French media and entertainment company Canal+ reported a 68% increase in adjusted operating profit for the first half of 2026, as early benefits from its acquisition and turnaround of South African broadcaster MultiChoice boosted earnings and strengthened cash generation. According to Reuters, adjusted earnings before interest and tax (EBIT) before exceptional items rose to €433 million from €257 million a year earlier, while total group revenue climbed 40% to €4.29 billion, largely reflecting the consolidation of MultiChoice into Canal+’s financial results.
Canal+ said its turnaround strategy for MultiChoice is beginning to deliver tangible results, with subscriber acquisition across MultiChoice markets rising 40% compared with the same period last year. In South Africa, June marked the strongest month for new subscriber additions in a decade after the company lowered equipment costs, expanded its sales network by more than 15%, and strengthened its content offering through long term sports broadcasting rights. “Our strong first half results reflect our strategic progress,” Chief Executive Maxime Saada said, adding that the company had generated €122 million in synergies from the MultiChoice integration while reaffirming its full year guidance.
The results underscore the strategic importance of Canal+‘s expansion across Africa, where the acquisition of MultiChoice has significantly increased the group’s scale and subscriber base. For investors, the improving performance suggests the restructuring efforts are beginning to stabilise one of Africa’s largest pay television businesses despite persistent macroeconomic pressures and increasing competition from global streaming platforms. The stronger earnings also demonstrate the value of operational synergies and cost optimisation following one of the continent’s largest media acquisitions.
Looking ahead, Canal+ is expected to continue investing in subscriber growth, local content production and distribution across Africa while pursuing further efficiencies from the MultiChoice integration. The company’s ability to sustain the turnaround will be closely watched as it seeks to strengthen its leadership position in the African media and entertainment market and deliver long term value for shareholders.
