Wireless

In 2025, Canal+ delivered results in line with or better than guidance, but the (predictable) losses at Multichoice were bruising for the share price.

The Multichoice acquisition proved timely as African economic prospects improve.

Further opportunities for expansion lie ahead in French football distribution, the Nordic territories and in Southeast Asia.

Rapid diffusion of AI products is pressuring all media sectors to take a radical approach to content and IP management (beyond tried and trusted online strategies).

2026 will be a bumper year of AI spend by big tech. Capex growth may moderate in 2027 but with an enduring cumulative impact as AI agents approach the mainstream.

Broadcasters are ramping up activity on YouTube, and as the rules of tech platform distribution change, the industry works to solve content licensing for AI.

Broadband market revenue growth slightly worsened in Q4 to -1.4% as volume and ARPU pressures persist.

The altnet outlook remains highly uncertain with multiple developments pointing in different directions.

Continued market decline into 2026 is likely, with a coherent (and sustainable) altnet future likely to take some time to emerge.