ended 31 December
(in millions of euros)
2025
2024
Sports broadcasting rights
528
1,000
Satellite transponders
169
174
Financing and cash management arrangements
\u2013
3,050
Security deposit on leases and other
241
267
Total
938
4,491
25.4 OTHER RELATED-PARTY TRANSACTIONS
Year ended 31 December 2025
(in millions of euros)
Shareholders
Associates
Other
Total
Statement of Financial Position
Assets
Non-current financial assets
\u2013
9
5
14
Other non-current assets
\u2013
\u2013
\u2013
\u2013
Net Content
\u2013
\u2013
\u2013
\u2013
Trade accounts receivable
4
14
13
31
Liabilities
Trade and other payables
18
11
24
54
Statement of Profit or Loss
Revenues
6
13
101
120
Operating expenses
(75)
(79)
(84)
(238)
Interest expenses
(10)
\u2013
\u2013
(10)
Other financial charges and income
\u2013
\u2013
\u2013
\u2013
Year ended 31 December 2024
(in millions of euros)
Shareholders 1
Associates
Other
Total
Statement of Financial Position
Assets
Non-current financial assets
\u2013
3
\u2013
3
Other non-current assets
\u2013
\u2013
\u2013
\u2013
Net Content
\u2013
\u2013
\u2013
\u2013
Trade accounts receivable
3
9
3
15
Liabilities
Trade and other payables
21
1
1
22
Statement of Profit or Loss
Revenues
2
24
8
33
Operating expenses
(83)
(73)
(13)
(169)
Interest expenses
(26)
\u2013
\u2013
(26)
Other financial charges and income
(7)
\u2013
\u2013
(7)
In 2024, the Group has recognised a liability of \u20ac66 million towards Vivendi in relation to the acquisition of GVA which was settled in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
2.4 RELATED PARTIES
The Group\u2019s related parties are those companies over which the Group
exercises exclusive control, joint control or significant influence,
shareholders exercising joint control over Group joint ventures, non-
controlling interests exercising significant influence over Group
subsidiaries, corporate officers, Group management, and Directors and
companies over which the latter exercise exclusive control, joint control or
significant influence.
The transactions with subsidiaries over which the Group exercises control
are eliminated within the intersegment transactions (a list of the Group\u2019s
major consolidated entities is set out in Note 28). Moreover, commercial
relationships among subsidiaries of the Group, aggregated in operating
segments, are conducted on an arm\u2019s length basis on terms and
conditions similar to those which would be offered to third parties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
2.5 CONTRACTUAL OBLIGATIONS AND
CONTINGENT ASSETS AND LIABILITIES
Once a year, the Group and its subsidiaries prepare detailed reports on
all contractual obligations, commercial and financial commitments, and
contingent obligations, for which they are jointly and severally liable, and
that are material to the Group. These detailed reports are updated by the
relevant departments and reviewed by senior management on a regular
basis. To ensure completeness, accuracy and consistency of these reports,
some dedicated internal control procedures are carried out, including
(but not limited to) the review of:
\u25aa minutes of meetings of the shareholders, Management Board,
Supervisory Board and committees of the Supervisory Board of
CANAL+ SA in respect of matters such as contracts, litigation and
authorisation of asset acquisitions or divestitures;
\u25aa pledges and guarantees with banks and financial institutions;
\u25aa pending litigation, claims (in dispute) and environmental matters as well
as related assessments for unrecorded contingencies with internal
and/or external legal counsels;
\u25aa tax examiner\u2019s reports and, if applicable, notices of reassessments for
prior years;
\u25aa insurance coverage for unrecorded contingencies with the Risk
Management Department and insurance agents and brokers with
whom entities within the Group have contracted;
\u25aa related-party transactions for guarantees and other given or received
commitments;
\u25aa more generally, major contracts and agreements", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
2.5 CONTRACTUAL OBLIGATIONS AND
CONTINGENT ASSETS AND LIABILITIES
Once a year, the Group and its subsidiaries prepare detailed reports on
all contractual obligations, commercial and financial commitments, and
contingent obligations, for which they are jointly and severally liable, and
that are material to the Group. These detailed reports are updated by the
relevant departments and reviewed by senior management on a regular
basis. To ensure completeness, accuracy and consistency of these reports,
some dedicated internal control procedures are carried out, including
(but not limited to) the review of:
\u25aa minutes of meetings of the shareholders, Management Board,
Supervisory Board and committees of the Supervisory Board of
CANAL+ SA in respect of matters such as contracts, litigation and
authorisation of asset acquisitions or divestitures;
\u25aa pledges and guarantees with banks and financial institutions;
\u25aa pending litigation, claims (in dispute) and environmental matters as well
as related assessments for unrecorded contingencies with internal
and/or external legal counsels;
\u25aa tax examiner\u2019s reports and, if applicable, notices of reassessments for
prior years;
\u25aa insurance coverage for unrecorded contingencies with the Risk
Management Department and insurance agents and brokers with
whom entities within the Group have contracted;
\u25aa related-party transactions for guarantees and other given or received
commitments;
\u25aa more generally, major contracts and agreements
7.4 TAX LITIGATION
VAT TAX REASSESSMENTS IN FRANCE AND FRENCH TST
CHALLENGE
FRENCH VAT
On 19 December 2025, the Group reached a settlement with the French
tax authorities, resolving all the disputes related to the VAT rate
applicable to television subscriptions in France.
This agreement follows the clarifications published by the tax authorities in
September 2025, as well as the work jointly carried out on the definition
and operational terms of catch-up television at CANAL+.
In this context, VAT applies at a reduced rate on television subscription
services. The Company believes that future related tax audits for
subsequent years should not result in any significant additional
adjustments. The Company has therefore decided not to make any
additional provision in its accounts in this respect.
The total amount to which the Group has committed amounts to
\u20ac363 million.
FRENCH TAX ON TELEVISION SERVICES
On 5 June 2025, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and Groupe CANAL+
reached an agreement with the Centre national du cin\u00e9ma et de l'image
anim\u00e9e (CNC) regarding the rules applicable to determining the tax basis
of the French tax on television services (Taxe sur les services de television)
(the 'French TST\u2019). It settled the disputes relating to fiscal years 2017 to
2023 included and removes uncertainty regarding the possibility of a
material additional disbursement.
This agreement is cash neutral for the Group and the corresponding
expense on the consolidated statement of earnings of \u20ac78 million is
deductible for tax purposes, resulting in a corporate income tax saving.
As from 1 January 2024, rules governing the determination of the tax
basis of the French TST have been modified. Although the way this
modification has been introduced in the TST law could be disputed
starting as from 1 January 2024, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and
Groupe CANAL+ applied the law as amended. This results in an
additional annual amount of \u20ac20 million of TST.
TAX REASSESSMENTS REGARDING CANAL+
LUXEMBOURG
CANAL+ Luxembourg (formerly M7 and as successor of CDS Topco
BV) has been subject to a withholding tax reassessment by the Dutch tax
authorities with respect to dividend distributions made by CDS Topco BV
to one of its shareholder over the 2015-2017 period, as well as a
reassessment relating to the deductibility of interest expenses for fiscal
years 2017 and 2018.\u00a0
\u25aa With respect to dividend withholding tax, Dutch tax authorities argue
that the shareholder which received the dividends was not eligible for
a withholding tax exemption, based on abuse of law, arguing that the
shareholder did not have the required substance and that the
beneficial owner of the dividends was outside the European Union.
The total reassessment (including accrued interest and penalties)
amounts to \u20ac22.6 million. CANAL+ Luxembourg has contested the
tax reassessment before the Dutch courts. The lower court ruled
against CANAL+ Luxembourg but CANAL+ Luxembourg has
appealed the decision in 2024; the Court of Appeal in Den Bosch has
confirmed the lower Court decision on 24 December 2025.
CANAL+ filed an appeal in cassation with the Supreme Court on 4
February 2026. The case is now pending before the Supreme Court.
The payment is still suspended meanwhile. In parallel, CANAL+ filed
a recourse claim before the Dutch civil courts in order to obtain a
refund of taxes, costs and fees borne in relation to the Dutch tax
reassessment. The lower court dismissed CANAL+\u2019s arguments.
CANAL+ appealed the decision. The court of appeals ruled against
CANAL+ Luxembourg on 1 April 2025. After in-depth legal analysis,
filing an appeal with the Dutch Supreme court was not possible.
Therefore, this civil litigation is now over.
\u25aa With respect to interest deductibility, Dutch tax authorities challenge
the way the company has computed the interest deduction limitation
ratio for both fiscal years (on different grounds for each of the two
years). The total reassessment (including accrued interest and
penalties) amounts to \u20ac12.5 million. The company has contested the
tax reassessment in front of the lower Dutch tax court. This lower court
denied CANAL+ requests on 27 May 2025. CANAL+ appealed
this judgment on 7 July 2025. The payment is suspended meanwhile.
TAX AUDITS, TAX REASSESSMENTS AND PROCEDURES IN
SEVERAL AFRICAN JURISDICTIONS
The Group is regularly subject to tax audits, proposed tax adjustments
and other tax procedures in the African jurisdictions where it operates.
Several jurisdictions and several tax matters (e.g. corporate income tax,
VAT, turnover taxes, withholding tax) are concerned. The Group
maintains and regularly updates a provision in its consolidated financial
statements that reflects its best estimate of the actual tax risk, considering
its prior history of resolution of the procedures.
NOTE 26 CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS
The Group\u2019s material contractual obligations and contingent assets and
liabilities include:
\u25aa certain contractual obligations relating to the Group\u2019s business
operations, such as content commitments (please refer to Note 11.3),
contractual obligations and commercial commitments recorded in the
consolidated statement of financial position, including leases and off-
balance-sheet commercial commitments, such as long-term service
contracts and purchase or investment commitments
\u25aa commitments related to the Group\u2019s consolidation scope made in
connection with acquisitions or divestitures such as share purchase or
sale commitments, contingent assets and liabilities subsequent to given
or received commitments related to the divestiture or acquisition of
shares, commitments under shareholders\u2019 agreements and collateral
and pledges granted to third parties over Vivendi\u2019s assets
\u25aa commitments related to the Group\u2019s financing: undrawn confirmed
bank credit facilities as well as the management of interest rate,
foreign currency and liquidity risks (please refer to Note 23.3)
\u25aa contingent assets and liabilities resulting from legal proceedings in
which the Group and/or its subsidiaries are either plaintiff or
defendant (please refer to Note 27)
26.1 CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS
Minimum future payments as of 31 December 2025
Year ended 31 December
2024
Due in
(in millions of euros)
Total
2026
2027 - 2030
After 2030
Contractual content commitments
8,178
2,446
5,332
401
6,558
Commercial commitments
950
316
608
26
756
Net off-balance sheet commitments
9,127
2,761
5,940
426
7,314
As of 31 December 2025, other commitments relating to operations amounted to \u20ac3\u00a0million (\u20ac4 million as of 31 December 2024).
26.2 SHARE PURCHASE AND SALE
COMMITMENTS
In connection with the purchase or sale of operations and financial
assets, the Group has granted or received commitments to purchase or
sell securities. In addition, the Group and its subsidiaries granted or
received put or call options on shares in equity affiliates and
unconsolidated investments.
On 20 June 2024, the Group announced that it held 36.8% of Viu\u2019s
share capital. As of 31 December 2025, the interest held by the Group
increased to 37.32% due to subsequent contractual adjustments). The
Group has an option to increase its ownership interest in Viu to 51%.
On 15 October 2025, the Group signed an agreement to acquire a
minority (34%) stake in the French cinema player, UGC. From 2028, the
Group entered into liquidity-related put and call arrangements which, if
exercised, would give the Group control over UGC.
Before acquisition date by the Group, MultiChoice concluded a
partnership with Comcast NBCUniversal. The shareholders agreement
includes a put option that permits NBCUniversal to put its 30%
shareholding in Showmax Africa Holdings Limited to the Group on the
seventh anniversary of the launch date.
26.3 OTHER CONTINGENT ASSETS
AND LIABILITIES
Several guarantees received or given during prior years in connection
with asset acquisitions or disposals have expired. However, the time
periods or statutes of limitation of certain guarantees relating to, among
other things, employees, environment and tax liabilities, in consideration
of share ownership, or given notably in connection with the winding-up of
certain businesses or the dissolution of entities are still in effect. To the best
of the Group\u2019s knowledge, no material claims for indemnification against
such liabilities have been made to date.
In addition, when settling disputes and litigation, the Group regularly
delivers commitments for damages to third parties that are customary for
transactions of this type.
As of 31 December 2025, the Group is not subject to guarantees clauses
under the terms of disposal agreements between the Group and the
acquirer of certain assets (including shares ownership).
As of 31 December 2025, to its best knowledge, the Group is not aware
of material claims for indemnification against liabilities in connection with
the winding-up or dissolution of certain businesses.
26.4 SHAREHOLDERS\u2019 AGREEMENTS
Under existing shareholders\u2019 or investors\u2019 agreements, the Group and its
subsidiaries hold certain rights (e.g.), pre-emptive rights and rights of first
offer that give it control over the capital structure of its consolidated
companies having minority shareholders. Conversely, the Group has
granted similar rights to these other shareholders in the event that it sells
its interests to third parties.
Moreover, pursuant to other shareholders\u2019 agreements or the bylaws of
other consolidated entities, equity affiliates or unconsolidated interests, the
Group or its subsidiaries have given or received certain rights (pre-
emptive and other rights) entitling them to maintain their shareholders\u2019
rights.
In addition, certain rights and obligations of the Group under existing
shareholders\u2019 agreements may be amended or terminated in the event
of a change of control of the Group.
These shareholders\u2019 agreements are subject to confidentiality provisions.
26.5 COLLATERALS AND PLEDGES
As of 31 December 2025, no material asset in the consolidated statement
of financial position was subject to a pledge or mortgage for the benefit
of third parties.
NOTE 27 LITIGATION
In the course of its ordinary activities, the Group may be involved in legal,
arbitration, administrative or regulatory proceedings, including disputes
with its suppliers, competitors and employees, as well as audiovisual and
tax authorities and similar bodies. At the date of this document, the Group
is not aware of any governmental, legal or arbitration proceedings,
including any proceedings which are ongoing or with which it is
threatened, other than those mentioned below.
Expenses resulting from any governmental, legal or arbitration
proceedings are recognised as provisions only when they are likely to be
incurred and the financial obligation resulting from such proceedings can
be reasonably quantified or estimated. In such case, the provision amount
represents the Group\u2019s best estimate of the risk resulting from such
proceedings, based on a case-by-case assessment of the risk level. The
Group may reassess this risk at any time if new events occur during the
proceedings. As of 31 December 2025, the Group\u2019s total provision for
contingencies and expenses amounted to \u20ac267 million (please refer to
Note 20).
PARABOLE R\u00c9UNION
Following the acquisition by the Group of the TPS channels, notably TPS
Foot, which were previously distributed by Parabole R\u00e9union, Parabole
R\u00e9union initiated several legal proceedings against the Group before the
Paris Tribunal de Grande Instance (the Paris Court of First Instance): in
2007, Parabole R\u00e9union requested that the Court order the Group to
make available, on an exclusive basis, several channels with a level of
attractiveness similar to that of the former TPS channels licensed to
Parabole R\u00e9union prior to 2007 and pay damages to it, and in 2012,
Parabole requested that the Court rule that the Group (and more
specifically CANAL+ France, Groupe CANAL+ SA and CANAL+
Distribution) failed to fulfil their contractual obligations to Parabole
R\u00e9union and their commitments to the Ministry of Economy, pursuant to
which they had undertaken to make available a number of channels to
Parabole R\u00e9union.
In 2014, the Paris Court of First Instance partially admitted Parabole
R\u00e9union\u2019s claim related to the attractiveness of the channels with respect
to the period following 19 June 2008 and concluded that the Group was
liable pursuant to its contract with Parabole R\u00e9union on the grounds of
the deterioration of the quality of certain channels made available to
Parabole R\u00e9union, and ordered an expert report in respect of the amount
of damages suffered by Parabole R\u00e9union.
In June 2016, the Paris Court of Appeals upheld the 2014 decision of the
Paris Court of First Instance.
In January 2017, the Paris Court of First Instance ordered the Group to
pay to Parabole R\u00e9union damages in an amount of \u20ac37,720,000,
which was paid in full by the Group. The amount of damages thus
granted by the Court was far below Parabole Reunion\u2019s claims and the
amount set forth by the Court-appointed expert. As a result, Parabole
R\u00e9union appealed this decision.
Further to additional claims and challenges by Parabole R\u00e9union, in
February 2022 and following a second expertise ordered at Parabole
R\u00e9union\u2019s request, the Paris Court of Appeals upheld the January 2017
decision in its entirety, except for the amount of damages awarded for
operating losses suffered by Parabole R\u00e9union, which was then set by the
Paris Court of Appeals at \u20ac48.55 million for the period 2008-2012
(which amount was increased to \u20ac49.3 million further to the issuance by
the Court of an amended decision in March 2024 and paid in full by the
Group), and at \u20ac29.5 million for the period 2013-2016, all of which were
to be capitalised at an interest rate of 11% for the period from 1 January
2013 to 31 December 2016 (which capitalisation was subsequently
extended to the period 2008-2012 by decisions of the Paris Court of
Appeals of April 2022 and May 2022). It also ordered the Group to
pay \u20ac1 million in damages for reputational harm and \u20ac500,000 in
moral damages.
Further to appeals by the Group and by Parabole R\u00e9union in
May 2022, the French Supreme Court (Cour de cassation) upheld
the principal amount of the damages awarded by the Paris Court of
Appeal on 11 February 2022, but reversed the provisions of the judicial
decision ordering the Group to pay interest to Parabole R\u00e9union at
the capitalisation rate of 11% and remanded the case to the Paris Court
of Appeal.
In connection with the pending procedure before the Paris Court of
Appeals, Parabole R\u00e9union seeks payment for compensatory damages
and interest, including (i) interest capitalised at 11% for the period 2008 to
2012 estimated at \u20ac7 million, (ii) an additional amount of \u20ac190 million of
damages in respect of 2013, and (iii) interest capitalised at the regulatory
rates applied by the Autorit\u00e9 de r\u00e9gulation des communications
\u00e9lectroniques, des postes et de la distribution de la presse (Arcep) and/
or Vivendi\u2019s weighted average cost of capital for the period starting after
2014, estimated at \u20ac43 million. It also seeks publication of the decision
and \u20ac12.5 million in compensation for the reimbursement of legal fees
and expenses disbursed by it pursuant to Article 700 of the French Code
of Civil Procedure.
By decision dated 20 January 2025, the Paris Court of Appeal dismissed
Parabole R\u00e9union\u2019s claim to receive \u20ac190 million of damages for 2013,
considering that this request was not admissible.
Regarding Parabole R\u00e9union\u2019s other requests, the Paris Court of Appeal
decided to reopen the discussions and scheduled a hearing on 20
February 2025 to hear the parties regarding the opportunity to settle the
pending demands on an amicable basis.
By decision dated 16 June 2025, the Paris Court of Appeal rejected
Parabole R\u00e9union\u2019s request for benefiting compensatory interest
capitalized at 11% or interest capitalized at the regulatory rates applied
by the Autorit\u00e9 de r\u00e9gulation des communication \u00e9lectroniques, des
postes et de la distribution de la presse (Arcep) and/or Vivendi\u2019s
weighted average cost of capital, for the operating losses it had suffered.
The Paris Court of Appeal upheld the Group\u2019s request to allocate
Parabole R\u00e9union only compensatory interest capitalized at the legal rate
on the damages GCP was sentenced to pay as well as to take into
account the progressive nature of the operating losses suffered by
Parabole R\u00e9union since 2008. Therefore, the Group is required to pay to
Parabole R\u00e9union interest capitalized at the legal rate, on an actualized
basis, on the successive amount of damages awarded for operating
losses suffered by Parabole R\u00e9union up to the date of the decisions fixing
those damages.
The Court also ordered the Group to pay moratory interest, at the legal
rate, calculated on the Group\u2019s condemnations from the date of the
decisions fixing the amount of damages awarded to Parabole R\u00e9union up
to the dates of payment of those damages by the Group.
Remaining claims of Parabole R\u00e9union for compensatory interests as well
as for the decision to be published were dismissed by the Court.
As regards procedural costs, the Paris Court of Appeal ordered the
Group to pay Parabole R\u00e9union 450,000 euros to cover the costs of the
first instance proceedings and the appeal proceedings prior to the
Supreme Court ruling, while condemning Parabole R\u00e9union to pay the
costs of the proceedings that led to the decision.\u00a0 Parabole R\u00e9union
lodged an appeal before the French Supreme Court against the decisions
delivered by the Paris Court of Appeal on 20 January 2025 and 16 June
2025. The proceedings are currently pending.
ARCOM
C8, a former\u00a0 free-to-air channel of the Group, stopped broadcasting on
28 February 2025 following the refusal of the French Regulatory
Authority for Audiovisual and Digital Communication (\u201cARCOM\u201d) to
renew the channel\u2019s DTT license, a decision which is currently disputed
before the European Court of Human Rights.
CNEWS, one of the Group\u2019s remaining free-to-air channels whose DTT
license was renewed in 2024, has been the subject of monetary
sanctions by ARCOM over the last few years for various regulatory
violations. CNEWS appealed most of such sanction decisions to the
French Council of State (Conseil d'\u00c9tat), certain of these appeals were
successful. There are currently a couple of similar proceedings pending
with ARCOM and a number of others were closed by ARCOM without
any sanction.
POLSKA
On 8 January 2024, the Polish Office of Competition and Consumer
Protection (UOKiK) rendered a sanction decision against CANAL+
POLSKA, considering that a number of sales practices implemented by
CANAL+ POLSKA\u2019s external service providers seeking to conclude
contracts over phone calls were detrimental to the collective interests
of consumers.
The fine imposed on CANAL+ POLSKA was 46,557,853 zlotys
(\u20ac10.6 million).
The UOKiK also ordered CANAL+ POLSKA to compensate customers
affected by these practices by: (i) repaying the amount of the contractual
termination penalty paid by customers who entered into subscription
contracts with the company between 10 October 2019 and 22 April
2022, and exercised their termination right before the end of the
contract\u2019s validity period and (ii) refunding subscription fees paid by
customers who, between 10 October 2019 until 29 December 2023,
submitted a complaint regarding irregularities in subscription offers made
by the Company, and who did not receive a full refund in connection with
the submitted complaint. UOKiK stated in its decision that these
repayments/refunds were required to occur by the end of a two-month
period following the request made by the concerned consumers. In
accordance with Polish law, the UOKiK\u2019s decisions are not binding and
cannot be regarded as enforceable if a party mentioned in the decision
files an appeal against it. CANAL+ POLSKA lodged an appeal against
this decision on 29 January 2024 with Warsaw\u2019s Commercial Court.\u00a0 The
Warsaw Commercial Court dismissed the company's appeal and upheld
the UOKiK\u2019s decision in its entirety. The company intends to appeal the
court\u2019s decision.
AGAINST MEDIAPRO
On 18 September 2020, the Group filed a claim against Mediapro
before the Nanterre Commercial Court for unequal treatment and
discriminatory practices in the context of discussions that had taken place
between the two companies regarding the distribution of the Telefoot
channel, which has since been discontinued. On 2 October 2020, the
Nanterre Commercial Court referred the case to the Paris Commercial
Court.\u00a0
On 20 November 2020, Mediapro filed counter-claims against the
Group, alleging: (i) abuse of dominant position and unfair practices in the
Telefoot distribution contract negotiations and (ii) disparaging statements
constituting unfair competition. The two cases were subsequently joined
and Mediapro entered into liquidation proceedings in France.
The Group subsequently sought damages for the 2018 bids whereby
Mediapro obtained the broadcasting rights (see above) based on bids
that are deemed by the Group both exorbitant and lacking economic
rationality, while Mediapro increased its claims to \u20ac369 million for
alleged operational damages, \u20ac185 million for alleged loss of future
income and \u20ac35 million for cessation of activity.
On 16 June 2022, the Group filed a request for forced intervention
against Mediapro International, a division of the Mediapro Group, on the
grounds that it participated in the 2018 wrongful bids. In October 2022,
the Paris Commercial Court decided that the question of the admissibility
of Mediapro International\u2019s intervention should be joined with the case on
the merits.
