CANAL+ revenue rises 37.5% as MultiChoice turnaround progresses
October 22, 2026 08.11 Europe/London By Julian Clover


CANAL+ reported a 37.5% increase in nine-month revenue following its acquisition of MultiChoice, although revenue on a comparable, constant-currency basis was slightly lower.

Group revenue reached €6.41 billion for the nine months to September 30. Including MultiChoice in the comparison period, revenue increased 1%, but declined 0.3% on a like-for-like basis.

Third-quarter revenue was €2.13 billion, up 1.9% on a comparable reported basis and down 1% like-for-like.

Chief executive Maxime Saada said the group remained on track to deliver its full-year guidance and targeted acquisition synergies.

“We are making good progress with the MultiChoice turnaround plan,” he said. “In September, a new, simplified value proposition was launched in South Africa, providing subscribers with more content, greater choice, and better value for the same price.”

The new offers will extend across English- and Portuguese-speaking Africa over the coming months.

MultiChoice’s nine-month revenue declined 3% like-for-like, reflecting lower subscription revenue in South Africa, partly offset by growth in most other English-speaking markets. The decline moderated to 2% in the third quarter, compared with 3.4% in the first half, partly helped by the sporting events comparison.

Across Africa and Asia, excluding MultiChoice, like-for-like revenue increased 10.2%. CANAL+ said subscriber growth and improved distribution efficiency supported French-speaking Africa, while its African telecoms business delivered double-digit growth through fibre expansion.

European revenue fell 1.4% to €3.36 billion. The group cited the closure of C8, the end of DAZN distribution in France and the disposal of its Hungarian DTH subscriber base.

Excluding those effects, mainland French revenue was broadly flat, with growth in direct-to-consumer pay-TV offset by lower wholesale contributions and a weak advertising market. Poland recorded modest growth, supported by OTT subscriptions and advertising.

CANAL+ also highlighted the upgraded app unveiled in early October, including AI-powered search, and the adoption of the CANAL+ brand and app in the Czech Republic and Slovakia.

Content Production, Distribution and Other revenue increased 9.3% to €530 million, supported by STUDIOCANAL’s box-office performance, international sales and the acquisition of Lucky Red. Dailymotion was affected by weaker third-quarter advertising.

Separately, CANAL+ warned that a proposed increase in French VAT could lead to subscription price rises and significant cost reductions. The group is challenging the proposal alongside cinema and sports organisations.

Full-year guidance remains unchanged, including flat revenue, adjusted EBIT of €735 million and free cash flow above €250 million before VAT settlement and restructuring. CANAL+ is targeting €250 million in adjusted EBIT synergies and €220 million in free cash flow synergies for 2026.