The growth was largely driven by the inclusion of MultiChoice Group, the South African pay-TV operator acquired by Canal+ in 2025. MultiChoice operates DStv and GOtv across several African markets, including Nigeria.
Despite the significant increase in reported revenue, Canal+ recorded only 1 per cent growth when compared with figures adjusted to include MultiChoice in both periods. On a like-for-like basis, which excludes changes in currency and business operations, revenue declined by 0.3 per cent.
The company generated €2.13 billion in revenue during the third quarter, representing a 1.9 per cent increase on a comparable reported basis.
MultiChoice Revenue Under Pressure
MultiChoice remains a major challenge for the group, with its revenue declining by 3 per cent on a like-for-like basis to €1.81 billion during the nine-month period.
The decline was primarily linked to lower subscription income in South Africa, although the rate of contraction eased to 2 per cent in the third quarter from 3.4 per cent in the first half of the year.
Canal+ Chief Executive Officer Maxime Saada said the company was making progress with its turnaround strategy and remained on course to meet its financial targets for 2026.
The group is targeting €250 million in cost savings this year through the integration of MultiChoice and other operational improvements.
Africa Becomes a Major Revenue Contributor
Canal+’s Africa and Asia division generated €2.6 billion during the period, accounting for approximately 41 per cent of the group’s total revenue.
The acquisition of MultiChoice significantly expanded the division’s contribution, while operations in French-speaking African markets continued to record growth. Excluding MultiChoice, revenue in Africa and Asia increased by 10.2 per cent on a like-for-like basis.
Meanwhile, revenue from Canal+’s European operations declined by 1.4 per cent to €3.36 billion.
At the end of June, the company reported 22.6 million subscribers across Africa and Asia, out of a total of 41.2 million subscribers worldwide.
New DStv and GOtv Packages Planned for Nigeria
As part of its efforts to improve its performance, Canal+ has introduced new subscription packages in South Africa, offering customers more content options at existing prices.
The company plans to extend similar packages to English- and Portuguese-speaking African markets. New DStv and GOtv packages are expected to be introduced in Nigeria from October 27, 2026.
The group has also discontinued its Showmax streaming service, which ceased operations at the end of April 2026, following continued financial losses.
Canal+ Maintains 2026 Financial Targets
Canal+ has maintained its financial outlook for the full year, projecting stable revenue, adjusted operating profit of €735 million and operating cash flow exceeding €600 million.
The company also expects free cash flow to surpass €250 million before certain tax settlement and restructuring costs.
The Bolloré Group holds a 30.4 per cent stake in Canal+, making it the company’s largest shareholder. Canal+ completed its acquisition of MultiChoice in September 2025, strengthening its presence in the African television and entertainment markets.
The company’s ability to stabilise MultiChoice’s subscription revenue, achieve planned cost savings and adapt its pricing strategy to local markets will be important to its financial performance in the coming months.