On 31 January 2023, the Paris Commercial Court dismissed all of the
parties\u2019 respective claims. On 30 March 2023, Mediapro appealed
against the Paris Commercial Court\u2019s decision. The appeal is pending
before the Paris Court of Appeals, and the hearing is expected to take
place on 27 May 2026.\u00a0
AGAINST THE FRENCH PROFESSIONAL
FOOTBALL LEAGUE
The Group initiated proceedings against the LFP following the call for
tenders launched by the LFP on 19 January 2021 for the sale of the League
1 rights returned by Mediapro and the award of those rights to Amazon for
an amount of \u20ac250 million per season. Those rights had been acquired by
Mediapro in the 2018 LFP call for tenders in respect of the 2020-2021 to
2023-2024 seasons, while the Group had acquired from beIN Sports
other broadcasting rights (Lot 3) obtained by beIN pursuant to that same
call for tenders for an amount of \u20ac332 million per season. These
proceedings involve claims by the Group to obtain: (i) the annulment of the
2021 LFP call for tenders, (ii) the request that the LFP launch a new call for
tender of all of League 1 broadcasting rights for the period concerned by
the 2021 LFP call for tenders, (iii) the annulment of the contract relating to
Lot 3 acquired by the Group, (iv) the suspension of the agreement entered
into between the LFP and Amazon, and the reallocation of the lots
attributed to Amazon for the 2022-2023 and 2023-2024 seasons, and (v)
the repayment of the difference between the price paid by the Group for
the acquisition of Lot 3 and the current economic value of such rights further
to the award of the rights returned by Mediapro to Amazon. These
proceedings are described in further detail below. Two of them are
pending before the French Supreme Court (Cour de cassation) and one is
pending before the Paris Court of Appeals.
First, on 22 January 2021, the Group brought fast-track proceedings
against the LFP before the Paris Commercial Court, seeking, among other
things, the annulment of the 2021 call for tenders and of any subsequent
contract and an injunction against the LFP to launch a new call for tenders
for all of League 1 broadcasting rights. In March 2021, the Paris
Commercial Court dismissed all the Group\u2019s claims and ordered it to pay
\u20ac50,000 to the LFP for legal fees. In April 2021, the Group appealed
against this decision before the Paris Court of Appeals, which upheld the
lower court\u2019s decision in a decision rendered on 3 February 2023. On 10
March 2023, the Group appealed against this decision to the French
Supreme Court (Cour de cassation). On 25 September 2024, the French
Supreme Court (Cour de cassation) overturned the Paris Court of
Appeals\u2019 decision and sent the case back to the Paris Court of Appeals.
On 14 January 2026, the Paris Court of Appeals dismissed all the
Group\u2019s claims. The Group decided to appeal against this decision to the
French Supreme Court (Cour de cassation).
Second, in January 2021, the Group also filed a claim and a request
for interim measures against the LFP before the French Competition
Authority, demanding in particular that the LFP organise a new call for
tenders for all League 1 broadcasting rights for the broadcasting period
concerned. The French Competition Authority denied the Group\u2019s claim
and request for interim measures for lack of sufficiently probationary
evidence on 11 June 2021. The Group appealed against this decision, and
such appeal was dismissed on 30 June 2022. On 28 July 2022, the
Group appealed this dismissal to the French Supreme Court (Cour de
cassation). On 25 September 2024, the French Supreme Court (Cour de
cassation) dismissed the Group\u2019s appeal. As a result, the decision of the
French Competition Authority of 11 June 2021 became final.\u00a0
Third, in July 2021, beIN Sports, the original licensee of Lot 3, which sub-
licensed such Lot 3 to the Group, filed a claim against the LFP before the
Paris Civil Court requesting that the Court declare the contract relating to
Lot 3 null and void or, alternatively, terminate it on grounds of hardship.
On 19 September 2023, the Paris Civil Court dismissed all of beIN
Sports\u2019 and the Group\u2019s claims. The Group and beIN Sports appealed
against this decision in October and November 2023, respectively. The
proceedings before the Paris Court of Appeals are still pending. On 14
January 2026, the Paris Court of Appeals dismissed all the Group\u2019s and
BeIN Sport\u2019s claims. The Group decided to appeal against this decision
to the French Supreme Court (Cour de cassation).
BEIN SPORTS AGAINST THE GROUP
As part of the 2018 call for tenders for the rights to broadcast the League
1 football Championship for the 2020-2021 to 2023-2024 seasons, beIN
Sports was awarded Lot 3 and subsequently sub-licensed these rights to
the Group. Following the return of the League 1 Championship rights for
Lots 1, 2, 4, 5 and 7 by Mediapro in January 2021, the French
Professional Football League (LFP) subsequently awarded these rights to
Amazon on 11 June 2021, for an amount of \u20ac250 million (compared to
the \u20ac780 million paid for these same lots when they were awarded to
Mediapro). Considering the price paid by the Group for the rights to
broadcast the Lot 3 matches compared to the price of the matches sold
to Amazon, the Group believes that it was subject to serious unequal
treatment and discriminatory practices. Accordingly, it notified the LFP that
it would no longer broadcast this Lot 3 once the Championship resumed
in August 2021.
In parallel, the Group, in its capacity as sub-licensee of the rights to Lot 3,
enjoined beIN Sports to take all legal measures to have the agreement
relating to Lot 3, signed between beIN Sports and the LFP, declared null
and void, and to refer the matter to the French Competition Authority on
the grounds of discriminatory practices and distortion of competition.
Faced with beIN Sports\u2019 inaction, in July 2021, the Group notified beIN
Sports that it was suspending the performance of its obligations under the
sub-licence agreement, considering that beIN Sports had failed to fulfil its
essential obligation to take the abovementioned legal actions.\u00a0
Considering that the suspension of the performance of the sub-licence
agreement constituted a manifestly unlawful disturbance and exposed
beIN Sports to imminent damages vis-\u00e0-vis the LFP, beIN Sports requested
an interim injunction against the Group to produce, broadcast and
pay for the matches in Lot 3 of the French League 1 Championship.
On 23 July 2021, the Nanterre Commercial Court dismissed beIN Sports\u2019
requests. Such decision was appealed by beIN Sports. On 31 March
2022, the appeal was rejected by the Versailles Court of Appeals and
on 13 December 2023, a subsequent appeal was dismissed by the
French Supreme Court (Cour de cassation).
On 24 July 2021, the Group terminated the sub-licence agreement
with beIN Sports on the grounds that its refusal to take legal actions
against the LFP irremediably compromised the Group\u2019s rights. As a result,
on 29 July 2021, beIN Sports requested another interim injunction against
the Group seeking specific performance of the Group\u2019s obligations under
the sub-licence agreement, which resulted in the Nanterre Commercial
Court issuing an interim order, on 5 August 2021, enjoining the Group to
fulfil all of its obligations under the sub-licence agreement pending a
decision on the merits regarding the validity of the termination of the
agreement by the Group. Such decision was appealed by the Group but,
pursuant to the injunction, the Group continued to broadcast these matches
and to pay the contractual amounts to BeIN Sports. On 31 March 2022,
the appeal was rejected by the Versailles Court of Appeals, thereby
ordering the Group to continue to perform the agreement relating to Lot 3.
On 13 December 2023, a subsequent appeal was also dismissed by the
French Supreme Court (Cour de cassation).
In addition, on 2 February 2022, beIN Sports brought proceedings on
the merits against the Group before the Paris Commercial Court,
challenging the termination of the sub-licence by the Group and thus
seeking a final injunction against the Group to perform its obligations
under the sub-licence agreement. On 5 July 2022, the Paris Commercial
Court ruled that the termination clause was valid, but that the Group was
not entitled to terminate the sub-licence agreement with beIN Sports.
Following an appeal against this decision, on 31 May 2024, the Paris
Court of Appeals considered that the termination clause did not meet the
French Civil Code\u2019s requirements and thus dismissed the Group claims.
On September 2024, the Group appealed to the French Supreme Court
(Cour de Cassation).
UFC-QUE CHOISIR AGAINST\u00a0 GROUP
AND SOCI\u00c9T\u00c9 D\u2019EDITION DE CANAL PLUS
On 20 April 2018, the Departmental Directorate for the Protection of the
Populations of the Hauts-de-Seine (Direction d\u00e9partementale de la
protection des populations des Hauts-de-Seine) (\u2018DDPP92\u2019) issued an
injunction against the Group to stop switching its customers to more
expensive subscription plans, a practice which the DDPP92 alleges to be
an \u2018unordered sale\u2019. At the same time, DDPP92 informed the Group that it
had referred the case to the office of the Nanterre public prosecutor
along with a statement that it deemed the Group to have committed the
offence of forced sale of services, which is prohibited under the French
Consumer Code (Code de la consommation). On 8 July 2020, the
Nanterre Judicial Court approved a plea bargain agreement between
the Group and the deputy public prosecutor of Nanterre.
On 27 April 2021, the Federal Union of Consumers (UFC Que Choisir)
filed a claim against Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and the Group
before the Nanterre Judicial Court as part of a group action seeking
reimbursement of amounts overpaid by subscribers.
In an order dated 25 November 2022, later confirmed by a decision of
the Paris Court of Appeal issued on 14 November 2023, the pre-trial
judge denied the Group\u2019s motions to dismiss.
The Parties have entered into mediation and have reached an agreement
in order to allocate a flat-rate compensation to subscribers who will claim
such compensation. The agreement was submitted to the Nanterre
Judicial Court for approval and was approved on 17 June 2025. ursuant
to such agreement, consumers will have up to 6 months to claim their flat-
rate compensation, which is between 20 and 75 euros, depending on
their status (active subscribers or former subscribers) and their
subscription plan in 2018.\u00a0
UFC Que Choisir withdrew the lawsuit and the judge confirmed such
withdrawal on 16 June 2025.
LABOUR DISPUTES
The Group faces individual disputes related to dismissals on personal
grounds as well as individual disputes in the ordinary course of its
business. In this respect, the Group is currently subject to several
procedures before the relevant labour courts (Conseil de Prud\u2019hommes)
regarding claims of dismissal without real and serious cause, claims of
dismissal being null and void, or requests for temporary employment
contracts or service contracts to be reclassified as permanent contracts.
The Group is also the subject of proceedings before the Labor Court
concerning the recognition of an alleged discrimination on the part of
certain employees, and consequent compensation for the corresponding
losses. Furthermore, appeal proceedings relating to the claims made by
several employees of the Group\u2019s call centres located in Saint Denis,
demanding the annulment of their dismissal on the grounds that the
implemented job protection plan was discriminatory, are currently
pending before the French Supreme Court (Cour de cassation).
AGAINST TECHNICOLOR
In December 2016, the Group and Technicolor entered into an
agreement to manufacture and deliver G9 (for mainland France) and G9
Light (for Poland) set-top boxes. In 2017, Technicolor challenged the
prices agreed with the Group and ultimately decided to terminate this
agreement at the end of 2017. As a result, the Group brought summary
proceedings against Technicolor before the Nanterre Commercial Court
for breach of contract. On 15 December 2017, the Group\u2019s claim was
dismissed. However, on 6 December 2018, the Versailles Court of
Appeals ruled in favour of the Group, recognising the wrongful nature of
the termination of the agreement by Technicolor. Technicolor filed an
appeal before the French Supreme Court (Cour de cassation), which was
dismissed on 24 June 2020.
In parallel, on 2 September 2019, the Group filed a claim before the
Paris Commercial Court against Technicolor for breach of its contractual
commitments. In its claim, the Group alleged that Technicolor failed to
deliver the G9 and G9 Light set-top boxes in accordance with the
manufacturing and delivery agreements entered into between the two
companies. The Group demanded reimbursement of additional costs
incurred, alternative transportation costs, late payment penalties and the
payment of damages. In turn, on 9 October 2019, Technicolor filed a
claim for unpaid invoices against the Group,\u00a0 R\u00e9union,\u00a0
Antilles and\u00a0 Caledonia before the Nanterre Commercial Court.
On 2 September 2020, the Paris Commercial Court referred the case to
the Nanterre Commercial Court. On 22 October 2021, the Nanterre
Commercial Court issued a decision in which it recognised the wrongful
nature of Technicolor\u2019s termination of the agreement and its requests for a
price increase. The Court also ordered an expert appraisal to calculate
the amounts of damages claimed by the Group in this dispute.
Technicolor appealed against this decision and such appeal was
dismissed in a decision rendered in March 2022. The proceedings
before the Nanterre Commercial Court are continuing with respect to the
expert appraisal that was ordered.
The final report and hearing are expected before the end of 2026.
SAGEMCOM AGAINST
Sagemcom provides the Group with several hardware products,
including the Global One (G11) set-top box.
Sagemcom has made several claims against the Group relating to the
set-top box orders that the Group should have allegedly placed and is
seeking payment of sums past due. The Group has disputed all claims
made by Sagemcom.
On 30 July 2024, Sagemcom filed a claim against CANAL+ before the
Commercial Court of Paris, alleging that the Group was in breach of its
contractual obligations and had abruptly terminated the commercial
relations between the two groups. Sagemcom is seeking to obtain (i)
\u20ac5,076,715.50 on a principal basis for alleged breach of the agreement
(or \u20ac3,984,015.41 subsidiarily by alleging that some provisions created a
significant imbalance between the parties) and (ii) \u20ac3,139,000 for abrupt
termination of established commercial relations which is prohibited under
section L. 442-1, II of the French Commercial Code.\u00a0
A decision on this matter is expected during H1 2026.
SKY AGAINST\u00a0 LUXEMBOURG
On 20 June 2014, Sky filed a claim before the Luxembourg District Court
seeking an injunction against\u00a0 Luxembourg banning the use of
the \u2018Skylink\u2019 trademark or any other sign containing the word \u2018Sky\u2019 and
the payment of damages.
On 5 July 2019, the Luxembourg District Court rejected Sky\u2019s request, and
such decision was appealed by Sky before the Court of Appeal of
Luxembourg on 23 December 2019. The proceedings are still pending.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
2.6 NEW IFRS ACCOUNTING STANDARDS
AND IFRS INTERPRETATIONS COMMITTEE
INTERPRETATIONS
Among the IFRS Accounting Standards and IFRIC Interpretations issued
by the IASB/IFRS Interpretations Committee as of the approval date of
these consolidated financial statements, but not yet effective, for which the
Group has not opted for early application, the main standard likely to
affect the Group is :
IFRS 18, PRESENTATION AND DISCLOSURES IN FINANCIAL
STATEMENTS,
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 and
introduces new requirements for presentation within profit or loss,
including specified totals and subtotals, classification of all income and
expenses within profit or loss, disclosure of management-defined
performance measures and new requirements for aggregation and
disaggregation of financial information.
IFRS 18, and the amendments to the other standards, are effective for
reporting periods beginning on or after 1 January 2027, but earlier
application is permitted. IFRS 18 will apply retrospectively. The standard
is currently in the process of endorsement by the EU.
The Group is currently working to identify all impacts the new standard
will have on the consolidated financial statements and the notes.
AMENDMENTS TO IFRS 9 / IFRS 7 - CLASSIFICATION AND
MEASUREMENT OF FINANCIAL INSTRUMENTS.
In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7
regarding the classification and measurement of financial instruments. The
amendments relate to the settling of financial liabilities using an electronic
payment system, as well as assessing contractual cash flow characteristics
of financial assets, including those with environmental, social and
governance linked features. The amendments are effective for periods
beginning on or after January 1, 2026, with early adoption permitted. The
Group is currently evaluating the impact of adoption.
IASB ANNUAL IMPROVEMENTS
In July 2024, the IASB issued Annual Improvements to IFRS Accounting
Standards \u2013 Volume 11, which included amendments to the following
standards: Amendments to IFRS 1 First-time Adoption of International
Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures
and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial
Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7
Statement of Cash Flows. The amendments are effective for periods
beginning on or after January 1, 2026, with early adoption permitted. The
Group is currently evaluating the impact of adoption.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
NOTE 3 MAJOR EVENTS
3.1 ACQUISITION OF MULTICHOICE GROUP
DESCRIPTION OF THE TRANSACTION
During 2020, The Group began investing in MultiChoice Group Ltd
(\u201cMultiChoice\u201d), a South African company listed on the Johannesburg
Stock Exchange (\u201cJSE\u201d) and the leading pay-TV operator in English- and
Portuguese-speaking sub-Saharan Africa.
As at 31 December 2022, the Group held 128.9 million shares in
MultiChoice, representing 29.13% of MultiChoice\u2019s share capital. South
African regulations prohibit any foreign investor from holding more than
20% of the voting rights or controlling a licensed pay-TV broadcaster.
Accordingly, MultiChoice\u2019s memorandum of incorporation limits the
aggregate voting rights of foreign shareholders to 20%, with a
proportional \u201cscale-back\u201d mechanism applied at each shareholder
meeting if necessary. During fiscal year 2022, The Group became
MultiChoice\u2019s largest shareholder and was classified as a \u201cmaterial
shareholder\u201d. Since 1 January 2022, the Group has accounted for its
interest in MultiChoice using the equity method in accordance with
IAS 28.
In 2024, the Group continued acquiring shares on the JSE and exceeded
the 35% shareholding threshold. By decision dated 28 February 2024,
the Takeover Regulation Panel (\u201cTRP\u201d) required the Group to launch a
mandatory public tender offer for the remaining MultiChoice shares it did
not already own.
Following this decision, the Group and MultiChoice entered into an
exclusive cooperation agreement on 7 April 2024 and jointly published
a firm intention announcement (\u201cFIA\u201d) on 8 April 2024. On 4 June 2024,
the parties issued a combined circular to MultiChoice shareholders in
relation to the Group\u2019s mandatory offer to acquire the remaining shares
at a price of ZAR125 per share, representing an aggregate consideration
of ZAR35,373 million.
On 30 September 2024, the Group and MultiChoice submitted a joint
merger control filing to the South African Competition Commission in
accordance with the Competition Act, No. 89 of 1998. The parties
were also engaged with the Independent Communications Authority of
South Africa (\u2018ICASA\u2019) and other regulatory authorities. The transaction
was classified as a \u201clarge merger\u201d requiring approval by the Competition
Tribunal.
On 4 February 2025, the Group announced, together with MultiChoice,
a proposed restructuring whereby MultiChoice Proprietary Limited (or
\u201cLicenceCo\u201d), the holder of the South African broadcasting licence and
contracting entity with subscribers in South Africa, would be carved out of
MultiChoice South Africa and become an independent entity. LicenceCo
will remain the licensed broadcaster and will be majority owned by
Historically Disadvantaged Persons, including Phuthuma Nathi (27%
economic interest), Identity Partners Itai Consortium, Afrifund Consortium
holding a 9.5% economic interest each and a Workers\u2019 Trust (BBOS)
holding a 5% economic trust. MultiChoice Group will retain a 49%
economic interest and 20% of the voting rights in LicenceCo and will
continue to hold its existing 75% interest in MultiChoice South Africa,
excluding LicenceCo. The proposed structure was submitted to the
Competition Commission as part of the 30 September 2024 filing.
On 21 May 2025, the Competition Commission recommended approval
of the Offer, subject to public-interest conditions supporting Broad-Based
Black Economic Empowerment and local content development. On
23 July 2025, the Competition Tribunal approved the mandatory
takeover, subject to agreed conditions which include the implementation
of the structure announced on 4 February 2025.
As of the close of business on 19 September 2025, following the
completion of all necessary regulatory conditions, including the
reorganisation required by the South African Competition Tribunal,
the scale-back restriction on the voting rights held by the Group
was lifted. Therefore, the Group obtained control of MultiChoice on
20 September 2025 (\u201cthe acquisition date\u201d). As of 22 September 2025,
the Group and MultiChoice announced that the Mandatory Takeover
Offer had become unconditional. As of the acquisition date, the Group
directly owned 200 030 591 (46.0%) of the shares of MultiChoice
(excluding treasury shares), and acceptances in respect of a further
9 767 641 (2.2%) of MultiChoice shares (excluding treasury shares)
had been tendered to Canal+ in terms of the Offer prior to the
publication of the Finalisation Announcement.
Management concluded that the Group obtained control at the
acquisition date because its 48.2% shareholding, combined with the
widely dispersed nature of the remaining shares and the appointment of
Canal+ executives to the MultiChoice board, provided the Group with
the present ability to direct MultiChoice\u2019s relevant activities.
On 13 October 2025, the Group and MultiChoice announced the results
of the Mandatory Tender Offer by CANAL+. Following the close of the
Offer process, the Group owned 96.0% of MultiChoice shares (excluding
treasury shares).
The Group then published a Squeeze-Out Notice under section 124(1) of
the South African Companies Act on 24 October, confirming that the
Group would acquire all remaining ordinary shares that it did not
already own after its mandatory offer was accepted by more than 90%
of shareholders. Following this procedure, the Group now holds the entire
share capital and voting rights of MultiChoice and the MultiChoice shares
were delisted upon commencement of trading on the JSE on 10
December 2025.
Following its listing on the London Stock Exchange, the Group intends to
proceed with a secondary inward listing on the JSE within 9 months
following the effective date of the delisting, in accordance with the
timetable and procedures envisaged in the relevant regulatory approvals.
The secondary inward listing on the JSE would enable South African
investors to become shareholders of the combined Group.
The Group and MultiChoice recognise that the economic transformation of
South Africa and \u2018Broad-Based Black Economic Empowerment\u2019 (\u2018BBBEE\u2019)
are imperatives both in the broader context and for MultiChoice. The
Group is fully committed to maintaining MultiChoice\u2019s BBBEE credentials
and acknowledges the key role played by Phuthuma Nathi in this regard.
ACCOUNTING RECOGNITION OF THE TRANSACTION
Within the context described above, the Group recognised provisional
goodwill in respect of this transaction in accordance with the partial
goodwill method based on a 48.2% owned interest on the acquisition
date (see note 2.2.5.1)
The provisional allocation of the purchase price is as follows.
In million euros
Notes
Provisional fair value
Customer relationships and brand names
12
1,300
Other intangible assets
12
48
Property and equipments
13
117
Right-of-use relating to leases
14
175
Investments in equity affiliates
15
216
Non-current financial assets
16
20
Other non-current assets
1
Deferred tax assets
7
133
Non-current assets
2,010
Inventories
17
43
Current tax receivables
7
23
Current content assets
11
414
Trade accounts receivable and other
17
236
Other current financial assets
16
9
Cash and cash equivalent
18
407
Current assets
1,132
Current provisions
20
(16)
Short-term borrowings and other financial liabilities
23
(30)
Trade and other payables
17
(997)
Short-term lease liabilities
14
(80)
Current tax payables
7
(41)
Current liabilities
(1,164)
Non-current provisions
20
(534)
Long-term borrowings and other financial liabilities
23
(550)
Deferred tax liabilities
7
(488)
Long-term lease liabilities
14
(255)
Other non-current liabilities
(5)
Non-current liabilities
(1,832)
Fair value of identifiable net assets acquired
146
Add: goodwill
1,112
Less: non-controlling interests
(28)
Total purchase consideration
1,286
Of which:
Fair value of previously-held investment
(a)
1,227
Acquisition of a controlling interest on 20 September 2025 paid in cash
59
a. The previously held investment which was recognised using equity method in accordance with IAS 28, was reevaluated at fair value in accordance with IFRS 3 Business
Combination. The resulting gain of \u20ac173 million euros (inc. the recycling of currency translation reserve for loss of \u20ac32million) was recognised in the statement of earning
under the line \u201cIncome (loss) from equity affiliates\u201d.
The fair value remeasurement of the assets and liabilities, along with the
purchase price allocation in accordance with IFRS 3, was carried out by
a third party expert. The valuation of the transferred assets and assumed
liabilities resulted notably in the recognition of intangible assets relating to
customer relationships amounting to \u20ac979 million, amortised on a
straight-line basis over a useful life of 12 years, and a portfolio of
indefinite-life brand names valued at \u20ac321 million. These intangible assets
were assessed by the expert using discounted expected future operating
cash flow projections \u2014 applying the excess earnings method for
customer relationships and the relief-from-royalty method for brands.
