Canal+ says it remains on track to meet its 2026 financial guidance, but its latest trading update highlights the challenges facing MultiChoice as the group integrates the African pay-TV operator and pursues a turnaround strategy.
For the nine months ended 30 September 2026, Canal+ reported revenue of €6.412 billion, up 37.5% on a restated basis. The increase largely reflects the consolidation of MultiChoice following its acquisition, rather than broad-based underlying growth. On a like-for-like basis, group revenue declined 0.3%.
MultiChoice recorded revenue of €1.805 billion, up 0.4% on a restated basis but down 3% like for like. The decline was driven by lower subscription revenue in South Africa, partly offset by improved revenue in most other English-speaking African markets. The rate of decline moderated to 2% in the third quarter, compared with 3.4% in the first half.
Across Africa and Asia, revenue reached €2.604 billion, more than three times the previously reported level following the acquisition. However, the like-for-like increase was only 0.7% for the combined region. Canal+ said MultiChoice’s subscriber base normalised in the third quarter following a significant boost associated with the FIFA World Cup during the first half. The update did not disclose precise subscriber numbers.
Chief executive Maxime Saada said the group was making progress with its MultiChoice turnaround plan. Following the launch of simplified subscription packages in South Africa in September, Canal+ plans to extend the offer across English- and Portuguese-speaking African markets in the coming months. This positions the South African restructuring as a template for a wider regional strategy, although its impact on subscriber retention and revenue remains to be seen.
The group is also strengthening its sports proposition. Canal+ confirmed exclusive rights to all UEFA men’s club competitions across more than 40 African countries for the 2027–2031 cycle, alongside rights to the 2027 Africa Cup of Nations and its qualifying campaign. These properties could help support subscriber retention and differentiate its packages, while adding to the commercial importance of sports rights within its African operations.
For broadcasters, channel owners and content suppliers, the update points to a changing pay-TV landscape in which a single group increasingly controls distribution scale, subscription packaging and major sports rights across multiple African markets. Canal+’s immediate challenge is to translate that scale into stronger underlying performance, particularly in South Africa, while delivering the cost and operational benefits expected from the acquisition.
