Wrap Text
2026 Half Year Results
CANAL+ SA
(Incorporated and registered in France)
Identification number: 835 150 434
ISIN: FR001400T0D6
LEI number: 9695000537F9F73BXN18
LSE share code: CAN
JSE share code: CNP
("CANAL+" or the "Company")
2026 HALF YEAR RESULTS
Strong H1 results with improved profitability and cash flow generation
MultiChoice turnaround plan underway
Full year and medium-term guidance confirmed
Issy-les-Moulineaux, 28 July 2026
CANAL+, the global media and entertainment company, today announces its unaudited half year results
for the six months ended 30 June 2026.
Strong first half results
- Total Group revenue increased by 40% to €4,287m (H125: €3,072m) primarily reflecting the
consolidation of MultiChoice Group revenue; excluding MultiChoice increased by 1.4% like-for-
like.
- Adjusted EBIT before exceptional items increased by 68% to €433m (H125: €257m), with a
10.1% margin. Increase primarily reflects the consolidation of MultiChoice. Group Adjusted EBIT
excluding MultiChoice up 13%, driven by operational improvements and positive seasonality
effects. Europe benefitted from improvements in France, including a systematic review of costs
in 2025, strong DtoC subscriber acquisition and lower churn, as well as the ongoing shift to OTT
in Poland. Africa & Asia Adjusted EBIT up 9% excluding MultiChoice, driven by revenue growth in
Pay-TV and FTTH.
- Cash flow generation continued to improve: CFFO before exceptional items up to €559m driven
by cash optimisation initiatives and favourable phasing of payments within the year. FCF before
exceptional items up to €414m, supported by refinancing and MultiChoice's financial year-end
change.
- H1 financial results benefitted from significant positive seasonality effects on both Adjusted
EBIT and cashflow generation, particularly linked to the phasing of content costs, implementation
of the commercial boost plan and deferral of payments at MultiChoice.
MultiChoice turnaround underway
- Content offering strengthened: secured long-term rights to Premier Soccer League in South
Africa, and Men's 2027 and Women's 2029 Rugby World Cups across sub-Saharan Africa.
Production slate includes first major South African film production The Road Home, Heist of Benin
and screen adaptation of bestselling novel Americanah.
- Successful content and marketing initiatives, including the World Cup advertising campaign
featuring Idris Elba and the launch of the Novelas+ channel in South Africa.
- Reduced equipment price for new subscribers, lowering barrier to entry
- Distribution network expanded: number of points of sale increased by over 15% since March.
- Subscriber acquisition up 40% compared to H1 2025 in MultiChoice countries. June 2026: best
subscriber acquisition month in South Africa in a decade.
- MultiChoice Adjusted EBIT before exceptional items up 160% to €143m (H125: €55m), mainly
due to synergies P&L impact of €120m (including Showmax discontinuation impact).
Content highlights
- Reinforced CANAL+'s position as the of home of premium entertainment: UEFA men's club
competition rights extended to 2031 in Switzerland, Poland and Austria; in Belgium, 100% of
exclusive rights secured for all competitions ahead of 2027 launch. America's Cup rights secured
in Europe and Africa. Extended agreement with cinema organisations in France until 2032,
securing CANAL+'s exclusive 6-month theatrical release window.
- Continued to develop franchise factory and adapt bestselling books for screen: Paddington 4 in
development with A-list talent; hugely successful West End Paddington the Musical expected to
launch on Broadway; Point Break TV series in development with Alcon Television Group and AMC
Global Media; Hachette Livre/ STUDIOCANAL joint-venture launched; The Midnight Library
recorded biggest film deal across all studios at 2026 Cannes Film Festival; film adaptation rights
acquired for #1 New York Times bestselling author Freida McFadden's The Divorce, in co-
production with Working Title.
Outlook
- Well on track to achieve 2026 synergies target: €250m Adjusted EBIT; €220m FCF.
- Confirmed full year and medium-term guidance while remaining cognisant of the
macroeconomic and geopolitical backdrop.
- Full year 2026 guidance: revenue flat; adjusted EBIT €735m; CFFO above €600m and FCF above
€250m before payment of French VAT litigation settlement & restructuring.