In addition, the Group conducted a review of tax, social, and legal risks
to which it may be exposed, based on available information and ongoing
procedures. The Group also conducted a review of long-term non-
cancellable commercial agreements that, at the acquisition date,
obligates the acquiree to future payments that are less favourable than
market terms. these are executory contracts which haven't yet been
recorded on the balance sheet. As such, on acquisition date, the acquired
contingent liabilities of \u20ac560 million assumed as part of the business
combination were recognised at fair value under IFRS 3. the acquired
contingent liabilities are subsequently measured at the higher of the
amount that would be recognised under IAS 37 \u2018Provisions, Contingent
Liabilities and Contingent Assets\u2019 and the amount initially recognised less
any settlements made in respect of the liability.
Goodwill of \u20ac1,112 million arising from the acquisition is attributable to
anticipated synergies, notably from cross-selling and bundling
opportunities across the enlarged subscriber base, as well as the Group\u2019s
ability to generate future subscriber growth to replace subscriber churn,
particularly in high-potential African markets. It also reflects the value of
the assembled workforce and the expected strategic benefits from
combining operations at scale.
As of 31 December 2025, the provisional goodwill arising from the
acquisition has been allocated to the Africa & Asia group of CGUs.
These values and resulting goodwill are provisional and could change, as
permitted under IFRS 3 Business Combinations, should any revisions to the
purchase consideration or to the fair value of the assets and liabilities be
identified in the year from acquisition date.
\u25aa Subsequent acquisition of non\u2011controlling interests
in MultiChoice
Following the acquisition date, the Group acquired, in cash, the remaining
51.8% of MultiChoice share capital.
This subsequent acquisition of non-controlling interests was therefore
recognised as a reduction in shareholders\u2019 equity of \u20ac1,420 million,
corresponding to the purchase of the remaining 225,462,856 shares for
\u20ac1,392 million and the value of negative non-controlling interests at the
acquisition date (see above) of \u20ac28 million.
\u25aa Revenue and profit contribution
Since its acquisition on 20 September 2025, MultiChoice has contributed
\u20ac684 million and \u20ac103 million, respectively, to the Group revenues and
Adjusted EBIT (EBITa) before exceptional items and is presented in the Africa
and Asia segment.\u00a0 If the acquisition had occurred on 1 January 2025, the
Group estimates\u00a0 that the combined revenue, Adjusted EBIT (EBITa) before
exceptional items and EBIT for the year ended 31 December 2025 would
have been \u20ac8,665 million, \u20ac816 million and \u20ac347 million respectively. This
unaudited information does not purport to represent the results of the
combined Group that actually would have occurred had the acquisition
taken place on 1 January 2025 and should not be taken to be
representative of future earnings.
\u25aa Transaction financing
In accordance with South African takeover regulations, the Group
provided in 2024 the Takeover Regulation Panel (TRP) with a bank
guarantee issued by a South African bank on behalf of the Group. Under
such bank guarantee, the guarantor has agreed to pay up to a maximum
amount equal to ZAR35,373 million in relation to the mandatory offer,
upon the offer becoming operative and being implemented.
Simultaneously, to cover the bank guarantee, the Group entered into a
credit facility allowing for the drawing of loans and the issuance of letters
of credit, up to a maximum amount of \u20ac1,900 million (the \u201cbridge credit
facilities\u201d). To finance the transaction, the Group drew on this bridge
credit facility.
The Group entered into new financing arrangements to refinance the
resulting loan (see Note 3.2 below).
3.2 NEW FINANCING
In 2025, the Group implemented a comprehensive refinancing plan
aimed at (i) refinancing borrowings related to the acquisition of
MultiChoice shares of \u20ac1,715 million (initially maturing in January 2026,
extendable to July 2026), (ii) repaying MultiChoice\u2019s legacy ZAR 11 billion
credit facility; (iii) repaying the former term loan of \u20ac335 million, (iv)
extending the overall maturity profile of the Group\u2019s borrowings; and (v)
optimising the cost of financing while diversifying funding sources.
As part of this strategy:
(i) The Group issued \u20ac285 million in Schuldschein loans in July 2025,
followed by an additional \u20ac35 million in October 2025 under the
same framework.
(ii) In November 2025, it successfully accessed the Eurobond market for
the first time, raising \u20ac700 million through senior unsecured notes
maturing in 2030 with a 4.625% annual coupon.
(iii) In December 2025, the Group signed a new \u20ac1,800 million
syndicated credit facility, comprising a \u20ac500 million 12-month term
loan and a \u20ac1,300 million five-year amortising loan.
The Group\u2019s existing \u20ac750 million revolving credit facility was extended
to July 2030.
These transactions significantly improved the Group\u2019s liquidity and debt
maturity profile. As at 31 December 2025, \u20ac750 million in committed
credit facilities remained available.
(For further detail, see Note 23)
SETTLEMENT OF VAT DISPUTE WITH THE
FRENCH TAX AUTHORITIES
In December 2025, the Group has reached a settlement with the French
tax authorities regarding the long\u2011standing dispute over the VAT rate
applicable to its television subscription services. The total amount
committed under the settlement is \u20ac363 million, with the payment
schedule to be finalised at a later date. As a result, the Group recognised
a one-off impact under the line \u201cTechnology, selling, general,
administrative costs & others\u201d in the consolidated statement of earnings
and classified as Exceptional items for the computation of the Adjusted
EBIT (EBITa) before exceptional items (the Group\u2019s relevant indicator of its
operating performance) (see notes 4.1 and 7.4).
3.4 SETTLEMENT OF THE \u2018FRENCH TST\u2019 LITIGATION
(\u201cTAXE SUR LES SERVICES DE TELEVISION\u201d)
On 5 June 2025, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and Groupe CANAL+
reached an agreement with the \u201cCentre national du cin\u00e9ma et de l'image
anim\u00e9e\u201d (CNC) regarding the rules applicable to determining the tax basis
of the French TST, which settle the disputes relating to past fiscal years and
removes uncertainty regarding the possibility of a material additional
disbursement. As a result, the Group recognised a one-off expense of
\u20ac78 million under the line \u201cTechnology, selling, general, administrative costs
& others\u201d in the consolidated statement of earnings, neutral in cash, and
classified as Exceptional items for the computation of the\u00a0 Adjusted EBIT
(EBITa) before exceptional items (the Group\u2019s relevant indicator of its
operating performance) (see notes 4.1 and 7.4).
3.5 INVESTMENT IN UGC
On 15 October 2025, the Group announced it had signed an agreement
to acquire a 34% minority stake in UGC, the historic French cinema
player. The transaction was completed on 7 November 2025. The deal
includes a potential path to control from 2028.
As at 31 December 2025, the Group holds a 34% equity interest in
UGC and does not have control over the entity according to \u201cIFRS10\u201d.
Management considers that the Group does not currently have the
unilateral ability to direct UGC\u2019s relevant activities. However, the size of
the shareholding confers significant influence, as defined by IAS 28\u00a0
Investments in Associates and Joint Ventures, over UGC\u2019s financial and
operating policy decisions.
Accordingly, UGC is classified as an associate and the investment is
accounted for using the equity method in accordance with IAS 28
(see notes 15 and 26).
3.6 DISCONTINUED OPERATIONS IN VIETNAM
The Group has initiated a disposal process relating to its 49% interest in
VSTV (\u2018Vietnam Satellite Digital Television Company Limited\u2019), a premium
Pay-TV Operator in Vietnam that markets its services under the \u201cK+\u201d brand
and offers a bundle of local and international channels. A framework
agreement was signed on 31 December 2025 providing for a full exit of
the Group from VSTV through the transfer of (i) the 49% equity stake to the
investor and (ii) the intercompany receivables arising from sub-licenses
agreements with other entities of the Group.
Accordingly, VSTV was classified as a disposal group held for sale in the
consolidated statement of financial position. In addition, the contribution of
VSTV to both the consolidated statement of earnings and the consolidated
statement of cash flows, for the year ended 31 December 2025, has been
reported as discontinued operations. These adjustments have been
applied to all periods presented to ensure consistency of information.
The results of VSTV for the years ended 31 December 2025 and 2024 are presented below:
Year ended 31 December
(in millions of euros, except per share amounts, euros)
2025
2024
Revenues
22
32
Content costs
(26)
(31)
Technology, selling, general, administrative costs & others
(11)
(18)
Restructuring costs
(a)
(24)
\u2013
Operating income (EBIT)
(39)
(18)
Net financial income (loss)
\u2013
(1)
Earnings before income taxes
(39)
(18)
Income taxes
8
\u2013
Earnings (losses)
(32)
(18)
Earnings (losses) from discontinued operations
(32)
(18)
a. Immediately before the classification of VSTV as discontinued operation, The Group entered into settlement agreements to terminate certain content rights, primarily sports
rights, which will no longer be broadcasted or monetised. Accordingly, the related content assets were written down to an aggregated amount of \u20ac15 million. Impairment
of \u20ac5 million was recognised to reduce the carrying amount of the assets in the disposal group to their fair value less costs to sell upon remeasurement of the assets and
liabilities prior to classification as held for sale.
The major classes of assets and liabilities of VSTV classified as held for sale as at 31 December 2025 are, as follows:\u00a0
(in millions of euros)
Note
Year ended 31 December 2025
ASSETS
Other Intangible assets
12
\u2013
Property and equipment
13
1
Rights-of-use relating to leases
14
1
Deferred tax assets
7
2
Inventories
17
\u2013
Current content assets
11
\u2013
Trade and other receivables
17
1
Other current financial assets
16
\u2013
Cash and cash equivalent
18
2
Assets held for sale
7
LIABILITIES
Provisions
20
(3)
Borrowings and other financial liabilities
23
\u2013
Deferred tax liabilities
7
\u2013
Lease liabilities
14
\u2013
Trade and other payables
17
(4)
Liabilities associated with assets of discontinued operations
(7)
Net assets directly associated with disposal group
\u2013
The net cash flows incurred by VSTV are, as follows:
Year ended 31 December
(in millions of euros)
Note
2025
2024
Operating activities
(19)
(15)
Investing activities
\u2013
(1)
Financing activities
(4)
(7)
Foreign currency translation adjustments
1
Net cash (outflow)/inflow
(22)
(24)
\u25aa 2026 expected disposal loss
Upon loss of control of VSTV (\u201cVietnam Satellite Digital Television Company Limited\u201d), the Group will recognise a disposal loss estimated at
approximately \u20ac80 million. This amount is mainly related to the derecognition of negative non-controlling interest, together with the difference between
the consideration received and the carrying amount of the net assets disposed of, including the recycling to profit or loss of the related cumulative
foreign currency translation reserve. This loss will be recognised in the consolidated statement of earnings under the line \u201closses from discontinued
operations attributable to equity holders of the parent\u201d.
3.7 OTHER EVENTS
\u25aa At the end of April 2025, the Group increased its 37.06% interest in
MC Vision (pay-TV operator in Mauritius) to 75%. Following this
transaction (\u20ac22million), MC Vision previously accounted for under the
equity method is fully consolidated since 1 May 2025. In accordance
with IFRS3 \u2018Business combinations\u2019, shares previously held were
revaluated at fair value through statement of earnings as at the date of
acquisition. The impact of this revaluation amounted to \u20ac22 million and
was recognised under the line \u201cIncome (loss) from equity affiliates\u201d. The
purchase price allocation is ongoing as of 31 December 2025. The
provisional goodwill which corresponds to the difference between the
consideration at fair value and the consolidated net assets before
purchase price allocation amounts to \u20ac46 million. The final allocation
of the purchase price will be finalised in the first half of 2026 at the
latest. Since its acquisition, MC Vision has contributed \u20ac14 million and
-\u20ac2 million, respectively, to the Group revenues and net income.
\u25aa The provisional allocation of the purchase price is as follows:
In million euros
Provisional fair value
Non-current assets
5
Current assets
5
Current liabilities
(12)
Non-current liabilities
\u2014
Fair value of identifiable net assets
acquired
(3)
Add: goodwill
46
Less: non-controlling interests
(1)
Total purchase consideration
44
Of which:
Fair value of previously-held investment
22
Acquisition of a controlling interest
22
\u25aa On 12 May 2025, Dailymotion completed the acquisition of 100% of
Archery Inc., the developer behind Mojo, a leading AI-powered video
creation and editing application. Archery Inc. is fully consolidated. The
purchase price allocation is ongoing as of 31 December 2025. The
provisional goodwill which corresponds to the difference between the
acquisition price (\u20ac34 million) and the consolidated net assets before
purchase price allocation amounts to \u20ac32 million. The final allocation
of the purchase price will be finalised in the first half of 2026 at the
latest. Since its acquisition, Archery has contributed \u20ac5 million and
\u20ac1 million, respectively, to the Group revenues and net income.
\u25aa The provisional allocation of the purchase price is as follows:
\u25aa
In million euros
Provisional fair value
Non-current assets
3
Current assets
6
Current liabilities
(6)
Non-current liabilities
(1)
Fair value of identifiable net assets
acquired
2
Add: goodwill
32
Less: non-controlling interests
\u2014
Total purchase consideration
34
Of which:
Acquisition of a controlling interest
34
\u25aa On 3 March 2025, the Group signed a new agreement with French
Cinema organisations (BLIC, BLOC and ARP). This agreement concerns
CANAL+ and CINE+ OCS, allowing them to broadcast films as
early as 6 months after their theatrical release. It takes effect
retroactively from 1 January 2025 for a period of 3 years, i.e. until 31
December 2027, and is tacitly renewable. In terms of investment, the
Group's commitment amounts to a minimum of \u20ac480 million over the
3 years of the agreement: \u20ac150 million in 2025, \u20ac160 million in 2026
and \u20ac170 million in 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
NOTE 4 SEGMENT DATA
The Group\u2019s Management Board, who is regarded as the chief operating
decision-maker, evaluates the performance of its business segments and
allocates necessary resources to them based on certain operating
performance indicators (segment earnings). Adjusted EBIT (EBITa) before
exceptional items reflects the earnings of each business segment and it is
considered by the management to be a relevant indicator of the Group\u2019s
operating performance. The Group\u2019s Management Board use this non-
IFRS measurement basis as it excludes the effect of transactions that could
distort the understanding of the Group\u2019s performance for the year and
comparability between periods.
To calculate Adjusted EBIT (EBIT a ) before exceptional items, the
accounting impact of the following items is excluded from Operating
income (EBIT):
\u25aa The amortisation of intangible assets acquired through business
combinations as well as of other rights catalogues acquired;
\u25aa Impairment of goodwill, other intangibles acquired through business
combinations and other rights catalogues; and
\u25aa 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\u2019s underlying business
performance. Exceptional items for the current and prior year include
restructuring costs, acquisition costs, one-off expense related to settlement
of Tax litigation, and certain provision for contingencies.
The operating segments presented below are identical to the information
given to the Group\u2019s Management Board. These segments are business
units that are managed separately as each business requires different
strategies to adapt to local demands, regulation and resources.
The Group\u2019s main businesses are consolidated within the following
operating segments:
\u25aa Europe: This operating segment encompasses the Group\u2019s
subscription-TV, advertising-based television businesses, including
content on OTT format across France, French Overseas and adjacent
Territories, Poland and also Central Europe and the Benelux through
BCE (ex-M7) (which also includes the more geographically diverse
activities of SPI), and the Group\u2019s telecommunication business in the
French Overseas departments.
\u25aa Africa & Asia: This operating segment encompasses the Group\u2019s
Pay-TV business outside of Europe, primarily in Africa & Asia. In Africa,
the Group operates Pay-TV services in more than 47 countries under
CANAL+ and MultiChoice brands and offers premium international
content across sports, films and series from global majors, alongside
local content offerings tailored to African audiences. CANAL+ owns
a distribution network comprised of over 32,000 points of sale and
over 750 distribution partners. GVA offers broadband internet access
services through optical fibre networks and operates an expanding
FTTH network, currently in 14 cities in 9 countries in Africa. In Asia, the
Group operates in Myanmar under a joint venture agreement with the
Forever Group which provides access to 60 channels including those
produced specifically in the Burmese language and showcasing local
content. The Group also operates in Vietnam, through Vietnam Satellite
Digital Television Company Limited but is currently restructuring its
operations and stopped commercial activities under the \u201cK+\u201d brand.
Following the reclassification of Vietnam as a discontinued operations
(see note 3.6), its contribution is excluded from the Africa & Asia
operating segment.
\u25aa Content Production, Distribution and Other, this operating
segment includes:
\u25aa STUDIOCANAL , Europe\u2019s leading film and television studio, with
worldwide production and distribution capabilities and direct
operations in ten major European markets including Austria, Benelux,
Denmark, France, Germany, Ireland, Italy, Poland, Spain and the
United Kingdom, as well as in Australia and New Zealand, and offices
in the United States and China. STUDIOCANAL owns one of the most
prestigious catalogues in the world and the largest catalogue of
European titles, boasting more than 9,400 titles from 60 countries
spanning 100 years of film history. STUDIOCANAL also encompasses
a worldwide network of 22 production companies, and
STUDIOCANAL KIDS & FAMILY, which is developing the
PADDINGTON brand.
\u25aa DAILYMOTION , an international end-to-end video platform,
advertising-based business model, headquartered in Paris with offices
in New York and Singapore.
\u25aa CANAL+ Distribution (formerly Thema) , a production and
distribution company specialised in creating and distributing diverse
content and channels to cable, IPTV and DTH operators, and for
mobile packages and OTT.
\u25aa L\u2019OLYMPIA and Th\u00e9\u00e2tre de L\u2019Oeuvre , live entertainment
venues in Paris.
Intersegment commercial transactions are conducted on an arm\u2019s-length
basis on terms and conditions similar to those that would be offered by
third parties.
4.1 STATEMENT OF EARNINGS BY BUSINESS SEGMENT
Year ended 31 December 2025
(in millions of euros)
Europe
Africa & Asia
Content Production, Distribution
and Other
Eliminations
Total
(a)
Revenues
4,565
1,722
775
(113)
6,949
Adjusted EBIT (EBITa) before exceptional items
250
319
77
\u2014
646
Year ended 31 December 2024 restated 1
(in millions of euros)
Europe
Africa & Asia
Content Production, Distribution
and Other
Eliminations
Total
Revenues
4,731
1,006
817
(136)
6,418
Adjusted EBIT (EBITa) before exceptional items
217
233
70
\u2014
520
a. As described in note 3.1 on 20 September 2025, the Group acquired control of MultiChoice. As a result, MultiChoice was included in the Africa & Asia segment starting
from the acquisition date.
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac684 million and \u20ac103 million, respectively, to the Group revenues and Adjusted
EBIT (EBITa) before exceptional items and is presented in the Africa and Asia segment.\u00a0 If the acquisition had occurred on 1 January 2025, the Group
estimates\u00a0 that the combined revenue, Adjusted EBIT (EBITa) before exceptional items and EBIT for the year ended 31 December 2025 would have been
\u20ac8,665 million, \u20ac816 million and \u20ac347 million respectively. This unaudited information does not purport to represent the results of the combined Group
that actually would have occurred had the acquisition taken place on 1 January 2025 and should not be taken to be representative of future earnings.
The following table provides a reconciliation of Adjusted EBIT (EBITa) before exceptional items to operating income (EBIT):
Year ended 31 December
(in millions of euros)
2025
2024
Adjusted EBIT (EBITa) before exceptional items
646
520
Exceptional items
(346)
(122)
Amortisation of intangible assets acquired through business combinations
(63)
(38)
Impairment losses on intangible assets acquired through business combinations
\u2014
(1)
Operating income (EBIT)
236
359
EXCEPTIONAL ITEMS
Year ended 31 December
(in millions of euros)
2025
2024
Restructuring costs
(14)
(82)
Exceptional costs and provisions
(332)
(40)
Total exceptional items
(346)
(122)
Restructuring costs were \u20ac14 million in 2025, compared to \u20ac82 million in 2024. In 2024, these costs were related to various reorganisation projects
within the Group, particularly those linked to the consequences of ARCOM\u2019s decision to revoke C8\u2019s broadcast licence.
For the year ended 31 December 2025, an amount of -\u20ac332 million was recognized as an exceptional item. This primarily comprised (i) the settlement
of both the VAT dispute and the French TST litigation net of provisions recognised in prior periods (see notes 3.3 & 3.4), and (ii) acquisition-related costs.
For the year ended 31 December 2024, an amount of -\u20ac40 million was recognized as an exceptional item mainly relating to a litigation matter.
In 2024 and 2025 consolidated statement of earnings, Exceptional items were recognised under the line \u201cTechnology, selling, general, administrative
costs & others\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
NOTE 4 SEGMENT DATA
The Group\u2019s Management Board, who is regarded as the chief operating
decision-maker, evaluates the performance of its business segments and
allocates necessary resources to them based on certain operating
performance indicators (segment earnings). Adjusted EBIT (EBITa) before
exceptional items reflects the earnings of each business segment and it is
considered by the management to be a relevant indicator of the Group\u2019s
operating performance. The Group\u2019s Management Board use this non-
IFRS measurement basis as it excludes the effect of transactions that could
distort the understanding of the Group\u2019s performance for the year and
comparability between periods.
To calculate Adjusted EBIT (EBIT a ) before exceptional items, the
accounting impact of the following items is excluded from Operating
income (EBIT):
\u25aa The amortisation of intangible assets acquired through business
combinations as well as of other rights catalogues acquired;
\u25aa Impairment of goodwill, other intangibles acquired through business
combinations and other rights catalogues; and
\u25aa 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\u2019s underlying business
performance. Exceptional items for the current and prior year include
restructuring costs, acquisition costs, one-off expense related to settlement
of Tax litigation, and certain provision for contingencies.
The operating segments presented below are identical to the information
given to the Group\u2019s Management Board. These segments are business
units that are managed separately as each business requires different
strategies to adapt to local demands, regulation and resources.
The Group\u2019s main businesses are consolidated within the following
operating segments:
\u25aa Europe: This operating segment encompasses the Group\u2019s
subscription-TV, advertising-based television businesses, including
content on OTT format across France, French Overseas and adjacent
Territories, Poland and also Central Europe and the Benelux through
BCE (ex-M7) (which also includes the more geographically diverse
activities of SPI), and the Group\u2019s telecommunication business in the
French Overseas departments.
\u25aa Africa & Asia: This operating segment encompasses the Group\u2019s
Pay-TV business outside of Europe, primarily in Africa & Asia. In Africa,
the Group operates Pay-TV services in more than 47 countries under
CANAL+ and MultiChoice brands and offers premium international
content across sports, films and series from global majors, alongside
local content offerings tailored to African audiences. CANAL+ owns
a distribution network comprised of over 32,000 points of sale and
over 750 distribution partners. GVA offers broadband internet access
services through optical fibre networks and operates an expanding
FTTH network, currently in 14 cities in 9 countries in Africa. In Asia, the
Group operates in Myanmar under a joint venture agreement with the
Forever Group which provides access to 60 channels including those
produced specifically in the Burmese language and showcasing local
content. The Group also operates in Vietnam, through Vietnam Satellite
Digital Television Company Limited but is currently restructuring its
operations and stopped commercial activities under the \u201cK+\u201d brand.
Following the reclassification of Vietnam as a discontinued operations
(see note 3.6), its contribution is excluded from the Africa & Asia
operating segment.
\u25aa Content Production, Distribution and Other, this operating
segment includes:
\u25aa STUDIOCANAL , Europe\u2019s leading film and television studio, with
worldwide production and distribution capabilities and direct
operations in ten major European markets including Austria, Benelux,
Denmark, France, Germany, Ireland, Italy, Poland, Spain and the
United Kingdom, as well as in Australia and New Zealand, and offices
in the United States and China. STUDIOCANAL owns one of the most
prestigious catalogues in the world and the largest catalogue of
European titles, boasting more than 9,400 titles from 60 countries
spanning 100 years of film history. STUDIOCANAL also encompasses
a worldwide network of 22 production companies, and
STUDIOCANAL KIDS & FAMILY, which is developing the
PADDINGTON brand.
\u25aa DAILYMOTION , an international end-to-end video platform,
advertising-based business model, headquartered in Paris with offices
in New York and Singapore.
\u25aa CANAL+ Distribution (formerly Thema) , a production and
distribution company specialised in creating and distributing diverse
content and channels to cable, IPTV and DTH operators, and for
mobile packages and OTT.
