MultiChoice delivered a strong financial and operational performance in the six months ended June 30, with adjusted earnings before interest and tax (EBIT) surging 160% to €143 million, according to interim results released by its JSE-listed parent, Canal+.
The performance was underpinned by cost synergies and a significant improvement in subscriber growth, with June marking MultiChoice’s strongest month for new subscriber acquisitions in South Africa in a decade.
Canal+ attributed MultiChoice’s improved profitability largely to €120 million in synergies, including the financial impact of discontinuing Showmax in its previous form as part of the group’s integration strategy.
“Our performance in South Africa was particularly encouraging,” Canal+ CEO Maxime Saada said. “June delivered the highest level of new subscriber additions in ten years, while we also secured long-term rights to the Premier Soccer League, the country’s most-watched sporting competition.”
Across the broader Canal+ Group, adjusted EBIT before exceptional items climbed 68% to €433 million, reflecting the benefits of the company’s expanded scale following its acquisition of MultiChoice.
Saada said the turnaround strategy at MultiChoice was beginning to produce tangible results, supported by investments in premium sports rights and original content. During the reporting period, the broadcaster secured long-term rights to South Africa’s Premier Soccer League as well as the 2027 Men’s Rugby World Cup and 2029 Women’s Rugby World Cup across sub-Saharan Africa.
The company also continued expanding its local content slate, which includes The Road Home, Heist of Benin, and a screen adaptation of the bestselling novel Americanah.
Marketing and product initiatives also contributed to subscriber growth. MultiChoice rolled out a FIFA World Cup campaign featuring actor Idris Elba, launched the Novelas+ channel in South Africa, lowered decoder equipment prices for new customers, and expanded its retail footprint by more than 15% since March.
These efforts helped drive a 40% increase in subscriber acquisitions across MultiChoice markets compared with the first half of 2024, with South Africa recording its strongest monthly performance in ten years during June.
Commenting on Canal+’s overall performance, Saada said the group’s first-half results demonstrated that the integration strategy was delivering.
“Our strong first-half results reflect the strategic progress we have made. Revenue increased by 40% and adjusted EBIT by 68%, supported by the additional scale created through the acquisition of MultiChoice. We also continued to generate strong free cash flow through cash optimisation initiatives and seasonal benefits,” he said.
He added that Canal+’s combined African subscriber base had grown by 7%, while initiatives to reduce entry costs for new customers and expand the sales network were supporting the MultiChoice recovery plan.
Looking ahead, Canal+ said it remains on course to achieve its €250 million adjusted EBIT synergy target for 2026. According to Saada, the company has already realised half of that objective. It continues to expect to meet its full-year and medium-term financial guidance despite ongoing macroeconomic and geopolitical uncertainties.
“Following the acquisition of MultiChoice, the increased scale of the business is beginning to deliver the benefits we anticipated. We have already achieved half of our €250 million synergy target and remain well on track to reach our goal by year-end,” he said.
