Canal+ took control of South African television and streaming company MultiChoice in the first half of 2026, making it the leading pan-African pay-TV operator. MultiChoice saw the biggest increase in the number of its subscribers in a decade in June.
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MultiChoice’s adjusted earnings before interest and tax (EBIT) soared 160% to €143 million in the six months to June 30, and it saw the highest increase in subscribers in a decade in June, the interim results of its JSE-listed parent Canal+ showed Tuesday.
Canal+’s share price was the top mover on the JSE in the morning, following the release of the interim results, with the share price higher by 6.6% to R55.30, which is marginally below the R56.60 that the group traded at on its listing on the JSE in May this year.
The global media and entertainment group reported that the sharp increase in EBIT at South Africa-based MultiChoice was due in particular to synergies of €120 million (including Showmax discontinuation impact).
CANAL+ CEO Maxime Saada said: “In South Africa, we delivered a standout month in June, with the highest new subscriber uptake in a decade, and we secured long-term rights to the most watched sports competition, the Premier Soccer League.”
Canal+’s adjusted EBIT before exceptional items was equally robust, rising by 68% to €433m in the half year.
Saada said a turnaround was underway at MultiChoice. During the six months, the content offering had been strengthened through the securing of long-term rights to the Premier Soccer League in South Africa, and Men's 2027 and Women's 2029 Rugby World Cups across sub-Saharan Africa.
MultiChoice’s production slate currently includes its first major South African film production, The Road Home, Heist of Benin, and the screen adaptation of the bestselling novel Americanah.
Successful content and marketing initiatives at MultiChoice included the World Cup advertising campaign featuring Idris Elba and the launch of the Novelas+ channel in South Africa.
The equipment price for new subscribers had been reduced, lowering the barrier to entry.
The distribution network was expanded - the number of points of sale increased by over 15% since March.
Subscriber acquisition was up 40% compared to the first half of 2024 in MultiChoice countries. June 2026 saw the best subscriber acquisition month in South Africa in a decade.
"Our strong first-half results reflect our strategic progress. Revenue increased by 40% and adjusted EBIT by 68%, reflecting our increased scale following the acquisition of MultiChoice, and we continued to generate very strong free cash flow, benefiting from cash optimisation initiatives and seasonality effects,” said Saada of the group’s results.
"In Africa, we have grown our combined subscriber base by 7%, and as part of the MultiChoice turnaround plan, we reduced entry costs for new subscribers and expanded our sales network,” he said.
Saada said they were well on track to achieve the 2026 synergies target of €250m in adjusted EBIT. The full-year and medium-term guidance was maintained while remaining cognisant of the macroeconomic and geopolitical backdrop.
“Following the acquisition of MultiChoice, our increased scale is starting to deliver the benefits we expected. We have achieved half of our €250m synergies target and remain well on track for the year,” he said.
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