\u25aa L\u2019OLYMPIA and Th\u00e9\u00e2tre de L\u2019Oeuvre , live entertainment
venues in Paris.
Intersegment commercial transactions are conducted on an arm\u2019s-length
basis on terms and conditions similar to those that would be offered by
third parties.
4.1 STATEMENT OF EARNINGS BY BUSINESS SEGMENT
Year ended 31 December 2025
(in millions of euros)
Europe
Africa & Asia
Content Production, Distribution
and Other
Eliminations
Total
(a)
Revenues
4,565
1,722
775
(113)
6,949
Adjusted EBIT (EBITa) before exceptional items
250
319
77
\u2014
646
Year ended 31 December 2024 restated 1
(in millions of euros)
Europe
Africa & Asia
Content Production, Distribution
and Other
Eliminations
Total
Revenues
4,731
1,006
817
(136)
6,418
Adjusted EBIT (EBITa) before exceptional items
217
233
70
\u2014
520
a. As described in note 3.1 on 20 September 2025, the Group acquired control of MultiChoice. As a result, MultiChoice was included in the Africa & Asia segment starting
from the acquisition date.
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac684 million and \u20ac103 million, respectively, to the Group revenues and Adjusted
EBIT (EBITa) before exceptional items and is presented in the Africa and Asia segment.\u00a0 If the acquisition had occurred on 1 January 2025, the Group
estimates\u00a0 that the combined revenue, Adjusted EBIT (EBITa) before exceptional items and EBIT for the year ended 31 December 2025 would have been
\u20ac8,665 million, \u20ac816 million and \u20ac347 million respectively. This unaudited information does not purport to represent the results of the combined Group
that actually would have occurred had the acquisition taken place on 1 January 2025 and should not be taken to be representative of future earnings.
The following table provides a reconciliation of Adjusted EBIT (EBITa) before exceptional items to operating income (EBIT):
Year ended 31 December
(in millions of euros)
2025
2024
Adjusted EBIT (EBITa) before exceptional items
646
520
Exceptional items
(346)
(122)
Amortisation of intangible assets acquired through business combinations
(63)
(38)
Impairment losses on intangible assets acquired through business combinations
\u2014
(1)
Operating income (EBIT)
236
359
EXCEPTIONAL ITEMS
Year ended 31 December
(in millions of euros)
2025
2024
Restructuring costs
(14)
(82)
Exceptional costs and provisions
(332)
(40)
Total exceptional items
(346)
(122)
Restructuring costs were \u20ac14 million in 2025, compared to \u20ac82 million in 2024. In 2024, these costs were related to various reorganisation projects
within the Group, particularly those linked to the consequences of ARCOM\u2019s decision to revoke C8\u2019s broadcast licence.
For the year ended 31 December 2025, an amount of -\u20ac332 million was recognized as an exceptional item. This primarily comprised (i) the settlement
of both the VAT dispute and the French TST litigation net of provisions recognised in prior periods (see notes 3.3 & 3.4), and (ii) acquisition-related costs.
For the year ended 31 December 2024, an amount of -\u20ac40 million was recognized as an exceptional item mainly relating to a litigation matter.
In 2024 and 2025 consolidated statement of earnings, Exceptional items were recognised under the line \u201cTechnology, selling, general, administrative
costs & others\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
5.2 PERSONNEL COSTS AND AVERAGE EMPLOYEE NUMBERS
Year ended 31 December
(in millions of euros)
2025
2024
Salaries
603
487
Social security and other employment charges
204
177
Capitalised personnel costs
(29)
(27)
Wages and expenses
778
638
Share-based compensation plans
14
4
Employee benefit plans
(1)
5
Other
43
36
Personnel costs
(a)
834
682
Annual average number of full-time equivalent employee (in units)
10,422
8,647
a. excluding Restructuring costs
In 2025, Personnel costs are included in the Operating Income (EBIT) as follows:
\u25aa \u20ac187 million included in the Content costs
\u25aa \u20ac647 million included in the Technology, selling, general, administrative costs & others\u00a0
\u25aa \u20ac27 million included in the Restructuring costs
Since its acquisition on 20 September 2025, MultiChoice has contributed \u20ac114 million to the Group\u2019s personnel costs. This include \u20ac15 million reported under
Content costs and \u20ac98 million reported under Technology, selling, general, administrative costs & others. Over the same period, MultiChoice also
contributed 1,792 to the Group\u2019s annual average number of full-time equivalent employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
NOTE 6 NET FINANCIAL INCOME (LOSS)
Year ended 31 December
2025
2024
(in millions of euros)
Income
Charges
Net
Income
Charges
Net
Interest expense on borrowings
\u2013
(81)
(81)
\u2013
(15)
(15)
Interest expense on borrowings from Vivendi SE
\u2013
\u2013
\u2013
\u2013
(35)
(35)
Interest income from loans to Vivendi SE
\u2013
\u2013
\u2013
8
\u2013
8
Interest income from cash, cash equivalents and investments
25
\u2013
25
3
\u2013
3
Interest
(a)
25
(81)
(56)
11
(49)
(38)
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Upside & downside on financial investments
\u2013
(7)
(6)
\u2013
(16)
(15)
Interest expenses on lease liabilities
\u2013
(12)
(12)
\u2013
(5)
(5)
Foreign exchange income or loss
(b)
13
(21)
(8)
7
(10)
(3)
Effect of undiscounting assets and liabilities
\u2013
(3)
(3)
\u2013
(4)
(4)
Other
(c)
3
(45)
(41)
4
(41)
(37)
Change in value of derivative instruments
(d)
11
(7)
4
\u2013
(20)
(20)
Other financial charges and income
28
(95)
(67)
11
(96)
(84)
Net financial income (loss)
54
(176)
(122)
23
(145)
(123)
a. In 2025, interest was a charge of \u20ac56 million, compared to a charge of \u20ac38 million in 2024. This unfavourable change of \u20ac18 million is due to:
(i)interest income from cash, cash equivalents and investments increased by \u20ac22 million, from \u20ac3 million in 2024 to \u20ac25 million in 2025.
(ii)interest expense on borrowings from Vivendi decreased by \u20ac35 million, from \u20ac35 million in 2024 to \u20ac0 million in 2025. This change is due to the conversion of
borrowings from Vivendi into equity for an aggregated amount of \u20ac4,657 million, including \u20ac3,400 million on 16 April 2024, and \u20ac1,257 million between 23 July and
30 September 2024.
(iii)interest expense on borrowings increased by \u20ac66 million, from \u20ac15 million in 2024 to \u20ac81 million in 2025. The main reason for this increase is the impact of the financing
arrangements the Group entered into in 2024 (term loan facility, Bridge facility and Revolving credit facility) and the effects of the new financing arrangements the Group
entered into in the second half of 2025 (Schuldschein loan, bond, new five-year amortising term loan facility and new extendable term loan facility) (see Note 23.3 for
further details).
Other financial charges was a charge of \u20ac67 million in 2025 including MultiChoice contribution for a charge of \u20ac9 million including mostly interest expenses on lease
liabilities foreign exchange and change in value of derivative instruments losses.
b.In 2025, foreign exchange was a charge of \u20ac8 million, compared to a charge of \u20ac3 million in 2024 mainly related to unfavourable change of foreign exchange loss on
current accounts and bank accounts.
c.Mainly includes (i) securities\u2019 acquisition fees for the first half of 2025 and for 2024, (ii) Vivendi and bank guarantee fees in 2025 and 2024 paid in relation to the Bridge
Facility entered into to secure financing of the mandatory tender offer for MultiChoice shares (see Note 3.1 for further details), (iii) other fees and expenses incurred in
relation with bank transactions.
d.Mainly explained in 2025 and 2024 by the unfavourable change in fair value of the options the Group entered into to mitigate the EUR-ZAR foreign exchange risk in
relation of the bank guarantee provided to the TRP in the context of the Mandatory offer for MultiChoice shares, other impacts explained by favourable variation on
hedge ineffectiveness on financial instruments in portfolio as at year end", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
NOTE 6 NET FINANCIAL INCOME (LOSS)
Year ended 31 December
2025
2024
(in millions of euros)
Income
Charges
Net
Income
Charges
Net
Interest expense on borrowings
\u2013
(81)
(81)
\u2013
(15)
(15)
Interest expense on borrowings from Vivendi SE
\u2013
\u2013
\u2013
\u2013
(35)
(35)
Interest income from loans to Vivendi SE
\u2013
\u2013
\u2013
8
\u2013
8
Interest income from cash, cash equivalents and investments
25
\u2013
25
3
\u2013
3
Interest
(a)
25
(81)
(56)
11
(49)
(38)
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Upside & downside on financial investments
\u2013
(7)
(6)
\u2013
(16)
(15)
Interest expenses on lease liabilities
\u2013
(12)
(12)
\u2013
(5)
(5)
Foreign exchange income or loss
(b)
13
(21)
(8)
7
(10)
(3)
Effect of undiscounting assets and liabilities
\u2013
(3)
(3)
\u2013
(4)
(4)
Other
(c)
3
(45)
(41)
4
(41)
(37)
Change in value of derivative instruments
(d)
11
(7)
4
\u2013
(20)
(20)
Other financial charges and income
28
(95)
(67)
11
(96)
(84)
Net financial income (loss)
54
(176)
(122)
23
(145)
(123)
a. In 2025, interest was a charge of \u20ac56 million, compared to a charge of \u20ac38 million in 2024. This unfavourable change of \u20ac18 million is due to:
(i)interest income from cash, cash equivalents and investments increased by \u20ac22 million, from \u20ac3 million in 2024 to \u20ac25 million in 2025.
(ii)interest expense on borrowings from Vivendi decreased by \u20ac35 million, from \u20ac35 million in 2024 to \u20ac0 million in 2025. This change is due to the conversion of
borrowings from Vivendi into equity for an aggregated amount of \u20ac4,657 million, including \u20ac3,400 million on 16 April 2024, and \u20ac1,257 million between 23 July and
30 September 2024.
(iii)interest expense on borrowings increased by \u20ac66 million, from \u20ac15 million in 2024 to \u20ac81 million in 2025. The main reason for this increase is the impact of the financing
arrangements the Group entered into in 2024 (term loan facility, Bridge facility and Revolving credit facility) and the effects of the new financing arrangements the Group
entered into in the second half of 2025 (Schuldschein loan, bond, new five-year amortising term loan facility and new extendable term loan facility) (see Note 23.3 for
further details).
Other financial charges was a charge of \u20ac67 million in 2025 including MultiChoice contribution for a charge of \u20ac9 million including mostly interest expenses on lease
liabilities foreign exchange and change in value of derivative instruments losses.
b.In 2025, foreign exchange was a charge of \u20ac8 million, compared to a charge of \u20ac3 million in 2024 mainly related to unfavourable change of foreign exchange loss on
current accounts and bank accounts.
c.Mainly includes (i) securities\u2019 acquisition fees for the first half of 2025 and for 2024, (ii) Vivendi and bank guarantee fees in 2025 and 2024 paid in relation to the Bridge
Facility entered into to secure financing of the mandatory tender offer for MultiChoice shares (see Note 3.1 for further details), (iii) other fees and expenses incurred in
relation with bank transactions.
d.Mainly explained in 2025 and 2024 by the unfavourable change in fair value of the options the Group entered into to mitigate the EUR-ZAR foreign exchange risk in
relation of the bank guarantee provided to the TRP in the context of the Mandatory offer for MultiChoice shares, other impacts explained by favourable variation on
hedge ineffectiveness on financial instruments in portfolio as at year end", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
NOTE 6 NET FINANCIAL INCOME (LOSS)
Year ended 31 December
2025
2024
(in millions of euros)
Income
Charges
Net
Income
Charges
Net
Interest expense on borrowings
\u2013
(81)
(81)
\u2013
(15)
(15)
Interest expense on borrowings from Vivendi SE
\u2013
\u2013
\u2013
\u2013
(35)
(35)
Interest income from loans to Vivendi SE
\u2013
\u2013
\u2013
8
\u2013
8
Interest income from cash, cash equivalents and investments
25
\u2013
25
3
\u2013
3
Interest
(a)
25
(81)
(56)
11
(49)
(38)
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Upside & downside on financial investments
\u2013
(7)
(6)
\u2013
(16)
(15)
Interest expenses on lease liabilities
\u2013
(12)
(12)
\u2013
(5)
(5)
Foreign exchange income or loss
(b)
13
(21)
(8)
7
(10)
(3)
Effect of undiscounting assets and liabilities
\u2013
(3)
(3)
\u2013
(4)
(4)
Other
(c)
3
(45)
(41)
4
(41)
(37)
Change in value of derivative instruments
(d)
11
(7)
4
\u2013
(20)
(20)
Other financial charges and income
28
(95)
(67)
11
(96)
(84)
Net financial income (loss)
54
(176)
(122)
23
(145)
(123)
a. In 2025, interest was a charge of \u20ac56 million, compared to a charge of \u20ac38 million in 2024. This unfavourable change of \u20ac18 million is due to:
(i)interest income from cash, cash equivalents and investments increased by \u20ac22 million, from \u20ac3 million in 2024 to \u20ac25 million in 2025.
(ii)interest expense on borrowings from Vivendi decreased by \u20ac35 million, from \u20ac35 million in 2024 to \u20ac0 million in 2025. This change is due to the conversion of
borrowings from Vivendi into equity for an aggregated amount of \u20ac4,657 million, including \u20ac3,400 million on 16 April 2024, and \u20ac1,257 million between 23 July and
30 September 2024.
(iii)interest expense on borrowings increased by \u20ac66 million, from \u20ac15 million in 2024 to \u20ac81 million in 2025. The main reason for this increase is the impact of the financing
arrangements the Group entered into in 2024 (term loan facility, Bridge facility and Revolving credit facility) and the effects of the new financing arrangements the Group
entered into in the second half of 2025 (Schuldschein loan, bond, new five-year amortising term loan facility and new extendable term loan facility) (see Note 23.3 for
further details).
Other financial charges was a charge of \u20ac67 million in 2025 including MultiChoice contribution for a charge of \u20ac9 million including mostly interest expenses on lease
liabilities foreign exchange and change in value of derivative instruments losses.
b.In 2025, foreign exchange was a charge of \u20ac8 million, compared to a charge of \u20ac3 million in 2024 mainly related to unfavourable change of foreign exchange loss on
current accounts and bank accounts.
c.Mainly includes (i) securities\u2019 acquisition fees for the first half of 2025 and for 2024, (ii) Vivendi and bank guarantee fees in 2025 and 2024 paid in relation to the Bridge
Facility entered into to secure financing of the mandatory tender offer for MultiChoice shares (see Note 3.1 for further details), (iii) other fees and expenses incurred in
relation with bank transactions.
d.Mainly explained in 2025 and 2024 by the unfavourable change in fair value of the options the Group entered into to mitigate the EUR-ZAR foreign exchange risk in
relation of the bank guarantee provided to the TRP in the context of the Mandatory offer for MultiChoice shares, other impacts explained by favourable variation on
hedge ineffectiveness on financial instruments in portfolio as at year end", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
NOTE 6 NET FINANCIAL INCOME (LOSS)
Year ended 31 December
2025
2024
(in millions of euros)
Income
Charges
Net
Income
Charges
Net
Interest expense on borrowings
\u2013
(81)
(81)
\u2013
(15)
(15)
Interest expense on borrowings from Vivendi SE
\u2013
\u2013
\u2013
\u2013
(35)
(35)
Interest income from loans to Vivendi SE
\u2013
\u2013
\u2013
8
\u2013
8
Interest income from cash, cash equivalents and investments
25
\u2013
25
3
\u2013
3
Interest
(a)
25
(81)
(56)
11
(49)
(38)
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Upside & downside on financial investments
\u2013
(7)
(6)
\u2013
(16)
(15)
Interest expenses on lease liabilities
\u2013
(12)
(12)
\u2013
(5)
(5)
Foreign exchange income or loss
(b)
13
(21)
(8)
7
(10)
(3)
Effect of undiscounting assets and liabilities
\u2013
(3)
(3)
\u2013
(4)
(4)
Other
(c)
3
(45)
(41)
4
(41)
(37)
Change in value of derivative instruments
(d)
11
(7)
4
\u2013
(20)
(20)
Other financial charges and income
28
(95)
(67)
11
(96)
(84)
Net financial income (loss)
54
(176)
(122)
23
(145)
(123)
a. In 2025, interest was a charge of \u20ac56 million, compared to a charge of \u20ac38 million in 2024. This unfavourable change of \u20ac18 million is due to:
(i)interest income from cash, cash equivalents and investments increased by \u20ac22 million, from \u20ac3 million in 2024 to \u20ac25 million in 2025.
(ii)interest expense on borrowings from Vivendi decreased by \u20ac35 million, from \u20ac35 million in 2024 to \u20ac0 million in 2025. This change is due to the conversion of
borrowings from Vivendi into equity for an aggregated amount of \u20ac4,657 million, including \u20ac3,400 million on 16 April 2024, and \u20ac1,257 million between 23 July and
30 September 2024.
(iii)interest expense on borrowings increased by \u20ac66 million, from \u20ac15 million in 2024 to \u20ac81 million in 2025. The main reason for this increase is the impact of the financing
arrangements the Group entered into in 2024 (term loan facility, Bridge facility and Revolving credit facility) and the effects of the new financing arrangements the Group
entered into in the second half of 2025 (Schuldschein loan, bond, new five-year amortising term loan facility and new extendable term loan facility) (see Note 23.3 for
further details).
Other financial charges was a charge of \u20ac67 million in 2025 including MultiChoice contribution for a charge of \u20ac9 million including mostly interest expenses on lease
liabilities foreign exchange and change in value of derivative instruments losses.
b.In 2025, foreign exchange was a charge of \u20ac8 million, compared to a charge of \u20ac3 million in 2024 mainly related to unfavourable change of foreign exchange loss on
current accounts and bank accounts.
c.Mainly includes (i) securities\u2019 acquisition fees for the first half of 2025 and for 2024, (ii) Vivendi and bank guarantee fees in 2025 and 2024 paid in relation to the Bridge
Facility entered into to secure financing of the mandatory tender offer for MultiChoice shares (see Note 3.1 for further details), (iii) other fees and expenses incurred in
relation with bank transactions.
d.Mainly explained in 2025 and 2024 by the unfavourable change in fair value of the options the Group entered into to mitigate the EUR-ZAR foreign exchange risk in
relation of the bank guarantee provided to the TRP in the context of the Mandatory offer for MultiChoice shares, other impacts explained by favourable variation on
hedge ineffectiveness on financial instruments in portfolio as at year end", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
NOTE 6 NET FINANCIAL INCOME (LOSS)
Year ended 31 December
2025
2024
(in millions of euros)
Income
Charges
Net
Income
Charges
Net
Interest expense on borrowings
\u2013
(81)
(81)
\u2013
(15)
(15)
Interest expense on borrowings from Vivendi SE
\u2013
\u2013
\u2013
\u2013
(35)
(35)
Interest income from loans to Vivendi SE
\u2013
\u2013
\u2013
8
\u2013
8
Interest income from cash, cash equivalents and investments
25
\u2013
25
3
\u2013
3
Interest
(a)
25
(81)
(56)
11
(49)
(38)
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Upside & downside on financial investments
\u2013
(7)
(6)
\u2013
(16)
(15)
Interest expenses on lease liabilities
\u2013
(12)
(12)
\u2013
(5)
(5)
Foreign exchange income or loss
(b)
13
(21)
(8)
7
(10)
(3)
Effect of undiscounting assets and liabilities
\u2013
(3)
(3)
\u2013
(4)
(4)
Other
(c)
3
(45)
(41)
4
(41)
(37)
Change in value of derivative instruments
(d)
11
(7)
4
\u2013
(20)
(20)
Other financial charges and income
28
(95)
(67)
11
(96)
(84)
Net financial income (loss)
54
(176)
(122)
23
(145)
(123)
a. In 2025, interest was a charge of \u20ac56 million, compared to a charge of \u20ac38 million in 2024. This unfavourable change of \u20ac18 million is due to:
(i)interest income from cash, cash equivalents and investments increased by \u20ac22 million, from \u20ac3 million in 2024 to \u20ac25 million in 2025.
(ii)interest expense on borrowings from Vivendi decreased by \u20ac35 million, from \u20ac35 million in 2024 to \u20ac0 million in 2025. This change is due to the conversion of
borrowings from Vivendi into equity for an aggregated amount of \u20ac4,657 million, including \u20ac3,400 million on 16 April 2024, and \u20ac1,257 million between 23 July and
30 September 2024.
(iii)interest expense on borrowings increased by \u20ac66 million, from \u20ac15 million in 2024 to \u20ac81 million in 2025. The main reason for this increase is the impact of the financing
arrangements the Group entered into in 2024 (term loan facility, Bridge facility and Revolving credit facility) and the effects of the new financing arrangements the Group
entered into in the second half of 2025 (Schuldschein loan, bond, new five-year amortising term loan facility and new extendable term loan facility) (see Note 23.3 for
further details).
Other financial charges was a charge of \u20ac67 million in 2025 including MultiChoice contribution for a charge of \u20ac9 million including mostly interest expenses on lease
liabilities foreign exchange and change in value of derivative instruments losses.
b.In 2025, foreign exchange was a charge of \u20ac8 million, compared to a charge of \u20ac3 million in 2024 mainly related to unfavourable change of foreign exchange loss on
current accounts and bank accounts.
c.Mainly includes (i) securities\u2019 acquisition fees for the first half of 2025 and for 2024, (ii) Vivendi and bank guarantee fees in 2025 and 2024 paid in relation to the Bridge
Facility entered into to secure financing of the mandatory tender offer for MultiChoice shares (see Note 3.1 for further details), (iii) other fees and expenses incurred in
relation with bank transactions.
d.Mainly explained in 2025 and 2024 by the unfavourable change in fair value of the options the Group entered into to mitigate the EUR-ZAR foreign exchange risk in
relation of the bank guarantee provided to the TRP in the context of the Mandatory offer for MultiChoice shares, other impacts explained by favourable variation on
hedge ineffectiveness on financial instruments in portfolio as at year end", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
NOTE 6 NET FINANCIAL INCOME (LOSS)
Year ended 31 December
2025
2024
(in millions of euros)
Income
Charges
Net
Income
Charges
Net
Interest expense on borrowings
\u2013
(81)
(81)
\u2013
(15)
(15)
Interest expense on borrowings from Vivendi SE
\u2013
\u2013
\u2013
\u2013
(35)
(35)
Interest income from loans to Vivendi SE
\u2013
\u2013
\u2013
8
\u2013
8
Interest income from cash, cash equivalents and investments
25
\u2013
25
3
\u2013
3
Interest
(a)
25
(81)
(56)
11
(49)
(38)
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income from investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Upside & downside on financial investments
\u2013
(7)
(6)
\u2013
(16)
(15)
Interest expenses on lease liabilities
\u2013
(12)
(12)
\u2013
(5)
(5)
Foreign exchange income or loss
(b)
13
(21)
(8)
7
(10)
(3)
Effect of undiscounting assets and liabilities
\u2013
(3)
(3)
\u2013
(4)
(4)
Other
(c)
3
(45)
(41)
4
(41)
(37)
Change in value of derivative instruments
(d)
11
(7)
4
\u2013
(20)
(20)
Other financial charges and income
28
(95)
(67)
11
(96)
(84)
Net financial income (loss)
54
(176)
(122)
23
(145)
(123)
a. In 2025, interest was a charge of \u20ac56 million, compared to a charge of \u20ac38 million in 2024. This unfavourable change of \u20ac18 million is due to:
(i)interest income from cash, cash equivalents and investments increased by \u20ac22 million, from \u20ac3 million in 2024 to \u20ac25 million in 2025.
(ii)interest expense on borrowings from Vivendi decreased by \u20ac35 million, from \u20ac35 million in 2024 to \u20ac0 million in 2025. This change is due to the conversion of
borrowings from Vivendi into equity for an aggregated amount of \u20ac4,657 million, including \u20ac3,400 million on 16 April 2024, and \u20ac1,257 million between 23 July and
30 September 2024.
(iii)interest expense on borrowings increased by \u20ac66 million, from \u20ac15 million in 2024 to \u20ac81 million in 2025. The main reason for this increase is the impact of the financing
arrangements the Group entered into in 2024 (term loan facility, Bridge facility and Revolving credit facility) and the effects of the new financing arrangements the Group
entered into in the second half of 2025 (Schuldschein loan, bond, new five-year amortising term loan facility and new extendable term loan facility) (see Note 23.3 for
further details).
