The $2 billion acquisition of Africa’s MultiChoice Group boosted Canal+ Group’s first-half financials, with the 2026 FIFA World Cup contributing to strong subscriber growth at the pay-TV giant’s South African business.
“Following the acquisition of MultiChoice, our increased scale is starting to deliver the benefits we expected,” Canal+ CEO Maxime Saada said on Tuesday in unveiling the results. “We have achieved half of our €250 million ($284 million) synergies target and remain well on track for the year, and we confirm our full-year and medium-term guidance.”
Canal+ touted that “subscriber acquisition [was] up 40 percent, compared to the first half of 2025 in MultiChoice countries,” adding that June was the “best subscriber acquisition month in South Africa in a decade.” In that context, the company also mentioned “Successful content and marketing initiatives, including the World Cup advertising campaign featuring Idris Elba and the launch of the Novelas+ channel in South Africa.”
BNP Paribas analyst Nicolas Langlet was optimistic about the momentum at MultiChoice, writing in a report: “Trend at MultiChoice improved sequentially … driven by the success of FIFA World Cup and the first effects of the key initiatives implemented as part of the plan to boost growth. Thanks to the new strategy and reinvestment plan, we expect the subscriber base to improve in the second part of the year and support positive organic sales momentum exiting 2026.”
Meanwhile, at production unit StudioCanal, Saada lauded “excellent six months on and off screen,” mentioning such box-office hits as Guru in France and Pressure in the U.S. “With a slate including Paddington 4, Zack Snyder’s remake of Escape From New York, our first major South African film production, The Road Home, and Danny Boyle’s Ink, StudioCanal’s momentum looks set to continue,” he said.
Canal+’s “content production, distribution and other” segment, which includes StudioCanal and streaming service Dailymotion, saw first-half revenue jump 9.9 percent, but adjusted earnings before interest and taxes (EBIT) dropped 3 percent.
Total Canal+ group revenue jumped 40 percent to €4.29 billion ($4.88 billion), driven by the MultiChoice takeover. Adjusting for the deal, growth came in at 1.4 percent. Adjusted EBIT jumped by 68 percent or, when excluding MultiChoice, rose 13 percent.
