Good morning, everyone, and thank you for joining us today. I am Maxime Saada, CEO of Canal+, and I am joined today by Amandine Ferré, CFO and Chief ESG Officer.

Good morning.

We are delighted to be with you to present the Canal+ results for the first half of 2026. Let me now walk you through today's agenda.

As this is our first half year with MultiChoice as a part of the group. Its integration and, more significantly, its turnaround plan have been a key focus for the management team.

In addition to our results, we will update you on our progress at MultiChoice. We'll also cover synergies, and Amandine will take you through our financial results and outlook.

Let's begin with a reminder of what Canal+ looks like today. Canal+ is a global media and entertainment company, anchored in Europe and Africa, and the market leader in more than 40 countries.

We serve more than 40 million subscribers, and last year, the combined group generated €8.7 billion of revenue. The other key figure here is revenue generated from subscriptions.

85% of our revenues are recurring and predictable because we have loyal subscribers. Unlike many of our competitors, Canal+ is a leader across the entire media value chain.

As a producer, through our in-house studio, StudioCanal, we own global IPs, such as Paddington, Bridget Jones, Evil Dead, and many others. StudioCanal produces and distributes 100 films and 40 series each year, and our library of movies is the largest and most prestigious outside of the United States.

Our own high-quality content is the foundation of our offer and a key driver of subscriber engagement and loyalty. On top of that, as an aggregator, we partner with the world's biggest film studios and streamers to provide our subscribers with all the content they want to watch in one place, on one platform.

Of course, Canal+ remains the home of sports. We are the number one broadcaster globally of the UEFA Champions League, the Premier League, Formula 1, and MotoGP.

We also hold the rights that matter most locally, like the Premier Soccer League in South Africa. The final part of the value chain is distribution.

Our app is available on every kind of device, from smart TVs to mobiles, and Canal+ Telecom offers fiber connectivity in 15 highly populated cities across 10 countries in Africa and in French overseas. With that overview of the business in mind, let me now turn to the highlights of the first half of 2026.

I am pleased to say we have published a strong set of results and we are executing our strategy as planned. Amandine Ferré will provide more details on the numbers in a moment, but in short, we are well on track to meet our full-year 2026 guidance.

In the first half of 2026, revenue increased by 40% year-on-year to €4.3 billion, reflecting our increased scale with MultiChoice. On a like-for-like basis, excluding MultiChoice, revenue was up 1.4%.

Profitability was even more encouraging. Adjusted EBIT before exceptional items reached €433 million, up 68% year-on-year, and up 13% excluding MultiChoice.

We converted that into very strong cash generation, with €414 million of free cash flow before exceptional items, €254 million excluding MultiChoice. Second, the MultiChoice turnaround plan is underway.

I'll come back to this in more detail, but the key point is we have identified every lever available, and we are now pulling those levers across content, technology, pricing, and distribution. As MultiChoice has been losing subscribers, and while the base is broadly flat versus last year, it is too early to say we have achieved the turnaround.

We delivered a commercially successful World Cup, and we should be satisfied, but we would not have been able to deliver these results without the World Cup. Last but not least, our accelerated synergies plan is on track, and we expect to hit our €250 million target for the year.

In fact, synergies already contributed €120 million to our adjusted EBIT at the half year. Overall, then, a very positive six months.

Now content. Today's strong results were only possible because we have consistently made the right choices on content investments, our productions, acquisitions, and partnerships.

Over the last six months, we have continued to make real progress. First, we reinforced our position as the home of entertainment.

In sport, after extending our UEFA rights in France last year, we have now secured those rights in Poland, Austria, and Switzerland through to 2031. In a significant step for the group, we acquired exclusive rights to all UEFA club competitions in Belgium from 2027.

We will launch in Belgium next year. We also secured the rights to the America's Cup across Europe and Africa, and key local rights, which I will cover in a moment.

In cinema, yesterday, we announced the extension of our agreement with French cinema organizations. This agreement, which we extended until 2032, ensures that only Canal+ can broadcast movies as soon as six months after their theatrical release.

Second, we keep building our franchise factory and our slates. Paddington remains a powerful global franchise for us.

The fourth film will be written by the co-writers of Veep and The Thick of It, and following the huge success of the musical in London, we are taking Paddington to Broadway. We are also bringing back another iconic title, with a remake of Escape from New York by Zack Snyder in the pipeline.