Other financial charges was a charge of \u20ac67 million in 2025 including MultiChoice contribution for a charge of \u20ac9 million including mostly interest expenses on lease
liabilities foreign exchange and change in value of derivative instruments losses.
b.In 2025, foreign exchange was a charge of \u20ac8 million, compared to a charge of \u20ac3 million in 2024 mainly related to unfavourable change of foreign exchange loss on
current accounts and bank accounts.
c.Mainly includes (i) securities\u2019 acquisition fees for the first half of 2025 and for 2024, (ii) Vivendi and bank guarantee fees in 2025 and 2024 paid in relation to the Bridge
Facility entered into to secure financing of the mandatory tender offer for MultiChoice shares (see Note 3.1 for further details), (iii) other fees and expenses incurred in
relation with bank transactions.
d.Mainly explained in 2025 and 2024 by the unfavourable change in fair value of the options the Group entered into to mitigate the EUR-ZAR foreign exchange risk in
relation of the bank guarantee provided to the TRP in the context of the Mandatory offer for MultiChoice shares, other impacts explained by favourable variation on
hedge ineffectiveness on financial instruments in portfolio as at year end", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
NOTE 7 INCOME TAXES
7.1 PROVISION FOR INCOME TAXES AND INCOME TAX PAID
PROVISION FOR INCOME TAXES
(Charge)/Income
Year ended 31 December
(in millions of euros)
2025
2024
France
(3)
(46)
Rest of Europe
(20)
(16)
Africa
(118)
(62)
Rest of the world
(5)
(6)
Current
(146)
(129)
France
28
(4)
Rest of Europe
4
(24)
Africa
2
1
Rest of the world
(1)
\u2013
Deferred
33
(27)
Income tax
(113)
(156)
INCOME TAX PAID
Year ended 31 December
(in millions of euros)
2025
2024
France
16
(54)
Rest of Europe
(36)
(9)
Africa
(146)
(57)
Rest of the world
(5)
(7)
Income tax (paid)/collected
(170)
(127)
7.2 EFFECTIVE TAX RATE
Year ended 31 December
(in millions of euros)
2025
2024
Earnings (losses) from continuing operations
40
(77)
Eliminations
0
Income (loss) from equity affiliates
(38)
158
Income tax
113
156
Earnings from continuing operations before provision for income taxes and income from
equity affiliates
114
236
French statutory tax rate
25.83%
25.83%
Theoretical provision for income taxes based on french statutory tax rate
(30)
(61)
Reconciliation of the theoretical and effective provision for income taxes
\u2013
\u2013
Earnings tax rates differences
(19)
(2)
Use or recognition of tax losses
10
11
Depreciation or non-recognition of tax losses
(28)
(60)
Adjustments to tax expense from previous years
(1)
(2)
Tax on corporate value added
(3)
(3)
Withholding tax/tax credits
(38)
(25)
Non-deductible expenses and non-taxable revenues
(9)
(5)
Other
5
(10)
Income tax
(113)
(156)
Effective tax rate
98.79%
65.96%
The effective tax rate is notably impacted by exceptional items (see note 4.1) that negatively affect the Earnings from continuing operations before
provision for income taxes and income from equity affiliates.
7.3 DEFERRED TAX ASSETS AND LIABILITIES
CHANGES IN DEFERRED TAX ASSETS/(LIABILITIES), NET
Year ended 31 December
(in millions of euros)
2025
2024
Opening balance of deferred assets/liabilities, Net
(37)
(62)
Provision for income taxes
33
(27)
Charges and income directly recognised in equity
\u2013
1
Business combinations
(a)
(354)
49
Divestitures in progress
(b)
(2)
\u2013
Change in foreign currency translation adjustements and other
(3)
1
Closing balance of deferred assets/liabilities, Net
(364)
(37)
a. Mainly related to MultiChoice acquisition (see note 3.1)
b. Related to discontinued operations in Vietnam (see note 3.6)
COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES
Year ended 31 December
(in millions of euros)
2025
2024
Deferred tax assets
Recognisable deferred taxes
Tax attributes
(a)
1,097
398
Other
231
122
of which non-deductible provisions
149
76
of which leases
27
2
of which employee benefits
7
7
of which working capital
30
10
Total gross deferred taxes
1,328
520
Deferred taxes, unrecognised
Tax attributes
(a)
(982)
(364)
Other
(20)
(14)
Total deferred tax assets, unrecognised
(1,002)
(379)
Recorded deferred tax assets
(c)
326
141
Deferred tax liabilities
Asset revaluations
(b)
(418)
(48)
Other
(272)
(130)
Recorded deferred tax liabilities
(c)
(690)
(178)
Deferred tax assets/(liabilities), net
(364)
(37)
a. Under French tax law, French corporations and their 95% owned domestic subsidiaries may elect to file one single tax return, thus allowing the offset of losses against the
profits of corporations\u2019 members of a tax group. The Group opted for such tax consolidation with French subsidiaries at least 95% owned as from 1 January 2025
together \u201cthe Group\u2019s French entities\u201d. Tax losses incurred by a subsidiary during the period for which it is consolidated for tax purposes will belong to CANAL+ SA as the
head of the tax group.
The consolidated taxable result of the French\u00a0 tax group is a loss of \u20ac311 million in 2025 (as a consequence of exceptional items, see note 4.1) no corporate income tax is
payable by the tax group. Tax losses which pertain to the tax group are recognized as tax attributes. These tax losses are recognized to the extent that their recovery is
supported by the short and medium term taxable profit forecasts of the tax group and are recorded as assets for a total of \u20ac84 million. Under French tax lax, those tax
losses are carried forward indefinitely.
At the end of 2025, the tax losses carryforwards for the entities within the French tax group amount to \u20ac915 million including \u20ac311 million relating to the CANAL+ SA tax
group\u2019s result in 2025 and \u20ac604 million of standalone tax losses incurred prior to joining the CANAL+ SA tax group.
b. These tax liabilities, stemming from asset revaluations as part of the purchase price allocation of entities acquired by the Group, are cancelled upon amortisation or
divestiture of the related assets and never generate any current tax liabilities.
c. At the end of December 2025, the deferred tax assets and deferred tax liabilities relating to MultiChoice amount respectively to \u20ac173 million and \u20ac534 million.
7.4 TAX LITIGATION
VAT TAX REASSESSMENTS IN FRANCE AND FRENCH TST
CHALLENGE
FRENCH VAT
On 19 December 2025, the Group reached a settlement with the French
tax authorities, resolving all the disputes related to the VAT rate
applicable to television subscriptions in France.
This agreement follows the clarifications published by the tax authorities in
September 2025, as well as the work jointly carried out on the definition
and operational terms of catch-up television at CANAL+.
In this context, VAT applies at a reduced rate on television subscription
services. The Company believes that future related tax audits for
subsequent years should not result in any significant additional
adjustments. The Company has therefore decided not to make any
additional provision in its accounts in this respect.
The total amount to which the Group has committed amounts to
\u20ac363 million.
FRENCH TAX ON TELEVISION SERVICES
On 5 June 2025, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and Groupe CANAL+
reached an agreement with the Centre national du cin\u00e9ma et de l'image
anim\u00e9e (CNC) regarding the rules applicable to determining the tax basis
of the French tax on television services (Taxe sur les services de television)
(the 'French TST\u2019). It settled the disputes relating to fiscal years 2017 to
2023 included and removes uncertainty regarding the possibility of a
material additional disbursement.
This agreement is cash neutral for the Group and the corresponding
expense on the consolidated statement of earnings of \u20ac78 million is
deductible for tax purposes, resulting in a corporate income tax saving.
As from 1 January 2024, rules governing the determination of the tax
basis of the French TST have been modified. Although the way this
modification has been introduced in the TST law could be disputed
starting as from 1 January 2024, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and
Groupe CANAL+ applied the law as amended. This results in an
additional annual amount of \u20ac20 million of TST.
TAX REASSESSMENTS REGARDING CANAL+
LUXEMBOURG
CANAL+ Luxembourg (formerly M7 and as successor of CDS Topco
BV) has been subject to a withholding tax reassessment by the Dutch tax
authorities with respect to dividend distributions made by CDS Topco BV
to one of its shareholder over the 2015-2017 period, as well as a
reassessment relating to the deductibility of interest expenses for fiscal
years 2017 and 2018.\u00a0
\u25aa With respect to dividend withholding tax, Dutch tax authorities argue
that the shareholder which received the dividends was not eligible for
a withholding tax exemption, based on abuse of law, arguing that the
shareholder did not have the required substance and that the
beneficial owner of the dividends was outside the European Union.
The total reassessment (including accrued interest and penalties)
amounts to \u20ac22.6 million. CANAL+ Luxembourg has contested the
tax reassessment before the Dutch courts. The lower court ruled
against CANAL+ Luxembourg but CANAL+ Luxembourg has
appealed the decision in 2024; the Court of Appeal in Den Bosch has
confirmed the lower Court decision on 24 December 2025.
CANAL+ filed an appeal in cassation with the Supreme Court on 4
February 2026. The case is now pending before the Supreme Court.
The payment is still suspended meanwhile. In parallel, CANAL+ filed
a recourse claim before the Dutch civil courts in order to obtain a
refund of taxes, costs and fees borne in relation to the Dutch tax
reassessment. The lower court dismissed CANAL+\u2019s arguments.
CANAL+ appealed the decision. The court of appeals ruled against
CANAL+ Luxembourg on 1 April 2025. After in-depth legal analysis,
filing an appeal with the Dutch Supreme court was not possible.
Therefore, this civil litigation is now over.
\u25aa With respect to interest deductibility, Dutch tax authorities challenge
the way the company has computed the interest deduction limitation
ratio for both fiscal years (on different grounds for each of the two
years). The total reassessment (including accrued interest and
penalties) amounts to \u20ac12.5 million. The company has contested the
tax reassessment in front of the lower Dutch tax court. This lower court
denied CANAL+ requests on 27 May 2025. CANAL+ appealed
this judgment on 7 July 2025. The payment is suspended meanwhile.
TAX AUDITS, TAX REASSESSMENTS AND PROCEDURES IN
SEVERAL AFRICAN JURISDICTIONS
The Group is regularly subject to tax audits, proposed tax adjustments
and other tax procedures in the African jurisdictions where it operates.
Several jurisdictions and several tax matters (e.g. corporate income tax,
VAT, turnover taxes, withholding tax) are concerned. The Group
maintains and regularly updates a provision in its consolidated financial
statements that reflects its best estimate of the actual tax risk, considering
its prior history of resolution of the procedures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
NOTE 7 INCOME TAXES
7.1 PROVISION FOR INCOME TAXES AND INCOME TAX PAID
PROVISION FOR INCOME TAXES
(Charge)/Income
Year ended 31 December
(in millions of euros)
2025
2024
France
(3)
(46)
Rest of Europe
(20)
(16)
Africa
(118)
(62)
Rest of the world
(5)
(6)
Current
(146)
(129)
France
28
(4)
Rest of Europe
4
(24)
Africa
2
1
Rest of the world
(1)
\u2013
Deferred
33
(27)
Income tax
(113)
(156)
INCOME TAX PAID
Year ended 31 December
(in millions of euros)
2025
2024
France
16
(54)
Rest of Europe
(36)
(9)
Africa
(146)
(57)
Rest of the world
(5)
(7)
Income tax (paid)/collected
(170)
(127)
7.2 EFFECTIVE TAX RATE
Year ended 31 December
(in millions of euros)
2025
2024
Earnings (losses) from continuing operations
40
(77)
Eliminations
0
Income (loss) from equity affiliates
(38)
158
Income tax
113
156
Earnings from continuing operations before provision for income taxes and income from
equity affiliates
114
236
French statutory tax rate
25.83%
25.83%
Theoretical provision for income taxes based on french statutory tax rate
(30)
(61)
Reconciliation of the theoretical and effective provision for income taxes
\u2013
\u2013
Earnings tax rates differences
(19)
(2)
Use or recognition of tax losses
10
11
Depreciation or non-recognition of tax losses
(28)
(60)
Adjustments to tax expense from previous years
(1)
(2)
Tax on corporate value added
(3)
(3)
Withholding tax/tax credits
(38)
(25)
Non-deductible expenses and non-taxable revenues
(9)
(5)
Other
5
(10)
Income tax
(113)
(156)
Effective tax rate
98.79%
65.96%
The effective tax rate is notably impacted by exceptional items (see note 4.1) that negatively affect the Earnings from continuing operations before
provision for income taxes and income from equity affiliates.
7.3 DEFERRED TAX ASSETS AND LIABILITIES
CHANGES IN DEFERRED TAX ASSETS/(LIABILITIES), NET
Year ended 31 December
(in millions of euros)
2025
2024
Opening balance of deferred assets/liabilities, Net
(37)
(62)
Provision for income taxes
33
(27)
Charges and income directly recognised in equity
\u2013
1
Business combinations
(a)
(354)
49
Divestitures in progress
(b)
(2)
\u2013
Change in foreign currency translation adjustements and other
(3)
1
Closing balance of deferred assets/liabilities, Net
(364)
(37)
a. Mainly related to MultiChoice acquisition (see note 3.1)
b. Related to discontinued operations in Vietnam (see note 3.6)
COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES
Year ended 31 December
(in millions of euros)
2025
2024
Deferred tax assets
Recognisable deferred taxes
Tax attributes
(a)
1,097
398
Other
231
122
of which non-deductible provisions
149
76
of which leases
27
2
of which employee benefits
7
7
of which working capital
30
10
Total gross deferred taxes
1,328
520
Deferred taxes, unrecognised
Tax attributes
(a)
(982)
(364)
Other
(20)
(14)
Total deferred tax assets, unrecognised
(1,002)
(379)
Recorded deferred tax assets
(c)
326
141
Deferred tax liabilities
Asset revaluations
(b)
(418)
(48)
Other
(272)
(130)
Recorded deferred tax liabilities
(c)
(690)
(178)
Deferred tax assets/(liabilities), net
(364)
(37)
a. Under French tax law, French corporations and their 95% owned domestic subsidiaries may elect to file one single tax return, thus allowing the offset of losses against the
profits of corporations\u2019 members of a tax group. The Group opted for such tax consolidation with French subsidiaries at least 95% owned as from 1 January 2025
together \u201cthe Group\u2019s French entities\u201d. Tax losses incurred by a subsidiary during the period for which it is consolidated for tax purposes will belong to CANAL+ SA as the
head of the tax group.
The consolidated taxable result of the French\u00a0 tax group is a loss of \u20ac311 million in 2025 (as a consequence of exceptional items, see note 4.1) no corporate income tax is
payable by the tax group. Tax losses which pertain to the tax group are recognized as tax attributes. These tax losses are recognized to the extent that their recovery is
supported by the short and medium term taxable profit forecasts of the tax group and are recorded as assets for a total of \u20ac84 million. Under French tax lax, those tax
losses are carried forward indefinitely.
At the end of 2025, the tax losses carryforwards for the entities within the French tax group amount to \u20ac915 million including \u20ac311 million relating to the CANAL+ SA tax
group\u2019s result in 2025 and \u20ac604 million of standalone tax losses incurred prior to joining the CANAL+ SA tax group.
b. These tax liabilities, stemming from asset revaluations as part of the purchase price allocation of entities acquired by the Group, are cancelled upon amortisation or
divestiture of the related assets and never generate any current tax liabilities.
c. At the end of December 2025, the deferred tax assets and deferred tax liabilities relating to MultiChoice amount respectively to \u20ac173 million and \u20ac534 million.
7.4 TAX LITIGATION
VAT TAX REASSESSMENTS IN FRANCE AND FRENCH TST
CHALLENGE
FRENCH VAT
On 19 December 2025, the Group reached a settlement with the French
tax authorities, resolving all the disputes related to the VAT rate
applicable to television subscriptions in France.
This agreement follows the clarifications published by the tax authorities in
September 2025, as well as the work jointly carried out on the definition
and operational terms of catch-up television at CANAL+.
In this context, VAT applies at a reduced rate on television subscription
services. The Company believes that future related tax audits for
subsequent years should not result in any significant additional
adjustments. The Company has therefore decided not to make any
additional provision in its accounts in this respect.
The total amount to which the Group has committed amounts to
\u20ac363 million.
FRENCH TAX ON TELEVISION SERVICES
On 5 June 2025, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and Groupe CANAL+
reached an agreement with the Centre national du cin\u00e9ma et de l'image
anim\u00e9e (CNC) regarding the rules applicable to determining the tax basis
of the French tax on television services (Taxe sur les services de television)
(the 'French TST\u2019). It settled the disputes relating to fiscal years 2017 to
2023 included and removes uncertainty regarding the possibility of a
material additional disbursement.
This agreement is cash neutral for the Group and the corresponding
expense on the consolidated statement of earnings of \u20ac78 million is
deductible for tax purposes, resulting in a corporate income tax saving.
As from 1 January 2024, rules governing the determination of the tax
basis of the French TST have been modified. Although the way this
modification has been introduced in the TST law could be disputed
starting as from 1 January 2024, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and
Groupe CANAL+ applied the law as amended. This results in an
additional annual amount of \u20ac20 million of TST.
TAX REASSESSMENTS REGARDING CANAL+
LUXEMBOURG
CANAL+ Luxembourg (formerly M7 and as successor of CDS Topco
BV) has been subject to a withholding tax reassessment by the Dutch tax
authorities with respect to dividend distributions made by CDS Topco BV
to one of its shareholder over the 2015-2017 period, as well as a
reassessment relating to the deductibility of interest expenses for fiscal
years 2017 and 2018.\u00a0
\u25aa With respect to dividend withholding tax, Dutch tax authorities argue
that the shareholder which received the dividends was not eligible for
a withholding tax exemption, based on abuse of law, arguing that the
shareholder did not have the required substance and that the
beneficial owner of the dividends was outside the European Union.
The total reassessment (including accrued interest and penalties)
amounts to \u20ac22.6 million. CANAL+ Luxembourg has contested the
tax reassessment before the Dutch courts. The lower court ruled
against CANAL+ Luxembourg but CANAL+ Luxembourg has
appealed the decision in 2024; the Court of Appeal in Den Bosch has
confirmed the lower Court decision on 24 December 2025.
CANAL+ filed an appeal in cassation with the Supreme Court on 4
February 2026. The case is now pending before the Supreme Court.
The payment is still suspended meanwhile. In parallel, CANAL+ filed
a recourse claim before the Dutch civil courts in order to obtain a
refund of taxes, costs and fees borne in relation to the Dutch tax
reassessment. The lower court dismissed CANAL+\u2019s arguments.
CANAL+ appealed the decision. The court of appeals ruled against
CANAL+ Luxembourg on 1 April 2025. After in-depth legal analysis,
filing an appeal with the Dutch Supreme court was not possible.
Therefore, this civil litigation is now over.
\u25aa With respect to interest deductibility, Dutch tax authorities challenge
the way the company has computed the interest deduction limitation
ratio for both fiscal years (on different grounds for each of the two
years). The total reassessment (including accrued interest and
penalties) amounts to \u20ac12.5 million. The company has contested the
tax reassessment in front of the lower Dutch tax court. This lower court
denied CANAL+ requests on 27 May 2025. CANAL+ appealed
this judgment on 7 July 2025. The payment is suspended meanwhile.
TAX AUDITS, TAX REASSESSMENTS AND PROCEDURES IN
SEVERAL AFRICAN JURISDICTIONS
The Group is regularly subject to tax audits, proposed tax adjustments
and other tax procedures in the African jurisdictions where it operates.
Several jurisdictions and several tax matters (e.g. corporate income tax,
VAT, turnover taxes, withholding tax) are concerned. The Group
maintains and regularly updates a provision in its consolidated financial
statements that reflects its best estimate of the actual tax risk, considering
its prior history of resolution of the procedures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
7.4 TAX LITIGATION
VAT TAX REASSESSMENTS IN FRANCE AND FRENCH TST
CHALLENGE
FRENCH VAT
On 19 December 2025, the Group reached a settlement with the French
tax authorities, resolving all the disputes related to the VAT rate
applicable to television subscriptions in France.
This agreement follows the clarifications published by the tax authorities in
September 2025, as well as the work jointly carried out on the definition
and operational terms of catch-up television at CANAL+.
In this context, VAT applies at a reduced rate on television subscription
services. The Company believes that future related tax audits for
subsequent years should not result in any significant additional
adjustments. The Company has therefore decided not to make any
additional provision in its accounts in this respect.
The total amount to which the Group has committed amounts to
\u20ac363 million.
FRENCH TAX ON TELEVISION SERVICES
On 5 June 2025, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and Groupe CANAL+
reached an agreement with the Centre national du cin\u00e9ma et de l'image
anim\u00e9e (CNC) regarding the rules applicable to determining the tax basis
of the French tax on television services (Taxe sur les services de television)
(the 'French TST\u2019). It settled the disputes relating to fiscal years 2017 to
2023 included and removes uncertainty regarding the possibility of a
material additional disbursement.
This agreement is cash neutral for the Group and the corresponding
expense on the consolidated statement of earnings of \u20ac78 million is
deductible for tax purposes, resulting in a corporate income tax saving.
As from 1 January 2024, rules governing the determination of the tax
basis of the French TST have been modified. Although the way this
modification has been introduced in the TST law could be disputed
starting as from 1 January 2024, Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and
Groupe CANAL+ applied the law as amended. This results in an
additional annual amount of \u20ac20 million of TST.
TAX REASSESSMENTS REGARDING CANAL+
LUXEMBOURG
CANAL+ Luxembourg (formerly M7 and as successor of CDS Topco
BV) has been subject to a withholding tax reassessment by the Dutch tax
authorities with respect to dividend distributions made by CDS Topco BV
to one of its shareholder over the 2015-2017 period, as well as a
reassessment relating to the deductibility of interest expenses for fiscal
years 2017 and 2018.\u00a0
\u25aa With respect to dividend withholding tax, Dutch tax authorities argue
that the shareholder which received the dividends was not eligible for
a withholding tax exemption, based on abuse of law, arguing that the
shareholder did not have the required substance and that the
beneficial owner of the dividends was outside the European Union.
The total reassessment (including accrued interest and penalties)
amounts to \u20ac22.6 million. CANAL+ Luxembourg has contested the
tax reassessment before the Dutch courts. The lower court ruled
against CANAL+ Luxembourg but CANAL+ Luxembourg has
appealed the decision in 2024; the Court of Appeal in Den Bosch has
confirmed the lower Court decision on 24 December 2025.
CANAL+ filed an appeal in cassation with the Supreme Court on 4
February 2026. The case is now pending before the Supreme Court.
The payment is still suspended meanwhile. In parallel, CANAL+ filed
a recourse claim before the Dutch civil courts in order to obtain a
refund of taxes, costs and fees borne in relation to the Dutch tax
reassessment. The lower court dismissed CANAL+\u2019s arguments.
CANAL+ appealed the decision. The court of appeals ruled against
CANAL+ Luxembourg on 1 April 2025. After in-depth legal analysis,
filing an appeal with the Dutch Supreme court was not possible.
Therefore, this civil litigation is now over.
\u25aa With respect to interest deductibility, Dutch tax authorities challenge
the way the company has computed the interest deduction limitation
ratio for both fiscal years (on different grounds for each of the two
years). The total reassessment (including accrued interest and
penalties) amounts to \u20ac12.5 million. The company has contested the
tax reassessment in front of the lower Dutch tax court. This lower court
denied CANAL+ requests on 27 May 2025. CANAL+ appealed
this judgment on 7 July 2025. The payment is suspended meanwhile.
TAX AUDITS, TAX REASSESSMENTS AND PROCEDURES IN
SEVERAL AFRICAN JURISDICTIONS
The Group is regularly subject to tax audits, proposed tax adjustments
and other tax procedures in the African jurisdictions where it operates.
