Canal+, backed by French billionaire Vincent Bolloré’s family, reported a significant increase in revenue to $7.2 billion for the nine months ending September 2025, largely attributed to the $2 billion acquisition of MultiChoice, finalized in late September 2025. Despite this overall growth, the company’s African unit continues to face challenges as revenue adjustments indicate a slight decline.
The group’s revenue rose by 37.5% when compared to the same period in 2025, with revenue from Africa and Asia increasing to approximately $2.9 billion (€2.60 billion). The sharp rise in revenue is primarily due to the inclusion of MultiChoice’s results into Canal+’s financial statements.
When accounting for acquisitions, disposals, and currency effects, Canal+ observed a slight overall revenue decline of 0.3%. MultiChoice’s underlying revenue fell by 3%, which underscores the ongoing difficulties for the African pay-television operation. Over the nine-month period, MultiChoice generated about $2.02 billion (€1.81 billion) in revenue, compared to Canal+’s $5.2 billion (€4.65 billion) generated from its non-African operations.
Recent trading updates revealed that the decline in MultiChoice’s revenue was mainly driven by reduced subscription revenue in South Africa. However, growth in other English-speaking African markets has helped mitigate some of the negative impact.
The results follow Canal+’s strategic move to take full control of MultiChoice, giving it access to a broader customer base across the continent. Now, Africa and Asia contribute roughly 41% of Canal+’s total revenue, a significant jump from approximately 18% during the previous year.
MultiChoice’s Decline Begins to Slow
Signs of improvement appeared in MultiChoice’s performance during the third quarter, with a manageable 2% decline in like-for-like revenue, an improvement from a 3.4% drop in earlier quarters. Canal+ attributed this to a more advantageous sporting calendar.
Despite continuing losses in South Africa, Canal+ saw a robust 10.2% growth from other African and Asian markets. The francophone segments of the business also showed growth, complemented by advances in the company’s fibre-to-the-home telecommunications network.
Canal+ CEO Maxime Saada affirmed that the company is progressing with its plan to revitalize MultiChoice, stating that a new value proposition launched in September aims to enhance subscriber offerings.
The revised packages are set to roll out in additional English- and Portuguese-speaking African markets in the forthcoming months. Canal+ is also focusing on acquiring exclusive rights to major sports events, including UEFA competitions and the Africa Cup of Nations, to help maintain subscriber engagement amidst heightened competition from global streaming services.
Despite challenges, Canal+ has retained its financial guidance for 2026. The group anticipates a projected adjusted operating profit of approximately $823 million (€735 million) and cash flow over $672 million (€600 million), while targeting synergy benefits from the integration of MultiChoice.
