French media giant Canal+ has given a fresh update on its MultiChoice turnaround plan. And the early numbers suggest the strategy is working.
Canal+ took full control of MultiChoice, the owner of DStv, in a deal worth more than R50 billion in 2025. Since then, the South African pay TV giant has gone through big changes. Showmax was shut down. Content decisions for the South African market moved to Paris.
Now, Canal+ has shared new details in its half year results for 2026. Subscriber acquisition across MultiChoice markets rose 40 percent year on year. Even better, June 2026 was the best month for subscriber growth in South Africa in ten years, the company said.
MultiChoice also grew its retail footprint. The number of points of sale climbed more than 15 percent since March. On top of that, the company lowered equipment prices for new subscribers. This move was aimed at winning back customers who had drifted to cheaper streaming options.
Content remains a key part of the strategy too. MultiChoice secured long term broadcast rights for the Premier League in South Africa. It also locked in rights to the Men’s 2027 and Women’s 2029 Rugby World Cups across sub Saharan Africa. Meanwhile, the group’s World Cup marketing campaign with actor Idris Elba helped drive fresh attention, alongside the launch of the Novelas+ channel in South Africa.
There is more happening behind the scenes as well. Production has started on MultiChoice’s first major South African film projects. These include The Road Home and The Heist of Benin. A screen adaptation of the popular novel Americanah is also underway.
So what do the finances show? MultiChoice Group’s adjusted EBIT before exceptional items jumped 160 percent to 143 million euros, or roughly R2.7 billion. Canal+ said this jump came mainly from merger synergies. It also reflects a profit and loss impact of 120 million euros, about R2.2 billion, which includes the cost of discontinuing Showmax.
Canal+ chief executive Maxime Saada said the group grew its combined African subscriber base by 7 percent. At the same time, it cut entry costs and expanded its sales network. Across the wider Canal+ Group, total revenue rose 40 percent to 4.287 billion euros, or about R81.76 billion. This was largely thanks to MultiChoice’s revenue being folded into the group. Adjusted EBIT before exceptional items also rose 68 percent to 433 million euros, roughly R8.26 billion, giving a margin of 10.1 percent.
However, not every number moved in the right direction. Earnings attributable to equity holders of the parent company fell from 70 million euros to 29 million euros. Basic earnings per share dropped too, from 0.07 euros to 0.03 euros.
Still, Canal+ says it remains on track to hit its full year 2026 targets. These include 250 million euros in adjusted EBIT and 220 million euros in free cash flow. Saada described the first half results as proof of strong strategic progress.
In his words, the growing scale from the MultiChoice acquisition is starting to show up on the balance sheet. And despite the dip in earnings per share, the group continues generating strong free cash flow from cost optimisation and seasonal effects.