Several jurisdictions and several tax matters (e.g. corporate income tax,
VAT, turnover taxes, withholding tax) are concerned. The Group
maintains and regularly updates a provision in its consolidated financial
statements that reflects its best estimate of the actual tax risk, considering
its prior history of resolution of the procedures.
NOTE 27 LITIGATION
In the course of its ordinary activities, the Group may be involved in legal,
arbitration, administrative or regulatory proceedings, including disputes
with its suppliers, competitors and employees, as well as audiovisual and
tax authorities and similar bodies. At the date of this document, the Group
is not aware of any governmental, legal or arbitration proceedings,
including any proceedings which are ongoing or with which it is
threatened, other than those mentioned below.
Expenses resulting from any governmental, legal or arbitration
proceedings are recognised as provisions only when they are likely to be
incurred and the financial obligation resulting from such proceedings can
be reasonably quantified or estimated. In such case, the provision amount
represents the Group\u2019s best estimate of the risk resulting from such
proceedings, based on a case-by-case assessment of the risk level. The
Group may reassess this risk at any time if new events occur during the
proceedings. As of 31 December 2025, the Group\u2019s total provision for
contingencies and expenses amounted to \u20ac267 million (please refer to
Note 20).
PARABOLE R\u00c9UNION
Following the acquisition by the Group of the TPS channels, notably TPS
Foot, which were previously distributed by Parabole R\u00e9union, Parabole
R\u00e9union initiated several legal proceedings against the Group before the
Paris Tribunal de Grande Instance (the Paris Court of First Instance): in
2007, Parabole R\u00e9union requested that the Court order the Group to
make available, on an exclusive basis, several channels with a level of
attractiveness similar to that of the former TPS channels licensed to
Parabole R\u00e9union prior to 2007 and pay damages to it, and in 2012,
Parabole requested that the Court rule that the Group (and more
specifically CANAL+ France, Groupe CANAL+ SA and CANAL+
Distribution) failed to fulfil their contractual obligations to Parabole
R\u00e9union and their commitments to the Ministry of Economy, pursuant to
which they had undertaken to make available a number of channels to
Parabole R\u00e9union.
In 2014, the Paris Court of First Instance partially admitted Parabole
R\u00e9union\u2019s claim related to the attractiveness of the channels with respect
to the period following 19 June 2008 and concluded that the Group was
liable pursuant to its contract with Parabole R\u00e9union on the grounds of
the deterioration of the quality of certain channels made available to
Parabole R\u00e9union, and ordered an expert report in respect of the amount
of damages suffered by Parabole R\u00e9union.
In June 2016, the Paris Court of Appeals upheld the 2014 decision of the
Paris Court of First Instance.
In January 2017, the Paris Court of First Instance ordered the Group to
pay to Parabole R\u00e9union damages in an amount of \u20ac37,720,000,
which was paid in full by the Group. The amount of damages thus
granted by the Court was far below Parabole Reunion\u2019s claims and the
amount set forth by the Court-appointed expert. As a result, Parabole
R\u00e9union appealed this decision.
Further to additional claims and challenges by Parabole R\u00e9union, in
February 2022 and following a second expertise ordered at Parabole
R\u00e9union\u2019s request, the Paris Court of Appeals upheld the January 2017
decision in its entirety, except for the amount of damages awarded for
operating losses suffered by Parabole R\u00e9union, which was then set by the
Paris Court of Appeals at \u20ac48.55 million for the period 2008-2012
(which amount was increased to \u20ac49.3 million further to the issuance by
the Court of an amended decision in March 2024 and paid in full by the
Group), and at \u20ac29.5 million for the period 2013-2016, all of which were
to be capitalised at an interest rate of 11% for the period from 1 January
2013 to 31 December 2016 (which capitalisation was subsequently
extended to the period 2008-2012 by decisions of the Paris Court of
Appeals of April 2022 and May 2022). It also ordered the Group to
pay \u20ac1 million in damages for reputational harm and \u20ac500,000 in
moral damages.
Further to appeals by the Group and by Parabole R\u00e9union in
May 2022, the French Supreme Court (Cour de cassation) upheld
the principal amount of the damages awarded by the Paris Court of
Appeal on 11 February 2022, but reversed the provisions of the judicial
decision ordering the Group to pay interest to Parabole R\u00e9union at
the capitalisation rate of 11% and remanded the case to the Paris Court
of Appeal.
In connection with the pending procedure before the Paris Court of
Appeals, Parabole R\u00e9union seeks payment for compensatory damages
and interest, including (i) interest capitalised at 11% for the period 2008 to
2012 estimated at \u20ac7 million, (ii) an additional amount of \u20ac190 million of
damages in respect of 2013, and (iii) interest capitalised at the regulatory
rates applied by the Autorit\u00e9 de r\u00e9gulation des communications
\u00e9lectroniques, des postes et de la distribution de la presse (Arcep) and/
or Vivendi\u2019s weighted average cost of capital for the period starting after
2014, estimated at \u20ac43 million. It also seeks publication of the decision
and \u20ac12.5 million in compensation for the reimbursement of legal fees
and expenses disbursed by it pursuant to Article 700 of the French Code
of Civil Procedure.
By decision dated 20 January 2025, the Paris Court of Appeal dismissed
Parabole R\u00e9union\u2019s claim to receive \u20ac190 million of damages for 2013,
considering that this request was not admissible.
Regarding Parabole R\u00e9union\u2019s other requests, the Paris Court of Appeal
decided to reopen the discussions and scheduled a hearing on 20
February 2025 to hear the parties regarding the opportunity to settle the
pending demands on an amicable basis.
By decision dated 16 June 2025, the Paris Court of Appeal rejected
Parabole R\u00e9union\u2019s request for benefiting compensatory interest
capitalized at 11% or interest capitalized at the regulatory rates applied
by the Autorit\u00e9 de r\u00e9gulation des communication \u00e9lectroniques, des
postes et de la distribution de la presse (Arcep) and/or Vivendi\u2019s
weighted average cost of capital, for the operating losses it had suffered.
The Paris Court of Appeal upheld the Group\u2019s request to allocate
Parabole R\u00e9union only compensatory interest capitalized at the legal rate
on the damages GCP was sentenced to pay as well as to take into
account the progressive nature of the operating losses suffered by
Parabole R\u00e9union since 2008. Therefore, the Group is required to pay to
Parabole R\u00e9union interest capitalized at the legal rate, on an actualized
basis, on the successive amount of damages awarded for operating
losses suffered by Parabole R\u00e9union up to the date of the decisions fixing
those damages.
The Court also ordered the Group to pay moratory interest, at the legal
rate, calculated on the Group\u2019s condemnations from the date of the
decisions fixing the amount of damages awarded to Parabole R\u00e9union up
to the dates of payment of those damages by the Group.
Remaining claims of Parabole R\u00e9union for compensatory interests as well
as for the decision to be published were dismissed by the Court.
As regards procedural costs, the Paris Court of Appeal ordered the
Group to pay Parabole R\u00e9union 450,000 euros to cover the costs of the
first instance proceedings and the appeal proceedings prior to the
Supreme Court ruling, while condemning Parabole R\u00e9union to pay the
costs of the proceedings that led to the decision.\u00a0 Parabole R\u00e9union
lodged an appeal before the French Supreme Court against the decisions
delivered by the Paris Court of Appeal on 20 January 2025 and 16 June
2025. The proceedings are currently pending.
ARCOM
C8, a former\u00a0 free-to-air channel of the Group, stopped broadcasting on
28 February 2025 following the refusal of the French Regulatory
Authority for Audiovisual and Digital Communication (\u201cARCOM\u201d) to
renew the channel\u2019s DTT license, a decision which is currently disputed
before the European Court of Human Rights.
CNEWS, one of the Group\u2019s remaining free-to-air channels whose DTT
license was renewed in 2024, has been the subject of monetary
sanctions by ARCOM over the last few years for various regulatory
violations. CNEWS appealed most of such sanction decisions to the
French Council of State (Conseil d'\u00c9tat), certain of these appeals were
successful. There are currently a couple of similar proceedings pending
with ARCOM and a number of others were closed by ARCOM without
any sanction.
POLSKA
On 8 January 2024, the Polish Office of Competition and Consumer
Protection (UOKiK) rendered a sanction decision against CANAL+
POLSKA, considering that a number of sales practices implemented by
CANAL+ POLSKA\u2019s external service providers seeking to conclude
contracts over phone calls were detrimental to the collective interests
of consumers.
The fine imposed on CANAL+ POLSKA was 46,557,853 zlotys
(\u20ac10.6 million).
The UOKiK also ordered CANAL+ POLSKA to compensate customers
affected by these practices by: (i) repaying the amount of the contractual
termination penalty paid by customers who entered into subscription
contracts with the company between 10 October 2019 and 22 April
2022, and exercised their termination right before the end of the
contract\u2019s validity period and (ii) refunding subscription fees paid by
customers who, between 10 October 2019 until 29 December 2023,
submitted a complaint regarding irregularities in subscription offers made
by the Company, and who did not receive a full refund in connection with
the submitted complaint. UOKiK stated in its decision that these
repayments/refunds were required to occur by the end of a two-month
period following the request made by the concerned consumers. In
accordance with Polish law, the UOKiK\u2019s decisions are not binding and
cannot be regarded as enforceable if a party mentioned in the decision
files an appeal against it. CANAL+ POLSKA lodged an appeal against
this decision on 29 January 2024 with Warsaw\u2019s Commercial Court.\u00a0 The
Warsaw Commercial Court dismissed the company's appeal and upheld
the UOKiK\u2019s decision in its entirety. The company intends to appeal the
court\u2019s decision.
AGAINST MEDIAPRO
On 18 September 2020, the Group filed a claim against Mediapro
before the Nanterre Commercial Court for unequal treatment and
discriminatory practices in the context of discussions that had taken place
between the two companies regarding the distribution of the Telefoot
channel, which has since been discontinued. On 2 October 2020, the
Nanterre Commercial Court referred the case to the Paris Commercial
Court.\u00a0
On 20 November 2020, Mediapro filed counter-claims against the
Group, alleging: (i) abuse of dominant position and unfair practices in the
Telefoot distribution contract negotiations and (ii) disparaging statements
constituting unfair competition. The two cases were subsequently joined
and Mediapro entered into liquidation proceedings in France.
The Group subsequently sought damages for the 2018 bids whereby
Mediapro obtained the broadcasting rights (see above) based on bids
that are deemed by the Group both exorbitant and lacking economic
rationality, while Mediapro increased its claims to \u20ac369 million for
alleged operational damages, \u20ac185 million for alleged loss of future
income and \u20ac35 million for cessation of activity.
On 16 June 2022, the Group filed a request for forced intervention
against Mediapro International, a division of the Mediapro Group, on the
grounds that it participated in the 2018 wrongful bids. In October 2022,
the Paris Commercial Court decided that the question of the admissibility
of Mediapro International\u2019s intervention should be joined with the case on
the merits.
On 31 January 2023, the Paris Commercial Court dismissed all of the
parties\u2019 respective claims. On 30 March 2023, Mediapro appealed
against the Paris Commercial Court\u2019s decision. The appeal is pending
before the Paris Court of Appeals, and the hearing is expected to take
place on 27 May 2026.\u00a0
AGAINST THE FRENCH PROFESSIONAL
FOOTBALL LEAGUE
The Group initiated proceedings against the LFP following the call for
tenders launched by the LFP on 19 January 2021 for the sale of the League
1 rights returned by Mediapro and the award of those rights to Amazon for
an amount of \u20ac250 million per season. Those rights had been acquired by
Mediapro in the 2018 LFP call for tenders in respect of the 2020-2021 to
2023-2024 seasons, while the Group had acquired from beIN Sports
other broadcasting rights (Lot 3) obtained by beIN pursuant to that same
call for tenders for an amount of \u20ac332 million per season. These
proceedings involve claims by the Group to obtain: (i) the annulment of the
2021 LFP call for tenders, (ii) the request that the LFP launch a new call for
tender of all of League 1 broadcasting rights for the period concerned by
the 2021 LFP call for tenders, (iii) the annulment of the contract relating to
Lot 3 acquired by the Group, (iv) the suspension of the agreement entered
into between the LFP and Amazon, and the reallocation of the lots
attributed to Amazon for the 2022-2023 and 2023-2024 seasons, and (v)
the repayment of the difference between the price paid by the Group for
the acquisition of Lot 3 and the current economic value of such rights further
to the award of the rights returned by Mediapro to Amazon. These
proceedings are described in further detail below. Two of them are
pending before the French Supreme Court (Cour de cassation) and one is
pending before the Paris Court of Appeals.
First, on 22 January 2021, the Group brought fast-track proceedings
against the LFP before the Paris Commercial Court, seeking, among other
things, the annulment of the 2021 call for tenders and of any subsequent
contract and an injunction against the LFP to launch a new call for tenders
for all of League 1 broadcasting rights. In March 2021, the Paris
Commercial Court dismissed all the Group\u2019s claims and ordered it to pay
\u20ac50,000 to the LFP for legal fees. In April 2021, the Group appealed
against this decision before the Paris Court of Appeals, which upheld the
lower court\u2019s decision in a decision rendered on 3 February 2023. On 10
March 2023, the Group appealed against this decision to the French
Supreme Court (Cour de cassation). On 25 September 2024, the French
Supreme Court (Cour de cassation) overturned the Paris Court of
Appeals\u2019 decision and sent the case back to the Paris Court of Appeals.
On 14 January 2026, the Paris Court of Appeals dismissed all the
Group\u2019s claims. The Group decided to appeal against this decision to the
French Supreme Court (Cour de cassation).
Second, in January 2021, the Group also filed a claim and a request
for interim measures against the LFP before the French Competition
Authority, demanding in particular that the LFP organise a new call for
tenders for all League 1 broadcasting rights for the broadcasting period
concerned. The French Competition Authority denied the Group\u2019s claim
and request for interim measures for lack of sufficiently probationary
evidence on 11 June 2021. The Group appealed against this decision, and
such appeal was dismissed on 30 June 2022. On 28 July 2022, the
Group appealed this dismissal to the French Supreme Court (Cour de
cassation). On 25 September 2024, the French Supreme Court (Cour de
cassation) dismissed the Group\u2019s appeal. As a result, the decision of the
French Competition Authority of 11 June 2021 became final.\u00a0
Third, in July 2021, beIN Sports, the original licensee of Lot 3, which sub-
licensed such Lot 3 to the Group, filed a claim against the LFP before the
Paris Civil Court requesting that the Court declare the contract relating to
Lot 3 null and void or, alternatively, terminate it on grounds of hardship.
On 19 September 2023, the Paris Civil Court dismissed all of beIN
Sports\u2019 and the Group\u2019s claims. The Group and beIN Sports appealed
against this decision in October and November 2023, respectively. The
proceedings before the Paris Court of Appeals are still pending. On 14
January 2026, the Paris Court of Appeals dismissed all the Group\u2019s and
BeIN Sport\u2019s claims. The Group decided to appeal against this decision
to the French Supreme Court (Cour de cassation).
BEIN SPORTS AGAINST THE GROUP
As part of the 2018 call for tenders for the rights to broadcast the League
1 football Championship for the 2020-2021 to 2023-2024 seasons, beIN
Sports was awarded Lot 3 and subsequently sub-licensed these rights to
the Group. Following the return of the League 1 Championship rights for
Lots 1, 2, 4, 5 and 7 by Mediapro in January 2021, the French
Professional Football League (LFP) subsequently awarded these rights to
Amazon on 11 June 2021, for an amount of \u20ac250 million (compared to
the \u20ac780 million paid for these same lots when they were awarded to
Mediapro). Considering the price paid by the Group for the rights to
broadcast the Lot 3 matches compared to the price of the matches sold
to Amazon, the Group believes that it was subject to serious unequal
treatment and discriminatory practices. Accordingly, it notified the LFP that
it would no longer broadcast this Lot 3 once the Championship resumed
in August 2021.
In parallel, the Group, in its capacity as sub-licensee of the rights to Lot 3,
enjoined beIN Sports to take all legal measures to have the agreement
relating to Lot 3, signed between beIN Sports and the LFP, declared null
and void, and to refer the matter to the French Competition Authority on
the grounds of discriminatory practices and distortion of competition.
Faced with beIN Sports\u2019 inaction, in July 2021, the Group notified beIN
Sports that it was suspending the performance of its obligations under the
sub-licence agreement, considering that beIN Sports had failed to fulfil its
essential obligation to take the abovementioned legal actions.\u00a0
Considering that the suspension of the performance of the sub-licence
agreement constituted a manifestly unlawful disturbance and exposed
beIN Sports to imminent damages vis-\u00e0-vis the LFP, beIN Sports requested
an interim injunction against the Group to produce, broadcast and
pay for the matches in Lot 3 of the French League 1 Championship.
On 23 July 2021, the Nanterre Commercial Court dismissed beIN Sports\u2019
requests. Such decision was appealed by beIN Sports. On 31 March
2022, the appeal was rejected by the Versailles Court of Appeals and
on 13 December 2023, a subsequent appeal was dismissed by the
French Supreme Court (Cour de cassation).
On 24 July 2021, the Group terminated the sub-licence agreement
with beIN Sports on the grounds that its refusal to take legal actions
against the LFP irremediably compromised the Group\u2019s rights. As a result,
on 29 July 2021, beIN Sports requested another interim injunction against
the Group seeking specific performance of the Group\u2019s obligations under
the sub-licence agreement, which resulted in the Nanterre Commercial
Court issuing an interim order, on 5 August 2021, enjoining the Group to
fulfil all of its obligations under the sub-licence agreement pending a
decision on the merits regarding the validity of the termination of the
agreement by the Group. Such decision was appealed by the Group but,
pursuant to the injunction, the Group continued to broadcast these matches
and to pay the contractual amounts to BeIN Sports. On 31 March 2022,
the appeal was rejected by the Versailles Court of Appeals, thereby
ordering the Group to continue to perform the agreement relating to Lot 3.
On 13 December 2023, a subsequent appeal was also dismissed by the
French Supreme Court (Cour de cassation).
In addition, on 2 February 2022, beIN Sports brought proceedings on
the merits against the Group before the Paris Commercial Court,
challenging the termination of the sub-licence by the Group and thus
seeking a final injunction against the Group to perform its obligations
under the sub-licence agreement. On 5 July 2022, the Paris Commercial
Court ruled that the termination clause was valid, but that the Group was
not entitled to terminate the sub-licence agreement with beIN Sports.
Following an appeal against this decision, on 31 May 2024, the Paris
Court of Appeals considered that the termination clause did not meet the
French Civil Code\u2019s requirements and thus dismissed the Group claims.
On September 2024, the Group appealed to the French Supreme Court
(Cour de Cassation).
UFC-QUE CHOISIR AGAINST\u00a0 GROUP
AND SOCI\u00c9T\u00c9 D\u2019EDITION DE CANAL PLUS
On 20 April 2018, the Departmental Directorate for the Protection of the
Populations of the Hauts-de-Seine (Direction d\u00e9partementale de la
protection des populations des Hauts-de-Seine) (\u2018DDPP92\u2019) issued an
injunction against the Group to stop switching its customers to more
expensive subscription plans, a practice which the DDPP92 alleges to be
an \u2018unordered sale\u2019. At the same time, DDPP92 informed the Group that it
had referred the case to the office of the Nanterre public prosecutor
along with a statement that it deemed the Group to have committed the
offence of forced sale of services, which is prohibited under the French
Consumer Code (Code de la consommation). On 8 July 2020, the
Nanterre Judicial Court approved a plea bargain agreement between
the Group and the deputy public prosecutor of Nanterre.
On 27 April 2021, the Federal Union of Consumers (UFC Que Choisir)
filed a claim against Soci\u00e9t\u00e9 d\u2019Edition de Canal Plus and the Group
before the Nanterre Judicial Court as part of a group action seeking
reimbursement of amounts overpaid by subscribers.
In an order dated 25 November 2022, later confirmed by a decision of
the Paris Court of Appeal issued on 14 November 2023, the pre-trial
judge denied the Group\u2019s motions to dismiss.
The Parties have entered into mediation and have reached an agreement
in order to allocate a flat-rate compensation to subscribers who will claim
such compensation. The agreement was submitted to the Nanterre
Judicial Court for approval and was approved on 17 June 2025. ursuant
to such agreement, consumers will have up to 6 months to claim their flat-
rate compensation, which is between 20 and 75 euros, depending on
their status (active subscribers or former subscribers) and their
subscription plan in 2018.\u00a0
UFC Que Choisir withdrew the lawsuit and the judge confirmed such
withdrawal on 16 June 2025.
LABOUR DISPUTES
The Group faces individual disputes related to dismissals on personal
grounds as well as individual disputes in the ordinary course of its
business. In this respect, the Group is currently subject to several
procedures before the relevant labour courts (Conseil de Prud\u2019hommes)
regarding claims of dismissal without real and serious cause, claims of
dismissal being null and void, or requests for temporary employment
contracts or service contracts to be reclassified as permanent contracts.
The Group is also the subject of proceedings before the Labor Court
concerning the recognition of an alleged discrimination on the part of
certain employees, and consequent compensation for the corresponding
losses. Furthermore, appeal proceedings relating to the claims made by
several employees of the Group\u2019s call centres located in Saint Denis,
demanding the annulment of their dismissal on the grounds that the
implemented job protection plan was discriminatory, are currently
pending before the French Supreme Court (Cour de cassation).
AGAINST TECHNICOLOR
In December 2016, the Group and Technicolor entered into an
agreement to manufacture and deliver G9 (for mainland France) and G9
Light (for Poland) set-top boxes. In 2017, Technicolor challenged the
prices agreed with the Group and ultimately decided to terminate this
agreement at the end of 2017. As a result, the Group brought summary
proceedings against Technicolor before the Nanterre Commercial Court
for breach of contract. On 15 December 2017, the Group\u2019s claim was
dismissed. However, on 6 December 2018, the Versailles Court of
Appeals ruled in favour of the Group, recognising the wrongful nature of
the termination of the agreement by Technicolor. Technicolor filed an
appeal before the French Supreme Court (Cour de cassation), which was
dismissed on 24 June 2020.
In parallel, on 2 September 2019, the Group filed a claim before the
Paris Commercial Court against Technicolor for breach of its contractual
commitments. In its claim, the Group alleged that Technicolor failed to
deliver the G9 and G9 Light set-top boxes in accordance with the
manufacturing and delivery agreements entered into between the two
companies. The Group demanded reimbursement of additional costs
incurred, alternative transportation costs, late payment penalties and the
payment of damages. In turn, on 9 October 2019, Technicolor filed a
claim for unpaid invoices against the Group,\u00a0 R\u00e9union,\u00a0
Antilles and\u00a0 Caledonia before the Nanterre Commercial Court.
On 2 September 2020, the Paris Commercial Court referred the case to
the Nanterre Commercial Court. On 22 October 2021, the Nanterre
Commercial Court issued a decision in which it recognised the wrongful
nature of Technicolor\u2019s termination of the agreement and its requests for a
price increase. The Court also ordered an expert appraisal to calculate
the amounts of damages claimed by the Group in this dispute.
Technicolor appealed against this decision and such appeal was
dismissed in a decision rendered in March 2022. The proceedings
before the Nanterre Commercial Court are continuing with respect to the
expert appraisal that was ordered.
The final report and hearing are expected before the end of 2026.
SAGEMCOM AGAINST
Sagemcom provides the Group with several hardware products,
including the Global One (G11) set-top box.
Sagemcom has made several claims against the Group relating to the
set-top box orders that the Group should have allegedly placed and is
seeking payment of sums past due. The Group has disputed all claims
made by Sagemcom.
On 30 July 2024, Sagemcom filed a claim against CANAL+ before the
Commercial Court of Paris, alleging that the Group was in breach of its
contractual obligations and had abruptly terminated the commercial
relations between the two groups. Sagemcom is seeking to obtain (i)
\u20ac5,076,715.50 on a principal basis for alleged breach of the agreement
(or \u20ac3,984,015.41 subsidiarily by alleging that some provisions created a
significant imbalance between the parties) and (ii) \u20ac3,139,000 for abrupt
termination of established commercial relations which is prohibited under
section L. 442-1, II of the French Commercial Code.\u00a0
A decision on this matter is expected during H1 2026.
