28th Apr 2026 11:49
(Alliance News) - Canal+ SA on Tuesday backed its full-year guidance and said plans to list in Johannesburg later this year are on track.
The Paris-based media and entertainment group reported "a solid start to 2026", with growth on a historical basis during the three months ended March 31 and revenue remaining broadly flat, excluding the impact of recent South Africa acquisition MultiChoice Ltd.
Total revenue rose 41% to EUR2.17 billion in the first quarter from EUR1.54 billion, but was up by a more modest 1.8% when excluding MultiChoice. First-quarter sales were down 0.4% from Canal+'s "restated" prior year figure of EUR2.18 billion.
For 2026 as a whole, Canal+ continues to target flat revenue and adjusted earnings before interest and tax of EUR735 million. In 2025, the group reported revenue was EUR6.95 billion and adjusted Ebit of EUR646 million.
Canal+ noted that plans to list on the Johannesburg Stock Exchange are on track, subject to approval, with the company's JSE debut slated for June 3.
This comes as Canal+ pushes for a recovery in subscriber numbers at video entertainment company MultiChoice, which delisted from the JSE in December as its takeover by Canal+ completed.
"The first initiatives of the MultiChoice turnaround plan have been launched, including strengthening the commercial engine and recruiting new sales teams," Canal+ said on Tuesday.
Last month, the company reported plans to spend EUR100 million on MultiChoice, which is facing a EUR140 million hit to adjusted Ebit impact in 2026, resulting from inertia of the subscriber base and cost inflation, according to Canal+.
Revenue at MultiChoice decreased by 6% to EUR2.40 billion in 2025 from EUR2.54 billion in 2024. Adjusted Ebit fell 14% to EUR159 million from EUR185 million.
Canal+'s strategy for MultiChoice targets cost synergies of EUR250 million in 2026, and adjusted Ebit in the region EUR170 million.
The company reiterated these targets on Tuesday, saying MultiChoice synergies are tracking in line with guidance.
Canal+ shares rose 2.4% to 234.80 pence on Tuesday morning in London.
By Holly Munks, Alliance News reporter
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