Canal+ To List On JSE As Revenue Continues To Plummet

CANAL+ has reported broadly flat revenues for the first quarter of 2026, as the group moves into the operational phase of its post-acquisition strategy following the addition of MultiChoice Group.

Total group revenues reached €2.17 billion, down 0.4% on a comparable basis including MultiChoice, but up 1.8% to €1.57 billion when excluding the African business. On a reported basis, revenues increased 41% reflecting the enlarged scale of the group.

CEO Maxime Saada said the company had made a “solid start” to the year, with execution of its strategy now underway and early synergies from the MultiChoice deal being delivered in line with expectations.

In Europe, revenues fell 1.6% to €1.13 billion, following the end of the distribution of DAZN in France, as well as the divestment of the DTH subscriber base in Hungary in 2025. However, Poland remained a bright spot, with continued growth in OTT subscriptions and advertising revenues. The OTT business in Austria also made a strong start.

Africa and Asia revenues rose sharply to €889 million due to the inclusion of MultiChoice, though on a like-for-like basis revenues declined slightly, reflecting ongoing pressure on the South African operator’s non-subscription income. Subscription revenues remained broadly stable at constant currency.

The group confirmed that its MultiChoice turnaround plan is now in motion, including expanded sales operations and revised pricing strategies. At the same time, CANAL+ is progressing with cost synergies, targeting €250 million in savings in 2026.

Streaming also remains a key area of transition. The group will phase out the Showmax OTT service by the end of April, migrating content and users onto MultiChoice’s DStv platform as part of a broader platform consolidation strategy.

Content production arm STUDIOCANAL delivered a strong performance, with revenues up 9% driven by box office success across multiple territories and continued growth in content licensing.

Elsewhere, video platform Dailymotion reported advertising growth, particularly in the US, alongside expansion of its professional services offering.

CANAL+ reiterated its full-year guidance, expecting flat revenues and adjusted EBIT of €735 million, with free cash flow above €250 million.

The group is also preparing for a secondary listing on the Johannesburg Stock Exchange on 3 June, marking a key milestone following its expansion into African markets.