Canal+ plans EU100 million investment to boost faltering Multchoice
Canal+ SA on Wednesday said it plans to invest €100 million in newly acquired MultiChoice Group to boost declining subscriber numbers at the African video entertainment company.
The Paris-based media and entertainment group said Multichoice is facing a €140 million negative adjusted earnings before interest and tax impact in 2026 from inertia of subscriber base driving decrease in revenues, and from cost inflation.
‘After experiencing impressive growth from 2010 to 2023, MultiChoice has faced challenges since the combined effects of macro-economic factors, a difficult transition to
[over-the-top] with the expensive failure of Showmax, and strong inflation across most cost items, especially content, negatively impacted its profitability,’ Canal+ said in a statement.
Revenue at Multichoice decreased by 6% to €2.40 billion in 2025 from €2.54 billion in 2024, driven by decline in subscriber base to 14.4 million from 14.9 million.
Adjusted Ebit fell 14% to €159 million from €185 million.
In response, shares in Canal+ plunged 16% to 248.30 pence each in London on Wednesday.
To restart subscriber growth at Multichoice, Canal+ said it will launch a growth boost plan and accelerate delivery of cost synergies which are expected to reach €250 million in 2026, up from €150 million announced in January.
Adjusted earnings before interest and tax are forecast of around €170 million for MultiChoice in 2026, up from €159 million in 2025.
Cash flow from operations and free cash flow before restructuring costs are expected to reach €100 million and negative €50 million respectively.
Group adjusted Ebit is forecast at €735 million in 2026, with above €600 million CFFO and above €250 million FCF.
In the medium-term, the combined Canal+ Group is expected to increase adjusted Ebit above €850 million, above €800 million for CFFO and above €500 million for FCF.
In 2025, Canal+ said adjusted Ebit totalled €646 million, including around three months contribution from MultiChoice and excluding Vietnam.
Excluding Multichoice, Canal+ reported adjusted Ebit of €527 million in 2025, up from €503 million in 2024.
Revenue fell to €6.29 billion from €6.45 billion, but rose 0.9% on an organic basis.
CFFO was €587 million, up from €218 million in 2024, while FCF multiplied to €428 million from €29 million.
The dividend was increased 10% to 2.2 euro cents.
In addition, Chief Executive Maxime Saada said Canal+ expects to list on the Johannesburg Stock Exchange ‘soon’.
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