Escape from New York is in our library of movies, obviously. Third, you will have seen we announced a joint venture with Hachette Livre to support our focus on turning best-selling books into premium screen content, combining Hachette's wealth of IP with StudioCanal's production capabilities.

Hachette is the third-largest book publishing company in the world. This year's Cannes offered proof of how popular book adaptations can be.

Our upcoming adaptation of Matt Haig's The Midnight Library was the most wanted film at the festival and landed the biggest film deal across all studios. We also have other adaptations in the works, including The Divorce, the new novel by number one New York Times best-selling author Freida McFadden, writer of The Housemaid, a film we distributed in Australia with great success.

Having covered our headline results and our content momentum, I would now like to go deeper into the MultiChoice turnaround. This is one of the most important stories of the half, let me show you the concrete actions we have taken on the ground across content, pricing, distribution, and subscriber acquisition.

First, as we said at full year, and is always the case at Canal+, we focus on content. The difference now is that we do so from a position of greater scale and strength.

In the first half, we secured a series of major sports rights that will ensure the SuperSport lineup continues to be as compelling as ever. We locked in the Premier Soccer League for the long term in South Africa.

It is the most-watched local competition in the region. On top of that, we secured the men's and women's Rugby World Cups in '27 and '29, as well as the Vodacom United Rugby Championship.

We are ramping up movie and series production in Africa, investing in distinctively African stories, such as our first major South African film production, The Road Home, and a screen adaptation of the best-selling book Americanah. Personally, I'm looking forward to The Heist of Benin.

I will not spoil the plot, but you can think of it as Ocean's Eleven with an African twist. This is just the beginning.

Together, this combination of world-class sport and premium local content will ensure our offering stands out. Of course, building the best content offer is just part of it.

We then need to showcase that content to attract customers and create engagement. This is one thing we really know how to do at Canal+.

For the World Cup, we maximized our campaign platform. "Sleep Can Wait", TV ads, social media, we made sure we reached our target audience everywhere we had World Cup rights.

Working with Idris Elba certainly helped. We took a similar approach with the launch of Novelas Plus.

Different target audience, same principle: put the full weight of our marketing machine behind the best new content. I will come to the impact of this in a moment.

We have the content and the marketing machine that promotes it. Next, we assess everything that will discourage potential customers from signing up.

Reducing these barriers to entry is another important component of our acquisition engine. This work is just starting.

Thanks to our new scale, we can reach broader agreements with suppliers, and we negotiate from a position of greater strength. When we make savings, we can transfer part of those savings to our customers.

In Kenya, for example, the price new customers pay for equipment has been reduced by 22% in the last three months. The next key component in that engine is our sales network.

The more points of sale we have, the more subscriber acquisition opportunities we create. In our strategic update in March, we highlighted the need to develop our distribution network, to shift the focus of our business much towards sales.

Since that update, we have broadened our market coverage and accessibility by more than 15% across MultiChoice markets. Focusing on Uganda, for example, we have increased the size of our point-of-sale network by 17% since March.

As with all parts of our turnaround plan, this is just the beginning of what we will do. All of those initiatives, improving and promoting our content offer, reducing entry costs, and expanding our distribution networks, are reigniting our commercial engine.

We already have proof of the impact this can have. In MultiChoice countries, we delivered a 40% increase in new subscribers compared to H1 '25.

In South Africa, in June, we recorded the highest level of new subscriber uptake in a decade. This is a great example of what we can deliver when we put the right content in front of consumers with the right commercial process and the right price.

Of course, the World Cup is a significant one-off event, and we will need to work hard to retain as many of our new subscribers as we can, but we know how to do that. That covers our results headlines and early progress on the MultiChoice turnaround.

I will now turn to synergies. I am pleased to say we are well on track to achieve our 2026 cost synergies target.

This chart shows group adjusted EBIT cost synergies measured against our 2025 cost baseline and before implementation costs. As you can see, halfway through the year, we are halfway there.

Far, the entire €120 million P&L impact has been realized at MultiChoice, but other business units will be impacted in H2. A number of key initiatives are already implemented and delivering.

We have discontinued the Showmax streaming service. We have optimized and renegotiated our content costs.

