Canal+ beats profit guidance, to hire 1,000 salespeople in Africa

Canal+ warns on MultiChoice outlook, shares fall

Canal+ Reports Subscriber Losses and Revenue Decline at MultiChoice

By Leo Marchandon and Paul Sandle

March 11 (Reuters) - French media group Canal+ said on Wednesday its African unit MultiChoice had lost subscribers and it expected revenues from the business to decline, leaving its shares on track for their worst day ever.

Its shares were down 17% at 0900 GMT, their worst day since listing in London 15 month ago.

Canal+'s Acquisition of MultiChoice

Canal+ took over MultiChoice in 2025, in a move set to push its ambition to become a global entertainment platform across Europe, Africa and Asia by expanding its foothold in English-speaking Africa.

Subscriber Numbers and Revitalization Plan

The company reported a drop in subscribers at MultiChoice from 14.9 million to 14.4 million in 2025 and unveiled a 100-million-euro plan to revive the business, including hiring more than 1,000 salespeople across 16 African markets.

"The first quarter of MultiChoice's consolidation and the specifics of the African development plan are unlikely to excite investors," AlphaValue analysts said.

Turnaround Plan

TURNAROUND PLAN

Operational Changes and Market Strategy

Canal+ is seeking to revive the struggling pay-TV operator with what CEO Maxime Saada called a shift from a "central heavy organization to boots-on-the-ground."

"It won't be easy, we know that," Saada said, noting that redesigning commercial operations in 16 African markets remains a "complex task."

Synergies and Cost-Cutting Measures

Saada told Reuters the company is "ahead of plan" on synergies, upgrading its 2026 target to 250 million euros from 150 million euros previously, partly due to shutting down the loss-making Showmax after determining there were no chances of recovery, in agreement with the platform's board and Comcast. 

Future Outlook and Financial Performance

Canal+ said it expected to complete a secondary listing in Johannesburg in June, ahead of the September window previously announced.

Earnings before interest, tax, depreciation and amortisation came in at 527 million euros ($613 million), above guidance of 515 million euros. The combined group reported revenues of 8.665 billion euros.

For 2026, Canal+ forecasts moderate revenue growth, with adjusted EBIT rising to 565 million euros.

($1 = 0.8597 euros)

(Reporting by Leo Marchandon in Gdansk and Paul Sandle in London. Editing by Mark Potter and Matt Scuffham)