Canal+ says its turnaround strategy for MultiChoice is beginning to deliver results, with the broadcaster recording its strongest monthly subscriber growth in South Africa in more than a decade.
The French media giant acquired MultiChoice, the owner of DStv, in a deal valued at more than R50 billion in 2025 and has since implemented a series of changes aimed at revitalising the business.
Among the most significant developments have been the discontinuation of Showmax and the transfer of content decision-making for the South African market to Canal+'s headquarters in Paris.
In its half-year financial results for 2026, Canal+ said subscriber acquisitions across MultiChoice markets increased by 40% compared with the same period last year. It added that June 2026 was the strongest month for new subscriber acquisitions in South Africa in the past 10 years.
The company also expanded its retail footprint, with the number of sales outlets increasing by more than 15% since March. Canal+ said it had reduced equipment prices for new subscribers to make its services more accessible.
The broadcaster also strengthened its sports and entertainment offering by securing long-term broadcasting rights to the Premier League in South Africa, as well as the 2027 Men's Rugby World Cup and the 2029 Women's Rugby World Cup across sub-Saharan Africa.
Canal+ highlighted several content and marketing initiatives launched during the reporting period, including a FIFA World Cup advertising campaign featuring actor Idris Elba and the introduction of the Novelas+ channel in South Africa.
The company also confirmed that production has begun on several major projects, including the South African film The Road Home, The Heist of Benin, and a screen adaptation of the bestselling novel Americanah.
Financially, the MultiChoice Group reported a 160% increase in adjusted earnings before interest and tax (EBIT), excluding exceptional items, rising to €143 million (about R2.7 billion).
Canal+ attributed the improvement largely to operational synergies following the acquisition, including an estimated €120 million (around R2.2 billion) benefit linked to integration efforts and the discontinuation of Showmax.
Canal+ Chief Executive Officer Maxime Saada said the company had made significant progress in Africa.
"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," he said.
Across the broader Canal+ Group, revenue increased by 40% to €4.287 billion (approximately R81.8 billion), largely driven by the inclusion of MultiChoice's financial performance.
Adjusted EBIT before exceptional items climbed by 68% to €433 million (around R8.3 billion), reflecting the benefits of the acquisition and business integration.
Despite the stronger operating performance, profit attributable to shareholders declined from €70 million (about R1.35 billion) to €29 million (around R553 million), while basic earnings per share fell from €0.07 to €0.03.
Canal+ said it remains on course to meet its financial targets for 2026, including adjusted EBIT of €250 million (approximately R4.8 billion) and free cash flow of €220 million (around R4.2 billion).
"Our strong first-half results reflect our strategic progress," Saada said.
"Revenue increased by 40% and Adjusted EBIT by 68%, reflecting our increased scale following the acquisition of MultiChoice.
"We continued to generate very strong free cash flow, benefitting from cash optimisation initiatives and seasonality effects."