Canal+, the French media group listed on the JSE, published its results for the six months to 30 June 2026. The company owns MultiChoice, Africa's biggest pay-TV operator that operates DStv and GOtv. Following MultiChoice's delisting from the JSE on 10 December 2025, detailed South African subscriber metrics that were previously disclosed twice yearly have been removed from public reporting. Canal+ now reports consolidated group-level figures, treating MultiChoice's specific South African performance as internal management data. This shift follows Canal+'s secondary inward listing on 3 June while retaining its primary listing in London.
MultiChoice Delisting Eliminates Public South African Metrics
MultiChoice delisted from the JSE on 10 December 2025. Canal+ conducted a secondary inward listing on 3 June while retaining its primary listing in London. As a JSE-listed company, MultiChoice reported subscriber numbers twice a year in detail: 90-day active subscribers broken down by tier, alongside average revenue per user and churn commentary for South Africa and the rest of Africa. Now that MultiChoice is privately owned by Canal+, these details have vanished from the public domain. The financial results reported to the market are consolidated at the group level, with the specific performance of the South African subsidiary treated as internal management data.
Canal+ Reports 40% Revenue Increase in H1 2026
Canal+'s H1 2026 results showed total group revenue increased by 40% to €4,287m, compared to €3,072m in H1 2025. The increase primarily reflects the consolidation of MultiChoice Group revenue; excluding MultiChoice, revenue increased by 1.4% like-for-like. Adjusted EBIT before exceptional items increased by 68% to €433m, compared to €257m in H1 2025, with a 10.1% margin. Group Adjusted EBIT excluding MultiChoice was up 13%, driven by operational improvements and positive seasonality effects. Cash flow from operations before exceptional items was up to €559m, driven by cash optimisation initiatives and favourable phasing of payments within the year. Free cash flow before exceptional items was up to €414m, supported by refinancing and MultiChoice's financial year-end change. The H1 financial results benefitted from significant positive seasonality effects on both Adjusted EBIT and cashflow generation, particularly linked to the phasing of content costs, implementation of the commercial boost plan and deferral of payments at MultiChoice.
MultiChoice Turnaround Initiatives Include Premier Soccer League Rights
Canal+ confirmed that a MultiChoice turnaround is underway. The group secured long-term rights to Premier Soccer League in South Africa, and Men's 2027 and Women's 2029 Rugby World Cups across sub-Saharan Africa. Production slate includes first major South African film production The Road Home, Heist of Benin and screen adaptation of bestselling novel Americanah. The company launched successful content and marketing initiatives, including the World Cup advertising campaign featuring Idris Elba and the launch of the Novelas+ channel in South Africa. Equipment price for new subscribers was reduced, lowering the barrier to entry. The distribution network expanded: number of points of sale increased by over 15% since March. Subscriber acquisition is up 40% compared to H1 2025 in MultiChoice countries. June 2026 was the best subscriber acquisition month in South Africa in a decade. MultiChoice Adjusted EBIT before exceptional items was up 160% to €143m, compared to €55m in H1 2025, mainly due to synergies P&L impact of €120m, including Showmax discontinuation impact.
CEO Maxime Saada Highlights Subscriber Growth and Strategic Progress
Maxime Saada, Chief Executive Officer of Canal+, stated: "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." He added: "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."
FAQ
What did Canal+ disclose in its H1 2026 results regarding MultiChoice?
Canal+ disclosed consolidated group-level financial results for the six months to 30 June 2026, showing 40% revenue increase to €4,287m and 68% Adjusted EBIT increase to €433m, primarily reflecting the consolidation of MultiChoice. The company confirmed a MultiChoice turnaround is underway, with subscriber acquisition up 40% compared to H1 2025 and June 2026 being the best subscriber acquisition month in South Africa in a decade. Specific South African subscriber metrics that MultiChoice previously reported as a JSE-listed company are no longer publicly disclosed.
Why did MultiChoice stop reporting detailed South African subscriber numbers?
MultiChoice delisted from the JSE on 10 December 2025 and is now privately owned by Canal+. As a JSE-listed company, MultiChoice reported subscriber numbers twice a year in detail, including 90-day active subscribers broken down by tier, average revenue per user, and churn commentary. Following the delisting, Canal+ reports consolidated group-level figures and treats MultiChoice's specific South African performance as internal management data, removing these details from public reporting.