SKY AGAINST\u00a0 LUXEMBOURG
On 20 June 2014, Sky filed a claim before the Luxembourg District Court
seeking an injunction against\u00a0 Luxembourg banning the use of
the \u2018Skylink\u2019 trademark or any other sign containing the word \u2018Sky\u2019 and
the payment of damages.
On 5 July 2019, the Luxembourg District Court rejected Sky\u2019s request, and
such decision was appealed by Sky before the Court of Appeal of
Luxembourg on 23 December 2019. The proceedings are still pending.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
NOTE 9 CHARGES AND INCOME DIRECTLY RECOGNISED IN EQUITY
DETAILS OF CHANGES IN EQUITY RELATED TO OTHER COMPREHENSIVE INCOME (OCI)
Items not subsequently reclassified to profit or loss
Items to be subsequently reclassified to profit or loss
Actuarial gains/(losses)
related to employee
defined benefit plans
Financial assets at fair value
through OCI
Unrealised gains/(losses)
Foreign currency
translation adjustments
OCI from equity affiliates,
net
OCI
(in millions of euros)
(a)
Hedging instruments
Year ended 31
December 2024
12
11
(3)
(11)
68
77
Charges and income
directly recognised in
equity
(b)
(1)
\u2013
(19)
88
20
87
Tax effect
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassification to
reserves following
deconsolidation
(c)
\u2013
\u2013
\u2013
\u2013
(89)
(89)
Year ended 31
December 2025
11
11
(22)
76
(1)
75
a. Please refer to Note 21
b. Including the recycling of currency translation reserve for -\u20ac32million following the derecognition of MultiChoice as an equity affiliate (see note 3.1)
c. Mainly related to the derecognition of MultiChoice as an equity affiliate (see note 3.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
NOTE 12 OTHER INTANGIBLE ASSETS
12.1 OTHER INTANGIBLE ASSETS
Year ended 31 December 2025
(in millions of euros)
Other Intangible assets,
Gross
Accumulated amortisation
and impairment losses
Other Intangible assets, Net
Customer bases and trade names
2,001
(532)
1,469
Software
456
(240)
216
Other
900
(545)
355
Total
3,357
(1,317)
2,040
Year ended 31 December 2024
(in millions of euros)
Other Intangible assets,
Gross
Accumulated amortisation
and impairment losses
Other Intangible assets, Net
Customer bases and trade names
667
(490)
177
Software
391
(227)
164
Other
819
(492)
327
Total
1,877
(1,208)
669
12.2 CHANGES IN OTHER INTANGIBLE ASSETS
Year ended 31 December
(in millions of euros)
2025
2024
Opening Balance
669
632
Amortisation and impairment losses
(197)
(154)
Acquisitions
151
133
Increase related to internal developments
27
29
Decreases
(12)
(4)
Business combinations
(a)
1,349
\u2013
Divestitures in progress
\u2013
\u2013
Foreign currency translation adjustments and other
53
32
Closing Balance
2,040
669
a. Mainly related to MultiChoice acquisition (see note 3.1)
NOTE 13 PROPERTY AND EQUIPMENT
13.1 PROPERTY AND EQUIPMENT
Year ended 31 December 2025
(in millions of euros)
Property and equipment,
Gross
Accumulated depreciation
and impairment losses
Property and equipment, Net
Set-top boxes
1,025
(841)
184
Equipment and machinery
530
(316)
214
Building
208
(57)
151
Land
24
\u2013
24
Assets in progress
86
(2)
85
Other property, plant
91
(71)
20
Total
1,964
(1,288)
676
Year ended 31 December 2024
(in millions of euros)
Property and equipment,
Gross
Accumulated depreciation
and impairment losses
Property and equipment, Net
Set-top boxes
1,045
(825)
220
Equipment and machinery
534
(302)
232
Building
145
(54)
91
Land
5
\u2013
5
Assets in progress
48
(3)
44
Other property, plant
86
(70)
16
Total
1,863
(1,254)
609
13.2 CHANGES IN PROPERTY AND EQUIPMENT
Year ended 31 December
(in millions of euros)
2025
2024
Opening
609
675
Depreciation and impairment losses
(167)
(159)
Acquisitions
122
134
Decreases
(11)
(7)
Business combinations
(a)
122
\u2013
Divestitures in progress
(1)
\u2013
Foreign currency translation adjustments and other
3
(34)
Closing
676
609
a. Mainly related to MultiChoice acquisition (see note 3.1)", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
NOTE 16 FINANCIAL ASSETS
Year ended 31 December
2025
2024
(in millions of euros)
Total
Current
Non-current
Total
Current
Non-current
Level 2 - Derivative financial instruments
52
18
34
37
29
8
Level 3 - Term deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3 - Investment held at fair value throught profit
and loss
(a)
38
\u2013
38
\u2013
\u2013
\u2013
Financial assets at fair value through
profit or loss
90
18
72
37
29
8
Level 1 - Listed equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3 - Unlisted equity securities
13
\u2013
13
13
\u2013
13
Financial assets at fair value through other
comprehensive income
13
\u2013
13
13
\u2013
13
Financial assets at amortized cost
223
\u2013
223
230
2
228
Financial assets
326
18
307
280
31
249
a. Mainly related to the option held by the Group to increase its stake in UGC in 2028 and to an equity investment held by MultiChoice acquired as of 20 September 2025.
The three classification levels for the measurement of financial assets at fair value are defined in Note 2.2.5.7.
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
NOTE 16 FINANCIAL ASSETS
Year ended 31 December
2025
2024
(in millions of euros)
Total
Current
Non-current
Total
Current
Non-current
Level 2 - Derivative financial instruments
52
18
34
37
29
8
Level 3 - Term deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3 - Investment held at fair value throught profit
and loss
(a)
38
\u2013
38
\u2013
\u2013
\u2013
Financial assets at fair value through
profit or loss
90
18
72
37
29
8
Level 1 - Listed equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3 - Unlisted equity securities
13
\u2013
13
13
\u2013
13
Financial assets at fair value through other
comprehensive income
13
\u2013
13
13
\u2013
13
Financial assets at amortized cost
223
\u2013
223
230
2
228
Financial assets
326
18
307
280
31
249
a. Mainly related to the option held by the Group to increase its stake in UGC in 2028 and to an equity investment held by MultiChoice acquired as of 20 September 2025.
The three classification levels for the measurement of financial assets at fair value are defined in Note 2.2.5.7.
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
NOTE 17 NET WORKING CAPITAL
17.1 CHANGES IN NET WORKING CAPITAL
(in millions of euros)
Year ended 31
December 2024
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December
2025
(a)
(b)
(c)
(d)
Other non current assets
104
(8)
1
\u2013
3
100
Inventories
66
(22)
43
(1)
(1)
85
Trade and other receivables
1,467
(261)
311
(5)
(31)
1,480
Of which
trade accounts and
receivables
(e)
775
(135)
198
(1)
(8)
829
write-offs
(112)
4
(23)
\u2013
3
(128)
Working capital assets
1,636
(292)
356
(6)
(29)
1,665
Trade and other payables
2,587
89
1,085
\u2013
(146)
3,617
Other non-current liabilities
11
58
4
\u2013
(51)
22
Working capital liabilities
2,598
147
1,090
\u2013
(196)
3,639
Net Working capital
(962)
(439)
(734)
(7)
167
(1,974)
(in millions of euros)
Year ended 31
December 2023
Changes in
operating working
capital
Business
combinations
Divestitures in
progress
Foreign currency
translation
adjustments and
other
Year ended 31
December 2024
(a)
(b)
(c)
(d)
Other non-current assets
74
31
\u2013
\u2013
(1)
104
Inventories
89
(9)
\u2013
(1)
(14)
66
Trade accounts receivable and other
1,394
75
28
\u2013
(31)
1,467
Of which
trade accounts and
receivables
(e)
664
94
21
1
(5)
775
write-offs
(113)
3
(2)
\u2013
\u2013
(112)
Working capital assets
1,556
98
28
(1)
(46)
1,636
Trade accounts payable and other
2,702
107
56
11
(278)
2,587
Other non-current liabilities
4
(3)
1
\u2013
9
11
Working capital liabilities
2,707
105
57
11
(271)
2,598
Net working capital
(1,151)
(7)
(29)
(12)
225
(962)
a. Excludes content investments.
b.Mainly related to MultiChoice acquisition (see note 3.1)
c.Related to discontinued operations in Vietnam (see note 3.6)
d.Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
e.Of which: (i) \u20ac302\u00a0million trade accounts receivable not yet due for payment as of 31 December 2025 (compared to \u20ac489\u00a0million as of 31 December 2024);
(ii) \u20ac361\u00a0million trade accounts receivable less than six months past due as of 31 December 2025 (compared to \u20ac141\u00a0million as of 31 December 2024); and
(iii) \u20ac166\u00a0million trade accounts receivable more than six months past due as of 31 December 2025 (compared to \u20ac144\u00a0million as of 31 December 2024).
17.2 TRADE ACCOUNTS RECEIVABLE AND OTHER
CREDIT RISK
The Group does not consider there to be a significant risk of non-recovery of trade accounts receivable for its business segments. The large individual
customer base, broad variety of customers and markets, and geographic diversity of its business segments enable the Group to minimise the risk of
credit concentration related to trade accounts receivable.
The Group\u2019s operational subsidiaries have set up procedures and systems to monitor their trade accounts receivable and recover outstanding amounts.
17.3 TRADE ACCOUNTS PAYABLE AND OTHER
Year ended 31 December
(in millions of euros)
2025
2024
Trade accounts payable and other
Trade accounts payable
2,269
1,820
Other
1,347
767
Trade and other payables
3,617
2,587
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
18.1 LIQUIDITY RISK
The Group considers that cash flows generated by its operating activities,
cash surpluses, net of cash used to reduce its loss, as well as cash
available through undrawn bank credit facilities (please refer to Note
23.3) will be sufficient to cover its operating expenses and investments,
debt service, payment of income taxes, as well as its investment projects,
for the next 12 months.
Liquidity reserves consist of (i) cash and cash equivalents and (ii) the \u20ac750
million revolving credit facility, which was fully undrawn as of 31 December
2025.
In accordance with the contractual terms, the maturity of the revolving
credit facility was extended by one year to July 2030. The
implementation of new financings in 2025, as detailed in note 23.3,
significantly extended the average maturity of the debt.
NOTE 23 BORROWINGS AND OTHER FINANCIAL LIABILITIES
Year ended 31 December 2025
Year ended 31 December 2024
(in millions of euros)
Total
Long-term
Short-term
Bond
700
700
\u2013
\u2013
Schuldschein
320
320
\u2013
\u2013
Bank credit facilities
1,802
1,302
500
734
Short-term marketable securities
Bank overdrafts
10
\u2013
10
3
Accrued interest to be paid
10
\u2013
10
Cumulative effect of amortised cost
(16)
(14)
(2)
(9)
Other borrowings
2
2
\u2013
3
Borrowings at amortized cost
2,827
2,310
518
731
Commitments to purchase non-controlling interests
19
17
2
22
Derivative financial instruments
96
28
68
12
Borrowings and other financial liabilities
2,942
2,355
587
765
Leases liabilities
493
383
109
212
Total
3,435
2,738
696
977
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
23.2 BORROWINGS BY MATURITY
Year ended 31 December 2025
(in millions of euros)
Maturity <1 year
Maturity between 1 &
5 years
Maturity > 5 years
Carrying amount
Bond
\u2013
700
\u2013
700
Schuldschein
\u2013
320
\u2013
320
Other borrowings
510
1,303
\u2013
1,814
Accrued interest to be paid
10
\u2013
\u2013
10
Cumulative effect of amortized cost
(2)
(14)
\u2013
(16)
Total
518
2,310
\u2013
2,827
23.3 CHANGES IN FINANCING
In 2025, the Group successfully implemented a comprehensive
refinancing plan aimed at (i) refinancing the debt related to the
acquisition of MultiChoice shares, initially maturing in January 2026 and
extendable to July 2026, (ii) refinancing MultiChoice\u2019s existing bank debt,
(iii) extending the Group\u2019s overall debt maturity profile, and (iv) optimising
the cost of debt while further diversifying sources of financing.
Within this framework, the Group entered into several unsecured
financing arrangements during the year.
In July 2025, the Group completed the issuance of Schuldschein loans
(private placement loans) for a total amount of \u20ac285 million. These
financings comprised euro-denominated tranches with maturities in July
2028 and July 2030, bearing both fixed and floating interest rates. In
October 2025, the Group issued an additional \u20ac35 million of
Schuldschein loans under the same contractual framework.
In November 2025, the Group successfully accessed the Eurobond
market for the first time with the issuance of \u20ac700 million of senior
unsecured notes due 2030, bearing an annual coupon of 4.625%.
In December 2025, the Group signed a new syndicated credit
facilities agreement for a total amount of \u20ac1 800 million, comprising a
\u20ac500 million 12-month term loan extendable by up to 24 months, and a
\u20ac1,300 million five-year amortising term loan with a final maturity in
December 2030.
The Group\u2019s \u20ac750 million revolving credit facility was extended, with its
maturity now set in July 2030 following the activation in 2025 of the first
12-month extension option, subject to a second 12-month extension at the
borrower\u2019s discretion. The revolving credit facility remains available for
drawdowns until its final maturity.
In connection with these transactions, the \u20ac1,900 million bridge facility
related to the acquisition of MultiChoice shares and the \u20ac400 million
amortising term loan were voluntarily repaid on 18 December 2025. In
addition, the ZAR 11 billion credit facility of MultiChoice was fully repaid
on a voluntary basis in October 2025, shortly after the Group obtained
effective control of MultiChoice.
The interest rate applicable to each loan under the new \u20ac1.8 billion
syndicated credit facilities is floating and based on EURIBOR (subject to a
zero floor), plus a margin. The margin varies depending on (i) whether the
drawing is made under the \u20ac500 million or the \u20ac1.3 billion tranche, and
(ii) a margin grid linked to the net debt-to-covenant EBITDA ratio as at 31
December of each year. The interest rate applicable to drawings under
the \u20ac750 million revolving credit facility is also floating, based on
EURIBOR plus a fixed margin.
As at 31 December 2025, \u20ac750 million of the Group\u2019s committed credit
facilities remained available.
Borrowings characteristics
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Year ended 31 December 2025
Currency
Nominal value in
currency (in millions)
Term
Fixed rate / Variable
rate
Remaining capital to
be paid (in millions of
euros)
Carrying amount (in
millions of euros)
Bond
EUR
700
3/12/2030
Fixed
700
700
Schuldschein
EUR
70
28/7/2028
Fixed
70
70
Schuldschein
EUR
190
28/7/2028
Variable
190
190
Schuldschein
EUR
60
28/7/2030
Variable
60
60
Term Loan Facility
EUR
1,300
18/12/2030
Variable
1,300
1,300
Extendable Bridge Loan Facility
EUR
500
18/12/2026
Variable
500
500
Revolving Credit Facility
EUR
750
26/7/2030
Variable
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
2,820
FINANCIAL COVENANTS
The revolving credit facility, the new syndicated credit facilities, and Schuldschein loans include a leverage covenant requiring the Group to maintain a
covenant net debt to covenant EBITDA ratio (as defined in the agreement) below 3.5x, to be confirmed annually as at 31 December. This covenant may
be waived if CANAL+\u2019s long-term unsecured debt is rated at least Baa3 by Moody\u2019s and/or at least BBB- by S&P.
As at 31 December 2025, CANAL+ did not maintain a credit rating. The covenant leverage ratio stood at 2.75x (1.96x excluding VAT and TST
settlement effects (see note 7.4)).
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
NOTE 19 EQUITY
19.1 SHARE CAPITAL AND SHARE PREMIUM
Until the Separation from Vivendi\u2019s effective date (i.e..13 December
2024), the Group was not legally constituted as a Group under
CANAL+ SA, the number of shares outstanding was not determinable as
of 31 December 2023.
On 9 December 2024, the combined general shareholders\u2019 meeting of
Vivendi and the shareholders\u2019 meeting of CANAL+ approved the Partial
Demerger, which was implemented by way of a partial asset contribution
subject to the French legal regime applicable to demergers, whereby
Vivendi contributed to the Company all of the ordinary shares it held in the
share capital of Groupe CANAL+ SA.
On 13 December 2024, the effective date of the Partial Demerger,
CANAL+ SA issued, as consideration for such contribution, 991,811,494
shares that were allocated directly to the shareholders of Vivendi and
corresponding to the number of Vivendi shares in issue at 13 December
2024 (excluding the treasury shares held by Vivendi at this date). Thus, the
total number of issued CANAL+ shares was 991,959,494 , which included
the 148,000 existing CANAL+ SA shares already issued as of that date.
The contribution was recognised as an increase in share capital totalling
\u20ac248 million, consisting of 991,959,494 ordinary shares with a nominal
value of \u20ac0.25 per share. The difference between the contribution value
and the share capital was recorded as share premium.
The contribution had no effect on the Group\u2019s net equity as it was fully
neutralised in retained earnings. For more detailed information, please
refer to Note 1.3.
As of 31 December 2025 and 2024, both the issued share capital and share
premium remained unchanged from the effective date of the contribution.
19.2 CONVERSION OF VIVENDI\u2019S LOANS INTO
EQUITY
In 2024, prior to the Vivendi Spin-Off, loans granted by Vivendi and its
subsidiaries to the Group were converted into equity for a total amount
of \u20ac4,657 million:
\u25aa On 16 April 2024, Vivendi's loan to the Group was converted into
share capital to an amount of \u20ac3,400 million.
\u25aa On 30 September 2024, Vivendi\u2019s loans were converted into share
capital as follows:
\u25aa Groupe CANAL+ SA: \u20ac795 million
\u25aa DAILYMOTION: \u20ac350 million
\u25aa CANAL OLYMPIA: \u20ac112 million
19.3 NON-CONTROLLING INTERESTS
NCI represents the share of non-wholly-owned subsidiaries\u2019 net assets that are not directly attributable to the shareholders of the Group. The following
table presents the main NCIs :
Year ended 31 December
(in millions of euros)
2025
2024
CANAL+ Polska
228
219
CANAL+ Overseas
113
108
VSTV (Vietnam Satellite Digital Television Company JSC)
(94)
(97)
MultiChoice Nigeria Limited\u00a0 (a)
(297)
\u2013
MultiChoice South Africa Holdings Proprietary Limited
170
\u2013
Other
(42)
26
Non-controlling interests
78
255
a. MultiChoice Nigeria limited is a subsidiary of the Group incorporated in Nigeria. As at 31 December 2025, non-controlling interests held 21% of the
equity interests and voting rights in MultiChoice Nigeria Ltd (see note 28).
Summarised financial statements of MultiChoice Nigeria Limited
\u25aa Statement of financial position
MultiChoice Nigeria limited
(in millions of euros)
Year ended 31 December 2025
Non-current assets
13
Current assets
26
Total assets
40
Non-current liabilities (a)
1,288
Current liabilities
164
Total liabilities
1,452
Net assets
(1,412)
\u00a0 \u00a0 Attributable to non-controlling interests
(297)
a. MultiChoice Africa B.V. (\u201cMAH\u201d) has, over a number of years, supported the development of operations across the African continent, either through
the establishment of local entities or through arrangements with agents. In this context, MAH has provided funding to these activities through a
combination of direct capital investments and the allocation of annual charges relating to content, satellite capacity and support services. The USD-
denominated loan balances represent amounts owed by MultiChoice Nigeria Limited to MAH B.V., which have accumulated over time as a result
of these investments and charges. The losses generated by the entity have also been impacted by the significant depreciation of the Nigerian Naira
against the US dollar in recent years.
\u25aa Statement of earnings
MultiChoice Nigeria limited
(in millions of euros)
Year ended 31 December 2025
Revenues
72
Profit or Loss for the period
38
Other comprehensive income
\u2013
Total Comprehensive income
38
\u00a0 \u00a0 Attributable to non-controlling interests
(2)
\u25aa Cash flow statement
MultiChoice Nigeria limited
(in millions of euros)
Year ended 31 December 2025
Operating activities
295
Investing activities
(2)
Financing activities
293
Net cash (outflow)/inflow
\u2013
19.4 ORDINARY CASH DIVIDEND
DISTRIBUTION TO SHAREHOLDERS
On 28 February 2025 (the date of CANAL+ SA Management Board
Meeting which approved the Consolidated Financial Statements for the
year ended December 31, 2024), the Management Board decided to
propose to shareholders the payment of an ordinary dividend in cash of
\u20ac0.02 per share representing a total distribution of \u20ac20 million. This
proposal was presented to, and approved by, CANAL+ SA Supervisory
Board at its meeting held on 3 March 2025, and was approved by
the General Shareholders\u2019 Meeting held on 6 June 2025. The payment,
in cash and by deduction from share premiums, was made on
27 June 2025, following the ex-dividend date on 19 June 2025.
On 9 March 2026, (the date of CANAL+ SA Management Board
Meeting which approved the Consolidated Financial Statements for the
year ended 31 December 2025), the Management Board decided to
propose to shareholders the payment of an ordinary dividend in cash of
\u20ac0.022 per share representing a total distribution of \u20ac22 million. This
proposal was presented to, and approved by, CANAL+ SA Supervisory
Board at its meeting held on 10 March 2026.
19.5 SHARE BUYBACK PROGRAMME
On 24 September 2025, CANAL+ announced the launch of a
new share buyback programme, running from 25 September to
19 December 2025, with a maximum aggregate purchase amount
of GBP \u00a331 million, representing up to 10% of the Company\u2019s issued
share capital. The programme aims to satisfy share awards under the
Company\u2019s share-based incentive plans for employees and corporate
officers.
The final purchase amount to 11,408,237 shares equivalent to
GBP \u00a327 million (i.e. \u20ac31 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
19.1 SHARE CAPITAL AND SHARE PREMIUM
Until the Separation from Vivendi\u2019s effective date (i.e..13 December
2024), the Group was not legally constituted as a Group under
CANAL+ SA, the number of shares outstanding was not determinable as
of 31 December 2023.
On 9 December 2024, the combined general shareholders\u2019 meeting of
Vivendi and the shareholders\u2019 meeting of CANAL+ approved the Partial
Demerger, which was implemented by way of a partial asset contribution
subject to the French legal regime applicable to demergers, whereby
Vivendi contributed to the Company all of the ordinary shares it held in the
share capital of Groupe CANAL+ SA.
On 13 December 2024, the effective date of the Partial Demerger,
CANAL+ SA issued, as consideration for such contribution, 991,811,494
shares that were allocated directly to the shareholders of Vivendi and
corresponding to the number of Vivendi shares in issue at 13 December
2024 (excluding the treasury shares held by Vivendi at this date). Thus, the
total number of issued CANAL+ shares was 991,959,494 , which included
the 148,000 existing CANAL+ SA shares already issued as of that date.
The contribution was recognised as an increase in share capital totalling
\u20ac248 million, consisting of 991,959,494 ordinary shares with a nominal
value of \u20ac0.25 per share. The difference between the contribution value
and the share capital was recorded as share premium.
The contribution had no effect on the Group\u2019s net equity as it was fully
neutralised in retained earnings. For more detailed information, please
refer to Note 1.3.
As of 31 December 2025 and 2024, both the issued share capital and share
premium remained unchanged from the effective date of the contribution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
19.2 CONVERSION OF VIVENDI\u2019S LOANS INTO
EQUITY
In 2024, prior to the Vivendi Spin-Off, loans granted by Vivendi and its
subsidiaries to the Group were converted into equity for a total amount
of \u20ac4,657 million:
\u25aa On 16 April 2024, Vivendi's loan to the Group was converted into
share capital to an amount of \u20ac3,400 million.
\u25aa On 30 September 2024, Vivendi\u2019s loans were converted into share
capital as follows:
\u25aa Groupe CANAL+ SA: \u20ac795 million
\u25aa DAILYMOTION: \u20ac350 million
\u25aa CANAL OLYMPIA: \u20ac112 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
19.3 NON-CONTROLLING INTERESTS
NCI represents the share of non-wholly-owned subsidiaries\u2019 net assets that are not directly attributable to the shareholders of the Group. The following
table presents the main NCIs :
Year ended 31 December
(in millions of euros)
2025
2024
CANAL+ Polska
228
219
CANAL+ Overseas
113
108
VSTV (Vietnam Satellite Digital Television Company JSC)
(94)
(97)
MultiChoice Nigeria Limited\u00a0 (a)
(297)
\u2013
MultiChoice South Africa Holdings Proprietary Limited
170
\u2013
Other
(42)
26
Non-controlling interests
78
255
a. MultiChoice Nigeria limited is a subsidiary of the Group incorporated in Nigeria. As at 31 December 2025, non-controlling interests held 21% of the
equity interests and voting rights in MultiChoice Nigeria Ltd (see note 28).