Maxime Saada, Chief Executive Officer of CANAL+, said:
"Our strong first-half results reflect our strategic progress. Revenue increased by 40% and Adjusted EBIT
by 68%, reflecting our increased scale following the acquisition of MultiChoice, and we continued to
generate very strong free cash flow, benefitting from cash optimisation initiatives and seasonality effects.
"In Africa, we have grown our combined subscriber base by 7%, and as part of the MultiChoice turnaround
plan we reduced entry costs for new subscribers and expanded our sales network. In South Africa, we
delivered a standout month in June, with the highest new subscriber uptake in a decade, and we secured
long-term rights to the most watched sports competition, the Premier Soccer League.
"In Europe, we grew our subscriber base, improved profitability, and secured UEFA rights in multiple
markets, including Belgium, where we will launch next year. In France, the extension of our exclusive 6-
month theatrical release window to 2032 reaffirms CANAL+'s unique role as French cinema's number one
partner.
"STUDIOCANAL had an excellent six months on and off screen, delivering a series of theatrical successes
from Guru in France to Pressure in the US, and the biggest film deal at Cannes 2026, with The Midnight
Library. With a slate including Paddington 4, Zack Snyder's remake of Escape from New York, our first major
South African film production, The Road Home, and Danny Boyle's Ink, STUDIOCANAL's momentum looks
set to continue.
"Finally, following the acquisition of MultiChoice, our increased scale is starting to deliver the benefits we
expected. We have achieved half of our €250m synergies target and remain well on track for the year, and
we confirm our full-year and medium-term guidance."
H1 2025 H1 2025 % Change at
restated restated constant
excluding including % Change (vs. scope and FX
MultiChoice MultiChoice including (vs. including
€M H1 2026 (1)(2) (1) (2)(3) MultiChoice) MultiChoice)
Revenue 4,287 3,072 4,263 +0.6% +0.1%
Europe 2,259 2,287 2,287 (1.2)% (1.5)%
Africa & Asia 1,723 510 1,702 +1.3% +1.2%
Content
Production, 356 324 324 +9.9% +5.9%
Distribution &
Eliminations -52 -49 -50
Other
Adjusted EBIT
before
exceptional items 433 257 363 +19.1% +17.3%
Europe 136 111 111 +22.6% +22.5%
Africa & Asia 269 116 222 +21.1% +19.8%
Content
Production, 28 30 30 (8.3)% (16.8)%
Distribution &
CFFO before Other
exceptional items 559 429 647 (13.6)%
FCF before
exceptional items 414 383 486 (14.7)%
(1) In 2025, the Group started the process of divesting its activities in Vietnam (completed in March 2026). In accordance with
IFRS5, contribution relating to the Vietnam business (revenues: €14 million in H1 2025; Adjusted EBIT (EBITa) before exceptional
items : -€11 million in H1 2025; CFFO after exceptional: €1 million in H1 2025) is hereafter excluded from all financial metrics
and presented in "Earnings/(losses) from discontinued operations" in the income statement.
(2) Following the discontinuation of the Showmax service in Africa at the end of April 2026, the contribution of Showmax
(revenues: €23 million in H1 2025 ; Adjusted EBIT (EBITa) before exceptional items : -€52 million in H1 2025 ; CFFO after
exceptional: -€39 million in H1 2025; FCF after exceptional: -€39 million in H1 2025) is excluded from the Group's financial
performance metrics and is presented within "Profit/(loss) from discontinued operations" in discontinued operations in the
income statement and in the consolidated statement of cash flows, in accordance with IFRS 5 in H1 2026 and as if IFRS 5 had
been applied in H1 2025.
