MultiChoice profits jump 160% in H1 under Canal+ ownership as turnaround takes hold

Canal+ has reported a 68% rise in adjusted EBIT for the first half of 2026, with the French media group crediting the consolidation of MultiChoice for the bulk of the gain.

In its unaudited half-year results for the six months to 30 June 2026, Canal+ said total group revenue rose 40% to €4,287 million (roughly $4.97 billion), while adjusted EBIT before exceptional items climbed 68% to €433 million (about $502 million), lifting the group’s margin to 10.1%. Cash flow from operations before exceptional items reached €559 million, with free cash flow before exceptional items at €414 million.

The company confirmed its full-year guidance: flat revenue, adjusted EBIT of €735 million, CFFO above €600 million, and free cash flow above €250 million.

MultiChoice, which Canal+ took full control of in September 2025, contributed most of the improvement. The unit’s adjusted EBIT before exceptional items rose 160% to €143 million (about $166 million), according to the filing.

On the earnings call, Canal+ management said the increase came despite a top-line decline and cost inflation that together weighed on results by roughly €35 million. MultiChoice’s revenue still fell 3.4% on a like-for-like basis, which the company attributed mainly to reduced equipment revenue tied to subsidised handsets for new subscribers.

Group-wide, MultiChoice’s inclusion pushed Africa and Asia revenue up 242.6% to €889 million (roughly $1.03 billion). Stripped of the MultiChoice effect, group revenue growth was a more modest 1.4%, and Africa and Asia adjusted EBIT excluding MultiChoice was up 9%, which Canal+ attributed to revenue growth in pay-TV and fibre-to-the-home.

MultiChoice’s subscriber base stabilises after a rough 2025

Management said MultiChoice’s subscriber base was broadly flat compared with H1 2025, a marked improvement on the roughly 10% decline recorded between H1 2024 and H1 2025. New subscriber acquisition in MultiChoice countries was up 40% year on year, and Canal+ said June 2026 was the best month for subscriber acquisition in South Africa in a decade.

The company pointed to several factors behind the improvement: equipment prices for new subscribers were cut to lower the barrier to entry, and the number of points of sale expanded by more than 15% since March. CEO Maxime Saada said the combined African subscriber base grew 7% over the period.

That recovery follows a difficult 2025 for MultiChoice, when full-year revenue fell 6% to €2.40 billion (about $2.78 billion), and the subscriber base dropped from 14.9 million to 14.4 million, a decline Canal+ has linked to Nigerian currency devaluation, power outages and the costly Showmax streaming bet. Canal+ is unwinding Showmax as a standalone platform and folding it into DStv.

Canal+ said cost synergies from the MultiChoice acquisition remained on track toward its 2026 target. The group has previously flagged a €140 million headwind for MultiChoice in 2026 from subscriber inertia and cost inflation, against which it is running a €100 million boost plan that includes hiring more than 1,000 sales staff across African markets.

Canal+ shares rose 6.99% to $248 following the results announcement, up from the previous close of $231.8. The stock gained $16.2 in the session. It now trades about 11.7% above its 52-week low of $184.1 but remains about 24.2% below its 52-week high of $327.3.

The group’s medium-term targets remain group adjusted EBIT above €850 million (about $986 million), CFFO above €800 million, and free cash flow above €500 million (about $580 million).