We have carried out the voluntary severance plan at MultiChoice, and we have renegotiated hardware prices, benefiting, as I mentioned before, from the group's new combined scale. Beyond these initiatives, several more are ongoing.

We are optimizing our broadcasting infrastructure, renegotiating contracts with our technology and other service providers, and restructuring Irdeto, MultiChoice's technology and cybersecurity subsidiary. Taken together, these actions give us good visibility and confidence we will deliver the €250 million full-year cost synergies target and keep us on track for our 2030 targets.

With the turnaround and synergies plan now covered, I will hand over to Amandine Ferré, who will take you through our first-half financial results.

Thank you, Maxime. To properly assess our first-half performance, there are two important points to keep in mind.

First, these figures are the results of structural initiatives we have implemented to improve our business. As Maxime explained, the cost synergies resulting from the acquisition of MultiChoice are gaining traction.

We also continue to work not only on the cost-efficiency measure we launched, especially in Europe, but also on multiple initiatives to improve cash conversion. Second, it's fair to say we have also benefited in H1 from tailwinds that will not replicate in H2.

The FIFA World Cup, for instance, had a strong impact on our subscriber base in Africa and will, of course, not be there at the end of the year. Similarly, we were helped by positive seasonality on costs, especially on content, and favorable phasing of payments.

Finally, our boost plan on the MultiChoice perimeter has just only started, with still limited costs so far, but we are yet to see the fully-fledged impact on the P&L over time. Moving now on H1 figures, starting with our subscriber base.

As we say at full year, our base peaked at over 42 million end of 2025 as a result of the usual end-of-year festive season and the positive impact of the AFCON tournament. At half year, we are above 41 million, an increase of plus 8% versus half year '25.

Within what we have seen as a strong growth in high-value retail subs, especially in Africa and in France, to which I will come back in a few moments. We saw very strong growth in French-speaking Africa, thanks to our compelling content lineup, where unscripted and local series have been very popular.

Finally, as Maxime outlined, our successful execution of the World Cup had a very positive impact in Africa and helped to keep the MultiChoice base broadly stable. Our focus is now on retaining as many of our subscribers as possible, but similar to AFCON, our subscriber base will have temporarily peaked during the World Cup.

Now on revenues. This is where you can really see the impact of the MultiChoice acquisition on our scale, as our reported revenue is up by 40% versus last year.

On a like-for-like basis, if we compare restated combined revenue, we are up 1.4%, with the increase of Canal+ historical perimeter compensating for the decrease in MultiChoice revenue. The scope effect here refers mainly to the acquisition of Lucky Red, the Italian producer and distributor we acquired earlier this year.

Before going into each segment individually, let me break down the variation of our adjusted EBIT before exceptional items between H1 '25 and H1 '26. Restated from Vietnam and excluding MultiChoice, the group adjusted EBIT was €257 million in June '25.

When we include the contribution of MultiChoice restated from Showmax losses, we reach €363 million for H1 '25. The Showmax losses have been stopped as a result of the discontinuation, and this was a key achievement in H1.

Moving to the performance of '26, I'm pleased to announce that almost all of our segments, including MultiChoice, have seen an increase in profitability. This very solid performance across the group led to an overall increase of adjusted EBIT of 68%, enabling us to reach €433 million in the first six months of 2026.

I will now focus on each of our three segments: Europe, Africa and Asia, and Content Production & Distribution and Other. Starting with Europe.

As I said, we have seen a significant increase in subscribers in Europe, driven by the strong performance in France across both retail and wholesale. That was partially offset by the divestment of satellite subscriber base in Hungary in '25, as mentioned at Q1.

On a like-for-like basis, revenue is down 1.5%, driven by the closure of the C8 channel in France. C8 closed on the 1st of March last year, with C8 contributing to two months in H1 '25.

Our divestment in Hungary also had a negative impact on revenues, but both C8 and the DTH base in Hungary had positive impact on margin. On profitability, we had an excellent six months, with our margin rate standing at 6% at half year compared to 4.9% last year.

This increase proves the effectiveness of our cost-efficiency initiatives, although some are positive seasonality effect, especially on content costs, and that will partially reverse on H2. It's also worth noting that in H2, we will start to invest in our business in Central Europe to implement the strategy we presented at the full-year announcement, and specially in Belgium to ensure a successful start of our activity there.

