Canal+ says its turnaround strategy at MultiChoice is beginning to deliver results, with the pay-TV company recording a 160% increase in adjusted operating profit during the first half of 2026.
The strong performance follows Canal+’s full acquisition of MultiChoice in September 2025 and signals early progress in stabilising one of Africa’s largest entertainment companies after a challenging period marked by subscriber losses, currency pressures and heavy investment in streaming.
According to Canal+’s unaudited financial results for the six months ended June 30, 2026, the media group recorded €4.29 billion in revenue, representing a 40% year-on-year increase, while adjusted EBIT rose 68% to €433 million.
MultiChoice was the biggest contributor to that improvement.
MultiChoice delivers strong profit recovery
The company reported that MultiChoice’s adjusted EBIT surged 160% to €143 million, despite revenue declining 3.4% on a like-for-like basis.
Canal+ attributed the lower revenue mainly to reduced equipment sales linked to subsidised decoder offers for new subscribers.
However, aggressive cost optimisation, operational efficiency and improved customer acquisition helped offset those pressures.
The results suggest the company’s restructuring efforts are beginning to improve profitability while positioning the business for long-term growth.
Subscriber growth shows signs of recovery
After experiencing significant subscriber losses in 2025, MultiChoice’s customer base has now stabilised.
Canal+ revealed that:
- New subscriber acquisition increased 40% year-on-year
- June 2026 became MultiChoice South Africa’s strongest subscriber acquisition month in ten years
- The combined African subscriber base grew 7% during the reporting period
The company credited the improvement to lower decoder prices, expanded retail distribution and stronger sales execution across its African markets.
Canal+ pushes long-term African growth strategy
Canal+ continues to integrate MultiChoice into its broader African expansion strategy.
The acquisition significantly strengthened Canal+’s presence across Africa and Asia, with revenue from both regions increasing 242.6% following the consolidation.
The company also confirmed it remains on track to achieve expected cost synergies from the acquisition while implementing a broader turnaround programme focused on improving profitability and subscriber growth.
As part of the strategy, Canal+ is simplifying MultiChoice’s streaming business by integrating Showmax into the DStv ecosystem while expanding sales teams across key African markets.
The latest results suggest MultiChoice is gradually moving beyond its difficult 2025 financial year.
While revenue pressures remain, stronger operational performance, improved customer acquisition and disciplined cost management indicate that Canal+’s turnaround strategy is beginning to gain traction.
If subscriber momentum continues and digital investments translate into sustained growth, MultiChoice could strengthen its position as Africa’s leading pay-TV and digital entertainment provider under Canal+’s ownership.
