PARIS (Reuters) – The French audiovisual group Canal+, which is still struggling to convince investors since its introduction to the London Stock Exchange, an organic rise of 1.5% in the first quarter on Tuesday and confirmed its 2025 targets.

The producer of films “Paddington” or “love phew” reported a turnover of 1.55 billion euros, up organic by 1.5% and down 2.5% in data published over three months until the end of March.

Canal+ judged these results “online with expectations” in a press release.

The “Europe” segment, which constitutes its main market representing almost three -quarters of its sales in the first quarter, grew up from 0.8% in organic compared to the first quarter of 2024.

Canal+ spoke of “DTOC income growth”, that is to say self-distributed subscribers, “coming from both the portfolio and the price increase”.

The group also said it made “progress” on the acquisition of the South African Multichoice paid television giant during the first quarter.

In March, Canal+ announced to have a six -month additional period to obtain the approval of the regulatory authorities concerning this rapprochement.

The group said they were confident to conclude the operation by October.

In its press release published Tuesday, Canal+ repeated that this new deadline “is sufficient” for the realization of the conditions necessary for the implementation of the transaction.

Since its rating on the London Stock Exchange in December, following the dismantling of its former Mother Maison Vivendi, Canal saw its title fall by around 23% since its first day of rating at the fence, almost 40% compared to the reference price which was 290 pence.

Canal+, the first shareholder of which is the Bolloré group, published its results in the aftermath of the Vivendi General Assembly. If Yannick Bolloré, Chairman of the Supervisory Board of Vivendi, and Arnaud de Puyfontaine, president of the Management Board, admitted to being “disappointed” by the balance sheet of the split so far, they nevertheless declared that it took “time” and “patience” to see a revaluation of split entities, including Canal+.

Among the factors weighing the assessment on the stock market of Canal+ identified by analysts in January are the lack of information available concerning its perspectives and its strategy, as well as the uncertainty relating to its rapprochement with the South African giant of Multichoice paid television.

This rapprochement would be the biggest acquisition in the history of the French group.

In recent years, Canal+ has transformed its economic model, going from an encrypted television channel to a content aggregator, produced by himself or by others.

(Report Florence Lève, edited by Kate Entringer)

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