CANAL+ reported a 37.5% year-on-year increase in revenue for the first nine months of 2026, reaching €6.412 billion as the integration of African pay-TV group MultiChoice expanded the company’s scale. However, revenue was broadly stable on a like-for-like basis, declining 0.3%, while the group continued to invest in its sports offering across Africa.
Excluding MultiChoice, CANAL+ generated €4.646 billion in revenue, up 1.3% compared with the same period last year. The company’s latest figures reflect the contrasting performance of its European and African operations, alongside continued growth in content production and distribution.
Africa Drives Expansion as CANAL+ Strengthens Sports Rights
Revenue from Africa and Asia more than tripled to €2.604 billion, largely due to the consolidation of MultiChoice. On a comparable basis, the region recorded 0.7% growth, supported by subscriber gains in French-speaking Africa.
MultiChoice revenue declined 3% on a comparable basis over the nine-month period, although the rate of contraction eased to 2% in the third quarter, compared with 3.4% during the first half of the year.
The company is also expanding its sports portfolio across the continent. The group secured exclusive rights to all UEFA men’s club competitions in more than 40 African countries for the 2027–2031 period. The agreement adds to its rights for the 2027 Africa Cup of Nations and the tournament’s qualifying matches.
In South Africa, MultiChoice introduced a simplified subscription offering in September, providing more content and greater choice without increasing prices. The company plans to extend the approach to English- and Portuguese-speaking African markets.
European Revenue Declines as STUDIOCANAL Grows
In Europe, revenue fell 1.4% to €3.363 billion. The company attributed the decline to several changes in its business, including the termination of C8, the end of DAZN distribution in France and the sale of a Hungarian direct-to-home satellite subscriber base.
Content Production, Distribution and Other revenue moved in the opposite direction, rising 9.3% to €530 million. The performance was supported by STUDIOCANAL’s box-office results and international sales.
CANAL+ CEO Maxime Saada highlighted titles including Les Misérables, The Doll (Lalka) and the third Shaun the Sheep film, as well as upcoming projects Ink, Elsinore and Violette.
CANAL+ Maintains Full-Year Financial Outlook
Despite mixed regional results, CANAL+ reaffirmed its financial guidance for 2026. The group continues to expect flat full-year revenue and adjusted EBIT of €735 million, with free cash flow exceeding €250 million before VAT settlement and restructuring costs.
The company is targeting €250 million in adjusted EBIT synergies for 2026. Saada said CANAL+ remained on track to meet its synergy target and deliver its full-year financial commitments.
The results underline the scale of the MultiChoice integration, while showing how CANAL+ is balancing its African expansion and sports rights strategy with performance across its established European operations.
Canal+ Warns €980 Million French Cinema Deal Could Be at Risk Over VAT Hike
