Canal+ on track to meet annual targets as nine-month revenue expands

Canal+ SA on Thursday reported what it described as a "solid" performance for the first nine months of the year, with revenue in line with its expectations.

The Paris-based media and entertainment group delivered revenue of EUR6.41 billion for the nine months that ended September 30, up 38% from EUR4.70 billion a year earlier, getting a boost from the MultiChoice acquisition.

The French company formally took over the Johannesburg-based entertainment company, MultiChoice Group Ltd, in December last year.

Revenue, excluding MultiChoice, grew by just 1.3% on a restated basis to EUR4.65 billion.

In the Africa & Asia region, revenue tripled for nine months to EUR2.60 billion from EUR842 million, thanks to the MultiChoice deal. But revenue in Europe fell 1.5% to EUR3.36 billion from EUR3.41 billion.

For the third quarter that ended September 30, revenue was up 1.9% to EUR2.13 billlion from EUR2.09 billion a year earlier.

Canal+ Chief Executive Officer Maxime Saada said the company is making good progress with the MultiChoice turnaround plan, providing subscribers with more content. The rollout of the new offers will continue across English- and Portuguese-speaking Africa over the coming months, Saada said.

"Building on this progress, we have further strengthened our sports offering in Africa," the CEO said, also noting that the group had secured exclusive rights to all UEFA men's club competitions across more than 40 countries for 2027-2031.

Looking ahead, Canal+ said it remains well on track to achieve its 2026 synergies target and full year guidance.

It targets synergies amounting to EUR250 million adjusted earnings before interest and taxes, and expects flat revenue.

Share performance was mixed. In London, shares in Canal+ were down 3.6% to 233.20 pence on Thursday afternoon, but rose 3.7% to ZAR15.84 in Johannesburg.

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