We expect the margin rate at the segment at the end of the year to land close to last year. Moving now to Africa and Asia, where the positive impact of the World Cup is most notable as a key driver of the 7% increase in our subscriber base compared to H1 '25.

While revenue in this segment is broadly flat, our adjusted EBIT has increased by 21% compared to H1 '25, driven by the strong performance of the Canal+ perimeter and the implementation of the cost synergies at MultiChoice. I will now unpack the dynamic of the two perimeters separately.

Staying at the African and Asian segment, but excluding MultiChoice, the Canal+ historical perimeter in Africa and Asia, our subscriber base increased by 17% up to 9.4 million. This increase, driven by our compelling content lineup and the continuous improvement of our commercial and distribution model, led to an increase in like-for-like revenues of 12%.

We have also seen double-digit revenue growth at Canal+ Telecom Africa as a result of its strong commercial performance. Profitability of the segment excluding MultiChoice has also improved, with adjusted EBIT up 9%, driven by the strong growth of our pay-TV and fiber operation, and with a margin rate stable at very high level, as you can see.

Now focusing on MultiChoice. As a reminder, the benefit of cost synergies is one of the two primary reasons we acquired MultiChoice, the other one being to capture the African growth opportunity.

As you can see, we are already seeing the positive impact of the synergies, with the €120 million saving driving the increase in the MultiChoice adjusted EBIT. The Showmax closure represents €52 million, with the remaining €70 million generated by the other initiatives Maxime already mentioned, including saving on content costs and tech renegotiation, and the first impact of the voluntary severance plan.

Including the impact of the top-line decrease and the cost inflation totaling around -€35 million, we get to €143 million adjusted EBIT at the end of June '26. Staying with MultiChoice, here you can see the significant positive impact of our content lineup together with the initiatives we have been implementing as part of the boost plan.

This has enabled us to maintain a broadly flat subscriber base compared to H1 '25. This is an early sign of improvement, as a year before, the subscriber base had declined by 10% between H1 '24 and H1 '25.

Like it did with AFCON, our subscriber base will have peaked during the World Cup. It's important to note that the main effects of our growth initiatives are expected to continue to ramp up in H2 '26 and through '27 and '28.

Therefore, revenue still declined 3.4% on a like-for-like basis, mainly driven by the reduced equipment revenues. Subscriber revenues only declined by close to 1%, demonstrating signs that the situation is stabilizing.

As I have just explained, adjusted EBIT increased by 34%, mainly as a result of cost synergies. Finally, let's look at the Content Production & Distribution and Other segment, where revenue increased by 10%.

StudioCanal had a strong six months theatrically, with local breakout hits, including Guru, The Housemaid, Extrawurst, and Wohlstandskind 2. This positive momentum continued in both series production and catalogue, reinforced by the acquisition of Lucky Red we announced earlier this year.

As to Dailymotion, it continues to deliver dynamic growth with the expansion of its commercial reach. The slight decline in profitability year-on-year is due to front-ended loaded costs, and we expect the margin to improve in H2.

Now turning to our P&L. After removing the discontinued Showmax and Vietnam operations, earnings from the combined group improved significantly.

There are a few points to draw your attention to. The MultiChoice restructuring costs were offset by a number of positive one-offs, including the MultiChoice PPA and the Dailymotion Google litigation settlement for €29 million.

Cost of financing has been reduced by refinancing MultiChoice debt and the acquisition debt on more favorable terms. We had a -€87 million non-cash impact due to unfavorable exchange rate gains and losses.

We had a higher tax charge compared to H1 '25 due to our increased profit before tax. Our effective tax rate standard at 33% on Canal+ historical perimeter, down from 38% last year, and 76% for MultiChoice.

We'll continue to focus on improving that. Looking now at our CFFO before exceptional items.

Thanks to our ongoing cash optimization initiatives and our favorable phasing of payments, especially on MultiChoice, we have generated €559 million of CFFO and a 129% cash conversion rate. Of this €559 million, the historical perimeter of Canal+ contributed to €334 million, while MultiChoice delivered €225 million.