(3) The combined figures correspond to the aggregation of the published KPIs from the CANAL+ historical perimeter (excluding
Vietnam following the classification of VSTV as a discontinued operation) and the unaudited KPIs derived from MCG's
management report. The combined KPIs are presented for illustrative purposes only and based on certain hypothesis
SUBSCRIBERS BASE
(in K subscribers) 30 June 2026 30 June 2025 restated incl. % change
MultiChoice
PER GEOGRAPHY
Europe 18,567 16,880 +10.0%
Africa / Asia 22,591 21,079 +7.2%
PER DISTRIBUTION CHANNEL
DtoC 33,701 32,056 +5.1%
Wholesale 7,456 5,903 +26.3%
TOTAL CANAL+ 41,157 37,959 +8.4%
H1 2026 RESULTS CONFERENCE CALL DETAILS
Speakers:
Maxime Saada
Chief Executive Officer
Amandine Ferré
Chief Financial and ESG Officer
Date: 28 July 2026 (8.30am GMT / 9.30am CET)
Online: the webcast can be followed online at:
https://sparklive.lseg.com/CANALSA/events/c1a682f3-0056-41c1-aef3-99b3ba0a8017/canal-h1-26-
results
Q&A: To ask a question, please email ir@canal-plus.com to request access to the conference call lines.
A replay of the webcast as well as the slides of the presentation will be available on the Company's
website www.canalplusgroup.com.
Financial Calendar: Q3 2026 revenue release: 22 October 2026
For further enquiries please contact:
Investor Relations
Julien Desmaretz ir@canal-plus.com
Financial Communications
Andrew Swailes andrew.swailes@canal-plus.com
Joint JSE Sponsors
BofA Securities
The Standard Bank of South Africa Limited
This short form announcement and the results contained in this short form announcement have been
prepared in compliance with the JSE Limited's Listings Requirements.
This short form announcement is the responsibility of the Directors of the Company. The information
disclosed is a summary of the information in the full announcement and does not contain complete
details. The full 2026 Half Year Results announcement should be considered for any investment
decisions. The full 2026 Half Year Results announcement is available for viewing at the JSE link below
and on the CANAL+ website. Copies of the full announcement may be requested from the Company's
investor relations department by emailing ir@canal-plus.com.
JSE Link:
https://senspdf.jse.co.za/documents/2026/jse/isse/cnpe/hy26.pdf
The Company has a primary listing on the London Stock Exchange and a secondary listing on the JSE
Limited.
ABOUT CANAL+
CANAL+ is a global media and entertainment company with leading positions in Europe and Africa. 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.
CANAL+ also has minority stakes in Viaplay (Scandinavia's leading entertainment provider), Viu (a leading OTT
provider in Southeast Asia), and UGC, a leading French cinema group.
www.canalplusgroup.com/en
IMPORTANT INFORMATION
This announcement is for information purposes only and does not constitute, nor is to be construed as,
an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell
shares in the Company or any other securities.
This announcement is not directed at, and must not be distributed, published or transmitted to, any
person in any jurisdiction where such distribution, publication or transmission would be contrary to
applicable law or regulation. Persons into whose possession this announcement comes should inform
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This announcement contains certain statements that are or may be forward-looking statements. Phrases
such as "aim", "plan", "expect", "intend", "anticipate", "believe", "estimate", "target", and similar
expressions of a future or forward-looking nature are intended to identify such forward-looking
statements. Forward-looking statements address our expected future business and financial
performance and financial condition, and by definition address matters that are, to different degrees,
uncertain. They are not historical facts, nor are they guarantees of future performance; actual results
may differ materially from those expressed or implied by these forward-looking statements. There are a
number of factors that could cause actual results and developments to differ materially from those
expressed or implied by such forward looking statements. These include, but are not limited to (i) the
general economic, business, political, regulatory and social conditions in the key markets in which the
Group operates, (ii) a significant event impacting the Company's liquidity or ability to operate and
deliver effectively in any area of our business, (iii) significant change in regulation or legislation, (iv) a
significant change in demand for global content, and (v) a material change in the Group strategy to
respond to these and other factors. Certain of these factors are discussed in more detail elsewhere in
this announcement and in reports and presentations published by the Company, as available on the
investor section of the website: https://www.canalplusgroup.com
Forward-looking statements speak only as of the date they are made and, except as required by
applicable law or regulation, CANAL+ undertakes no obligation to update any forward-looking
statements, whether written or oral, that may be made from time to time, whether as a result of new
information, future events or otherwise.
Date: 28-07-2026 08:00:00
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