- October 23, 2026
- Posted by: vitalclick
- Category: Investments
Canal+ Group revenue is up 37. 5 % , reflecting increased scale following its acquisition of MultiChoice. The global media and entertainment company released its unaudited consolidated revenue for the nine months and quarter ended 30 September 2026 yesterday, 22 October 2026.
Commenting on this, Maxime Saada, chief executive officer of Canal+ , says they are making good progress with the MultiChoice turnaround plan.
“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.
“The rollout of the new offers will continue across English- and Portuguese-speaking Africa over the coming months.”
He also touched on how the Group has further strengthened its sports offering in Africa.
“We secured exclusive rights to all UEFA men’s club competitions across more than 40 countries for 2027 –20 31, the Group’s first major sports rights acquisition covering all our markets on the continent, as well as rights across Africa for the 2027 Africa Cup of Nations and its qualifying campaign.”
Multichoice Group
MultiChoice Group revenue increased 0.4% on a restated basis, notably benefiting from a material positive currency effect.
On a like-for-like basis, revenue decreased 3.0%, driven by lower subscription revenue in South Africa, partially offset by higher revenue in most other English-speaking countries.
In Q3, the like-for-like revenue decline moderated to 2.0% year-on-year, from 3.4% in H1 2026, partly reflecting favourable comparison effects related to the sporting events line-up.
In French-speaking Africa, like-for-like revenue performed well, reflecting subscriber growth supported by a compelling line-up and improved distribution efficiency.
Africa and Asia revenue
Africa and Asia revenue more than tripled to €2,604m, following the acquisition of MultiChoice.
Revenue including MultiChoice increased 3.1% on a restated basis and 0.7% on a like-for-like basis. This reflects 10.2% like-for-like revenue growth of Africa and Asia excluding MultiChoice and a slight decline for MultiChoice.
As expected, the subscriber base normalised in Q3 after the significant boost from the Fifa World Cup in H1 2026.Canal+ Telecom Africa revenue grew at a double-digit rate, fuelled by the expansion of its Fibre-to-the-Home network and positive commercial momentum.
Asia revenue maintained its growth momentum, supported by an enhanced content offering and long-term subscriptions.
Canal+ Group revenue
Canal+ Group’s revenue increased 37.5% year on year to €6,412m on a restated basis, primarily reflecting the Group’s increased scale following the MultiChoice acquisition.
Group revenue remained broadly flat (-0.3%) year on year on a like-for-like basis including nine months’ contribution from MultiChoice.
Group revenue excluding MultiChoice increased 1.3% on a restated basis to €4,646m and by 0.8% on a like-for-like basis, supported by strong momentum in French-speaking Africa and in Content Production and Distribution.
“We delivered a solid performance in the first nine months of the year as we continued to execute our strategy. Revenue was in line with our expectations, supported by strong momentum in French-speaking Africa and at StudioCanal.
“We remain well on track to achieve our 2026 synergies target and deliver our full -year guidance,” says Saada.
Update on the proposed removal of the reduced VAT rate in France
As part of the 2027 Budget, the French government has proposed to increase the VAT rate applicable to Canal+’s activities in mainland France and Overseas.
The Group is actively challenging this measure with support from cinema organisations and sport federations and leagues. The Group has made progress in opposing the proposal, although the outcome remains uncertain.
Should the proposal be adopted into law, the Group intends to implement subscription price increases and significant cost reduction initiatives to mitigate the resulting financial impact.
Outlook
The Group remains well on track to achieve its 2026 synergies target and full year guidance:
- 2026 synergies target: €250m; Adjusted EBIT; €220m FCF
- Full year guidance: revenue flat; Adjusted EBIT €735m; CFFO above €600m and FCF above €250m before VAT settlement & restructuring
While the Group is cognisant of the macroeconomic and political backdrop, its medium-term guidance remains unchanged.