Summarised financial statements of MultiChoice Nigeria Limited
\u25aa Statement of financial position
MultiChoice Nigeria limited
(in millions of euros)
Year ended 31 December 2025
Non-current assets
13
Current assets
26
Total assets
40
Non-current liabilities (a)
1,288
Current liabilities
164
Total liabilities
1,452
Net assets
(1,412)
\u00a0 \u00a0 Attributable to non-controlling interests
(297)
a. MultiChoice Africa B.V. (\u201cMAH\u201d) has, over a number of years, supported the development of operations across the African continent, either through
the establishment of local entities or through arrangements with agents. In this context, MAH has provided funding to these activities through a
combination of direct capital investments and the allocation of annual charges relating to content, satellite capacity and support services. The USD-
denominated loan balances represent amounts owed by MultiChoice Nigeria Limited to MAH B.V., which have accumulated over time as a result
of these investments and charges. The losses generated by the entity have also been impacted by the significant depreciation of the Nigerian Naira
against the US dollar in recent years.
\u25aa Statement of earnings
MultiChoice Nigeria limited
(in millions of euros)
Year ended 31 December 2025
Revenues
72
Profit or Loss for the period
38
Other comprehensive income
\u2013
Total Comprehensive income
38
\u00a0 \u00a0 Attributable to non-controlling interests
(2)
\u25aa Cash flow statement
MultiChoice Nigeria limited
(in millions of euros)
Year ended 31 December 2025
Operating activities
295
Investing activities
(2)
Financing activities
293
Net cash (outflow)/inflow
\u2013
NOTE 28 LIST OF MAIN CONSOLIDATED ENTITIES
Year ended 31 December
2025
2024
Country
Accounting
method
Voting
interest
Ownership
interest
Accounting
method
Voting
interest
Ownership
interest
CANAL+ SA
France
C
100.0%
100.0%
C
100.0%
100.0%
Groupe CANAL+ SA
France
C
100.0%
100.0%
C
100.0%
100.0%
Soci\u00e9t\u00e9 d'Edition de Canal Plus
France
C
100.0%
100.0%
C
100.0%
100.0%
CANAL+ Th\u00e9matiques SAS
France
C
100.0%
100.0%
C
100.0%
100.0%
CANAL+ International SAS
France
C
100.0%
100.0%
C
100.0%
100.0%
C8
France
C
100.0%
100.0%
C
100.0%
100.0%
Studiocanal SAS
France
C
100.0%
100.0%
C
100.0%
100.0%
M7/CANAL+ Luxembourg
Luxembourg
C
100.0%
100.0%
C
100.0%
100.0%
CANAL+ Polska SA
Poland
C
51.0%
51.0%
C
51.0%
51.0%
VSTV
Vietnam
C
49.0%
49.0%
C
49.0%
49.0%
Viu
Hong Kong
E
37.3%
37.3%
E
37.2%
27.3%
ViaPlay
Sweden
E
29.3%
29.3%
E
29.3%
29.3%
Dailymotion
France
C
100.0%
100.0%
C
100.0%
100.0%
Group Vivendi Africa
France
C
100.0%
100.0%
C
100.0%
100.0%
Canal Olympia
France
C
100.0%
100.0%
C
100.0%
100.0%
Th\u00e9\u00e2tre de l'\u0152uvre (\"UBU\")
France
C
100.0%
100.0%
C
80.0%
80.0%
L'Olympia
France
C
100.0%
100.0%
C
100.0%
100.0%
UGC
France
E
34.5%
34.0%
na
na
na
Blue Lake Ventures Limited (KingMakers)
Mauritus
E
49.2%
51.2%
na
na
na
MultiChoice Group Holdings B.V.
The Netherlands
C
100.0%
100.0%
na
na
na
MultiChoice Africa Holdings B.V. Group
The Netherlands
C
100.0%
100.0%
na
na
na
South Africa entities
MultiChoice Group Limited
South Africa
C
100.0%
100.0%
E
na
45.2%
MultiChoice Group Treasury Services Proprietary Limited
South Africa
C
100.0%
100.0%
na
na
na
MultiChoice Group Services Proprietary Limited
South Africa
C
100.0%
100.0%
na
na
na
MultiChoice Proprietary Limited
South Africa
C
20.0%
73.0%
na
na
na
MultiChoice South Africa Holdings Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
MultiChoice South Africa Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
Electronic Media Network Proprietary Limited (M-Net)
South Africa
C
76.8%
76.8%
na
na
na
SuperSport International Holdings Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
DStv Media Sales Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
MultiChoice Support Services Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
NMS Insurance Services (SA) Ltd (NMSIS)
South Africa
E
40.0%
40.0%
na
na
na
Rest of Africa entities
MultiChoice Nigeria Limited
Nigeria
C
79.0%
79.0%
na
na
na
MultiChoice Uganda Limited
Uganda
C
100.0%
100.0%
na
na
na
MultiChoice Angola Limitada
Angola
C
70.0%
70.0%
na
na
na
MultiChoice Zambia Limited
Zambia
C
51.0%
51.0%
na
na
na
MultiChoice Kenya Limited
Kenya
C
60.0%
60.0%
na
na
na
MultiChoice Tanzania
Tanzania
C
87.8%
87.8%
na
na
na
Irdeto entities
Irdeto B.V.
The Netherlands
C
100.0%
100.0%
na
na
na
Showmax entities
Showmax Africa Holdings Limited
United Kingdom
C
70.0%
70.0%
na
na
na
C: consolidated; E: equity affiliates.
na: not applicable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
19.4 ORDINARY CASH DIVIDEND
DISTRIBUTION TO SHAREHOLDERS
On 28 February 2025 (the date of CANAL+ SA Management Board
Meeting which approved the Consolidated Financial Statements for the
year ended December 31, 2024), the Management Board decided to
propose to shareholders the payment of an ordinary dividend in cash of
\u20ac0.02 per share representing a total distribution of \u20ac20 million. This
proposal was presented to, and approved by, CANAL+ SA Supervisory
Board at its meeting held on 3 March 2025, and was approved by
the General Shareholders\u2019 Meeting held on 6 June 2025. The payment,
in cash and by deduction from share premiums, was made on
27 June 2025, following the ex-dividend date on 19 June 2025.
On 9 March 2026, (the date of CANAL+ SA Management Board
Meeting which approved the Consolidated Financial Statements for the
year ended 31 December 2025), the Management Board decided to
propose to shareholders the payment of an ordinary dividend in cash of
\u20ac0.022 per share representing a total distribution of \u20ac22 million. This
proposal was presented to, and approved by, CANAL+ SA Supervisory
Board at its meeting held on 10 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "0.02", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-542": { "value": "20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-543": { "value": "
23.1 CARRYING VALUE VS. FAIR MARKET VALUE OF BORROWINGS AND OTHER
FINANCIAL LIABILITIES
Year ended 31 December
2025
2024
(in millions of euros)
Carrying amount
Fair market value
Level
Carrying amount
Fair market value
Level
(a)
(a)
Bond
700
706
1
\u2013
\u2013
\u2013
Schuldschein
320
\u2013
\u2013
\u2013
\u2013
\u2013
Other borrowings
1,813
\u2013
\u2013
740
\u2013
\u2013
Accrued interest to be paid
10
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative effect of amortized cost
(16)
\u2013
\u2013
(9)
\u2013
\u2013
Borrowings at amortised cost
2,827
2,833
na
731
731
na
Commitments to purchase non-controlling interests
19
19
3
22
22
3
Derivative financial instruments
96
96
2
12
12
2
Borrowings and other financial
liabilities
2,942
2,948
\u2013
765
765
\u2013
na: not applicable.
a. The three classification levels for the measurement of financial liabilities at fair value are set out in Note 2.2.5.7.
As of 31 December 2025, the carrying value of the Group\u2019s bank facilities excluding Bond was representative of their fair value.
The fair value of derivatives is based on observable market data and commonly used valuation models, such as the market approach and the income
approach.
The commitments to purchase NCIs interests is recognised at the present value of the estimated redemption amount usually depending on future performance
of the related subsidiary. The present value is usually assessed using a third-party valuation report and/or discounted cash flows valuation model.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
23.4 INTEREST RATE RISK MANAGEMENT
The Group\u2019s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, to the extent needed, the
Group uses interest rate swaps. These instruments enable the Group to manage and reduce the volatility of future cash flows related to interest
payments on borrowings.
As of 31 December 2025, the nominal value of borrowings at fixed interest rate amounted to \u20ac765 million (compared to \u20ac5 million as of
31 December 2024) and the nominal value of borrowings at floating interest rate amounted to \u20ac2.062 million (compared to \u20ac726 million
as of 31 December 2024).
As of 31 December 2025 and 2024, the Group had not entered into any interest rate swaps.
23.5 FOREIGN CURRENCY RISK MANAGEMENT
In 2025,\u00a0 the Group entered into derivatives with external banks.
The foreign currency risk management is centralised by the Group\u2019s Financing and Treasury Department for all the Group consolidated entities. This
policy primarily seeks to hedge budget exposures for the following year resulting from monetary flows generated by operations performed in
currencies other than the functional currency of the subsidiaries of the Group (mainly euro and rand), as well as from external firm commitments, relating
to the acquisition of editorial content (e.g. sports, audiovisual and film rights) and certain capital expenditures (e.g. set-top boxes), realised in currencies
other than the euro. The hedging instruments are foreign currency swaps or forward contracts that mostly have maturity periods of less than one year. In
addition, the Group may hedge foreign currency exposure resulting from foreign currency denominated financial assets and liabilities.
Breakdown by currency
Year ended 31 December
(in millions of euros)
2025
2024
Euro - EUR
2,827
717
US dollar - USD
\u2013
13
British pound - GBP
\u2013
\u2013
Other
\u2013
\u2013
Nominal value of borrowings before hedging
(a)
2,827
731
a. Debt in foreign currencies are hedged using foreign currency swap, as of 31 December 2025, borrowings were held in euros.
FOREIGN CURRENCY RISK
The following tables set out the foreign currency risk management instruments used by the Group; the positive amounts relate to currencies to be
received and the negative amounts relate to currencies to be delivered at contractual exchange rates:
Breakdown by currency
Year ended 31 December 2025
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(1,195)
(738)
(192)
(188)
(46)
(32)
11
3
Purchases against the euro
962
609
202
127
3
20
1
28
Other
\u2013
739
(4)
(6)
\u2013
(729)
5
59
(234)
611
6
(67)
(43)
(741)
18
90
Year ended 31 December 2024
Notional amounts
Fair value
(in millions of euros)
Total
USD
PLN
GBP
CZK
Other
Assets
Liabilities
Sales against the euro
(382)
(77)
(147)
(89)
(47)
(23)
\u2013
10
Purchases against the euro
873
777
47
44
1
5
35
1
Other
\u2013
(20)
75
(50)
\u2013
(5)
1
\u2013
491
680
(26)
(95)
(46)
(23)
36
11
Breakdown by accounting category
Year ended 31 December
2025
2024
(in millions of euros)
Notional amounts
Assets
Liabilities
Notional amounts
Assets
Liabilities
Fair value hedge
383
4
63
546
15
5
Economic hedge
(582)
9
1
16
21
6
Cash flow hedge
(34)
5
27
(72)
\u2013
\u2013
Net investment hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(234)
18
90
491
36
11
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
23.6 DERIVATIVE FINANCIAL INSTRUMENTS
Value on the statement of financial position
Year ended 31 December
2025
2024
(in millions of euros)
Assets
Liabilities
Assets
Liabilities
Interest rate risk management
\u2013
\u2013
Foreign currency risk management
18
90
15
5
Other
24
6
21
7
Derivative financial instruments
42
96
36
12
Deduction of current derivative financial instruments
18
68
29
10
Non-current derivative financial instruments
24
28
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
25.1 CORPORATE OFFICERS
SUPERVISORY BOARD
As a result of the Partial Demerger which became effective on 13 December 2024, CANAL+ SA became the consolidating entity of the Group.
Prior to CANAL+ SA becoming the Group\u2019s consolidating entity, the aggregate gross amount of the attendance fees referred to members of the
Supervisory Board of Groupe CANAL+ SAS.
For the fiscal years ended 31 December 2025 and 2024 the attendance fees expenses were \u20ac1,535,000 and \u20ac175,000 respectively.
MANAGEMENT BOARD
Aggregate compensation received by members of the Management Board for the year ended 31 December 2025 and the fiscal financial year ended
31 December 2024 is presented in the table below.
Year ended 31 December
(in thousands of euros)
2025
2024
Short-term employee benefits
9,778
8,070
Post-employment benefits
2,512
1,860
Other long-term benefits
\u2013
\u2013
Termination benefits
\u2013
\u2013
Share-based payments
2,652
800
Management Board Compensation
14,943
10,730
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
NOTE 26 CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS
The Group\u2019s material contractual obligations and contingent assets and
liabilities include:
\u25aa certain contractual obligations relating to the Group\u2019s business
operations, such as content commitments (please refer to Note 11.3),
contractual obligations and commercial commitments recorded in the
consolidated statement of financial position, including leases and off-
balance-sheet commercial commitments, such as long-term service
contracts and purchase or investment commitments
\u25aa commitments related to the Group\u2019s consolidation scope made in
connection with acquisitions or divestitures such as share purchase or
sale commitments, contingent assets and liabilities subsequent to given
or received commitments related to the divestiture or acquisition of
shares, commitments under shareholders\u2019 agreements and collateral
and pledges granted to third parties over Vivendi\u2019s assets
\u25aa commitments related to the Group\u2019s financing: undrawn confirmed
bank credit facilities as well as the management of interest rate,
foreign currency and liquidity risks (please refer to Note 23.3)
\u25aa contingent assets and liabilities resulting from legal proceedings in
which the Group and/or its subsidiaries are either plaintiff or
defendant (please refer to Note 27)
26.1 CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS
Minimum future payments as of 31 December 2025
Year ended 31 December
2024
Due in
(in millions of euros)
Total
2026
2027 - 2030
After 2030
Contractual content commitments
8,178
2,446
5,332
401
6,558
Commercial commitments
950
316
608
26
756
Net off-balance sheet commitments
9,127
2,761
5,940
426
7,314
As of 31 December 2025, other commitments relating to operations amounted to \u20ac3\u00a0million (\u20ac4 million as of 31 December 2024).
26.2 SHARE PURCHASE AND SALE
COMMITMENTS
In connection with the purchase or sale of operations and financial
assets, the Group has granted or received commitments to purchase or
sell securities. In addition, the Group and its subsidiaries granted or
received put or call options on shares in equity affiliates and
unconsolidated investments.
On 20 June 2024, the Group announced that it held 36.8% of Viu\u2019s
share capital. As of 31 December 2025, the interest held by the Group
increased to 37.32% due to subsequent contractual adjustments). The
Group has an option to increase its ownership interest in Viu to 51%.
On 15 October 2025, the Group signed an agreement to acquire a
minority (34%) stake in the French cinema player, UGC. From 2028, the
Group entered into liquidity-related put and call arrangements which, if
exercised, would give the Group control over UGC.
Before acquisition date by the Group, MultiChoice concluded a
partnership with Comcast NBCUniversal. The shareholders agreement
includes a put option that permits NBCUniversal to put its 30%
shareholding in Showmax Africa Holdings Limited to the Group on the
seventh anniversary of the launch date.
26.3 OTHER CONTINGENT ASSETS
AND LIABILITIES
Several guarantees received or given during prior years in connection
with asset acquisitions or disposals have expired. However, the time
periods or statutes of limitation of certain guarantees relating to, among
other things, employees, environment and tax liabilities, in consideration
of share ownership, or given notably in connection with the winding-up of
certain businesses or the dissolution of entities are still in effect. To the best
of the Group\u2019s knowledge, no material claims for indemnification against
such liabilities have been made to date.
In addition, when settling disputes and litigation, the Group regularly
delivers commitments for damages to third parties that are customary for
transactions of this type.
As of 31 December 2025, the Group is not subject to guarantees clauses
under the terms of disposal agreements between the Group and the
acquirer of certain assets (including shares ownership).
As of 31 December 2025, to its best knowledge, the Group is not aware
of material claims for indemnification against liabilities in connection with
the winding-up or dissolution of certain businesses.
26.4 SHAREHOLDERS\u2019 AGREEMENTS
Under existing shareholders\u2019 or investors\u2019 agreements, the Group and its
subsidiaries hold certain rights (e.g.), pre-emptive rights and rights of first
offer that give it control over the capital structure of its consolidated
companies having minority shareholders. Conversely, the Group has
granted similar rights to these other shareholders in the event that it sells
its interests to third parties.
Moreover, pursuant to other shareholders\u2019 agreements or the bylaws of
other consolidated entities, equity affiliates or unconsolidated interests, the
Group or its subsidiaries have given or received certain rights (pre-
emptive and other rights) entitling them to maintain their shareholders\u2019
rights.
In addition, certain rights and obligations of the Group under existing
shareholders\u2019 agreements may be amended or terminated in the event
of a change of control of the Group.
These shareholders\u2019 agreements are subject to confidentiality provisions.
26.5 COLLATERALS AND PLEDGES
As of 31 December 2025, no material asset in the consolidated statement
of financial position was subject to a pledge or mortgage for the benefit
of third parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
NOTE 28 LIST OF MAIN CONSOLIDATED ENTITIES
Year ended 31 December
2025
2024
Country
Accounting
method
Voting
interest
Ownership
interest
Accounting
method
Voting
interest
Ownership
interest
CANAL+ SA
France
C
100.0%
100.0%
C
100.0%
100.0%
Groupe CANAL+ SA
France
C
100.0%
100.0%
C
100.0%
100.0%
Soci\u00e9t\u00e9 d'Edition de Canal Plus
France
C
100.0%
100.0%
C
100.0%
100.0%
CANAL+ Th\u00e9matiques SAS
France
C
100.0%
100.0%
C
100.0%
100.0%
CANAL+ International SAS
France
C
100.0%
100.0%
C
100.0%
100.0%
C8
France
C
100.0%
100.0%
C
100.0%
100.0%
Studiocanal SAS
France
C
100.0%
100.0%
C
100.0%
100.0%
M7/CANAL+ Luxembourg
Luxembourg
C
100.0%
100.0%
C
100.0%
100.0%
CANAL+ Polska SA
Poland
C
51.0%
51.0%
C
51.0%
51.0%
VSTV
Vietnam
C
49.0%
49.0%
C
49.0%
49.0%
Viu
Hong Kong
E
37.3%
37.3%
E
37.2%
27.3%
ViaPlay
Sweden
E
29.3%
29.3%
E
29.3%
29.3%
Dailymotion
France
C
100.0%
100.0%
C
100.0%
100.0%
Group Vivendi Africa
France
C
100.0%
100.0%
C
100.0%
100.0%
Canal Olympia
France
C
100.0%
100.0%
C
100.0%
100.0%
Th\u00e9\u00e2tre de l'\u0152uvre (\"UBU\")
France
C
100.0%
100.0%
C
80.0%
80.0%
L'Olympia
France
C
100.0%
100.0%
C
100.0%
100.0%
UGC
France
E
34.5%
34.0%
na
na
na
Blue Lake Ventures Limited (KingMakers)
Mauritus
E
49.2%
51.2%
na
na
na
MultiChoice Group Holdings B.V.
The Netherlands
C
100.0%
100.0%
na
na
na
MultiChoice Africa Holdings B.V. Group
The Netherlands
C
100.0%
100.0%
na
na
na
South Africa entities
MultiChoice Group Limited
South Africa
C
100.0%
100.0%
E
na
45.2%
MultiChoice Group Treasury Services Proprietary Limited
South Africa
C
100.0%
100.0%
na
na
na
MultiChoice Group Services Proprietary Limited
South Africa
C
100.0%
100.0%
na
na
na
MultiChoice Proprietary Limited
South Africa
C
20.0%
73.0%
na
na
na
MultiChoice South Africa Holdings Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
MultiChoice South Africa Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
Electronic Media Network Proprietary Limited (M-Net)
South Africa
C
76.8%
76.8%
na
na
na
SuperSport International Holdings Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
DStv Media Sales Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
MultiChoice Support Services Proprietary Limited
South Africa
C
76.8%
76.8%
na
na
na
NMS Insurance Services (SA) Ltd (NMSIS)
South Africa
E
40.0%
40.0%
na
na
na
Rest of Africa entities
MultiChoice Nigeria Limited
Nigeria
C
79.0%
79.0%
na
na
na
MultiChoice Uganda Limited
Uganda
C
100.0%
100.0%
na
na
na
MultiChoice Angola Limitada
Angola
C
70.0%
70.0%
na
na
na
MultiChoice Zambia Limited
Zambia
C
51.0%
51.0%
na
na
na
MultiChoice Kenya Limited
Kenya
C
60.0%
60.0%
na
na
na
MultiChoice Tanzania
Tanzania
C
87.8%
87.8%
na
na
na
Irdeto entities
Irdeto B.V.
The Netherlands
C
100.0%
100.0%
na
na
na
Showmax entities
Showmax Africa Holdings Limited
United Kingdom
C
70.0%
70.0%
na
na
na
C: consolidated; E: equity affiliates.
na: not applicable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
NOTE 29 STATUTORY AUDITORS\u2019S FEES
Fees paid by the Group in 2025 and 2024 to its statutory auditors and members of the statutory auditor firms were as follows:
Grant Thornton/Ernst & Young et Autres
Deloitte et Associ\u00e9s
(a)
Amount
Amount
(in thousands of euros)
2025
2024
2025
2024
Audit of the financial statements
For the audit of the Group's annual financial statements
(b)
279
279
339
293
For the audit of subsidiaries of the Group
(c)
2,221
1,652
3,728
1,797
Subtotal
2,500
1,931
4,067
2,090
Services other than certification of financial
statements required by laws and regulations
Issuer
\u2013
50
\u2013
50
Fully consolidated Subsidiaries
\u2013
\u2013
\u2013
\u2013
Subtotal
\u2013
50
\u2013
50
Services other than certification of financial
statements provided upon the entity's request
Issuer
65
\u2013
65
1,645
Fully consolidated Subsidiaries
47
82
167
62
Subtotal
112
82
232
1,707
TOTAL
2,612
2,063
4,299
3,847
a. Grant Thornton was first appointed as statutory auditor of the Group on 9 December 2024.
b. Fees are in the approval process.
c. Including companies transferred to the CANAL+ group as part of demerger operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
NOTE 30 SUBSEQUENT EVENTS
The significant events that occurred between the closing date as of 31 December 2025 and 9 March 2026, were as follows :
\u25aa On 3 February 2026, the Group, through its subsidiary Studiocanal, acquired a 51% majority equity interest in Lucky Red S.r.l., an independent
company active in film and series production and distribution, with a reputation for high-quality content and an expertise across cinema, television
and streaming platforms. The transaction forms part of the Group\u2019s strategy to strengthen its European content production and distribution footprint.
At the date of authorisation of these financial statements, the initial accounting for the business combination in accordance with IFRS 3 Business
Combinations is ongoing. Accordingly, the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed has not
yet been finalised.
\u25aa On 5 March 2026, the Group announced the forthcoming discontinuation of the Showmax streaming service following a strategic review of its
streaming activities. This decision reflects the Group\u2019s focus on financial discipline and optimisation of investments in a highly competitive and capital-
intensive global streaming environment. The Showmax business has generated significant recurring losses and the decision to phase out the service
forms part of the Group\u2019s broader strategy to build a sustainable and competitive long-term streaming offering. The Group intends to continue
investing in premium content, technological innovation and strategic partnerships to strengthen its position in the African entertainment market and to
further develop its proprietary large-scale streaming platform. The discontinuation of Showmax is not expected to result in workforce reductions, and
the Group will support employees through transition measures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9695000537F9F73BXN18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }