Canal+ says its turnaround plan for MultiChoice is beginning to deliver results, with South Africa recording its strongest month for new subscriber acquisitions in a decade.
This, as the French media giant starts to realise the benefits of its acquisition of the African pay-TV operator.
Releasing its unaudited half-year results for the six months ended 30 June, Canal+ highlighted MultiChoice as a key contributor to stronger group earnings and cash generation following the completion of the acquisition.
The French-based group reported a 40% increase in revenue to €4.29 billion (R81.8 billion), largely driven by the consolidation of MultiChoice’s financial results.
Adjusted earnings before interest and tax (EBIT), before exceptional items, rose 68% to €433 million (R8.2 billion), while free cash flow before exceptional items increased to €414 million (R7.9 billion).
Excluding MultiChoice, group revenue increased 1.4% on a like-for-like basis, while adjusted EBIT rose 13%, supported by operational improvements across Europe and Africa.
For MultiChoice specifically, adjusted EBIT before exceptional items jumped 160% to €143 million (R2.7 billion), from €55 million (R1 billion) a year earlier, primarily due to synergies from the acquisition amounting to €120 million (R2.3 billion), including the impact of the discontinuation of Showmax.
Subscriber boom
Following the consolidation of MultiChoice into its reported figures, Canal+’s subscriber base increased to 41.2 million as at 30 June, up 8.4% from 38 million a year earlier.
The enlarged subscriber base was underpinned by growth across all regions. Africa and Asia, which includes MultiChoice’s operations, accounted for the largest share with 22.6 million subscribers, up 7.2% year-on-year, while Europe grew 10% to 18.6 million subscribers.
By distribution channel, the group’s direct-to-consumer business remained its largest platform, growing 5.1% to 33.7 million subscribers.
Meanwhile, the wholesale channel recorded the fastest growth, with subscribers rising 26.3% to 7.5 million, highlighting the impact of expanded distribution partnerships.
The results offer the clearest indication yet of Canal+’s plans to revive MultiChoice after taking control of Africa’s largest pay-TV operator.
The company says it has already strengthened MultiChoice’s content offering by securing long-term broadcast rights to South Africa’s Premier Soccer League and the 2027 Men’s and 2029 Women’s Rugby World Cups across Sub-Saharan Africa.
The production pipeline has also been expanded to include South African film production, The Road Home, alongside Heist of Benin and a screen adaptation of Chimamanda Ngozi Adichie’s bestselling novel Americanah.
Canal+ also launched a series of commercial initiatives aimed at rebuilding subscriber growth, including reducing decoder prices for new customers to lower the barrier to entry, expanding its distribution network by more than 15% since March, and introducing new marketing campaigns and content offerings such as the Novelas+ channel in South Africa.
These measures contributed to subscriber acquisition across MultiChoice markets increasing by 40% compared to the first half of 2025.
South Africa delivered the standout performance, recording its strongest month for new subscriber additions in 10 years during June, says the company.
Tuning into growth
Chief executive Maxime Saada says the integration is already delivering tangible benefits.
“Our strong first-half results reflect our strategic progress. Revenue increased by 40% and adjusted EBIT by 68%, reflecting our increased scale following the acquisition of MultiChoice, and we continued to generate very strong free cash flow, benefitting from cash optimisation initiatives and seasonality effects.
“In Africa, we have grown our combined subscriber base by 7%, and as part of the MultiChoice turnaround plan we reduced entry costs for new subscribers and expanded our sales network. In South Africa, we delivered a standout month in June, with the highest new subscriber uptake in a decade, and we secured long-term rights to the most watched sports competition, the Premier Soccer League.”
Beyond subscriber growth, Canal+ says the acquisition has significantly enhanced its scale and profitability, with the group achieving half of its targeted €250 million (R4.7 billion) in annual synergies.
The company maintained its full-year guidance, forecasting adjusted EBIT of €735 million (R14 billion), cash flow from operations above €600 million (R11.4 billion) and free cash flow above €250 million (R4.7 billion), excluding the payment of a French VAT litigation settlement and restructuring costs.
The results suggest Canal+ is prioritising investment in premium sports rights and local African content as it seeks to stabilise and grow MultiChoice’s subscriber base, which has come under pressure in recent years from weak consumer spending, currency volatility and growing competition from global streaming services.
The company believes the combination of lower entry costs, broader distribution, stronger local programming and exclusive sports rights will help restore growth, while improving profitability across the MultiChoice business.
Saada says the acquisition is already meeting expectations. “Finally, following the acquisition of MultiChoice, our increased scale is starting to deliver the benefits we expected. We have achieved half of our €250 million (R4.7 billion) synergies target and remain well on track for the year, and we confirm our full-year and medium-term guidance.”
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