Canal+ reported revenue of more than €6.4 billion for the first nine months of the year, up 37.5% on a reported basis following the acquisition of MultiChoice. On a restated basis including MultiChoice, revenue increased 1%, while like-for-like revenue was broadly stable, rising 0.8% in the company’s historical perimeter and declining 3% at MultiChoice.
Chief Executive Officer Maxime Saada said the company remained on track to meet its 2026 guidance, emphasizing that profitability and cash generation remained the group’s central priorities. Chief Financial Officer and Chief ESG Officer Amandine Ferré said foreign exchange provided a positive €56 million contribution during the nine-month period, primarily in the third quarter, as the South African rand moved against the euro.
European revenue declines as advertising remains weak
Revenue in Europe fell 1% to €3.4 billion and declined 1.5% on a like-for-like basis. Ferré said revenue in France was broadly stable excluding the closure of its theater operations, while Poland posted slight growth supported by over-the-top services and advertising.
Elsewhere in Europe, the decline reflected the prior disposal of a loss-making direct-to-home subscriber base in Hungary. Ferré also pointed to a difficult French advertising market and a three-week soccer break in late September that reduced sales momentum.
“The championships are back, and so we can already see the benefits of that in the beginning of October,” Ferré said. She added that fourth-quarter advertising revenue in mainland France should improve from the third quarter, though the overall advertising market remains challenging. The company was cautious about forecasting pay-TV growth in France given current market conditions.
Africa and Asia growth supported by Canal+ operations
Revenue in Africa and Asia rose 3% to €2.6 billion, helped by the currency benefit. On a like-for-like basis, revenue rose 0.7%. Excluding MultiChoice, the segment grew 10%, driven by pay television in French-speaking Africa and double-digit growth at Canal+ Telecom Africa.
MultiChoice revenue declined 3% on a like-for-like basis over the first nine months, primarily because of lower subscription revenue. However, Ferré said the trend improved through the year: revenue declined 3.6% in the first quarter, 3.3% in the second quarter and 2% in the third quarter.
She said some English-speaking markets outside South Africa and Nigeria showed improvement, while advertising benefited from the FIFA World Cup and local sporting events in South Africa. MultiChoice introduced new offerings during the second half of September, designed to broaden its appeal beyond premium subscribers. The new packages include local Premier Soccer League content in the basic tier.
Ferré said it was too early to assess the financial results of the new offerings, although the initial market reception had been positive. Saada said a return to growth at MultiChoice would take time and would depend partly on initiatives involving branding, content and distribution partnerships.
Canal+ expects continued growth in its legacy African operations in the fourth quarter, though Ferré noted that the comparison with the prior-year period would be more difficult because the previous fourth quarter included the Africa Cup of Nations.
StudioCanal and European brand expansion
Revenue in content production, distribution and other operations rose 9% to €530 million. The increase was driven by StudioCanal’s box-office performance, including “Pressure” and the third “Shaun the Sheep” movie, as well as international sales and the acquisition of Italian producer and distributor Lucky Red.
Dailymotion’s third-quarter revenue declined amid a challenging advertising market.
Canal+ also discussed its European brand rollout. Saada said the company had rebranded operations in the Czech Republic and Slovakia, where the launch had been well received by local media, partners and customers. A larger Canal+ launch in Belgium is planned around the summer, although a lighter offering could arrive earlier as certain sports rights begin in January.
VAT proposal remains a focus
Management also addressed a proposed French value-added tax change. Saada said Canal+ was continuing to oppose the measure, noting that 24 amendments had been submitted in Parliament seeking to remove it from the government proposal.
Should the measure be adopted, Canal+ has informed subscribers that it expects to pass through the full impact via price increases averaging about 7.5% to 8%. The company is also preparing cost-reduction measures. Saada said Canal+ aims to mitigate the entire impact by 2028, although it may not fully offset the effect in 2027.
About 25% of Canal+’s French customer base is on two-year commitments, which would delay the full impact of any pricing adjustments. Saada said the company remained conservative in its assumptions because customer churn and downgrades following price increases could affect the outcome.
On sports rights, Saada said Canal+ would evaluate any future Ligue 1 opportunity based on profitability. “We will not put money that we know we will not be able to recover fast,” he said.
About Canaan (LON:CAN)
Founded as a French subscription-TV channel 40 years ago, CANAL+ is now a global media and entertainment company. Over 40 million subscribers enjoy the CANAL+ entertainment platform, which brings together the best local and global films, live sport, TV series and much more. CANAL+ operates in over 70 countries and has approximately 15,000 employees.
CANAL+ operates across the entire audio-visual value chain, including production, broadcast, distribution and aggregation. In addition to its Pay-TV and streaming operations in Europe, Africa and Asia, the combined group includes: MultiChoice Group, Africa’s leading entertainment platform; STUDIOCANAL, Europe’s leading film and television studio, with worldwide production and distribution capabilities; Dailymotion, a major international video platform powered by cutting-edge proprietary technology for video delivery, advertising, and monetisation; CANAL+ Distribution, a production and distribution company specialising in creating and distributing diverse content and channels; telecommunication services, through CANAL+ Telecom Africa in Africa and CANAL+ Telecom in the French overseas jurisdictions and territories.
