Global media and entertainment company CANAL+ has delivered a strong first half boosted by the acquisition of Africa’s leading video entertainment and pay-TV platform MultiChoice.
Group revenue increased 40% to €4.29-million (approximately R82-million) in the six months to June, largely reflecting the consolidation of MultiChoice into CANAL+’s results. Adjusted earnings before interest and tax (EBIT) before exceptional items increased 68% to €433-million, while the group’s adjusted EBIT margin reached 10.1%.
Maxime Saada, CANAL+ chief executive, said the results provide an early indication of the contribution MultiChoice is making to CANAL+ as the group works to integrate the African entertainment business and turn around its performance.
“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.
Growth in subscriber base
“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,” said Saada.
MultiChoice’s adjusted EBIT before exceptional items surged 160% to €143-million, from €55-million in the comparable period.
CANAL+ said the improvement was mainly driven by synergies from the combination of the two businesses, with €120-million of synergies contributing to the profit and loss account during the period.
This includes the impact of discontinuing MultiCoice’s standalone streaming platform Showmax.
Synergy target for 2026 on track
CANAL+ said it had achieved half of its €250-million synergy target for 2026 and remained on track to achieve the full target. The improvement in MultiChoice’s earnings was accompanied by stronger subscriber acquisition.
Subscriber acquisition across MultiChoice countries increased 40% compared with the first half of 2025, while the combined African subscriber base grew 7%.
South Africa was a particular highlight, with June recording the highest new subscriber uptake in a decade.
According to company, they have been lowering the cost of entry for new subscribers by reducing equipment prices and expanding its sales network. Its points of sale increased by more than 15% since March.
CANAL+’s Africa and Asia division, which includes MultiChoice, generated €269-million in adjusted EBIT, up 21.1% compared with the comparable period including MultiChoice.
The group’s total subscriber base rose 8.4% to 41.2-million at the end of June, with Africa and Asia accounting for 22.6-million subscribers, up 7.2%.
Strong cash generation
Cash generation also remained strong, although CANAL+ cautioned that its first-half performance benefited from seasonality and timing effects.
“Following the acquisition of MultiChoice, our increased scale is starting to deliver the benefits we expected. We have achieved half of our €250m synergies target and remain well on track for the year, and we confirm our full-year and medium-term guidance,” said Saada.
- CANAL+ reported a 40% revenue increase to €4.29 billion and a 68% rise in adjusted EBIT to €433 million in H1, driven by the acquisition of African pay-TV leader MultiChoice.
- MultiChoice’s adjusted EBIT surged 160% to €143 million, aided by €120 million in synergies, including the discontinuation of its standalone streaming platform Showmax.
- The combined African subscriber base grew 7%, with South Africa seeing the highest monthly new subscriber uptake in a decade due to reduced entry costs and expanded sales networks.
- CANAL+ has achieved half of its €250 million synergy target set for 2026 and remains on track to meet the full goal.
- The group’s total subscriber base increased 8.4% to 41.2 million, with 22.6 million in Africa and Asia, and strong cash flow generation supported by seasonality and timing effects.
Global media and entertainment company CANAL+ has delivered a strong first half boosted by the acquisition of Africa's leading video entertainment and pay-TV platform MultiChoice.
Group revenue increased 40% to €4.29-million (approximately R82-million) in the six months to June, largely reflecting the consolidation of MultiChoice into CANAL+’s results. Adjusted earnings before interest and tax (EBIT) before exceptional items increased 68% to €433-million, while the group’s adjusted EBIT margin reached 10.1%.
Maxime Saada, CANAL+ chief executive, said the results provide an early indication of the contribution MultiChoice is making to CANAL+ as the group works to integrate the African entertainment business and turn around its performance.
“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
MultiChoice’s adjusted EBIT before exceptional items surged 160% to €143-million, from €55-million in the comparable period.
CANAL+ said the improvement was mainly driven by synergies from the combination of the two businesses, with €120-million of synergies contributing to the profit and loss account during the period.
CANAL+ said it had achieved half of its €250-million synergy target for 2026 and remained on track to achieve the full target.
Subscriber acquisition across MultiChoice countries increased 40% compared with the first half of 2025, while the combined African subscriber base grew 7%.
CANAL+’s Africa and Asia division, which includes MultiChoice, generated €269-million in adjusted EBIT, up 21.1% compared with the comparable period including MultiChoice.
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