Thanks to that high level of CFFO, our free cash flow before exceptional items reached €414 million. To go into the details, we benefit from a positive one-off of €25 million in cash tax as a result of the change in MultiChoice financial year, and from the improved condition of our refinancing, as I already mentioned.

We also paid €336 million in exceptional items, including a €275 million payment linked to the settlement of the French VAT litigation. It will be completed by a final €89 million payment that we will make in H2.

Despite these exceptional items, free cash flow in H1 was still positive and totaled €79 million. Now to update you on our debt position.

Our leverage ratio decreased from 1.96x excluding the VAT and TNT settlement effect at the end of December '25 to 1.83x at June '26. The main building blocks of this variation were, of course, the free cash flow we generated, but also the outflow related to M&A, with the acquisition of Lucky Red I already mentioned, and the discontinued operations.

Let me conclude with our financial structure. As you can see on this slide, we have continued to successfully diversify our source of funding, which is a key strength for our financial profile.

In May, we completed and succeeded our second bond issuance. Like the first one, it was a €700 million transaction, and it was largely oversubscribed.

This new six-years bond further strengthen our debt profile, extending our average debt maturity to 4.4 years. Combined with the €1.7 billion of available liquidity, it provides us with both significant financial flexibility and strong visibility for the years ahead.

With that, I will hand back to Maxime.

Thank you, Amandine. Before we take questions, I will take you through our outlook.

In summary, we have delivered a strong first half with results to match, and so we remain well on track to meet our guidance for the full year. As a reminder, we expect revenue to remain flat, and adjusted EBIT to increase by 5% year-on-year to €735 million, with CFFO of over €600 million and over €250 million in free cash flow.

Beyond '26, over the medium term, we expect to see moderate growth on the top line, over €850 million of adjusted EBIT, over €800 million of CFFO, and over €500 million of free cash flow. As I said at full year, this will be the bare minimum, as we are aiming to do more, and our medium-term outlook is not our end point.

It is the starting point for our next phase of growth. Thank you.

Now we will take your questions.

Thank you very much for the presentation, please. First, perhaps Maxime and Amandine, you can talk about the retention trends of the newly acquired MultiChoice customers that you've observed in July and what you expect in August and September.

Secondly, I know in your bridge you talk about a €35 million impact of growth investments, cost escalators, etc. More specifically, can you elaborate on how much boost investments were made in the first half and how much you expect into the second half?

Then lastly, more so for Amandine, are there any cash exceptionals that we should be aware of for '27? Of course, '26 has a lot of things like restructuring and the VAT payments, but anything we should be aware of for '27?

Thank you.

Thank you very much, Adrien, for your question. Retention trends on MCG subs: too early to tell on the World Cup.

On the previous months, we have seen no negative change. Early assessment of the MultiChoice situation is really that retention is actually pretty good, and that the main issue we needed to address was to increase significantly gross adds.

We've been focusing on sales, and as you've noticed, it has had an impact, although we're cautious because, of course, there was this false positive of the World Cup, which certainly helps, but we know that there are other measures that really had a positive impact. It's too early to say how many subs following the World Cup will stay on.

We're good at that, but we know, of course, some of them will eventually leave. On the -€35 million impact and on the cash question, Amandine?

Yes. We've been launching a boost plan, and actually we started that in H1, middle of H1, we only had a small part of the cost in H1, and the bulk of it will be on H2.

I'm sure you remember the figures that we provide on the full year, it was -€100 million on the boost plan, only a small part of it was taken on the H1, and the bulk of it will be on H2. It's a bit similar for the inflation costs.

It was also -€100 million for the full year. We had a small proportion of increase during the first half, and the majority of it will be on the second one.

If you adding all the impact that we explain at the full year, we had -€40 million on the impact of the top-line decrease, -€100 million on the inflation, and -€100 million on the boost, a total of -€240 million. We only had part of this 240, as it's only -€35 million as of today.

We intend to have larger cost base for the second half of the year. Regarding the impact of the boost plan, 90% of it is a variable cost, and so if we manage to have the full impact of the boost plan, we will have a positive impact on the subscriber base trend.

Regarding your second question on the exceptional cash for '27, the majority of the exceptional costs that we will have in '26 will be the restructuring cost of MultiChoice and Irdeto. We launched the VSO operation in the last quarter of this half year.

