Canal+ is implementing a turnaround plan for MultiChoice. (Image source: Canal+)
MultiChoice’s revenue declined 3% on a like-for-like basis in the first nine months of 2026, as new owner Canal+ works to turn around the African pay-TV group following its acquisition.
In a trading update for the nine months ended 30 September, Canal+ reported that MultiChoice Group revenue rose 0.4% on a restated basis for the nine months ended 30 September, benefiting from a material positive currency effect.
However, on a like-for-like basis, revenue fell 3%, mainly due to lower subscription revenue in South Africa.
The decline moderated to 2% in the third quarter, from 3.4% in the first half of the year, partly reflecting more favourable comparisons with the previous year’s sporting events schedule.
Canal+ says MultiChoice’s subscriber base also normalised in the third quarter after receiving a significant boost from the FIFA World Cup in the first half of 2026.
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The update comes as Canal+ implements a turnaround plan for MultiChoice, which operates DStv.
“We are making good progress with the MultiChoice turnaround plan,” says Maxime Saada, Canal+ chief executive officer.
In September, MultiChoice introduced a simplified value proposition in South Africa, offering subscribers more content and choice at the same price.
Canal+ said the rollout of the new packages will continue across English- and Portuguese-speaking African markets over the coming months.
The group has also strengthened its sports offering on the continent, securing exclusive rights to all UEFA men’s club competitions across more than 40 countries for 2027 to 2031.
It also acquired rights across Africa for the 2027 Africa Cup of Nations and its qualifying campaign.
Saada says the UEFA deal is the group’s first major sports rights acquisition covering all its African markets.
Canal+ reported group revenue of €6.412 billion for the nine months to September, up 37.5% from €4.664 billion in the same period last year, primarily reflecting the consolidation of MultiChoice.
However, revenue was broadly flat on a like-for-like basis, declining 0.3% when the comparison includes MultiChoice’s contribution for the relevant periods.
Excluding MultiChoice, Canal+ revenue increased 1.3% to €4.646 billion on a restated basis, supported by growth in French-speaking Africa and its content production and distribution business.
Across Africa and Asia, revenue more than tripled to €2.604 billion following the acquisition. On a like-for-like basis, revenue for the region grew 0.7%, reflecting 10.2% growth in Africa and Asia excluding MultiChoice, offset by a decline at the South African group.
MultiChoice’s performance contrasts with growth in Canal+’s French-speaking African markets, where revenue benefited from subscriber growth, a strong content line-up and improved distribution efficiency.
Canal+ notes that its broader African and Asian operations continued to benefit from expansion in telecommunications infrastructure and improved content offerings.
The French media giant adds that it remains on track to achieve its 2026 synergies target of €250 million in adjusted earnings before interest and tax (EBIT) and €220 million in free cash flow.
The group maintained its full-year guidance, which includes flat revenue, adjusted EBIT of €735 million, cash flow from operations above €600 million and free cash flow above €250 million, before valued-added tax (VAT) settlement and restructuring.
“We remain well on track to achieve our 2026 synergies target and deliver our full-year guidance,” Saada notes.
The group is challenging a proposed increase in the VAT rate applicable to its activities in mainland France and overseas territories. If the measure becomes law, Canal+ says it intends to increase subscription prices and implement significant cost reductions to offset the financial impact.