MultiChoice revenue falls 3% as CANAL+ pursues South Africa turnaround

MultiChoice revenue fell 3% on a like-for-like basis in the nine months to September 2026, as CANAL+ works to improve performance at South Africa’s biggest pay-TV operator.

CANAL+ attributed the decline primarily to lower subscription revenue in South Africa. Higher revenue in most other English-speaking African markets partly offset the weakness.

On a reported basis, MultiChoice revenue increased 0.4% to €1.81 billion ($2.03 billion), supported in part by a material positive currency effect, according to CANAL+’s latest trading update.

Third-quarter decline moderated

The company said the pace of decline improved during the third quarter. MultiChoice’s like-for-like revenue fell 2% in the quarter, compared with a 3.4% decline in the first half of the year.

CANAL+ said the improvement was partly linked to more favourable comparisons with the previous year’s sporting-events line-up. It was not presented as being solely the result of the operator’s turnaround measures.

New packages were introduced in South Africa on September 7, close to the end of the reporting period. The timing means there was limited opportunity for the changes to affect the nine-month results.

CANAL+ chief executive Maxime Saada said the company was making progress with its plan for MultiChoice. “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,” he said.

The package rollout is expected to continue across English- and Portuguese-speaking African markets over the coming months. CANAL+ also said it would keep investing in premium content, technology and strategic partnerships.

Group revenue lifted by MultiChoice consolidation

CANAL+ reported group revenue of €6.41 billion ($7.2 billion) for the nine months, up 37.5% from the same period last year. The increase primarily reflected the consolidation of MultiChoice after its acquisition.

On a like-for-like basis, group revenue declined 0.3%. Excluding MultiChoice, revenue rose 0.8% on the same basis.

Revenue from the group’s Africa and Asia operations, including MultiChoice, increased 3.1% on a restated basis. Excluding MultiChoice, those operations grew 10.2% on a like-for-like basis.

CANAL+ said subscriber growth in French-speaking Africa was supported by a strong content line-up and improved distribution efficiency. CANAL+ Telecom Africa also recorded double-digit revenue growth, which the company attributed to fibre-to-the-home expansion and stronger commercial momentum.

Showmax was discontinued in April and is being treated as a discontinued operation in CANAL+’s financial reporting.

Content rights and 2026 outlook

CANAL+ has secured exclusive rights to UEFA men’s football club competitions across more than 40 countries from 2027 to 2031. It also secured rights across Africa for the 2027 Africa Cup of Nations and its qualifying campaign.

The company said it remained on track to deliver its 2026 financial guidance, including adjusted earnings before interest and tax of €735 million ($825 million) and targeted synergies of €250 million ($281 million).

Saada said the group’s overall performance in the first nine months was supported by momentum in French-speaking Africa and at STUDIOCANAL.