We had provision on that, but the cash impact should be on the second half of 2026. We will also have in '26 the remaining €89 million on the VAT litigation.

For '27, we might have some impact on the restructuring of MultiChoice, but it will be much lower compared to what we have.

Irdeto as well.

MultiChoice and Irdeto, compared to what we will have in '26.

Yes, good morning. I hope you hear me well.

First question on France. You give some numbers on profitability for France in 2025.

Could you give us some indication for H1? Does the trend still improve in H1 versus 2025?

That's my first question. My second question is just to follow up on Adrien question on the boost plan.

You said that the number of point of sales is increasing by 15% in H1 and that the commercial initiatives should accelerate in H2. I'm just trying to reconcile the two statements.

Do you expect an acceleration in terms of growth of the number of point of sales in H2? Also, could you be a bit more specific on what does that mean in practice and perhaps give us an example of the type of new distributor that you are adding?

Second question on the boost plan: should we expect some new initiatives next year? Lastly, to finish, still on MultiChoice, on FX, the trend are now positive.

Could you remind us your hedging policy and what should be the theoretical translation in terms of revenues and EBIT for the rest of the year? Thank you very much.

Amandine, on profitability in France?

Yes. We do not provide the detail on profitability in France for semester results.

What I can say is that yes, we improved the profitability of France compared to H1 '25. We took many measures actually, and you know that improving the profitability of Europe was one of our main strategic axes for this year.

We stopped DTT in France, we stopped C8, we did a layoff plan in France, and so we had a positive impact in '26 compared to what we had in '25. We improved the profitability, yes.

On the boost plan, it will accelerate because it takes time to hire the people that do the door-to-door, for example. It takes time to rebuild the network.

You ask an example, some of them are very established retail points that have stopped selling MultiChoice because the volumes were not there, and it wasn't worth it really when you don't have any volume, since most of it is based on commissions for the retail stores to carry MultiChoice. We're really going to established stores, but sometimes it's really very local and mom-and-pop independent stores and establishing them as MultiChoice retail store.

It's really retail, physical, on-the-ground stuff, because, of course, you need to be able to take advantage of promotions and so on and really be where people are, in very dense areas. There will be some new initiatives.

It's a little early to speak, but of course, we're looking at the commercial offers, we're looking at branding, we're looking at content and a number of additional initiatives there. Yes, there's a full plan that we don't necessarily want to communicate right now, but that will continue through the second half of '26 and a lot of the '27 as well.

On FX? Yeah.

On FX, we had a zero impact on revenues on H1, but it hides two different sequences, actually. We had a negative impact in Q1 across Africa, and we had a positive impact in Q2, and this was driven by the MultiChoice countries.

Regarding our hedging policy, there are two different types of hedging. Regarding the translational risk, converting the financial statement from local currency to euro, we do not hedge because it would be too expensive.

We had many discussions with the banks, and it was, especially with ZAR, the South African currency, it was not making any financial sense. Regarding transactional risk, the revenue and cost in different currencies, what we do is that we try to do our best to match currencies between cost and revenues.

We try to negotiate payment terms with the right owners on local currencies as much as possible. It's not always possible or easy, but this is really something that we are pushing in our renegotiations.

When it's not possible, we do use financial derivatives to hedge the risk, quite classic. Jérôme, it answered your question?

Yes. Thank you very much.

Yes, good morning. Two questions.

The first one is on the middle term. I think, Maxime, you said the medium-term objective was only the beginning before the next phase.

We know that MultiChoice peak subscriber was slightly above 17 million. Do you think it's realistic to come back to that level within three to five years?

I'm not asking for any given year, but stepping back, is that something which you believe is doable? The second question is on M7.

You had mentioned the need to reinvest in M7, and I think you invested in content. Within the contribution of Europe, Amandine was mentioning France, but is it fair to assume that M7 was still declining, or are we going to reach bottom in '26, and are we still positive on that part of the footprint?

Thank you.

Short answer to your first question is yes. It is reasonable to say that in a three- to five-year span, we'll go back to that number.

Of course, as the MultiChoice acquisition was really driven by two objectives. One was richer scale that enables us to deliver cost synergies, which I think were showing was warranted.

The second is about taking advantage of the incredible potential of the African continent, and I think we're just at the beginning of that. Of course, I imagine that we'll be able to get back and above the number you mentioned in a three- to five-year span.

