MultiChoice Fuels Canal+ Growth
Canal+ Reports Robust Interim Earnings, Driven by MultiChoice Consolidation and Subscriber Growth
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Key Points
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Africa and Asia segment added 1.5 million subscribers over the year, with Africa alone contributing more than one million due to the Africa Cup of Nations and an expanded retail network.
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Myanmar’s subscriber base grew at a very strong pace, with revenue in that unit up more than 3.5 times year-on-year.
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Canal+ Telecom Africa was renamed from Group Vivendi Africa during the period and is expanding fibre networks across 15 cities in 10 countries.
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In Europe, the group’s subscriber base rose 10% to about 18.6 million, and it secured UEFA rights in multiple markets, including Belgium.
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Canal+ completed its acquisition of MultiChoice, with the delisting of the Johannesburg-based company and Canal+ listing on the Johannesburg Stock Exchange.
Canal+ SA reported a 68% jump in adjusted EBIT to €433 million for the first half of 2025, driven by its completed takeover of South African pay-TV giant MultiChoice Investing.com. Revenue edged up 0.6% to €4.29 billion, according to Reuters, as growth in legacy businesses offset pressure elsewhere.
The Paris-based group completed the MultiChoice acquisition and delisted the Johannesburg-based company. Canal+ then listed its own shares on the Johannesburg Stock Exchange, marking a major step in its African expansion MarketScreener.
MultiChoice Deal Fuels Profit Surge and Scale
The MultiChoice consolidation is the main engine behind the earnings jump. Adjusted EBIT climbed from roughly €258 million a year ago to €433 million, a gain that Investing.com said was partly driven by cost synergies exceeding initial targets. Canal+ management reaffirmed full-year guidance for flat revenue but higher adjusted EBIT, pointing to continued synergy gains.
Interim net profit hit €216 million, up 65% from €131 million a year earlier, according to MarketScreener. Management flagged "seasonality effects" as a contributing factor, meaning some MultiChoice revenue lands heavier in the first half of the year.
Africa Subscriber Growth Tops One Million in Six Months
Canal+'s Africa and Asia segment added 1.5 million subscribers over the year, pushing the total to 22.6 million — a 7.2% rise LSE.co.uk. Africa alone drove more than one million of those new customers. The Africa Cup of Nations boosted demand, and an expanded retail network brought in lower-income viewers through cheaper entry-level packages.
Myanmar stood out as a breakout market. Revenue in that unit rose more than 3.5 times year-on-year, making it one of the fastest-growing operations in the entire group LSE.co.uk. Canal+ Telecom Africa — formerly called Group Vivendi Africa — is also rolling out fibre networks across 15 cities in 10 countries to widen its reach.
Europe Grows 10% as Canal+ Locks Up UEFA Rights
Canal+'s European subscriber base rose 10% to about 18.6 million in the half. The group secured UEFA Champions League and other UEFA competition rights in several markets, including Belgium, giving it a competitive edge in a crowded pay-TV landscape MarketScreener.
European growth helped offset modest pressure from legacy pay-TV markets, where cord-cutting remains a slow but steady trend. Reuters noted that Canal+'s legacy businesses — including its French pay-TV arm and StudioCanal — provided a stable earnings floor while the MultiChoice integration picks up speed.
Africa Turnaround Plan Targets Wider, Cheaper Market
Canal+ is running a formal turnaround plan for its African operations to slow subscriber losses at the premium end and attract new customers at lower price points. The strategy focuses on reduced entry costs, broader sales networks, and local content investment LSE.co.uk. MultiChoice subscriber numbers and their revenue mix were not separately disclosed.
The combined Africa platform now gives Canal+ enormous scale across the continent. Management is betting that the MultiChoice integration, paired with Canal+ Telecom Africa's fibre push, will accelerate growth in a region where pay-TV and broadband penetration remain relatively low compared to Europe Reuters.
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