On the second one, I will let Amandine give more details, but your assumption is correct. It is safe to assume that there is a decline in these numbers, and it will not bottom out this year.

It will continue next year because this is an investment. This is not a decline.

This is a company that we need to change, because it was really DTH aggregation of linear channels, and we're moving it to OTT, platformisation, and premium content. We are now in an investment mode, and so it's going to take its toll on profitability for a few years.

Of course, we will know how to cover for that with the rest of our activities.

Just on your question, we are still positive on this—declining, but still positive.

Okay. Thank you.

thank you. Morning.

Three questions also from my side. Firstly, can you give us an idea what the boost in June at the end of the quarter was from the sign-ups around the FIFA World Cup in the African business?

My understanding was that you didn't have the rights in the French-speaking territories, but just to confirm that. Then related to that question, given the numbers that you gave, Amandine, relating to MCG with, I think, 100,000 extra subscribers in the first half, I think that implies, if I'm correct, that the rest of the business in that unit, which grew at 7% overall, but the rest of the business grew by 20%.

Can you just confirm that and maybe also remind us where that's coming from? Is that direct-to-consumer, is that wholesale?

Just maybe remind us the economics of the wholesale subscribers, particularly outside the European business, if that's a factor, versus direct-to-consumer. Then last question, just in terms of StudioCanal, I think you mentioned some phasing on costs, which was unfavorable in the first half, would be more even in the second half.

Just on the revenue side, if you could just give us some highlights of what's in the pipeline for the rest of the year and how that might drive revenue growth. Thank you.

On the first one, the World Cup definitely helped, as we said, on the MultiChoice territories, but not only, as lowering the cost of access, increasing the point of sales, hiring a sales force, and aside from the World Cup, there was a very strong set of content propositions on the MultiChoice side that helped. On the French-speaking African countries, you are right, we did not have the right to pay-TV World Cup rights.

We have been very transparent on the fact that we assess every right with a very specific analytical approach, and if we believe the rights are not on par with the value we can extract, we don't buy those rights. This is what happened on the French-speaking African territories.

We had all of the free-to-air channels were carried by Canal+, and the free-to-air channels carried approximately half of the games. We had exactly 44 games that were available on our platform, and we managed to make the World Cup an event with these 44 games.

This is the strength of the Canal+ model, where we aggregate free-to-air, pay-TV platforms, and we're able to play on this aggregation to make sure that whatever the event is, whatever the broadcaster is, we'll have access to those rights. In that case, it proved a very successful bet, because without buying the rights to the World Cup, we had a very, very successful semester in French-speaking Africa in terms of acquisitions.

In addition to the local free-to-air channel, we also had a specific counter-programming with a lot of TV, unscripted content, etc., like Les Nounous, for instance, which is very famous in French-speaking Africa, and it was very successful also. It helped a lot.

Regarding your other question on the growth of Africa, just to be clear, in Africa, it's almost only retail subs. We do not have wholesale subs, it's really retail.

You have the detail of the growth page 28. On the historical perimeter of Canal+, we are at 17% growth, and 1% of MultiChoice, blended, we are at +7%.

Your last question was on the StudioCanal pipeline for the second half of the year.

We have big, big movies coming, but we don't necessarily know how it's going to affect the revenues. If everything goes well, then it will impact positively.

We have big French movies, we have big international movies. We have Pressure that has done very well in the US and will be released in the rest of the world starting in September.

We have Les Misérables, French adaptation, very ambitious French movie. We have Violette from the director of Amélie, which is a very famous director, big French movie adapted from a very strong best seller across Europe.

I think it's too early to say.

Ferré enough. Just to clarify and confirm, Amandine, you said that margins, I think, in Europe for the business overall would be flat for the full year with more unfavorable phasing in the second half.

Did you say that for the full year? Only for content production.

On content production, we expect the margin—

Only content production.

Yeah.

Only content production. Okay.

Great. Thank you.

Yes, good morning, Maxime and Amandine. Three questions from my side.

First one on MCG: could we have some indications about the ARPU trend in H1 on a year-on-year basis, and more generally, should we expect a decline of the ARPU as part of your plan to regain subscribers at MCG territories? Second question is on the restructuring in France with severance plan concerning 250 people in France.

Could we have an indication of the phasing between H1 and H2 for the savings? Last question is on the impact of the plan to reinvest in M7 in '26-'27.

As you mentioned that it will weigh on the European margin this year, do you expect still a significant negative impact in '27 for European profitability from this plan to reinvest in M7? Thank you.

Okay. Maybe on the first question on ARPU on MCG, no major difference in H1 '26 compared to what we had in '25.

We might have change in the future because we will probably have evolution on the offer, and depending on that, it might change a bit, but nothing significant yet. Second question on the restructuring in France, the plan de départ, the restructuring was done in '25, and it's over in terms of EBITDA.

We still have minor cash flows, because, you know how it is in France, it takes a lot of time to finish plan de départ. The impact on EBITDA is already loaded for '26.

Last question on M7—so the new name of M7—so we will need to reinvest, we expect to have a lower contribution of M7 in '27 compared to '26, and we will also launch our activity in Belgium in '27. You might have seen that we bought the rights of the championship in Belgium, and so we will launch this new country in '27.

We will have investing, of course, to be done to make sure that this is a success.

Thanks. Thank you.

We love Belgium. We love this market.

Close to 5 million households, people who love television, and they love it so much they're paying for free-to-air. We expect a lot from this, and this is why we took advantage of the Champions League tender to buy all competitions, all three, and we bought both pay-TV and free-to-air rights.

There will probably be some licensing, but this is now to our option, and we'll discuss with local partners to see how it goes, but it's a very similar setup to the one we have in France, which, of course, produced very positive results.

Besides Belgium, are you planning the launch of the Canal+ brand in other ex-M7 territories?

We already did in Czech Republic and Slovakia. We took advantage of a similar processes with the Premier League and WTA, which we bought in these markets.

WTA, as is women's tennis, and those two countries, they have very strong female tennis players. This is the reason we bought WTA.

It's an important right over there. We took advantage of that to launch the Canal+ channels on sports.

We will launch movie channels as well. Yes, we are, as I said, on the Central Europe and Benelux, we are premiumizing, which in our words means we're going to launch Canal+ channels to make it more compelling for subscribers to subscribe to offers over there, and of course, increase the ARPU.

Merci, Maxime.

Yes, good morning, Maxime. Good morning, Amandine.

First question is in France, you said that the high-value direct-to-consumer subscriber base continued to grow. Can we have some idea of how much gross versus the end of '25 in either percentage or thousands?

Then on MultiChoice, your plan is for €240 million of spend this year, and you've only done 45 in the first half. Now you're telling us you will spend the other 195 in the second half.

As MultiChoice has probably grown top line better than expected with only €45 million, do you really intend to spend the whole 240, and if you do, then should we have maybe better revenues than the guidance? That's my second question.

Then on Europe, you restructure France, it's going to have higher margin, but then you're premiumizing M7, which comes with initially lower margins. When you take those two things into account, if we take a medium-term view, three to five years, what kind of margin can you get to in Europe?

Thank you.

Trying to see which of the questions—it's very tough for us not to answer any of your questions, Julien. On the last one, just to say that we won't give a number on the margin target.

What we can say is that the whole purpose of investing in Central Europe and Benelux is to bring back to help contribute to our key objective, which is to improve the margin of our business, pay-TV business in Europe. We are completely focused on that, and we think that these investments in Central Europe will help us, eventually help us in doing that in the in the span you mentioned, the three to five year.

I—except if Amandine feels very generous today, I don't think we're going to give you a number. On the—then Amandine will complete—on the MCG spend, as Amandine said, since 90% of it is variable, the more we spend, the better result it produces.

Of course, we are—we have to see the sales come, and we were not absolutely certain that these sales will come. It's very difficult to to assess how much we will spend, but we, if we spend the number you say, which is our intention, then it it will have a positive impact on top line.

We don't think it's going to have an positive impact as soon as this year. That's the question.

Your last question was regarding the growth in retail in France. We are really helped by the PSG finals during the last month, we really peaked in May and June.

We are having growth. The growth is pretty similar in H1 '25 compared to what we had in '26, we have a kind of a steady growth, and I would say it's a few percent.

It's positive.

Très merci.

Thank you

very much. Thank you all.